1476 ishares Japan REIT ETF Data as of December 29, 2017 Top Ten Stock Holdings (% of Net Assets) NIPPON BUILDING FUND REIT INC 6.97% JAPAN REAL ESTAT

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1 1476 ishares Japan REIT ETF Data as of December 29, 2017 Fund Description (Investment Policy) The ishares Japan REIT ETF seeks investment results that correspond generally to the performance of the Tokyo Stock Exchange REIT index. Index Description The Tokyo Stock Exchange REIT Index is a capitalization-weighted index based on all REITs listed on the TSE. Fund Details Product Category Domestic REIT ETF Ticker 1476 ISIN JP SEDOL TM BZ1FCW4 Listed Exchange Tokyo Stock Exchange Trading Lot Size 1 Unit Inception Date 19-Oct-15 Trust Term Perpetual Management Fee See Page 6 Record Date Feb 9, May 9, Aug 9 and Nov 9 of Each Year Total Net Assets (Yen) 61,133,149,470 Number of Holdings 60 * For details on fees and charges, please refer to page 5. Fund Performance History (%) 1 Month 3 Months 1 Year 3 Year 5 Year Since Fund Inception NAV (Price Return) NAV (Total Return) Index The performance quoted represents past performance and does not guarantee future results. In addition, the performance of the fund NAV may deviate from the performance of the Tokyo Stock Exchange REIT Index. Fund Distributions Distribution Since Fund Inception JPY 10,000 Record date Distribution (JPY) 2/9/ /9/ /9/ /9/ /9/ /9/ /9/ /9/ * Distribution is before tax, per 100 shares (JPY) * As a general rule, income distribution will be declared at the record date and paid the full amount of total income including dividend arising from trust assets is distributed after deduction of expenses. Past distributions are not indicative of future distributions. There is no guarantee that distributions will be paid. ** Some or all of the amounts may be used as reserve for distribution in the next period and thereafter. This document is provided for informational purposes only and does not constitute an offer or solicitation to purchase or sell units of the Fund. This document is directed only at persons within Japan and not directed at nor is it intended for distribution to, or use by, persons in any jurisdiction in which the investment products are not authorized for distribution or in which the dissemination of information regarding the investment products is not permitted. Any quoted performance is not indicative of future results. BlackRock does not guarantee the performance of the Fund. There are risks associated with investing, including the possible loss of principal. Before making any investment decisions, investors are advised to read the Fund prospectus carefully and make an appropriate decision considering their own circumstances. 1/6

2 1476 ishares Japan REIT ETF Data as of December 29, 2017 Top Ten Stock Holdings (% of Net Assets) NIPPON BUILDING FUND REIT INC 6.97% JAPAN REAL ESTATE (% INVESTMENT of Net Assets) REIT 6.61% NOMURA REAL ESTATE MASTER FUND REIT 5.24% JAPAN RETAIL FUND INV TRUST CORP 5.19% UNITED URBAN INVESTMENT CORP. 4.67% ORIX JREIT INC. 3.93% NIPPON PROLOGIS REIT INC 3.91% DAIWAHOUSE RESIDENTIAL INVESTMENT 3.60% ADVANCE RESIDENCE INVESTMENT CORP. 3.35% JAPAN PRIME REALTY INVESTMENT REIT 2.95% * Weightings as of date shown and do not necessarily represent current or future portfolio holdings. Risks Investing on ishares funds involves risk, including possible loss of principal. All profits and losses arising from the investment of ishares funds are attributable to the investor. Please see page 3 for the details. Commission, Fees and Expenses [Commissions] Brokerage commissions for ishares funds are determined by Financial Instruments Business Operators ( FIBO ), e.g., stock brokerage firms. For further details, please contact the respective FIBO. [Fees and Expenses] Investors will indirectly incur certain fees and expenses, including, but not limited to, investment management fees if they own the unit of ishares fund. Please see page 5 for the details. The units of the Fund are traded on the Tokyo Stock Exchange. Their market prices on the exchange are based on secondary market trading factor such as market supply and demand, and may deviate from the net asset value of the Fund. Copyrights and others of the Tokyo Stock Exchange REIT Index" The Tokyo Stock Exchange REIT Index Value and the Tokyo Stock Exchange REIT Index Marks are subject to the proprietary rights owned by the Tokyo Stock Exchange, Inc. and the Tokyo Stock Exchange, Inc. owns all rights and know-how relating to the Tokyo Stock Exchange REIT Index such as calculation, publication and use of the Tokyo Stock Exchange REIT Index Value and relating to the Tokyo Stock Exchange REIT Index Marks. The Tokyo Stock Exchange, Inc. shall reserve the rights to change the methods of calculation or publication, to cease the calculation or publication of the Tokyo Stock Exchange REIT Index Value or to change the Tokyo Stock Exchange REIT Index Marks or cease the use thereof. The Tokyo Stock Exchange, Inc. makes no warranty or representation whatsoever, either as to the results stemmed