Key features/terms and conditions

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1 Please note that we are closing the BlackRock Investment Trust Savings Plan & Stocks and Shares NISA. The last day for accepting new accounts is 17 July We have written to account holders affected by the closure. For the options being made available to account holders, and the deadlines for us receiving instructions on those options, please refer to our website under the Direct saving scheme drop down or contact us on either or at BLACKROCK INVESTMENT TRUST SAVINGS PLAN & STOCKS AND SHARES NISA JULY 2017 Key features/terms and conditions Helping you decide This is an important document which you should read carefully and keep safe for future reference. It provides summary information on the BlackRock Investment Trust Savings Plan and BlackRock Investment Trust stocks and shares NISA to help you decide whether to invest. The Financial Conduct Authority ( FCA ) The FCA is a financial services regulator. It requires us, BlackRock Investment Management (UK) Limited, to give you this important information to help you to decide whether the BlackRock Investment Trust Savings Plan and stocks and shares NISA is right for you. You should read this document carefully so that you understand what you are buying, and then keep it safe for future reference.

2 CONTACT INFORMATION Telephone: Our lines are open from 8.30 a.m. to 6.00 p.m. Monday to Friday In writing: BlackRock, P.O. Box 9036, Chelmsford CM99 2XD Visit: If you are in any doubt as to the suitability of any of the Investment Trusts for your investment needs, please contact your Financial Adviser. [2] BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA

3 Contents Aims 2 Your investment 3 Risk factors 3 Key facts: questions & answers 4 Other information 11 BlackRock Investment Trust Savings Plan: Terms and conditions 12 BlackRock Investment Trust stocks and shares NISA: Terms and conditions 16 Schedule to the terms and conditions for the BlackRock Investment Trust Savings Plan and BlackRock Investment Trust stocks and shares NISA 20 Throughout this document the icon will direct you to where you can find further information on a particular topic relating to your investment in the BlackRock Investment Trusts. The literature referred to can either be downloaded from blackrock.co.uk/its or you can telephone us on Our lines are open from 8.30 a.m. to 6.00 p.m., Monday to Friday. BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA [1]

4 AIMS The BlackRock Investment Trust Savings Plan ( the Savings Plan ) offers a flexible and cost effective way of investing in the BlackRock range of Investment Trusts. The BlackRock Investment Trust stocks and shares NISA ( the Stocks and Shares NISA ) offers a flexible, cost-effective and tax-efficient way of investing in the BlackRock range of Investment Trusts. Both schemes seek to provide you with the opportunity to make investments that aim to grow over the medium to longer term which you can add to at any time (subject to staying within your annual NISA limit) and withdraw your money when you need it. Investing in this way may deliver better returns than by simply keeping your money in a bank or building society account. However, with this opportunity you need to be prepared that there is a risk that you may not get back the money you originally invested. There are 10 Investment Trusts you can choose to invest in via the Savings Plan or Stocks and Shares NISA. Each has a different aim and invests in different types of financial securities such as shares or bonds and/or other instruments based on financial securities, stock markets, industries and/or geographic regions. You should be aware that there are general risks that apply to all of the Investment Trusts and specific risks which only apply to some of them. The table below shows each of the Investment Trusts, their individual investment objectives and a key to enable you to find the specific risk factors that apply in each case. Investment Trust BlackRock Commodities Income Investment Trust plc BlackRock Emerging Europe plc BlackRock Frontiers Investment Trust plc BlackRock Greater Europe Investment Trust plc BlackRock Income and Growth Investment Trust plc BlackRock Latin American Investment Trust plc BlackRock North American Income Trust plc BlackRock Smaller Companies Trust plc BlackRock Throgmorton Trust plc BlackRock World Mining Trust plc Investment Objective To seek to achieve an annual dividend target and, over the long term, capital growth by investing primarily in securities of companies operating in the mining and energy sectors. To achieve long-term capital growth principally by investing in companies that do business in primarily Eastern Europe, Russia, Central Asia and Turkey. To achieve long-term capital growth from investment in companies listed or operating in Frontier Markets or whose stocks are listed on the stock markets of such countries. To achieve capital growth primarily through investment in a focused portfolio constructed from a combination of the securities of large, mid and small capitalisation European companies, together with some investment in the developing markets of Europe. To provide growth in capital and income over the long term through investment in a diversified portfolio of principally UK-listed equities. To secure long-term capital growth and an attractive total return primarily through investing in quoted securities in Latin America. To provide an attractive and growing level of income return with capital appreciation over the long term, predominantly through investment in a diversified portfolio of primarily large cap US equities. To achieve long-term capital growth for shareholders through investment primarily in smaller UK quoted companies. To provide shareholders with capital growth and an attractive total return by investing primarily in UK smaller companies and mid-capitalisation companies listed on the main market of the London Stock Exchange. To provide a diversified investment in mining and metal assets worldwide, actively managed with the objective of maximising total returns. While the policy is to invest principally in quoted securities, the Company s investment policy includes investing in royalties derived from the production of metals and minerals, as well as physical metals. Up to 10% of gross assets may be held in physical metals and up to 20% may be invested in unquoted investments. Specific Risk Factors (see opposite) 1,3,4,9 1,2,3,5,7,9 1,2,5,6,9 1,2,3,7,8,9 9 1,3,5,9 1,5,9 2 2,5,9 1,3,4,9 [2] BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA

