Fixed Income Funds - iShares ETFs

* Management Fee is equal to the trustee fee paid by the fund to BlackRock Canada, and does not include applicable taxes or other fees and expenses of the fund. For any iShares fund which invests in other iShares ETFs, Management Fee also includes any fees paid to BlackRock Canada or its affiliates by such fund(s). In the case of XIU, the indicated figure includes (1) 0.15% paid in trustee fees to BlackRock Canada, plus, (2) certain other fees and expenses which are payable directly by the fund, and which are subject to an expense ceiling of 0.02% per year, but excludes fees and expenses incurred in complying with NI 81-107, income tax, GST (and beginning on July 1, 2010, HST), withholding and other taxes. Performance for the iShares Fund launched on December 12, 2011 (XFR) will be shown after the funds have one year of performance history.

Effective November 14, 2011, BlackRock Canada has agreed to waive all of the management fee that would otherwise be payable by XFR. The Waiver will expire on June 30, 2012. There is no assurance that any full or partial management fee waiver will continue after June 30, 2012.

Performance for the iShares Fund launched on December 12, 2011 (XFR) will be shown after the funds have one year of performance history.

Performance for the iShares Funds launched on September 19, 2011 (XVX and XSH) will be shown after the funds have one year of performance history.

Performance for the iShares Funds launched on May 9, 2011 (XQQ) will be shown after the funds have one year of performance history.

Performance for the iShares Funds launched on April 18, 2011 (XEI, XST, XUT, XBM, XHC and XEB) will be shown after the funds have one year of performance history.

¹Index returns are denominated in Canadian Dollars for all funds, except XIG and XHY. For XIG and XHY, index returns shown are denominated in U.S. Dollars. Fund returns are denominated in Canadian Dollars for all Funds.

iShares® Funds are managed by BlackRock Asset Management Canada Limited ("BlackRock Canada"). Commissions, management fees and expenses all may be associated with investing in iShares Funds. Please read the relevant prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or operational charges or income taxes payable by any securityholder that would have reduced returns. The funds are not guaranteed, their values change frequently and past performance may not be repeated.

"TSX"® is a registered trademark of TSX Inc. "S&P is a registered trademark and "S&P Latin America 40 Index^TM" is a trademark of Standard & Poor's Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc. XCS, XEG, XEI, XFN, XIC, XIT, XIU, XMA, XMD, XRE, XST, XUT, XLA, XBM, XGD, XHC, XSP, XPF and XVX are permitted to use the S&P marks, and, as applicable, the TSX marks, pursuant to a license agreement between S&P and BlackRock Institutional Trust Company, N.A., an affiliate of BlackRock Asset Management Canada Limited ("BlackRock Canada"), which has sublicensed the use of those trademarks to BlackRock Canada. XCS, XEG, XEI, XFN, XIC, XIT, XIU, XMA, XMD, XRE, XST, XUT, XLA, XBM, XGD, XHC, XSP, XPF and XVX are not sponsored, endorsed, sold or promoted by S&P, The McGraw-Hill Companies, Inc. or the TSX, and they make no representation, condition or warranty regarding the advisability of investing in units of XCS, XEG, XEI, XFN, XIC, XIT, XIU, XMA, XMD, XRE, XST, XUT, XLA, XBM, XGD, XHC, XSP, XPF and XVX.

DEX Universe Bond Index^TM, DEX All Corporate Bond Index^TM, DEX FRN Index^TM, DEX All Government Bond Index^TM, DEX HYBrid Bond IndexTM, DEX Long Term Bond Index^TM, DEX Real Return Bond Index^TM, DEX Short Term Bond Index^TM and DEX Universe + Maple Short Term Corporate Bond Index^TM are trademarks of TSX Inc. and have been licensed for use for certain purposes to BlackRock Asset Management Canada Limited by PC-Bond, a business unit of TSX Inc. XBB, XCB, XFR, XGB, XHB, XLB, XRB, XSB and XSH are not sponsored, endorsed, sold or promoted by PC-Bond, TSX Inc., its affiliates or third party data providers and they make no representation, warranty, or condition regarding the advisability of investing in the funds.

