iShares Physical Silver ETC

The ETC securities aim to provide investment exposure to physical silver and are valued based on the London Bullion Market Association (LBMA) silver price. The Company holds physical silver. Each ETC security has a metal entitlement ("Metal Entitlement", which is the amount of physical silver backing the ETC security) and its daily value is calculated based on its daily Metal Entitlement. The daily Metal Entitlement can be found on www.ishares.com. The ETC securities are listed and traded on the London Stock Exchange. In normal circumstances, only authorised participants may buy and sell the ETC securities directly with the Company. Investors who are not authorised participants (e.g. select financial institutions) can generally only buy or sell the ETC securities on the secondary market (e.g. via a broker on the London Stock Exchange) at the then prevailing market price. The prevailing market price at which the ETC securities trade on the secondary market may deviate from the daily value of the ETC securities and may not accurately reflect the price of the precious metal underlying the ETC securities. The relationship between the return on your investment, how it is impacted and the period for which you hold your investment is considered below under "How long should I hold it and can I take money out early?" The silver price fluctuates daily and the value of silver is driven by various factors including its rarity, use in industrial processes and its use as an investment commodity. Pricing of precious metals can be impacted by fundamental issues of supply and demand, political and economic situations (especially in precious metal producing countries) and natural disasters. These factors may all affect the value of your investment. Your ETC securities are denominated in US dollars, the ETC's base currency. The ETC securities are listed and traded in currencies other than the base currency on one or more stock exchanges. The performance of your ETC securities may be

Physical replication

PIR compliant

No

PEA compliant

No

PEA-PME compliant

No