5 ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE (2011/61/EU) ( AIFMD ) BlackRock Fund Managers Limited ( BFM ) was appointed as the Alternative Investment Fund Manager ( AIFM ) for each of the Investment Trusts on 2 July Accordingly, BFM is responsible for the portfolio management of the Investment Trusts and for exercising the risk management functions in respect of the Investment Trusts. BFM has delegated certain day-to-day portfolio and risk management services in respect of the Investment Trusts assets and other ancillary services to BlackRock Investment Management (UK) Limited ( Investment Manager ). YOUR INVESTMENT In either the Savings Plan or the Stocks and Shares NISA, you must invest 500 or more as a lump sum or 50 as a regular monthly investment per Investment Trust. Please note that for the Stocks and Shares NISA you can invest up to 20,000 in the 2017/2018 tax year. You will not be able to open another stocks and shares NISA during this tax year. BlackRock does not offer a cash NISA. There is no commitment to maintain this investment and if you wish to sell your investment or stop paying into the Savings Plan you can do so at any time. However, as with all investments in the stock markets, you should regard this as a long-term investment. SEE THE QUESTIONS & ANSWERS SECTION OF THIS DOCUMENT ON PAGE 4. RISK FACTORS You should read this section together with the table under Aims. General risk factors ``All financial investments involve an element of risk which is greater than putting your money in a bank or building society. ``The value of your investment will vary and your initial capital investment cannot be guaranteed. ``When you sell your investment, or if you cancel your investment, you may get back less than you invested if the value of your investment has fallen. ``Net Asset Value (NAV) performance is not the same as share price performance, and shareholders may realise returns that are lower or higher than NAV performance. ``The total value of an investment trust s assets (Net Asset Value) is not normally the same value at which you buy and sell shares. Shares in investment trusts may trade at a discount or a premium to their net asset value. This means that the value of your investment is not the same as the net asset value per share of the investment trust. See the BlackRock Investment Trust Brochure for more information. ` ` Investment trusts can borrow money to purchase additional investments which is known as gearing. Gearing works by magnifying the company s performance. If a company gears up and then markets rise and the returns on the investments outstrip the costs of borrowing, the overall returns to investors will be even greater. But if markets fall and the performance of the assets in the portfolio is poor, then losses suffered by the investor will also be magnified. Specific risk factors (See the table on page 2 for whether a specific risk factor applies to an Investment Trust): 1. Currency risk Investment may be made in assets which are valued in currencies other than the Investment Trusts base currency. As a result movements in exchange rates will affect the value of your investment. 2. Liquidity risk Investments held in the portfolio may be subject to liquidity constraints which means that securities may trade infrequently and/or in low volumes, for instance shares in smaller companies. Investment may be made in markets or sectors which are known to experience a sudden loss of liquidity. As a result, changes in the value of investments may be more extreme. In certain cases, it may not be possible to sell the security at the last market price quoted or at a value considered by the Investment Manager or the AIFM, as appropriate, to be the most reasonable. 3. Emerging markets Stockmarkets in developing countries can be subject to greater risk as they are less well regulated and may be affected by political and social instability and other factors. These markets do not generally operate as efficiently as those in developed countries. The value of investments can be subject to greater positive or negative movements than developed stock markets as a result of these factors. 4. Commodities investments Investments in commodities, including gold and other precious metals, agriculture and other produce, or companies involved in these sectors, do not typically behave in the same way as the broader stock markets and the value of investments can be more unpredictable. 5. Complex derivatives strategies Derivatives may be used substantially for complex investment strategies. These include the creation of short positions where the Investment Manager or the AIFM artificially sells an investment it does not physically own. Derivatives can also be used to generate exposure to investments greater than the Net Asset Value of the investment trusts. Investment managers refer to this practice as obtaining leverage or gearing. As a result, a small positive or negative movement in stock markets will have a larger impact on the value of these derivatives than owning the physical investments. The use of derivatives will lead to exposure to finance sector companies, as a service provider or as counterparty for financial contracts. BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA [3]

6 6. Frontier markets Frontier markets tend to be more volatile than more established markets and therefore present a higher degree of risk as they are less well regulated and may be affected by political and social instability and other factors. These markets do not generally operate as efficiently as those in developed countries. Corruption remains a significant issue across frontier markets and the effects of corruption could have a material adverse effect on the value of your investment. The value of investments can be subject to greater positive or negative movements than developed stock markets as a result of these factors. 7. Political Risk Investment in securities of issuers in Eastern Europe (including Ukraine), Russia, Central Asia and Turkey involves a high degree of political risk. This may entail sudden changes in political leadership, disputes over territorial sovereignty and political interference in the business environment and the rights of shareholders. Sanctions imposed either by, or on, these countries arising from political events may have a substantial impact at times upon these countries and their economies, which in turn could have a material adverse effect on the value of your investment. 8. Fixed income securities Investments in debt securities may be affected by changes in interest rates and credit quality considerations which could decrease the value and liquidity of the security. The prices of fixed income securities generally increase when interest rates decline and decrease when interest rates rise. Non-investment grade debt may be highly leveraged and carry a greater risk of default. 