Dow Jones Canada Select Dividend Index^SM, Dow Jones Canada Select Growth IndexSM and Dow Jones Canada Select Value Index^SM are service marks of Dow Jones & Company, Inc. ("Dow Jones") and have been licensed for use for certain purposes pursuant to a license agreement between Dow Jones and BlackRock Institutional Trust Company, N.A., which has further sublicensed the use of those service marks to BlackRock. XDV, XCG and XCV are not sponsored, endorsed, sold or promoted by Dow Jones, and Dow Jones makes no representation regarding the advisability of investing in units of the funds.

Russell 2000"® Index is a trademark of Frank Russell Company, doing business as Russell Investment Group ("FRC") and has been licensed for use by BlackRock Institutional Trust Company, N.A.. BlackRock Institutional Trust Company, N.A. has sublicensed the use of the trademarks to BlackRock. XSU is not sponsored, endorsed, sold or promoted by FRC and FRC makes no representation regarding the advisability of investing XSU.

"Jantzi Social Index®" and "JSI®" are registered trademarks of Jantzi Research Inc. ("Jantzi"). XEN is permitted to use the Jantzi Social Index and JSI marks pursuant to a license agreement between Jantzi and BlackRock, relating among other things, to the license granted to BlackRock to use the Jantzi Social Index. XEN is not sponsored, endorsed, sold or promoted by Jantzi and Jantzi makes no representation, condition or warranty regarding the advisability of investing in XEN.

J.P. Morgan is a marketing name for JPMorgan Chase & Co., and its subsidiaries and affiliates worldwide. J.P. Morgan calculates and maintains the J.P. Morgan EMBI Global Core hedged in CAD and the J.P. Morgan EMBI Global Core unhedged in CAD ("J.P. Morgan Indexes"). BlackRock Institutional Trust Company, N.A. ("BTC") has been licensed to use the J.P. Morgan Indexes and certain trademarks pursuant to a license agreement between BTC and J.P. Morgan. BTC has sublicensed the use of the J.P. Morgan Indexes and certain trademarks to BlackRock Canada. XEB is not sponsored, endorsed, sold or promoted by J.P. Morgan. J.P. Morgan makes no representation or warranty, express or implied, to the owners of XEB or any member of the public regarding the advisability of investing in securities generally or in XEB particularly or the ability of the J.P. Morgan Indexes to track general stock market performance.

MSCI® and EAFE® are trademarks of Morgan Stanley Capital International, Inc. ("MSCI"). XIN, XWD and XEM are permitted to use the MSCI and EAFE marks pursuant to a license agreement between MSCI and BlackRock Institutional Trust Company, N.A., an affiliate of BlackRock, which has sublicensed the use of these trademarks to BlackRock, which has further sublicensed their use to XIN, XWD and XEM. XIN, XWD and XEM are not sponsored, endorsed sold or promoted by MSCI and MSCI makes no representation, condition or warranty regarding the advisability of investing in XIN, XWD or XEM.

"MSCI" is a trademark of MSCI, Inc. ("MSCI"). XBZ is permitted to use the MSCI mark pursuant to a license agreement between MSCI and BlackRock Institutional Trust Company, N.A., relating to, among other things, the license granted to BlackRock Institutional Trust Company, N.A. to use the Indices. BlackRock Institutional Trust Company, N.A. has sublicensed the use of these trademarks to BlackRock Canada. XBZ is not sponsored, endorsed, sold or promoted by MSCI and MSCI makes no representation, condition or warranty regarding the advisability of investing in XBZ.

NASDAQ®, NASDAQ OMX®, NASDAQ-100®, NASDAQ-100 Currency Hedged CAD Index^SM are trademarks of The NASDAQ OMX Group, Inc. (which with its affiliates is referred to as "NASDAQ OMX") and have been licensed for use by BlackRock Institutional Trust Company, N.A. ("BTC"). BTC has sublicensed the use of the trademark to BlackRock Asset Management Canada Limited. XQQ has not been passed on by NASDAQ OMX as to its legality or suitability. XQQ is not sponsored, endorsed, sold or promoted by NASDAQ OMX. NASDAQ OMX MAKES NO WARRANTIES AND BEARS NO LIABILITY WITH RESPECT TO XQQ.

"International Index Company Limited", "iBoxx®", "Markit iBoxx USD Liquid High Yield Index" and "Markit iBoxx USD Liquid Investment Grade Index" are trademarks of International Index Company Limited ("IICL"). XHY and XIG are permitted to use the applicable marks pursuant to a license agreement between IICL and BTC, an affiliate of BlackRock Canada, which has sublicensed the use of those trademarks to BlackRock Canada. XHY and XIG are not sponsored, sold or promoted by IICL and it makes no representation, condition, warranty or recommendation regarding the advisability of investing in XHY and XIG.