from the use of the Tokyo Stock Exchange REIT Index Value and the Tokyo Stock Exchange REIT Index Marks or as to the figure at which Tokyo Stock Exchange REIT Index Value stands on any particular day. The Tokyo Stock Exchange, Inc. gives no assurance regarding accuracy or completeness of the Tokyo Stock Exchange REIT Index Value and data contained therein. Further, the Tokyo Stock Exchange, Inc. shall not be liable for the miscalculation, incorrect publication, delayed or interrupted publication of the Tokyo Stock Exchange REIT Index Value. No Licensed Product is in any way sponsored, endorsed or promoted by the Tokyo Stock Exchange, Inc. The Tokyo Stock Exchange, Inc. shall not bear any obligation to give an explanation of the Licensed Product or an advice on investments to any purchaser of the Licensed Product or to the public. The Tokyo Stock Exchange, Inc. neither selects specific stocks or groups thereof nor takes into account any needs of the issuing company or any purchaser of the Licensed Product, for calculation of the Tokyo Stock Exchange REIT Index Value. Including but not limited to the foregoing, the Tokyo Stock Exchange, Inc. shall not be responsible for any damage resulting from the issue and sale of the Licensed Product BlackRock Japan Co.,Ltd. All rights reserved. ishares and BlackRock are registered trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. BlackRock Japan Co., Ltd. Registered as financial instrument firm: Director General of the Kanto Local financial Bureau (Kinsho) No. 375 Association: Japan Investment Advisers Association, The Investment Trusts Association, Japan, Japan Securities Dealers Association, Type II Financial Instruments Firms Association This document is provided for informational purposes only and does not constitute an offer or solicitation to purchase or sell units of the Fund. This document is directed only at persons within Japan and not directed at nor is it intended for distribution to, or use by, persons in any jurisdiction in which the investment products are not authorized for distribution or in which the dissemination of information regarding the investment products is not permitted. Any quoted performance is not indicative of future results. BlackRock does not guarantee the performance of the Fund. There are risks associated with investing, including the possible loss of principal. Before making any investment decisions, investors are advised to read the Fund prospectus carefully and make an appropriate decision considering their own circumstances. 2/6

3 Investment Risk Factors that contribute to fluctuations in the NAV of the Fund The NAV of the Fund is affected by the fluctuations of the invested securities held for the account of the Fund. All profits and losses arising from investment management of these trust asset investments are attributed to the investors. Accordingly, the principal amount of the Fund and profits arising from these investments are not guaranteed. Investors may incur a loss and the value of their investment principal may fall below its original principal amount as the result of a decline in the NAV. Investment trusts are different from bank deposits. The Fund s major risks are as follows: - Risk of Investing in Real Estate Investment Trust Securities The Fund invests in real estate investment trust securities. The price of real estate investment trust securities fluctuates due to the conditions of the appraisal value, etc. of the owned real estate, changes in market interest rate, trends regarding real estate or stock market conditions and other factors. It may become difficult or even impossible to purchase or sell real estate investment trust securities if there is a decline in the liquidity of such securities due to rapid changes in markets or other events. In addition, real estate investment trust securities can be expected to be affected by risks associated with the management of such securities (such as delisting of such real estate investment trust securities). The performance of the Fund will be affected in the event of any such situation. - Securities Lending Risk Lending of securities involves counterparty risk, which is the risk of contractual default by the counterparty due to its insolvency or other events, and the Fund may suffer losses in such cases. Other considerations The provision stipulated in Article 37-6 of the Financial Instruments and Exchange Act ( cooling-off period ) is not applicable to the Fund s transactions. Considerations regarding profit distribution - Distribution is paid out of the Fund s net assets and is different from interest earned on bank deposits. Thus, the Fund s NAV declines by the distribution amount when it pays out distribution. - The distribution amount is not always the same as income earned by the Fund during each financial period. Risk Management Framework The management company places an emphasis on risk oversight, and risks are managed using its proprietary system. More specifically, Fund s investment risk is measured and analysed, and investment restrictions are monitored by an independent risk management department. This department confirms that the Fund s investment risk profile meets the investment guideline, and gives feedback to investment teams and other relevant departments, with internal sharing of relevant results. Additionally, the management company s operational risks are clearly defined in operational guidelines, and managed accordingly. 3/6