9. Distributions from capital The company may make distributions from capital as well as income or pursue certain investment strategies in order to generate income. Whilst this might allow more income to be distributed, it may also have the effect of reducing capital and the potential for long-term capital growth. QUESTIONS AND ANSWERS This section should answer any questions you may have about investing in the BlackRock Investment Trust Savings Plan or the BlackRock Investment Trust stocks and shares NISA. Remember, the icon will direct you to where you can find further information on a particular subject. You can also contact us directly for further information on VISIT BLACKROCK.CO.UK/ITS FOR THE BLACKROCK INVESTMENT TRUST BROCHURE AND OTHER INFORMATION ON INVESTMENT TRUSTS. What are the key characteristics of the products? The BlackRock Investment Trust Savings Plan ``You can invest lump sums, or make regular monthly investments, or both. ``You can also transfer shares held in any BlackRock managed investment trust. ``You can also choose whether you would like your dividend income paid out to you or reinvested to purchase more shares. ``There are no tax benefits on Savings Plan investments. ``The initial minimum lump sum investment is 500 per trust, and the minimum regular contribution is 50 per trust per month. There is no maximum. ``Accounts can also be held jointly or designated to a child. The BlackRock Investment Trust stocks and shares NISA ( the Stocks and Shares NISA ) ``The BlackRock Investment Trust NISA is a stocks and shares NISA. We do not offer a cash NISA. ``You can invest lump sums, or make regular monthly investments, or both. ``You can also choose whether you would like your dividend income paid out to you or reinvested to purchase more shares. ``The initial minimum lump sum investment is 500, and the minimum regular contribution is 50 per month. ``The maximum NISA allowance for 2017/2018 is 20,000 per person for the tax year. ``You can transfer an existing NISA to BlackRock and invest in our range of Investment Trusts without losing the tax benefits. ``No Capital Gains Tax is payable, no matter how much your investment increases in value; and ``No Income Tax is payable on dividend income. What is an Investment Trust? Investment trusts are companies which are listed and traded on the London Stock Exchange. They pool investors money which they then invest in financial securities and other investments. [4] BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA

7 How is the market price of shares determined? An investment trust, as a closed-ended fund, has a fixed number of shares in issue and the value of these depends not only on how well the trust s underlying investments are performing but also on the level of minimum supply and demand for the shares in the marketplace. As a result, the price of a share may be higher or lower than the proportion of the asset value of the trust s portfolio that it represents. If the share price is lower than the net asset value per share then it is said to be trading at a discount and if it is higher then it is said to be trading at a premium. What are my investment options? You can invest a lump sum amount and/or a regular monthly amount in the ordinary shares of the Investment Trusts. You can choose one or more Investment Trusts. Subscription shares received as a result of a bonus issue can also be held in the Savings Plan and the Stocks and Shares NISA. The minimum and maximum investment limits are as follows: Investment Trust Savings Plan Stocks & Shares NISA Minimum Initial Lump Sum Subsequent Lump Sum Maximum Lump Sum Minimum Monthly Investment Maximum Monthly Investment 500 per Investment Trust 100 per Investment Trust 500 per Investment Trust 100 per Investment Trust None 2017/2018: 20, per Investment Trust 50 per Investment Trust None 2017/2018: 1,666.66* *Assuming you invest the same amount each month during any one tax year. NISA transfers You can also transfer all or part of any previous tax year s cash NISA or a stocks and shares NISA with another provider to a BlackRock Investment Trust stocks and shares NISA. However, if you wish to transfer your current tax year NISA, you must transfer the full amount. You can also transfer monies held in a Cash only NISA to BlackRock for investment in the Stocks and Shares NISA. We do not offer a cash NISA. Dividend Income The BlackRock Investment Trusts pay out income received as a dividend. You can ask us to pay any income directly into your bank account or to have it reinvested to buy further shares of the investment trust you hold. You must elect to receive the dividend in cash on the application form, otherwise we will automatically reinvest this amount for you. SEE YOUR INCOME IN THE TERMS AND CONDITIONS. The total amount of the dividends declared over the previous 12 months is stated as a percentage (%) of the share price of each of the Investment Trusts. This is known as the Dividend Yield and is shown on the website at blackrock.co.uk and also in the Financial Times. 2017/2018 NISA Allowances From 1 July 2014 the annual subscription limit for the NISA can now be fully invested either as cash or stocks and shares or a combination of the two. Please note that BlackRock only offers the stocks and shares variant. Each tax year runs from 6 April in one year to 5 April in the next. There are three ways in which you can invest in a NISA: ``You could contribute up to 20,000 for the 2017/2018 tax year and invest in stocks and shares with one provider, for example an investment into a selection of BlackRock Investment Trusts. Our range of Investment Trusts is set out on page 2; or ``You can invest up to 20,000 for the 2017/2018 tax year into cash although this is not currently available through BlackRock; or ``You can invest in a combination of the two (stocks and shares and cash) provided the overall amount invested does not exceed 20,000 for the 2017/2018 tax year although the cash option is not currently available through BlackRock. If you decide to invest with different providers it is then your responsibility to ensure that you do not invest more than the annual allowance. You should also note that you can only open a maximum of two NISAs for each tax year, one for an allocation to stocks and shares and a further NISA for any allocation to cash. If you are in any doubt as to the suitability of any of the Investment Trusts for your investment needs, please contact your Financial Adviser. Who can invest? Anyone aged 18 years or over can invest in the Savings Plan. Children may not invest in their own name, although you can invest in a designated account on their behalf. You must be aged 18 years or over to invest in the Stocks and Shares NISA and resident in the UK for tax purposes, except if you are a Crown employee (typically a serving member of the armed forces or a diplomat). NISAs cannot be held in joint names. How do I invest? All the instructions on how to invest are set out in the relevant Application Form. There are different forms for the Savings Plan, Stocks and Shares NISA and for transfers. Simply complete the appropriate form, sign and then return it to us at the address shown on the form. FURTHER INFORMATION IS CONTAINED IN THE TERMS AND CONDITIONS. VISIT BLACKROCK.CO.UK/ITS TO DOWNLOAD THE RELEVANT APPLICATION FORMS WHICH ALSO CONTAIN INSTRUCTIONS FOR INVESTING OR CALL FOR MORE INFORMATION. BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA [5]