"FTSE^TM" is a trademark jointly owned by the London Stock Exchange PLC and The Financial Times Limited. All marks are licensed for use by FTSE Index Limited ("FTSE"). The FTSE China 25 Index is calculated by or on behalf of FTSE. XCH is not sponsored, endorsed, sold or promoted by FTSE and it makes no representation, condition, warranty or recommendation regarding the advisability of investing in XCH.

S&P is a division of The McGraw-Hill Companies, Inc., a New York corporation. Among other things, S&P is engaged in the business of developing, constructing, compiling, computing and maintaining various equity indices that are recognized worldwide as benchmarks for U.S. stock market performance. "Standard & Poor's®" and "S&P®" are trademarks of The McGraw Hill Companies, Inc. and have been licensed for use by India Index Services & Products Limited ("IISL") in connection with the S&P CNX Nifty Index. IISL may further license the S&P trademarks to third parties, and has sublicensed such marks to BlackRock Institutional Trust Company, N.A. in connection with the S&P CNX Nifty Index and XID. XID is permitted to use these trademarks pursuant to a license agreement between IISL and BlackRock Institutional Trust Company, N.A., an affiliate of BlackRock Canada. The S&P CNX Nifty Index is not compiled, calculated or distributed by S&P and S&P makes no representation regarding the advisability of investing in products that utilize the S&P CNX Nifty Index as a component thereof, including Units of XID.

The sponsor of the iShares COMEX Gold Trust ("Gold Trust") is BlackRock Asset Management International, Inc., an affiliate of BlackRock Asset Management Canada Limited.

There are risks involved with investing, including possible loss of principal. Shares of the Gold Trust may be bought or sold on exchanges through any brokerage account, but may not be offered to Canadians under a prospectus and shares are not redeemable except in large aggregated units called Baskets.

"Commodity Exchange, Inc." and "COMEX" are trademarks of Commodity Exchange, Inc. and have been licensed for use for certain purposes by BlackRock Institutional Trust Company, N.A. and the Gold Trust. The iShares COMEX Gold Trust is not sponsored, endorsed, sold or promoted by Commodity Exchange, Inc., nor does Commodity Exchange, Inc. make any representation regarding the advisability of investing in the Gold Trust.

Prior to September 1, 2010, the investment objective of XTR was to seek to provide long-term capital growth by replicating, to the extent possible, the performance of the S&P/TSX Income Trust Index ("Index"), net of expenses. However, due to changes in the applicability of certain tax rules, most income trusts were expected to reorganize into corporations before January 1, 2011. The effect of such reorganizations would have been to significantly reduce the diversification of the Index. As a result, the unitholders of XTR voted at a special meeting of unitholders held on August 23, 2010 to change the investment objective of the XTR to its current investment objective. Consequently, performance prior to September 1, 2010 for XTR may have been materially different than it would have been under the current investment objective.

* Prior to November 15, 2005, the investment objective of each of XIC, XSB (formerly, XGV), XSP and XIN was to replicate the performance of, respectively: S&P®/TSX® 60 Capped Index; the return of a bond issued by the Government of Canada with a five-year term to maturity; S&P 500 Index; and MSCI EAFE Index. Prior to December 2004, the investment objective of XBB (formerly XGX) was to replicate the return of a bond issued by the Government of Canada with a ten-year term to maturity. Prior to December 15, 2006, the investment objective of XGD was to replicate the return of the S&P/TSX Capped Gold Index. Consequently, performance prior to November 15, 2005 for XIC, XSB, XSP and XIN, prior to December 16, 2004 for XBB and prior to December 15, 2006 for XGD may have been materially different than it would have been under the current respective investment objectives. Inception date is the date of the first subscription for units of the fund and the first calculation of net asset value per unit. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional.

All information about U.S.-based iShares funds is intended for accredited investors in Canada only.

© 2011 BlackRock Asset Management Canada Limited. All rights reserved. iShares is a registered trademark of BlackRock Institutional Trust Company, N.A. Used under license. All other trademarks, service marks or registered trademarks are the property of their respective owners.