4 Procedures, Fees and Other Items Creation unit Creation Price Delivery (settlement) of creation basket Amount per share on inception date Redemption Unit Redemption Price Delivery (settlement) of redemption basket Application Cutoff Time Creation Application Period Days on which Creation and Redemption Applications are not accepted One Creation unit or its integral multiples thereof NAV on the day a creation application is accepted The Net Asset Value per Unit of the Fund is indicated on a per 100 Unit basis. Investors create Units with securities and cash as stipulated in the PCF. The management company shall present a PCF to the Authorised Participants on a business day immediately preceding the day a creation application is accepted. Delivery of securities and cash by the date designated by Authorised Participant in accordance with the creation application The amount per share on the inception date will be 1,699 yen per Unit. One creation unit* or its integral multiples thereof. NAV on the day a redemption application is accepted Trust assets invested in securities that are securities equivalent in value to the Units subject to the request for redemption are delivered to investors. The management company shall present the securities to be delivered (PCF) to the Authorised Participants on a business day immediately preceding a Units redemption request acceptance date. Trust assets invested in securities are generally delivered to Authorised Participants or others requesting the redemption from the fourth business day after the acceptance date of redemption application. 15:00 Japan Standard Time on the creation application date or the acceptance date of redemption application * The application may not be canceled after the creation application is accepted by the management company. From November 10, 2016 to May 9, 2017 *The application period is renewed by way of the filing of a securities registration statement before the expiration of the above period. Applications for creation and redemption of Units may not be accepted on the following days and periods (as outlined in 1) through 8) below). 1) For a period of two business days, beginning two business days prior to the last day of the relevant financial period of the fund (record dates) (or, if such date falls on a holiday, for a period of three business days, beginning three business days prior to the account close date) 2) In the event that Management Company determines the Fund cannot be managed according to the Fund s investment policies provided in the Trust Deed due to unavoidable circumstances. 3) For a period of three business days, beginning one business day prior to the ex-distribution or ex-rights day of any securities comprising the Index. 4) For a period of three business days, beginning one business day prior to the rebalance day for the securities comprising the Index, or the day the index component ratios of constituent issues are changed. 5) For a period, beginning one business day prior to the delisting day (due to the consolidation and split of any securities comprising the Index) and ending one business day after the Index inclusion day for new shares (due to such consolidation and split). 6) On any day on which trading of securities comprising the Index is suspended. 7) For a period of five business days prior to the date of termination, if the Fund terminates. 4/6

5 Suspension and Cancellation of Application for Creation and Redemption 8) Any event other than in 1) through 7) above in which the Management Company determines the Fund s operations may be undermined due to unavoidable circumstances. In cases where trading on the stock exchange is halted, settlement functions are suspended, circumstances are beyond the control of the Management Company, or the Management Company deems necessary, the Management Company may suspend and/or cancel the applications for creation and redemption of Units. Trust Period Indefinite Period (Established on October 19, 2015) Early Termination Record Dates The Management Company may terminate the trust early before the expiration of the trust term (early redemption) if it considers that the termination is beneficial to the investors, the number of Units is less than 500,000 after the day that is three (3) years from the creation day, or the circumstances beyond the Management Company s control necessitate. The trust may also be terminated if the Fund s units are delisted from all the stock exchanges they are listed, or if Index is discontinued. February 9, May 9, August 9 and November 9 of Each Year Distribution Maximum Trust Assets Public Notification of Important Announcements Management Reports Tax Treatment Distributions are paid twice a year in accordance with the Fund s distribution policy. Securities and cash that are equivalent to 10 trillion yen Public notice the management company issues to unitholders shall be posted on the website shown below by means of electronic notice: Management reports are not prepared and published. For tax purposes, the Fund is treated as a specified stock investment trust. Publicly-offered stock-type investment trusts are subject to the Nippon Individual Savings Account under tax laws. Tax credit for distributions and the exclusion from gross revenue may not apply. Fund Expenses Expenses to be borne directly by investors Details of expenses Broker Authorised Participants may Consideration for Commissions independently set application explanation of charged on creation commissions (including consumption instruments at the time orders taxes, etc.), and receive them from of subscription and investors. Please contact your administrative Authorised Participants for further procedures relating to information. the creation Subscription/Rede N/A - mption Charge Broker If an Authorised Participant receives a Consideration for Commissions request for redemption or repurchase of administrative charged on Units from an investor, it may receive procedures relating to redemption orders commissions (including consumption the redemption taxes, etc.) that it independently sets from (repurchase) the investor. Please contact your Authorised Participants for further information. 5/6

6 Expenses to be borne indirectly by investors (i.e. expenses paid out of the Fund s assets) Management Fee The Fund s total net assets at an annual rate (Trust Fee) of %* (0.16% excluding taxes) or less *Management fees (trust fees) are paid out of the Fund s assets at the end of each fiscal year or at Other Expenses and Fees trust s termination. Breakdown of Management Fee Management Company Trustee Annual rate of % (0.135% excluding taxes) Annual rate of 0.027% (0.025% excluding taxes) The Fund s total net assets at the maximum annual rate of % (0.045% excluding taxes) are paid out of the Fund s assets for listing fees and usage fees of trademark of the Index at the end of each fiscal year or at trust s termination. Fund s costs and expenses, and brokerage commissions are paid out of the Fund s assets from time to time. If the Fund conducts securities lending, at most one half of the amounts of negative interest of per diem, which are proceeds of the Fund, will be paid to the entrusted company etc. as fees from time to time. *Rates, maximum amounts, etc. of other expenses and fees are not shown in advance as they fluctuate with past performance and other factors. Details of expenses Management fees (trust fees)=nav during the management term x trust fee ratio Consideration for fund management, calculation of the NAV, preparation of various documents, and other related services Consideration for administration of investment assets, execution of instructions received from the management company, and other related services - Fund s costs and expenses: Auditing fees of the Fund s financial statements, taxes imposed on the trust assets, fees charged on fund management, and interests accrued on the amount paid by the trustee company in advance - Brokerage commissions: Commissions charged on buy and sell orders of Fund s investment securities *The total amount of commissions, expenses, etc. of the Fund to be borne by investors varies depending on the holding period of the shares of the Fund. *Broker commissions charged on creation orders, exchange (purchase fees), management fees (trust fees), and other expenses and fees include consumption tax and local consumption tax. Page 3-6 of this material is an English translation of the excerpt from the Delivery Prospectus of The ishares Japan REIT ETF (the Fund ). This translation is not required by law or any regulation. Other Fund documents including the Upon-Request Prospectus, Investment Reports, Securities Registration Statements and other offering/ongoing disclosure documents, as well as this D elivery Prospectus, are in Japanese and are intended for investors who can understand Japanese. This material was prepared by BlackRock Japan Co., Ltd. for informational purpose only and may not be used for the purpose of offering or solicitation of any securities (including units of the Fund) to any person or entity in any jurisdiction. Neither this material nor any part hereof may be reproduced, transmitted, reprinted, or redistributed without the prior written authorization of BlackRock Japan Co., Ltd. The accuracy or completeness of this translation is not guaranteed. In the event of any inconsistency between this English translation and the Japanese version, the Japanese version shall prevail. Except as otherwise indicated herein, this material is based on the Japanese version dated as of May 9, In case of any update to or modification of the Japanese version of the adhesive terms and conditions, there is no guarantee that a corresponding update or modification will be made to this English translation. 6/6