8 ``Lump sum investments: Remember to enclose your cheque payable to BlackRock Investment Management (UK) Limited. Please note that we do not accept debit card transactions. ``Regular monthly investments: You must provide your bank details in the relevant section of the Application Form. ``NISA transfers: BlackRock will contact your current NISA manager to arrange the transfer. Shares held in any of the BlackRock managed investment trusts may be transferred from your current NISA manager or they will arrange to sell your holdings and transfer the cash to BlackRock. This should be within a period set out in the Terms and Conditions provided by your current NISA manager. If you sell your holdings and transfer cash to BlackRock then you will not be invested during this time until we receive this amount. ``Share transfers: If you hold any BlackRock Investment Trusts on the main share register you can transfer these directly to your BlackRock Investment Trust Savings Plan without selling the shares and buying these back in your new plan. You can also transfer shares held in any BlackRock managed investment trust from another provider, if your provider allows this. What happens next? Lump sum investments If we receive your application and cheque before 12 noon on a Business Day, we will invest the money on the same day. If we receive your application and cheque after 12 noon or on a non-business Day, we will invest the money on the next Business Day. We will send you a contract note/ confirmation on the next Business Day after we have invested your money. Regular monthly investments We will send you a letter acknowledging receipt of your application. We will then set up a direct debit to collect and invest the amount specified on the 25th day of each month. If the 25th day is not a Business Day, then we will collect and invest the money on the next Business Day. As banks typically require up to 10 working days to set up a direct debit, we will need to receive your application before the 13th day of the month you wish to start investing in. If your application is received after this date, we will normally collect the first amount on the 25th day of the next month. NISA transfers in cash Your current NISA manager will arrange to sell your holdings and transfer the cash to BlackRock. SEE TIMING OF TRANSACTIONS IN THE TERMS AND CONDITIONS. Can I change my mind? Stocks and Shares NISA If you have received advice on your investment or NISA transfer from an authorised Financial Adviser you will normally be able to cancel your investment. You will need to write to us within 14 days of receiving the contract note or confirmation letter. We will then return your money to you, although you should be aware that if the value of your investment has fallen since the date you invested, you will not get back the full amount. SEE CONTACT INFORMATION. We can return money or shares relating to your NISA transfer to your current provider if you decide, although you must ensure your instruction is clear, otherwise money may be paid directly to you and will no longer be subject to the tax benefits of a NISA. You should also ensure that your current provider is able to take the money or shares back. Savings Plan You do not have a right to cancel investments in the Savings Plan, however, you can withdraw your money as explained overleaf. SEE CANCELLATION RIGHTS IN THE TERMS AND CONDITIONS. How do I make further investments? Lump sum investments You can invest additional lump sum amounts by writing to us and providing a cheque payable to BlackRock Investment Management (UK) Limited. If you wish to invest a lump sum in a Stocks and Shares NISA for a new tax year, we will require a new Application Form to be completed. Regular monthly investments If you do not already have a direct debit set up, you should complete, sign and return the direct debit instruction on the relevant Application Form. Alternatively, if you wish to increase or decrease your current regular monthly investment, please just let us know in writing. NISA or Savings Plan transfer shares If you hold shares in a BlackRock managed investment trust then they may be transferred to the BlackRock Investment Trust Stocks & Shares NISA or Savings Plan, if your current provider permits this, without selling the shares and buying them back in your new NISA or Savings Plan. [6] BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA

9 How will I be kept informed about my investment? We will send you a statement every six months which shows the valuation of your holding(s) as at 5 April and 5 October and details of all transactions carried out during the previous six months. We will also arrange for you to receive, or we will make available to you on our website at blackrock.co.uk, the annual and interim report and accounts in respect of each Investment Trust and any additional information issued to shareholders. Share prices are also published daily in the Financial Times. VISIT BLACKROCK.CO.UK/ITS FOR SHARE PRICES AND REGULAR UPDATES ON THE INVESTMENT TRUSTS AND GLOBAL STOCK MARKETS. What happens if I want to take my money out? You can withdraw amounts of 250 or more from your investment by writing to us. We do not take instructions via telephone, fax or . We will need to receive the instruction by 12 noon in order to sell your investment on that Business Day otherwise we will sell your investment on the following Business Day. We will send the cash proceeds (net of charges) to you within three Business Days after the sale. You must always keep a minimum holding of 500 per investment trust with BlackRock. If a withdrawal leaves less than this amount we retain the right to sell the remaining shares and send the proceeds to you. Please note that if we are unable to complete our antimoney laundering checks we may write to you requesting independent documentary verification of your identity and your permanent address. Until we have received this information we will not be able to pay out any sales proceeds. We will not be liable for any loss incurred by you during this process. You can instruct us to stop collecting regular monthly investments but we require one month s notice to stop your direct debit instruction. Alternatively, you can contact your bank/building society and cancel the direct debit immediately. From 6 April 2016, following changes to the NISA rules, NISA providers are able to offer the flexibility to permit investors to replace cash that they have withdrawn from their NISA during the same tax year without this replacement counting towards the investor s annual NISA subscription limit for that year ( 20,000 for the 2017/2018 tax year). This is more generally known as a Flexible NISA. It is important that you are aware that the Stocks and Shares NISA does not currently offer this flexibility. If you wish to replace cash that you have withdrawn from the Stocks and Shares NISA during the same tax year, it will count towards your annual NISA subscription limit as a new, further subscription. Please note that if you withdraw money from your Stocks and Shares NISA and you have already used your allowance of 20,000 for the 2017/2018 tax year you will be unable to reinvest in your Stocks and Shares NISA or another NISA in the same tax year. For the avoidance of doubt, this does not prohibit the BlackRock Investment Trusts from being included in a Flexible NISA offered by another NISA provider. SEE WITHDRAWALS IN THE TERMS AND CONDITIONS. Can I switch my investments or transfer to another NISA provider? a) into another BlackRock Investment Trust? Yes, you can switch 500 or more from each investment trust by writing to us. In the Savings Plan a switch may be regarded as a disposal for UK capital gains tax purposes, although this is not the case if you are switching in the Stocks and Shares NISA. A sale for a switch will be executed on the Business Day we receive your instruction and the purchase will be undertaken on the next Business Day. Please be aware that you will not be invested for the period between the sale and purchase. b) into cash within the BlackRock Cash Holding Facility? If you have a Stocks and Shares NISA you can switch 500 or more temporarily into cash pending your instructions to reinvest into one or more Investment Trusts or unit trusts managed by the Manager or BlackRock Fund Managers Limited, or to withdraw your cash from the Cash Holding Facility. It is not possible for you to hold cash in the Cash Holding Facility indefinitely. Please remember that the Cash Holding Facility is not a Cash NISA. Any cash held in this facility must be for the purpose of investment in qualifying NISA funds and should not be maintained as cash for long periods of time. No interest is credited on money held within the Cash Holding Facility. SEE CASH IN YOUR PLAN IN THE TERMS AND CONDITIONS. PLEASE NOTE THAT CHARGES WILL APPLY. SEE CHARGES SECTION IN THIS DOCUMENT. c) transfer to a stocks and shares NISA with another provider? Yes. We would normally wait for instructions from the new provider and transfer your investments or cash as you have agreed with them. SEE TRANSFERS OUT IN THE TERMS AND CONDITIONS. BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA [7]

10 What happens if I move abroad? If you move abroad you can continue to hold your Savings Plan or Stocks and Shares NISA, although your tax status may be affected by the laws of the country you move to. You will not be able to make any further investments into your Stocks and Shares NISA if you are no longer resident in the UK for tax purposes, except if you are a Crown employee (typically a serving member of the armed forces or a diplomat). However, you can still switch between Investment Trusts at BlackRock or transfer your Investment Trusts or Stocks and Shares NISAs to another provider. CONTACT US FOR FURTHER INFORMATION OR SPEAK TO YOUR TAX ADVISER. What happens if I die? Your investments will either be transferred to the personal representatives of your estate or as directed by them once grant of probate or confirmation (if in Scotland) has been obtained. We can produce probate valuations on request. Please note that stocks and share NISAs automatically lose their tax-free status on death. What about tax? Savings Plan Dividends are treated as income. There is no longer a notional tax credit of 10% available, instead there is now a tax-free allowance of 5,000. Dividends received above this amount will be liable to tax. Any gains arising on the sale of your shares (including switches) are potentially subject to tax on the capital gain. For individuals, the first 11,100 of chargeable gains from all sources is exempt from UK tax in 2017/2018. Thereafter, capital gains are taxed at 10% or 20% depending on whether the individual is a basic or higher rate/additional tax payer. Stocks and Shares NISA and NISA transfers Whatever your tax status you should have no UK liability for income or capital gains tax on your NISA investments. Please note that tax assumptions may change if the law changes and the value of tax relief (if any) will depend upon your individual circumstances. Investors should consult their own tax advisers in order to understand any applicable tax consequences. What charges will I pay? Purchases, regular savings, switches-in, NISA transfers-in (made in cash) You will pay a Dealing Charge of 0.75% subject to a maximum charge of 15 per trust. In addition you are liable to pay 0.5% Government Stamp Duty which is levied on all equity purchases. This will be deducted from your investment amount which will reduce the money invested. Sales and NISA transfers-out (made in cash) You will pay a Dealing Charge of 0.75% subject to a maximum charge of 15 per trust. This will be deducted from the value of your holding when we sell some or all of your shares which will reduce the amount received by you. There is no stamp duty payable on sales. Investment Trust BlackRock Commodities Income Investment Trust plc BlackRock Emerging Europe plc BlackRock Frontiers Investment Trust plc BlackRock Greater Europe Investment Trust plc BlackRock Income and Growth Investment Trust plc BlackRock Latin American Investment Trust plc BlackRock North American Income Trust plc BlackRock Smaller Companies Trust plc BlackRock Throgmorton Trust plc BlackRock World Mining Trust plc Dealing Charge (NISA & Savings Plan) 0.75% (up to a max. of 15) 0.75% (up to a max. of 15) 0.75% (up to a max. of 15) 0.75% (up to a max. of 15) 0.75% (up to a max. of 15) 0.75% (up to a max. of 15) 0.75% (up to a max. of 15) 0.75% (up to a max. of 15) 0.75% (up to a max. of 15) 0.75% (up to a max. of 15) Annual Plan Charge (NISA Only) 0.50% + VAT Annual Management fee 1 Ongoing Charges/Ongoing charges plus performance fee (NISA & Savings Plan) % on first 250m and 0.9% thereafter 3 1.4% 0.50% + VAT 0.8% 3 1.3% 0.50% + VAT 1.1% 3 1.5%/1.6% 0.50% + VAT 0.8% 3 0.9%/1.2% 0.50% + VAT 0.6% 4 1.0% 0.50% + VAT 0.8% 3 1.1% 0.50% + VAT 0.75% 3 1.2% 0.50% + VAT 0.65% on first 50m and 0.5% thereafter 3 0.7%/1.0% 0.50% + VAT 0.7% 3 1.1%/2.3% 0.50% + VAT 0.8% 3 1.2% 1 Excluding any performance fee. 2 These are estimates only based on the last financial year (as at 31 December 2015) and the actual expenses may be higher or lower. Calculated in accordance with AIC guidelines. Ongoing charges include the annual management fee. 3 Based on the company s assets under management. [8] BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA

11 NISA transfers (in shares) and re-registrations Transfers of shares in a BlackRock Investment Trust to or from your own name within the Savings Plan or to or from a different NISA provider will be completed free of charge. Dividend Reinvestment You will pay a Dealing Charge of 0.75% on all dividend reinvestments subject to a maximum charge of 15 per trust. In addition you are liable to pay 0.5% Government Stamp Duty which is levied on all equity purchases. This will be deducted from your investment amount which will reduce the money invested. Please note there is no charge if you choose to accept your dividend income as cash. Note: If you switch between Investment Trusts, you will only pay a dealing charge of 0.75% (excluding any stamp duty on purchases) for the purchase of shares in your new holding. Bid/offer spread This is the difference between the buying ( offer ) price and selling ( bid ) price of the shares quoted on the stockmarket which is typical for UK listed shares. The spread can vary but is typically 1%. Annual Plan charge (Stocks and Shares NISA only) This is a charge for managing the Stocks and Shares NISA plan which is subject to additional administration and reporting requirements. It is calculated on 15 March and 15 September each year and collected by selling an equivalent amount of shares from your Stocks and Shares NISA or by deducting this amount from your nominated account by Direct Debit. If you wish to pay by Direct Debit please complete the appropriate section of the Application Form. If you close your NISA before the collection date the charge will be collected on a pro rata basis by selling an equivalent amount of shares from your Stocks and Shares NISA. There is no Annual Plan Charge for the Savings Plan. SEE ALSO OUR CHARGES IN THE TERMS AND CONDITIONS. Annual Investment Trust expenses BlackRock charges an investment management fee for managing the assets of the Investment Trusts. In addition, a performance fee for outperformance compared to a benchmark or other measure is charged for BlackRock Latin American Investment Trust plc, BlackRock Smaller Companies Trust plc, BlackRock Throgmorton Trust plc and BlackRock Frontiers Investment Trust plc only. Other operating costs include payments to the directors, audit fees, registrar s fees, depositary fees and custodian fees. Annual expenses are charged directly to each Investment Trust. These can vary each year and are set out in full in each Investment Trust s Report & Accounts. How much will I have to pay for advice? BlackRock is not permitted to provide advice on whether these investments are suitable or appropriate for your needs. If you require advice you may purchase the products through a Financial Adviser for which a charge may be payable to the adviser. As a result of the FCA s Retail Distribution Review, BlackRock is no longer permitted to pay authorised Financial Advisers commission in respect of investments made as a result of advice given on or after 31 December Please speak to your Financial Adviser regarding Adviser Charging arrangements. How will charges and expenses affect my investment? The following tables illustrate the effect of charges on an investment of 5,000 and compares this to what you might get back when you sell your holding. The tables assume that you do not make any withdrawals and that any dividends are reinvested. Since the price at which the shares are bought and sold is different, the illustration includes the Bid/Offer Spread (see opposite) in addition to the initial Dealing Charge and Annual Expenses. Annual expenses are calculated in line with the Association of Investment Companies guidelines and include management fees and operating expenses, but exclude performance fees, finance costs and taxation. We use an assumed growth rate of 6%, although this is not an indicator of future performance. The illustrations exclude performance fees. Information is correct as at 31 December The yield for each Investment Trust is based on dividends that have been declared in the last 12 months as at 31 December BLACKROCK WORLD MINING TRUST PLC Savings Plan: Total buying costs include the bid/offer spread of 1%, government stamp duty of 0.5% and dealing charges of 0.75% (capped at 15 per transaction); estimated total annual expenses are 1.1%. At end of year Investment to date Effect of deductions to date What you might get back 1 5, , , , ,120 The last line in the table shows that over 10 years the effect of the total charges and expenses could amount to 563. Putting it another way, this would have the same effect as bringing investment growth down from 6.0% to 4.2%. For each Investment Trust a proportion of the investment management fees and finance costs is charged to capital. In addition all performance fees are charged to capital. This will reduce capital growth, full details are disclosed in each Investment Trust s annual report and accounts. BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA [9]

12 Stocks and Shares NISA: Total buying costs include the bid/offer spread of 1%, government stamp duty of 0.5% and dealing charges of 0.75% (capped at 15 per transaction); estimated total annual expenses are 1.68% (including the NISA Plan Charge). At end of year Investment to date Effect of deductions to date What you might get back 1 5, , , , ,940 For the Stocks and Shares NISA over the same 10-year period the effect of the total charges and expenses could amount to 744. Putting it another way, this would have the same effect as bringing investment growth down from 6.0% to 3.5%. BLACKROCK THROGMORTON TRUST PLC Savings Plan: Total buying costs include the bid/offer spread of 1%, government stamp duty of 0.5% and dealing charges of 0.75% (capped at 15 per transaction); estimated total annual expenses are 1.1%. The table below summarises the potential effect of charges and expenses over 10 years for the other BlackRock Investment Trusts shown in reduced % growth on the same assumed growth rate of 6.0%. Investment Trust BlackRock Commodities Income Investment Trust plc Reduced % Growth (Savings Plan) Reduced % Growth (NISA) BlackRock Emerging Europe plc BlackRock Frontiers Investment Trust plc BlackRock Greater Europe Investment Trust plc BlackRock Income and Growth Investment Trust plc BlackRock Latin American Investment Trust plc BlackRock North American Income Trust plc BlackRock Smaller Companies Trust plc At end of year Investment to date Effect of deductions to date What you might get back 1 5, , , , ,180 7,760 The last line in the table shows that over 10 years the effect of the total charges and expenses could amount to 1,180. Putting it another way, this would have the same effect as bringing investment growth down from 6.0% to 4.5%. BLACKROCK THROGMORTON TRUST PLC Stocks and Shares NISA: Total buying costs include the bid/offer spread of 1%, government stamp duty of 0.5% and dealing charges of 0.75% (capped at 15 per transaction); estimated total annual expenses are 1.68% (including the NISA Plan Charge). At end of year Investment to date Effect of deductions to date What you might get back 1 5, , , , ,620 7,320 For the Stocks and Shares NISA over the same 10-year period the effect of the total charges and expenses could amount to 1,620. Putting it another way, this would have the same effect as bringing investment growth down from 6.0% to 3.9%. [10] BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA

13 OTHER INFORMATION RIGHTS RELATING TO YOUR BLACKROCK INVESTMENT TRUST We will endeavour to provide or make available on our website all company circulars and offer documents relating to any corporate events arising on the BlackRock Investment Trusts held within your Savings Plan or Stocks and Shares NISA. You may be required to take action and should read carefully any documentation we send to you. We will notify you of any rights or corporate actions relating to your shares held in your Plan. We will only arrange for these rights to be exercised provided we have received from you unambiguous instructions and any monies due in sufficient time for the exercise of your rights to take place. Bonus issues of shares will normally be credited to your plan. If you hold the shares in the Stocks and Shares NISA, you may only take up rights equivalent to the amount remaining in your annual NISA allowance, otherwise you may take up the rights outside your Stocks and Shares NISA. Alternatively, you may sell a sufficient amount of your existing NISA holdings to take up the rights issue subject to the annual NISA allowance. Full details will be communicated to you when announced by the relevant Investment Trust. You will also be entitled to vote at any shareholder meetings relating to the BlackRock Investment Trust held within your Savings Plan or Stocks and Shares NISA. SEE VOTING IN THE TERMS AND CONDITIONS. HOW TO COMPLAIN If you are not entirely satisfied with any aspect of the service you have received and you wish to complain, please contact: the Compliance Officer, BlackRock Investment Management (UK) Limited, 12 Throgmorton Avenue, London EC2N 2DL. We will deal with your complaint in accordance with our internal complaints procedures. We may also have to bring your complaint to the attention of our regulators. In line with the rules of the FCA we will investigate any complaint immediately. If this is not resolved to your satisfaction you may also complain directly to the Financial Ombudsman Service whose address is Exchange Tower, London E14 9SR or you can send an to complaint.info@financialombudsman.org.uk. Tel: or or visit the website at financial-ombudsman.org.uk BlackRock Investment Management (UK) is covered by the Financial Services Compensation Scheme. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim. The maximum compensation is 50,000 per claimant. Further information about compensation arrangements is available from the Financial Services Compensation Scheme, whose address is 10th Floor, Beaufort House, 15 St Botolph Street, London EC3A 7QU, telephone contact details are or and the website address is fscs.org.uk. MONEY LAUNDERING AND FRAUD PREVENTION As a result of any applicable laws and regulations, including but not limited to, relevant anti-money laundering legislation, tax laws and regulatory requirements, investors may be required, in certain circumstances, to provide additional documentation to confirm their identity or provide other relevant information pursuant to such laws and regulations, as may be required from time to time, even if an existing investor. Any information provided by investors will be used only for the purposes of compliance with these requirements and all documentation will be duly returned to the relevant investor. Until the Manager receives the requested documentation or additional information, there may be a delay in processing any subsequent sales request and the Manager reserves the right in all cases to withhold sales proceeds until such a time as the required documentation or additional information is received. Any such monies will be held by the Manager in accordance with FCA rules on client money with a third party bank. No interest will be paid during the period such monies are treated as client money. Alternatively, the Manager may employ a search of electronic data reference sources in order to access information held electronically concerning the identity of an investor, including information held by certain government and consumer agencies. By completing the relevant application forms or entering into a contract with the Manager, investors acknowledge that the Manager may at any time initiate a search of information held electronically in order to verify investor identity. SAVINGS PLAN OPERATOR The Operator of the Savings Plan is BlackRock Investment Management (UK) Limited (company number ). Registered office: 12 Throgmorton Avenue, London EC2N 2DL (FCA Registered No ). STOCKS AND SHARES NISA MANAGER The Manager of the Stocks and Shares NISA is BlackRock Investment Management (UK) Limited (company number ). Registered Office: 12 Throgmorton Avenue, London EC2N 2DL. (FCA Registered No ). BlackRock Investment Management (UK) Limited is authorised and regulated by the Financial Conduct Authority whose address is 25 The North Colonnade, Canary Wharf, London E14 5HS. BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA [11]

14 TERMS AND CONDITIONS FOR THE BLACKROCK INVESTMENT TRUST SAVINGS PLAN 1. Definitions Agreement has the meaning given In Clause 2. Application means a valid application for a Plan made in accordance with Clause 2. Application Form means the prescribed application form, which must be completed in writing by an applicant. Associate means any company in the group of companies of which BlackRock, Inc., and the PNC Financial Services Group, Inc. is the holding company (together, the Group ). Bank means The Royal Bank of Scotland plc, or another company within The Royal Bank of Scotland group, or any successor to their business from time to time. The Bank is not our Associate. Business Day means any day normally treated as a bank business day in England, and on which the London Stock Exchange is open for trading. Cash Subscription means a subscription to your Plan made in the form of cash as described in Clause 3. Custodian means The Bank of New York Mellon (International) Limited, or any successor to its business from time to time. The Custodian is not our Associate. Cut Off Time means 12 noon (UK time). FCA means the Financial Conduct Authority, and the FCA Rules means the rules and regulations of the Financial Conduct Authority, as in force from time to time. Instructions means a clear and unambiguous instruction validly given in accordance with both this Agreement and any prescribed form(s) required to deal in Shares. Nominee means Nutraco Nominees Ltd or its successor. Nutraco Nominees Ltd is an associate of the Custodian. Operator, we and us all refer to BlackRock Investment Management (UK) Limited (or our replacement under Clause 22). We are regulated and authorised by the FCA. Plan means a Savings Plan outside of an ISA or NISA, to purchase Shares in a Trust. Revenue means H.M. Revenue & Customs. Shares means the ordinary shares or subscription shares (where applicable) of any Investment Trust. Subscription shares do not carry the right to receive any dividends nor the right to attend and vote at shareholder meetings. Trust or Investment Trust means investment trusts held in your Plan and which have been or will be made available by us as investment trusts that are eligible for inclusion in the Plan. All eligible Investment Trusts are managed by us or an Associate. Terms and Conditions means the terms and conditions set out in this document or any updated version thereof made available at Words and phrases defined in the FCA Rules will bear the same meanings in these Terms and Conditions. Plurals will include singulars and vice versa. 2. Starting a Plan Client classification Under the FCA Conduct of Business rules we classify you as a retail client. However, if you are a nominee we classify you as a professional client. Subscriptions In order to subscribe to a Plan you must provide a valid Application and Cash Subscription. A valid Application must be made by completing and sending to us the prescribed Application Form. All Plans By completing the Application Form you accept that the Plan will consist of the information whether supplied by us or you (including but not limited to personal details, declarations and authorities) contained on the Application Form, together with these Terms and Conditions, and the Key Features (the Agreement ) as amended from time to time. You also agree to the appointment by you of the Bank and the Custodian to provide banking and custodial services required to ensure the operation of your Plan, and you authorise us to provide instructions to the Bank and the Custodian on your behalf insofar as they are required to carry out duties as manager of your Plan. We will be responsible for ensuring that the Bank and the Custodian properly carry out their duties in respect of your Plan. In the event of any conflict in interpretation between the Application Form, the Terms and Conditions and the Key Features, the Terms and Conditions will take precedence. Where Shares are held through a Plan on behalf of more than one person we will only act on the instructions of all such holders and will send notices and other documents to the holder named first on the Application Form. We reserve the right not to accept Applications. Transfers You may transfer your existing holdings of Shares into your Plan, free of charge (other than the nominal stamp duty payable on the transfer), provided that the value of the Shares (together with any cash payment) exceeds the minimum requirements, such minima to be waived at our discretion. Gifting Where the gift facility is used, Shares may not be held in the name of a minor although you can invest in a designated account on their behalf. The donee (or, where applicable, the adult who is to hold Shares on the minor s behalf) (the Beneficiary ) will be our customer and this Agreement will be binding on the Beneficiary and will apply (except as regards contributions to the Plan) as if he or she were referred to in your place. Eligibility Only adults may apply for a Plan. You must provide satisfactory evidence of identity and provide details of any other beneficial owners of your Plan. We may request further verification of identity from you before investing on your behalf in your Plan or before making any withdrawals or transfers. The Plan is intended for UK investors although Applications may be accepted from non-uk investors. We may close or restrict Plans that in our opinion could require the Investment Trusts to comply with non-uk regulatory or tax obligations. This facility is not available to US persons. We may restrict or terminate your Plan in the event that you become a US person. 3. Form of subscription, transfer or gift Subscription Before your Plan can be opened a valid Application and valid Cash Subscription must have been received by us. For regular monthly investments, direct debits will normally be made on or shortly after the 25th day of each month. Investment will be made on the same day, or the next Business Day. You may invest in more than one Investment Trust. You must indicate on your Application Form how much you wish to invest in each, and you may subsequently vary your Instructions by giving us notice in writing, so long as in all cases the minimum requirements are satisfied in relation to each Investment Trust. If your payment by cheque subsequently fails to clear, or your direct debit is returned unpaid, we may cancel the Application and any transactions carried out up to that date, and you agree to indemnify us against any losses, costs or expenses incurred directly or indirectly as a result of investment and subsequent cancellation. Transfer You should complete the Share Transfer form and return it to us together with any share certificate(s). Gifting If you wish to make a gift of Shares to a Plan, you should specify on the Application Form the name of the person(s) on whose behalf you wish the Shares to be purchased. 4. Management Your Plan will be managed by us in accordance with your instructions provided in the Application Form and this Agreement. You will also be notified by us of any rights or corporate actions relating to your Shares held in your Plan. We will only arrange for these rights to be exercised provided we have received from you unambiguous instructions and any monies due in sufficient time for the exercise of your rights to take place. If you do not give us your instruction by the deadline we set, we will normally apply the default option as detailed in the corporate action. We will credit any Shares issued on a capitalisation issue to your Plan. [12] BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA