ishares VII PLC Interim report and unaudited financial statements for the period from 1 August 2013 to 31 January 2014

Transcription

1 ishares VII PLC Interim report and unaudited financial statements for the period from 1 August to 2014

2 General information 3 Background 5 Half yearly management report Investment Manager s report 12 Principal risks and uncertainties 24 Significant related party transactions 28 Unaudited financial statements of the Company Income statement 29 Statement of changes in net s attributable to redeemable participating shareholders 29 Balance sheet 30 Notes to the financial statements of the Company 31 Unaudited Fund primary statements, schedules of investments, schedules of material purchases and sales, and notes: ishares CSI 300 UCITS ETF (Swap) 34 ishares Dow Jones Industrial Average SM UCITS ETF 37 ishares EONIA UCITS ETF (Swap) 41 ishares Euro Government Bond 1-3 UCITS ETF (Acc) 44 ishares Euro Government Bond 3-7 UCITS ETF (Acc) 49 ishares Euro Government Bond 7-10 UCITS ETF (Acc) 54 ishares Euro Inflation Link Bond UCITS ETF 59 ishares EURO STOXX 50 - B UCITS ETF (Acc) 63 ishares Fed Funds Effective Rate UCITS ETF (Swap) 68 ishares FTSE 100 UCITS ETF (Acc) 71 ishares FTSE MIB UCITS ETF (Acc) 77 ishares Global Alternative Energy UCITS ETF 82 ishares MSCI Australia - B UCITS ETF 85 ishares MSCI Brazil UCITS ETF (Acc) 90 ishares MSCI Canada - B UCITS ETF 95 ishares MSCI Chile UCITS ETF 100 ishares MSCI EM Asia UCITS ETF 104 ishares MSCI EM EMEA UCITS ETF (Swap) 113 ishares MSCI EM Latin America UCITS ETF (Acc) 116 ishares MSCI EMU Small Cap UCITS ETF 123 ishares MSCI EMU UCITS ETF 135 ishares MSCI Europe - B UCITS ETF (Acc) 144 ishares MSCI India UCITS ETF (Swap) 157 ishares MSCI Japan - B UCITS ETF (Acc) 160 ishares MSCI Japan Large Cap UCITS ETF 168 ishares MSCI Japan Small Cap UCITS ETF (Acc) 174 ishares MSCI Korea UCITS ETF (Acc) 185 ishares MSCI Mexico Capped UCITS ETF 191 ishares MSCI Pacific ex Japan UCITS ETF (Acc) 195 ishares MSCI Russia ADR/GDR UCITS ETF 202 ishares MSCI South Africa - B UCITS ETF 206 ishares MSCI Taiwan UCITS ETF (Swap) 211 ishares MSCI UK Large Cap UCITS ETF 214 ishares MSCI UK Small Cap UCITS ETF 219 ishares MSCI UK UCITS ETF 227 ishares MSCI USA - B UCITS ETF ishares VII plc Interim Report 1

3 Unaudited Fund primary statements, schedules of investments, schedules of material purchases and sales, and notes: (continued) ishares MSCI USA Large Cap UCITS ETF 245 ishares MSCI USA Small Cap UCITS ETF 253 ishares MSCI World - B UCITS ETF (Acc) 270 ishares NASDAQ 100 UCITS ETF 288 ishares Nikkei 225 UCITS ETF 294 ishares S&P B UCITS ETF (Acc) 301 ishares USD Government Bond 1-3 UCITS ETF (Acc) 312 ishares USD Government Bond 3-7 UCITS ETF (Acc) 316 ishares USD Government Bond 7-10 UCITS ETF (Acc) 320 ishares USD Inflation Linked Bond UCITS ETF 324 Notes to the unaudited primary statements of the Funds 328 Disclaimers 340 This interim report and unaudited financial statements (the Report and Accounts ) may be translated into other languages. Any such translation shall only contain the same information and have the same meaning as the English language Report and Accounts. To the extent that there is any inconsistency between the English language Report and Accounts and the Report and Accounts in another language, the English language Report and Accounts will prevail, except to the extent (and only to the extent) that it is required by law of any jurisdiction where the shares are sold, that in an action based upon disclosure in a Report and Accounts in a language other than English, the language of the Report and Accounts on which such action is based shall prevail. Any disputes as to the terms of the Report and Accounts, regardless of the language of the Report and Accounts, shall be governed by and construed in accordance with the laws of Ireland. 2 ishares VII plc Interim Report

4 Board of Directors (1) Company Secretary Paul McNaughton (Chairman) (Irish) Chartered Corporate Services Paul McGowan (Irish) Taney Hall Cora O Donohoe (Irish - British Resident) Eglinton Terrace Barry O'Dwyer (Irish) Dundrum Karen Prooth (British) Dublin 14 Ireland (1) All Directors are non-executive Directors Investment Manager Audit Committee Members (2) BlackRock Advisors (UK) Limited Paul McGowan (Chairman) Paul McNaughton Registered office: 12 Throgmorton Avenue (2) Established 31 March London EC2N 2DL England Nomination Committee Members (3) Paul McNaughton (Chairman) Sub-Advisor (until 2014) Paul McGowan Credit Suisse AG Barry O'Dwyer Paradeplatz , Zürich (3) Established 31 March Switzerland Manager (until 2014) Custodian (until 2014) BlackRock Fund Management Company (Ireland) Limited BNY Mellon Trust Company (Ireland) Limited Guild House Manager (from 1 February 2014) Guild Street BlackRock Asset Management Ireland Limited International Financial Services Centre Dublin 1 Registered office: Ireland J.P. Morgan House International Financial Services Centre Custodian (from 1 February 2014) Dublin 1 State Street Custodial Services (Ireland) Limited Ireland 78 Sir John Rogerson s Quay Dublin 2 Administrator and Registrar (until 2014) Ireland BNY Mellon Fund Services (Ireland) Limited Guild House Registered Office Guild Street J.P. Morgan House International Financial Services Centre International Financial Services Centre Dublin 1 Dublin 1 Ireland Ireland Administrator (from 1 February 2014) Legal Advisors to the Company State Street Fund Services (Ireland) Limited as to Irish Law: 78 Sir John Rogerson s Quay William Fry Dublin 2 Fitzwilton House, Wilton Place, Dublin 2 Ireland Ireland Registrar (from 1 February 2014) Independent Auditors (until 19 December ) Computershare Investor Services (Ireland) Limited KPMG Heron House Chartered Accountants, Statutory Audit Firm Corrig Road 1 Harbourmaster Place Sandyford Industrial Estate International Financial Services Centre Dublin 18 Dublin 1 Ireland Ireland ishares VII plc Interim Report 3

5 Independent Auditors (from 20 December ) PricewaterhouseCoopers Chartered Accountants and Statutory Audit Firm One Spencer Dock North Wall Quay Dublin 1 Ireland Representative in Switzerland BlackRock Asset Management Switzerland Limited Bahnhofstrasse 39 P.O. Box Zurich Switzerland Paying Agent in Switzerland JPMorgan Chase Bank National Association Columbus, Zurich Branch Dreikönigstrasse Zurich Switzerland Paying and Information Agent in Germany Deutsche Bank AG Taunusanlage 12 D Frankfurt am Main Federal Republic of Germany Austrian Paying and Information agent UniCredit Bank Austria AG P.O. 35 A-1010 Vienna Austria 4 ishares VII plc Interim Report

6 ishares VII public limited company (the "Company") is organised as an open-ended investment Company with variable capital. The Company was incorporated in Ireland on 9 April 2009 with limited liability and segregated liability between its Funds and is organised under the laws of Ireland as a Public Limited Company ( plc ) pursuant to the Companies Acts 1963 to and the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the UCITS Regulations ). The Company is structured as an umbrella Fund and comprises separate Funds ( Funds ) of the Company. The term Fund shall be deemed to mean either a Fund of the Company, or if the context so requires, the Manager or its delegate acting for the account of the relevant Fund. The term BlackRock is used to represent BlackRock Advisors (UK) Limited. The investment objectives and policies of each Fund are set out in the prospectus and the relevant supplemental prospectus. Changes to the Company On 23 September, the Board of Directors resolved to commence the wind up of some of the Funds in existence at 31 July with effect from 24 October. As such the Company will continue as a going concern but these Funds have been prepared on a termination basis. Fund Closure Date ishares CSI 300 UCITS ETF (Swap) 24 October ishares EONIA UCITS ETF (Swap) 24 October ishares Fed Funds Effective Rate UCITS ETF (Swap) 24 October ishares Global Alternative Energy UCITS ETF 24 October ishares MSCI EM EMEA UCITS ETF (Swap) 24 October ishares MSCI India UCITS ETF (Swap) 24 October ishares MSCI Taiwan UCITS ETF (Swap) 24 October On 14 October, the total expense ratio ( TER ) for ishares FTSE 100 UCITS ETF (Acc) changed from 0.33% to 0.15% and the TER for ishares S&P 500 B UCITS ETF (Acc) changed from 0.20% to 0.15%. With effect from 20 December, PricewaterhouseCoopers Chartered Accountants and Statutory Audit Firm replaced KPMG Chartered Accountants, Statutory Audit Firm as Independent Auditor of the Company. With effect from 1 February 2014 the following changes took place: Credit Suisse AG ceased to be the Sub-Advisor for the Company. BlackRock Asset Management Ireland Limited replaced BlackRock Fund Management Company (Ireland) Limited as Manager of the Company. State Street Fund Services (Ireland) Limited replaced BNY Mellon Fund Services (Ireland) Limited as Administrator of the Company. Computershare Investor Services (Ireland) Limited replaced BNY Mellon Fund Services (Ireland) Limited as Registrar of the Company. State Street Custodial Services (Ireland) Limited replaced BNY Mellon Trust Company (Ireland) Limited as Custodian of the Company. BlackRock replaced Bank of New York Mellon (London Branch) as Securities Lending Agent of the Company. An updated prospectus was issued on 3 February For a full list of all amendments made please refer to the prospectus. ishares VII plc Interim Report 5

7 There were 39 Funds in operation at The investment objective of the Funds is to track or replicate the benchmark indices listed in the table below: Fund ishares Dow Jones Industrial Average SM UCITS ETF ishares Euro Government Bond 1-3 UCITS ETF (Acc) ishares Euro Government Bond 3-7 UCITS ETF (Acc) ishares Euro Government Bond 7-10 UCITS ETF (Acc) ishares Euro Inflation Link Bond UCITS ETF Benchmark Index Dow Jones Industrial Average SM ishares EURO STOXX 50 - B UCITS ETF (Acc) EURO STOXX 50 ishares FTSE 100 UCITS ETF (Acc) FTSE 100 ishares FTSE MIB UCITS ETF (Acc) ishares MSCI Australia - B UCITS ETF ishares MSCI Brazil UCITS ETF (Acc) ishares MSCI Canada - B UCITS ETF ishares MSCI Chile UCITS ETF ishares MSCI EM Asia UCITS ETF ishares MSCI EM Latin America UCITS ETF (Acc) ishares MSCI EMU Small Cap UCITS ETF ishares MSCI EMU UCITS ETF ishares MSCI Europe - B UCITS ETF (Acc) ishares MSCI Japan - B UCITS ETF (Acc) ishares MSCI Japan Large Cap UCITS ETF ishares MSCI Japan Small Cap UCITS ETF (Acc) ishares MSCI Korea UCITS ETF (Acc) ishares MSCI Mexico Capped UCITS ETF ishares MSCI Pacific ex Japan UCITS ETF (Acc) ishares MSCI Russia ADR/GDR UCITS ETF ishares MSCI South Africa - B UCITS ETF ishares MSCI UK Large Cap UCITS ETF ishares MSCI UK Small Cap UCITS ETF ishares MSCI UK UCITS ETF ishares MSCI USA - B UCITS ETF ishares MSCI USA Large Cap UCITS ETF ishares MSCI USA Small Cap UCITS ETF ishares MSCI World - B UCITS ETF (Acc) Markit iboxx EUR Sovereigns 1-3 Index Markit iboxx EUR Sovereigns 3-7 Index Markit iboxx EUR Sovereigns 7-10 Index Markit iboxx Euro Sovereigns Inflation-Linked Index FTSE MIB MSCI Australia Index Net USD MSCI Brazil Index Net USD MSCI Canada MSCI Chile Index Net USD MSCI EM Asia Index Net USD MSCI EM Latin America Index Net USD MSCI EMU Small Cap MSCI EMU MSCI Europe MSCI Japan MSCI Japan Large Cap MSCI Japan Small Cap MSCI Korea Index Net USD MSCI Mexico Capped Index Net USD MSCI Pacific ex Japan MSCI Russia ADR/GDR Index Net USD MSCI South Africa Index Net USD MSCI UK Large Cap MSCI UK Small Cap MSCI UK MSCI USA MSCI USA Large Cap MSCI USA Small Cap ishares NASDAQ 100 UCITS ETF NASDAQ 100 ishares Nikkei 225 UCITS ETF Nikkei 225 ishares S&P B UCITS ETF (Acc) S&P 500 ishares USD Government Bond 1-3 UCITS ETF (Acc) ishares USD Government Bond 3-7 UCITS ETF (Acc) ishares USD Government Bond 7-10 UCITS ETF (Acc) ishares USD Inflation Linked Bond UCITS ETF MSCI World Index Net in USD Markit iboxx US Treasuries 1-3 Index Markit iboxx US Treasuries 3-7 Index Markit iboxx US Treasuries 7-10 Index Markit iboxx TIPS Inflation-Linked Index 6 ishares VII plc Interim Report

8 PEA Eligibility (Plan d'epargne en Actions) The Plan d'epargne en Actions ( PEA ) is a French equity savings plan intended to encourage French tax resident individuals to invest in European equities. Due to their eligibility to the PEA, the Funds listed below invest on a permanent basis at least 75% of their s in securities and rights eligible to the PEA, issued by companies established in a Member State of the European Union or in Iceland and Norway and subject to corporate income, or an equivalent, tax. As at 2014, the below Funds had the following percentage of their s invested in eligible PEA s: Fund % Invested in European shares ishares EURO STOXX 50 - B UCITS ETF (Acc) ishares FTSE 100 UCITS ETF (Acc) ishares FTSE MIB UCITS ETF (Acc) ishares MSCI EMU Small Cap UCITS ETF ishares MSCI EMU UCITS ETF ishares MSCI Europe - B UCITS ETF (Acc) ishares MSCI UK Large Cap UCITS ETF ishares MSCI UK Small Cap UCITS ETF ishares MSCI UK UCITS ETF ishares VII plc Interim Report 7

9 Stock exchange listings The Company maintained a primary listing on the SIX Swiss Exchange. As at 2014, the Funds are traded on the following exchanges: Fund Base Currency* London Stock Exchange Borsa Italiana Deutsche Börse** NYSE Euronext Paris SIX Swiss Exchange ishares Dow Jones Industrial Average SM UCITS ETF $ ishares Euro Government Bond 1-3 UCITS ETF (Acc) ishares Euro Government Bond 3-7 UCITS ETF (Acc) ishares Euro Government Bond 7-10 UCITS ETF (Acc) ishares Euro Inflation Link Bond UCITS ETF ishares EURO STOXX 50 - B UCITS ETF (Acc) ishares FTSE 100 UCITS ETF (Acc) ishares FTSE MIB UCITS ETF (Acc) ishares MSCI Australia - B UCITS ETF $ ishares MSCI Brazil UCITS ETF (Acc) $ ishares MSCI Canada - B UCITS ETF $*** ishares MSCI Chile UCITS ETF $ ishares MSCI EM Asia UCITS ETF $ ishares MSCI EM EMEA UCITS ETF (Swap) $ ishares MSCI EM Latin America UCITS ETF (Acc) $ ishares MSCI EMU Small Cap UCITS ETF ishares MSCI EMU UCITS ETF ishares MSCI Europe - B UCITS ETF (Acc) ishares MSCI Japan - B UCITS ETF (Acc) ishares MSCI Japan Large Cap UCITS ETF ishares MSCI Japan Small Cap UCITS ETF (Acc) ishares MSCI Korea UCITS ETF (Acc) $ ishares MSCI Mexico Capped UCITS ETF $ ishares MSCI Pacific ex Japan UCITS ETF (Acc) $ ishares MSCI Russia ADR/GDR UCITS ETF $ ishares MSCI South Africa - B UCITS ETF $ ishares MSCI UK Large Cap UCITS ETF ishares MSCI UK Small Cap UCITS ETF ishares MSCI UK UCITS ETF ishares MSCI USA - B UCITS ETF $ ishares MSCI USA Large Cap UCITS ETF $ ishares MSCI USA Small Cap UCITS ETF $ * With the exception of ishares MSCI Canada - B UCITS EFT (Acc) all $ and base currency Funds are United States Dollar and British Pounds respectively. ** Funds trade on the Deutsche Börse Xetra XTF Funds Platform of the Frankfurt Stock Exchange. *** Canadian Dollar. 8 ishares VII plc Interim Report

10 Stock exchange listings (continued) Fund Base Currency* London Stock Exchange Borsa Italiana Deutsche Börse** NYSE Euronext Paris SIX Swiss Exchange ishares MSCI World - B UCITS ETF (Acc) $ ishares NASDAQ 100 UCITS ETF $ ishares Nikkei 225 UCITS ETF ishares S&P B UCITS ETF (Acc) $ ishares USD Government Bond 1-3 UCITS ETF (Acc) $ ishares USD Government Bond 3-7 UCITS ETF (Acc) $ ishares USD Government Bond 7-10 UCITS ETF (Acc) $ ishares USD Inflation Linked Bond UCITS ETF $ * All $ base currency Funds are United States Dollar. ** Funds trade on the Deutsche Börse Xetra XTF Funds Platform of the Frankfurt Stock Exchange. All figures relating to each Fund are shown in the relevant functional currency. The financial statements of the Company are presented in Euro. These Funds are Exchange Traded Funds ( ETFs ), which provide the flexibility of a share with the diversification of a Fund. They can be bought and sold like any other share listed on a stock exchange, but provide instant exposure to many companies or various financial instruments relevant to the Fund and its benchmark index. Transactions with connected parties The UCITS Notices published by the Central Bank of Ireland states that any transaction carried out with a UCITS by a promoter, manager, trustee, investment adviser and/or associated or group companies of these ( connected parties ) must be carried out as if negotiated at arm s length. Transactions must be in the best interests of the shareholders. The Board of Directors are satisfied that there are arrangements (evidenced by written procedures) in place, to ensure that the obligations set out in the UCITS Notices are applied to all transactions with connected parties; and the Board is satisfied that transactions with connected parties entered into during the period complied with this obligation. ishares VII plc Interim Report 9

11 Total expense ratio and portfolio turnover rate The TER shown below expresses the sum of all costs charged to each Fund s s as a percentage of the average Fund s during the period. The portfolio turnover rate ( PTR ) is an indication of the level of trading conducted by the Fund based on a twelve month period ended Fund Unaudited TER (%) Unaudited annualised PTR (%) ishares CSI 300 UCITS ETF (Swap)* 0.50 N/A ishares Dow Jones Industrial Average SM UCITS ETF ishares EONIA UCITS ETF (Swap)* 0.40 N/A ishares Euro Government Bond 1-3 UCITS ETF (Acc) ishares Euro Government Bond 3-7 UCITS ETF (Acc) ishares Euro Government Bond 7-10 UCITS ETF (Acc) ishares Euro Inflation Link Bond UCITS ETF ishares EURO STOXX 50 - B UCITS ETF (Acc) ishares Fed Funds Effective Rate UCITS ETF (Swap)* 0.14 N/A ishares FTSE 100 UCITS ETF (Acc) ishares FTSE MIB UCITS ETF (Acc) ishares Global Alternative Energy UCITS ETF* 0.65 N/A ishares MSCI Australia - B UCITS ETF ishares MSCI Brazil UCITS ETF (Acc) ishares MSCI Canada - B UCITS ETF ishares MSCI Chile UCITS ETF ishares MSCI EM Asia UCITS ETF ishares MSCI EM EMEA UCITS ETF (Swap)* 0.65 N/A ishares MSCI EM Latin America UCITS ETF (Acc) ishares MSCI EMU Small Cap UCITS ETF ishares MSCI EMU UCITS ETF ishares MSCI Europe - B UCITS ETF (Acc) ishares MSCI India UCITS ETF (Swap)* 0.75 N/A ishares MSCI Japan - B UCITS ETF (Acc) ishares MSCI Japan Large Cap UCITS ETF ishares MSCI Japan Small Cap UCITS ETF (Acc) ishares MSCI Korea UCITS ETF (Acc) ishares MSCI Mexico Capped UCITS ETF ishares MSCI Pacific ex Japan UCITS ETF (Acc) ishares MSCI Russia ADR/GDR UCITS ETF ishares MSCI South Africa - B UCITS ETF ishares MSCI Taiwan UCITS ETF (Swap)* 0.65 N/A ishares MSCI UK Large Cap UCITS ETF ishares MSCI UK Small Cap UCITS ETF ishares MSCI UK UCITS ETF ishares MSCI USA - B UCITS ETF ishares MSCI USA Large Cap UCITS ETF * As this Fund closed during the period, the TER shown was relevant from 1 August to the closure date. 10 ishares VII plc Interim Report

12 Total expense ratio and portfolio turnover rate (continued) Fund Unaudited TER (%) Unaudited annualised PTR (%) ishares MSCI USA Small Cap UCITS ETF ishares MSCI World - B UCITS ETF (Acc) ishares NASDAQ 100 UCITS ETF ishares Nikkei 225 UCITS ETF ishares S&P B UCITS ETF (Acc) ishares USD Government Bond 1-3 UCITS ETF (Acc) ishares USD Government Bond 3-7 UCITS ETF (Acc) ishares USD Government Bond 7-10 UCITS ETF (Acc) ishares USD Inflation Linked Bond UCITS ETF ishares VII plc Interim Report 11

13 FUND PERFORMANCE* The performance of the Funds for the period under review is shown below: Fund return for the period ended 31/01/2014 Benchmark return for the period ended 31/01/2014 Fund return for the year ended 31/07/ Benchmark return for the year ended 31/07/ Fund return for the period ended 31/01/ Benchmark return for the period ended 31/01/ Fund % % % % % % ishares CSI 300 UCITS ETF (Swap)** (1.91) (0.19) ishares Dow Jones Industrial Average SM UCITS ETF ishares EONIA UCITS ETF (Swap)** (0.01) 0.02 (0.06) 0.09 (0.03) 0.04 ishares Euro Government Bond 1-3 UCITS ETF (Acc) ishares Euro Government Bond 3-7 UCITS ETF (Acc) ishares Euro Government Bond 7-10 UCITS ETF (Acc) ishares Euro Inflation Link Bond UCITS ETF ishares EURO STOXX 50 - B UCITS ETF (Acc) ishares Fed Funds Effective Rate UCITS ETF (Swap)** (0.06) 0.02 (0.23) 0.14 (0.11) 0.08 ishares FTSE 100 UCITS ETF (Acc) (0.26) (0.15) ishares FTSE MIB UCITS ETF (Acc) ishares Global Alternative Energy UCITS ETF** ishares MSCI Australia - B UCITS ETF ishares MSCI Brazil UCITS ETF (Acc) (7.43) (7.06) (14.25) (13.71) ishares MSCI Canada - B UCITS ETF ishares MSCI Chile UCITS ETF (15.57) (15.40) (18.91) (18.57) ishares MSCI EM Asia UCITS ETF ishares MSCI EM EMEA UCITS ETF (Swap)** (1.85) (0.58) ishares MSCI EM Latin America UCITS ETF (Acc) (7.27) (6.99) (9.61) (9.13) ishares MSCI EMU Small Cap UCITS ETF ishares MSCI EMU UCITS ETF ishares MSCI Europe - B UCITS ETF (Acc) ishares MSCI India UCITS ETF (Swap)** ishares MSCI Japan - B UCITS ETF (Acc) ishares MSCI Japan Large Cap UCITS ETF ishares MSCI Japan Small Cap UCITS ETF (Acc) ishares MSCI Korea UCITS ETF (Acc) (0.43) ishares MSCI Mexico Capped UCITS ETF (2.76) (2.43) ishares MSCI Pacific ex Japan UCITS ETF (Acc) ishares MSCI Russia ADR/GDR UCITS ETF 0.69 (0.36) (2.19) ishares MSCI South Africa - B UCITS ETF (2.57) (2.28) (5.80) (5.29) ishares MSCI Taiwan UCITS ETF (Swap)** ishares MSCI UK Large Cap UCITS ETF (1.18) (0.92) ishares MSCI UK Small Cap UCITS ETF ishares MSCI UK UCITS ETF (0.51) (0.32) ishares MSCI USA - B UCITS ETF ishares MSCI USA Large Cap UCITS ETF * Fund performance is shown net of fees and expenses (TER). ** As this Fund closed during the period, current period results are shown from 1 August to the closure date. Closure dates are shown in the income statements of the relevant Funds and on page ishares VII plc Interim Report

14 FUND PERFORMANCE* (continued) Fund return for the period ended 31/01/2014 Benchmark return for the period ended 31/01/2014 Fund return for the year ended 31/07/ Benchmark return for the year ended 31/07/ Fund return for the period ended 31/01/ Benchmark return for the period ended 31/01/ Fund % % % % % % ishares MSCI USA Small Cap UCITS ETF ishares MSCI World - B UCITS ETF (Acc) ishares NASDAQ 100 UCITS ETF ishares Nikkei 225 UCITS ETF ishares S&P B UCITS ETF (Acc) ishares USD Government Bond 1-3 UCITS ETF (Acc) (0.03) 0.07 ishares USD Government Bond 3-7 UCITS ETF (Acc) (1.82) (1.65) (0.54) (0.49) ishares USD Government Bond 7-10 UCITS ETF (Acc) (4.97) (4.87) (1.97) (1.92) ishares USD Inflation Linked Bond UCITS ETF (0.15) (0.05) (6.72) (7.08) (0.03) 0.05 * Fund performance is shown net of fees and expenses (TER). The Fund return figures are the aggregated net monthly returns and are based on the average published pricing net ( NAV ) for the financial period under review. Due to accounting policy requirements under Irish accounting standards which apply to the financial statements, there may be slight differences between the NAV per share as recorded in the financial statements and the published pricing NAV per share. The returns are net of management fees. Past performance may not necessarily be repeated and future performance may vary. ishares VII plc Interim Report 13

15 TRACKING ERROR Realised tracking error is the annualised standard deviation of the difference in monthly returns between a Fund and its benchmark index. Tracking error shows the consistency of the returns relative to the benchmark index over a defined period of time. Anticipated tracking error is based on the expected volatility of differences between the returns of a Fund and the returns of its benchmark index. For physically replicating funds, the investment management approach is to buy a portfolio of securities that as far as practicable consist of the securities that make up the benchmark index, in similar proportion to the weights represented in the benchmark index. For non-replicating funds, the investment management approach aims to match the main risk characteristics of the benchmark index by investing in a portfolio that is primarily made up of securities that represent the benchmark index. The objective is to generate a return which is as close as practicable to the total return of the index net of transaction costs and gross of fees and other costs. Cash management, efficient portfolio management techniques including securities lending, transaction costs from rebalancing and currency hedging can have an impact on tracking error as well as the return differential between a Fund and its benchmark index. Importantly, these impacts can be either positive or negative depending on the underlying circumstances. In addition, timing differences in dividend reinvestment cycles in Funds that use ADR s and GDR s can also impact negatively on Tracking Error. In addition to the above, the Funds may also have a tracking error due to withholding tax suffered by the Funds on any income received from its investments. The level and quantum of tracking error arising due to withholding taxes depends on various factors such as any reclaims filed by the Funds with various tax authorities, any benefits obtained by the Funds under a tax treaty or any securities lending activities carried out by the Funds. The table below shows the annualised tracking error as at 2014, calculated using data from the preceding 36 month observation period. Where a Fund has not been trading for 36 months, the annualised tracking error since inception has been presented. Fund Realised Tracking Error ishares Dow Jones Industrial Average SM UCITS ETF 0.07 ishares Euro Government Bond 1-3 UCITS ETF (Acc) 0.05 ishares Euro Government Bond 3-7 UCITS ETF (Acc) 0.05 ishares Euro Government Bond 7-10 UCITS ETF (Acc) 0.09 ishares Euro Inflation Link Bond UCITS ETF 0.07 ishares EURO STOXX 50 - B UCITS ETF (Acc) 0.27 ishares FTSE 100 UCITS ETF (Acc) 0.05 ishares FTSE MIB UCITS ETF (Acc) 0.31 ishares MSCI Australia - B UCITS ETF 0.09 ishares MSCI Brazil UCITS ETF (Acc) 0.15 % 14 ishares VII plc Interim Report

16 TRACKING ERROR (continued) Fund Realised Tracking Error ishares MSCI Canada - B UCITS ETF 0.05 ishares MSCI Chile UCITS ETF 0.18 ishares MSCI EM Asia UCITS ETF 0.71 ishares MSCI EM Latin America UCITS ETF (Acc) 0.11 ishares MSCI EMU Small Cap UCITS ETF 0.49 ishares MSCI EMU UCITS ETF 0.24 ishares MSCI Europe - B UCITS ETF (Acc) 0.13 ishares MSCI Japan - B UCITS ETF (Acc) 0.11 ishares MSCI Japan Large Cap UCITS ETF 0.30 ishares MSCI Japan Small Cap UCITS ETF (Acc) 0.49 ishares MSCI Korea UCITS ETF (Acc) 0.62 ishares MSCI Mexico Capped UCITS ETF 0.08 ishares MSCI Pacific ex Japan UCITS ETF (Acc) 0.11 ishares MSCI Russia ADR/GDR UCITS ETF 1.79 ishares MSCI South Africa - B UCITS ETF 0.06 ishares MSCI UK Large Cap UCITS ETF 0.04 ishares MSCI UK Small Cap UCITS ETF 0.32 ishares MSCI UK UCITS ETF 0.04 ishares MSCI USA - B UCITS ETF 0.04 ishares MSCI USA Large Cap UCITS ETF 0.04 ishares MSCI USA Small Cap UCITS ETF 0.39 ishares MSCI World - B UCITS ETF (Acc) 0.30 ishares NASDAQ 100 UCITS ETF 0.25 ishares Nikkei 225 UCITS ETF 0.86 ishares S&P B UCITS ETF (Acc) 0.04 ishares USD Government Bond 1-3 UCITS ETF (Acc) 0.06 ishares USD Government Bond 3-7 UCITS ETF (Acc) 0.18 ishares USD Government Bond 7-10 UCITS ETF (Acc) 0.36 ishares USD Inflation Linked Bond UCITS ETF 0.42 % ishares VII plc Interim Report 15

17 CALENDAR YEAR PERFORMANCE* The performance of the Funds, on a calendar year basis, is shown below: /01/ /01/ 01/01/ /01/2011 Launch to 31/01/2014 to 31/12/ to 31/12/2012 to 31/12/2011 Date Fund Benchmark Fund Benchmark Fund Benchmark Fund Benchmark Fund % % % % % % % % ishares CSI 300 UCITS ETF (Swap)** Aug-10 N/A N/A (2.06) (0.68) (22.58) (22.03) ishares Dow Jones Industrial Average SM UCITS ETF Jan-10 (5.22) (5.22) ishares EONIA UCITS ETF (Swap)** Jan-11 N/A N/A (0.05) ishares Euro Government Bond 1-3 UCITS ETF (Acc) Jun ishares Euro Government Bond 3-7 UCITS ETF (Acc) Jun ishares Euro Government Bond 7-10 UCITS ETF (Acc) Jun ishares Euro Inflation Link Bond UCITS ETF Jun (1.09) (0.80) (1.87) (1.52) ishares EURO STOXX 50 - B UCITS ETF (Acc) Jan-10 (2.54) (2.87) (15.45) (15.51) ishares Fed Funds Effective Rate UCITS ETF (Swap)** Jan-11 N/A N/A (0.20) 0.09 (0.22) 0.14 (0.08) 0.10 ishares FTSE 100 UCITS ETF (Acc) Jan-10 (3.46) (3.46) (2.54) (2.18) ishares FTSE MIB UCITS ETF (Acc) Jan (23.55) (23.04) ishares Global Alternative Energy UCITS ETF** Feb-11 N/A N/A (3.76) (4.07) (26.32) (21.90) ishares MSCI Australia - B UCITS ETF Aug-10 (5.45) (5.42) (9.59) (9.19) ishares MSCI Brazil UCITS ETF (Acc) Aug-10 (10.56) (10.59) (16.75) (16.04) (0.53) 0.05 (23.12) (22.68) ishares MSCI Canada - B UCITS ETF Jan (10.76) (10.55) ishares MSCI Chile UCITS ETF Aug-10 (12.47) (12.46) (22.26) (21.98) (19.21) (18.52) ishares MSCI EM Asia UCITS ETF Aug-10 (5.45) (4.78) (19.50) (18.92) ishares MSCI EM EMEA UCITS ETF (Swap)** Aug-10 N/A N/A (0.26) (20.98) (20.38) ishares MSCI EM Latin America UCITS ETF (Acc) Aug-10 (9.45) (9.46) (13.91) (13.36) (20.44) (19.84) ishares MSCI EMU Small Cap UCITS ETF Jul (23.22) (23.92) ishares MSCI EMU UCITS ETF Jan-10 (1.95) (2.22) (16.27) (16.23) ishares MSCI Europe - B UCITS ETF (Acc) Jan-10 (1.63) (1.77) (9.00) (8.78) ishares MSCI India UCITS ETF (Swap)** Aug-10 N/A N/A (6.24) (5.41) (37.45) (36.94) ishares MSCI Japan - B UCITS ETF (Acc) Jan-10 (6.75) (6.71) (19.10) (18.73) ishares MSCI Japan Large Cap UCITS ETF Jun-09 (7.03) (6.98) (20.39) (20.02) * For Funds launched in prior periods, returns are shown from the launch date to the end of the calendar year. ** For Funds closed in the period, returns are shown from 1 January to the closure date. Closure dates are shown in the income statements of the relevant Funds and on page ishares VII plc Interim Report

18 CALENDAR YEAR PERFORMANCE* (continued) /01/ /01/ 01/01/ /01/2011 Launch to 31/01/2014 to 31/12/ to 31/12/2012 to 31/12/2011 Date Fund Benchmark Fund Benchmark Fund Benchmark Fund Benchmark Fund % % % % % % % % ishares MSCI Japan Small Cap UCITS ETF (Acc) Jul-09 (3.27) (3.25) (10.08) (8.82) ishares MSCI Korea UCITS ETF (Acc) Aug-10 (5.92) (5.57) (15.28) (14.68) ishares MSCI Mexico Capped UCITS ETF Aug-10 (6.55) (6.51) (0.34) (12.99) (12.43) ishares MSCI Pacific ex Japan UCITS ETF (Acc) Jan-10 (5.58) (5.54) (13.46) (13.01) ishares MSCI Russia ADR/GDR UCITS ETF Aug-10 (10.82) (10.77) (6.87) (20.29) (19.69) ishares MSCI South Africa - B UCITS ETF Jul-10 (10.08) (10.07) (6.75) (6.21) (14.17) (13.60) ishares MSCI Taiwan UCITS ETF (Swap)** Aug-10 N/A N/A (21.44) (20.96) ishares MSCI UK Large Cap UCITS ETF Jun-09 (4.07) (4.05) (1.82) (1.32) ishares MSCI UK Small Cap UCITS ETF Jul-09 (1.39) (1.36) (12.38) (11.78) ishares MSCI UK UCITS ETF Jan-10 (3.58) (3.55) (2.17) (1.83) ishares MSCI USA - B UCITS ETF Jan-10 (3.44) (3.42) ishares MSCI USA Large Cap UCITS ETF Jun-09 (3.57) (3.57) ishares MSCI USA Small Cap UCITS ETF Jul-09 (2.08) (1.96) (4.97) (4.99) ishares MSCI World - B UCITS ETF (Acc) Jan-11 (3.76) (3.70) (9.51) (6.12) ishares NASDAQ 100 UCITS ETF Jan-01 (1.94) (1.91) ishares Nikkei 225 UCITS ETF Jan-10 (8.49) (8.44) (16.22) (17.34) ishares S&P B UCITS ETF (Acc) May-10 (3.47) (3.49) ishares USD Government Bond 1-3 UCITS ETF (Acc) Jun ishares USD Government Bond 3-7 UCITS ETF (Acc) Jun (2.16) (1.92) ishares USD Government Bond 7-10 UCITS ETF (Acc) Jun (5.97) (5.92) ishares USD Inflation Linked Bond UCITS ETF Jun (9.61) (9.37) * For Funds launched in prior periods, returns are shown from the launch date to the end of the calendar year. ** For Funds closed in the period, returns are shown from 1 January to the closure date. Closure dates are shown in the income statements of the relevant Funds and on page 5. The Fund return figures are the aggregated net monthly returns and are based on the average published pricing net ( NAV ) for the financial period under review. Due to accounting policy requirements under Irish accounting standards which apply to the financial statements, there may be slight differences between the NAV per share as recorded in the financial statements, and the published pricing NAV per share. The returns are net of management fees. Past performance may not necessarily be repeated and future performance may vary. ishares VII plc Interim Report 17

19 MARKET REVIEW Equities Global equities This market background summary covers ishares MSCI World - B UCITS ETF (Acc). Global stock markets produced solid gains over the Company s six-month review period, reflecting confidence that, following extraordinary levels of support from leading central banks, the improving economic environment is boosting the outlook for corporate earnings. Despite some volatility in August amid concerns over the US Federal Reserve s (Fed) earlier announcement of its intention to begin winding down the $85 billion per month quantitative easing (QE) programme, global equity markets rallied strongly in September. Investors drew comfort from reassuring comments from Fed officials that policy would remain supportive even after QE was wound down, while signs of improvement in the European and Japanese economies further underpinned sentiment. Optimism that the Chinese economy was poised to regain momentum following a period of stabilisation also helped world equities to deliver strong gains in the third quarter. Despite some further volatility in early October as political deadlock over budgets in the US briefly shut down much of the government, a short-term agreement that also included a raising of the debt ceiling helped global equities to rally into November. A further round of encouraging global economic news, chiefly from Europe and Japan, coupled with confidence that developments in China were setting the emerging giant on a long-term path towards economic reform also supported market sentiment. Although news in December that the Fed had finally committed to begin tapering QE in January, reducing repurchases by $10 billion per month, was initially well received, global equities ended the Company s review period on a weak note. Emerging markets performed particularly poorly in January, weighed by a combination of political concerns in countries such as Thailand, Turkey and Argentina, and wider unease that emerging countries running budget deficits were most exposed to the potential for a reversal of earlier capital inflows as QE was wound down. As a result, emerging market equities broadly underperformed their developed market peers during the review period. US equities This market background summary covers ishares MSCI USA - B UCITS ETF, ishares MSCI USA Large Cap UCITS ETF, ishares MSCI USA Small Cap UCITS ETF, ishares S&P B UCITS ETF (Acc), ishares Dow Jones Industrial Average SM UCITS ETF and ishares NASDAQ 100 UCITS ETF. US equities delivered positive returns during the Company s review period, as optimism over the outlook for company earnings broadly offset unease over the potential impact of a gradual reduction in economic stimulus from the Fed. Surveys from the manufacturing sector and the declining unemployment rate increasingly reflected the improving corporate trading environment early in the review period. Meanwhile, the ongoing recovery in the housing market continued to underpin consumer activity, prompting speculation that the Fed could announce a more specific timetable for the winding down of its QE programme. However, this speculation was confounded by comments from senior Fed officials to the effect that the stimulus would be maintained given policymakers disappointment over the pace of improvement in the jobs market and the potential headwinds for the housing market from the increase in mortgage rates since tapering was first mooted late in the second quarter. The Fed also cited the uncertainty created by the budget impasse that had led to a partial government shutdown and threatened a sovereign default ahead of a subsequent agreement to raise the debt ceiling. However, following October s stopgap political solution, broadly positive company earnings news and a further round of encouraging economic data, both in the US and overseas, helped US equities to soar to all-time highs in late December. This came despite the Fed s confirmation that the tapering of QE would begin in January, with planned monthly reductions in repurchases to continue, subject to the economy recovering as forecast. However, a slide in emerging markets in January, particularly those most reliant on overseas capital inflows or facing domestic political issues, weighed on sentiment towards wider global equity markets, with US equities shedding some of their earlier gains during the final weeks of the review period. Smaller companies generally outperformed their larger peers during the six months under review. Meanwhile, optimism that the improving global economic backdrop would boost the earnings prospects for growth-orientated sectors also helped the technology-focused NASDAQ index to outperform wider market indices. The Dow Jones Industrial Average index, which has only 30 underlying constituents, marginally underperformed more broad-based major market indices during the review period due to the Dow s relatively low weighting in the outperforming information technology sector. 18 ishares VII plc Interim Report

20 MARKET REVIEW (continued) Equities (continued) Japanese equities This market background summary covers ishares Nikkei 225 UCITS ETF, ishares MSCI Japan - B UCITS ETF (Acc), ishares MSCI Japan Large Cap UCITS ETF and ishares MSCI Japan Small Cap UCITS ETF (Acc). The Japanese stock market generated strong returns for much of the review period, cheered by signs that the exceptional measures undertaken by Japanese policymakers to stimulate the domestic economy were feeding through to boost the earnings of many of the country s biggest listed companies. Although many global stock markets remained volatile early in the review period amid concerns over the Fed s plan to withdraw the QE stimulus, signs that the Japanese economy was responding to the Abenomics programme instigated by the Shinzo Abe-led government helped Japanese equities to perform relatively well. In contrast to the Fed s plan to reduce stimulus, the Bank of Japan (BoJ) reassured investors by pledging to maintain its support measures, including unlimited QE, while improving trends in the Tankan business survey and consumer spending provided further grounds for optimism. Despite some concerns that overall economic activity was slowing, with growth easing to 0.90% during the second quarter of, compared to 1.10% in the first quarter, robust Japanese corporate earnings announcements, helped by weakness in the yen, helped the Japanese market to rally strongly into year-end. Sectors such as media and real estate benefitted from news that Tokyo had been selected to host the 2020 Olympics. Although data subsequently showed that third-quarter economic growth slipped to just 0.30%, signs that Japan was winning its long-standing battle against deflation, and ongoing optimism over the outlook for corporate profits, helped Japanese equities to reach five-year highs in late. However, the market ended the review period on a weaker note, weighed in January by concerns that uncertainty and turbulence in emerging markets could impact on demand for Japanese exports, particularly from Far Eastern markets. Over the review period small cap stocks outperformed their larger peers. While optimism remained over the resilience of the domestic economy, some concerns over the risk of a slowdown in the Chinese economy and uncertainty over the outlook for emerging markets generally weighed on sentiment towards some export-orientated large cap companies late in the review period. European equities This market background summary covers ishares MSCI Europe - B UCITS ETF (Acc), ishares MSCI EMU UCITS ETF, ishares FTSE MIB UCITS ETF (Acc), ishares MSCI EMU Small Cap UCITS ETF and ishares EURO STOXX 50 - B UCITS ETF (Acc). European equities delivered solid returns during the Company s review period, helped by a combination of good corporate earnings, a broad easing in Eurozone tensions and confidence in the European Central Bank s (ECB) commitment to continue to support the Eurozone recovery. Confirmation emerged early in the review period that the Eurozone economy emerged from recession during the second quarter with growth of 0.30%, helped by the good performance of the German economy. Although survey data suggested that confidence among German manufacturers was robust and the UK economic recovery was gaining some momentum, the recovery elsewhere was patchy, with unemployment remaining above 25% in Spain while concerns remained that a lack of reform was dragging on economic activity in France. Despite the muted recovery across the 18- nation Eurozone, the broad international earnings exposure of leading European companies helped European stock markets to perform well towards the end of. Having described the Eurozone recovery as fragile, European Central Bank President Mario Draghi oversaw an unexpected 0.25% cut in interest rates to record lows of 0.25% in November. This was widely interpreted as a reflection of the deflationary risks that the Eurozone faces following a prolonged period of very disappointing economic activity. Official data suggested that the Eurozone recovery was faltering, as growth dipped to 0.10% during the July-September period, as growth in Germany was largely offset by slight contractions in the French and Italian economies. Although confidence that the global recovery would enhance the earnings prospects for European-listed companies helped European stocks to end on a high note, European bourses slipped alongside their global peers in January, reflecting concerns over the impact of growing uncertainty in emerging markets. ishares VII plc Interim Report 19

21 MARKET REVIEW (continued) Equities (continued) European equities (continued) Despite the strong relative performance of the non-eurozone UK economy, EMU equities broadly outperformed their non-emu European peers as the recovery, albeit muted, in the single currency zone economy helped to ease investors earlier concerns over the future of the euro. Although the Italian economy continues to underperform relative to Germany, the country s stock market was a major beneficiary of an easing of Eurozone concerns, while smaller companies generally outperformed their larger counterparts, reflecting investors improving appetite for risk. UK equities This market background summary covers ishares MSCI UK Large Cap UCITS ETF, ishares MSCI UK UCITS ETF, ishares MSCI UK Small Cap UCITS ETF and ishares FTSE 100 UCITS ETF (Acc). UK equities delivered solid returns early in the Company s review period, lifted by rising confidence in the earnings growth prospects for UK-listed companies as the economic recovery gathered momentum. However, UK equities ended the review period weaker after slipping during the final weeks of the period on concerns that uncertainty in emerging markets could drag on demand in industries such as mining, a relatively large component of the UK market. Similarly, concerns over the outlook for several banks and consumer staples companies deriving a significant proportion of their earnings from emerging markets weighed on the large-cap index. With ongoing central bank support, particularly in the US, the Eurozone and Japan, helping to underpin the global economic recovery, optimism grew during the third quarter of that UK-listed companies would increasingly capitalise on the improving international demand outlook. Meanwhile, the domestic economy recovery continued to gather pace, while the recovery became more broad-based, increasingly extending from the dominant services sector to the production and construction sectors. With the UK unemployment rate falling more rapidly than official forecasts had suggested, speculation rose that the Bank of England s (BoE) Monetary Policy Committee could raise interest rates from their historical lows of 0.50% considerably earlier than the BoE had forecast in early. Bolstered by the improving jobs market and government schemes to improve access to mortgages, rising house prices, particularly in the south east of England, helped to support consumer activity. With business investment remaining subdued, the BoE announced plans to focus its Funding for Lending programme more on business loans rather than the mortgage market. However, inflation also fell back to its official target, with the Consumer Prices Index slipping to 2% around the turn of the calendar year, easing pressure on policymakers to tighten monetary policy until the recovery had gained further traction later in Smaller companies generally outperformed their larger counterparts during the six-month review period, lifted by their greater relative exposure to the robust performance of the UK domestic economy. Canadian equities This market background summary covers ishares MSCI Canada - B UCITS ETF. Having performed relatively well during the first three months of the Company s review period, the resource-rich Canadian stock market subsequently lost ground during the latter half of the period. The market s early progress was underpinned by optimism that the improving global economic backdrop would help to drive demand for commodities and energy. However, despite the solid performance of Canada s domestic economy during the six months under review, the disappointing returns of some financial, energy and materials companies, sectors that collectively amount for approximately 72% of the benchmark index, subsequently weighed on returns. Against the backdrop of the Fed s QE tapering, volatility in some resource-hungry emerging markets clouded the global demand outlook, particularly for energy and raw materials. 20 ishares VII plc Interim Report

22 MARKET REVIEW (continued) Equities (continued) Australian equities This market background summary covers ishares MSCI Australia - B UCITS ETF. The Australian market produced modest positive returns during the review period but underperformed wider global market indices as a result of poor relative returns around the turn of the calendar year. Australian equities generated strong returns early in the review period, cheered by investors confidence in the outlook for the global economy and hopes that demand from Far Eastern economies, particularly China, would continue to underpin demand in the Australian mining sector. However, the market tone weakened from early November as increasingly robust US economic data saw investors begin to factor in an early start to QE tapering, while some softness began to emerge in the Australian labour market amid concern that demand for raw materials was falling short of forecasts. In addition to softness in the materials sector, financials, which have a weighting of approximately 50% of the country s main market index, performed poorly late in the review period amid concern over volatility and uncertainty in Asian emerging markets. Emerging markets equities This market background summary covers ishares MSCI EM Asia UCITS ETF, ishares MSCI Pacific ex Japan UCITS ETF (Acc), ishares CSI 300 UCITS ETF (Swap), ishares MSCI India UCITS ETF (Swap), ishares MSCI Korea UCITS ETF (Acc), ishares MSCI Taiwan UCITS ETF (Swap), ishares MSCI South Africa - B UCITS ETF, ishares MSCI EM Latin America UCITS ETF (Acc), ishares MSCI Mexico Capped UCITS ETF, ishares MSCI Brazil UCITS ETF (Acc), ishares MSCI Chile UCITS ETF, ishares MSCI EM EMEA UCITS ETF (Swap),iShares MSCI Russia ADR/GDR UCITS ETF. Emerging markets delivered disappointing returns over the Company s review period, broadly underperforming relative to their developed market counterparts. Despite ongoing optimism that the outlook for global economic growth was improving, the prospect of an end to US QE weighed on investors appetite for markets generally regarded as higher risk. Nevertheless, emerging markets made some progress early in the review period, lifted by optimism over a modest pickup in Chinese economic growth and optimism that the Fed could be prepared to maintain its QE programme until the US economic recovery built further momentum. However, having peaked in early November following news that Chinese growth rose to 7.80% on an annualised basis in the third quarter, compared to 7.50% in the April-June period, emerging markets subsequently lost ground, amid renewed concerns that stronger US data would accelerate the ending of the QE stimulus. Despite optimism that China s Third Plenum Central Committee meetings were steering the country on the path to medium-term economic reforms, near term concerns grew over the stability of some parts of the country s banking system. The Fed s subsequent year-end announcement that QE tapering would begin in January sparked concerns of a reversal of QE-related capital inflows to emerging markets, with countries running large current account deficits and/or facing domestic political uncertainties coming under particular pressure. Turkey, Thailand and the Philippines were among the weaker markets during the final weeks of the review period. Although Mexican equities drew support from the improving export prospects to the robust US market, the disappointing returns from the resourcerich Brazilian and Chilean markets weighed on overall returns from Latin American emerging markets during the six months under review. However, eastern European markets performed relatively well, underpinned by optimism over the improving outlook for exports as the Eurozone emerged from recession. Nevertheless, the underperformance of the energy sector weighed on the Russian market. Meanwhile, the performance of Asia Pacific emerging markets was underpinned by good returns from the Taiwanese and Korean markets, particularly early in the period when optimism over the improving export outlook buoyed valuations. Elsewhere, the South African market delivered poor returns, particularly late in the review period as QE tapering concerns saw investors migrating into lower risk markets. Despite the strong performance of index-heavyweight media company Naspers, falling gold prices also weighed on sentiment towards the mining-rich South African market. ishares VII plc Interim Report 21

23 MARKET REVIEW (continued) Fixed income US Bonds This market background summary covers ishares USD Government Bond 1-3 UCITS ETF (Acc), ishares USD Government Bond 3-7 UCITS ETF (Acc), ishares USD Government Bond 7-10 UCITS ETF (Acc), ishares USD Inflation Linked Bond UCITS ETF. US Treasury bond prices ended the volatile six-month period broadly higher. Having lost ground in August amid the increasing prospect that firm US economic data would convince the Fed to begin near-term tapering of QE, US government debt prices subsequently rallied as senior Fed officials suggested that the $85 billion per month repurchase programme should be maintained for longer, citing the disappointing pace of improvement in the jobs market, the rise in mortgage rates since May and uncertainty surrounding the political impasse over the budget and debt ceiling. Although the latter was resolved in mid-october, the strengthening of US economic data in November and December weighed on US bond prices into year-end. Although the Fed s December announcement that the tapering of QE would begin as early as January, with bond repurchases to be reduced by $10 billion per month should the economy continue to perform in line with forecasts, provoked only a relatively muted decline in US government bond prices, Treasuries subsequently attracted a wave of safe haven buying in January. This was primarily driven by investors reallocating capital from higher risk emerging market s, such as equities, into low risk bonds amid rising concern over political stresses in some emerging markets and worries that the phasing out of QE would reverse the inflows required by some emerging economies to help cover their current account deficits. Short-dated US government bonds broadly underperformed their longer-dated equivalents during the review period. Meanwhile, with inflation remaining subdued and the gradual ending of QE already underway with a reduction in the potential for medium-term inflationary consequences of money printing inflation linked bonds generally underperformed their conventional peers. European Bonds This market background summary ishares Euro Government Bond 1-3 UCITS ETF (Acc), ishares Euro Government Bond 3-7 UCITS ETF (Acc), ishares Euro Government Bond 7-10 UCITS ETF (Acc) and ishares Euro Inflation Link Bond UCITS ETF. Having lost ground in August as survey data suggested that economic activity in the Eurozone was improving, European government bonds subsequently rallied to end the six-month period higher. The gains were driven by weaker third-quarter economic growth data that underlined the fragility of the region s economic recovery, with the muted recoveries in the French and German economies faltering. Although the ECB underlined its commitment to support the fragile recovery, as demonstrated by November s surprise cut of 0.25% in interest rates to record lows of 0.25%, a sharp decline in eurozone inflation towards the end of the review period lent further support to European bond markets. European government bond prices ended the Company s review period on a high note, buoyed by safe haven buying from investors fleeing riskier s, such as emerging market equities and bonds following the Fed s earlier announcement of QE tapering. In performance terms, although bonds issued by core Eurozone countries, such as Germany, rose to a limited extent during the review period, debt issued by peripheral Eurozone countries, such as Spain and Italy, delivered much stronger total returns as investors earlier worries over the future of the euro abated. Longer-dated government bonds generally outperformed their short-dated peers during the six-month review period. Meanwhile, inflation-linked debt underperformed conventional issues as inflationary concerns abated, with some investors increasingly concerned over potential deflationary risks following an extended spell of muted economic activity across much of the Eurozone. Money Markets US This market background summary covers ishares Fed Funds Effective Rate UCITS ETF (Swap). Tracking a daily rolling exposure to the Federal Funds Effective Rate, the benchmark short-term money market interest rate in the US, the Fund s fell early in the review period ahead of the ETF s liquidation in late October. 22 ishares VII plc Interim Report

24 MARKET REVIEW (continued) Money Markets (continued) Europe This market background summary covers ishares EONIA UCITS ETF (Swap). Tracking an exposure to the Euro OverNight Index Average, the average rate at which a selection of European banks lend to one another on a oneday basis, the Fund s rose slightly early in the review period ahead of the Fund s liquidation in late October. Energy This market background summary covers ishares Global Alternative Energy UCITS ETF. Although conventional energy stocks delivered broadly flat returns over the six-month period, the alternative energy sector produced modest positive returns. Despite ongoing austerity across much of Europe and some political pressure to reduce government spending in the US, the clean energy sector benefitted from optimism that the improving global economic backdrop should support the prospect for increased spending on environmentally-friendly energy projects. BlackRock Advisors (UK) Limited February ishares VII plc Interim Report 23

25 The Company's investment activities expose it to the various types of risk which are associated with the financial instruments and markets in which it invests. The following information is not intended to be a comprehensive summary of all risks and investors should refer to the prospectus and supplements for a more detailed discussion of the risks inherent in investing in the Company. On 23 September, the Board of Directors resolved to commence the wind up of the following Funds with effect from 24 October : ishares CSI 300 UCITS ETF (Swap), ishares EONIA UCITS ETF (Swap), ishares Fed Funds Effective Rate UCITS ETF (Swap), ishares Global Alternative Energy UCITS ETF, ishares MSCI EM EMEA UCITS ETF (Swap), ishares MSCI India UCITS ETF (Swap) and ishares MSCI Taiwan UCITS ETF (Swap). The principal risks and uncertainties of the Company and related risk management policies are consistent with those disclosed in the Company's audited financial statements as at and for the year ended 31 July in relation to the above listed Funds which closed on 24 October. The Directors of the Company consider the following risks to be the principal risks and uncertainties facing the Company for the forthcoming six months: a) Market risk Market risk arises mainly from uncertainty about future s of financial instruments influenced by other price, currency and interest rate movements. It represents the potential loss the Company may suffer through holding market positions in the face of market movements. The Company is exposed to market risk by virtue of its investments in equities, warrants, rights, government bonds and futures contracts. In calculating Global Exposure, the Company adopts a commitment approach in managing risks. i) Market risk arising from other price risk Other price risk is the risk that the fair of future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting similar financial instruments traded in the market. The Company is exposed to market price risk arising from its investments in equities, warrants, rights, government bonds and futures contracts. The movements in the prices of these investments result in movements in the performance of the Company. The investment concentrations within the portfolio are disclosed in the schedules of investments by investment type. ii) Market risk arising from foreign currency risk Foreign currency risk is the risk that the fair of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company may invest in securities, which as far as possible and practicable, consist of the component securities of the benchmark index of each Fund, and which may be denominated in currencies other than its reporting currency. Consequently, each Fund is exposed to the risk of currency fluctuations between the base currency of the benchmark index and the base currency of the constituent securities of the benchmark index. The Funds, in line with their benchmarks, are unhedged and are therefore exposed to foreign currency risk. The Funds may also invest in forward currency contracts and thus gain further exposure to foreign currency risk. iii) Market risk arising from interest rate risk Interest rate risk is the risk that the fair of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Funds are exposed to interest rate risk through their cash holdings, including margin cash held with brokers and their investments in government bonds where the of these securities may fluctuate as a result of a change in interest rates. The Funds also have indirect exposure to interest rate risk through the investments into futures contracts, whereby the of the underlying may fluctuate as a result of a change in interest rates. * The information relating to principal risks and uncertainties is an integral part of the notes to the financial statements. 24 ishares VII plc Interim Report

26 b) Counterparty credit risk Credit risk is the risk that the issuer of a financial instrument will fail to fulfil an obligation or commitment that it has entered into with the Company. A number of the Funds invest into sovereign debt. This exposes the Funds to the risk that the issuer of the bonds may default on interest or principal payments. To manage this risk, the Investment Manager invests in a wide range of securities, subject to the investment objectives of each Fund and monitors the credit ratings of the investments as disclosed in the schedules of investments. The ratings of the debt securities are continually monitored by the BlackRock Portfolio Management Group ( PMG ). The Company is exposed to a counterparty credit risk of the parties with which it trades and will bear the risk of settlement default. Counterparty credit risk to the Company arises from transactions to purchase or sell futures contracts, equities, rights, warrants and government bonds. Credit Risk is monitored and managed by BlackRock s Risk and Quantitative Analysis Group ("RQA Group") Counterparty & Concentration Risk Team. The Team is headed by BlackRock s Chief Credit Officer who reports to the Global Head of RQA. Credit authority resides with the Chief Credit Officer and selected Team members to whom specific credit authority has been delegated. As such, counterparty approvals may be granted by the Chief Credit Officer or by identified RQA Credit Risk Officers who have been formally delegated authority by the Chief Counterparty Credit Officer. The BlackRock RQA Counterparty & Concentration Risk Team completes a formal review of each new counterparty, monitors and reviews all approved counterparties on an ongoing basis and maintains an active oversight of counterparty exposures and the collateral management process. The Company s holdings in futures contracts expose the Company to credit risk. The exposure is limited by trading the contracts through a clearing house. The Company's exposure to credit risk on contracts in which it currently has a gain position is reduced by such gains received in cash from the counterparty under the daily mark to market mechanism on exchange traded futures contracts (variation margin). The Company's exposure to credit risk on contracts in which it currently has a loss position is equal to the amount of margin posted to the counterparty which has not been transferred to the exchange under the daily mark-to-market mechanism. The counterparty for futures contracts is Credit Suisse AG. Margin is paid or received on futures contracts to cover any exposure by the counterparty or the Company to the counterparty. ''Margin Cash'' on the Balance Sheet consists of margin receivable from the Company's clearing brokers and various counterparties. The following Funds had margin cash balances held with Credit Suisse AG: ishares EURO STOXX 50 - B UCITS ETF (Acc), ishares FTSE 100 UCITS ETF (Acc), ishares MSCI Australia - B UCITS ETF, ishares MSCI Canada - B UCITS ETF, ishares MSCI EMU Small Cap UCITS ETF, ishares MSCI EMU UCITS ETF, ishares MSCI Europe - B UCITS ETF (Acc), ishares MSCI Pacific ex Japan UCITS ETF (Acc), ishares MSCI Russia ADR/GDR UCITS ETF, ishares MSCI UK Small Cap UCITS ETF, ishares MSCI UK UCITS ETF, ishares MSCI USA - B UCITS ETF, ishares MSCI USA Large Cap UCITS ETF, ishares MSCI USA Small Cap UCITS ETF, ishares MSCI World - B UCITS ETF (Acc) and ishares S&P B UCITS ETF (Acc). All transactions in listed securities are settled/paid for upon delivery using approved brokers. The risk of default is considered minimal, as delivery of securities sold is only made once the broker has received payment. Payment is made on a purchase once the securities have been received by the broker. The trade will fail if either party fails to meet its obligation. Counterparty credit risk arising on transactions with brokers relates to transactions awaiting settlement. Risk relating to unsettled transactions is considered small due to the short settlement period involved and the high credit quality of the brokers used. The Company monitors the credit rating and financial position of the brokers used to further mitigate this risk. The Company s Custodian is BNY Mellon Trust Company (Ireland) Limited (the "Custodian"). Substantially all of the investments are held by same at period end. Investments are segregated from the s of the Custodian s, with ownership rights remaining with the Company. Bankruptcy or insolvency of the Custodian may cause the Company s rights with respect to its investment held by the Custodian to be delayed or limited. The maximum exposure to this risk is the amount of long investments disclosed in the schedules of investments. * The information relating to principal risks and uncertainties is an integral part of the notes to the financial statements. ishares VII plc Interim Report 25

27 b) Counterparty credit risk (continued) The Custodian has appointed BNY Mellon Brussels SA/NV (Belgian bank) (the Sub-Custodian ) as its global Sub-Custodian. Substantially all of the cash of the Company is held with the Sub-Custodian. The Funds cash balances are held by the Sub-Custodian in its account together with its own cash balances and with those cash balances that are held on behalf of other clients. The Funds cash balances are separately identified within the records of the Sub- Custodian. In respect of the cash held by the Sub-Custodian or other depositaries it appoints, the Company will be exposed to the credit risk of the Sub- Custodian or those depositaries. In the event of the insolvency or bankruptcy of the Sub-Custodian or other depositaries, the Company will be treated as a general creditor of the Sub-Custodian or the depositaries. To mitigate the Company's exposure to the Custodian, the Investment Manager employs specific procedures to ensure that the Custodian is a reputable institution and that the counterparty credit risk is acceptable to the Company. The Company only transacts with Custodians that are regulated entities subject to prudential supervision, or with "high credit ratings" assigned by international credit rating agencies. The long term credit rating of the parent company of the Custodian and Sub-Custodian, The Bank of New York Mellon Corporation, is Aa2 (31 July : Aa3) ( : Aa3) (Moody's rating). Credit Suisse AG is the counterparty and broker for future contracts. Credit Suisse AG has an A1 credit rating (31 July : A1) ( : A1). In order to further mitigate the Company's counterparty credit risk exposure to the Sub-Custodian or depositary banks, the Company may enter into additional arrangements such as the placing of residual cash in a money market CIS, for example Institutional Cash Series plc ( ICS ). The Company engages in security lending activities which expose the Funds to counterparty credit risk. The maximum exposure to each Fund is equal to the of the securities loaned in accordance with note 5 of the notes to the financial statements of the Company. To mitigate this risk, the Funds receive securities as collateral (financial instruments) equal to a certain percentage of the of the securities loaned and BlackRock provides the Funds with indemnification against borrower default as disclosed in note 5. The securities lending borrowers that received securities on loan during the period were: Barclays Capital Securities Ltd., Citigroup Global Markets Limited, Credit Suisse Securities (Europe) Limited, Deutsche Bank, AG, Goldman Sachs International, HSBC Bank Plc, J.P. Morgan Securities, Plc., Merrill Lynch International, Morgan Stanley & Co. International Plc, Royal Bank of Scotland, Nomura International, Plc, Societe Generale and UBS AG. The carrying of financial s together with cash best represents the Company s gross maximum exposure to credit risk at the reporting date, before including the effect of ISDA master agreements and close-out netting, which would reduce the overall counterparty credit risk exposure. The Company s futures contracts are governed by ISDA master agreements. ISDA master agreements provide for close-out netting which enables amounts owed under transactions, terminated as a result of an event of default or termination event, to be netted and replaced with a single net amount payable by one party or the other. Cash held as security by the counterparty to derivative contracts is subject to the credit risk of the counterparty. There were no past due or impaired s as at 2014, 31 July or. c) Liquidity risk Liquidity risk is the risk that the Company will encounter difficulties in meeting obligations associated with financial liabilities. Liquidity risk to the Company arises from the redemption requests of investors and the liquidity of the underlying investments the Company is invested in. The Company s shareholders may redeem their shares on the close of any daily dealing deadline for cash equal to a proportionate share of the Company s net. The Company is therefore potentially exposed to the liquidity risk of meeting the shareholders redemptions and may need to sell s at prevailing market prices to meet liquidity demands. It is also exposed to the liquidity risk of daily margin calls on derivatives. * The information relating to principal risks and uncertainties is an integral part of the notes to the financial statements. 26 ishares VII plc Interim Report

28 c) Liquidity risk (continued) Liquidity risk is minimised by holding sufficient liquid investments which can be readily realised to meet liquidity demands. To manage this risk, if redemption requests on any dealing day represent 10% or more of the shares in issue in respect of any Fund, the Manager may, in its discretion, refuse to redeem any shares in excess of 10% (at any time including after the cut-off time on the dealing day). Any request for redemption on such dealing day shall be reduced rateably and the redemption requests shall be treated as if they were received on each subsequent dealing day until all shares to which the original request related have been redeemed. Any deferred redemption requests shall be treated in priority to any redemption requests received on subsequent dealing days. In any event settlement for redemptions will normally be made within fourteen days of the day on which the redemption request is made. The Company's liquidity risk is managed on a daily basis by the Investment Manager in accordance with established policies and procedures in place. The portfolio managers review daily forward looking cash reports which project cash obligations. These reports allow them to manage their cash obligations. * The information relating to principal risks and uncertainties is an integral part of the notes to the financial statements. ishares VII plc Interim Report 27

29 Parties are considered to be related if one party has the ability to control the other party or is able to exercise significant influence over the other party, in making financial or operational decisions. The following entities are disclosed as related parties to the Company as at 2014: Board of Directors of the Company Manager: BlackRock Fund Management Company (Ireland) Limited Investment Manager: BlackRock Advisors (UK) Limited The ultimate holding Company of the Manager and Investment Manager is BlackRock Inc. ("BlackRock"), a company incorporated in Delaware USA. PNC Financial Services Group, Inc. ("PNC") is a substantial shareholder in BlackRock Inc. PNC did not provide any services to the Company in the periods ended 2014, 31 July or. When arranging transactions in securities for the Company, affiliates of PNC may provide securities brokerage, foreign exchange, banking and other services, or may act as principal, on their usual terms and may benefit therefrom. Commissions have been paid to brokers and agents in accordance with the relevant market practice and the benefit of any bulk or other commission discounts or cash commissions rebates provided by brokers or agents have been passed on to the Company. The services of PNC companies could have been used by the Investment Advisers where it is considered appropriate to do so provided that their commissions and other terms of business are generally comparable with those available from unassociated brokers and agents in the markets concerned, and this is consistent with the above policy of obtaining best net results. The Directors of the Company and the manager who are also employees of the BlackRock Group are not entitled to receive Directors fees. Each of the Directors of the Company at the period end also serve on the Board of a number of BlackRock Funds. All related party transactions were carried out at arm s length in the ordinary course of business. The terms and returns received by the related parties in making the investments above were no more favourable than those received by other investors investing into the same share classes. Significant holdings The Company had no shareholders with holdings of voting shares greater than 20% or any shareholders who are considered to be related parties as at the period ended 2014, the year ended 31 July and the period ended. No provisions have been recognised by the Funds against amounts due from related parties at the period-end date (31 July : Nil, : Nil). No amounts have been written off in the period in respect of amounts due to or from related parties (31 July : Nil, : Nil). No commitments secured or unsecured or guarantees have been entered into with related parties during the period (31 July : Nil, : Nil). Fees payable to the Manager and Investment Manager are paid out of the TER charged to the Funds. The TER forms part of the operating expenses which are included in the income statement. The Securities Lending Agent pays the securities lending income to the Funds net of their fees. Details of soft commission arrangements with related parties are disclosed in note 2. Barry O'Dwyer is also a non-executive Director of the Manager. With the exception of Paul McNaughton and Paul McGowan all Directors are also employees of the BlackRock Group. 28 ishares VII plc Interim Report

30 For the period ended Year ended 31 July Operating income 50, ,623 53,829 Net gains on financial s/liabilities at fair through profit or loss 292, , ,381 Total gains 342, , ,210 Operating expenses (9,722) (20,096) (9,885) Net operating profit 333, , ,325 Net gain for the financial period/year before tax 333, , ,325 Non-reclaimable withholding tax (2,289) (16,600) (5,543) Net gain for the financial period/year after tax 330, , ,782 Adjustment to align to the valuation methodology as set out in the prospectus Increase in net s attributable to redeemable participating shareholders from operations 330, , ,782 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders Year ended 31 July at the beginning of the period/year 5,230,292 4,929,094 4,929,094 Notional foreign exchange adjustment* (88,974) (456,304) (439,873) Increase in net s attributable to redeemable participating shareholders from operations 330, , ,782 Share transactions: Proceeds from issue of redeemable participating shares 2,029,852 2,106,863 1,009,206 Payments on redemption of redeemable participating shares (1,491,075) (2,276,855) (939,274) Increase/(decrease) in net s resulting from share transactions 538,777 (169,992) 69,932 Net s attributable to redeemable participating shareholders at the end of the period/year 6,010,956 5,230,292 5,220,935 * The notional foreign exchange adjustment arises from the retranslation of the net s at the beginning of the period/year using the exchange rate as at The average rate for the period/year is applied to income statement items and share transactions (See note 4). The accompanying notes form an integral part of these financial statements. ishares VII plc Interim Report 29

31 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents 25,459 23,758 17,253 Margin cash account 4,030 9,946 10,026 Receivables 52, , ,719 Financial s at fair through profit or loss 7 5,985,399 5,208,549 5,187,162 Total current s 6,067,883 5,446,296 5,366,160 CURRENT LIABILITIES Bank overdraft - - (304) Margin cash account - (2,443) (526) Payables (56,477) (212,313) (144,395) Financial liabilities at fair through profit or loss 7 (552) (1,248) - Total current liabilities (57,029) (216,004) (145,225) Net s attributable to redeemable participating shareholders 6,010,854 5,230,292 5,220,935 Adjustment to align to the valuation methodology as set out in the prospectus Net attributable to redeemable participating shareholders at the end of the period/year 6,010,956 5,230,292 5,220,935 The accompanying notes form an integral part of these financial statements. 30 ishares VII plc Interim Report

32 For the period ended SIGNIFICANT ACCOUNTING POLICIES On 23 September, the Board of Directors resolved to commence the wind up of the following Funds with effect from 24 October : ishares CSI 300 UCITS ETF (Swap), ishares EONIA UCITS ETF (Swap), ishares Fed Funds Effective Rate UCITS ETF (Swap), ishares Global Alternative Energy UCITS ETF, ishares MSCI EM EMEA UCITS ETF (Swap), ishares MSCI India UCITS ETF (Swap) and ishares MSCI Taiwan UCITS ETF (Swap). The principal accounting policies and estimation techniques for these Funds up to the date of termination are consistent with those applied to the previous audited financial statements. These Funds have been prepared on a termination basis. The principal accounting policies and estimation techniques are consistent with those applied to the previous annual financial statements. Statement of Compliance The financial statements are prepared in accordance with the Financial Reporting Council Statement on Half-Yearly Financial Reports issued in July SOFT COMMISSIONS There were no soft commissions arrangements entered into by the Investment Manager on behalf of the Company during the periods ended 2014, 31 July or. 3. COMMITMENTS AND CONTINGENT LIABILITIES There were no significant commitments or contingent liabilities at the period ended 2014, the year ended 31 July and the period ended, other than those disclosed in the financial statements of the Funds. 4. EXCHANGE RATES The rates of exchange ruling at 2014, 31 July and were: July EUR1= CHF CAD DKK GBP JPY NOK SEK USD GBP1= EUR USD USD1= AUD BRL CAD CHF CLP CNY COP 2, , , DKK EUR GBP HKD IDR 12, , , ILS JPY KRW 1, , , MXN MYR NOK NZD PEN PHP SEK SGD THB TWD ZAR The average daily rates of exchange at each period end were: July EUR1= CAD GBP JPY USD EFFICIENT PORTFOLIO MANAGEMENT TECHNIQUES The Company may, subject to the conditions and within the limits from time to time laid down by the Central Bank of Ireland and the prospectus, engage in securities lending and employ techniques and instruments relating to transferable securities for efficient portfolio management purposes. ishares VII plc Interim Report 31

33 For the period ended EFFICIENT PORTFOLIO MANAGEMENT TECHNIQUES (continued) During the period the Company engaged in securities lending. The Company receives either cash collateral or securities as collateral, as determined within the schedule, for a in excess of the market of the securities loaned. As at the 2014 the collateral consists of securities admitted to or dealt on a regulated market. The collateral is registered and held in the name of the Bank of New York Mellon (London Branch) ( Lending Agent ) on behalf of the Funds. The Investment Manager and the Lending Agent monitor the fair of the securities loaned and additional collateral is obtained, if necessary. Further details of securities lending borrowers can be seen on page 26. The securities lending agent appointed pursuant to the stock lending agreement is Bank of New York Mellon (London Branch). Securities lending income is split between the Fund and the securities lending agent in a ratio of 60:40 in favour of the Fund, with all operational costs borne out of the securities lending agents share July Income earned during the period/year 499 1, Value of securities on loan at period/year end , ,667 Value of collateral held by the Company at period/year end , ,430 Please see note 9 for more information on financial derivative instruments. 6. SHARE CAPITAL The issued and fully paid redeemable participating share capital is at all times equal to the net of the Company. Redeemable participating shares are redeemable at the shareholders' option and are classified as financial liabilities. Redeemable Participating Shares - issued and fully paid Authorised The authorised share capital of the Company is 2 subscriber shares ( subscriber shares ) of 1 each and 1,000,000,000,000 shares of no par initially designated as unclassified shares and available for issue as Shares. The issue share capital of the Company is represented by 2 subscriber shares issued for the purpose of incorporation of the Company at an issue price of 1. There are no rights of pre-emption attaching to the Shares. Subscriber shares The subscriber shares have been issued to the Manager and nominees of the Manager. They do not form part of the net of the Company. They are thus disclosed in the financial statements by way of this note only. In the opinion of the Directors this disclosure reflects the nature of the Company s investment business. 7. FINANCIAL ASSETS/LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS July Financial s: Investment in equities 5,657,576 4,778,382 4,708,096 Investment in bonds 327, , ,816 Investment in rights Investment in warrants Unrealised gains on futures contracts ,155 Unrealised gains on total return swaps - - 2,044 5,985,399 5,208,549 5,187, July Financial liabilities: Unrealised losses on futures contracts (552) - - Unrealised losses on total return swaps - (1,248) - (552) (1,248) - Number of redeemable participating shares No. of Shares As at ,903,849 As at 31 July 58,436,900 As at 62,410, ishares VII plc Interim Report

34 For the period ended SWAP INFORMATION Maturity and reset dates Six of the seven Funds that closed previously invested into swap agreements until their closure date. The Company had entered into swap agreements with each swap counterparty where the maturity date for each total return swap was set at the earlier of 364 days from the trade date of the swap or any other date agreed between the Company and the counterparty. The Company could also enter into new swap agreements which could extend the maturity date of the total return swap with each counterparty. The Company may reduce its risk exposure to the counterparty by resetting the swap. The effect of resetting the swaps is to reduce the mark to market of the swaps, and thereby reduce the net counterparty exposure accordingly. The reset process occurs on a daily basis. The reset trade was based off the closing index that day and the nominal of the reset swap was the closing fair of the swap on the reset date. The nominal of the swap was also adjusted arising from subscriptions and redemptions into and out of the Fund between each reset date. 9. FINANCIAL DERIVATIVE INSTRUMENTS The Company may buy and sell financial derivative instruments. See further details in the individual Fund s Schedule of Investments. 10. SIGNIFICANT EVENTS DURING THE PERIOD On 23 September, the Board of Directors resolved to commence the wind up of the following Funds in existence at 31 July with effect from 24 October. The financial statements of these Funds have been prepared on a termination basis. Fund Closure Date ishares CSI 300 UCITS ETF (Swap) 24 October ishares EONIA UCITS ETF (Swap) 24 October ishares Fed Funds Effective Rate UCITS ETF (Swap) 24 October ishares Global Alternative Energy UCITS ETF 24 October ishares MSCI EM EMEA UCITS ETF (Swap) 24 October ishares MSCI India UCITS ETF (Swap) 24 October ishares MSCI Taiwan UCITS ETF (Swap) 24 October On 14 October, the TER for ishares FTSE 100 UCITS ETF (Acc) changed from 0.33% to 0.15% and the TER for ishares S&P 500 B UCITS ETF (Acc) changed from 0.20% to 0.15%. With effect from 20 December, PricewaterhouseCoopers Chartered Accountants and Statutory Audit Firm replaced KPMG Chartered Accountants, Statutory Audit Firm as Independent Auditor of the Company. 11. SUBSEQUENT EVENTS With effect from 1 February 2014 the following changes took place: Credit Suisse AG ceased to be the Sub-Advisor for the Company. BlackRock Asset Management Ireland Limited replaced BlackRock Fund Management Company (Ireland) Limited as Manager of the Company. State Street Fund Services (Ireland) Limited replaced BNY Mellon Fund Services (Ireland) Limited as Administrator of the Company. Computershare Investor Services (Ireland) Limited replaced BNY Mellon Fund Services (Ireland) Limited as Registrar of the Company. State Street Custodial Services (Ireland) Limited replaced BNY Mellon Trust Company (Ireland) Limited as Custodian of the Company. BlackRock replaced Bank of New York Mellon (London Branch) as Securities Lending Agent of the Company. An updated prospectus was issued on 3 February For a full list of all amendments made please refer to the prospectus. Other than the above, there have been no material events subsequent to the period end, which, in the opinion of the Directors of the Company, may have had a material impact on the financial statements for the period ended APPROVAL DATE The financial statements were approved by the Directors on 27 March ishares VII plc Interim Report 33

35 For the period ended Year ended 31 July Operating income** Net gains on financial s/liabilities at fair through profit or loss 13,857 2,989 29,659 Total gains 13,857 2,989 29,659 Operating expenses*** (164) (670) (292) Net operating profit 13,693 2,319 29,367 Net profit for the financial period/year 13,693 2,319 29,367 Increase in net s attributable to redeemable participating shareholders from operations 13,693 2,319 29,367 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to discontinued operations. For the period ended 2014 Net s attributable to redeemable participating shareholders 2014 Year ended 31 July at the beginning of the period/year 136,580 83,551 83,551 Increase in net s attributable to redeemable participating shareholders from operations 13,693 2,319 29,367 Share transactions: Proceeds from issue of redeemable participating shares - 84,778 84,778 Payments on redemption of redeemable participating shares (150,273) (34,068) (34,068) (Decrease)/increase in net s resulting from share transactions (150,273) 50,710 50,710 Net s attributable to redeemable participating shareholders at the end of the period/year - 136, ,628 * The Fund closed on 24 October. ** Amounts less than $500 are rounded to zero. *** Termination expenses are included in operating expenses as part of the TER. The accompanying notes form an integral part of these financial statements. 34 ishares VII plc Interim Report

36 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents** Margin cash account Receivables - 8,680 12,713 Financial s at fair through profit or loss 3-137, ,713 Total current s - 145, ,207 CURRENT LIABILITIES Margin cash account - (1,938) - Payables - (6,800) (13,579) Financial liabilities at fair through profit or loss 3 - (474) - Total current liabilities - (9,212) (13,579) Net attributable to redeemable participating shareholders at the end of the period/year - 136, ,628 * The Fund closed on 24 October. ** Amounts less than $500 are rounded to zero. The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note 2. ishares VII plc Interim Report 35

37 For the period ended 2014 Sales s Purchases Proceeds s 415,838 Daimler AG 31, ,843 Daimler AG 25, ,699 SAP AG 27, ,295 Hennes & Mauritz AB 19, ,562 Siemens AG 25, ,546 Siemens AG 18,812 1,341,248 E.ON SE 22,931 1,251,587 Volvo AB 18, ,772 Allianz SE 21, ,915 BASF SE 18, ,903 Koninklijke Philips NV 19,455 3,919,046 Nokia OYJ 18, ,295 Hennes & Mauritz AB 19, ,728 Koninklijke Philips NV 17,502 1,251,587 Volvo AB 18, ,744 ASML Holding NV 14, ,915 BASF SE 18, ,420 Sampo 14,531 3,919,046 Nokia OYJ 18, ,266 SAP AG 14,396 2,323,675 Aegon NV 18, ,777 Svenska Handelsbanken AB 13, ,958 Bayer AG 18,086 1,042,483 Deutsche Telekom AG 13,216 1,400,434 Nordea Bank AB 17, ,269 Fortum OYJ 13, ,113 Anheuser-Busch InBev NV 15, ,422 Akzo Nobel NV 12, ,420 Sampo 14, ,051 Bayer AG 12, ,744 ASML Holding NV 14,371 1,614,410 Aegon NV 12,046 1,083,122 Telefonaktiebolaget LM Ericsson 13, ,899 Sandvik AB 11, ,777 Svenska Handelsbanken AB 13, ,662 Nordea Bank AB 11,589 1,042,483 Deutsche Telekom AG 13, ,439 E.ON SE 11, ,269 Fortum OYJ 13, ,026 Metro AG 10,105 * The Fund closed on 24 October. Cost The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. 36 ishares VII plc Interim Report

38 For the period ended Year ended 31 July Operating income 1,894 3,054 1,439 Net gains on financial s/liabilities at fair through profit or loss 2,817 21,719 7,373 Total gains 4,711 24,773 8,812 Operating expenses (269) (389) (177) Net operating profit 4,442 24,384 8,635 Net profit for the financial period/year before tax 4,442 24,384 8,635 Non-reclaimable withholding tax (284) (458) (216) Net profit for the financial period/year after tax 4,158 23,926 8,419 Increase in net s attributable to redeemable participating shareholders from operations 4,158 23,926 8,419 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders 2014 Year ended 31 July at the beginning of the period/year 146,729 95,383 95,383 Increase in net s attributable to redeemable participating shareholders from operations 4,158 23,926 8,419 Share transactions: Proceeds from issue of redeemable participating shares 61,420 37,831 19,218 Payments on redemption of redeemable participating shares (54,559) (10,411) (6,672) Increase in net s resulting from share transactions 6,861 27,420 12,546 Net s attributable to redeemable participating shareholders at the end of the period/year 157, , ,348 The accompanying notes form an integral part of these financial statements. ishares VII plc Interim Report 37

39 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents Margin cash account Receivables 20, Financial s at fair through profit or loss 3 157, , ,752 Total current s 177, , ,380 CURRENT LIABILITIES Payables (19,959) (41) (32) Total current liabilities (19,959) (41) (32) Net attributable to redeemable participating shareholders at the end of the period/year 157, , ,348 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note ishares VII plc Interim Report

40 As at 2014 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Equities United States Aerospace & defense 64,453 Boeing Co 8, ,453 United Technologies Corp 7, Apparel 64,453 NIKE Inc 4, Banks 64,453 Goldman Sachs Group Inc 10, ,453 JPMorgan Chase & Co 3, Beverages 64,453 Coca-Cola Co 2, Chemicals 64,453 EI du Pont de Nemours & Co 3, Computers 64,453 International Business Machines Corp 11, Cosmetics & personal care 64,453 Procter & Gamble Co 4, Diversified financial services 64,453 American Express Co 5, ,453 Visa Inc 13, Healthcare services 64,453 UnitedHealth Group Inc 4, Insurance 64,453 Travelers Cos Inc 5, Machinery - construction & mining 64,453 Caterpillar Inc 6, Media 64,453 Walt Disney Co 4, Miscellaneous manufacture 64,453 3M Co 8, ,453 General Electric Co 1, Oil & gas 64,453 Chevron Corp 7, ,453 Exxon Mobil Corp 5, Pharmaceuticals 64,453 Johnson & Johnson 5, ,453 Merck & Co Inc 3, ,453 Pfizer Inc 1, Retail 64,453 Home Depot Inc 4, ,453 McDonald's Corp 6, ,453 Wal-Mart Stores Inc 4, United States (cont) Semiconductors 64,453 Intel Corp 1, Software 64,453 Microsoft Corp 2, Telecommunications 64,453 AT&T Inc 2, ,453 Cisco Systems Inc 1, ,453 Verizon Communications Inc 3, Total United States 157, Total equities 157, Total of investments 157, Cash Other net s Net attributable to redeemable participating shareholders at the end of the period 157, Substantially all cash positions are held with BNY Mellon Trust Company (Ireland) Limited. Analysis of total current s gross of all liabilities (unaudited) Fair % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 157, Other s 20, Total current s 177, ishares VII plc Interim Report 39

41 For the period ended 2014 Sales s Purchases Proceeds s 34,358 International Business Machines Corp 6,337 78,958 Visa Inc 15,611 34,356 3M Co 4,185 78,958 Goldman Sachs Group Inc 13,180 34,356 Chevron Corp 4,147 78,958 NIKE Inc 5,595 34,356 Boeing Co 4,090 26,650 International Business Machines Corp 4,927 34,356 United Technologies Corp 3,748 26,649 Boeing Co 3,249 34,356 McDonald's Corp 3,287 26,649 3M Co 3,244 34,356 Exxon Mobil Corp 3,105 26,648 Chevron Corp 3,154 34,358 Johnson & Johnson 3,095 26,649 United Technologies Corp 2,848 14,505 Visa Inc 3,060 26,649 McDonald's Corp 2,533 34,356 Caterpillar Inc 2,979 26,650 Johnson & Johnson 2,391 34,356 Travelers Cos Inc 2,886 26,648 Exxon Mobil Corp 2,343 34,356 American Express Co 2,735 26,648 Caterpillar Inc 2,273 34,356 Procter & Gamble Co 2,732 26,648 Travelers Cos Inc 2,265 34,356 Home Depot Inc 2,630 26,648 Procter & Gamble Co 2,105 34,356 Wal-Mart Stores Inc 2,596 26,648 American Express Co 2,062 34,356 UnitedHealth Group Inc 2,474 26,648 Home Depot Inc 2,038 14,505 Goldman Sachs Group Inc 2,398 26,648 Wal-Mart Stores Inc 2,008 34,356 Walt Disney Co 2,304 26,649 UnitedHealth Group Inc 1,947 34,356 EI du Pont de Nemours & Co 2,052 26,648 Walt Disney Co 1,784 34,356 JPMorgan Chase & Co 1,849 26,648 EI du Pont de Nemours & Co 1,576 Cost The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. 40 ishares VII plc Interim Report

42 For the period ended Year ended 31 July Operating income** Net (losses)/gains on financial s/liabilities at fair through profit or loss (2) 8 8 Total (losses)/gains (2) 8 8 Operating expenses*** (12) (22) (17) Net operating loss (14) (14) (9) Net loss for the financial period/year (14) (14) (9) Decrease in net s attributable to redeemable participating shareholders from operations (14) (14) (9) There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to discontinued operations. For the period ended 2014 Net s attributable to redeemable participating shareholders Year ended 31 July at the beginning of the period/year 22,007 27,143 27,143 Decrease in net s attributable to redeemable participating shareholders from operations (14) (14) (9) Share transactions: Proceeds from issue of redeemable participating shares 21,774 18,147 3,027 Payments on redemption of redeemable participating shares (43,767) (23,269) (23,269) Decrease in net s resulting from share transactions (21,993) (5,122) (20,242) Net s attributable to redeemable participating shareholders at the end of the period/year - 22,007 6,892 * The Fund closed on 24 October. ** Amounts less than 500 are rounded to zero. *** Termination expenses are included in operating expenses as part of the TER. The accompanying notes form an integral part of these financial statements. ishares VII plc Interim Report 41

43 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents** Margin cash account Receivables - 2,295 3,034 Financial s at fair through profit or loss 3-22,149 6,895 Total current s - 24,455 9,929 CURRENT LIABILITIES Margin cash account - - (37) Payables - (2,308) (3,000) Financial liabilities at fair through profit or loss 3 - (140) - Total current liabilities - (2,448) (3,037) Net attributable to redeemable participating shareholders at the end of the period/year - 22,007 6,892 * The Fund closed on 24 October. ** Amounts less than 500 are rounded to zero. The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note ishares VII plc Interim Report

44 For the period ended 2014 Sales s Purchases Proceeds 000 s 1,709,537 Aegon NV 9, ,296 Akzo Nobel NV 9, ,296 Akzo Nobel NV 9, ,216 Metro AG 8, ,969 Daimler AG 9,215 1,558,275 Aegon NV 8, ,620 SAP AG 9, ,138 Daimler AG 8, ,216 Metro AG 8, ,858 Delta Lloyd NV 8, ,858 Delta Lloyd NV 8, ,682 SAP AG 7, ,984 Koninklijke Philips NV 6,213 87,142 ASML Holding NV 6,094 87,142 ASML Holding NV 6, ,237 Heineken Holding NV 5, ,311 KBC Groep NV 6,107 1,522,375 Nokia OYJ 5, ,237 Heineken Holding NV 5, ,306 KBC Groep NV 4, ,856 Nordea Bank AB 5, ,597 Koninklijke Philips NV 4,897 1,522,375 Nokia OYJ 5,216 2,176,275 Koninklijke KPN NV 4,838 78,585 Henkel AG & Co KGaA 5,070 74,735 Henkel AG & Co KGaA 4,820 2,176,275 Koninklijke KPN NV 5, ,979 Hennes & Mauritz AB 4,541 40,975 Allianz SE 4,859 74,640 Hochtief AG 4,190 56,650 Siemens AG 4, ,536 RWE AG 4, ,979 Hennes & Mauritz AB 4,565 60,972 BASF SE 4,154 57,888 Anheuser-Busch InBev NV 4, ,082 Stora Enso OYJ 4, ,082 Stora Enso OYJ 4,351 33,445 Allianz SE 3,977 74,640 Hochtief AG 4,232 45,453 Siemens AG 3,882 * The Fund closed on 24 October. Cost 000 The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. ishares VII plc Interim Report 43

45 For the period ended Year ended 31 July Operating income 548 2,227 1,415 Net gains on financial s/liabilities at fair through profit or loss 834 2,353 2,093 Total gains 1,382 4,580 3,508 Operating expenses (120) (309) (176) Net operating profit 1,262 4,271 3,332 Net profit for the financial period/year 1,262 4,271 3,332 Increase in net s attributable to redeemable participating shareholders from operations 1,262 4,271 3,332 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders Year ended 31 July at the beginning of the period/year 139, , ,586 Increase in net s attributable to redeemable participating shareholders from operations 1,262 4,271 3,332 Share transactions: Proceeds from issue of redeemable participating shares 6,536 85,754 19,235 Payments on redemption of redeemable participating shares (66,922) (117,846) (62,713) Decrease in net s resulting from share transactions (60,386) (32,092) (43,478) Net s attributable to redeemable participating shareholders at the end of the period/year 80, , ,440 The accompanying notes form an integral part of these financial statements. 44 ishares VII plc Interim Report

46 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents Receivables 1,036 1,842 9,697 Financial s at fair through profit or loss 3 79, , ,926 Total current s 80, , ,492 CURRENT LIABILITIES Payables (17) (27) (8,052) Total current liabilities (17) (27) (8,052) Net attributable to redeemable participating shareholders at the end of the period/year 80, , ,440 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note 2. ishares VII plc Interim Report 45

47 As at 2014 '000 '000 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Bonds Austria Government bonds - Aaa rating 718,000 Austria Government Bond 3.50% 15/07/ ,026,000 Austria Government Bond 4.00% 15/09/2016 1, Total Austria 1, Belgium Government bonds - Aa3 rating 1,808,000 Belgium Government Bond 3.50% 28/03/2015 1, ,675,000 Belgium Government Bond 3.25% 28/09/2016 1, Total Belgium 3, Finland Government bonds - Aaa rating 805,000 Finland Government Bond 4.25% 04/07/ Total Finland France Government bonds - Aa1 rating 3,541,000 France Government Bond OAT 3.50% 25/04/2015 3, ,454,000 France Government Bond OAT 3.00% 25/10/2015 3, ,066,000 France Government Bond OAT 5.00% 25/10/2016 2, ,528,000 France Treasury Note BTAN 2.50% 15/01/2015 1, ,230,000 France Treasury Note BTAN 2.25% 25/02/2016 4, ,936,000 France Treasury Note BTAN 2.50% 25/07/2016 2, Total France 17, Germany Government bonds - Aaa rating 2,411,000 Bundesobligation 2.25% 10/04/2015 2, ,536,000 Bundesobligation 1.75% 09/10/2015 2, ,000 Bundesobligation 1.25% 14/10/ ,111,000 Bundesrepublik Deutschland 3.75% 04/01/2015 3, Germany (cont) Government bonds - Aaa rating (cont) 1,838,000 Bundesrepublik Deutschland 3.25% 04/07/2015 1, ,870,000 Bundesrepublik Deutschland 3.50% 04/01/2016 4, ,278,000 Bundesrepublik Deutschland 4.00% 04/07/2016 3, Total Germany 18, Ireland Government bonds - Baa3 rating 855,000 Ireland Government Bond 4.60% 18/04/ Total Ireland Italy Government bonds - Baa2 rating 1,797,000 Italy Buoni Poliennali Del Tesoro 4.25% 01/02/2015 1, ,728,000 Italy Buoni Poliennali Del Tesoro 2.50% 01/03/2015 1, ,739,000 Italy Buoni Poliennali Del Tesoro 3.00% 15/04/2015 1, ,180,000 Italy Buoni Poliennali Del Tesoro 3.00% 15/06/2015 2, ,376,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/08/2015 2, ,415,000 Italy Buoni Poliennali Del Tesoro 3.00% 01/11/2015 2, ,753,000 Italy Buoni Poliennali Del Tesoro 3.75% 15/04/2016 1, ,176,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/08/2016 2, ,482,000 Italy Buoni Poliennali Del Tesoro 4.75% 15/09/2016 1, ,000 Italy Buoni Poliennali Del Tesoro 2.75% 15/11/ Total Italy 19, Netherlands Government bonds - Aaa rating 1,660,000 Netherlands Government Bond 2.75% 15/01/2015 1, ,284,000 Netherlands Government Bond 3.25% 15/07/2015 1, ,235,000 Netherlands Government Bond 0.00% 15/04/2016 2, Total Netherlands 5, ishares VII plc Interim Report

48 As at 2014 '000 Spain Government bonds - Baa3 rating 1,635,000 Spain Government Bond 3.00% 30/04/2015 1, ,888,000 Spain Government Bond 4.00% 30/07/2015 1, ,466,000 Spain Government Bond 3.75% 31/10/2015 1, ,641,000 Spain Government Bond 3.15% 31/01/2016 1, ,287,000 Spain Government Bond 3.25% 30/04/2016 1, ,397,000 Spain Government Bond 3.30% 30/07/2016 1, ,792,000 Spain Government Bond 4.25% 31/10/2016 1, Total Spain 11, Total bonds 79, Total of investments 79, Cash Other net s 1, Net attributable to redeemable participating shareholders at the end of the period 80, Substantially all cash positions are held with BNY Mellon Trust Company (Ireland) Limited. All credit ratings are shown as at Analysis of total current s gross of all liabilities (unaudited) Fair 000 % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 79, Other s 1, Total current s 80, ishares VII plc Interim Report 47

49 For the period ended 2014 Sales s Purchases Proceeds 000 s 5,794,000 Netherlands Government Bond 2.75% 15/01/2015 6,245 5,935,000 Bundesrepublik Deutschland 4.00% 04/07/2016 6,416 3,776,000 France Government Bond OAT 4.00% 25/10/2014 4,992 4,651,000 Italy Buoni Poliennali Del Tesoro 3.75%, 3,560,000 Bundesrepublik Deutschland 4.25% 04/07/2014 4,667 01/08/2016 3,919 2,394,000 Bundesrepublik Deutschland 3.75% 04/01/2015 4,231 4,480,000 France Treasury Note BTAN 2.50% 25/07/2016 3,766 2,506,000 Spain Government Bond 3.30% 31/10/2014 3,850 3,949,000 France Government Bond OAT 5.00% 25/10/2016 2,715 2,552,000 Italy Buoni Poliennali Del Tesoro 4.25% 01/08/2014 3,780 3,718,000 Spain Government Bond 3.30% 30/07/2016 2,557 2,042,000 France Treasury Note BTAN 2.25% 25/02/2016 3,743 3,666,000 Netherlands Government Bond 0.00% 15/04/2016 2,528 2,090,000 Bundesrepublik Deutschland 3.50% 04/01/2016 3,553 3,540,000 Austria Government Bond 4.00% 15/09/2016 2,250 1,943,000 Spain Government Bond 4.75% 30/07/2014 3,482 3,239,000 Italy Buoni Poliennali Del Tesoro 4.75% 1,940,000 Italy Buoni Poliennali Del Tesoro 6.00% 15/11/2014 3,362 15/09/2016 2,231 1,398,000 France Government Bond OAT 3.50% 25/04/2015 3,147 3,366,000 Belgium Government Bond 3.25% 28/09/2016 2,094 1,068,000 France Government Bond OAT 3.00% 25/10/2015 3,134 3,137,000 Spain Government Bond 4.25% 31/10/2016 2, ,000 Belgium Government Bond 3.75% 28/09/2015 2,977 2,952,000 Spain Government Bond 3.25% 30/04/2016 1, ,000 Austria Government Bond 3.40% 20/10/2014 2,802 2,911,000 Netherlands Government Bond 3.25% 15/07/2015 1, ,000 Bundesrepublik Deutschland 4.00% 04/07/2016 2,797 2,767,000 Italy Buoni Poliennali Del Tesoro 2.75% 366,000 Italy Buoni Poliennali Del Tesoro 3.00% 01/11/2015 2,376 15/11/ ,000 France Treasury Note BTAN 2.50% 15/01/2015 2,337 2,628,000 Bundesobligation 1.75% 09/10/ ,000 Bundesobligation 2.25% 10/04/2015 2,095 2,516,000 Ireland Government Bond 4.60% 18/04/ ,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/08/2015 2,092 2,289,000 Italy Buoni Poliennali Del Tesoro 3.75% 288,000 Bundesobligation 1.75% 09/10/2015 2,009 15/04/ Cost 000 2,234,000 France Treasury Note BTAN 2.25% 25/02/ ,009,000 Netherlands Government Bond 2.75% 15/01/ ,001,000 Bundesrepublik Deutschland 3.50% 04/01/ ,934,000 France Government Bond OAT 3.50% 25/04/ The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. 48 ishares VII plc Interim Report

50 For the period ended Year ended 31 July Operating income 726 2,187 1,289 Net gains on financial s/liabilities at fair through profit or loss 1,828 3,273 2,527 Total gains 2,554 5,460 3,816 Operating expenses (89) (225) (122) Net operating profit 2,465 5,235 3,694 Net profit for the financial period/year 2,465 5,235 3,694 Increase in net s attributable to redeemable participating shareholders from operations 2,465 5,235 3,694 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders Year ended 31 July at the beginning of the period/year 79,563 90,720 90,720 Increase in net s attributable to redeemable participating shareholders from operations 2,465 5,235 3,694 Share transactions: Proceeds from issue of redeemable participating shares 10,808 48,541 38,010 Payments on redemption of redeemable participating shares (10,675) (64,933) (12,122) Increase/(decrease) in net s resulting from share transactions 133 (16,392) 25,888 Net s attributable to redeemable participating shareholders at the end of the period/year 82,161 79, ,302 The accompanying notes form an integral part of these financial statements. ishares VII plc Interim Report 49

51 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents Receivables 3,253 1,113 2,099 Financial s at fair through profit or loss 3 80,458 77, ,661 Total current s 83,984 79, ,325 CURRENT LIABILITIES Payables (1,823) (16) (23) Total current liabilities (1,823) (16) (23) Net attributable to redeemable participating shareholders at the end of the period/year 82,161 79, ,302 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note ishares VII plc Interim Report

52 As at 2014 '000 '000 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Bonds Austria Government bonds - Aaa rating 2,216,000 Austria Government Bond 4.65% 15/01/2018 2, ,044,000 Austria Government Bond 3.90% 15/07/2020 1, Total Austria 3, Belgium Government bonds - Aa3 rating 880,000 Belgium Government Bond 4.00% 28/03/ ,795,000 Belgium Government Bond 4.00% 28/03/2018 2, ,130,000 Belgium Government Bond 3.00% 28/09/2019 2, Total Belgium 5, Finland Government bonds - Aaa rating 1,147,000 Finland Government Bond 3.88% 15/09/2017 1, Total Finland 1, France Government bonds - Aa1 rating 2,575,000 France Government Bond OAT 3.75% 25/04/2017 2, ,496,000 France Government Bond OAT 4.25% 25/10/2017 2, ,494,000 France Government Bond OAT 4.00% 25/04/2018 3, ,356,000 France Government Bond OAT 4.25% 25/04/2019 2, ,774,000 France Government Bond OAT 3.75% 25/10/2019 3, ,847,000 France Government Bond OAT 3.50% 25/04/2020 3, Total France 18, Germany Government bonds - Aaa rating 1,996,000 Bundesobligation 0.50% 07/04/2017 2, Germany (cont) Government bonds - Aaa rating (cont) 2,003,000 Bundesrepublik Deutschland 4.25% 04/07/2017 2, ,962,000 Bundesrepublik Deutschland 4.00% 04/01/2018 2, ,906,000 Bundesrepublik Deutschland 4.25% 04/07/2018 2, ,924,000 Bundesrepublik Deutschland 3.50% 04/07/2019 2, ,010,000 Bundesrepublik Deutschland 3.25% 04/01/2020 2, ,128,000 Bundesrepublik Deutschland 3.00% 04/07/2020 2, Total Germany 15, Ireland Government bonds - Baa3 rating 691,000 Ireland Government Bond 4.50% 18/10/ ,000 Ireland Government Bond 4.40% 18/06/2019 1, ,046,000 Ireland Government Bond 4.50% 18/04/2020 1, Total Ireland 2, Italy Government bonds - Baa2 rating 2,032,000 Italy Buoni Poliennali Del Tesoro 4.00% 01/02/2017 2, ,301,000 Italy Buoni Poliennali Del Tesoro 5.25% 01/08/2017 2, ,243,000 Italy Buoni Poliennali Del Tesoro 4.50% 01/02/2018 2, ,446,000 Italy Buoni Poliennali Del Tesoro 4.25% 01/02/2019 2, ,310,000 Italy Buoni Poliennali Del Tesoro 4.50% 01/03/2019 2, ,262,000 Italy Buoni Poliennali Del Tesoro 4.50% 01/02/2020 2, ,090,000 Italy Buoni Poliennali Del Tesoro 4.25% 01/03/2020 1, ,560,000 Italy Buoni Poliennali Del Tesoro 4.00% 01/09/2020 1, Total Italy 17, ishares VII plc Interim Report 51

53 As at 2014 '000 Netherlands Government bonds - Aaa rating 1,091,000 Netherlands Government Bond 4.50% 15/07/2017 1, ,780,000 Netherlands Government Bond 4.00% 15/07/2018 3, ,000 Netherlands Government Bond 3.50% 15/07/2020 1, Total Netherlands 5, Spain Government bonds - Baa3 rating 884,000 Spain Government Bond 3.80% 31/01/ ,546,000 Spain Government Bond 5.50% 30/07/2017 1, ,680,000 Spain Government Bond 4.10% 30/07/2018 1, ,591,000 Spain Government Bond 4.60% 30/07/2019 2, ,000 Spain Government Bond 4.00% 30/04/ ,022,000 Spain Government Bond 4.85% 31/10/2020 1, Total Spain 9, Total bonds 80, Total of investments 80, Cash Other net s 1, Net attributable to redeemable participating shareholders at the end of the period 82, Substantially all cash positions are held with BNY Mellon Trust Company (Ireland) Limited. All credit ratings are shown as at Analysis of total current s gross of all liabilities (unaudited) Fair 000 % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 80, Other s 3, Total current s 83, ishares VII plc Interim Report

54 For the period ended 2014 Sales s Purchases Proceeds 000 s 2,712,000 France Government Bond OAT, 5.00%, 25/10/2016 3,202 2,704,000 Bundesobligation, 0.50%, 07/04/2017 2,711 2,795,000 Bundesrepublik Deutschland, 4.00%, 04/07/2016 3,108 2,337,000 Bundesrepublik Deutschland, 3.00%, 04/07/2020 2,634 1,523,000 Spain Government Bond, 3.80%, 31/01/2017 1,642 1,568,000 France Government Bond OAT, 4.00%, 25/04/2018 1,775 1,271,000 Italy Buoni Poliennali Del Tesoro, 3.75%, 01/08/2016 1,323 1,630,000 Italy Buoni Poliennali Del Tesoro, 4.00%, 01/09/2020 1,662 1,154,000 France Government Bond OAT, 3.75%, 25/04/2017 1,300 1,463,000 Belgium Government Bond, 3.00%, 28/09/2019 1,588 1,130,000 Belgium Government Bond, 4.00%, 28/03/2017 1,280 1,242,000 France Government Bond OAT, 3.75%, 25/04/2017 1,372 1,195,000 Italy Buoni Poliennali Del Tesoro, 4.75%, 15/09/2016 1,275 1,182,000 Austria Government Bond, 3.90%, 15/07/2020 1,371 1,016,000 France Government Bond OAT, 4.00%, 25/04/2018 1,169 1,213,000 France Government Bond OAT, 3.50%, 25/04/2020 1,367 1,030,000 Italy Buoni Poliennali Del Tesoro, 4.50%, 01/02/2020 1,084 1,234,000 Italy Buoni Poliennali Del Tesoro, 4.25%, 01/03/2020 1, ,000 Austria Government Bond, 4.65%, 15/01/ ,086,000 Netherlands Government Bond, 3.50%, 15/07/2020 1, ,000 Netherlands Government Bond, 4.00%, 15/07/ ,045,000 Spain Government Bond, 4.85%, 31/10/2020 1, ,000 Bundesobligation, 0.50%, 07/04/ ,000 Spain Government Bond, 4.00%, 30/04/ ,000 Bundesrepublik Deutschland, 4.25%, 04/07/ ,000 France Government Bond OAT, 3.75%, 25/10/ ,000 Italy Buoni Poliennali Del Tesoro, 4.50%, 01/03/ ,000 France Government Bond OAT, 4.25%, 25/04/ ,000 France Government Bond OAT, 3.75%, 25/10/ ,000 Italy Buoni Poliennali Del Tesoro, 4.25%, 01/02/ ,000 Spain Government Bond, 4.50%, 31/01/ ,000 Ireland Government Bond, 4.50%, 18/04/ ,000 Italy Buoni Poliennali Del Tesoro, 4.00%, 01/02/ ,000 Belgium Government Bond, 4.00%, 28/03/ ,000 Netherlands Government Bond, 4.00%, 15/07/ ,000 Italy Buoni Poliennali Del Tesoro, 5.25%, 01/08/ ,000 France Government Bond OAT, 4.25%, 25/10/ ,000 Finland Government Bond, 3.88%, 15/09/ ,000 Spain Government Bond, 4.60%, 30/07/ ,000 Spain Government Bond, 4.10%, 30/07/ Cost 000 The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. ishares VII plc Interim Report 53

55 For the period ended Year ended 31 July Operating income Net gains on financial s/liabilities at fair through profit or loss Total gains 537 1, Operating expenses (16) (44) (22) Net operating profit 521 1, Net profit for the financial period/year 521 1, Increase in net s attributable to redeemable participating shareholders from operations 521 1, There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders Year ended 31 July at the beginning of the period/year 16,846 17,465 17,465 Increase in net s attributable to redeemable participating shareholders from operations 521 1, Share transactions: Proceeds from issue of redeemable participating shares 3,864 7,245 7,245 Payments on redemption of redeemable participating shares (5,609) (9,220) (3,565) (Decrease)/increase in net s resulting from share transactions (1,745) (1,975) 3,680 Net s attributable to redeemable participating shareholders at the end of the period/year 15,622 16,846 22,094 The accompanying notes form an integral part of these financial statements. 54 ishares VII plc Interim Report

56 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents Receivables 2, Financial s at fair through profit or loss 15,310 16,505 21,643 Total current s 17,559 16,849 22,098 CURRENT LIABILITIES Payables (1,937) (3) (4) Total current liabilities (1,937) (3) (4) Net attributable to redeemable participating shareholders at the end of the period/year 15,622 16,846 22,094 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note 2. ishares VII plc Interim Report 55

57 As at 2014 '000 '000 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Bonds Austria Government Bonds - Aaa rating 534,000 Austria Government Bond 3.65% 20/04/ ,000 Austria Government Bond 1.75% 20/10/ Total Austria Belgium Government Bonds - Aa3 rating 240,000 Belgium Government Bond 4.25% 28/09/ ,000 Belgium Government Bond 4.00% 28/03/ ,000 Belgium Government Bond 4.25% 28/09/ ,000 Belgium Government Bond 2.25% 22/06/ Total Belgium 1, Finland Government Bonds - Aaa rating 48,000 Finland Government Bond 3.50% 15/04/ ,000 Finland Government Bond 1.63% 15/09/ Total Finland France Government Bonds - Aa1 rating 171,000 France Government Bond OAT 3.75% 25/04/ ,000 France Government Bond OAT 3.25% 25/10/ ,000 France Government Bond OAT 3.00% 25/04/ ,000 France Government Bond OAT 2.25% 25/10/ ,000 France Government Bond OAT 8.50% 25/04/ ,000 France Government Bond OAT 1.75% 25/05/ Total France 3, Germany Government Bonds - Aaa rating 489,000 Bundesrepublik Deutschland 3.25% 04/07/ ,000 Bundesrepublik Deutschland 2.00% 04/01/ ,000 Bundesrepublik Deutschland 1.75% 04/07/ ,000 Bundesrepublik Deutschland 1.50% 04/09/ ,000 Bundesrepublik Deutschland 1.50% 15/02/ Total Germany 3, Ireland Government Bonds - Baa3 rating 94,000 Ireland Government Bond 3.90% 20/03/ Total Ireland Italy Government Bonds - Baa2 rating 484,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/03/ ,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/08/ ,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/ ,000 Italy Buoni Poliennali Del Tesoro 5.00% 01/03/ ,000 Italy Buoni Poliennali Del Tesoro 5.50% 01/09/ ,000 Italy Buoni Poliennali Del Tesoro 5.50% 01/11/ ,000 Italy Buoni Poliennali Del Tesoro 4.50% 01/05/ ,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/08/ Total Italy 3, Netherlands Government Bonds - Aaa rating 270,000 Netherlands Government Bond 3.25% 15/07/ ,000 Netherlands Government Bond 2.25% 15/07/ ,000 Netherlands Government Bond 3.75% 15/01/ ishares VII plc Interim Report

58 As at 2014 '000 Netherlands (cont) Government Bonds - Aaa rating (cont) 258,000 Netherlands Government Bond 1.75% 15/07/ Total Netherlands 1, Spain Government Bonds - Baa3 rating 434,000 Spain Government Bond 5.50% 30/04/ ,000 Spain Government Bond 5.85% 31/01/ ,000 Spain Government Bond 5.40% 31/01/ ,000 Spain Government Bond 4.40% 31/10/ Total Spain 1, Total bonds 15, Total of investments 15, Cash Other net s Net attributable to redeemable participating shareholders at the end of the period 15, Substantially all cash positions are held with BNY Mellon Trust Company (Ireland) Limited. All credit ratings are shown as at Analysis of total current s gross of all liabilities (unaudited) Fair 000 % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 15, Other s 2, Total current s 17, ishares VII plc Interim Report 57

59 For the period ended 2014 Sales s Purchases Proceeds 000 s 717,000 Bundesrepublik Deutschland, 2.50%, 04/01/ ,000 Italy Buoni Poliennali Del Tesoro, 4.75%, 01/08/ ,000 France Government Bond OAT, 2.50%, 25/10/ ,000 France Government Bond OAT, 8.50%, 25/04/ ,000 France Government Bond OAT, 3.75%, 25/04/ ,000 France Government Bond OAT, 1.75%, 25/05/ ,000 Italy Buoni Poliennali Del Tesoro, 4.00%, 01/09/ ,000 Bundesrepublik Deutschland, 1.50%, 15/02/ ,000 Belgium Government Bond, 4.00%, 28/03/ ,000 Bundesrepublik Deutschland, 1.50%, 04/09/ ,000 Bundesrepublik Deutschland, 1.75%, 04/07/ ,000 Belgium Government Bond, 2.25%, 22/06/ ,000 Netherlands Government Bond, 3.50%, 15/07/ ,000 Netherlands Government Bond, 1.75%, 15/07/ ,000 Bundesrepublik Deutschland, 3.25%, 04/07/ ,000 France Government Bond OAT, 3.00%, 25/04/ ,000 Ireland Government Bond, 5.00%, 18/10/ ,000 Austria Government Bond, 3.65%, 20/04/ ,000 France Government Bond OAT, 2.25%, 25/10/ ,000 Italy Buoni Poliennali Del Tesoro, 4.50%, 01/05/ ,000 Austria Government Bond, 3.50%, 15/09/ ,000 Spain Government Bond, 4.40%, 31/10/ ,000 Belgium Government Bond, 3.75%, 28/09/ ,000 Bundesrepublik Deutschland, 1.75%, 04/07/ ,000 France Government Bond OAT, 3.00%, 25/04/ ,000 Italy Buoni Poliennali Del Tesoro, 3.75%, 01/03/ ,000 Spain Government Bond, 5.50%, 30/04/ ,000 Spain Government Bond, 5.50%, 30/04/ ,000 France Government Bond OAT, 3.25%, 25/10/ ,000 Spain Government Bond, 5.40%, 31/01/ ,000 Spain Government Bond, 4.85%, 31/10/ ,000 France Government Bond OAT, 3.25%, 25/10/ ,000 Italy Buoni Poliennali Del Tesoro, 4.75%, 01/08/ ,000 Bundesrepublik Deutschland, 2.00%, 04/01/ ,000 Bundesrepublik Deutschland, 2.00%, 04/01/ ,000 France Government Bond OAT, 2.25%, 25/10/ ,000 Spain Government Bond, 5.40%, 31/01/ ,000 Bundesrepublik Deutschland, 3.25%, 04/07/ ,000 Italy Buoni Poliennali Del Tesoro, 4.75%, 01/09/ ,000 Italy Buoni Poliennali Del Tesoro, 4.75%, 01/09/ Cost 000 The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. 58 ishares VII plc Interim Report

60 For the period ended Year ended 31 July Operating income Net gains on financial s/liabilities at fair through profit or loss 235 2,319 2,967 Total gains 581 3,182 3,447 Operating expenses (49) (124) (70) Net operating profit 532 3,058 3,377 Net profit for the financial period/year 532 3,058 3,377 Increase in net s attributable to redeemable participating shareholders from operations 532 3,058 3,377 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders Year ended 31 July at the beginning of the period/year 35,509 41,807 41,807 Increase in net s attributable to redeemable participating shareholders from operations 532 3,058 3,377 Share transactions: Proceeds from issue of redeemable participating shares 15,553 15,553 Payments on redemption of redeemable participating shares (3,579) (24,909) (14,125) (Decrease)/increase in net s resulting from share transactions (3,579) (9,356) 1,428 Net s attributable to redeemable participating shareholders at the end of the period/year 32,462 35,509 46,612 The accompanying notes form an integral part of these financial statements. ishares VII plc Interim Report 59

61 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents Receivables Financial s at fair through profit or loss 3 32,203 35,098 46,225 Total current s 32,470 35,517 46,623 CURRENT LIABILITIES Payables (8) (8) (11) Total current liabilities (8) (8) (11) Net attributable to redeemable participating shareholders at the end of the period/year 32,462 35,509 46,612 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note ishares VII plc Interim Report

62 As at 2014 '000 '000 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Bonds France Government Bonds - Aa1 rating 1,194,184 France Government Bond OAT 1.60% 25/07/2015 1, ,256,648 France Government Bond OAT 1.00% 25/07/2017 2, ,247 France Government Bond OAT 0.25% 25/07/ ,543 France Government Bond OAT 1.30% 25/07/ ,234,233 France Government Bond OAT 2.25% 25/07/2020 2, ,703 France Government Bond OAT 0.10% 25/07/ ,625,044 France Government Bond OAT 1.10% 25/07/2022 1, ,978 France Government Bond OAT 2.10% 25/07/2023 1, ,725 France Government Bond OAT 0.25% 25/07/ ,077 France Government Bond OAT 1.85% 25/07/2027 1, ,743 France Government Bond OAT 3.40% 25/07/2029 1, ,047,455 France Government Bond OAT 3.15% 25/07/2032 1, ,984 France Government Bond OAT 1.80% 25/07/ ,052,093 France Treasury Note BTAN 0.45% 25/07/2016 1, Total France 16, Germany Government Bonds - Aaa rating 1,098,463 Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond 0.75% 15/04/2018 1, ,306,675 Deutsche Bundesrepublik Inflation Linked Bond 1.50% 15/04/2016 1, ,543,975 Deutsche Bundesrepublik Inflation Linked Bond 1.75% 15/04/2020 1, ,128,009 Deutsche Bundesrepublik Inflation Linked Bond 0.10% 15/04/2023 1, Total Germany 5, Italy Government Bonds - Baa2 rating 1,084,092 Italy Buoni Poliennali Del Tesoro 2.10% 15/09/2016 1, ,450,317 Italy Buoni Poliennali Del Tesoro 2.10% 15/09/2017 1, ,571 Italy Buoni Poliennali Del Tesoro 1.70% 15/09/ ,498,349 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2019 1, ,722,361 Italy Buoni Poliennali Del Tesoro 2.10% 15/09/2021 1, ,429,240 Italy Buoni Poliennali Del Tesoro 2.60% 15/09/2023 1, ,075 Italy Buoni Poliennali Del Tesoro 3.10% 15/09/ ,297,554 Italy Buoni Poliennali Del Tesoro 2.35% 15/09/2035 1, ,659 Italy Buoni Poliennali Del Tesoro 2.55% 15/09/ Total Italy 10, Total bonds 32, Total of investments 32, Cash Other net s Net attributable to redeemable participating shareholders at the end of the period 32, Substantially all cash positions are held with BNY Mellon Trust Company (Ireland) Limited. All credit ratings are shown as at Analysis of total current s gross of all liabilities (unaudited) Fair 000 % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 32, Other s Total current s 32, ishares VII plc Interim Report 61

63 For the period ended 2014 Sales s Purchases Proceeds 000 s 1,479,235 Italy Buoni Poliennali Del Tesoro, 2.15%, 15/09/2014 1, ,914 France Government Bond OAT, 0.10%, 25/07/ ,901 France Government Bond OAT, 1.60%, 25/07/ ,369 Italy Buoni Poliennali Del Tesoro, 3.10%, 15/09/ ,597 France Government Bond OAT, 0.10%, 25/07/ ,200 Italy Buoni Poliennali Del Tesoro, 2.10%, 15/09/ ,693 Italy Buoni Poliennali Del Tesoro, 3.10%, 15/09/ ,776 Deutsche Bundesrepublik Inflation Linked Bond, 290,217 Italy Buoni Poliennali Del Tesoro, 2.10%, 15/09/ %, 15/04/ ,474 France Government Bond OAT, 2.25%, 25/07/ ,975 France Government Bond OAT, 0.25%, 25/07/ ,090 France Government Bond OAT, 1.00%, 25/07/ ,780 France Government Bond OAT, 1.00%, 25/07/ ,693 Deutsche Bundesrepublik Inflation Linked Bond, 266,177 Deutsche Bundesrepublik Inflation Linked Bond, 1.50%, 15/04/ %, 15/04/ ,953 Deutsche Bundesrepublik Inflation Linked Bond, 236,093 France Government Bond OAT, 1.85%, 25/07/ %, 15/04/ ,247 France Government Bond OAT, 2.25%, 25/07/ ,396 Italy Buoni Poliennali Del Tesoro, 2.35%, 15/09/ ,106 France Treasury Note BTAN, 0.45%, 25/07/ ,778 France Government Bond OAT, 1.10%, 25/07/ ,009 Italy Buoni Poliennali Del Tesoro, 2.55%, 15/09/ ,116 Italy Buoni Poliennali Del Tesoro, 2.10%, 15/09/ ,511 France Government Bond OAT, 1.80%, 25/07/ ,517 Italy Buoni Poliennali Del Tesoro, 2.35%, 15/09/ ,453 Italy Buoni Poliennali Del Tesoro, 2.10%, 15/09/ ,749 Italy Buoni Poliennali Del Tesoro, 2.60%, 15/09/ ,936 France Government Bond OAT, 3.15%, 25/07/ ,792 France Government Bond OAT, 3.40%, 25/07/ ,760 France Government Bond OAT, 2.10%, 25/07/ ,287 Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond, 0.75%, 15/04/ ,752 Deutsche Bundesrepublik Inflation Linked Bond, 0.10%, 15/04/ * For this Fund there were only 12 purchases during the period. The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. Cost ishares VII plc Interim Report

64 For the period ended Year ended 31 July Operating income 944 4,944 1,211 Net gains on financial s/liabilities at fair through profit or loss 12,885 28,684 25,516 Total gains 13,829 33,628 26,727 Operating expenses (143) (297) (156) Net operating profit 13,686 33,331 26,571 Net profit for the financial period/year before tax 13,686 33,331 26,571 Non-reclaimable withholding tax 215 (889) (186) Net profit for the financial period/year after tax 13,901 32,442 26,385 Increase in net s attributable to redeemable participating shareholders from operations 13,901 32,442 26,385 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders Year ended 31 July at the beginning of the period/year 136, , ,729 Increase in net s attributable to redeemable participating shareholders from operations 13,901 32,442 26,385 Share transactions: Proceeds from issue of redeemable participating shares 9,801 56,555 43,779 Payments on redemption of redeemable participating shares (38,151) (104,882) (64,701) Decrease in net s resulting from share transactions (28,350) (48,327) (20,922) Net s attributable to redeemable participating shareholders at the end of the period/year 122, , ,192 The accompanying notes form an integral part of these financial statements. ishares VII plc Interim Report 63

65 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents Margin cash account Receivables ,219 Financial s at fair through profit or loss 3 121, , ,056 Total current s 122, , ,433 CURRENT LIABILITIES Payables (23) (25) (21,241) Financial liabilities at fair through profit or loss 3 (22) - - Total current liabilities (45) (25) (21,241) Net attributable to redeemable participating shareholders at the end of the period/year 122, , ,192 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note ishares VII plc Interim Report

66 As at 2014 '000 '000 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Equities Belgium Beverages 48,626 Anheuser-Busch InBev NV 3, Total Belgium 3, France Apparel 17,402 LVMH Moet Hennessy Louis Vuitton SA 2, Banks 69,270 BNP Paribas SA 3, ,020 Societe Generale SA 2, Building materials 29,711 Cie de St-Gobain 1, Chemicals 20,369 Air Liquide SA 1, Cosmetics & personal care 15,606 L'Oreal SA 1, Electric 100,109 GDF Suez 1, Electrical components & equipments 36,396 Schneider Electric SA 2, Engineering & construction 34,381 Vinci SA 1, Food 40,282 Carrefour SA 1, ,267 Danone 1, Healthcare products 13,969 Essilor International SA 1, Insurance 133,486 AXA SA 2, Media 83,593 Vivendi SA 1, Oil & gas 155,353 Total SA 6, Pharmaceuticals 78,759 Sanofi 5, Real estate investment trusts 6,304 Unibail-Rodamco SE 1, Telecommunications 125,454 Orange SA 1, Total France 41, Germany Auto manufacturers 21,081 Bayerische Motoren Werke AG 1, ,315 Daimler AG 3, Banks 66,373 Deutsche Bank AG 2, Chemicals 60,126 BASF SE 4, Electric 131,214 E.ON SE 1, ,359 RWE AG Insurance 29,563 Allianz SE 3, ,503 Muenchener Rueckversicherungs AG 1, Miscellaneous manufacture 54,387 Siemens AG 5, Pharmaceuticals 54,021 Bayer AG 5, Software 61,991 SAP AG 3, Telecommunications 198,807 Deutsche Telekom AG 2, Transportation 61,885 Deutsche Post AG 1, Total Germany 38, Ireland Building materials 48,007 CRH Plc Total Ireland Italy Banks 916,265 Intesa Sanpaolo SpA 1, ,955 UniCredit SpA 1, Electric 419,475 Enel SpA 1, Insurance 87,802 Assicurazioni Generali SpA 1, Oil & gas 175,211 Eni SpA 2, Total Italy 9, ishares VII plc Interim Report 65

67 As at 2014 '000 Investment '000 Netherlands Aerospace & defense 38,017 Airbus Group NV 2, Electronics 61,015 Koninklijke Philips NV 1, Food 102,967 Unilever NV 2, Insurance 252,660 ING Groep NV 2, Semiconductors 25,176 ASML Holding NV 1, Total Netherlands 10, Financial derivative instruments Futures contracts No. of contracts Underlying exposure Unrealised (loss) 17 Euro Stoxx 50 Future 21 March (22) (0.02) Total unrealised losses on futures contracts (22) (0.02) Total of investments 121, Spain Banks 378,087 Banco Bilbao Vizcaya Argentaria SA 3, ,247 Banco Santander SA 4, Electric 340,602 Iberdrola SA 1, Oil & gas 53,885 Repsol SA Retail 13,827 Inditex SA 1, Telecommunications 260,685 Telefonica SA 2, Total Spain 15, Total equities 119, Preferred stock Germany Auto manufacturers 9,428 Volkswagen AG 1, Total Germany 1, Total preferred stock 1, Cash Other net s Net attributable to redeemable participating shareholders at the end of the period 122, Cash holdings of 297,644 are held with BNY Mellon Trust Company (Ireland) Limited. 58,360 is held as security for futures contracts with Credit Suisse AG. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Market Authority ( ESMA ) and represents the market of an equivalent position in the s underlying each financial derivative instrument. Analysis of total current s gross of all liabilities (unaudited) Fair 000 % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 121, Other s Total current s 122, ishares VII plc Interim Report

68 For the period ended 2014 Sales s Purchases Proceeds 000 s 48,565 Total SA 2,108 79,228 Deutsche Post AG 1,961 25,710 Sanofi 1,942 22,212 Total SA ,865 Banco Santander SA 1,782 7,232 Sanofi ,556 Siemens AG 1,689 79,703 Banco Santander SA ,497 Bayer AG 1,669 4,919 Siemens AG ,427 BASF SE 1,475 4,842 Bayer AG ,550 Daimler AG 1,243 46,590 Banco Bilbao Vizcaya Argentaria SA ,696 BNP Paribas SA 1,235 5,469 BASF SE ,248 SAP AG 1,209 5,866 Daimler AG 343 9,475 Allianz SE 1,188 6,346 BNP Paribas SA ,582 Anheuser-Busch InBev NV 1,162 11,530 Unilever NV ,404 Banco Bilbao Vizcaya Argentaria SA 1,061 4,534 ASML Holding NV ,352 Unilever NV 1,013 4,397 Anheuser-Busch InBev NV ,917 Telefonica SA 1,002 2,662 Allianz SE ,228 Eni SpA 988 5,606 SAP AG ,845 ArcelorMittal ,010 Telefonica SA ,809 AXA SA ,081 Eni SpA ,975 ING Groep NV ,311 Deutsche Telekom AG ,646 Deutsche Bank AG 765 4,826 Airbus Group NV 238 5,551 LVMH Moet Hennessy Louis Vuitton SA 749 9,756 Koninklijke Philips NV 238 Cost 000 The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. ishares VII plc Interim Report 67

69 For the period ended Year ended 31 July Operating income** Net losses on financial s/liabilities at fair through profit or loss (4) (7) (3) Total losses (4) (7) (3) Operating expenses*** (3) (10) (5) Net operating loss (7) (17) (8) Net loss for the financial period/year (7) (17) (8) Decrease in net s attributable to redeemable participating shareholders from operations (7) (17) (8) There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to discontinued operations. For the period ended 2014 Net s attributable to redeemable participating shareholders 2014 Year ended 31 July at the beginning of the period/year 8,720 5,094 5,094 Decrease in net s attributable to redeemable participating shareholders from operations (7) (17) (8) Share transactions: Proceeds from issue of redeemable participating shares 11,562 5,984 Payments on redemption of redeemable participating shares (8,713) (7,919) (944) (Decrease)/increase in net s resulting from share transactions (8,713) 3,643 5,040 Net s attributable to redeemable participating shareholders at the end of the period/year - 8,720 10,126 * The Fund closed on 24 October. ** Amounts less than $500 are rounded to zero. *** Termination expenses are included in operating expenses as part of the TER. The accompanying notes form an integral part of these financial statements. 68 ishares VII plc Interim Report

70 As at 2014 CURRENT ASSETS Notes July Receivables - 2,045 4,252 Financial s at fair through profit or loss 3-8,798 10,127 Total current s - 10,843 14,379 CURRENT LIABILITIES Margin cash account - (13) (104) Payables - (2,033) (4,149) Financial liabilities at fair through profit or loss 3 - (77) - Total current liabilities - (2,123) (4,253) Net attributable to redeemable participating shareholders at the end of the period/year - 8,720 10,126 * The Fund closed on 24 October. The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note 2. ishares VII plc Interim Report 69

71 For the period ended 2014 Sales s Purchases Proceeds s 21,331 SAP AG 1,639 51,926 Fortum OYJ 1, ,156 Sandvik AB 1,402 27,133 Hennes & Mauritz AB 1,087 8,274 Allianz SE 1,264 74,161 Sandvik AB 1,043 35,712 RWE AG 1,141 68,856 Volvo AB 1,017 51,926 Fortum OYJ 1, ,073 TeliaSonera AB 997 9,695 Siemens AG 1,110 28,077 RWE AG ,133 Hennes & Mauritz AB 1,102 11,272 SAP AG ,049 Aegon NV 1,098 8,397 ASML Holding NV ,856 Volvo AB 1,047 30,478 Belgacom SA ,087 Deutsche Post AG 1,041 6,432 Siemens AG ,064 Daimler AG 1,037 26,849 Atlas Copco AB 730 5,383 Muenchener Rueckversicherungs AG 1, ,748 Nokia OYJ ,073 TeliaSonera AB ,228 Deutsche Post AG ,263 E.ON SE ,656 Deutsche Telekom AG 703 8,841 Anheuser-Busch InBev NV ,811 Aegon NV ,308 Koninklijke Philips NV 835 3,654 Muenchener Rueckversicherungs AG 697 8,397 ASML Holding NV 763 9,097 Daimler AG ,656 Deutsche Telekom AG ,843 Akzo Nobel NV ,849 Atlas Copco AB ,947 UPM-Kymmene OYJ ,748 Nokia OYJ 744 6,135 BASF SE 568 * The Fund closed on 24 October. Cost The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. 70 ishares VII plc Interim Report

72 For the period ended Year ended 31 July Operating income 1,451 3,555 1,760 Net (losses)/gains on financial s/liabilities at fair through profit or loss (2,129) 14,128 10,061 Total (losses)/gains (678) 17,683 11,821 Operating expenses (89) (281) (156) Net operating (loss)/profit (767) 17,402 11,665 Net (loss)/profit for the financial period/year before tax (767) 17,402 11,665 Non-reclaimable withholding tax (133) (344) (177) Net (loss)/profit for the financial period/year after tax (900) 17,058 11,488 (Decrease)/increase in net s attributable to redeemable participating shareholders from operations (900) 17,058 11,488 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders Year ended 31 July at the beginning of the period/year 77,943 91,924 91,924 (Decrease)/increase in net s attributable to redeemable participating shareholders from operations (900) 17,058 11,488 Share transactions: Proceeds from issue of redeemable participating shares 36,407 3,735 3,734 Payments on redemption of redeemable participating shares - (34,774) (30,725) Increase/(decrease) in net s resulting from share transactions 36,407 (31,039) (26,991) Net s attributable to redeemable participating shareholders at the end of the period/year 113,450 77,943 76,421 The accompanying notes form an integral part of these financial statements. ishares VII plc Interim Report 71

73 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents Margin cash account Receivables Financial s at fair through profit or loss 3 112,860 77,205 75,759 Total current s 113,488 77,964 76,448 CURRENT LIABILITIES Payables (15) (21) (27) Financial liabilities at fair through profit or loss 3 (23) Total current liabilities (38) (21) (27) Net attributable to redeemable participating shareholders at the end of the period/year 113,450 77,943 76,421 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note ishares VII plc Interim Report

74 As at 2014 '000 '000 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Equities Guernsey Insurance 91,148 Resolution Ltd Total Guernsey Ireland Building materials 48,688 CRH Plc Total Ireland Jersey Advertising 89,410 WPP Plc 1, Commercial services 67,700 Experian Plc Distribution & wholesale 17,714 Wolseley Plc Mining 645,039 Glencore Xstrata Plc 2, ,186 Randgold Resources Ltd Oil & gas services 17,523 Petrofac Ltd Pharmaceuticals 37,086 Shire Plc 1, Total Jersey 6, Spain Airlines 136,304 International Consolidated Airlines Group SA Total Spain Switzerland Beverages 13,291 Coca-Cola HBC AG Total Switzerland United Kingdom Aerospace & defense 217,531 BAE Systems Plc ,543 Meggitt Plc United Kingdom (cont) Aerospace & defense (cont) 125,468 Rolls-Royce Group Plc 1, Agriculture 126,731 British American Tobacco Plc 3, ,315 Imperial Tobacco Group Plc 1, Airlines 16,702 easyjet Plc Apparel 29,701 Burberry Group Plc Auto parts & equipments 109,055 GKN Plc Banks 1,077,903 Barclays Plc 2, ,262,844 HSBC Holdings Plc 7, ,242,966 Lloyds Banking Group Plc 2, ,144 Royal Bank of Scotland Group Plc ,549 Standard Chartered Plc 1, Beverages 168,923 Diageo Plc 3, ,405 SABMiller Plc 1, Chemicals 13,729 Johnson Matthey Plc Commercial services 16,915 Aggreko Plc ,149 Ashtead Group Plc ,052 Babcock International Group Plc ,221 Bunzl Plc ,081 Capita Plc ,144 G4S Plc ,755 Intertek Group Plc Diversified financial services 63,202 Aberdeen Asset Management Plc ,782 Hargreaves Lansdown Plc ,990 London Stock Exchange Group Plc ,606 Old Mutual Plc ,664 Schroders Plc Electric 64,227 SSE Plc Entertainment 58,169 William Hill Plc Food 23,369 Associated British Foods Plc ,608 J Sainsbury Plc ,351 Tate & Lyle Plc ishares VII plc Interim Report 73

75 As at 2014 '000 '000 United Kingdom (cont) Food (cont) 539,034 Tesco Plc 1, ,897 Unilever Plc 1, ,878 WM Morrison Supermarkets Plc Food service 120,632 Compass Group Plc 1, Forest products & paper 24,690 Mondi Plc Gas 345,559 Centrica Plc 1, ,207 National Grid Plc 1, Healthcare products 60,111 Smith & Nephew Plc Home builders 20,351 Persimmon Plc Household products & wares 43,258 Reckitt Benckiser Group Plc 1, Insurance 13,464 Admiral Group Plc ,253 Aviva Plc ,959 Legal & General Group Plc ,098 Prudential Plc 2, ,596 RSA Insurance Group Plc ,668 Standard Life Plc Leisure time 12,238 Carnival Plc ,000 TUI Travel Plc Lodging 17,395 InterContinental Hotels Group Plc ,012 Whitbread Plc Machinery - diversified 14,231 Weir Group Plc Media 65,231 British Sky Broadcasting Group Plc ,892 ITV Plc ,516 Pearson Plc ,306 Reed Elsevier Plc Mining 87,606 Anglo American Plc 1, ,053 Antofagasta Plc ,610 BHP Billiton Plc 2, ,117 Fresnillo Plc ,665 Rio Tinto Plc 2, United Kingdom (cont) Miscellaneous manufacture 20,893 IMI Plc ,251 Melrose Industries Plc ,230 Smiths Group Plc Oil & gas 228,210 BG Group Plc 2, ,251,202 BP Plc 5, ,676 Royal Dutch Shell Plc-Class A 5, ,256 Royal Dutch Shell Plc-Class B 3, ,545 Tullow Oil Plc Oil & gas services 20,080 AMEC Plc Packaging & containers 52,908 Rexam Plc Pharmaceuticals 83,658 AstraZeneca Plc 3, ,089 GlaxoSmithKline Plc 5, Real estate investment trusts 67,114 British Land Co Plc ,648 Hammerson Plc ,534 Land Securities Group Plc Retail 158,833 Kingfisher Plc ,805 Marks & Spencer Group Plc ,998 Next Plc ,749 Sports Direct International Plc ,349 Travis Perkins Plc Semiconductors 93,657 ARM Holdings Plc Software 74,297 Sage Group Plc Telecommunications 528,086 BT Group Plc 2, ,266,794 Vodafone Group Plc 7, Transportation 41,922 Royal Mail Plc Water 15,981 Severn Trent Plc ,667 United Utilities Group Plc Total United Kingdom 104, Total equities 112, ishares VII plc Interim Report

76 As at 2014 Investment '000 Financial derivative instruments Futures contracts No. of contracts Underlying exposure 000 Unrealised loss '000 7 FTSE 100 Index Future 21 March (23) (0.02) Total unrealised losses on futures contracts (23) (0.02) Total of investments 112, Cash Other net s Net attributable to redeemable participating shareholders at the end of the period 113, Cash holdings of 273,969 are held with BNY Mellon Trust Company (Ireland) Limited. 141,499 is held as security for futures contracts with Credit Suisse AG. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Market Authority ( ESMA ) and represents the market of an equivalent position in the s underlying each financial derivative instrument. Analysis of total current s gross of all liabilities (unaudited) Fair 000 % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 112, Other s Total current s 113, ishares VII plc Interim Report 75

77 For the period ended 2014 Sales s Purchases Proceeds 000 s 8,000 Croda International Plc ,962 HSBC Holdings Plc 2,803 16,520 John Wood Group Plc 137 1,057,061 Vodafone Group Plc 2,433 22,676 Serco Group Plc ,087 Royal Dutch Shell Plc-Class A 1,942 24,171 BP Plc ,589 BP Plc 1,930 4,008 Royal Dutch Shell Plc-Class B ,073 GlaxoSmithKline Plc 1,703 3,744 Royal Dutch Shell Plc-Class A 78 41,347 British American Tobacco Plc 1,352 4,782 GlaxoSmithKline Plc ,448 Barclays Plc 1,198 2,177 British American Tobacco Plc 70 53,189 Royal Dutch Shell Plc-Class B 1,181 5,978 Vedanta Resources Plc 51 54,571 Diageo Plc 1,079 5,106 HSBC Holdings Plc 35 1,327,991 Lloyds Banking Group Plc 1,028 3,142 Compass Group Plc 29 27,057 AstraZeneca Plc ,084 Vodafone Group Plc 27 73,853 BG Group Plc Shire Plc 27 27,059 Rio Tinto Plc 885 4,615 Aviva Plc 20 45,811 BHP Billiton Plc 852 2,280 Reed Elsevier Plc ,162 Glencore Xstrata Plc 798 8,203 Eurasian Natural Resources Corp Plc 18 55,541 Prudential Plc 712 4,485 Barclays Plc 13 14,020 Reckitt Benckiser Group Plc Diageo Plc 12 84,176 National Grid Plc BG Group Plc 12 26,216 Unilever Plc BHP Billition Plc 11 20,549 SABMiller Plc 640 Cost 000 The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. 76 ishares VII plc Interim Report

78 For the period ended Year ended 31 July Operating income 416 2, Net gains on financial s/liabilities at fair through profit or loss 9,425 5,094 8,889 Total gains 9,841 7,242 9,386 Operating expenses (136) (181) (89) Net operating profit 9,705 7,061 9,297 Net profit for the financial period/year before tax 9,705 7,061 9,297 Non-reclaimable withholding tax (60) (251) (10) Net profit for the financial period/year after tax 9,645 6,810 9,287 Increase in net s attributable to redeemable participating shareholders from operations 9,645 6,810 9,287 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders Year ended 31 July at the beginning of the period/year 57,959 21,039 21,039 Increase in net s attributable to redeemable participating shareholders from operations 9,645 6,810 9,287 Share transactions: Proceeds from issue of redeemable participating shares 104,193 95,909 60,093 Payments on redemption of redeemable participating shares (20,296) (65,799) (41,498) Increase in net s resulting from share transactions 83,897 30,110 18,595 Net s attributable to redeemable participating shareholders at the end of the period/year 151,501 57,959 48,921 The accompanying notes form an integral part of these financial statements. ishares VII plc Interim Report 77

79 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents 3, Margin cash account Receivables Financial s at fair through profit or loss 3 151,478 57,561 48,617 Total current s 154,719 57,974 48,937 CURRENT LIABILITIES Payables (3,218) (15) (16) Total current liabilities (3,218) (15) (16) Net attributable to redeemable participating shareholders at the end of the period/year 151,501 57,959 48,921 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note ishares VII plc Interim Report

80 As at 2014 '000 '000 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Equities Italy Aerospace & defense 241,051 Finmeccanica SpA 1, Apparel 8,517 Tod's SpA Auto manufacturers 537,116 Fiat SpA 3, Auto parts & equipments 209,818 Pirelli & C. SpA 2, Banks 3,761,951 Banca Monte dei Paschi di Siena SpA ,156 Banca Popolare dell'emilia Romagna SC 1, ,041,110 Banca Popolare di Milano Scarl ,114,435 Banco Popolare SC 1, ,951,761 Intesa Sanpaolo SpA 13, ,367 Mediobanca SpA 2, ,814,497 UniCredit SpA 15, ,115 Unione di Banche Italiane SCPA 2, Beverages 178,861 Davide Campari-Milano SpA 1, Building materials 45,878 Buzzi Unicem SpA Commercial services 250,604 Atlantia SpA 4, Diversified financial services 55,494 Azimut Holding SpA 1, Electric 884,022 A2A SpA ,099,499 Enel SpA 13, ,359 Terna Rete Elettrica Nazionale SpA 3, Electrical components & equipments 133,265 Prysmian SpA 2, Energy alternate sources 982,254 Enel Green Power SpA 1, Entertainment 41,422 Gtech Spa Gas 1,321,912 Snam SpA 5, Healthcare products 109,187 Luxottica Group SpA 4, Italy (cont) Insurance 796,661 Assicurazioni Generali SpA 12, ,368 Mediolanum SpA 1, ,320 UnipolSai SpA 1, Internet 33,953 Yoox SpA Investment companies 61,606 Exor SpA 1, Media 424,065 Mediaset SpA 1, Oil & gas 1,274,112 Eni SpA 21, Oil & gas services 157,923 Saipem SpA 2, Retail 80,135 Autogrill SpA ,826 Salvatore Ferragamo SpA ,131 World Duty Free SpA Telecommunications 6,586,559 Telecom Italia SpA 5, Transportation 68,313 Ansaldo STS SpA Total Italy 139, Luxembourg Metal fabricate & hardware 298,119 Tenaris SA 4, Total Luxembourg 4, Netherlands Machinery - diversified 604,477 CNH Industrial NV 4, Semiconductors 374,858 STMicroelectronics NV 2, Total Netherlands 7, Total equities 151, Total of investments 151, Cash 3, ishares VII plc Interim Report 79

81 As at 2014 Fair '000 Other net liabilities (3,218) (2.12) Net attributable to redeemable participating shareholders at the end of the period 151, Substantially all cash positions are held with BNY Mellon Trust Company (Ireland) Limited. Analysis of total current s gross of all liabilities (unaudited) Fair 000 % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 151, Other s 3, Total current s 154, ishares VII plc Interim Report

82 For the period ended 2014 Sales s Purchases Proceeds 000 s 174,674 Eni SpA 3, ,920 Eni SpA 16, ,860 UniCredit SpA 2,523 2,003,124 UniCredit SpA 11, ,307 Assicurazioni Generali SpA 2, ,851 Assicurazioni Generali SpA 9, ,119 Enel SpA 2,138 2,917,791 Enel SpA 9,497 1,286,814 Intesa Sanpaolo SpA 2,136 4,948,112 Intesa Sanpaolo SpA 9,062 55,118 Tenaris SA ,671 Snam SpA 3, ,036 Snam SpA ,319 CNH Industrial NV 3,627 20,245 Luxottica Group SpA ,057 Tenaris SA 3,524 82,036 Fiat Industrial SpA 776 4,686,248 Telecom Italia SpA 3,460 1,219,690 Telecom Italia SpA ,115 Atlantia SpA 3,287 99,521 Fiat SpA ,704 Luxottica Group SpA 3, ,147 Terna Rete Elettrica Nazionale SpA ,186 Fiat SpA 2,408 33,826 Atlantia SpA ,845 Terna Rete Elettrica Nazionale SpA 2,291 29,378 Saipem SpA ,219 Unione di Banche Italiane SCPA 1,988 69,888 STMicroelectronics NV ,235 Pirelli & C. SpA 1,915 13,617 DiaSorin SpA ,666 Saipem SpA 1,878 24,864 Prysmian SpA ,929 Prysmian SpA 1, ,824 Parmalat SpA ,599 STMicroelectronics NV 1, ,573 Unione di Banche Italiane SCPA ,946 Mediobanca SpA 1,448 11,578 Exor SpA ,935 Exor SpA 1,280 Cost 000 The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. ishares VII plc Interim Report 81

83 For the period ended Year ended 31 July Operating income Net gains on financial s/liabilities at fair through profit or loss 1,821 4,051 2,793 Total gains 1,922 4,502 2,992 Operating expenses** (31) (137) (68) Net operating profit 1,891 4,365 2,924 Net profit for the financial period/year before tax 1,891 4,365 2,924 Non-reclaimable withholding tax 18 (74) (31) Net profit for the financial period/year after tax 1,909 4,291 2,893 Increase in net s attributable to redeemable participating shareholders from operations 1,909 4,291 2,893 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to discontinued operations. For the period ended 2014 Net s attributable to redeemable participating shareholders 2014 Year ended 31 July at the beginning of the period/year 20,065 20,147 20,147 Increase in net s attributable to redeemable participating shareholders from operations 1,909 4,291 2,893 Share transactions: Proceeds from issue of redeemable participating shares - 2,354 1 Payments on redemption of redeemable participating shares (21,974) (6,727) (1,008) Decrease in net s resulting from share transactions (21,974) (4,373) (1,007) Net s attributable to redeemable participating shareholders at the end of the period/year - 20,065 22,033 * The Fund closed on 24 October. ** Termination expenses are included in operating expenses as part of the TER. The accompanying notes form an integral part of these financial statements. 82 ishares VII plc Interim Report

84 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents Receivables Financial s at fair through profit or loss 3-19,955 21,981 Total current s - 20,076 22,045 CURRENT LIABILITIES Payables - (11) (12) Total current liabilities - (11) (12) Net attributable to redeemable participating shareholders at the end of the period/year - 20,065 22,033 * The Fund closed on 24 October. The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note 2. ishares VII plc Interim Report 83

85 For the period ended 2014 Sales s 122,422 Applied Materials Inc 2, ,856 Iberdrola SA 1,675 5,884 LG Chem Ltd 1,668 41,279 Archer-Daniels-Midland Co 1,615 18,397 NextEra Energy Inc 1, ,653 EDP - Energias de Portugal SA 1,177 56,996 BG Group PLC 1, ,000 Wilmar International Ltd 1, ,085 Gazprom OAO 948 8,383 Anadarko Petroleum Corp 804 9,160 Bunge Ltd 746 4,044 Samsung SDI Co Ltd ,670 Novozymes A/S 655 6,514 Apache Corp 585 5,970 Wacker Chemie AG 583 1,772,000 GCL-Poly Energy Holdings Ltd ,044 First Solar Inc ,837 TransCanada Corp ,132 Enel Green Power SpA 505 2,730 OCI Co Ltd 491 Purchases** Proceeds s Cost * The Fund closed on 24 October. ** For this Fund there were no purchases during the period. The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. 84 ishares VII plc Interim Report

86 For the period ended Year ended 31 July Operating income 671 2,108 1,200 Net gains on financial s/liabilities at fair through profit or loss 394 1,620 5,684 Total gains 1,065 3,728 6,884 Operating expenses (73) (216) (118) Net operating profit 992 3,512 6,766 Net profit for the financial period/year before tax 992 3,512 6,766 Non-reclaimable withholding tax (7) (18) (9) Net profit for the financial period/year after tax 985 3,494 6,757 Increase in net s attributable to redeemable participating shareholders from operations 985 3,494 6,757 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders 2014 Year ended 31 July at the beginning of the period/year 24,997 45,827 45,827 Increase in net s attributable to redeemable participating shareholders from operations 985 3,494 6,757 Share transactions: Proceeds from issue of redeemable participating shares 3,330 7,026 3,201 Payments on redemption of redeemable participating shares (3,869) (31,350) (6,410) Decrease in net s resulting from share transactions (539) (24,324) (3,209) Net s attributable to redeemable participating shareholders at the end of the period/year 25,443 24,997 49,375 The accompanying notes form an integral part of these financial statements. ishares VII plc Interim Report 85

87 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents Margin cash account Receivables Financial s at fair through profit or loss 3 25,394 24,785 49,207 Total current s 25,455 25,009 49,406 CURRENT LIABILITIES Bank overdraft - - (10) Payables (12) (12) (21) Total current liabilities (12) (12) (31) Net attributable to redeemable participating shareholders at the end of the period/year 25,443 24,997 49,375 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note ishares VII plc Interim Report

88 As at 2014 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Equities Australia Airlines 32,407 Qantas Airways Ltd Banks 74,544 Australia & New Zealand Banking Group Ltd 1, ,535 Bank of Queensland Ltd ,045 Bendigo and Adelaide Bank Ltd ,808 Commonwealth Bank of Australia 2, ,808 National Australia Bank Ltd 1, ,335 Westpac Banking Corp 2, Beverages 15,460 Coca-Cola Amatil Ltd ,232 Treasury Wine Estates Ltd Biotechnology 13,238 CSL Ltd Building materials 21,491 Boral Ltd Chemicals 43,983 Incitec Pivot Ltd Commercial services 42,149 Brambles Ltd ,075 Transurban Group Computers 12,736 Computershare Ltd Diversified financial services 5,201 ASX Ltd ,818 Macquarie Group Ltd Electric 14,998 AGL Energy Ltd ,735 Origin Energy Ltd ,418 SP AusNet Engineering & construction 4,993 Leighton Holdings Ltd ,942 Sydney Airport ,607 WorleyParsons Ltd Entertainment 21,574 Tabcorp Holdings Ltd ,072 Tatts Group Ltd Food 24,571 Metcash Ltd ,957 Woolworths Ltd 1, Australia (cont) Healthcare products 1,591 Cochlear Ltd Healthcare services 3,530 Ramsay Health Care Ltd ,264 Sonic Healthcare Ltd Insurance 79,670 AMP Ltd ,313 Insurance Australia Group Ltd ,099 QBE Insurance Group Ltd ,873 Suncorp-Metway Ltd Internet 9,386 Seek Ltd Iron & steel 42,119 Fortescue Metals Group Ltd Leisure time 1,577 Flight Centre Travel Group Ltd Lodging 10,808 Crown Resorts Ltd ,328 Echo Entertainment Group Ltd Mining 71,129 Alumina Ltd ,252 BHP Billiton Ltd 2, ,176 Iluka Resources Ltd ,762 Newcrest Mining Ltd ,950 Orica Ltd ,823 Rio Tinto Ltd Miscellaneous manufacture 10,307 ALS Ltd/Queensland Oil & gas 3,974 Caltex Australia Ltd ,333 Santos Ltd ,875 Woodside Petroleum Ltd Packaging & containers 32,608 Amcor Ltd/Australia Pipelines 22,514 APA Group Real estate 14,718 Lend Lease Group ,410 REA Group Ltd Real estate investment trusts 57,460 CFS Retail Property Trust Group ,493 Dexus Property Group ,740 Federation Centres Ltd ,341 Goodman Group ishares VII plc Interim Report 87

89 As at 2014 Australia (cont) Real estate investment trusts (cont) 46,732 GPT Group ,721 Mirvac Group ,425 Stockland ,197 Westfield Group ,878 Westfield Retail Trust Retail 14,979 Harvey Norman Holdings Ltd ,998 Wesfarmers Ltd Telecommunications 118,493 Telstra Corp Ltd Transportation 26,255 Asciano Ltd ,719 Aurizon Holdings Ltd ,897 Toll Holdings Ltd Total Australia 25, Ireland Building materials 11,993 James Hardie Industries Plc Total Ireland Total equities 25, Total of investments 25, Cash Other net s Net attributable to redeemable participating shareholders at the end of the period 25, Cash holdings of $25,239 are held with BNY Mellon Trust Company (Ireland) Limited. $37 is held as security for futures contracts with Credit Suisse AG. Analysis of total current s gross of all liabilities (unaudited) Fair % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 25, Other s Total current s 25, ishares VII plc Interim Report

90 For the period ended 2014 Sales s Purchases Proceeds s 5,878 Commonwealth Bank of Australia 429 6,849 Commonwealth Bank of Australia ,711 BHP Billiton Ltd ,300 BHP Billiton Ltd ,317 Westpac Banking Corp ,998 Westpac Banking Corp ,006 Australia & New Zealand Banking Group Ltd ,478 Australia & New Zealand Banking Group Ltd 305 8,544 National Australia Bank Ltd 287 9,948 National Australia Bank Ltd 280 3,983 Wesfarmers Ltd 161 5,337 Woolworths Ltd 162 4,542 Woolworths Ltd 146 4,064 Wesfarmers Ltd 149 1,793 CSL Ltd 113 1,903 Rio Tinto Ltd 100 1,589 Rio Tinto Ltd 98 1,667 CSL Ltd 99 2,404 Woodside Petroleum Ltd 89 8,535 Bank of Queensland Ltd 96 15,880 Telstra Corp Ltd 77 19,450 Telstra Corp Ltd 88 7,601 Westfield Group 77 5,896 QBE Insurance Group Ltd 85 4,376 QBE Insurance Group Ltd 60 2,471 Woodside Petroleum Ltd 85 4,692 Suncorp Group Ltd 59 15,120 Insurance Australia Group Ltd 78 1,115 Macquarie Group Ltd 56 6,658 Westfield Group 67 4,004 Origin Energy Ltd 54 5,594 Suncorp Group Ltd 63 3,525 Santos Ltd 50 16,952 Sydney Airport 62 5,679 Brambles Ltd 49 6,676 Brambles Ltd 55 10,737 AMP Ltd 47 4,913 Origin Energy Ltd 55 4,400 Amcor Ltd/Australia 45 1,315 Macquarie Group Ltd 53 Cost The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. ishares VII plc Interim Report 89

91 For the period ended Year ended 31 July Operating income 354 2,371 1,193 Net (losses)/gains on financial s/liabilities at fair through profit or loss (1,165) (8,356) 5,573 Total (losses)/gains (811) (5,985) 6,766 Operating expenses (68) (399) (223) Net operating (loss)/profit (879) (6,384) 6,543 Net (loss)/profit for the financial period/year before tax (879) (6,384) 6,543 Non-reclaimable withholding tax (51) (157) (45) Net (loss)/profit for the financial period/year after tax (930) (6,541) 6,498 (Decrease)/increase in net s attributable to redeemable participating shareholders from operations (930) (6,541) 6,498 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders 2014 Year ended 31 July at the beginning of the period/year 21,396 69,206 69,206 (Decrease)/increase in net s attributable to redeemable participating shareholders from operations (930) (6,541) 6,498 Share transactions: Proceeds from issue of redeemable participating shares - 6,837 6 Payments on redemption of redeemable participating shares (5,680) (48,106) (4,461) Decrease in net s resulting from share transactions (5,680) (41,269) (4,455) Net s attributable to redeemable participating shareholders at the end of the period/year 14,786 21,396 71,249 The accompanying notes form an integral part of these financial statements. 90 ishares VII plc Interim Report

92 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents Receivables Financial s at fair through profit or loss 3 14,587 21,106 70,840 Total current s 14,796 21,408 71,288 CURRENT LIABILITIES Payables (10) (12) (39) Total current liabilities (10) (12) (39) Net attributable to redeemable participating shareholders at the end of the period/year 14,786 21,396 71,249 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note 2. ishares VII plc Interim Report 91

93 As at 2014 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Equities Brazil Aerospace & defense 23,876 Embraer SA Agriculture 15,460 Souza Cruz SA Banks 25,494 Banco Bradesco SA ,092 Banco do Brasil SA ,436 Banco Santander Brasil SA/Brazil Beverages 189,540 AMBEV SA 1, Building materials 11,074 Duratex SA Chemicals 13,212 Ultrapar Participacoes SA Commercial services 15,744 Anhanguera Educacional Participacoes SA ,528 CCR SA ,348 Cielo SA ,696 EcoRodovias Infraestrutura e Logistica SA ,800 Estacio Participacoes SA ,540 Kroton Educacional SA ,639 Localiza Rent a Car SA ,088 Qualicorp SA Cosmetics & personal care 6,916 Natura Cosmeticos SA Diversified financial services 75,888 BM&FBovespa SA ,848 CETIP SA - Mercados Organizados Electric 10,644 Centrais Eletricas Brasileiras SA ,696 CPFL Energia SA ,584 EDP - Energias do Brasil SA ,560 Tractebel Energia SA ,840 Transmissora Alianca de Energia Eletrica SA Engineering & construction 3,232 Multiplan Empreendimentos Imobiliarios SA Food 26,384 BRF SA ,880 Cosan SA Industria e Comercio Brazil (cont) Food (cont) 29,864 JBS SA ,340 M Dias Branco SA Forest products & paper 10,076 Fibria Celulose SA Home builders 13,492 MRV Engenharia e Participacoes SA Insurance 24,196 BB Seguridade Participacoes SA ,568 Odontoprev SA ,596 Porto Seguro SA ,314 Sul America SA Iron & steel 29,420 Cia Siderurgica Nacional SA ,588 Vale SA Machinery - diversified 8,756 WEG SA Oil & gas 120,024 Petroleo Brasileiro SA Pharmaceuticals 14,028 Hypermarcas SA Real estate 16,636 BR Malls Participacoes SA ,304 BR Properties SA ,904 Cyrela Brazil Realty SA Empreendimentos e Participacoes Retail 5,144 Lojas Americanas SA ,004 Lojas Renner SA ,752 Raia Drogasil SA Software 4,912 Totvs SA Telecommunications 34,084 Tim Participacoes SA Textiles 5,632 Cia Hering Transportation 17,856 ALL - America Latina Logistica SA Water 13,852 Cia de Saneamento Basico do Estado de Sao Paulo ,384 Cia de Saneamento de Minas Gerais- COPASA Total Brazil 8, Total equities 8, ishares VII plc Interim Report

94 As at 2014 Preferred stock Brazil Auto parts & equipments 17,760 Marcopolo SA Banks 84,838 Banco Bradesco SA ,424 Banco do Estado do Rio Grande do Sul SA ,266 Itau Unibanco Holding SA 1, Chemicals 6,356 Braskem SA Electric 4,060 AES Tiete SA ,244 Centrais Eletricas Brasileiras SA ,621 Cia Energetica de Minas Gerais ,676 Cia Energetica de Sao Paulo ,940 Cia Paranaense de Energia Food 5,648 Cia Brasileira de Distribuicao Grupo Pao de Acucar Forest products & paper 19,512 Klabin SA ,624 Suzano Papel e Celulose SA Holding companies - diversified 115,292 Itausa - Investimentos Itau SA Investment companies 9,100 Bradespar SA Iron & steel 34,688 Gerdau SA ,020 Metalurgica Gerdau SA ,188 Usinas Siderurgicas de Minas Gerais SA ,568 Vale SA Oil & gas 169,504 Petroleo Brasileiro SA 1, Retail 16,364 Lojas Americanas SA Telecommunications 28,607 Oi SA ,984 Telefonica Brasil SA Total Brazil 6, Total preferred stock 6, Total of investments 14, Cash Other net s Net attributable to redeemable participating shareholders at the end of the period 14, Substantially all cash positions are held with BNY Mellon Trust Company (Ireland) Limited. Analysis of total current s gross of all liabilities (unaudited) Fair % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 14, Other s Total current s 14, ishares VII plc Interim Report 93

95 For the period ended 2014 Sales s Purchases Proceeds s 35,900 Itau Unibanco Holding SA - PREF ,400 AMBEV SA ,700 Petroleo Brasileiro SA - PREF ,400 Estacio Participacoes SA ,700 Banco Bradesco SA - PREF ,391 Eneva SA 58 27,700 Vale SA - PREF Cia Brasileira de Distribuicao Grupo Pao 43,800 Petroleo Brasileiro SA 325 de Acucar - PREF 42 19,400 Vale SA 290 2,300 Itau Unibanco Holding SA - PREF 31 6,600 Cia de Bebidas das Americas - PREF 241 3,100 Petroleo Brasileiro SA - PREF 24 9,600 BRF SA 203 1,700 Banco Bradesco SA - PREF 22 42,900 Itausa - Investimentos Itau SA - PREF 161 1,500 Vale SA - PREF 21 21,700 AMBEV SA 146 1,300 Vale SA 20 4,900 Cielo SA 137 2,500 Petroleo Brasileiro SA 19 9,600 Banco Bradesco SA Ultrapar Participacoes SA 17 26,700 BM&FBovespa SA 126 1,000 Banco Bradesco SA 15 5,000 Ultrapar Participacoes SA Cia de Bebidas das Americas - PREF 15 13,200 Banco Santander Brasil SA/Brazil BRF SA 10 13,900 CCR SA 101 2,000 Itausa - Investimentos Itau SA - PREF 8 12,300 Gerdau SA 92 1,400 BM&FBovespa SA 8 2,000 Cia Brasileira de Distribuicao Grupo Pao 900 CCR SA 7 de Acucar - PREF Gerdau SA 7 8,000 Banco do Brasil SA Telefonica Brasil SA - PREF 6 8,700 BB Seguridade Participacoes SA 85 2,011 MPX Energia SA - Rights 09-Aug-13 6 Cost The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. 94 ishares VII plc Interim Report

96 For the period ended Year ended 31 July Operating income 3,864 6,891 3,247 Net gains on financial s/liabilities at fair through profit or loss 23,308 13,446 16,462 Total gains 27,172 20,337 19,709 Operating expenses (608) (1,031) (504) Net operating profit 26,564 19,306 19,205 Net profit for the financial period/year before tax 26,564 19,306 19,205 Non-reclaimable withholding tax (559) (1,005) (466) Net profit for the financial period/year after tax 26,005 18,301 18,739 Increase in net s attributable to redeemable participating shareholders from operations 26,005 18,301 18,739 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders 2014 Year ended 31 July at the beginning of the period/year 265, , ,860 Increase in net s attributable to redeemable participating shareholders from operations 26,005 18,301 18,739 Share transactions: Proceeds from issue of redeemable participating shares 28, ,877 77,970 Payments on redemption of redeemable participating shares (85,435) (85,534) (19,420) Increase in net s resulting from share transactions (57,208) 87,343 58,550 Net s attributable to redeemable participating shareholders at the end of the period/year 234, , ,149 The accompanying notes form an integral part of these financial statements. ishares VII plc Interim Report 95

97 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents 7, ,296 Margin cash account Receivables 3,571 35, Financial s at fair through profit or loss 3 232, , ,232 Total current s 244, , ,245 CURRENT LIABILITIES Payables (9,700) (35,046) (96) Financial liabilities at fair through profit or loss 3 (37) Total current liabilities (9,737) (35,046) (96) Net attributable to redeemable participating shareholders at the end of the period/year 234, , ,149 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note ishares VII plc Interim Report

98 As at 2014 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Equities Canada Aerospace & defense 43,410 CAE Inc Apparel 19,245 Gildan Activewear Inc 1, Auto parts & equipments 37,935 Magna International Inc 3, Banks 107,427 Bank of Montreal 7, ,113 Bank of Nova Scotia 12, ,527 Canadian Imperial Bank of Commerce/Canada 5, ,025 National Bank of Canada 2, ,507 Royal Bank of Canada 16, ,282 Toronto-Dominion Bank 14, Chemicals 24,559 Agrium Inc 2, ,858 Methanex Corp 1, ,172 Potash Corp of Saskatchewan Inc 5, Computers 78,454 BlackBerry Ltd ,473 CGI Group Inc 1, Diversified financial services 25,966 CI Financial Corp ,768 IGM Financial Inc Electric 12,686 Atco Ltd/Canada ,275 Fortis Inc/Canada 1, ,355 TransAlta Corp Engineering & construction 25,215 SNC-Lavalin Group Inc 1, Food 9,166 Empire Co Ltd ,518 George Weston Ltd ,767 Loblaw Cos Ltd ,446 Metro Inc ,950 Saputo Inc 1, Gas 19,556 Canadian Utilities Ltd ,042 Keyera Corp Canada (cont) Hand & Machine Tools 28,606 Finning International Inc Insurance 1,736 Fairfax Financial Holdings Ltd ,860 Great-West Lifeco Inc 1, ,449 Industrial Alliance Insurance & Financial Services Inc ,896 Intact Financial Corp 1, ,648 Manulife Financial Corp 6, ,157 Power Corp of Canada 1, ,409 Power Financial Corp 1, ,779 Sun Life Financial Inc 3, Media 64,341 Shaw Communications Inc 1, ,105 Thomson Reuters Corp 2, Mining 28,756 Agnico Eagle Mines Ltd ,680 Barrick Gold Corp 4, ,768 Cameco Corp 1, ,907 Eldorado Gold Corp ,343 First Quantum Minerals Ltd 1, ,427 Franco-Nevada Corp 1, ,034 Goldcorp Inc 3, ,955 Kinross Gold Corp ,548 New Gold Inc ,021 Silver Wheaton Corp 1, ,272 Teck Resources Ltd 2, ,828 Turquoise Hill Resources Ltd ,214 Yamana Gold Inc 1, Miscellaneous manufacture 240,045 Bombardier Inc Oil & gas 51,874 ARC Resources Ltd 1, ,294 Athabasca Oil Corp ,637 Baytex Energy Corp ,843 Canadian Natural Resources Ltd 6, ,582 Canadian Oil Sands Ltd 1, ,700 Cenovus Energy Inc 3, ,566 Crescent Point Energy Corp 2, ,716 Encana Corp 2, ,301 Enerplus Corp ,194 Husky Energy Inc 1, ,341 Imperial Oil Ltd 2, ishares VII plc Interim Report 97

99 As at 2014 Investment Fair Canada (cont) Oil & gas (cont) 23,984 MEG Energy Corp ,100 Pacific Rubiales Energy Corp ,121 Pengrowth Energy Corp ,656 Penn West Petroleum Ltd ,501 Peyto Exploration & Development Corp ,617 Suncor Energy Inc 9, ,059 Talisman Energy Inc 2, ,078 Tourmaline Oil Corp 1, ,048 Vermilion Energy Inc Pharmaceuticals 34,285 Catamaran Corp 1, ,692 Valeant Pharmaceuticals International Inc 7, Pipelines 19,714 AltaGas Ltd ,458 Enbridge Inc 6, ,613 Pembina Pipeline Corp 1, ,585 TransCanada Corp 5, Private equity 15,094 Onex Corp Real estate 92,081 Brookfield Asset Management Inc 3, ,247 Brookfield Office Properties Inc ,650 First Capital Realty Inc Real estate investment trusts 21,336 H&R Real Estate Investment Trust ,596 RioCan Real Estate Investment Trust Retail 23,008 Alimentation Couche Tard Inc 1, ,798 Canadian Tire Corp Ltd 1, ,343 Dollarama Inc ,276 Shoppers Drug Mart Corp 1, ,121 Tim Hortons Inc 1, Software 9,822 Open Text Corp 1, Telecommunications 42,600 BCE Inc 1, ,541 Bell Aliant Inc ,218 Rogers Communications Inc 2, ,891 TELUS Corp 1, Transportation 139,933 Canadian National Railway Co 8, ,123 Canadian Pacific Railway Ltd 4, Total Canada 232, Total equities 232, Financial derivative instruments Futures contracts No. of contracts Underlying exposure Unrealised loss 10 S&P/TSX 60 Index Future 20 March ,568 (37) (0.01) Total unrealised losses on futures contracts (37) (0.01) Total of investments 232, Cash 8, Other net liabilities (6,129) (2.62) Net attributable to redeemable participating shareholders at the end of the period 234, Cash holdings of $7,689,125 are held with BNY Mellon Trust Company (Ireland) Limited. $415,300 is held as security for futures contracts with Credit Suisse AG. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Market Authority ( ESMA ) and represents the market of an equivalent position in the s underlying each financial derivative instrument. Analysis of total current s gross of all liabilities (unaudited) Fair % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 232, Other s 11, Total current s 244, ishares VII plc Interim Report

100 For the period ended 2014 Sales s Proceeds Purchases s 95,550 Royal Bank of Canada 6,513 30,576 Royal Bank of Canada 2,128 61,001 Toronto-Dominion Bank 5,741 20,123 Toronto-Dominion Bank 1,924 77,851 Bank of Nova Scotia 4,842 27,044 Bank of Nova Scotia 1, ,543 Suncor Energy Inc 3,656 18,424 Methanex Corp 1,193 40,043 Canadian National Railway Co 3,186 29,468 Suncor Energy Inc 1,086 42,939 Bank of Montreal 2,980 55,487 Barrick Gold Corp 1,082 72,111 Canadian Natural Resources Ltd 2,429 12,061 Canadian National Railway Co ,479 Manulife Financial Corp 2,286 7,475 Valeant Pharmaceuticals International Inc ,191 Valeant Pharmaceuticals International Inc 2,276 13,100 Bank of Montreal ,238 Canadian Imperial Bank of Commerce/Canada 2,275 20,013 Enbridge Inc ,755 Enbridge Inc 2,227 2,038 Fairfax Financial Holdings Ltd ,405 TransCanada Corp 2,158 41,887 Manulife Financial Corp ,529 Potash Corp of Saskatchewan Inc 1,852 22,605 Canadian Natural Resources Ltd ,413 Canadian Pacific Railway Ltd 1,689 15,470 TransCanada Corp ,612 Cenovus Energy Inc 1,499 8,195 Canadian Imperial Bank of Commerce/Canada ,486 Brookfield Asset Management Inc 1,435 18,660 Potash Corp of Saskatchewan Inc ,322 Magna International Inc 1,385 3,855 Canadian Pacific Railway Ltd ,090 Sun Life Financial Inc 1,380 16,301 Cenovus Energy Inc ,543 Goldcorp Inc 1,360 13,639 Sun Life Financial Inc ,535 Barrick Gold Corp 1,324 11,332 Brookfield Asset Management Inc 466 Cost The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. ishares VII plc Interim Report 99

101 For the period ended Year ended 31 July Operating income 130 1, Net (losses)/gains on financial s/liabilities at fair through profit or loss (2,604) (8,782) 3,719 Total (losses)/gains (2,474) (7,779) 4,031 Operating expenses (67) (291) (149) Net operating (loss)/profit (2,541) (8,070) 3,882 Net (loss)/profit for the financial period/year before tax (2,541) (8,070) 3,882 Non-reclaimable withholding tax (21) (214) (61) Net (loss)/profit for the financial period/year after tax (2,562) (8,284) 3,821 Adjustment to align to the valuation methodology as set out in the prospectus (Decrease)/increase in net s attributable to redeemable participating shareholders from operations (2,424) (8,284) 3,821 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders 2014 Year ended 31 July at the beginning of the period/year 34,079 44,528 44,528 (Decrease)/increase in net s attributable to redeemable participating shareholders from operations (2,424) (8,284) 3,821 Share transactions: Proceeds from issue of redeemable participating shares - 7,914 2,517 Payments on redemption of redeemable participating shares (18,295) (10,079) (6) (Decrease)/increase in net s resulting from share transactions (18,295) (2,165) 2,511 Net s attributable to redeemable participating shareholders at the end of the period/year 13,360 34,079 50,860 The accompanying notes form an integral part of these financial statements. 100 ishares VII plc Interim Report

102 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents Receivables Financial s at fair through profit or loss 3 13,209 33,996 50,727 Total current s 13,369 34,099 50,887 CURRENT LIABILITIES Payables (147) (20) (27) Total current liabilities (147) (20) (27) Net attributable to redeemable participating shareholders 13,222 34,079 50,860 Adjustment to align to the valuation methodology as set out in the prospectus Net attributable to redeemable participating shareholders at the end of the period/year 13,360 34,079 50,860 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note 2. ishares VII plc Interim Report 101

103 As at 2014 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Equities Chile Airlines 81,972 Latam Airlines Group SA 1, Banks 5,834,562 Banco de Chile ,053 Banco de Credito e Inversiones ,518,927 Banco Santander Chile ,096,455 Corpbanca SA Beverages 37,022 Cia Cervecerias Unidas SA ,136 Vina Concha y Toro SA Electric 605,523 AES Gener SA ,976,758 Colbun SA ,940 E.CL SA ,652 Empresa Nacional de Electricidad SA/Chile 1, ,917,955 Enersis SA 1, Food 281,173 Cencosud SA Forest products & paper 296,500 Empresas CMPC SA Holding companies - diversified 113,938 Empresas COPEC SA 1, Iron & steel 18,705 CAP SA Retail 181,954 SACI Falabella 1, Telecommunications 29,621 ENTEL Chile SA Water 582,257 Aguas Andinas SA Total Chile 12, Chile (cont) Chemicals 24,117 Sociedad Quimica y Minera de Chile SA Total Chile Total preferred stock Total of investments 13, Cash Other net liabilities (33) (0.24) Net attributable to redeemable participating shareholders 13, Adjustment to align to the valuation methodology as set out in the prospectus Net attributable to redeemable participating shareholders at the end of the period 13, Substantially all cash positions are held with BNY Mellon Trust Company (Ireland) Limited. Analysis of total current s gross of all liabilities (unaudited) Fair % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 13, Other s Total current s 13, ,972 Total equities 12, Preferred stock Chile Beverages 64,907 Embotelladora Andina SA ishares VII plc Interim Report

104 For the period ended 2014 Sales s Purchases Proceeds s 223,608 SACI Falabella 2,128 24,436 Latam Airlines Group SA 381 6,056,669 Enersis SA 1,923 10,915 Cia Cervecerias Unidas SA ,297 Empresas COPEC SA 1,916 1,188,715 Banco de Chile ,251 Cencosud SA 1,522 3,015 SACI Falabella 28 1,011,669 Empresa Nacional de Electricidad SA/Chile 1,422 1,865 Empresas COPEC SA 25 90,039 Latam Airlines Group SA 1,267 81,792 Enersis SA 25 20,332,935 Banco Santander Chile 1,197 13,456 Empresa Nacional de Electricidad SA/Chile ,884 Empresas CMPC SA 1, ,644 Banco Santander Chile 15 5,691,093 Banco de Chile 833 3,374 Cencosud SA 12 29,799 Sociedad Quimica y Minera de Chile SA 831 4,661 Empresas CMPC SA 12 2,433,069 Colbun SA Sociedad Quimica y Minera de Chile SA 12 36,572 Empresa Nacional de Electricidad SA/Chile ,279 Corpbanca SA 9 9,936 Banco de Credito e Inversiones Banco de Credito e Inversiones 9 720,334 Aguas Andinas SA ,187 Aguas Andinas SA 9 23,161 CAP SA ,628 AES Gener SA 8 35,761 Cia Cervecerias Unidas SA Empresa Nacional de Electricidad SA/Chile 8 752,015 AES Gener SA ,499 Colbun SA 8 42,187,207 Corpbanca SA CAP SA 8 81,039 Embotelladora Andina SA 427 1,563 Embotelladora Andina SA 8 138,615 Vina Concha y Toro SA 255 2,110 Vina Concha y Toro SA 4 Cost The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. ishares VII plc Interim Report 103

105 For the period ended Year ended 31 July Operating income 433 1, Net gains on financial s/liabilities at fair through profit or loss 471 1,930 7,610 Total gains 904 3,387 8,048 Operating expenses (162) (406) (209) Net operating profit 742 2,981 7,839 Net profit for the financial period/year before tax 742 2,981 7,839 Non-reclaimable withholding tax (65) (217) (91) Net profit for the financial period/year after tax 677 2,764 7,748 Increase in net s attributable to redeemable participating shareholders from operations 677 2,764 7,748 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders 2014 Year ended 31 July at the beginning of the period/year 49,831 62,321 62,321 Increase in net s attributable to redeemable participating shareholders from operations 677 2,764 7,748 Share transactions: Proceeds from issue of redeemable participating shares 11,336 5,468 5,387 Payments on redemption of redeemable participating shares (10,938) (20,722) (4,910) Increase/(decrease) in net s resulting from share transactions 398 (15,254) 477 Net s attributable to redeemable participating shareholders at the end of the period/year 50,906 49,831 70,546 The accompanying notes form an integral part of these financial statements. 104 ishares VII plc Interim Report

106 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents Receivables Financial s at fair through profit or loss 3 50,763 49,375 70,365 Total current s 50,938 49,863 70,591 CURRENT LIABILITIES Payables (32) (32) (45) Total current liabilities (32) (32) (45) Net attributable to redeemable participating shareholders at the end of the period/year 50,906 49,831 70,546 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note 2. ishares VII plc Interim Report 105

107 As at 2014 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Equities Bermuda Auto manufacturers 91,094 Brilliance China Automotive Holdings Ltd Diversified financial services 61,414 COSCO Pacific Ltd Gas 109,954 China Gas Holdings Ltd Oil & gas 101,809 Kunlun Energy Co Ltd Total Bermuda Cayman Islands Chemicals 20,612 Kingboard Chemical Holdings Ltd Food 49,386 China Mengniu Dairy Co Ltd ,379 Tingyi Cayman Islands Holding Corp ,019 Want Want China Holdings Ltd Gas 25,430 ENN Energy Holdings Ltd Healthcare products 19,992 Hengan International Group Co Ltd Internet 24,402 Tencent Holdings Ltd 1, Real estate 53,021 Agile Property Holdings Ltd ,415 China Resources Land Ltd ,957 Country Garden Holdings Co Ltd ,501 Evergrande Real Estate Group Ltd ,061 Longfor Properties Co Ltd ,597 Shimao Property Holdings Ltd ,833 Shui On Land Ltd ,655 SOHO China Ltd Retail 121,472 Belle International Holdings Ltd ,510 Golden Eagle Retail Group Ltd Semiconductors 8,000 MStar Semiconductor Inc Total Cayman Islands 3, China Airlines 92,757 Air China Ltd Auto manufacturers 72,451 Dongfeng Motor Group Co Ltd ,488 Great Wall Motor Co Ltd Auto parts & equipments 15,969 Weichai Power Co Ltd Banks 506,997 Agricultural Bank of China Ltd ,738,294 Bank of China Ltd ,244 Bank of Communications Co Ltd ,200 China CITIC Bank Corp Ltd ,652,558 China Construction Bank Corp 1, ,261 China Merchants Bank Co Ltd ,746 China Minsheng Banking Corp Ltd ,700,386 Industrial & Commercial Bank of China Ltd 1, Beverages 18,000 Tsingtao Brewery Co Ltd Building materials 35,806 Anhui Conch Cement Co Ltd ,327 China National Building Material Co Ltd Coal 117,392 China Coal Energy Co Ltd ,005 China Shenhua Energy Co Ltd ,897 Yanzhou Coal Mining Co Ltd Energy alternate sources 107,000 China Longyuan Power Group Corp Engineering & construction 131,472 China Communications Construction Co Ltd ,501 China Railway Group Ltd Healthcare products 65,897 Shandong Weigao Group Medical Polymer Co Ltd Insurance 180,128 China Life Insurance Co Ltd ,780 China Pacific Insurance Group Co Ltd ,809 PICC Property & Casualty Co Ltd ,583 Ping An Insurance Group Co of China Ltd Machinery - construction & mining 37,501 Zoomlion Heavy Industry Science and Technology Co Ltd ishares VII plc Interim Report

108 As at 2014 China (cont) Machinery - diversified 64,495 CSR Corp Ltd Mining 44,984 Jiangxi Copper Co Ltd ,141 Zijin Mining Group Co Ltd Oil & gas 618,086 China Petroleum & Chemical Corp ,319 PetroChina Co Ltd Oil & gas services 60,539 China Oilfield Services Ltd Pharmaceuticals 35,395 Sinopharm Group Co Ltd Telecommunications 360,095 China Telecom Corp Ltd ,213 ZTE Corp Total China 8, Hong Kong Computers 159,457 Lenovo Group Ltd Electric 56,057 China Resources Power Holdings Co Ltd Gas 19,532 Beijing Enterprises Holdings Ltd Holding companies - diversified 38,466 China Merchants Holdings International Co Ltd Iron & steel 49,977 CITIC Pacific Ltd Oil & gas 428,072 CNOOC Ltd Real estate 106,757 China Overseas Land & Investment Ltd ,948 Shanghai Industrial Holdings Ltd ,909 Sino-Ocean Land Holdings Ltd Retail 36,145 China Resources Enterprise Ltd ,500 Sun Art Retail Group Ltd Telecommunications 139,223 China Mobile Ltd 1, ,260 China Unicom Hong Kong Ltd Total Hong Kong 3, India Auto manufacturers 13,997 Tata Motors Ltd Banks 28,601 HDFC Bank Ltd ,501 ICICI Bank Ltd ,334 State Bank of India Computers 15,420 Infosys Ltd Engineering & construction 35,341 Larsen & Toubro Ltd Pharmaceuticals 13,915 Dr Reddy's Laboratories Ltd Total India 4, Indonesia Agriculture 18,000 Gudang Garam Tbk PT Banks 320,000 Bank Central Asia Tbk PT ,000 Bank Danamon Indonesia Tbk PT ,500 Bank Mandiri Persero Tbk PT ,000 Bank Negara Indonesia Persero Tbk PT ,000 Bank Rakyat Indonesia Persero Tbk PT Building materials 53,500 Indocement Tunggal Prakarsa Tbk PT ,000 Semen Indonesia Persero Tbk PT Coal 446,000 Adaro Energy Tbk PT ,000 Indo Tambangraya Megah Tbk PT Food 167,000 Indofood Sukses Makmur Tbk PT Gas 347,000 Perusahaan Gas Negara Persero Tbk PT Machinery - construction & mining 50,500 United Tractors Tbk PT Media 336,500 Global Mediacom Tbk PT Real estate 735,500 Lippo Karawaci Tbk PT Retail 485,500 Astra International Tbk PT ,500 Matahari Department Store Tbk PT ishares VII plc Interim Report 107

109 As at 2014 Indonesia (cont) Telecommunications 1,190,000 Telekomunikasi Indonesia Persero Tbk PT Total Indonesia 2, Korea Advertising 4,368 Cheil Worldwide Inc Aerospace & defense 1,552 Samsung Techwin Co Ltd Agriculture 2,813 KT&G Corp Airlines 1,811 Korean Air Lines Co Ltd Auto manufacturers 3,946 Hyundai Motor Co ,998 Kia Motors Corp Auto parts & equipments 2,114 Hankook Tire Co Ltd ,545 Hyundai Mobis Chemicals 3,510 Hanwha Chemical Corp ,161 LG Chem Ltd Lotte Chemical Corp OCI Co Ltd Cosmetics & personal care 83 Amorepacific Corp LG Household & Health Care Ltd Distribution & wholesale 3,220 Samsung C&T Corp Diversified financial services 6,480 Daewoo Securities Co Ltd ,620 Hana Financial Group Inc ,829 KB Financial Group Inc ,064 Samsung Securities Co Ltd ,730 Shinhan Financial Group Co Ltd ,350 Woori Finance Holdings Co Ltd Electric 6,250 Korea Electric Power Corp Electrical components & equipments 2,630 LG Electronics Inc Electronics 5,890 LG Display Co Ltd ,567 Samsung Electro-Mechanics Co Ltd Korea (cont) Engineering & construction 840 Daelim Industrial Co Ltd ,011 GS Engineering & Construction Corp ,992 Hyundai Engineering & Construction Co Ltd Samsung Engineering Co Ltd Environmental control 1,900 Coway Co Ltd Food 255 CJ CheilJedang Corp Orion Corp/Republic of Korea Home furnishings 2,614 LG Corp Insurance 959 Samsung Fire & Marine Insurance Co Ltd ,737 Samsung Life Insurance Co Ltd Internet 754 NAVER Corp NCSoft Corp NHN Entertainment Corp Iron & steel 1,602 Hyundai Steel Co ,569 POSCO Machinery - construction & mining 3,310 Doosan Infracore Co Ltd Machinery - diversified 1,491 Doosan Heavy Industries & Construction Co Ltd Metal fabricate & hardware 873 Hyosung Corp Mining 267 Korea Zinc Co Ltd Miscellaneous manufacture 1,465 Cheil Industries Inc Oil & gas 1,684 GS Holdings SK Holdings Co Ltd ,637 SK Innovation Co Ltd ,498 S-Oil Corp Pharmaceuticals 1,668 Celltrion Inc Retail 501 E-Mart Co Ltd ishares VII plc Interim Report

110 As at 2014 Korea (cont) Retail (cont) 520 Hyundai Department Store Co Ltd Lotte Shopping Co Ltd Shinsegae Co Ltd Semiconductors 2,489 Samsung Electronics Co Ltd 2, ,510 SK Hynix Inc Ship building 2,900 Daewoo Shipbuilding & Marine Engineering Co Ltd Hyundai Heavy Industries Co Ltd ,140 Samsung Heavy Industries Co Ltd Telecommunications 424 SK Telecom Co Ltd Samsung SDI Co Ltd Transportation 376 Hyundai Glovis Co Ltd Total Korea 12, Malaysia Agriculture 94,900 IOI Corp Bhd ,300 Kuala Lumpur Kepong Bhd Banks 71,600 AMMB Holdings Bhd ,060 CIMB Group Holdings Bhd ,024 Malayan Banking Bhd Chemicals 91,100 Petronas Chemicals Group Bhd Electric 87,500 Tenaga Nasional Bhd ,900 YTL Power International Bhd Engineering & construction 105,400 Gamuda Bhd Food 20,200 PPB Group Bhd Gas 29,000 Petronas Gas Bhd Holding companies - diversified 73,500 IJM Corp Bhd ,338 Sime Darby Bhd ,180 YTL Corp Bhd Lodging 63,400 Genting Bhd ,700 Genting Malaysia Bhd Malaysia (cont) Real estate 31,633 IOI Properties Group Sdn Bhd Telecommunications 95,800 Axiata Group Bhd ,300 Maxis Bhd Total Malaysia 3, Philippines Electric 543,100 Energy Development Corp Holding companies - diversified 97,870 Aboitiz Equity Ventures Inc ,900 Alliance Global Group Inc Real estate 244,400 Ayala Land Inc ,250 SM Prime Holdings Inc Retail 8,222 SM Investments Corp Water 742,400 Metro Pacific Investments Corp Total Philippines Taiwan Airlines 188,000 China Airlines Ltd Apparel 10,000 Eclat Textile Co Ltd ,069 Far Eastern New Century Corp ,000 Pou Chen Corp Auto parts & equipments 56,154 Cheng Shin Rubber Industry Co Ltd Building materials 98,790 Asia Cement Corp ,000 Taiwan Cement Corp Chemicals 84,190 Formosa Chemicals & Fibre Corp ,520 Formosa Plastics Corp ,260 Nan Ya Plastics Corp ,000 Taiwan Fertilizer Co Ltd Computers 73,000 Acer Inc ,000 Asustek Computer Inc ,000 Compal Electronics Inc ,265 Foxconn Technology Co Ltd ,386 Innolux Corp ishares VII plc Interim Report 109

111 As at 2014 Taiwan (cont) Computers (cont) 69,800 Lite-On Technology Corp ,000 Quanta Computer Inc ,102 Wistron Corp Diversified financial services 355,390 CTBC Financial Holding Co Ltd ,782 First Financial Holding Co Ltd ,436 Fubon Financial Holding Co Ltd ,525 Hua Nan Financial Holdings Co Ltd ,252 Mega Financial Holding Co Ltd ,847 Taishin Financial Holding Co Ltd ,000 Yuanta Financial Holding Co Ltd Electrical components & equipments 48,000 Delta Electronics Inc Electronics 219,000 AU Optronics Corp ,620 Hon Hai Precision Industry Co Ltd ,000 Pegatron Corp ,000 Synnex Technology International Corp ,000 WPG Holdings Ltd Food 124,048 Uni-President Enterprises Corp Insurance 226,883 Cathay Financial Holding Co Ltd Iron & steel 335,278 China Steel Corp ,000 Feng Hsin Iron & Steel Co Metal fabricate & hardware 18,000 Catcher Technology Co Ltd Miscellaneous manufacture 2,000 Largan Precision Co Ltd Oil & gas 47,000 Formosa Petrochemical Corp Retail 20,000 President Chain Store Corp Semiconductors 168,479 Advanced Semiconductor Engineering Inc ,000 MediaTek Inc ,000 Powertech Technology Inc ,000 Siliconware Precision Industries Co ,000 Taiwan Semiconductor Manufacturing Co Ltd 1, ,000 United Microelectronics Corp Taiwan (cont) Telecommunications 104,000 Chunghwa Telecom Co Ltd ,000 HTC Corp ,000 Taiwan Mobile Co Ltd Total Taiwan 9, Thailand Banks 35,500 Bangkok Bank PCL ,111 Kasikornbank PCL ,599 Siam Commercial Bank PCL Chemicals 61,996 PTT Global Chemical PCL Coal 36,050 Banpu PCL Engineering & construction 20,300 Airports of Thailand PCL Food 80,451 Charoen Pokphand Foods PCL Healthcare services 23,200 Bangkok Dusit Medical Services PCL Holding companies - diversified 10,710 Siam Cement PCL Oil & gas 36,291 PTT Exploration & Production PCL ,746 PTT PCL ,922 Thai Oil PCL Real estate 78,800 Central Pattana PCL Retail 123,568 CP ALL PCL Telecommunications 30,429 Advanced Info Service PCL Total Thailand 2, Total equities 50, Preferred stock Korea Semiconductors 482 Samsung Electronics Co Ltd Total Korea Total preferred stock ishares VII plc Interim Report

112 As at 2014 Total of investments 50, Cash Other net s Net attributable to redeemable participating shareholders at the end of the period 50, Substantially all cash positions are held with BNY Mellon Trust Company (Ireland) Limited. Analysis of total current s gross of all liabilities (unaudited) Transferable securities admitted to an official stock Fair % of total current s exchange listing or on a regulated market 50, Other s Total current s 50, ishares VII plc Interim Report 111

113 For the period ended 2014 Sales s Purchases Proceeds s 520 Samsung Electronics Co Ltd Samsung Electronics Co Ltd ,000 Taiwan Semiconductor Manufacturing Co Ltd ,000 Taiwan Semiconductor Manufacturing Co Ltd ,000 China Mobile Ltd ,500 China Mobile Ltd ,374 Sterlite Industries India Ltd 305 6,000 Tencent Holdings Ltd 328 5,600 Tencent Holdings Ltd ,000 China Construction Bank Corp ,000 China Construction Bank Corp ,000 Industrial & Commercial Bank of China Ltd ,000 Industrial & Commercial Bank of China Ltd ,436 Larsen & Toubro Ltd 239 7,000 ICICI Bank Ltd 218 4,100 Infosys Ltd 208 6,600 HDFC Bank Ltd 212 6,300 HDFC Bank Ltd Hyundai Motor Co Hyundai Motor Co ,227 Larsen & Toubro Ltd ,000 CNOOC Ltd ,000 Bank of China Ltd 159 5,500 ICICI Bank Ltd ,000 CNOOC Ltd ,000 Bank of China Ltd 175 3,200 Infosys Ltd ,000 Hon Hai Precision Industry Co Ltd ,000 PetroChina Co Ltd ,100 PTT Global Chemical PCL ,100 PTT Global Chemical PCL ,000 Eclat Textile Co Ltd ,000 China Life Insurance Co Ltd 103 3,200 Dr Reddy's Laboratories Ltd ,000 China Petroleum & Chemical Corp 102 2,241 State Bank of India Samsung Electro-Mechanics Co Ltd ,000 PetroChina Co Ltd 121 7,000 MediaTek Inc 87 38,000 China Life Insurance Co Ltd 115 Cost The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. 112 ishares VII plc Interim Report

114 For the period ended Year ended 31 July Operating income** Net gains/(losses) on financial s/liabilities at fair through profit or loss 772 (140) 1,339 Total gains/(losses) 772 (140) 1,339 Operating expenses*** (14) (81) (41) Net operating profit/(loss) 758 (221) 1,298 Net profit/(loss) for the financial period/year 758 (221) 1,298 Increase/(decrease) in net s attributable to redeemable participating shareholders from operations 758 (221) 1,298 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to discontinued operations. For the period ended 2014 Net s attributable to redeemable participating shareholders 2014 Year ended 31 July at the beginning of the period/year 11,758 11,979 11,979 Increase/(decrease) in net s attributable to redeemable participating shareholders from operations 758 (221) 1,298 Share transactions: Payments on redemption of redeemable participating shares (12,516) - - Decrease on net s resulting from share transactions (12,516) - - Net s attributable to redeemable participating shareholders at the end of the period/year - 11,758 13,277 * The Fund closed on 24 October. ** Amounts less than $500 are rounded to zero. *** Termination expenses are included in operating expenses as part of the TER. The accompanying notes form an integral part of these financial statements. ishares VII plc Interim Report 113

115 As at 2014 CURRENT ASSETS Notes July Margin cash account Receivables - 1, Financial s at fair through profit or loss 3-11,978 13,285 Total current s - 13,573 13,800 CURRENT LIABILITIES Margin cash account - - (244) Payables - (1,601) (279) Financial liabilities at fair through profit or loss 3 - (214) - Total current liabilities - (1,815) (523) Net attributable to redeemable participating shareholders at the end of the period/year - 11,758 13,277 * The Fund closed on 24 October. The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note ishares VII plc Interim Report

116 For the period ended 2014 Sales s Purchases Proceeds s 29,434 SAP AG 2, ,305 TeliaSonera AB 1,405 67,635 Svenska Cellulosa AB SCA 1,798 6,515 Muenchener Rueckversicherungs AG 1,243 36,648 KBC Groep NV 1,715 15,378 SAP AG 1, ,287 Nordea Bank AB 1,645 24,442 KBC Groep NV 1, ,996 Aegon NV 1,633 78,934 Sandvik AB 1,089 19,825 Daimler AG 1, ,033 Aegon NV 1, ,305 TeliaSonera AB 1,398 32,116 Koninklijke Philips NV 1,038 12,213 Anheuser-Busch InBev NV 1,223 16,130 Akzo Nobel NV 1,018 6,515 Muenchener Rueckversicherungs AG 1,200 35,504 RWE AG ,602 Delhaize Group SA 1,199 13,029 Daimler AG ,302 E.ON SE 1, ,078 Stora Enso OYJ ,837 GEA Group AG 1,168 63,491 Volvo AB ,934 Sandvik AB 1,088 21,555 Sampo 935 6,832 Allianz SE 1,058 24,908 Hennes & Mauritz AB ,057 Skanska AB 1,035 13,905 Heineken Holding NV ,116 Koninklijke Philips NV 1,032 31,308 Atlas Copco AB ,130 Akzo Nobel NV 1,023 27,970 Investor AB ,078 Stora Enso OYJ ,629 Nokia OYJ ,504 RWE AG 974 8,784 ASML Holding NV ,491 Volvo AB ,382 Delhaize Group SA 789 * The Fund closed on 24 October. Cost The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. ishares VII plc Interim Report 115

117 For the period ended Year ended 31 July Operating income Net (losses)/gains on financial s/liabilities at fair through profit or loss (768) (2,347) 2,077 Total (losses)/gains (542) (1,729) 2,347 Operating expenses (53) (132) (67) Net operating (loss)/profit (595) (1,861) 2,280 Net (loss)/profit for the financial period/year before tax (595) (1,861) 2,280 Non-reclaimable withholding tax (18) (38) (10) Net (loss)/profit for the financial period/year after tax (613) (1,899) 2,270 (Decrease)/increase in net s attributable to redeemable participating shareholders from operations (613) (1,899) 2,270 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders 2014 Year ended 31 July at the beginning of the period/year 17,859 19,758 19,758 (Decrease)/increase in net s attributable to redeemable participating shareholders from operations (613) (1,899) 2,270 Share transactions: Payments on redemption of redeemable participating shares (8,686) - - Decrease in net s resulting from share transactions (8,686) - - Net s attributable to redeemable participating shareholders at the end of the period/year 8,560 17,859 22,028 The accompanying notes form an integral part of these financial statements. 116 ishares VII plc Interim Report

118 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents Receivables Financial s at fair through profit or loss 3 8,508 17,764 21,909 Total current s 8,565 17,869 22,040 CURRENT LIABILITIES Payables (5) (10) (12) Total current liabilities (5) (10) (12) Net attributable to redeemable participating shareholders at the end of the period/year 8,560 17,859 22,028 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note 2. ishares VII plc Interim Report 117

119 As at 2014 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Equities Bermuda Banks 900 Credicorp Ltd Total Bermuda Brazil Aerospace & defense 7,600 Embraer SA Agriculture 4,957 Souza Cruz SA Banks 8,160 Banco Bradesco SA ,300 Banco do Brasil SA ,172 Banco Santander Brasil SA/Brazil Beverages 61,031 AMBEV SA Building materials 3,530 Duratex SA Chemicals 4,200 Ultrapar Participacoes SA Commercial services 5,100 Anhanguera Educacional Participacoes SA ,300 CCR SA ,660 Cielo SA ,300 EcoRodovias Infraestrutura e Logistica SA ,500 Estacio Participacoes SA ,500 Kroton Educacional SA ,865 Localiza Rent a Car SA ,600 Qualicorp SA Cosmetics & personal care 2,300 Natura Cosmeticos SA Diversified financial services 24,242 BM&FBovespa SA ,400 CETIP SA - Mercados Organizados Electric 3,500 Centrais Eletricas Brasileiras SA ,934 CPFL Energia SA ,300 EDP - Energias do Brasil SA ,100 Tractebel Energia SA ,100 Transmissora Alianca de Energia Eletrica SA Brazil (cont) Engineering & construction 1,000 Multiplan Empreendimentos Imobiliarios SA Food 8,593 BRF SA ,623 Cosan SA Industria e Comercio ,400 JBS SA M Dias Branco SA Forest products & paper 3,200 Fibria Celulose SA Home builders 4,400 MRV Engenharia e Participacoes SA Insurance 7,800 BB Seguridade Participacoes SA ,600 Odontoprev SA ,500 Porto Seguro SA ,852 Sul America SA Iron & steel 9,500 Cia Siderurgica Nacional SA ,800 Vale SA Machinery - diversified 2,900 WEG SA Oil & gas 39,044 Petroleo Brasileiro SA Pharmaceuticals 4,400 Hypermarcas SA Real estate 5,200 BR Malls Participacoes SA ,700 BR Properties SA ,800 Cyrela Brazil Realty SA Empreendimentos e Participacoes Retail 1,700 Lojas Americanas SA ,687 Lojas Renner SA ,800 Raia Drogasil SA Software 1,700 Totvs SA Telecommunications 10,900 Tim Participacoes SA Textiles 1,700 Cia Hering Transportation 5,600 ALL - America Latina Logistica SA ishares VII plc Interim Report

120 As at 2014 Brazil (cont) Water 4,300 Cia de Saneamento Basico do Estado de Sao Paulo Cia de Saneamento de Minas Gerais-COPASA Total Brazil 2, Chile Airlines 4,306 Latam Airlines Group SA Banks 242,103 Banco de Chile Banco de Credito e Inversiones ,755 Banco Santander Chile ,664,101 Corpbanca SA Beverages 1,893 Cia Cervecerias Unidas SA ,035 Vina Concha y Toro SA Electric 32,343 AES Gener SA ,626 Colbun SA ,036 E.CL SA ,029 Empresa Nacional de Electricidad SA/Chile ,791 Enersis SA Food 14,438 Cencosud SA Forest products & paper 22,510 Empresas CMPC SA Holding companies - diversified 5,878 Empresas COPEC SA Iron & steel 953 CAP SA Retail 9,353 SACI Falabella Telecommunications 1,481 ENTEL Chile SA Water 28,455 Aguas Andinas SA Total Chile Colombia Banks 2,613 Bancolombia SA ,027 Corp Financiera Colombiana SA Corp Financiera Colombiana SA Colombia (cont) Building materials 5,003 Cementos Argos SA ,681 Grupo Argos SA/Colombia Electric 5,180 Interconexion Electrica SA ESP ,926 Isagen SA ESP Investment companies 3,033 Grupo de Inversiones Suramericana SA Oil & gas 63,363 Ecopetrol SA Retail 2,591 Almacenes Exito SA Total Colombia Mexico Banks 13,800 Compartamos SAB de CV ,116 Grupo Financiero Banorte SAB de CV ,958 Grupo Financiero Inbursa SAB de CV ,500 Grupo Financiero Santander Mexico SAB de CV Beverages 4,090 Arca Continental SAB de CV ,400 Coca-Cola Femsa SAB de CV ,070 Fomento Economico Mexicano SAB de CV Building materials 145,451 Cemex SAB de CV Chemicals 13,495 Mexichem SAB de CV Commercial services 8,858 OHL Mexico SAB de CV Engineering & construction 4,100 Grupo Aeroportuario del Pacifico SAB de CV ,600 Grupo Aeroportuario del Sureste SAB de CV ,500 Promotora y Operadora de Infraestructura SAB de CV Food 21,200 Grupo Bimbo SAB de CV Holding companies - diversified 36,408 Alfa SAB de CV ,200 Grupo Carso SAB de CV Household products & wares 20,100 Kimberly-Clark de Mexico SAB de CV ishares VII plc Interim Report 119

121 As at 2014 Mexico (cont) Machinery - diversified 2,200 Industrias CH SAB de CV Media 33,843 Grupo Televisa SAB Mining 49,100 Grupo Mexico SAB de CV ,780 Industrias Penoles SAB de CV ,900 Minera Frisco SAB de CV Pharmaceuticals 10,200 Genomma Lab Internacional SAB de CV Real estate investment trusts 17,700 Fibra Uno Administracion SA de CV Retail 5,000 Controladora Comercial Mexicana SAB de CV ,500 El Puerto de Liverpool SAB de CV ,400 Grupo Comercial Chedraui SA de CV ,247 Wal-Mart de Mexico SAB de CV Telecommunications 462,639 America Movil SAB de CV Total Mexico 2, Peru Mining 2,400 Cia de Minas Buenaventura SAA Total Peru Spain Building materials 2,173 Cemex Latam Holdings SA Total Spain United States Mining 2,200 Southern Copper Corp Total United States Total equities 6, Preferred stock Brazil Auto parts & equipments 5,800 Marcopolo SA Brazil (cont) Banks 27,441 Banco Bradesco SA ,400 Banco do Estado do Rio Grande do Sul SA ,553 Itau Unibanco Holding SA Chemicals 2,000 Braskem SA Electric 1,400 AES Tiete SA ,000 Centrais Eletricas Brasileiras SA ,128 Cia Energetica de Minas Gerais ,200 Cia Energetica de Sao Paulo ,200 Cia Paranaense de Energia Food 1,700 Cia Brasileira de Distribuicao Grupo Pao de Acucar Forest products & paper 6,200 Klabin SA ,700 Suzano Papel e Celulose SA Holding companies - diversified 36,764 Itausa - Investimentos Itau SA Investment companies 2,900 Bradespar SA Iron & steel 11,100 Gerdau SA ,400 Metalurgica Gerdau SA ,100 Usinas Siderurgicas de Minas Gerais SA ,824 Vale SA Oil & gas 54,830 Petroleo Brasileiro SA Retail 5,100 Lojas Americanas SA Telecommunications 9,100 Oi SA ,800 Telefonica Brasil SA Total Brazil 2, Chile Beverages 3,358 Embotelladora Andina SA Chemicals 1,234 Sociedad Quimica y Minera de Chile SA Total Chile ishares VII plc Interim Report

122 As at 2014 Colombia Banks 1,191 Banco Davivienda SA ,339 Bancolombia SA Building materials 1,542 Grupo Argos SA/Colombia Investment companies 18,077 Grupo Aval Acciones y Valores ,265 Grupo de Inversiones Suramericana SA Total Colombia Total preferred stock 2, Total of investments 8, Cash Other net s Net attributable to redeemable participating shareholders at the end of the period 8, Substantially all cash positions are held with BNY Mellon Trust Company (Ireland) Limited. Analysis of total current s gross of all liabilities (unaudited) Fair % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 8, Other s Total current s 8, ishares VII plc Interim Report 121

123 For the period ended 2014 Sales s Purchases Proceeds s 509,600 America Movil SAB de CV ,636 AMBEV SA ,400 Itau Unibanco Holding SA - PREF 421 6,700 Promotora y Operadora de Infraestructura SAB de CV 79 57,600 AMBEV SA 413 6,700 Estacio Participacoes SA 50 52,000 Petroleo Brasileiro SA - PREF 383 5,221 Eneva SA 25 26,200 Banco Bradesco SA - PREF Cia Brasileira de Distribuicao Grupo Pao de Acucar - 23,500 Vale SA - PREF 323 PREF 19 36,600 Petroleo Brasileiro SA 252 2,243 Grupo Televisa SAB 13 16,700 Vale SA 249 1,090 Banco Bradesco SA - PREF 13 24,400 Fomento Economico Mexicano SAB de CV 231 1,682 Petroleo Brasileiro SA - PREF 13 30,400 Grupo Financiero Banorte SAB de CV Latam Airlines Group SA 13 33,600 Grupo Televisa SAB Vale SA - PREF 12 67,400 Wal-Mart de Mexico SAB de CV BRF SA 12 8,300 BRF SA ,429 America Movil SAB de CV ,300 Cemex SAB de CV 165 1,300 CCR SA 11 46,400 Grupo Mexico SAB de CV Cia Cervecerias Unidas SA 10 35,600 Itausa - Investimentos Itau SA Itau Unibanco Holding SA - PREF 10 61,939 Ecopetrol SA 125 1,424 Petroleo Brasileiro SA 9 4,400 Cielo SA Vale SA 9 37,200 Alfa SAB de CV Cosan SA Industria e Comercio 9 23,400 BM&FBovespa SA 109 8,000 Cemex SAB de CV 9 Cost 3,200 Alfa SAB de CV 9 The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. 122 ishares VII plc Interim Report

124 For the period ended Year ended 31 July Operating income 1,059 4, Net gains on financial s/liabilities at fair through profit or loss 40,707 35,666 24,633 Total gains 41,766 39,992 25,278 Operating expenses (848) (841) (380) Net operating profit 40,918 39,151 24,898 Net profit for the financial period/year before tax 40,918 39,151 24,898 Non-reclaimable withholding tax 373 (621) 64 Net profit for the financial period/year after tax 41,291 38,530 24,962 Increase in net s attributable to redeemable participating shareholders from operations 41,291 38,530 24,962 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders Year ended 31 July at the beginning of the period/year 164,493 98,821 98,821 Increase in net s attributable to redeemable participating shareholders from operations 41,291 38,530 24,962 Share transactions: Proceeds from issue of redeemable participating shares 254,990 54,193 39,341 Payments on redemption of redeemable participating shares (46,210) (27,051) (4,353) Increase in net s resulting from share transactions 208,780 27,142 34,988 Net s attributable to redeemable participating shareholders at the end of the period/year 414, , ,771 The accompanying notes form an integral part of these financial statements. ishares VII plc Interim Report 123

125 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents 5,868 2, Margin cash account Receivables 409 8, Financial s at fair through profit or loss 3 412, , ,880 Total current s 419, , ,845 CURRENT LIABILITIES Payables (4,726) (10,461) (74) Financial liabilities at fair through profit or loss 3 (58) - - Total current liabilities (4,784) (10,461) (74) Net attributable to redeemable participating shareholders at the end of the period/year 414, , ,771 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note ishares VII plc Interim Report

126 As at 2014 '000 '000 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Equities Austria Building materials 156,352 Wienerberger AG 1, Chemicals 10,732 Lenzing AG Commercial services 7,191 Kapsch TrafficCom AG Electric 52,774 EVN AG Electrical components & equipments 38,249 Zumtobel AG Electronics 39,108 Austria Technologie & Systemtechnik AG Engineering & construction 14,512 Flughafen Wien AG Machinery - construction & mining 16,970 Palfinger AG Miscellaneous manufacture 28,724 RHI AG ,634 Semperit AG Holding Oil & gas services 19,199 CAT Oil AG ,874 Schoeller-Bleckmann Oilfield Equipment AG 1, Packaging & containers 12,367 Mayr Melnhof Karton AG 1, Real estate 99,535 CA Immobilien Anlagen AG 1, ,851 Conwert Immobilien Invest SE ,065 S IMMO AG Transportation 46,044 Oesterreichische Post AG 1, Total Austria 13, Belgium Biotechnology 59,768 Ablynx NV Chemicals 33,272 Tessenderlo Chemie NV ,150 Tessenderlo Chemie NV VVPR^ Belgium (cont) Computers 86,605 Econocom Group Distribution & wholesale 26,493 D'ieteren SA/NV Electric 47,197 Elia System Operator SA/NV 1, Electrical components & equipments 51,937 Bekaert SA 1, Electronics 14,366 Barco NV ,757 EVS Broadcast Equipment SA Engineering & construction 9,639 Cie d'entreprises CFE Entertainment 5,327 Kinepolis Group NV Healthcare products 26,745 Ion Beam Applications Holding companies - diversified 31,269 Ackermans & van Haaren NV 2, Investment companies 40,549 KBC Ancora 1, ,709 RHJ International Metal fabricate & hardware 114,925 Viohalco SA Mining 199,154 Nyrstar NV ,642 Nyrstar VVPR^ Miscellaneous manufacture 243,049 AGFA-Gevaert NV ,864 AGFA-Gevaert NV VVPR^ Pharmaceuticals 27,199 Arseus NV ,601 Galapagos NV ,075 ThromboGenics NV Private equity 31,733 Gimv NV 1, Real estate investment trusts 23,031 Befimmo SA 1, ,175 Cofinimmo 1, ,634 Warehouses De Pauw SCA Semiconductors 27,914 Melexis NV ishares VII plc Interim Report 125

127 As at 2014 '000 '000 Belgium (cont) Telecommunications 39,980 Mobistar SA Transportation 78,666 bpost SA 1, ,101 Cie Maritime Belge SA ,947 Euronav NV ,631 Exmar NV Total Belgium 24, Cyprus Banks 819,588 Bank of Cyprus Plc~ 1,964,233 Cyprus Popular Bank PCL^ Total Cyprus Finland Chemicals 130,991 Kemira OYJ 1, Commercial services 33,605 Cramo OYJ ,443 Poyry OYJ ,084 Ramirent OYJ Computers 130,427 F-Secure OYJ ,967 Tieto OYJ 1, Engineering & construction 142,112 YIT OYJ 1, Food 85,065 Kesko OYJ 2, Forest products & paper 235,161 Metsa Board OYJ Hand & Machine Tools 65,741 Konecranes OYJ 1, Home builders 142,016 Caverion Corp 1, Iron & steel 1,272,842 Outokumpu OYJ ,497 Rautaruukki OYJ Leisure time 157,656 Amer Sports Oyj 2, Machinery - construction & mining 216,202 Outotec OYJ 1, Machinery - diversified 171,325 Valmet Corp 1, Finland (cont) Media 110,955 Sanoma OYJ Miscellaneous manufacture 74,117 Uponor OYJ Packaging & containers 113,687 Huhtamaki OYJ 2, Pharmaceuticals 162,229 Oriola-KD OYJ Real estate 355,573 Citycon OYJ ,663 Sponda OYJ 1, ,893 Technopolis OYJ Retail 46,820 Stockmann OYJ Abp Telecommunications 29,544 PKC Group OYJ Transportation 46,442 Cargotec Oyj 1, Total Finland 27, France Advertising 341,676 Havas SA 1, ,872 IPSOS 1, ,187 Teleperformance 3, Aerospace & defense 4,646 LISI Airlines 46,074 Air France-KLM Auto manufacturers 305,528 Peugeot SA 3, Auto parts & equipments 65,222 Faurecia 1, ,750 Montupet ,729 Plastic Omnium SA 1, Beverages 32,502 Belvedere SA Biotechnology 8,825 Transgene SA ,219 Vilmorin & Cie SA Building materials 21,690 Vicat 1, ishares VII plc Interim Report

128 As at 2014 '000 olding Investment '000 France (cont) Commercial services 189,698 Altran Technologies SA 1, ,020 Assystem ,718 Cegedim SA ,095 GL Events ,937 Groupe Steria SCA Computers 31,751 Alten SA 1, ,334 Bull ,310 Ingenico 3, ,021 Sopra Group SA Cosmetics & personal care 12,085 Interparfums SA Distribution & wholesale 16,356 Jacquet Metal Service Diversified financial services 10,837 FFP Electrical components & equipments 17,570 Mersen ,354 Nexans SA 1, ,914 Saft Groupe SA Energy alternate sources 25,352 ALBIOMA Engineering & construction 10,212 Akka Technologies SA ,085 Eiffage SA 2, Entertainment 30,999 Club Mediterranee SA Environmental control 115,593 Derichebourg SA ,864 Seche Environnement SA Food 24,321 Bonduelle S.C.A ,413 Naturex Gas 43,937 Rubis SCA 2, Healthcare products 7,221 Guerbet ,848 Sartorius Stedim Biotech Healthcare services 36,545 Medica SA ,814 Orpea 1, Home furnishings 30,437 SEB SA 1, ,221 Technicolor SA 1, France (cont) Insurance 21,389 April ,173 Euler Hermes SA 1, Internet 26,615 Boursorama Leisure time 50,936 Beneteau SA ,540 Trigano SA Machinery - construction & mining 14,476 Manitou BF SA Machinery - diversified 11,070 Haulotte Group SA Media 76,967 Metropole Television SA 1, ,202 Societe Television Francaise 1 2, ,811 Solocal Group Mining 7,400 Eramet Miscellaneous manufacture 10,059 Faiveley Transport SA Office & business equipment 43,784 Neopost SA 2, Oil & gas 128,440 Etablissements Maurel et Prom 1, ,954 MPI Oil & gas services 59,900 Bourbon SA 1, Pharmaceuticals 23,027 AB Science SA ,640 Boiron SA ,266 Ipsen SA 1, ,815 Stallergenes SA ,957 Virbac SA Private equity 58,620 Altamir Real estate 36,366 Nexity SA 1, Real estate investment trusts 66,015 Mercialys SA 1, Retail 14,303 Groupe Fnac ,848 Rallye SA Semiconductors 195,404 SOITEC ishares VII plc Interim Report 127

129 As at 2014 '000 '000 France (cont) Software 11,104 Axway Software SA ,139 Cegid Group ,462 GameLoft SE ,993 UBISOFT Entertainment 1, Telecommunications 10,835 Parrot SA Total France 65, Germany Advertising 30,775 Stroeer Media AG Aerospace & defense 69,607 MTU Aero Engines AG 4, Agriculture 3,327 KWS Saat AG Apparel 34,553 Gerry Weber International AG 1, Auto parts & equipments 42,003 ElringKlinger AG 1, ,625 Grammer AG ,486 Norma Group SE 1, Banks 63,876 Aareal Bank AG 1, ,192 Comdirect Bank AG Biotechnology 32,462 MorphoSys AG 2, Building materials 13,961 Bauer AG ,907 CENTROTEC Sustainable AG Chemicals 43,383 SGL Carbon SE 1, ,517 Symrise AG 5, ,740 Wacker Chemie AG 1, Commercial services 7,506 Amadeus Fire AG ,213 Bertrandt AG ,220 Evotec AG ,301 Hamburger Hafen und Logistik AG ,112 Sixt SE ,111 Wirecard AG 4, Computers 20,316 Bechtle AG 1, Germany (cont) Computers (cont) 15,748 CANCOM SE ,615 Wincor Nixdorf AG 2, Diversified financial services 82,716 MLP AG Electrical components & equipments 42,815 Leoni AG 2, ,280 SMA Solar Technology AG ,569 Vossloh AG Electronics 29,967 LPKF Laser & Electronics AG Energy alternate sources 84,846 Nordex SE Engineering & construction 58,126 Bilfinger SE 4, Entertainment 86,313 Borussia Dortmund GmbH & Co KGaA ,028 Tipp24 SE Hand & Machine Tools 83,203 DMG MORI SEIKI AG 1, ,965 KUKA AG 1, Healthcare products 45,493 Carl Zeiss Meditec AG ,400 Draegerwerk AG & Co KGaA ,860 STRATEC Biomedical AG Healthcare services 138,646 Rhoen Klinikum AG 3, Holding companies - diversified 1,458 KHD Humboldt Wedag International AG 9 Home furnishings 4,706 Rational AG 1, Internet 2,760 XING AG ,262 zooplus AG Iron & steel 53,388 Salzgitter AG 1, Leisure time 30,453 CTS Eventim AG 1, ,486 TUI AG 2, Machinery - construction & mining 39,010 Wacker Neuson SE Machinery - diversified 111,651 Deutz AG ishares VII plc Interim Report

130 As at 2014 '000 '000 Germany (cont) Machinery - diversified (cont) 31,750 Duerr AG 1, ,901 Heidelberger Druckmaschinen AG ,412 Homag Group AG ,848 KION Group AG ,063 Krones AG 1, ,012 Pfeiffer Vacuum Technology AG 1, ,030 Rheinmetall AG 2, Metal fabricate & hardware 45,474 Aurubis AG 1, ,995 Kloeckner & Co SE 1, Miscellaneous manufacture 59,668 Balda AG ,223 Gesco AG ,504 Indus Holding AG 1, ,287 Jenoptik AG Packaging & containers 42,725 Gerresheimer AG 2, Pharmaceuticals 79,092 Stada Arzneimittel AG 2, Private equity 25,847 Aurelius AG Real estate 62,622 Deutsche Euroshop AG 1, ,364 DIC Asset AG ,611 LEG Immobilien AG 1, ,415 Patrizia Immobilien AG ,623 TAG Immobilien AG 1, Real estate investment trusts 96,092 Alstria Office REIT-AG ,533 Hamborner REIT AG ,232 Prime Office AG Retail 20,849 BayWa AG ,196 Bijou Brigitte AG ,736 Delticom AG ,289 Takkt AG ,330 Tom Tailor Holding AG Semiconductors 131,936 Aixtron SE 1, ,282 Kontron AG Software 8,040 Nemetschek AG ,927 Software AG 2, Germany (cont) Telecommunications 55,819 ADVA Optical Networking SE ,163 Drillisch AG 1, ,682 Freenet AG 3, ,580 QSC AG Total Germany 101, Guernsey Investment companies 176,194 Tetragon Financial Group Ltd 1, Total Guernsey 1, Ireland Airlines 347,345 Aer Lingus Group plc Beverages 457,867 C&C Group Plc 1, Building materials 193,608 Kingspan Group Plc 2, Entertainment 58,978 Paddy Power Plc 3, Food 177,906 Glanbia Plc 1, Forest products & paper 307,735 Smurfit Kappa Group Plc 5, Insurance 30,030 FBD Holdings Plc Transportation 22,433 Irish Continental Group Plc Total Ireland 17, Italy Apparel 28,448 Brunello Cucinelli SpA ,390 Geox SpA ,359 Tod's SpA 1, Auto parts & equipments 35,706 Brembo SpA ,383 Sogefi SpA Banks 1,199,617 Banca Carige SpA ,649 Banca Generali SpA 1, ,155 Banca Piccolo Credito Valtellinese Scarl ,751 Banca Popolare dell'emilia Romagna SC 3, ishares VII plc Interim Report 129

131 As at 2014 '000 '000 Italy (cont) Banks (cont) 3,470,149 Banca Popolare di Milano Scarl 1, ,416 Banca Popolare di Sondrio SCARL 1, ,350,655 Banco Popolare SC 2, ,375 Credito Emiliano SpA Beverages 394,149 Davide Campari-Milano SpA 2, Building materials 122,820 Buzzi Unicem SpA 1, ,170 Cementir Holding SpA ,636 Italcementi SpA ,630 Italcementi SpA RSP ,804 Italmobiliare SpA Commercial services 50,852 ASTM SpA ,103 Societa Iniziative Autostradali e Servizi SpA Distribution & wholesale 41,342 Esprinet SpA ,663 MARR SpA Diversified financial services 150,669 Azimut Holding SpA 3, Electric 1,674,933 A2A SpA 1, ,336 ACEA SpA ,083 Hera SpA 1, ,449 Iren SpA Energy alternate sources 154,788 Falck Renewables SpA Engineering & construction 18,138 Aeroporto di Venezia Marco Polo SpA - SAVE ,265 Astaldi SpA ,562 Trevi Finanziaria Industriale SpA Entertainment 95,249 Gtech Spa 2, Hand & Machine Tools 13,976 Industria Macchine Automatiche SpA Healthcare products 31,297 DiaSorin SpA 1, ,419 Safilo Group SpA ,315 Sorin SpA Holding companies - diversified 607,637 CIR-Compagnie Industriali Riunite SpA ,976 Cofide SpA Italy (cont) Home furnishings 52,809 De'Longhi SpA ,019 Indesit Co SpA ,634 Poltrona Frau SpA Insurance 290,580 Mediolanum SpA 1, ,214 Societa Cattolica di Assicurazioni SCRL 1, ,737 Unipol Gruppo Finanziario SpA 1, Internet 4,733 Engineering SpA ,345 Reply SpA ,895 Yoox SpA 1, Leisure time 230,988 Piaggio & C SpA Machinery - construction & mining 70,177 Danieli & C Officine Meccaniche SpA 1, Machinery - diversified 112,655 Interpump Group SpA 1, Media 159,879 Arnoldo Mondadori Editore SpA ,693 Cairo Communication SpA ,595 Gruppo Editoriale L'Espresso SpA ,584 Mediaset SpA 3, Oil & gas 78,005 ERG SpA ,391 Saras SpA Oil & gas services 144,149 Maire Tecnimont SpA Pharmaceuticals 132,761 Recordati SpA 1, Real estate investment trusts 1,399,438 Beni Stabili SpA Retail 137,655 Amplifon SpA ,308 Autogrill SpA 1, ,010 Moleskine SpA ,791 Salvatore Ferragamo SpA 1, ,086 World Duty Free SpA 1, Telecommunications 13,169 Ei Towers SpA Transportation 149,340 Ansaldo STS SpA 1, Total Italy 64, ishares VII plc Interim Report

132 As at 2014 '000 '000 Luxembourg Auto parts & equipments 56,818 SAF-Holland SA Healthcare services 10,976 Eurofins Scientific SE 2, Iron & steel 64,308 APERAM Real estate 115,460 GAGFAH SA 1, ,183 Orco Property Group Total Luxembourg 5, Netherlands Banks 105,609 SNS REAAL NV^ Commercial services 13,947 Brunel International NV ,206 USG People NV Diversified financial services 71,394 BinckBank NV Electrical components & equipments 47,004 TKH Group NV 1, Engineering & construction 80,119 Arcadis NV 2, ,929 Grontmij ,909 Koninklijke BAM Groep NV 1, ,230 Royal Imtech NV Food 12,616 Amsterdam Commodities NV ,314 Corbion NV 1, ,680 Koninklijke Wessanen NV ,740 Nutreco NV 3, Leisure time 30,671 Accell Group Machinery - diversified 8,797 Kendrion NV Metal fabricate & hardware 41,806 AMG Advanced Metallurgical Group NV Miscellaneous manufacture 123,993 Aalberts Industries NV 2, ,826 Koninklijke Ten Cate NV Oil & gas services 253,558 SBM Offshore NV 3, Real estate investment trusts 46,965 Eurocommercial Properties NV 1, Netherlands (cont) Real estate investment trusts (cont) 213,186 Nieuwe Steen Investments NV ,265 Vastned Retail NV ,124 Wereldhave NV 1, Semiconductors 71,721 ASM International NV 1, ,620 BE Semiconductor Industries NV Software 128,435 TomTom NV ,819 Unit4 NV 1, Transportation 582,916 PostNL NV 2, Total Netherlands 32, Portugal Banks 485,905 Banco BPI SA ,610,899 Banco Comercial Portugues SA 3, Engineering & construction 72,800 Mota-Engil SGPS SA Forest products & paper 158,622 Altri SGPS SA ,332 Portucel SA ,711 Semapa-Sociedade de Investimento e Gestao Media 183,749 ZON OPTIMUS SGPS SA Retail 1,373,591 Sonae 1, Telecommunications 142,444 Sonaecom - SGPS SA Total Portugal 9, Spain Auto parts & equipments 44,865 Cie Automotive SA Banks 893,801 Bankinter SA 4, ,857 Liberbank SA Biotechnology 226,828 Zeltia SA Commercial services 257,807 Prosegur Cia de Seguridad SA 1, Computers 131,723 Indra Sistemas SA 1, ishares VII plc Interim Report 131

133 As at 2014 '000 '000 Spain (cont) Diversified financial services 79,372 Bolsas y Mercados Espanoles SA 2, Electrical components & equipments 268,796 Gamesa Corp Tecnologica SA 2, Energy alternate sources 157,098 Ence Energia y Celulosa S.A Engineering & construction 284,938 Abengoa SA ,611 Acciona SA 1, ,431 Fomento de Construcciones y Contratas SA 1, ,098 Obrascon Huarte Lain SA 1, ,564 Sacyr SA ,267 Tecnicas Reunidas SA 1, Food 737,329 Deoleo SA ,867 Ebro Foods SA 1, ,349 Pescanova SA~ 59,696 Viscofan SA 2, Forest products & paper 52,355 Papeles y Cartones de Europa SA Insurance 55,853 Grupo Catalana Occidente SA 1, Investment companies 24,574 Corp Financiera Alba SA 1, Iron & steel 145,755 Acerinox SA 1, Lodging 63,971 Melia Hotels International SA ,729 NH Hoteles SA Machinery - construction & mining 104,406 Duro Felguera SA Media 75,182 Atresmedia Corp de Medios de Comunicaion S.A. 1, ,545 Mediaset Espana Comunicacion SA 1, ,844 Promotora de Informaciones SA Metal fabricate & hardware 124,968 Tubacex SA Pharmaceuticals 83,680 Almirall SA ,433 Faes Farma SA Spain (cont) Telecommunications 38,801 Let's GOWEX SA Transportation 2,387 Construcciones y Auxiliar de Ferrocarriles SA Total Spain 38, United Kingdom Semiconductors 82,331 Dialog Semiconductor Plc 1, Telecommunications 287,668 Jazztel Plc 2, Total United Kingdom 3, Total equities 406, Preferred stock Germany Biotechnology 9,415 Biotest AG Building materials 4,050 Sto AG Commercial services 26,199 Sixt SE Electronics 12,576 Sartorius AG 1, Healthcare products 8,782 Draegerwerk AG & Co KGaA Machinery - diversified 21,037 Jungheinrich AG 1, Total Germany 5, Italy Insurance 364,424 Unipol Gruppo Finanziario SpA 1, Total Italy 1, Total preferred stock 6, Rights Germany Real estate investment trusts 65,233 Prime Office AG 17 February Total Germany ishares VII plc Interim Report

134 As at 2014 '000 Underlying exposure has been calculated according to the guidelines issued by the European Securities and Market Authority ( ESMA ) and represents the market of an equivalent position in the s underlying each financial derivative instrument. Portugal Engineering & construction 65,669 Mota-Engil SGPS SA 22 February 2014 Total Portugal Total rights 2 Warrant France Oil & gas 11,257 Etablissements Maurel et Prom 1 Total France 1 Analysis of total current s gross of all liabilities (unaudited) Fair 000 % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 412, Other s 6, Total current s 419, Spain Media 26,999 Promotora de Informaciones SA** Total Spain Total warrant 1 Financial derivative instruments Futures contracts No. of contracts Underlying exposure 000 Unrealised loss ' Euro Stoxx 50 Future 21 March ,327 (58) (0.01) Total unrealised losses on futures contracts (58) (0.01) Total of investments 412, Cash 6, Other net liabilities (4,317) (1.04) Net attributable to redeemable participating shareholders at the end of the period 414, Cash holdings of 5,868,653 are held with BNY Mellon Trust Company (Ireland) Limited. 435,785 is held as security for futures contracts with Credit Suisse AG. ^ These securities have been delisted. ~ These securities have been suspended from trading. ** Investments which are less than 500 are rounded to zero. ishares VII plc Interim Report 133

135 For the period ended 2014 Sales s Purchases Proceeds 000 s 3,301,852 Alcatel-Lucent 10,124 1,968,764 Alcatel-Lucent 5,051 82,470 Valeo SA 6, ,663 Smurfit Kappa Group PLC 3, ,257 Sky Deutschland AG 3,909 47,504 MTU Aero Engines AG 3, ,577 Deutsche Wohnen AG 2, ,423 Symrise AG 3,311 57,065 GSW Immobilien AG 1,984 40,660 Bilfinger SE 3, ,440 National Bank of Greece SA 1, ,882 Bankinter SA 3, ,265 Grafton Group PLC 1,867 43,653 Valeo SA 2, ,160 Public Power Corp SA 1, ,708 SBM Offshore NV 2, ,381 UnipolSai SpA 1,513 95,914 Wirecard AG 2,590 66,368 Titan Cement Co SA 1, ,804 Peugeot SA 2, ,512 JUMBO SA 1,390 94,074 Kesko OYJ 2,395 1,746,788 Alpha Bank AE 1,183 39,615 Paddy Power PLC 2,393 63,657 Atlantia SpA 1,020 64,884 Nutreco NV 2,352 1,076,538 Milano Assicurazioni SPA ,131 Mediaset SpA 2,256 40,265 Folli Follie SA 852 1,652,921 Banco Popolare SC 2,176 94,864 Hellenic Petroleum SA ,678 Banca Popolare dell'emilia Romagna SC 2, ,714 Societe d'edition de Canal ,371 Stada Arzneimittel AG 2,060 17,998 Symrise AG ,091 Ingenico 1,952 35,995 Smurfit Kappa Group PLC ,229 Teleperformance 1,946 81,761 Hellenic Exchanges - Athens Stock Exchange SA Holding ,688 Sky Deutschland AG 1,946 Cost 000 The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. 134 ishares VII plc Interim Report

136 For the period ended Year ended 31 July Operating income 3,769 27,402 5,941 Net gains on financial s/liabilities at fair through profit or loss 57, , ,862 Total gains 60, , ,803 Operating expenses (1,067) (2,739) (1,408) Net operating profit 59, , ,395 Net profit for the financial period/year before tax 59, , ,395 Non-reclaimable withholding tax 2,305 (4,714) (726) Net profit for the financial period/year after tax 62, , ,669 Increase in net s attributable to redeemable participating shareholders from operations 62, , ,669 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders Year ended 31 July at the beginning of the period/year 671, , ,244 Increase in net s attributable to redeemable participating shareholders from operations 62, , ,669 Share transactions: Proceeds from issue of redeemable participating shares 125, , ,655 Payments on redemption of redeemable participating shares (164,624) (392,166) (26,877) (Decrease)/increase in net s resulting from share transactions (38,758) (209,581) 111,778 Net s attributable to redeemable participating shareholders at the end of the period/year 694, , ,691 The accompanying notes form an integral part of these financial statements. ishares VII plc Interim Report 135

137 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents 1,777 4,253 3,315 Margin cash account 214 2,885 2,415 Receivables 16, , Financial s at fair through profit or loss 3 691, , ,142 Total current s 709, , ,957 CURRENT LIABILITIES Payables (14,416) (144,807) (266) Financial liabilities at fair through profit or loss (111) - - Total current liabilities (14,527) (144,807) (266) Net attributable to redeemable participating shareholders at the end of the period/year 694, , ,691 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note ishares VII plc Interim Report

138 As at 2014 '000 '000 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Equities Austria Banks 61,448 Erste Group Bank AG 1, ,920 Raiffeisen International Bank Holding AG Insurance 9,421 Vienna Insurance Group AG Wiener Versicherung Gruppe Iron & steel 26,783 Voestalpine AG Machinery - diversified 17,386 Andritz AG Oil & gas 35,381 OMV AG 1, Real estate 2,532 Immoeast A/S Npv* 229,095 IMMOFINANZ AG Telecommunications 52,938 Telekom Austria AG Total Austria 6, Belgium Banks 59,960 KBC Groep NV 2, Beverages 192,628 Anheuser-Busch InBev NV 13, Chemicals 14,182 Solvay SA 1, Food 18,350 Colruyt SA ,343 Delhaize Group SA 1, Holding companies - diversified 19,248 Groupe Bruxelles Lambert SA 1, Insurance 52,989 Ageas 1, Mining 27,256 Umicore SA Pharmaceuticals 26,491 UCB SA 1, Telecommunications 35,900 Belgacom SA ,385 Telenet Group Holding NV Total Belgium 26, Finland Auto parts & equipment 26,856 Nokian Renkaat OYJ Banks 34,789 Pohjola Bank Plc Electric 106,009 Fortum OYJ 1, Forest products & paper 133,385 Stora Enso OYJ ,399 UPM-Kymmene OYJ 1, Insurance 100,226 Sampo 3, Machinery - diversified 74,679 Kone OYJ 2, ,873 Metso OYJ Miscellaneous manufacture 42,431 Wartsila OYJ Abp 1, Oil & gas 30,552 Neste Oil OYJ Pharmaceuticals 23,462 Orion OYJ Telecommunications 33,757 Elisa OYJ ,788 Nokia OYJ 4, Total Finland 19, France Advertising 15,544 JCDecaux SA ,495 Publicis Groupe SA 2, Aerospace & defense 64,687 Safran SA 3, ,655 Thales SA 1, ,224 Zodiac Aerospace 1, Apparel 13,096 Christian Dior SA 1, ,730 LVMH Moet Hennessy Louis Vuitton SA 8, Auto manufacturers 46,042 Renault SA 2, Auto parts & equipments 44,910 Cie Generale des Etablissements Michelin 3, ,023 Valeo SA 1, ishares VII plc Interim Report 137

139 As at 2014 '000 '000 France (cont) Banks 238,358 BNP Paribas SA 13, ,747 Credit Agricole SA 2, ,538 Natixis ,016 Societe Generale SA 7, Beverages 50,726 Pernod Ricard SA 4, ,068 Remy Cointreau SA Building materials 99,111 Cie de St-Gobain 3, ,928 Imerys SA ,794 Lafarge SA 2, Chemicals 74,528 Air Liquide SA 6, ,056 Arkema SA 1, Commercial services 53,221 Bureau Veritas SA 1, ,533 Edenred 1, ,509 Sodexo 1, Computers 16,736 AtoS 1, ,353 Cap Gemini SA 1, Cosmetics & personal care 58,064 L'Oreal SA 7, Electric 58,572 Electricite de France 1, ,065 GDF Suez 5, Electrical components & equipments 63,283 Legrand SA 2, ,626 Schneider Electric SA 7, Electronics 50,885 Rexel SA Engineering & construction 7,156 Aeroports de Paris ,340 Bouygues SA 1, ,579 Vinci SA 5, Food 148,014 Carrefour SA 3, ,569 Casino Guichard Perrachon SA 1, ,437 Danone 6, Healthcare products 49,238 Essilor International SA 3, Holding companies - diversified 7,725 Wendel SA France (cont) Household products & wares 6,921 Societe BIC SA Insurance 428,898 AXA SA 8, ,220 CNP Assurances ,601 SCOR SE Internet 6,230 Iliad SA 1, Lodging 38,046 Accor SA 1, Machinery - diversified 51,531 Alstom SA 1, Media 26,638 Lagardere SCA Metal fabricate & hardware 25,353 Vallourec SA Oil & gas 511,249 Total SA 21, Oil & gas services 37,916 CGG SA ,200 Technip SA 1, Pharmaceuticals 285,876 Sanofi 20, Private equity 7,673 Eurazeo SA Real estate investment trusts 6,903 Fonciere Des Regions ,251 Gecina SA ,507 ICADE ,839 Klepierre ,257 Unibail-Rodamco SE 4, Retail 18,043 Kering 2, Software 15,244 Dassault Systemes 1, Telecommunications 665,403 Alcatel-Lucent 1, ,176 Eutelsat Communications SA ,174 Orange SA 4, ,222 Vivendi SA 5, Transportation 132,202 Groupe Eurotunnel SA 1, ishares VII plc Interim Report

140 As at 2014 '000 '000 France (cont) Water 66,477 Suez Environnement Co ,453 Veolia Environnement SA Total France 211, Germany Airlines 54,670 Deutsche Lufthansa AG Apparel 50,047 Adidas AG 4, ,548 Hugo Boss AG Auto manufacturers 79,173 Bayerische Motoren Werke AG 6, ,625 Daimler AG 14, ,023 Volkswagen AG 1, Auto parts & equipments 26,286 Continental AG 4, Banks 231,337 Commerzbank AG 2, ,700 Deutsche Bank AG 8, Building materials 33,550 HeidelbergCement AG 1, Chemicals 219,439 BASF SE 17, ,301 Brenntag AG 1, ,043 K+S AG ,972 LANXESS AG ,552 Linde AG 6, Cosmetics & personal care 24,128 Beiersdorf AG 1, Diversified financial services 46,148 Deutsche Boerse AG 2, Electric 430,375 E.ON SE 5, ,270 RWE AG 3, Electrical components & equipments 20,313 OSRAM Licht AG Engineering & construction 8,782 Fraport AG Frankfurt Airport Services Worldwide ,400 Hochtief AG Food 30,992 Metro AG ,542 Suedzucker AG Germany (cont) Healthcare services 51,766 Fresenius Medical Care AG & Co KGaA 2, ,882 Fresenius SE & Co KGaA 3, Holding companies - diversified 43,659 GEA Group AG 1, Household products & wares 31,073 Henkel AG & Co KGaA 2, Insurance 109,278 Allianz SE 13, ,555 Hannover Rueck SE ,657 Muenchener Rueckversicherungs AG 6, Internet 25,528 United Internet AG Iron & steel 108,031 ThyssenKrupp AG 2, Machinery - diversified 8,398 MAN SE Media 9,608 Axel Springer SE ,286 Kabel Deutschland Holding AG ,394 ProSiebenSat.1 Media AG 1, ,858 Sky Deutschland AG Miscellaneous manufacture 189,885 Siemens AG 17, Pharmaceuticals 197,896 Bayer AG 19, ,946 Celesio AG ,447 Merck KGaA 1, Real estate 71,630 Deutsche Wohnen AG Semiconductors 259,832 Infineon Technologies AG 1, Software 220,931 SAP AG 12, Telecommunications 691,826 Deutsche Telekom AG 8, ,792 Telefonica Deutschland Holding AG Transportation 216,802 Deutsche Post AG 5, Total Germany 196, Ireland Airlines 46,253 Ryanair Holdings Plc ishares VII plc Interim Report 139

141 As at 2014 '000 '000 Ireland (cont) Banks 5,416,339 Bank of Ireland 1, Building materials 174,220 CRH Plc 3, Food 35,829 Kerry Group Plc 1, Total Ireland 6, Italy Aerospace & defense 98,396 Finmeccanica SpA Auto manufacturers 208,832 Fiat SpA 1, Auto parts & equipments 57,878 Pirelli & C. SpA Banks 1,516,410 Banca Monte dei Paschi di Siena SpA ,780,656 Intesa Sanpaolo SpA 5, ,581 Mediobanca SpA ,039,064 UniCredit SpA 5, ,677 Unione di Banche Italiane SCPA 1, Commercial services 88,443 Atlantia SpA 1, Electric 1,563,517 Enel SpA 5, ,724 Terna Rete Elettrica Nazionale SpA 1, Electrical components & equipments 49,219 Prysmian SpA Energy alternate sources 418,151 Enel Green Power SpA Gas 486,164 Snam SpA 1, Healthcare products 39,734 Luxottica Group SpA 1, Insurance 279,051 Assicurazioni Generali SpA 4, ,457 UnipolSai SpA Investment companies 23,248 Exor SpA Oil & gas 610,397 Eni SpA 10, Oil & gas services 63,390 Saipem SpA 1, Italy (cont) Telecommunications 1,422,075 Telecom Italia RSP ,421,053 Telecom Italia SpA 1, Total Italy 49, Luxembourg Iron & steel 239,102 ArcelorMittal 2, Media 9,226 Rtl Group Npv Metal fabricate & hardware 112,814 Tenaris SA 1, Telecommunications 72,452 SES SA 1, Total Luxembourg 7, Netherlands Aerospace & defense 141,229 Airbus Group NV 7, Beverages 24,043 Heineken Holding NV 1, ,168 Heineken NV 2, Chemicals 57,502 Akzo Nobel NV 3, ,198 Koninklijke DSM NV 1, ,102 OCI Commercial services 29,921 Randstad Holding NV 1, Computers 19,045 Gemalto NV 1, Electronics 233,604 Koninklijke Philips NV 6, Engineering & construction 19,123 Koninklijke Boskalis Westminster NV Food 240,726 Koninklijke Ahold NV 2, ,417 Unilever NV 10, Healthcare products 56,537 QIAGEN NV Insurance 431,526 Aegon NV 2, ,636 Delta Lloyd NV ,510 ING Groep NV 9, ishares VII plc Interim Report

142 As at 2014 '000 '000 Netherlands (cont) Machinery - diversified 225,596 CNH Industrial NV 1, Media 166,221 Reed Elsevier NV 2, ,481 Wolters Kluwer NV 1, Oil & gas services 16,705 Fugro NV Real estate investment trusts 16,123 Corio NV Semiconductors 85,387 ASML Holding NV 5, ,981 STMicroelectronics NV Telecommunications 769,889 Koninklijke KPN NV 2, ,954 Ziggo NV 1, Transportation 16,650 Koninklijke Vopak NV ,049 TNT Express NV Total Netherlands 71, Portugal Banks 431,635 Banco Espirito Santo SA Electric 480,144 EDP - Energias de Portugal SA 1, Food 60,092 Jeronimo Martins SGPS SA Oil & gas 83,245 Galp Energia SGPS SA Telecommunications 150,088 Portugal Telecom SGPS SA Total Portugal 4, Spain Airlines 226,690 International Consolidated Airlines Group SA 1, Banks 1,382,335 Banco Bilbao Vizcaya Argentaria SA 12, ,072 Banco de Sabadell SA 1, ,027 Banco Popular Espanol SA 1, ,786,040 Banco Santander SA 17, ,755 Bankia SA 1, ,269 CaixaBank SA 1, Commercial services 91,833 Abertis Infraestructuras SA 1, Spain (cont) Electric 1,156,685 Iberdrola SA 5, ,317 Red Electrica Corp SA 1, Engineering & construction 34,435 ACS Actividades de Construccion y Servicios SA ,655 Ferrovial SA 1, Food 145,095 Distribuidora Internacional de Alimentacion SA Gas 43,206 Enagas SA ,809 Gas Natural SDG SA 1, Insurance 257,240 Mapfre SA Machinery - diversified 41,342 Zardoya Otis SA Oil & gas 206,260 Repsol SA 3, Pharmaceuticals 35,650 Grifols SA 1, Retail 52,138 Inditex SA 5, Software 90,938 Amadeus IT Holding SA 2, Telecommunications 982,256 Telefonica SA 11, Total Spain 77, Total equities 677, Preferred stock Germany Auto manufacturers 12,876 Bayerische Motoren Werke AG ,571 Porsche Automobil Holding SE 2, ,415 Volkswagen AG 6, Household products & wares 42,615 Henkel AG & Co KGaA 3, Oil & gas 8,479 Fuchs Petrolub SE Total Germany 13, Total preferred stock 13, ishares VII plc Interim Report 141

143 As at 2014 '000 Underlying exposure has been calculated according to the guidelines issued by the European Securities and Market Authority ( ESMA ) and represents the market of an equivalent position in the s underlying each financial derivative instrument. Rights Austria Banks 11,325 Raiffeisen International Bank Holding AG 24-Feb-2014 Total Austria Spain Banks 344,027 Banco Popular Espanol SA 20-Feb Engineering & construction 34,435 ACS Actividades de Construccion y Servicios SA 19-Feb Total Spain Total rights Analysis of total current s gross of all liabilities (unaudited) Fair 000 % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 691, Other s 18, Total current s 709, Financial derivative instruments Futures contracts No. of contracts Underlying exposure 000 Unrealised loss ' Euro Stoxx 50 Future 21 March ,565 (111) (0.02) Total unrealised losses on futures contracts (111) (0.02) Total of investments 691, Cash 1, Other net s 1, Net attributable to redeemable participating shareholders at the end of the period 694, Cash holdings of 1,776,546 are held with BNY Mellon Trust Company (Ireland) Limited. 214,257 is held as security for futures contracts with Credit Suisse AG. * Investment was a corporate action received and has no market. 142 ishares VII plc Interim Report

144 For the period ended 2014 Sales s Purchases Proceeds 000 s 75,208 Sanofi 5, ,299 Total SA 4, ,079 Total SA 5,683 55,545 Sanofi 4,086 52,474 Bayer AG 4,648 38,696 Bayer AG 3,535 49,942 Siemens AG 4,322 36,890 Siemens AG 3,410 58,989 BASF SE 4, ,688 Banco Santander SA 3, ,645 Banco Santander SA 4,080 43,343 BASF SE 3,209 50,630 Anheuser-Busch InBev NV 3,707 37,655 Anheuser-Busch InBev NV 2,759 28,890 Allianz SE 3,406 45,335 Daimler AG 2,690 60,627 Daimler AG 3, ,150 Banco Bilbao Vizcaya Argentaria SA 2,638 58,322 SAP AG 3,287 21,466 Allianz SE 2, ,599 Unilever NV 3,271 45,867 BNP Paribas SA 2,492 61,904 BNP Paribas SA 3,099 43,417 SAP AG 2, ,912 Telefonica SA 2, ,774 Telefonica SA 2, ,898 Eni SpA 2,753 80,316 Unilever NV 2, ,694 Banco Bilbao Vizcaya Argentaria SA 2, ,162 Eni SpA 2,102 16,232 LVMH Moet Hennessy Louis Vuitton SA 2, ,103 Alcatel-Lucent 2,060 64,125 Deutsche Bank AG 2,175 29,059 Schneider Electric SA 1,812 37,479 Danone 2,140 47,832 Deutsche Bank AG 1, ,311 ING Groep NV 2, ,117 Deutsche Telekom AG 1,713 19,754 Air Liquide SA 2, ,298 ING Groep NV 1,677 Cost 000 The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. ishares VII plc Interim Report 143

145 For the period ended Year ended 31 July Operating income 365 1, Net gains on financial s/liabilities at fair through profit or loss 2,745 7,028 4,788 Total gains 3,110 8,927 5,321 Operating expenses (72) (173) (89) Net operating profit 3,038 8,754 5,232 Net profit for the financial period/year before tax 3,038 8,754 5,232 Non-reclaimable withholding tax 41 (285) (62) Net profit for the financial period/year after tax 3,079 8,469 5,170 Increase in net s attributable to redeemable participating shareholders from operations 3,079 8,469 5,170 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders Year ended 31 July at the beginning of the period/year 39,601 46,373 46,373 Increase in net s attributable to redeemable participating shareholders from operations 3,079 8,469 5,170 Share transactions: Proceeds from issue of redeemable participating shares 6,886 15,253 15,245 Payments on redemption of redeemable participating shares - (30,494) (3,819) Increase/(decrease) in net s resulting from share transactions 6,886 (15,241) 11,426 Net s attributable to redeemable participating shareholders at the end of the period/year 49,566 39,601 62,969 The accompanying notes form an integral part of these financial statements. 144 ishares VII plc Interim Report

146 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents Margin cash account Receivables Financial s at fair through profit or loss 3 49,193 39,195 62,602 Total current s 49,594 39,612 62,986 CURRENT LIABILITIES Payables (14) (11) (17) Financial liabilities at fair through profit or loss 3 (14) - - Total current liabilities (28) (11) (17) Net attributable to redeemable participating shareholders at the end of the period/year 49,566 39,601 62,969 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note 2. ishares VII plc Interim Report 145

147 As at 2014 '000 '000 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Equities Austria Banks 1,919 Erste Group Bank AG Raiffeisen International Bank Holding AG Insurance 282 Vienna Insurance Group AG Wiener Versicherung Gruppe Iron & steel 826 Voestalpine AG Machinery - diversified 585 Andritz AG Oil & gas 1,160 OMV AG Real estate 562 Immoeast A/S Npv*** 7,953 IMMOFINANZ AG Telecommunications 2,547 Telekom Austria AG Total Austria Belgium Banks 1,796 KBC Groep NV Beverages 6,251 Anheuser-Busch InBev NV Chemicals 443 Solvay SA Food 556 Colruyt SA Delhaize Group SA Holding companies - diversified 604 Groupe Bruxelles Lambert SA Insurance 1,905 Ageas Mining 846 Umicore SA Pharmaceuticals 819 UCB SA Telecommunications 1,135 Belgacom SA Telenet Group Holding NV Total Belgium Bermuda Oil & gas 2,930 Seadrill Ltd Total Bermuda Denmark Banks 4,993 Danske Bank A/S Beverages 802 Carlsberg A/S Chemicals 1,698 Novozymes A/S Healthcare products 857 Coloplast A/S William Demant Holding A/S Insurance 192 Tryg A/S Pharmaceuticals 15,653 Novo Nordisk A/S Telecommunications 5,735 TDC A/S Transportation 4 AP Moller - Maersk A/S-Class A AP Moller - Maersk A/S-Class B ,578 DSV A/S Total Denmark Finland Auto parts & equipments 804 Nokian Renkaat OYJ Banks 1,028 Pohjola Bank Plc Electric 3,311 Fortum OYJ Forest products & paper 4,359 Stora Enso OYJ ,866 UPM-Kymmene OYJ Insurance 3,309 Sampo Machinery - diversified 2,565 Kone OYJ Metso OYJ Miscellaneous manufacture 1,382 Wartsila OYJ Abp ishares VII plc Interim Report

148 As at 2014 '000 '000 Finland (cont) Oil & gas 955 Neste Oil OYJ Pharmaceuticals 687 Orion OYJ Telecommunications 1,006 Elisa OYJ ,197 Nokia OYJ Total Finland France Advertising 495 JCDecaux SA ,369 Publicis Groupe SA Aerospace & defense 2,043 Safran SA Thales SA Zodiac Aerospace Apparel 402 Christian Dior SA ,994 LVMH Moet Hennessy Louis Vuitton SA Auto manufacturers 1,565 Renault SA Auto parts & equipments 1,393 Cie Generale des Etablissements Michelin Valeo SA Banks 7,799 BNP Paribas SA ,824 Credit Agricole SA ,664 Natixis ,535 Societe Generale SA Beverages 1,663 Pernod Ricard SA Remy Cointreau SA Building materials 3,181 Cie de St-Gobain Imerys SA ,506 Lafarge SA Chemicals 2,400 Air Liquide SA Arkema SA Commercial services 1,757 Bureau Veritas SA ,723 Edenred Sodexo France (cont) Computers 435 AtoS ,074 Cap Gemini SA Cosmetics & personal care 1,872 L'Oreal SA Electric 1,914 Electricite de France ,218 GDF Suez Electrical components & equipments 2,138 Legrand SA ,288 Schneider Electric SA Electronics 1,616 Rexel SA Engineering & construction 218 Aeroports de Paris ,367 Bouygues SA ,701 Vinci SA Food 4,924 Carrefour SA Casino Guichard Perrachon SA ,399 Danone Healthcare products 1,584 Essilor International SA Holding companies - diversified 238 Wendel SA Household products & wares 200 Societe BIC SA Insurance 14,344 AXA SA ,081 CNP Assurances ,259 SCOR SE Internet 165 Iliad SA Lodging 1,382 Accor SA Machinery - diversified 1,791 Alstom SA Media 874 Lagardere SCA Metal fabricate & hardware 848 Vallourec SA Oil & gas 16,726 Total SA ishares VII plc Interim Report 147

149 As at 2014 '000 '000 France (cont) Oil & gas services 1,249 CGG SA Technip SA Pharmaceuticals 9,356 Sanofi Private equity 252 Eurazeo SA Real estate investment trusts 194 Fonciere Des Regions Gecina SA ICADE Klepierre Unibail-Rodamco SE Retail 611 Kering Software 527 Dassault Systemes Telecommunications 21,758 Alcatel-Lucent ,238 Eutelsat Communications SA ,847 Orange SA ,150 Vivendi SA Transportation 3,736 Groupe Eurotunnel SA Water 2,042 Suez Environnement Co ,701 Veolia Environnement SA Total France 6, Germany Airlines 1,705 Deutsche Lufthansa AG Apparel 1,629 Adidas AG Hugo Boss AG Auto manufacturers 2,529 Bayerische Motoren Werke AG ,548 Daimler AG Volkswagen AG Auto parts & equipments 874 Continental AG Banks 7,831 Commerzbank AG ,989 Deutsche Bank AG Germany (cont) Building materials 1,048 HeidelbergCement AG Chemicals 7,229 BASF SE Brenntag AG ,272 K+S AG LANXESS AG ,440 Linde AG Cosmetics & personal care 735 Beiersdorf AG Diversified financial services 1,453 Deutsche Boerse AG Electric 14,161 E.ON SE ,999 RWE AG Electrical components & equipments 618 OSRAM Licht AG Engineering & construction 271 Fraport AG Frankfurt Airport Services Worldwide Hochtief AG Food 986 Metro AG Suedzucker AG Healthcare services 1,718 Fresenius Medical Care AG & Co KGaA ,019 Fresenius SE & Co KGaA Holding companies - diversified 1,429 GEA Group AG Household products & wares 968 Henkel AG & Co KGaA Insurance 3,592 Allianz SE Hannover Rueck SE ,431 Muenchener Rueckversicherungs AG Internet 905 United Internet AG Iron & steel 3,779 ThyssenKrupp AG Machinery - diversified 300 MAN SE Media 262 Axel Springer SE Kabel Deutschland Holding AG ishares VII plc Interim Report

150 As at 2014 '000 '000 Germany (cont) Media (cont) 1,478 ProSiebenSat.1 Media AG ,650 Sky Deutschland AG Miscellaneous manufacture 6,161 Siemens AG Pharmaceuticals 6,508 Bayer AG Celesio AG Merck KGaA Real estate 2,368 Deutsche Wohnen AG Semiconductors 8,118 Infineon Technologies AG Software 7,178 SAP AG Telecommunications 22,344 Deutsche Telekom AG ,544 Telefonica Deutschland Holding AG Transportation 7,201 Deutsche Post AG Total Germany 6, Guernsey Insurance 10,842 Resolution Ltd Total Guernsey Ireland Airlines 1,149 Ryanair Holdings Plc Banks 171,616 Bank of Ireland Building materials 5,461 CRH Plc Food 1,128 Kerry Group Plc Total Ireland Italy Aerospace & defense 3,012 Finmeccanica SpA Auto manufacturers 6,376 Fiat SpA Italy (cont) Auto parts & equipments 1,771 Pirelli & C. SpA Banks 48,731 Banca Monte dei Paschi di Siena SpA ,909 Intesa Sanpaolo SpA ,617 Mediobanca SpA ,626 UniCredit SpA ,034 Unione di Banche Italiane SCPA Commercial services 3,023 Atlantia SpA Electric 49,803 Enel SpA ,368 Terna Rete Elettrica Nazionale SpA Electrical components & equipments 1,502 Prysmian SpA Energy alternate sources 12,449 Enel Green Power SpA Gas 16,935 Snam SpA Healthcare products 1,378 Luxottica Group SpA Insurance 9,073 Assicurazioni Generali SpA ,080 UnipolSai SpA Investment companies 819 Exor SpA Oil & gas 19,919 Eni SpA Oil & gas services 1,971 Saipem SpA Telecommunications 44,894 Telecom Italia SpA ,361 Telecom Italia SpA Total Italy 1, Jersey Advertising 10,427 WPP Plc Commercial services 8,118 Experian Plc Distribution & wholesale 2,162 Wolseley Plc ishares VII plc Interim Report 149

151 As at 2014 '000 '000 Jersey (cont) Mining 83,255 Glencore Xstrata Plc Randgold Resources Ltd Oil & gas services 2,039 Petrofac Ltd Pharmaceuticals 4,187 Shire Plc Total Jersey Luxembourg Iron & steel 7,454 ArcelorMittal Media 309 RTL Group Metal fabricate & hardware 3,512 Tenaris SA Oil & gas services 2,073 Subsea 7 SA Telecommunications 580 Millicom International Cellular SA ,572 SES SA Total Luxembourg Netherlands Aerospace & defense 4,512 Airbus Group NV Beverages 692 Heineken Holding NV ,728 Heineken NV Chemicals 1,863 Akzo Nobel NV ,272 Koninklijke DSM NV OCI Commercial services 1,046 Randstad Holding NV Computers 652 Gemalto NV Electronics 7,403 Koninklijke Philips NV Engineering & construction 580 Koninklijke Boskalis Westminster NV Food 7,881 Koninklijke Ahold NV ,846 Unilever NV Netherlands (cont) Healthcare products 1,724 QIAGEN NV Insurance 13,447 Aegon NV ,512 Delta Lloyd NV ,293 ING Groep NV Machinery - diversified 7,958 CNH Industrial NV Media 5,800 Reed Elsevier NV ,400 Wolters Kluwer NV Oil & gas services 562 Fugro NV Real estate investment trusts 529 Corio NV Semiconductors 2,844 ASML Holding NV ,803 STMicroelectronics NV Telecommunications 26,052 Koninklijke KPN NV ,041 Ziggo NV Transportation 514 Koninklijke Vopak NV ,837 TNT Express NV Total Netherlands 2, Norway Banks 7,398 DNB ASA Chemicals 1,419 Yara International ASA Engineering & construction 1,206 Aker Solutions ASA Insurance 1,464 Gjensidige Forsikring ASA Mining 11,599 Norsk Hydro ASA Miscellaneous manufacture 5,861 Orkla ASA Oil & gas 8,777 Statoil ASA Telecommunications 5,499 Telenor ASA Total Norway ishares VII plc Interim Report

152 As at 2014 '000 '000 Portugal Banks 17,515 Banco Espirito Santo SA Electric 16,770 EDP - Energias de Portugal SA Food 1,920 Jeronimo Martins SGPS SA Oil & gas 2,704 Galp Energia SGPS SA Telecommunications 5,253 Portugal Telecom SGPS SA Total Portugal Spain Airlines 7,343 International Consolidated Airlines Group SA Banks 45,942 Banco Bilbao Vizcaya Argentaria SA ,363 Banco de Sabadell SA ,292 Banco Popular Espanol SA ,553 Banco Santander SA ,416 Bankia SA ,594 CaixaBank SA ,237 Abertis Infraestructuras SA Diversified financial services Electric 38,266 Iberdrola SA Red Electrica Corp SA Engineering & construction 1,194 ACS Actividades de Construccion y Servicios SA ,201 Ferrovial SA Food 5,528 Distribuidora Internacional de Alimentacion SA Gas 1,162 Enagas SA ,750 Gas Natural SDG SA Insurance 5,916 Mapfre SA Machinery - diversified 1,135 Zardoya Otis SA Oil & gas 6,677 Repsol SA Spain (cont) Pharmaceuticals 1,268 Grifols SA Retail 1,678 Inditex SA Software 2,916 Amadeus IT Holding SA Telecommunications 31,803 Telefonica SA Total Spain 2, Sweden Agriculture 1,723 Swedish Match AB Auto manufacturers 2,384 Scania AB ,721 Volvo AB Banks 23,915 Nordea Bank AB ,298 Skandinaviska Enskilda Banken AB ,850 Svenska Handelsbanken AB ,987 Swedbank AB Commercial services 2,330 Securitas AB Engineering & construction 3,006 Skanska AB Forest products & paper 4,474 Svenska Cellulosa AB SCA Hand & Machine Tools 8,754 Sandvik AB Healthcare products 2,934 Elekta AB ,490 Getinge AB Holding companies - diversified 1,057 Industrivarden AB Home furnishings 1,787 Electrolux AB Household products & wares 3,167 Husqvarna AB Investment companies 1,614 Investment AB Kinnevik ,393 Investor AB Machinery - construction & mining 5,229 Atlas Copco AB-A Shares ,910 Atlas Copco AB-B Shares ishares VII plc Interim Report 151

153 As at 2014 '000 '000 Sweden (cont) Machinery - diversified 1,896 Hexagon AB Metal fabricate & hardware 2,730 Assa Abloy AB ,292 SKF AB Mining 2,015 Boliden AB Miscellaneous manufacture 2,507 Alfa Laval AB Oil & gas 1,768 Lundin Petroleum AB Retail 7,320 Hennes & Mauritz AB Telecommunications 2,342 Tele2 AB ,070 Telefonaktiebolaget LM Ericsson ,909 TeliaSonera AB Total Sweden 2, Switzerland Banks 11,800 Credit Suisse Group AG* ,528 UBS AG Beverages 1,580 Coca-Cola HBC AG Building materials 290 Geberit AG ,842 Holcim Ltd Sika AG Chemicals 82 EMS-Chemie Holding AG Givaudan SA Lonza Group AG Syngenta AG Commercial services 1,062 Adecco SA SGS SA Diversified financial services 144 Partners Group Holding AG ,730 Julius Baer Group Ltd Engineering & construction 17,174 ABB Ltd Switzerland (cont) Food 621 Aryzta AG Barry Callebaut AG Lindt & Spruengli AG Lindt & Spruengli AG - REG ,125 Nestle SA 1, Hand & Machine Tools 355 Schindler Holding AG-Part Cert Schindler Holding AG-REG Healthcare products 439 Sonova Holding AG Insurance 369 Baloise Holding AG Swiss Life Holding AG ,686 Swiss Re AG ,136 Zurich Insurance Group AG Investment companies 201 Pargesa Holding SA Miscellaneous manufacture 176 Sulzer AG Oil & gas 2,880 Transocean Ltd Pharmaceuticals 778 Actelion Ltd ,029 Novartis AG 1, ,481 Roche Holding AG 1, Real estate 506 Swiss Prime Site AG Retail 4,046 Cie Financiere Richemont SA Swatch Group AG Swatch Group AG REG Telecommunications 172 Swisscom AG Transportation 400 Kuehne + Nagel International AG Total Switzerland 6, United Kingdom Aerospace & defense 25,848 BAE Systems Plc ,678 Cobham Plc ,297 Meggitt Plc ,077 Rolls-Royce Group Plc ishares VII plc Interim Report

154 As at 2014 '000 '000 United Kingdom (cont) Agriculture 14,961 British American Tobacco Plc ,628 Imperial Tobacco Group Plc Airlines 1,289 easyjet Plc Apparel 3,670 Burberry Group Plc Auto parts & equipments 13,147 GKN Plc Banks 119,072 Barclays Plc ,862 HSBC Holdings Plc 1, ,488 Lloyds Banking Group Plc ,084 Royal Bank of Scotland Group Plc ,086 Standard Chartered Plc Beverages 19,803 Diageo Plc ,598 SABMiller Plc Chemicals 997 Croda International Plc ,529 Johnson Matthey Plc Commercial services 1,917 Aggreko Plc ,678 Babcock International Group Plc ,448 Bunzl Plc ,992 Capita Plc ,479 G4S Plc ,377 Intertek Group Plc ,662 Serco Group Plc Diversified financial services 7,019 Aberdeen Asset Management Plc ,758 Hargreaves Lansdown Plc ,144 ICAP Plc ,205 Investec Plc ,316 London Stock Exchange Group Plc ,996 Old Mutual Plc Schroders Plc Electric 7,804 SSE Plc Entertainment 6,660 William Hill Plc Food 2,657 Associated British Foods Plc ,014 J Sainsbury Plc United Kingdom (cont) Food (cont) 3,760 Tate & Lyle Plc ,452 Tesco Plc ,132 Unilever Plc ,245 WM Morrison Supermarkets Plc Food service 14,135 Compass Group Plc Gas 39,824 Centrica Plc ,050 National Grid Plc Healthcare products 7,168 Smith & Nephew Plc Home builders 2,303 Persimmon Plc Household products & wares 5,100 Reckitt Benckiser Group Plc Insurance 1,474 Admiral Group Plc ,852 Aviva Plc ,824 Direct Line Insurance Group Plc ,183 Legal & General Group Plc ,476 Prudential Plc ,710 RSA Insurance Group Plc ,669 Standard Life Plc Leisure time 1,322 Carnival Plc ,099 TUI Travel Plc Lodging 2,191 InterContinental Hotels Group Plc ,315 Whitbread Plc Machinery - diversified 1,556 Weir Group Plc Media 7,810 British Sky Broadcasting Group Plc ,538 ITV Plc ,558 Pearson Plc ,090 Reed Elsevier Plc Mining 10,764 Anglo American Plc ,935 Antofagasta Plc ,395 BHP Billiton Plc ,341 Fresnillo Plc ,936 Rio Tinto Plc ishares VII plc Interim Report 153

155 As at 2014 '000 '000 United Kingdom (cont) Miscellaneous manufacture 2,446 IMI Plc ,144 Melrose Industries Plc ,912 Smiths Group Plc Oil & gas 26,390 BG Group Plc ,154 BP Plc ,115 Royal Dutch Shell Plc-Class A ,811 Royal Dutch Shell Plc-Class B ,157 Tullow Oil Plc Oil & gas services 2,538 AMEC Plc Packaging & containers 5,874 Rexam Plc Pharmaceuticals 9,729 AstraZeneca Plc ,134 GlaxoSmithKline Plc Private equity 7,229 3i Group Plc Real estate investment trusts 7,103 British Land Co Plc ,254 Hammerson Plc ,567 Intu Properties Plc ,142 Land Securities Group Plc ,714 Segro Plc Retail 19,335 Kingfisher Plc ,196 Marks & Spencer Group Plc ,081 Next Plc ,884 Travis Perkins Plc Semiconductors 11,110 ARM Holdings Plc Software 9,510 Sage Group Plc Telecommunications 61,487 BT Group Plc ,327 Inmarsat Plc ,253 Vodafone Group Plc 1, Water 1,766 Severn Trent Plc ,076 United Utilities Group Plc Total United Kingdom 15, Preferred stock Germany Auto manufacturers 387 Bayerische Motoren Werke AG ,263 Porsche Automobil Holding SE ,117 Volkswagen AG Household products & wares 1,437 Henkel AG & Co KGaA Oil & gas 292 Fuchs Petrolub SE Total Germany Total preferred stock Rights Austria Banks 379 Raiffeisen International Bank Holding AG 24-Feb-2014 Total Austria Spain Banks 10,292 Banco Popular Espanol SA 20-Feb-2014** Engineering & construction 1,194 ACS Actividades de Construccion y Servicios SA 19-Feb Total Spain 1 Total rights 1 Financial derivative instruments Futures contracts No. of contracts Underlying exposure 000 Unrealised loss '000 6 Euro Stoxx 50 Future 21 March (8) (0.02) 1 FTSE 100 Index Future 21 March (4) (0.01) 6 SLI Swiss Leader 21 March (2) 0.00 Total unrealised losses on futures contracts (14) (0.03) Total equities 48, ishares VII plc Interim Report

156 As at 2014 Investment '000 Total of investments 49, Cash Other net s Net attributable to redeemable participating shareholders at the end of the period 49, Cash holdings of 237,339 are held with BNY Mellon Trust Company (Ireland) Limited. 55,180 is held as security for futures contracts with Credit Suisse AG. * Related party. ** Investments which are less than 500 are rounded to zero. *** Investment was a corporate action received and has no market. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Market Authority ( ESMA ) and represents the market of an equivalent position in the s underlying each financial derivative instrument. Analysis of total current s gross of all liabilities (unaudited) Fair 000 % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 49, Other s Total current s 49, ishares VII plc Interim Report 155

157 For the period ended 2014 Sales s Purchases Proceeds 000 s 3,319 DE Master Blenders 1753 NV 41 3,453 Nestle SA Kabel Deutschland Holding AG 41 21,436 HSBC Holdings Plc Perrigo Co Roche Holding AG RTL Group SA 28 57,177 Vodafone Group Plc 158 3,513 Invensys Plc 22 2,464 Novartis AG 145 1,210 Elan Corp Plc 15 4,800 Royal Dutch Shell Plc-Class A Next Plc 14 20,187 BP Plc Prudential Plc 14 2,474 Total SA 108 2,352 Nokia OYJ 14 5,247 GlaxoSmithKline Plc 102 2,380 BP Plc 14 36,907 Barclays Plc Sampo 13 1,025 Bayer AG Bayerische Motoren Werke AG 13 1,278 Sanofi 96 1,426 OPAP SA Siemens AG 95 1,472 Hellenic Telecommunications Organization SA 13 1,101 BASF SE Kesko OYJ 11 16,089 Banco Santander SA Banque Cantonale Vaudoise 11 9,623 Banco Bilbao Vizcaya Argentaria SA Novo Nordisk A/S 10 2,038 British American Tobacco Plc Koninklijke Ahold NV 10 79,880 Lloyds Banking Group Plc Cie Generale des Etablissements Michelin 10 2,690 Royal Dutch Shell Plc-Class B 73 3,966 Vodafone Group Plc 10 3,062 Diageo Plc 73 Cost 000 The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. 156 ishares VII plc Interim Report

158 For the period ended Year ended 31 July Net gains on financial s/liabilities at fair through profit or loss 1,409 2,187 8,970 Total gains 1,409 2,187 8,970 Operating expenses** (53) (339) (171) Net operating profit 1,356 1,848 8,799 Net profit for the financial period/year 1,356 1,848 8,799 Increase in net s attributable to redeemable participating shareholders from operations 1,356 1,848 8,799 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to discontinued operations. For the period ended 2014 Net s attributable to redeemable participating shareholders 2014 Year ended 31 July at the beginning of the period/year 29,453 40,604 40,604 Increase in net s attributable to redeemable participating shareholders from operations 1,356 1,848 8,799 Share transactions: Proceeds from issue of redeemable participating shares 2, Payments on redemption of redeemable participating shares (32,887) (12,999) - Decrease in net s resulting from share transactions (30,809) (12,999) - Net s attributable to redeemable participating shareholders at the end of the period/year 29,453 49,403 * The Fund closed on 24 October. ** Termination expenses are included in operating expenses as part of the TER. The accompanying notes form an integral part of these financial statements. ishares VII plc Interim Report 157

159 As at 2014 CURRENT ASSETS Notes July Receivables - 2,891 7,660 Financial s at fair through profit or loss 3-29,934 49,437 Total current s - 32,825 57,097 CURRENT LIABILITIES Margin cash account - (1,294) (316) Payables - (1,622) (7,378) Financial liabilities at fair through profit or loss 3 - (456) - Total current liabilities - (3,372) (7,694) Net attributable to redeemable participating shareholders at the end of the period/year - 29,453 49,403 * The Fund closed on 24 October. The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note ishares VII plc Interim Report

160 For the period ended 2014 Sales s Purchases Proceeds s 76,917 SAP AG 5, ,380 Sandvik AB 4, ,505 RWE AG 4,890 88,214 Svenska Handelsbanken AB 3, ,380 Sandvik AB 4, ,473 RWE AG 3,728 38,172 Siemens AG 4,454 26,198 Siemens AG 3, ,014 Nordea Bank AB 4, ,374 Fortum OYJ 3,071 27,364 Allianz SE 4, ,287 TeliaSonera AB 3,033 88,214 Svenska Handelsbanken AB 3,941 40,899 SAP AG 2,961 37,645 Anheuser-Busch InBev NV 3,837 19,380 Allianz SE 2, ,428 Aegon NV 3,799 30,460 BASF SE 2, ,115 Investor AB 3,762 42,812 Akzo Nobel NV 2,757 49,951 Daimler AG 3,669 87,472 Investor AB 2, ,873 Koninklijke Philips NV 3, ,827 Atlas Copco AB 2, ,374 Fortum OYJ 3,184 27,672 ASML Holding NV 2,592 26,286 Bayer AG 3, ,047 Nokia OYJ 2, ,287 TeliaSonera AB 3, ,774 Celesio AG 2,461 30,460 BASF SE 2,942 76,068 Deutsche Post AG 2, ,841 Telefonaktiebolaget LM Ericsson 2,894 20,990 Bayer AG 2,419 31,950 Henkel AG & Co KGaA 2,801 12,663 Muenchener Rueckversicherungs AG 2,416 42,812 Akzo Nobel NV 2,801 32,055 Daimler AG 2,409 83,946 Deutsche Post AG 2, ,698 Aegon NV 2,406 * The Fund closed on 24 October. Cost The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. ishares VII plc Interim Report 159

161 For the period ended Year ended 31 July Operating income 861,040 1,316, ,532 Net gains on financial s/liabilities at fair through profit or loss 4,070,743 24,340,013 12,403,341 Total gains 4,931,783 25,656,209 12,937,873 Operating expenses (261,643) (316,728) (110,514) Net operating profit 4,670,140 25,339,481 12,827,359 Net profit for the financial period/year before tax 4,670,140 25,339,481 12,827,359 Non-reclaimable withholding tax (69,419) (91,351) (36,436) Net profit for the financial period/year after tax 4,600,721 25,248,130 12,790,923 Increase in net s attributable to redeemable participating shareholders from operations 4,600,721 25,248,130 12,790,923 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders Year ended 31 July at the beginning of the period/year 119,580,538 43,398,143 43,398,143 Increase in net s attributable to redeemable participating shareholders from operations 4,600,721 25,248,130 12,790,923 Share transactions: Proceeds from issue of redeemable participating shares 62,419,671 57,669,263 7,072,502 Payments on redemption of redeemable participating shares (34,977,506) (6,734,998) (3,369,047) Increase in net s resulting from share transactions 27,442,165 50,934,265 3,703,455 Net s attributable to redeemable participating shareholders at the end of the period/year 151,623, ,580,538 59,892,521 The accompanying notes form an integral part of these financial statements. 160 ishares VII plc Interim Report

162 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents 35, ,150 - Margin cash account - 170, ,916 Receivables 256, , ,825 Financial s at fair through profit or loss 3 151,557, ,900,143 59,680,244 Total current s 151,849, ,362,437 60,166,985 CURRENT LIABILITIES Bank overdraft - - (35,332) Payables (226,125) (1,781,899) (239,132) Total current liabilities (226,125) (1,781,899) (274,464) Net attributable to redeemable participating shareholders at the end of the period/year 151,623, ,580,538 59,892,521 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note 2. ishares VII plc Interim Report 161

163 As at 2014 '000 '000 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Equities Japan Advertising 120,493 Dentsu Inc 492, ,700 Hakuhodo DY Holdings Inc 108, Aerospace & defence 733,434 IHI Corp 346, Agriculture 612,442 Japan Tobacco Inc 1,957, Airlines 642,368 ANA Holdings Inc 140, ,040 Japan Airlines Co Ltd 170, Apparel 88,462 Asics Corp 158, Auto manufacturers 107,643 Daihatsu Motor Co Ltd 173, ,516 Fuji Heavy Industries Ltd 932, ,055 Hino Motors Ltd 221, ,208 Honda Motor Co Ltd 3,527, ,405 Isuzu Motors Ltd 410, ,508,134 Mazda Motor Corp 755, ,135 Mitsubishi Motors Corp 392, ,385,632 Nissan Motor Co Ltd 1,226, ,286 Suzuki Motor Corp 547, ,535,868 Toyota Motor Corp 9,095, Auto parts & equipments 106,399 Aisin Seiki Co Ltd 406, ,544 Bridgestone Corp 1,353, ,100 Denso Corp 1,447, ,178 JTEKT Corp 176, ,425 Koito Manufacturing Co Ltd 110, ,781 NGK Spark Plug Co Ltd 239, ,186 NGK Insulators Ltd 267, ,396 NHK Spring Co Ltd 95, ,055 NOK Corp 87, ,524 Stanley Electric Co Ltd 188, ,848 Sumitomo Electric Industries Ltd 683, ,751 Sumitomo Rubber Industries Ltd 135, ,013 Toyoda Gosei Co Ltd 78, ,190 Toyota Boshoku Corp 43, ,413 Toyota Industries Corp 429, ,000 Yokohama Rubber Co Ltd 106, Japan (cont) Banks 596,262 Aozora Bank Ltd 175, ,418 Bank of Kyoto Ltd 159, ,380 Bank of Yokohama Ltd 341, ,694 Chiba Bank Ltd 270, ,600 Chugoku Bank Ltd 106, ,399 Fukuoka Financial Group Inc 183, ,679 Gunma Bank Ltd 117, ,830 Hachijuni Bank Ltd 131, ,763 Hiroshima Bank Ltd 116, ,000 Hokuhoku Financial Group Inc 127, ,736 Iyo Bank Ltd 141, ,138 Joyo Bank Ltd 183, ,088,806 Mitsubishi UFJ Financial Group Inc 4,416, ,809,763 Mizuho Financial Group Inc 2,805, ,543 Nishi-Nippon City Bank Ltd 100, ,040,158 Resona Holdings Inc 567, ,002 Seven Bank Ltd 129, ,645 Shinsei Bank Ltd 193, ,403 Shizuoka Bank Ltd 321, ,319 Sumitomo Mitsui Financial Group Inc 3,412, ,848,596 Sumitomo Mitsui Trust Holdings Inc 915, ,321 Suruga Bank Ltd 173, ,928 Yamaguchi Financial Group Inc 108, Beverages 215,401 Asahi Breweries Ltd 605, ,870 Coca-Cola West Co Ltd 70, ,053 Kirin Holdings Co Ltd 681, ,700 Suntory Beverage & Food Ltd 230, Building materials 559,150 Asahi Glass Co Ltd 327, ,701 Daikin Industries Ltd 778, ,966 LIXIL Group Corp 395, ,645 Rinnai Corp 149, ,896 Taiheiyo Cement Corp 250, ,081 TOTO Ltd 259, Chemicals 81,650 Air Water Inc 124, ,151 Asahi Kasei Corp 550, ,286 Daicel Corp 134, ,555 Hitachi Chemical Co Ltd 83, ,132 JSR Corp 185, ,230 Kaneka Corp 101, ,963 Kansai Paint Co Ltd 178, ishares VII plc Interim Report

164 As at 2014 '000 '000 Japan (cont) Chemicals (cont) 191,213 Kuraray Co Ltd 222, ,006 Mitsubishi Chemical Holdings Corp 336, ,695 Mitsubishi Gas Chemical Co Inc 149, ,767 Mitsui Chemicals Inc 111, ,000 Nippon Paint Co Ltd 161, ,101 Nitto Denko Corp 423, ,811 Shin-Etsu Chemical Co Ltd 1,318, ,255 Showa Denko KK 117, ,461 Sumitomo Chemical Co Ltd 350, ,062 Taiyo Nippon Sanso Corp 90, ,112 Teijin Ltd 120, ,434 Ube Industries Ltd/Japan 124, Commercial services 39,991 Benesse Holdings Inc 161, ,464 Dai Nippon Printing Co Ltd 319, ,637 Park24 Co Ltd 115, ,717 Secom Co Ltd 680, ,459 Toppan Printing Co Ltd 234, Computers 1,038,431 Fujitsu Ltd 600, ,532 Itochu Techno-Solutions Corp 61, ,100 NTT Data Corp 257, ,443 Nomura Research Institute Ltd 191, ,168 Otsuka Corp 99, ,538 TDK Corp 321, Cosmetics & personal care 286,690 Kao Corp 938, ,879 Shiseido Co Ltd 327, ,147 Unicharm Corp 354, Distribution & wholesale 34,874 Hitachi High-Technologies Corp 82, ,930 ITOCHU Corp 1,061, ,947 Marubeni Corp 665, ,486 Mitsubishi Corp 1,490, ,445 Mitsui & Co Ltd 1,341, ,596 Sojitz Corp 123, ,865 Sumitomo Corp 809, ,425 Toyota Tsusho Corp 288, Diversified financial services 222,920 Acom Co Ltd 68, ,946 AEON Financial Service Co Ltd 88, ,812 Credit Saison Co Ltd 226, Japan (cont) Diversified financial services (cont) 927,883 Daiwa Securities Group Inc 900, ,010 Japan Exchange Group Inc 348, ,874 Mitsubishi UFJ Lease & Finance Co Ltd 174, ,023,717 Nomura Holdings Inc 1,467, ,549 ORIX Corp 1,121, Electric 358,529 Chubu Electric Power Co Inc 438, ,703 Chugoku Electric Power Co Inc 221, ,110 Electric Power Development Co Ltd 199, ,501 Hokkaido Electric Power Co Inc 109, ,743 Hokuriku Electric Power Co 116, ,600 Kansai Electric Power Co Inc 434, ,373 Kyushu Electric Power Co Inc 284, ,655 Shikoku Electric Power Co Inc 148, ,986 Tohoku Electric Power Co Inc 280, ,857 Tokyo Electric Power Co Inc 378, Electrical components & equipments 130,753 Brother Industries Ltd 171, ,884 Casio Computer Co Ltd 138, ,694,491 Hitachi Ltd 2,134, ,200 Mabuchi Motor Co Ltd 84, ,466 Nidec Corp 650, Electronics 82,757 Advantest Corp 90, ,614 Hamamatsu Photonics KK 171, ,632 Hirose Electric Co Ltd 241, ,900 Hoya Corp 682, ,228 Ibiden Co Ltd 118, ,374 Keyence Corp 1,078, ,320 Kyocera Corp 843, ,864 Murata Manufacturing Co Ltd 1,083, ,377,943 NEC Corp 412, ,635 Nippon Electric Glass Co Ltd 98, ,890 Omron Corp 465, ,243,780 Toshiba Corp 969, ,940 Yaskawa Electric Corp 168, ,781 Yokogawa Electric Corp 192, Engineering & construction 86,685 Chiyoda Corp 137, ,541 JGC Corp 456, ,719 Kajima Corp 183, ishares VII plc Interim Report 163

165 As at 2014 '000 '000 Japan (cont) Engineering & construction (cont) 74,585 Kinden Corp 75, ,850 Obayashi Corp 219, ,598 Shimizu Corp 187, ,505 Taisei Corp 242, Entertainment 27,931 Oriental Land Co Ltd/Japan 435, ,717 Sankyo Co Ltd 144, ,798 Toho Co Ltd/Tokyo 133, Environmental control 61,878 Kurita Water Industries Ltd 135, Food 336,509 Ajinomoto Co Inc 489, ,388 Calbee Inc 98, ,743 Kikkoman Corp 162, ,270 MEIJI Holdings Co Ltd 221, ,749 Nippon Meat Packers Inc 161, ,614 Nisshin Seifun Group Inc 118, ,058 Nissin Foods Holdings Co Ltd 147, ,534 Seven & I Holdings Co Ltd 1,720, ,386 Toyo Suisan Kaisha Ltd 156, ,058 Yakult Honsha Co Ltd 247, ,478 Yamazaki Baking Co Ltd 74, Forest products & paper 445,507 Oji Holdings Corp 217, Gas 1,042,332 Osaka Gas Co Ltd 434, ,801 Toho Gas Co Ltd 109, ,340,107 Tokyo Gas Co Ltd 686, Hand & Machine Tools 310,459 Fuji Electric Co Ltd 139, ,192 Makita Corp 335, ,756 SMC Corp/Japan 748, ,924 THK Co Ltd 142, Healthcare products 134,018 Olympus Corp 408, ,043 Shimadzu Corp 122, ,610 Sysmex Corp 231, ,448 Terumo Corp 408, Healthcare services 31,144 Miraca Holdings Inc 151, Japan (cont) Home builders 331,239 Daiwa House Industry Co Ltd 650, ,400 Iida Group Holdings Co Ltd 133, ,672 Sekisui Chemical Co Ltd 287, ,977 Sekisui House Ltd 433, Home furnishings 1,230,285 Panasonic Corp 1,456, ,394 Sharp Corp/Japan 283, ,192 Sony Corp 917, Insurance 473,400 Dai-ichi Life Insurance Co Ltd 738, ,432 MS&AD Insurance Group Holdings 681, ,036 NKSJ Holdings Inc 501, ,766 Sony Financial Holdings Inc 162, ,765 T&D Holdings Inc 409, ,103 Tokio Marine Holdings Inc 1,171, Internet 59,458 Dena Co Ltd 117, ,714 Gree Inc 61, ,000 Kakaku.com Inc 160, M3 Inc 116, ,378 Nexon Co Ltd 54, ,530 Rakuten Inc 682, ,910 SBI Holdings Inc/Japan 161, ,064 Trend Micro Inc/Japan 185, ,700 Yahoo Japan Corp 467, Iron & steel 155,242 Daido Steel Co Ltd 80, ,727 Hitachi Metals Ltd 173, ,530 Japan Steel Works Ltd 88, ,638 JFE Holdings Inc 591, ,394,951 Kobe Steel Ltd 239, ,235,548 Nippon Steel & Sumitomo Metal Corp 1,334, ,122 Yamato Kogyo Co Ltd 70, Leisure time 103,991 Sega Sammy Holdings Inc 255, ,886 Shimano Inc 400, ,391 Yamaha Corp 133, ,426 Yamaha Motor Co Ltd 213, Machinery - construction & mining 60,072 Hitachi Construction Machinery Co Ltd 119, ishares VII plc Interim Report

166 As at 2014 '000 '000 Japan (cont) Machinery - construction & mining (cont) 520,370 Komatsu Ltd 1,117, ,076,884 Mitsubishi Electric Corp 1,268, Machinery - diversified 204,567 Amada Co Ltd 172, ,546 FANUC Corp 1,786, ,448 Kawasaki Heavy Industries Ltd 355, ,052 Kubota Corp 949, ,690,075 Mitsubishi Heavy Industries Ltd 1,132, ,049 Nabtesco Corp 139, ,432 Sumitomo Heavy Industries Ltd 147, Metal fabricate & hardware 26,109 Maruichi Steel Tube Ltd 69, ,669 NSK Ltd 308, Mining 621,908 Mitsubishi Materials Corp 217, ,879 Sumitomo Metal Mining Co Ltd 385, Miscellaneous manufacture 258,035 FUJIFILM Holdings Corp 781, ,075 Konica Minolta Inc 291, ,708 Nikon Corp 335, Office & business equipment 631,958 Canon Inc 1,899, ,683 Ricoh Co Ltd 407, Oil & gas 49,468 Idemitsu Kosan Co Ltd 112, ,800 Inpex Corp 596, ,720 Japan Petroleum Exploration Co 60, ,252,608 JX Holdings Inc 622, ,610 Showa Shell Sekiyu KK 102, ,238 TonenGeneral Sekiyu KK 139, Packaging & containers 90,472 Toyo Seikan Group Holdings Ltd 167, Pharmaceuticals 22,872 Alfresa Holdings Corp 134, ,093 Astellas Pharma Inc 1,548, ,677 Chugai Pharmaceutical Co Ltd 292, ,808 Daiichi Sankyo Co Ltd 647, ,297 Dainippon Sumitomo Pharma Co Ltd 155, ,952 Eisai Co Ltd 555, ,427 Hisamitsu Pharmaceutical Co Inc 159, ,142 Kyowa Hakko Kirin Co Ltd 132, ,748 Medipal Holdings Corp 110, Japan (cont) Pharmaceuticals (cont) 124,790 Mitsubishi Tanabe Pharma Corp 188, ,262 Ono Pharmaceutical Co Ltd 413, ,944 Otsuka Holdings Co Ltd 635, ,390 Santen Pharmaceutical Co Ltd 179, ,355 Shionogi & Co Ltd 352, ,310 Suzuken Co Ltd/Aichi Japan 139, ,354 Taisho Pharmaceutical Holdings Co Ltd 129, ,380 Takeda Pharmaceutical Co Ltd 2,110, ,468 Tsumura & Co 84, Real estate 62,768 Aeon Mall Co Ltd 190, ,364 Daito Trust Construction Co Ltd 393, ,918 Hulic Co Ltd 195, ,356 Mitsubishi Estate Co Ltd 1,772, ,206 Mitsui Fudosan Co Ltd 1,533, ,823 Nomura Real Estate Holdings Inc 142, ,000 NTT Urban Development Corp 67, ,631 Sumitomo Realty & Development Co Ltd 912, ,000 Tokyo Tatemono Co Ltd 221, ,314 Tokyu Fudosan Holdings Corp 258, Real estate investment trusts 442 Japan Prime Realty Investment Corp Reit 155, Japan Real Estate Investment Corp Reit 350, ,291 Japan Retail Fund Investment Corp Reit 265, Nippon Building Fund Inc Reit 451, Nippon Prologis REIT Inc 152, Nomura Real Estate Office Fund Inc Reit 90, ,320 United Urban Investment Corp 201, Retail 15,018 ABC-Mart Inc 66, ,920 Aeon Co Ltd 435, ,668 Citizen Holdings Co Ltd 119, ,107 Don Quijote Holdings Co Ltd 190, ,958 FamilyMart Co Ltd 152, ,603 Fast Retailing Co Ltd 1,128, ,468 Isetan Mitsukoshi Holdings Ltd 262, ,122 J Front Retailing Co Ltd 186, ,066 Lawson Inc 269, ishares VII plc Interim Report 165

167 As at 2014 '000 '000 Japan (cont) Retail (cont) 124,577 Marui Group Co Ltd 121, ,994 McDonald's Holdings Co Japan Ltd 99, ,951 Nitori Holdings Co Ltd 188, ,401 Shimamura Co Ltd 112, ,164 Takashimaya Co Ltd 142, ,920 USS Co Ltd 171, ,930 Yamada Denki Co Ltd 180, Semiconductors 54,323 Rohm Co Ltd 281, ,108 Sumco Corp 50, ,447 Tokyo Electron Ltd 507, Software 55,739 Konami Corp 137, ,400 GungHo Online Entertainment Inc 124, ,552 Oracle Corp Japan 87, Storage & warehousing 67,538 Mitsubishi Logistics Corp 98, Telecommunications 299,720 KDDI Corp 1,709, ,034 Nippon Telegraph & Telephone Corp 1,162, ,300 NTT DOCOMO Inc 1,417, ,173 SoftBank Corp 4,047, Textiles 821,826 Toray Industries Inc 556, Toys 99,713 Namco Bandai Holdings Inc 232, ,299 Nintendo Co Ltd 720, ,097 Sanrio Co Ltd 102, Transportation 80,234 Central Japan Railway Co 908, ,914 East Japan Railway Co 1,426, ,007 Hankyu Hanshin Holdings Inc 331, ,023 Kamigumi Co Ltd 121, ,060 Keikyu Corp 209, ,540 Keio Corp 211, ,210 Keisei Electric Railway Co Ltd 142, ,139 Kintetsu Corp 350, ,772 Mitsui OSK Lines Ltd 257, ,734 Nippon Express Co Ltd 214, ,100 Nippon Yusen KK 287, ,922 Odakyu Electric Railway Co Ltd 320, Japan (cont) Transportation (cont) 570,490 Tobu Railway Co Ltd 273, ,579 Tokyu Corp 404, ,899 West Japan Railway Co 396, ,338 Yamato Holdings Co Ltd 445, Total Japan 151,557, Total equities 151,557, Total of investments 151,557, Cash 35, Other net s 29, Net attributable to redeemable participating shareholders at the end of the period 151,623, Substantially all cash positions are held with BNY Mellon Trust Company (Ireland) Limited. Analysis of total current s gross of all liabilities (unaudited) Fair 000 % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 151,557, Other s 291, Total current s 151,849, ishares VII plc Interim Report

168 For the period ended 2014 Sales s Purchases Proceeds 000 s 398,700 Toyota Motor Corp 2,451, ,800 Toyota Motor Corp 3,817,795 1,846,800 Mitsubishi UFJ Financial Group Inc 1,119,163 2,834,900 Mitsubishi UFJ Financial Group Inc 1,889, ,200 SoftBank Corp 893, ,800 SoftBank Corp 1,871, ,100 Honda Motor Co Ltd 885, ,100 Honda Motor Co Ltd 1,499, ,900 Sumitomo Mitsui Financial Group Inc 847, ,000 Sumitomo Mitsui Financial Group Inc 1,485,615 3,265,800 Mizuho Financial Group Inc 679,534 5,114,100 Mizuho Financial Group Inc 1,169, ,700 Japan Tobacco Inc 540,959 1,069,000 Hitachi Ltd 881, ,500 Takeda Pharmaceutical Co Ltd 523, ,800 Takeda Pharmaceutical Co Ltd 854, ,300 Canon Inc 492, ,600 Canon Inc 811, ,000 Mitsubishi Estate Co Ltd 469, ,000 Mitsubishi Estate Co Ltd 801, ,000 Hitachi Ltd 441, ,800 Japan Tobacco Inc 799,090 84,400 Nippon Telegraph & Telephone Corp 433, ,500 KDDI Corp 746,708 27,300 FANUC Corp 418,578 42,100 FANUC Corp 730, ,900 Seven & I Holdings Co Ltd 397, ,500 Seven & I Holdings Co Ltd 705,317 77,100 KDDI Corp 395, ,000 Mitsui Fudosan Co Ltd 655, ,000 Mitsui Fudosan Co Ltd 382, ,100 Nomura Holdings Inc 638,655 48,600 East Japan Railway Co 381, ,400 Panasonic Corp 633, ,400 Mitsubishi Corp 377, ,100 Mitsubishi Corp 619, ,500 Nomura Holdings Inc 377,438 74,100 East Japan Railway Co 600,839 67,300 Astellas Pharma Inc 355,158 97,000 Astellas Pharma Inc 589,284 Cost 000 The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. ishares VII plc Interim Report 167

169 For the period ended Year ended 31 July Operating income 42,246 71,657 36,715 Net gains on financial s/liabilities at fair through profit or loss 186,845 1,535, ,312 Total gains 229,091 1,607, ,027 Operating expenses (10,768) (16,671) (7,768) Net operating profit 218,323 1,590, ,259 Net profit for the financial period/year before tax 218,323 1,590, ,259 Non-reclaimable withholding tax (3,362) (5,075) (2,570) Net profit for the financial period/year after tax 214,961 1,585, ,689 Increase in net s attributable to redeemable participating shareholders from operations 214,961 1,585, ,689 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders Year ended 31 July at the beginning of the period/year 4,145,121 2,972,407 2,972,407 Increase in net s attributable to redeemable participating shareholders from operations 214,961 1,585, ,689 Share transactions: Proceeds from issue of redeemable participating shares 2,180,422 1,733, ,782 Payments on redemption of redeemable participating shares (581,672) (2,146,189) (933,940) Increase/(decrease) in net s resulting from share transactions 1,598,750 (412,870) (31,158) Net s attributable to redeemable participating shareholders at the end of the period/year 5,958,832 4,145,121 3,885,938 The accompanying notes form an integral part of these financial statements. 168 ishares VII plc Interim Report

170 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents 7,507 14,016 7,234 Margin cash account - 13,278 12,978 Receivables 3,553 4,083 4,637 Financial s at fair through profit or loss 3 5,956,162 4,121,317 3,862,614 Total current s 5,967,222 4,152,694 3,887,463 CURRENT LIABILITIES Payables (8,390) (7,573) (1,525) Total current liabilities (8,390) (7,573) (1,525) Net attributable to redeemable participating shareholders at the end of the period/year 5,958,832 4,145,121 3,885,938 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note 2. ishares VII plc Interim Report 169

171 As at 2014 '000 '000 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Equities Japan Advertising 6,027 Dentsu Inc 24, Agriculture 30,434 Japan Tobacco Inc 97, Airlines 32,777 ANA Holdings Inc 7, ,674 Japan Airlines Co Ltd 8, Auto manufacturers 16,300 Fuji Heavy Industries Ltd 46, ,222 Honda Motor Co Ltd 176, ,288 Isuzu Motors Ltd 20, ,000 Mazda Motor Corp 37, ,375 Mitsubishi Motors Corp 19, ,871 Nissan Motor Co Ltd 60, ,137 Suzuki Motor Corp 27, ,447 Toyota Motor Corp 452, Auto parts & equipments 5,337 Aisin Seiki Co Ltd 20, ,054 Bridgestone Corp 67, ,516 Denso Corp 72, ,916 Sumitomo Electric Industries Ltd 34, ,525 Toyota Industries Corp 21, Banks 32,767 Bank of Yokohama Ltd 17, ,353 Chiba Bank Ltd 13, ,517 Mitsubishi UFJ Financial Group Inc 220, ,467 Mizuho Financial Group Inc 139, ,580 Resona Holdings Inc 28, ,544 Shizuoka Bank Ltd 15, ,282 Sumitomo Mitsui Financial Group Inc 170, ,927 Sumitomo Mitsui Trust Holdings Inc 45, Beverages 10,734 Asahi Breweries Ltd 30, ,564 Kirin Holdings Co Ltd 33, ,500 Suntory Beverage & Food Ltd 11, Building materials 27,084 Asahi Glass Co Ltd 15, ,506 Daikin Industries Ltd 38, Japan (cont) Chemicals 35,636 Asahi Kasei Corp 27, ,609 Mitsubishi Chemical Holdings Corp 16, ,562 Nitto Denko Corp 20, ,459 Shin-Etsu Chemical Co Ltd 66, ,687 Sumitomo Chemical Co Ltd 17, Commercial services 16,056 Dai Nippon Printing Co Ltd 16, ,868 Secom Co Ltd 34, Computers 52,434 Fujitsu Ltd 30, ,500 NTT Data Corp 12, Cosmetics & personal care 14,328 Kao Corp 46, ,957 Shiseido Co Ltd 16, ,150 Unicharm Corp 17, Distribution & wholesale 41,788 ITOCHU Corp 52, ,586 Marubeni Corp 32, ,897 Mitsubishi Corp 74, ,145 Mitsui & Co Ltd 66, ,260 Sumitomo Corp 40, ,913 Toyota Tsusho Corp 14, Diversified financial services 45,787 Daiwa Securities Group Inc 44, ,698 Nomura Holdings Inc 73, ,190 ORIX Corp 55, Electric 17,852 Chubu Electric Power Co Inc 21, ,562 Kansai Electric Power Co Inc 21, Electrical components & equipments 134,747 Hitachi Ltd 106, ,753 Nidec Corp 31, Electronics 12,020 Hoya Corp 34, ,306 Keyence Corp 55, ,090 Kyocera Corp 42, ,638 Murata Manufacturing Co Ltd 54, ,743 NEC Corp 20, ,652 Omron Corp 23, ,183 Toshiba Corp 48, Engineering & construction 5,717 JGC Corp 22, ishares VII plc Interim Report

172 As at 2014 '000 '000 Japan (cont) Entertainment 1,398 Oriental Land Co Ltd/Japan 21, Food 16,562 Ajinomoto Co Inc 24, ,814 Seven & I Holdings Co Ltd 85, ,442 Yakult Honsha Co Ltd 12, Gas 52,619 Osaka Gas Co Ltd 21, ,917 Tokyo Gas Co Ltd 33, Hand & Machine Tools 1,468 SMC Corp/Japan 38, Healthcare products 6,596 Olympus Corp 20, ,233 Terumo Corp 20, Home builders 17,152 Daiwa House Industry Co Ltd 33, ,096 Sekisui House Ltd 21, Home furnishings 61,269 Panasonic Corp 72, ,105 Sony Corp 45, Insurance 23,600 Dai-ichi Life Insurance Co Ltd 36, ,085 MS&AD Insurance Group Holdings 33, ,298 NKSJ Holdings Inc 25, ,779 Sony Financial Holdings Inc 8, ,082 T&D Holdings Inc 20, ,212 Tokio Marine Holdings Inc 58, Internet 3,103 Nexon Co Ltd 2, ,132 Rakuten Inc 33, ,900 Yahoo Japan Corp 23, Iron & steel 13,611 JFE Holdings Inc 29, ,248 Nippon Steel & Sumitomo Metal Corp 66, Machinery - construction & mining 25,944 Komatsu Ltd 55, ,662 Mitsubishi Electric Corp 63, Machinery - diversified 5,337 FANUC Corp 89, ,599 Kubota Corp 47, ,438 Mitsubishi Heavy Industries Ltd 56, Mining 14,380 Sumitomo Metal Mining Co Ltd 19, Japan (cont) Miscellaneous manufacture 12,813 FUJIFILM Holdings Corp 38, ,512 Nikon Corp 16, Office & business equipment 31,426 Canon Inc 94, ,549 Ricoh Co Ltd 20, Oil & gas 24,300 Inpex Corp 29, ,269 JX Holdings Inc 30, Pharmaceuticals 12,068 Astellas Pharma Inc 77, ,229 Chugai Pharmaceutical Co Ltd 14, ,675 Daiichi Sankyo Co Ltd 32, ,916 Eisai Co Ltd 27, ,665 Kyowa Hakko Kirin Co Ltd 5, ,233 Mitsubishi Tanabe Pharma Corp 9, ,289 Ono Pharmaceutical Co Ltd 20, ,018 Otsuka Holdings Co Ltd 31, ,258 Shionogi & Co Ltd 17, Taisho Pharmaceutical Holdings Co Ltd 6, ,855 Takeda Pharmaceutical Co Ltd 104, Real estate 35,431 Mitsubishi Estate Co Ltd 90, ,010 Mitsui Fudosan Co Ltd 75, ,401 Sumitomo Realty & Development Co Ltd 43, Real estate investment trusts 38 Nippon Building Fund Inc Reit 22, Retail 16,775 Aeon Co Ltd 21, ,451 Fast Retailing Co Ltd 55, Semiconductors 4,675 Tokyo Electron Ltd 24, Telecommunications 14,848 KDDI Corp 84, ,426 Nippon Telegraph & Telephone Corp 57, ,400 NTT DOCOMO Inc 70, ,587 SoftBank Corp 201, Textiles 40,319 Toray Industries Inc 27, Toys 2,911 Nintendo Co Ltd 35, ishares VII plc Interim Report 171

173 As at 2014 '000 Japan (cont) Transportation 3,984 Central Japan Railway Co 45, ,313 East Japan Railway Co 71, ,173 Kintetsu Corp 17, ,219 Odakyu Electric Railway Co Ltd 15, ,351 Tokyu Corp 20, ,650 West Japan Railway Co 19, ,211 Yamato Holdings Co Ltd 22, Total Japan 5,956, Total equities 5,956, Total of investments 5,956, Cash 7, Other net liabilities (4,837) (0.09) Net attributable to redeemable participating shareholders at the end of the period 5,958, Substantially all cash positions are held with BNY Mellon Trust Company (Ireland) Limited. Analysis of total current s gross of all liabilities (unaudited) Fair 000 % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 5,956, Other s 11, Total current s 5,967, ishares VII plc Interim Report

174 For the period ended 2014 Sales s Purchases Proceeds 000 s 7,800 Toyota Motor Corp 48,866 27,100 Toyota Motor Corp 168,864 35,500 Mitsubishi UFJ Financial Group Inc 22, ,200 Mitsubishi UFJ Financial Group Inc 83,512 2,700 SoftBank Corp 18,330 9,600 SoftBank Corp 81,006 3,700 Sumitomo Mitsui Financial Group Inc 17,475 12,600 Sumitomo Mitsui Financial Group Inc 65,980 4,600 Honda Motor Co Ltd 17,233 16,100 Honda Motor Co Ltd 65,853 63,900 Mizuho Financial Group Inc 13, ,800 Mizuho Financial Group Inc 51,960 2,400 Nippon Telegraph & Telephone Corp 12,275 49,000 Hitachi Ltd 40,467 3,100 Japan Tobacco Inc 10,941 13,000 Mitsubishi Estate Co Ltd 37,330 2,200 Takeda Pharmaceutical Co Ltd 10,195 7,700 Takeda Pharmaceutical Co Ltd 37,069 3,200 Canon Inc 10,014 75,000 Mazda Motor Corp 37,021 3,000 Mitsui Fudosan Co Ltd 9,989 11,200 Canon Inc 36,156 2,000 Sumitomo Realty & Development Co Ltd 9,519 10,800 Japan Tobacco Inc 35,031 14,000 Hitachi Ltd 9,137 1,900 FANUC Corp 32,634 3,000 Mitsubishi Estate Co Ltd 8,687 5,200 KDDI Corp 32,014 1,000 East Japan Railway Co 8,442 9,000 Mitsui Fudosan Co Ltd 31, FANUC Corp 8,104 7,300 Seven & I Holdings Co Ltd 30,667 3,900 Mitsubishi Corp 7,744 35,700 Nomura Holdings Inc 28,275 10,100 Nomura Holdings Inc 7,725 21,800 Panasonic Corp 27,699 1,500 KDDI Corp 7,559 3,400 East Japan Railway Co 27,682 2,100 Seven & I Holdings Co Ltd 7,517 13,700 Mitsubishi Corp 27,179 Cost 000 The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. ishares VII plc Interim Report 173

175 For the period ended Year ended 31 July Operating income 33,446 88,806 41,986 Net gains on financial s/liabilities at fair through profit or loss 407,606 1,736, ,885 Total gains 441,052 1,825, ,871 Operating expenses (13,151) (23,427) (11,764) Net operating profit 427,901 1,802, ,107 Net profit for the financial period/year before tax 427,901 1,802, ,107 Non-reclaimable withholding tax (3,112) (6,294) (2,935) Net profit for the financial period/year after tax 424,789 1,795, ,172 Increase in net s attributable to redeemable participating shareholders from operations 424,789 1,795, ,172 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders Year ended 31 July at the beginning of the period/year 3,735,245 3,808,572 3,808,572 Increase in net s attributable to redeemable participating shareholders from operations 424,789 1,795, ,172 Share transactions: Proceeds from issue of redeemable participating shares 2,289, ,504 - Payments on redemption of redeemable participating shares (24) (2,739,644) - Increase in net s resulting from share transactions 2,289,530 (1,869,140) - Net s attributable to redeemable participating shareholders at the end of the period/year 6,449,564 3,735,245 4,786,744 The accompanying notes form an integral part of these financial statements. 174 ishares VII plc Interim Report

176 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents 1,028 8,046 - Margin cash account - 14,357 15,864 Receivables 15,836 4,421 8,691 Financial s at fair through profit or loss 3 6,435,789 3,710,330 4,765,879 Total current s 6,452,653 3,737,154 4,790,434 CURRENT LIABILITIES Bank overdraft - - (1,451) Payables (3,089) (1,909) (2,239) Total current liabilities (3,089) (1,909) (3,690) Net attributable to redeemable participating shareholders at the end of the period/year 6,449,564 3,735,245 4,786,744 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note 2. ishares VII plc Interim Report 175

177 As at 2014 '000 '000 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Equities Japan Advertising 4,180 Asatsu-DK Inc 9, ,157 Moshi Moshi Hotline Inc 7, Agriculture 5,557 Sakata Seed Corp 7, Apparel 86,782 Atsugi Co Ltd 10, ,535 Gunze Ltd 8, ,512 Japan Wool Textile Co Ltd 7, ,770 Onward Holdings Co Ltd 11, ,525 Sanyo Shokai Ltd 8, ,017 Wacoal Holdings Corp 14, Auto manufacturers 10,512 Nissan Shatai Co Ltd 13, ,015 Shinmaywa Industries Ltd 12, Auto parts & equipments 14,537 Akebono Brake Industry Co Ltd 7, ,022 Calsonic Kansei Corp 10, ,980 Exedy Corp 12, ,455 FCC Co Ltd 8, ,807 Futaba Industrial Co Ltd 4, ,655 Keihin Corp 8, ,520 KYB Co Ltd 12, ,000 Mitsuba Corp 8, ,452 Musashi Seimitsu Industry Co Ltd 6, ,382 Nifco Inc/Japan 17, ,507 Nippon Seiki Co Ltd 10, ,955 Nissin Kogyo Co Ltd 10, ,515 Press Kogyo Co Ltd 7, ,027 Riken Corp 7, ,770 Sanden Corp 8, ,482 Showa Corp 8, ,002 Tachi-S Co Ltd 5, ,180 Takata Corp 12, ,657 Tokai Rika Co Ltd 12, ,785 Topre Corp 9, ,535 Toyo Tire & Rubber Co Ltd 14, ,955 TPR Co Ltd 6, ,207 TS Tech Co Ltd 23, ,880 Unipres Corp 9, Japan (cont) Banks 40, Bank Ltd 19, ,400 Aichi Bank Ltd 6, ,280 Awa Bank Ltd 10, ,775 Bank of Nagoya Ltd 7, ,535 Bank of Saga Ltd 7, ,757 Bank of the Ryukyus Ltd 7, ,637 Chiba Kogyo Bank Ltd 6, ,050 Daishi Bank Ltd 14, ,535 Eighteenth Bank Ltd 7, ,000 Higashi-Nippon Bank Ltd 6, ,022 Higo Bank Ltd 10, ,542 Hokkoku Bank Ltd 11, ,000 Hokuetsu Bank Ltd 6, ,535 Hyakugo Bank Ltd 11, ,535 Hyakujushi Bank Ltd 9, ,045 Juroku Bank Ltd 12, ,000 Kagoshima Bank Ltd 9, ,535 Keiyo Bank Ltd 12, ,661 Kiyo Bank Ltd 11, ,540 Miyazaki Bank Ltd 7, ,680 Musashino Bank Ltd 12, ,535 Nanto Bank Ltd 9, ,847 North Pacific Bank Ltd 17, ,042 Ogaki Kyoritsu Bank Ltd 10, ,535 Oita Bank Ltd 10, ,022 San-In Godo Bank Ltd 12, ,922 Senshu Ikeda Holdings Inc 8, ,535 Shiga Bank Ltd 12, ,022 Tochigi Bank Ltd 8, ,787 Toho Bank Ltd 8, ,555 Tokyo Tomin Bank Ltd 5, ,877 TOMONY Holdings Inc 9, ,830 Towa Bank Ltd 7, ,600 Tsukuba Bank Ltd 6, ,577 Yachiyo Bank Ltd 6, ,775 Yamagata Bank Ltd 8, ,782 Yamanashi Chuo Bank Ltd 9, Beverages 6,300 Coca-Cola East Japan Co Ltd 15, ,685 Ito En Ltd 12, ,160 Kagome Co Ltd 12, ,155 KEY Coffee Inc 8, ishares VII plc Interim Report

178 As at 2014 '000 '000 Japan (cont) Beverages (cont) 41,295 Sapporo Holdings Ltd 16, ,525 Takara Holdings Inc 17, Biotechnology 4,800 AnGes MG Inc 2, ,000 GNI Group Ltd 7, Japan Tissue Engineering Co Ltd 4, ,600 OncoTherapy Science Inc 4, PeptiDream Inc 8, ,100 ReproCELL Inc 5, ,630 Takara Bio Inc 13, Building materials 33,535 Central Glass Co Ltd 10, ,000 Chofu Seisakusho Co Ltd 6, ,515 Fujitec Co Ltd 13, ,022 Nichias Corp 11, ,700 Nichiha Corp 6, ,125 Nippon Sheet Glass Co Ltd 15, ,655 Noritz Corp 9, ,000 Okabe Co Ltd 9, ,780 Sankyo Tateyama Inc 9, ,037 Sanwa Holdings Corp 20, ,557 Sumitomo Osaka Cement Co Ltd 20, ,515 Takara Standard Co Ltd 9, Chemicals 11,687 ADEKA Corp 13, ,335 Aica Kogyo Co Ltd 13, ,177 C Uyemura & Co Ltd 5, ,267 Dainichiseika Color & Chemicals Manufacturing Co Ltd 7, ,000 Denki Kagaku Kogyo KK 23, ,622 DIC Corp 28, ,557 Ishihara Sangyo Kaisha Ltd 6, ,507 Kinugawa Rubber Industrial 5, ,022 Kureha Corp 8, ,282 Lintec Corp 11, ,512 Nihon Nohyaku Co Ltd 9, ,010 Nihon Parkerizing Co Ltd 15, ,022 Nippon Kayaku Co Ltd 26, ,515 Nippon Shokubai Co Ltd 17, ,022 Nippon Soda Co Ltd 11, ,512 Nippon Synthetic Chemical Industry Co Ltd 6, ,997 Nissan Chemical Industries Ltd 22, Japan (cont) Chemicals (cont) 20,022 NOF Corp 14, ,267 Sakai Chemical Industry Co Ltd 6, ,512 Sanyo Chemical Industries Ltd 8, ,907 Sekisui Jushi Corp 9, ,525 Sumitomo Bakelite Co Ltd 9, ,752 Taiyo Ink Manufacturing Co Ltd 9, ,015 Takasago International Corp 8, ,782 Toagosei Co Ltd 12, ,032 Tokai Carbon Co Ltd 9, ,295 Tokuyama Corp 18, ,755 Tokyo Ohka Kogyo Co Ltd 11, ,830 Tosoh Corp 29, ,535 Toyo Ink SC Holdings Co Ltd 12, ,775 Zeon Corp 21, Coal 43,520 Mitsui Matsushima Co Ltd 7, Commercial services 3,202 Aeon Delight Co Ltd 6, ,582 Duskin Co Ltd 10, ,100 Euglena Co Ltd 10, ,830 GMO Payment Gateway Inc 8, ,600 JP-Holdings Inc/Japan 5, ,800 Kanamoto Co Ltd 12, ,200 Meiko Network Japan Co Ltd 5, ,555 Meitec Corp 12, ,657 Nichii Gakkan Co 6, ,702 Nihon M&A Center Inc 14, ,785 Sohgo Security Services Co Ltd 15, ,700 Temp Holdings Co Ltd 17, ,357 Toppan Forms Co Ltd 6, Computers 4,182 DTS Corp 8, ,580 NEC Networks & System Integration Corp 10, ,065 NET One Systems Co Ltd 8, ,330 NS Solutions Corp 8, ,820 Obic Co Ltd 28, ,807 SCSK Corp 19, ,400 Wacom Co Ltd/Japan 13, Cosmetics & personal care 4,000 Aderans Co Ltd 4, ,200 Dr Ci:Labo Co Ltd 6, ishares VII plc Interim Report 177

179 As at 2014 '000 '000 Japan (cont) Cosmetics & personal care (cont) 3,430 Kose Corp 11, ,535 Lion Corp 13, ,852 Mandom Corp 10, ,200 Milbon Co Ltd 8, ,654 Pigeon Corp 21, ,852 Pola Orbis Holdings Inc 9, Distribution & wholesale 6,235 Ai Holdings Corp 8, ,257 Canon Marketing Japan Inc 8, ,742 Itochu Enex Co Ltd 9, ,530 Iwatani Corp 16, ,065 Kanematsu Corp 12, ,000 Kanematsu Electronics Ltd 9, ,315 Nagase & Co Ltd 16, ,100 Paltac Corp 7, ,355 Trusco Nakayama Corp 10, ,000 Wakita & Co Ltd 9, ,960 Yamazen Corp 8, ,290 Yuasa Trading Co Ltd 8, Diversified financial services 42,270 Aiful Corp 16, ,482 Century Tokyo Leasing Corp 16, ,052 Fuyo General Lease Co Ltd 10, ,257 Hitachi Capital Corp 16, ,200 IBJ Leasing Co Ltd 8, ,800 Ichigo Group Holdings Co Ltd 5, ,485 Ichiyoshi Securities Co Ltd 8, ,300 IwaiCosmo Holdings Inc 4, ,327 J Trust Co Ltd 8, ,520 Jaccs Co Ltd 8, ,290 Japan Securities Finance Co Ltd 9, ,100 Kenedix Inc 14, ,300 Kyokuto Securities Co Ltd 6, ,585 Marusan Securities Co Ltd 8, ,000 Mito Securities Co Ltd 5, ,525 Okasan Securities Group Inc 20, ,345 Orient Corp 9, ,952 Ricoh Leasing Co Ltd 8, ,200 Sparx Group Co Ltd 4, ,235 Tokai Tokyo Financial Holdings Inc 22, ,000 Zenkoku Hosho Co Ltd 14, Electric 2,352 Okinawa Electric Power Co Inc 7, Japan (cont) Electrical components & equipments 43,797 Fujikura Ltd 21, ,000 GS Yuasa Corp 23, ,752 Icom Inc 6, ,785 Nippon Signal Co Ltd 8, ,760 Nissin Electric Co Ltd 4, ,650 Takaoka Toko Holdings Co Ltd 4, ,460 Tatsuta Electric Wire and Cable Co Ltd 5, ,500 Ushio Inc 17, Electronics 21,325 Alps Electric Co Ltd 29, ,520 Anritsu Corp 19, ,585 Azbil Corp 18, ,032 Dainippon Screen Manufacturing Co Ltd 12, ,252 Eizo Corp 8, ,275 Enplas Corp 8, ,760 Fujitsu General Ltd 9, ,580 Futaba Corp/Chiba 7, ,780 Horiba Ltd 17, ,985 Hosiden Corp 6, ,252 Inaba Denki Sangyo Co Ltd 10, ,760 Japan Aviation Electronics Industry Ltd 12, ,015 Jeol Ltd 6, ,957 Koa Corp 6, ,605 Kuroda Electric Co Ltd 8, ,050 Maruwa Co Ltd/Aichi 7, ,295 Minebea Co Ltd 32, ,637 Mitsumi Electric Co Ltd 8, ,585 Nichicon Corp 7, ,927 Nippon Ceramic Co Ltd 6, ,755 Nissha Printing Co Ltd 7, ,205 Nitto Kogyo Corp 7, ,755 Ryosan Co Ltd 10, ,010 Sanyo Denki Co Ltd 4, ,782 Star Micronics Co Ltd 6, ,762 Taiyo Yuden Co Ltd 17, ,405 Tokyo Seimitsu Co Ltd 10, ,232 Toyo Corp/Chuo-ku 5, ,755 Ulvac Inc 9, Engineering & construction 4,700 Chudenko Corp 8, ,867 COMSYS Holdings Corp 20, ishares VII plc Interim Report

180 As at 2014 '000 '000 Japan (cont) Engineering & construction (cont) 35,480 Fudo Tetra Corp 5, ,600 Hibiya Engineering Ltd 6, ,182 Japan Airport Terminal Co Ltd 10, ,022 Kandenko Co Ltd 8, ,000 Kumagai Gumi Co Ltd 6, ,562 Kyowa Exeo Corp 16, ,022 Maeda Corp 11, ,512 Maeda Road Construction Co Ltd 16, ,339 Mirait Holdings Corp 10, ,760 Nippo Corp 12, ,000 Nippon Densetsu Kogyo Co Ltd 10, ,300 Nishimatsu Construction Co Ltd 13, ,535 Okumura Corp 11, ,542 Penta-Ocean Construction Co Ltd 14, ,557 Shinko Plantech Co Ltd 7, ,252 SHO-BOND Holdings Co Ltd 15, ,500 Sumitomo Mitsui Construction Co Ltd 11, ,780 Taikisha Ltd 10, ,662 Takasago Thermal Engineering Co Ltd 9, ,512 Takuma Co Ltd 9, ,535 Toa Corp/Tokyo 7, ,535 Toda Corp 10, ,800 Tokyu Construction Co Ltd 6, ,000 Toshiba Plant Systems & Services Corp 9, ,705 Totetsu Kogyo Co Ltd 9, ,022 Toyo Engineering Corp 8, Entertainment 4,080 Avex Group Holdings Inc 9, ,782 Heiwa Corp 12, ,765 Shochiku Co Ltd 9, ,000 Toei Co Ltd 6, ,000 Tokyotokeiba Co Ltd 6, ,252 Universal Entertainment Corp 6, Environmental control 3,552 Asahi Holdings Inc 6, ,130 Daiseki Co Ltd 11, ,224 Hitachi Zosen Corp 15, Food 3,080 Ariake Japan Co Ltd 8, ,512 Ezaki Glico Co Ltd 13, ,385 Fuji Oil Co Ltd 11, ,000 Fujicco Co Ltd 6, Japan (cont) Food (cont) 5,660 House Foods Group Inc 8, ,525 Itoham Foods Inc 9, ,000 J-Oil Mills Inc 7, ,700 Kameda Seika Co Ltd 8, ,000 Kasumi Co Ltd 8, ,500 Kato Sangyo Co Ltd 6, ,540 Kewpie Corp 13, ,285 Marudai Food Co Ltd 8, ,820 Maruha Nichiro Holdings Inc 10, ,031 Megmilk Snow Brand Co Ltd 7, ,520 Mitsui Sugar Co Ltd 8, ,535 Morinaga Milk Industry Co Ltd 8, ,037 Nichirei Corp 13, ,542 Nippon Beet Sugar Manufacturing Co Ltd 9, ,022 Nippon Flour Mills Co Ltd 9, ,662 Nippon Suisan Kaisha Ltd 8, ,022 Nisshin Oillio Group Ltd 5, ,800 San-A Co Ltd 8, ,730 UNY Group Holdings Co Ltd 15, ,400 Yokohama Reito Co Ltd 9, Forest products & paper 14,512 Daio Paper Corp 12, ,767 Hokuetsu Kishu Paper Co Ltd 6, ,600 Nippon Paper Industries Co Ltd 23, ,900 Pack Corp 6, ,122 Sumitomo Forestry Co Ltd 20, Gas 9,315 Shizuoka Gas Co Ltd 5, Hand & Machine Tools 8,760 Asahi Diamond Industrial Co Ltd 9, ,280 Disco Corp 23, ,690 DMG Mori Seiki Co Ltd 23, ,257 Hitachi Koki Co Ltd 5, ,775 Meidensha Corp 11, ,287 OSG Corp 17, Healthcare products 3,050 Asahi Intecc Co Ltd 12, ,702 Hogy Medical Co Ltd 9, ,655 Nihon Kohden Corp 18, ,042 Nipro Corp 13, ,502 Paramount Bed Holdings Co Ltd 8, ,860 Topcon Corp 14, ishares VII plc Interim Report 179

181 As at 2014 '000 '000 Japan (cont) Healthcare services 1,550 Ain Pharmaciez Inc 7, EPS Corp/Japan 5, Medinet Co Ltd 5, ,900 Message Co Ltd 6, ,500 tella Inc 3, ,910 Tsukui Corp 5, Holding companies - diversified 21,022 Seiko Holdings Corp 10, Home builders 35,620 Haseko Corp 27, ,507 Misawa Homes Co Ltd 6, ,262 PanaHome Corp 8, ,362 Token Corp 6, Home furnishings 6,157 Alpine Electronics Inc 8, ,705 Canon Electronics Inc 7, ,677 Foster Electric Co Ltd 6, ,505 Hoshizaki Electric Co Ltd 16, ,430 JVC Kenwood Holdings Inc 3, ,815 Pioneer Corp 7, Household products & wares 12,190 Kokuyo Co Ltd 8, ,255 Mitsubishi Pencil Co Ltd 7, ,700 Pilot Corp 8, Housewares 32,022 Noritake Co Ltd/Nagoya Japan 8, ,630 Sangetsu Co Ltd 9, Internet 2,600 Adways Inc 7, ,400 COLOPL Inc 12, ,300 COOKPAD Inc 7, CROOZ Inc 3, ,700 CyberAgent Inc 33, ,700 Digital Garage Inc 12, ,100 Dwango Co Ltd 8, ,300 F@N Communications Inc 9, ,137 GMO internet Inc 11, ,355 Internet Initiative Japan Inc 11, ,645 kabu.com Securities Co Ltd 4, ,162 Matsui Securities Co Ltd 14, ,300 Monex Group Inc 10, ,354 MonotaRO Co Ltd 9, Japan (cont) Internet (cont) 7,528 Start Today Co Ltd 17, ,700 UNITED Inc/Japan 4, Iron & steel 17,262 Aichi Steel Corp 7, ,512 Kurimoto Ltd 4, ,022 Mitsubishi Steel Manufacturing Co Ltd 6, ,000 Nippon Yakin Kogyo Co Ltd 6, ,500 Nisshin Steel Holdings Co Ltd 11, ,262 Sanyo Special Steel Co Ltd 7, ,890 Tokyo Steel Manufacturing Co Ltd 7, ,787 Topy Industries Ltd 6, ,022 Yodogawa Steel Works Ltd 7, Leisure time 13,100 Accordia Golf Co Ltd 17, ,907 Daiichikosho Co Ltd 15, ,652 HIS Co Ltd 14, ,520 Mizuno Corp 9, ,000 PGM Holdings K K 6, ,390 Round One Corp 8, ,535 Tokyo Dome Corp 14, Lodging 15,512 Fujita Kanko Inc 5, ,160 Resorttrust Inc 16, Machinery - construction & mining 2,727 Modec Inc 7, ,520 Tadano Ltd 21, Machinery - diversified 8,260 Aida Engineering Ltd 9, ,585 CKD Corp 9, ,267 Daifuku Co Ltd 15, ,022 Daihen Corp 7, ,557 Ebara Corp 37, ,512 Fuji Machine Manufacturing Co Ltd 9, ,530 Iseki & Co Ltd 9, ,785 Komori Corp 12, ,262 Makino Milling Machine Co Ltd 13, ,507 Max Co Ltd 6, ,780 Miura Co Ltd 10, ,000 Nippon Sharyo Ltd 7, ,512 Nippon Thompson Co Ltd 6, ,100 Obara Group Inc 6, ,520 OKUMA Corp 17, ishares VII plc Interim Report

182 As at 2014 '000 '000 Japan (cont) Machinery - diversified (cont) 4,205 Shima Seiki Manufacturing Ltd 7, ,985 Sintokogio Ltd 7, ,520 Toshiba Machine Co Ltd 9, ,022 Tsubakimoto Chain Co 15, ,572 Tsugami Corp 6, Media 3,052 Kadokawa Corp 10, ,300 SKY Perfect JSAT Holdings Inc 12, ,400 Tokyo Broadcasting System Holdings Inc 6, ,000 TV Asahi Corp 6, ,180 Usen Corp 5, Metal fabricate & hardware 28,535 Hanwa Co Ltd 15, ,115 Kitz Corp 8, ,387 MISUMI Group Inc 30, ,022 Nachi-Fujikoshi Corp 15, ,000 Nippon Steel & Sumikin Bussan Corp 8, ,575 NTN Corp 26, ,555 Oiles Corp 10, ,022 Ryobi Ltd 8, ,022 Toho Zinc Co Ltd 7, ,000 UACJ Corp 12, Mining 31,285 Dowa Holdings Co Ltd 29, ,797 Furukawa Co Ltd 9, ,830 Mitsui Mining & Smelting Co Ltd 20, ,922 Nippon Coke & Engineering Co Ltd 8, ,512 Nippon Denko Co Ltd 5, ,580 Nippon Light Metal Holdings Co Ltd 10, ,377 OSAKA Titanium Technologies Co Ltd 5, ,022 Pacific Metals Co Ltd 6, Miscellaneous manufacture 8,460 Amano Corp 9, ,385 Glory Ltd 18, ,512 Nikkiso Co Ltd 11, ,022 Nippon Valqua Industries Ltd 8, ,780 Nitta Corp 8, ,952 Tamron Co Ltd 7, Office furnishings 11,262 Okamura Corp 9, Office & business equipment 2,530 Riso Kagaku Corp 5, ,900 Sato Holdings Corp 6, Japan (cont) Office & business equipment (cont) 16,720 Seiko Epson Corp 45, ,520 Toshiba TEC Corp 12, Oil & gas 1,400 Japan Drilling Co Ltd 7, ,400 K&O Energy Group Inc 5, Packaging & containers 45,557 Achilles Corp/Japan 6, ,427 FP Corp 9, ,230 Fuji Seal International Inc 11, ,452 Fujimori Kogyo Co Ltd 5, ,535 Rengo Co Ltd 13, Pharmaceuticals 1,750 3-D Matrix Ltd 8, ,600 Chiome Bioscience Inc 6, ,000 Fuso Pharmaceutical Industries Ltd 5, ,512 Kaken Pharmaceutical Co Ltd 13, ,500 Kissei Pharmaceutical Co Ltd 8, ,955 Kobayashi Pharmaceutical Co Ltd 16, ,532 KYORIN Holdings Inc 12, ,402 Mochida Pharmaceutical Co Ltd 8, NanoCarrier Co Ltd 9, ,682 Nichi-iko Pharmaceutical Co Ltd 10, ,257 Nippon Shinyaku Co Ltd 12, ,415 Rohto Pharmaceutical Co Ltd 18, ,404 Sawai Pharmaceutical Co Ltd 20, ,482 Seikagaku Corp 8, ,180 Ship Healthcare Holdings Inc 16, ,700 Sosei Group Corp 6, ,307 Toho Holdings Co Ltd 11, ,652 Towa Pharmaceutical Co Ltd 6, ,200 UMN Pharma Inc 4, Private equity 4,255 Jafco Co Ltd 23, Real estate 7,560 Daibiru Corp 8, ,050 Daikyo Inc 10, ,517 Goldcrest Co Ltd 6, ,757 Heiwa Real Estate Co Ltd 9, ,847 Leopalace21 Corp 17, Raysum Co Ltd 3, ,702 Relo Holdings Inc 9, ,374 Sumitomo Real Estate Sales Co Ltd 7, ,600 Sun Frontier Fudousan Co Ltd 5, ishares VII plc Interim Report 181

183 As at 2014 '000 '000 Japan (cont) Real estate (cont) 20,400 Takara Leben Co Ltd 6, ,400 TOC Co Ltd 7, Real estate investment trusts 29 Activia Properties Inc 24, Advance Residence Investment Corp 33, Daiwa House REIT Investment Corp 13, Daiwa House Residential Investment Corp 18, Daiwa Office Investment Corp 13, Frontier Real Estate Investment Corp 30, Fukuoka REIT Co 13, Global One Real Estate Investment Corp 9, GLP J-Reit 25, Hankyu Reit Inc 8, Heiwa Real Estate REIT Inc 9, Industrial & Infrastructure Fund Investment Corp 15, Japan Excellent Inc 15, Japan Hotel REIT Investment Corp 15, Japan Logistics Fund Inc 22, Japan Rental Housing Investments Inc 9, Kenedix Office Investment Corp 21, MID Reit Inc 7, Mori Hills REIT Investment Corp 20, Mori Trust Sogo Reit Inc 20, Nippon Accommodations Fund Inc 20, Nomura Real Estate Master Fund Inc 23, Nomura Real Estate Residential Fund Inc 11, Orix JREIT Inc 28, Premier Investment Corp 11, Sekisui House SI Investment Co 11, Tokyu REIT Inc 14, Top REIT Inc 10, Retail 2,155 Adastria Holdings Co Ltd 5, ,000 Alpen Co Ltd 5, ,454 AOKI Holdings Inc 7, ,935 Aoyama Trading Co Ltd 18, ,002 Arcland Sakamoto Co Ltd 6, ,257 Arcs Co Ltd 8, ,780 ASKUL Corp 10, Japan (cont) Retail (cont) 7,256 Autobacs Seven Co Ltd 12, ,352 Cawachi Ltd 6, ,280 Chiyoda Co Ltd 6, ,577 Cocokara Fine Inc 6, ,512 Colowide Co Ltd 10, ,175 Cosmos Pharmaceutical Corp 15, ,800 CREATE SD HOLDINGS Co Ltd 6, ,457 Daiei Inc 5, ,137 DCM Holdings Co Ltd 7, ,787 EDION Corp 6, ,700 Geo Corp 6, ,060 Gulliver International Co Ltd 6, ,017 H2O Retailing Corp 12, ,557 Heiwado Co Ltd 7, ,600 Ichibanya Co Ltd 5, ,707 Izumi Co Ltd 17, ,952 Jin Co Ltd 6, ,760 Joshin Denki Co Ltd 6, ,680 Kisoji Co Ltd 8, ,880 Komeri Co Ltd 9, ,997 K's Holdings Corp 16, ,755 Matsumotokiyoshi Holdings Co Ltd 13, ,957 Matsuya Co Ltd 6, ,580 MOS Food Services Inc 9, ,060 Nishimatsuya Chain Co Ltd 6, ,100 Ohsho Food Service Corp 7, ,000 Pal Co Ltd 3, ,255 Plenus Co Ltd 7, ,855 Ringer Hut Co Ltd 8, ,400 Royal Holdings Co Ltd 8, ,852 Ryohin Keikaku Co Ltd 27, ,180 Saizeriya Co Ltd 6, ,727 Seria Co Ltd 11, ,682 Shimachu Co Ltd 13, ,600 St Marc Holdings Co Ltd 7, ,600 Starbucks Coffee Japan Ltd 6, ,655 Sugi Holdings Co Ltd 19, ,055 Sundrug Co Ltd 17, ,756 TSI Holdings Co Ltd 8, ,077 Tsuruha Holdings Inc 19, ,777 United Arrows Ltd 9, ,080 Valor Co Ltd 8, ishares VII plc Interim Report

184 As at 2014 '000 '000 Japan (cont) Retail (cont) 4,430 WATAMI Co Ltd 6, ,400 Welcia Holdings Co Ltd 8, ,505 Xebio Co Ltd 7, ,600 Yoshinoya Holdings Co Ltd 9, ,387 Zensho Co Ltd 10, Semiconductors 3,402 Axell Corp 5, ,852 Megachips Corp 5, ,520 Nippon Chemi-Con Corp 8, ,015 Sanken Electric Co Ltd 10, ,512 Shindengen Electric Manufacturing Co Ltd 7, ,760 Shinko Electric Industries Co Ltd 7, Ship building 96,607 Mitsui Engineering & Shipbuilding Co Ltd 19, ,685 Namura Shipbuilding Co Ltd 8, Software 6,000 Access Co Ltd 4, ,782 Capcom Co Ltd 13, ,380 Fuji Soft Inc 8, ,437 IT Holdings Corp 17, ,507 Nihon Unisys Ltd 10, ,360 NSD Co Ltd 10, ,600 Square Enix Holdings Co Ltd 24, ,557 Tecmo Koei Holdings Co Ltd 6, ,655 Transcosmos Inc 10, Storage & warehousing 17,022 Mitsui-Soko Co Ltd 7, ,022 Sumitomo Warehouse Co Ltd 10, Telecommunications 8,900 CONEXIO Corp 7, ,512 Denki Kogyo Co Ltd 7, ,512 Hitachi Kokusai Electric Inc 10, ,377 Oki Electric Industry Co Ltd 22, ,520 Nisshinbo Holdings Inc 15, Textiles 42,797 Kurabo Industries Ltd 7, ,535 Nitto Boseki Co Ltd 11, ,012 Seiren Co Ltd 7, ,200 Tokai Corp/Gifu 6, ,387 Toyobo Co Ltd 20, ,842 Unitika Ltd 8, Japan (cont) Transportation 17,022 Fukuyama Transporting Co Ltd 9, ,082 Hitachi Transport System Ltd 9, ,242 Iino Kaiun Kaisha Ltd 8, ,372 Kawasaki Kisen Kaisha Ltd 25, ,177 Kintetsu World Express Inc 8, ,435 Nippon Konpo Unyu Soko Co Ltd 13, ,045 Sankyu Inc 13, ,022 Seino Holdings Co Ltd 18, ,000 Senko Co Ltd 8, ,317 Sotetsu Holdings Inc 20, Total Japan 6,435, Total equities 6,435, Total of investments 6,435, Cash 1, Other net s 12, Net attributable to redeemable participating shareholders at the end of the period 6,449, Substantially all cash positions are held with BNY Mellon Trust Company (Ireland) Limited. Analysis of total current s gross of all liabilities (unaudited) Fair 000 % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 6,435, Other s 16, Total current s 6,452, ishares VII plc Interim Report 183

185 For the period ended 2014 Sales* s Purchases Proceeds 000 s 17,777 Nippon Paint Co Ltd 28, Nomura Real Estate Master Fund Inc 22,555 14,220 Kakaku.com Inc 27,374 5,700 Seiko Epson Corp 14,674 11,900 Takaoka Toko Holdings Co Ltd 20,495 10,500 Nisshin Steel Holdings Co Ltd 14,197 4,083 Arnest One Corp 10,643 98,500 Sumitomo Mitsui Construction Co Ltd 12,131 11,610 Macromill Inc 9,008 32,000 UACJ Corp 11,336 1,027 Hajime Construction Co Ltd 6,990 3,500 MISUMI Group Inc 11,226 50,100 Sumitomo Light Metal Industries Ltd 5, Advance Residence Investment Corp 11,167 1,400 Pilot Corp 5,159 17,000 Ebara Corp 10, Kobayashi Pharmaceutical Co Ltd 5,004 15,000 Minebea Co Ltd 10,798 2,200 Tokyu Livable Inc 4, Activia Properties Inc 10,775 2,200 Coca-Cola East Japan Co Ltd 4,607 11,000 Dowa Holdings Co Ltd 10,713 8,370 Toda Corp 2,528 24,000 Tosoh Corp 10,695 *For this Fund there were only 12 sales during the period Cost ,700 Leopalace21 Corp 10,191 1,000 Ryohin Keikaku Co Ltd 10, GLP J-Reit 10,113 20,000 NTN Corp 10,086 32,000 DIC Corp 9,794 1,700 Kobayashi Pharmaceutical Co Ltd 9, Orix JREIT Inc 9,569 11,700 Haseko Corp 9,405 The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. 184 ishares VII plc Interim Report

186 For the period ended Year ended 31 July Operating income Net gains/(losses) on financial s/liabilities at fair through profit or loss 2,961 (2,145) 3,168 Total gains/(losses) 3,688 (1,366) 3,501 Operating expenses (197) (400) (193) Net operating profit/(loss) 3,491 (1,766) 3,308 Net profit/(loss) for the financial period/year before tax 3,491 (1,766) 3,308 Non-reclaimable withholding tax (110) (197) (74) Net profit/(loss) for the financial period/year after tax 3,381 (1,963) 3,234 Increase/(decrease) in net s attributable to redeemable participating shareholders from operations 3,381 (1,963) 3,234 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders 2014 Year ended 31 July at the beginning of the period/year 48,682 30,960 30,960 Increase/(decrease) in net s attributable to redeemable participating shareholders from operations 3,381 (1,963) 3,234 Share transactions: Proceeds from issue of redeemable participating shares 17,173 69,765 43,321 Payments on redemption of redeemable participating shares (3,209) (50,080) (25,465) Increase in net s resulting from share transactions 13,964 19,685 17,856 Net s attributable to redeemable participating shareholders at the end of the period/year 66,027 48,682 52,050 The accompanying notes form an integral part of these financial statements. ishares VII plc Interim Report 185

187 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents Receivables 3, Financial s at fair through profit or loss 3 65,389 48,631 51,782 Total current s 69,276 48,708 52,116 CURRENT LIABILITIES Payables (3,249) (26) (66) Total current liabilities (3,249) (26) (66) Net attributable to redeemable participating shareholders at the end of the period/year 66,027 48,682 52,050 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note ishares VII plc Interim Report

188 As at 2014 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Equities Korea Advertising 10,443 Cheil Worldwide Inc Aerospace & defense 4,470 Korea Aerospace Industries Ltd ,221 Samsung Techwin Co Ltd Agriculture 12,507 KT&G Corp Airlines 3,358 Korean Air Lines Co Ltd Auto manufacturers 17,497 Hyundai Motor Co 3, ,956 Kia Motors Corp 1, Auto parts & equipments 4,270 Halla Visteon Climate Control Corp ,500 Hankook Tire Co Ltd ,752 Hyundai Mobis 2, ,754 Hyundai Wia Corp Banks 18,630 Industrial Bank of Korea Beverages 3,190 Hite Jinro Co Ltd Chemicals 9,570 Hanwha Chemical Corp KCC Corp ,275 LG Chem Ltd 1, ,948 Lotte Chemical Corp ,906 OCI Co Ltd Commercial services 1,940 S-1 Corp Computers 2,556 SK C&C Co Ltd Cosmetics & personal care 367 Amorepacific Corp Amorepacific Group ,070 LG Household & Health Care Ltd Distribution & wholesale 5,190 Daewoo International Corp ,100 Hanwha Corp ,080 Samsung C&T Corp ,110 SK Networks Co Ltd Korea (cont) Diversified financial services 18,770 BS Financial Group Inc ,560 Daewoo Securities Co Ltd ,230 DGB Financial Group Inc ,400 Hana Financial Group Inc 1, ,560 Hyundai Securities Co Ltd ,943 KB Financial Group Inc 1, ,430 Korea Investment Holdings Co Ltd ,868 Mirae Asset Securities Co Ltd ,980 Samsung Card Co Ltd ,980 Samsung Securities Co Ltd ,080 Shinhan Financial Group Co Ltd 2, ,335 Woori Finance Holdings Co Ltd ,670 Woori Investment & Securities Co Ltd Electric 29,270 Korea Electric Power Corp Electrical components & equipments 12,128 LG Electronics Inc ,267 LG Innotek Co Ltd ,717 LS Industrial Systems Co Ltd Electronics 26,540 LG Display Co Ltd ,820 Samsung Electro-Mechanics Co Ltd Engineering & construction 3,164 Daelim Industrial Co Ltd ,790 Daewoo Engineering & Construction Co Ltd ,053 GS Engineering & Construction Corp ,257 Hyundai Engineering & Construction Co Ltd ,422 Samsung Engineering Co Ltd Environmental control 6,120 Coway Co Ltd Food 898 CJ CheilJedang Corp Lotte Confectionery Co Ltd Orion Corp/Republic of Korea Gas 2,958 Korea Gas Corp Holding companies - diversified 1,647 CJ Corp ,011 LS Corp ishares VII plc Interim Report 187

189 As at 2014 Korea (cont) Home builders 6,430 Hyundai Development Co-Engineering & Construction Home furnishings 10,827 LG Corp Insurance 4,820 Dongbu Insurance Co Ltd ,830 Hanwha Life Insurance Co Ltd ,120 Hyundai Marine & Fire Insurance Co Ltd ,046 Samsung Fire & Marine Insurance Co Ltd ,638 Samsung Life Insurance Co Ltd Internet 3,188 NAVER Corp 2, ,743 NCSoft Corp ,470 NHN Entertainment Corp Iron & steel 7,742 Hyundai Steel Co ,371 POSCO 2, Lodging 11,000 Kangwon Land Inc Machinery - construction & mining 14,590 Doosan Infracore Co Ltd Machinery - diversified 5,413 Doosan Heavy Industries & Construction Co Ltd Metal fabricate & hardware 2,808 Hyosung Corp ,039 Hyundai Hysco Co Ltd Mining 965 Korea Zinc Co Ltd Miscellaneous manufacture 5,373 Cheil Industries Inc Doosan Corp ,568 Kumho Petro chemical Co Ltd Oil & gas 5,816 GS Holdings ,948 SK Holdings Co Ltd ,781 SK Innovation Co Ltd ,133 S-Oil Corp Pharmaceuticals 7,073 Celltrion Inc Yuhan Corp Korea (cont) Retail 2,386 E-Mart Co Ltd ,728 Hyundai Department Store Co Ltd ,256 Lotte Shopping Co Ltd Shinsegae Co Ltd Semiconductors 12,534 Samsung Electronics Co Ltd 14, ,230 SK Hynix Inc 2, Ship building 10,880 Daewoo Shipbuilding & Marine Engineering Co Ltd ,749 Hyundai Heavy Industries Co Ltd ,250 Hyundai Mipo Dockyard ,460 Samsung Heavy Industries Co Ltd Telecommunications 3,570 KT Corp ,410 LG Uplus Corp ,897 Samsung SDI Co Ltd ,045 SK Telecom Co Ltd Transportation 1,492 Hyundai Glovis Co Ltd ,170 Hyundai Merchant Marine Co Ltd Total Korea 62, Total equities 62, Preferred stock Korea Auto manufacturers 2,710 Hyundai Motor Co ,291 Hyundai Motor Co-2nd Pfd Chemicals 866 LG Chem Ltd Semiconductors 2,334 Samsung Electronics Co Ltd 2, Total Korea 3, Total preferred stock 3, Total of investments 65, ishares VII plc Interim Report

190 As at 2014 Cash Other net s Net attributable to redeemable participating shareholders at the end of the period 66, Substantially all cash positions are held with BNY Mellon Trust Company (Ireland) Limited. Analysis of total current s gross of all liabilities (unaudited) Fair % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 65, Other s 3, Total current s 69, ishares VII plc Interim Report 189

191 For the period ended 2014 Sales s Purchases Proceeds s 679 Samsung Electronics Co Ltd 810 3,090 Samsung Electronics Co Ltd 4, Hyundai Motor Co 201 4,311 Hyundai Motor Co POSCO 126 1,828 POSCO 564 2,980 Shinhan Financial Group Co Ltd Samsung Electronics Co Ltd Hyundai Mobis ,940 Shinhan Financial Group Co Ltd Samsung Electronics Co Ltd 111 1,906 Hyundai Mobis 517 3,140 SK Hynix Inc ,650 SK Hynix Inc NAVER Corp NAVER Corp 490 1,560 Kia Motors Corp 78 10,810 KB Financial Group Inc 419 2,296 KB Financial Group Inc 76 7,373 Kia Motors Corp LG Chem Ltd 67 1,297 LG Chem Ltd 364 1,550 Hana Financial Group Inc 57 7,700 Hana Financial Group Inc Hyundai Heavy Industries Co Ltd 52 1,169 Hyundai Heavy Industries Co Ltd Samsung Life Insurance Co Ltd Samsung Fire & Marine Insurance Co Ltd SK Innovation Co Ltd 49 1,681 SK Innovation Co Ltd Samsung C&T Corp 46 3,072 KT&G Corp 226 1,450 Korea Electric Power Corp 45 7,180 Korea Electric Power Corp Samsung Fire & Marine Insurance Co Ltd 45 3,495 Samsung C&T Corp KT&G Corp 42 2,975 LG Electronics Inc LG Electronics Inc 36 4,530 Samsung Heavy Industries Co Ltd 170 Cost The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. 190 ishares VII plc Interim Report

192 For the period ended Year ended 31 July Operating income Net (losses)/gains on financial s/liabilities at fair through profit or loss (1,845) 1,018 8,511 Total (losses)/gains (1,316) 1,880 8,780 Operating expenses (131) (404) (206) Net operating (loss)/profit (1,447) 1,476 8,574 Net (loss)/profit for the financial period/year before tax (1,447) 1,476 8,574 Non-reclaimable withholding tax (3) - - Net loss for the financial period/year after tax (1,450) - - (Decrease)/increase in net s attributable to redeemable participating shareholders from operations (1,450) 1,476 8,574 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders 2014 Year ended 31 July at the beginning of the period/year 40,180 71,450 71,450 (Decrease)/increase in net s attributable to redeemable participating shareholders from operations (1,450) 1,476 8,574 Share transactions: Proceeds from issue of redeemable participating shares 21,144 26,277 18,714 Payments on redemption of redeemable participating shares (10,557) (59,023) (31,303) Increase/(decrease) in net s resulting from share transactions 10,587 (32,746) (12,589) Net s attributable to redeemable participating shareholders at the end of the period/year 49,317 40,180 67,435 The accompanying notes form an integral part of these financial statements. ishares VII plc Interim Report 191

193 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents Financial s at fair through profit or loss 3 49,116 40,132 67,362 Total current s 49,346 40,202 67,468 CURRENT LIABILITIES Payables (29) (22) (33) Total current liabilities (29) (22) (33) Net attributable to redeemable participating shareholders at the end of the period/year 49,317 40,180 67,435 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note ishares VII plc Interim Report

194 As at 2014 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Equities Mexico Banks 274,322 Compartamos SAB de CV ,877 Grupo Financiero Banorte SAB de CV 4, ,048 Grupo Financiero Inbursa SAB de CV 1, ,303 Grupo Financiero Santander Mexico SAB de CV 1, Beverages 82,513 Arca Continental SAB de CV ,644 Coca-Cola Femsa SAB de CV 1, ,335 Fomento Economico Mexicano SAB de CV 4, Building materials 2,897,804 Cemex SAB de CV 3, Chemicals 269,815 Mexichem SAB de CV Commercial services 177,440 OHL Mexico SAB de CV Engineering & construction 79,382 Grupo Aeroportuario del Pacifico SAB de CV ,510 Grupo Aeroportuario del Sureste SAB de CV ,416 Promotora y Operadora de Infraestructura SAB de CV Food 422,836 Grupo Bimbo SAB de CV 1, Holding companies - diversified 726,150 Alfa SAB de CV 2, ,275 Grupo Carso SAB de CV Household products & wares 398,107 Kimberly-Clark de Mexico SAB de CV 1, Machinery - diversified 44,638 Industrias CH SAB de CV Media 660,860 Grupo Televisa SAB 3, Mining 979,219 Grupo Mexico SAB de CV 3, ,782 Industrias Penoles SAB de CV ,938 Minera Frisco SAB de CV Pharmaceuticals 202,163 Genomma Lab Internacional SAB de CV Mexico (cont) Real estate investment trusts 347,018 Fibra Uno Administracion SA de CV 1, Retail 102,397 Controladora Comercial Mexicana SAB de CV ,049 El Puerto de Liverpool SAB de CV ,750 Grupo Comercial Chedraui SA de CV ,360,795 Wal-Mart de Mexico SAB de CV 3, Telecommunications 9,131,281 America Movil SAB de CV 9, Total Mexico 49, Total equities 49, Total of investments 49, Cash Other net liabilities (29) (0.06) Net attributable to redeemable participating shareholders at the end of the period 49, Substantially all cash positions are held with BNY Mellon Trust Company (Ireland) Limited. Analysis of total current s gross of all liabilities (unaudited) Fair % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 49, Other s Total current s 49, ishares VII plc Interim Report 193

195 For the period ended 2014 Sales s Purchases Proceeds s 2,531,200 America Movil SAB de CV 2,619 3,890,164 America Movil SAB de CV 4, ,800 Fomento Economico Mexicano SAB de CV 1, ,316 Fomento Economico Mexicano SAB de CV 1, ,200 Grupo Financiero Banorte SAB de CV ,270 Grupo Financiero Banorte SAB de CV 1, ,700 Grupo Televisa SAB ,413 Grupo Televisa SAB 1, ,300 Wal-Mart de Mexico SAB de CV ,479 Wal-Mart de Mexico SAB de CV 1, ,900 Cemex SAB de CV 738 1,239,314 Cemex SAB de CV 1, ,800 Grupo Mexico SAB de CV ,601 Grupo Mexico SAB de CV 1, ,800 Alfa SAB de CV ,216 Promotora y Operadora de Infraestructura SAB de CV ,700 Grupo Financiero Inbursa SAB de CV ,909 Alfa SAB de CV ,300 Coca-Cola Femsa SAB de CV ,267 Grupo Financiero Inbursa SAB de CV ,500 Grupo Financiero Santander Mexico SAB de CV ,817 Grupo Financiero Santander Mexico SAB de CV ,200 Grupo Bimbo SAB de CV ,745 Grupo Bimbo SAB de CV ,800 Mexichem SAB de CV ,383 Coca-Cola Femsa SAB de CV ,300 Kimberly-Clark de Mexico SAB de CV ,997 Mexichem SAB de CV 485 7,635 Industrias Penoles SAB de CV ,193 Kimberly-Clark de Mexico SAB de CV ,500 Fibra Uno Administracion SA de CV ,949 Fibra Uno Administracion SA de CV ,600 Grupo Carso SAB de CV ,297 Controladora Comercial Mexicana SAB de CV ,500 Grupo Aeroportuario del Sureste SAB de CV ,248 Industrias Penoles SAB de CV ,800 Arca Continental SAB de CV ,984 Grupo Carso SAB de CV ,300 El Puerto de Liverpool SAB de CV ,902 Grupo Aeroportuario del Sureste SAB de CV 282 Cost The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. 194 ishares VII plc Interim Report

196 For the period ended Year ended 31 July Operating income 1,287 2,487 1,059 Net (losses)/gains on financial s/liabilities at fair through profit or loss (533) 417 7,025 Total gains 754 2,904 8,084 Operating expenses (156) (295) (128) Net operating profit 598 2,609 7,956 Net profit for the financial period/year before tax 598 2,609 7,956 Non-reclaimable withholding tax (15) (26) (10) Net profit for the financial period/year after tax 583 2,583 7,946 Increase in net s attributable to redeemable participating shareholders from operations 583 2,583 7,946 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders 2014 Year ended 31 July at the beginning of the period/year 64,840 46,934 46,934 Increase in net s attributable to redeemable participating shareholders from operations 583 2,583 7,946 Share transactions: Proceeds from issue of redeemable participating shares 8,801 26,167 8,490 Payments on redemption of redeemable participating shares (5,927) (10,844) - Increase in net s resulting from share transactions 2,874 15,323 8,490 Net s attributable to redeemable participating shareholders at the end of the period/year 68,297 64,840 63,370 The accompanying notes form an integral part of these financial statements. ishares VII plc Interim Report 195

197 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents Margin cash account Receivables ,064 Financial s at fair through profit or loss 3 67,809 64,376 63,101 Total current s 68,336 64,867 69,417 CURRENT LIABILITIES Payables (27) (27) (6,047) Financial liabilities at fair through profit or loss 3 (12) - - Total current liabilities (39) (27) (6,047) Net attributable to redeemable participating shareholders at the end of the period/year 68,297 64,840 63,370 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note ishares VII plc Interim Report

198 As at 2014 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Equities Australia Airlines 47,197 Qantas Airways Ltd Banks 125,247 Australia & New Zealand Banking Group Ltd 3, ,519 Bank of Queensland Ltd ,388 Bendigo and Adelaide Bank Ltd ,595 Commonwealth Bank of Australia 4, ,244 National Australia Bank Ltd 3, ,697 Westpac Banking Corp 3, Beverages 26,022 Coca-Cola Amatil Ltd ,650 Treasury Wine Estates Ltd Biotechnology 22,308 CSL Ltd 1, Building materials 34,999 Boral Ltd Chemicals 75,048 Incitec Pivot Ltd Commercial services 71,960 Brambles Ltd ,577 Transurban Group Computers 21,498 Computershare Ltd Diversified financial services 8,843 ASX Ltd ,269 Macquarie Group Ltd Electric 25,170 AGL Energy Ltd ,541 Origin Energy Ltd ,649 SP AusNet Engineering & construction 7,548 Leighton Holdings Ltd ,019 Sydney Airport ,224 WorleyParsons Ltd Entertainment 34,312 Tabcorp Holdings Ltd ,277 Tatts Group Ltd Food 40,173 Metcash Ltd ,190 Woolworths Ltd 1, Australia (cont) Healthcare products 2,604 Cochlear Ltd Healthcare services 6,038 Ramsay Health Care Ltd ,259 Sonic Healthcare Ltd Insurance 134,134 AMP Ltd ,111 Insurance Australia Group Ltd ,491 QBE Insurance Group Ltd ,350 Suncorp-Metway Ltd Internet 14,520 Seek Ltd Iron & steel 71,299 Fortescue Metals Group Ltd Leisure time 2,556 Flight Centre Travel Group Ltd Lodging 18,259 Crown Resorts Ltd ,676 Echo Entertainment Group Ltd Mining 118,278 Alumina Ltd ,703 BHP Billiton Ltd 4, ,035 Iluka Resources Ltd ,915 Newcrest Mining Ltd ,662 Orica Ltd ,006 Rio Tinto Ltd 1, Miscellaneous manufacture 17,849 ALS Ltd/Queensland Oil & gas 5,994 Caltex Australia Ltd ,124 Santos Ltd ,205 Woodside Petroleum Ltd Packaging & containers 54,794 Amcor Ltd/Australia Pipelines 37,781 APA Group Real estate 24,884 Lend Lease Group ,407 REA Group Ltd Real estate investment trusts 94,890 CFS Retail Property Trust Group ,857 Dexus Property Group ,117 Federation Centres Ltd ,761 Goodman Group ishares VII plc Interim Report 197

199 As at 2014 Australia (cont) Real estate investment trusts (cont) 78,702 GPT Group ,799 Mirvac Group ,094 Stockland ,837 Westfield Group ,164 Westfield Retail Trust Retail 23,806 Harvey Norman Holdings Ltd ,435 Wesfarmers Ltd 1, Telecommunications 200,171 Telstra Corp Ltd Transportation 44,778 Asciano Ltd ,801 Aurizon Holdings Ltd ,294 Toll Holdings Ltd Total Australia 42, Bermuda Apparel 33,500 Yue Yuen Industrial Holdings Ltd Distribution & wholesale 267,000 Li & Fung Ltd Holding companies - diversified 108,000 First Pacific Co Ltd/Hong Kong ,253 Noble Group Ltd ,180 NWS Holdings Ltd Investment companies 28,000 Cheung Kong Infrastructure Holdings Ltd Lodging 72,000 Shangri-La Asia Ltd Real estate 29,250 Kerry Properties Ltd Total Bermuda 1, Cayman Islands Lodging 42,800 MGM China Holdings Ltd ,200 Sands China Ltd ,592 Wynn Macau Ltd Semiconductors 11,150 ASM Pacific Technology Ltd Total Cayman Islands 1, Hong Kong Airlines 54,000 Cathay Pacific Airways Ltd Banks 58,646 Bank of East Asia Ltd ,250 BOC Hong Kong Holdings Ltd ,900 Hang Seng Bank Ltd Diversified financial services 43,571 Hong Kong Exchanges and Clearing Ltd Electric 81,000 CLP Holdings Ltd ,500 Power Assets Holdings Ltd Gas 260,107 Hong Kong & China Gas Co Ltd Holding companies - diversified 97,351 Hutchison Whampoa Ltd 1, ,750 Swire Pacific Ltd ,500 Wharf Holdings Ltd Insurance 549,900 AIA Group Ltd 2, Lodging 96,500 Galaxy Entertainment Group Ltd ,819 SJM Holdings Ltd Real estate 63,500 Cheung Kong Holdings Ltd ,500 Hang Lung Properties Ltd ,695 Henderson Land Development Co Ltd ,000 Hopewell Holdings Ltd ,034 Hysan Development Co Ltd ,023 New World Development Co Ltd ,900 Sino Land Co Ltd ,572 Sun Hung Kai Properties Ltd ,200 Swire Properties Ltd ,500 Wheelock & Co Ltd Real estate investment trusts 105,388 Link REIT Telecommunications 101,000 HKT Trust and HKT Ltd ,500 PCCW Ltd Transportation 65,777 MTR Corp Ltd Total Hong Kong 13, ishares VII plc Interim Report

200 As at 2014 Ireland Building materials 20,158 James Hardie Industries Plc Total Ireland Isle of Man Lodging 277,000 Genting Singapore Plc Total Isle of Man Mauritius Agriculture 319,000 Golden Agri-Resources Ltd Total Mauritius New Zealand Building materials 31,004 Fletcher Building Ltd Electric 16,619 Contact Energy Ltd Engineering & construction 48,049 Auckland International Airport Ltd Healthcare services 17,006 Ryman Healthcare Ltd Telecommunications 83,896 Telecom Corp of New Zealand Ltd Total New Zealand Singapore Agriculture 88,500 Wilmar International Ltd Airlines 25,000 Singapore Airlines Ltd Banks 79,199 DBS Group Holdings Ltd 1, ,170 Oversea-Chinese Banking Corp Ltd ,687 United Overseas Bank Ltd Distribution & wholesale 4,000 Jardine Cycle & Carriage Ltd Diversified financial services 39,500 Singapore Exchange Ltd Engineering & construction 46,000 Sembcorp Industries Ltd ,000 Singapore Technologies Engineering Ltd Singapore (cont) Food 69,500 Olam International Ltd Holding companies - diversified 66,800 Keppel Corp Ltd Investment companies 239,500 Hutchison Port Holdings Trust Lodging 19,000 City Developments Ltd Media 64,000 Singapore Press Holdings Ltd Real estate 116,500 CapitaLand Ltd ,500 CapitaMalls Asia Ltd ,500 Global Logistic Properties Ltd ,274 Keppel Land Ltd ,000 UOL Group Ltd Real estate investment trusts 93,500 Ascendas Real Estate Investment Trust ,000 CapitaCommercial Trust ,500 CapitaMall Trust Ship building 37,500 Sembcorp Marine Ltd ,500 Yangzijiang Shipbuilding Holdings Ltd Telecommunications 362,500 Singapore Telecommunications Ltd 1, ,000 StarHub Ltd Transportation 90,500 ComfortDelGro Corp Ltd Total Singapore 7, Total equities 67, Financial derivative instruments Futures contracts No. of contracts Underlying exposure Unrealised loss 3 Mini Hang Seng Index Future 27 February (4) (0.01) 1 MSCI Sing IX ETS 27 February (2) SPI 200 Futures 20 March (6) (0.01) Total unrealised losses on futures contracts (12) (0.02) ishares VII plc Interim Report 199

201 As at 2014 Investment Total of investments 67, Cash Other net s Net attributable to redeemable participating shareholders at the end of the period 68, Cash holdings of $355,403 are held with BNY Mellon Trust Company (Ireland) Limited. $111,068 is held as security for futures contracts with Credit Suisse AG. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Market Authority ( ESMA ) and represents the market of an equivalent position in the s underlying each financial derivative instrument. Analysis of total current s gross of all liabilities (unaudited) Fair % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 67, Other s Total current s 68, ishares VII plc Interim Report

202 For the period ended 2014 Sales s Purchases Proceeds s 6,134 Commonwealth Bank of Australia ,621 Commonwealth Bank of Australia ,413 BHP Billiton Ltd ,063 BHP Billiton Ltd ,811 Westpac Banking Corp ,810 Westpac Banking Corp ,442 Australia & New Zealand Banking Group Ltd ,445 Macquarie Group Ltd 507 8,916 National Australia Bank Ltd ,429 Australia & New Zealand Banking Group Ltd ,800 AIA Group Ltd ,967 National Australia Bank Ltd 453 4,290 Wesfarmers Ltd ,400 AIA Group Ltd 368 4,740 Woolworths Ltd 152 8,172 Woolworths Ltd ,000 AAC Technologies Holdings Inc 137 6,337 Wesfarmers Ltd 242 2,108 CSL Ltd ,000 Hutchison Whampoa Ltd 198 1,658 Rio Tinto Ltd 96 2,958 CSL Ltd 181 8,000 Hutchison Whampoa Ltd 95 14,519 Bank of Queensland Ltd 162 9,376 Westfield Group 92 12,000 DBS Group Holdings Ltd 160 7,000 DBS Group Holdings Ltd 91 2,770 Rio Tinto Ltd 158 2,508 Woodside Petroleum Ltd 91 17,000 Galaxy Entertainment Group Ltd ,000 Oversea-Chinese Banking Corp Ltd 87 32,615 Telstra Corp Ltd ,000 Singapore Telecommunications Ltd 85 9,000 Cheung Kong Holdings Ltd ,326 Telstra Corp Ltd 82 18,000 Oversea-Chinese Banking Corp Ltd ,156 SKYCITY Entertainment Group Ltd 81 4,073 Woodside Petroleum Ltd 136 5,000 United Overseas Bank Ltd 80 47,000 Singapore Telecommunications Ltd 130 Cost The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. ishares VII plc Interim Report 201

203 For the period ended Year ended 31 July Operating income 9,688 8,800 3,024 Net gains/(losses) on financial s/liabilities at fair through profit or loss 15,431 (8,365) 60,664 Total gains 25, ,688 Operating expenses (1,041) (2,632) (1,354) Net operating profit/(loss) 24,078 (2,197) 62,334 Net profit/(loss) for the financial period/year before tax 24,078 (2,197) 62,334 Non-reclaimable withholding tax (1,661) (1,513) (464) Net profit/(loss) for the financial period/year after tax 22,417 (3,710) 61,870 Increase/(decrease) in net s attributable to redeemable participating shareholders from operations 22,417 (3,710) 61,870 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders 2014 Year ended 31 July at the beginning of the period/year 363, , ,841 Increase/(decrease) in net s attributable to redeemable participating shareholders from operations 22,417 (3,710) 61,870 Share transactions: Proceeds from issue of redeemable participating shares 22,008 73,348 23,608 Payments on redemption of redeemable participating shares (225,604) (88,149) (38,066) Decrease in net s resulting from share transactions (203,596) (14,801) (14,458) Net s attributable to redeemable participating shareholders at the end of the period/year 182, , ,253 The accompanying notes form an integral part of these financial statements. 202 ishares VII plc Interim Report

204 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents 45 3, Margin cash account Receivables ,980 Financial s at fair through profit or loss 3 182, , ,633 Total current s 182, , ,481 CURRENT LIABILITIES Payables (114) (211) (27,228) Total current liabilities (114) (211) (27,228) Net attributable to redeemable participating shareholders at the end of the period/year 182, , ,253 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note 2. ishares VII plc Interim Report 203

205 As at 2014 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Equities Russia Banks 2,547,754 Sberbank of Russia 27, ,447,424 VTB Bank OJSC 6, Chemicals 249,492 Uralkali OJSC 6, Electric 1,049,677 RusHydro JSC 1, Food 245,529 Magnit OJSC 12, Iron & steel 197,740 Severstal OAO 1, Mining 522,945 MMC Norilsk Nickel OJSC 7, Oil & gas 5,588,031 Gazprom OAO 46, ,852 Lukoil OAO 27, ,005 NOVATEK OAO 10, ,100,728 Rosneft OAO 7, ,637 Surgutneftegas OAO 5, ,850 Tatneft OAO 7, Telecommunications 81,955 MegaFon OAO 2, ,767 Mobile Telesystems OJSC 8, ,892 Sistema JSFC 3, Total Russia 182, Analysis of total current s gross of all liabilities (unaudited) Transferable securities admitted to an official stock Fair % of total current s exchange listing or traded on a regulated market 182, Other s Total current s 182, Total equities 182, Total of investments 182, Cash Other net s Net attributable to redeemable participating shareholders at the end of the period 182, Cash holdings of $45,161 are held with BNY Mellon Trust Company (Ireland) Limited. $27 is held as security for futures contracts with Credit Suisse AG. 204 ishares VII plc Interim Report

206 For the period ended 2014 Sales* s Purchases** Proceeds s 6,349,329 Gazprom OAO 55, ,563 Gazprom OAO 7,676 2,894,935 Sberbank of Russia 36, ,886 Sberbank of Russia 4, ,499 Lukoil OAO 34,186 79,359 Lukoil OAO 4, ,986 Magnit OJSC 17,437 1,248,522 VTB Bank OJSC 3,532 97,729 NOVATEK OAO 13,266 40,485 Magnit OJSC 2, ,212 Mobile Telesystems OJSC 11,986 14,242 NOVATEK OAO 1, ,253 Tatneft OAO 9,606 80,639 Mobile Telesystems OJSC 1,698 1,250,735 Rosneft OAO 9, ,535 MMC Norilsk Nickel OJSC 1, ,617 MMC Norilsk Nickel OJSC 8,184 37,012 Tatneft OAO 1, ,519 Uralkali OJSC 7, ,935 Rosneft OAO 1, ,610 Surgutneftegas OAO 6,488 41,345 Uralkali OJSC 1,029 1,818,789 VTB Bank OJSC 4, ,316 Surgutneftegas OAO ,425 Sistema JSFC 3,493 18,629 Sistema JSFC ,144 MegaFon OAO 3,222 13,420 MegaFon OAO 449 1,197,981 RusHydro JSC 1, ,844 RusHydro JSC ,533 Severstal OAO 1,935 33,168 Severstal OAO ,770 LSR Group 1,290 13,921 LSR Group ,677 TMK OAO 1,289 4,527 TMK OAO 60 * For this Fund there were only 18 sales during the period. ** For this Fund there were only 18 purchases during the period. Cost The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. ishares VII plc Interim Report 205

207 For the period ended Year ended 31 July Operating income 123 1,660 1,141 Net (losses)/gains on financial s/liabilities at fair through profit or loss (18) (3,129) 1,244 Total gains/(losses) 105 (1,469) 2,385 Operating expenses (23) (293) (203) Net operating profit/(loss) 82 (1,762) 2,182 Net profit/(loss) for the financial period/year before tax 82 (1,762) 2,182 Non-reclaimable withholding tax (11) (144) (101) Net profit/(loss) for the financial period/year after tax 71 (1,906) 2,081 Increase/(decrease) in net s attributable to redeemable participating shareholders from operations 71 (1,906) 2,081 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders 2014 Year ended 31 July at the beginning of the period/year 14,397 65,016 65,016 Increase/(decrease) in net s attributable to redeemable participating shareholders from operations 71 (1,906) 2,081 Share transactions: Proceeds from issue of redeemable participating shares Payments on redemption of redeemable participating shares (11,182) (48,713) (24,137) Decrease in net s resulting from share transactions (11,182) (48,713) (24,111) Net s attributable to redeemable participating shareholders at the end of the period/year 3,286 14,397 42,986 The accompanying notes form an integral part of these financial statements. 206 ishares VII plc Interim Report

208 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents Receivables 2 5 Financial s at fair through profit or loss 3 3,265 14,361 42,829 Total current s 3,288 14,405 43,017 CURRENT LIABILITIES Payables (2) (8) (31) Total current liabilities (2) (8) (31) Net attributable to redeemable participating shareholders at the end of the period/year 3,286 14,397 42,986 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note 2. ishares VII plc Interim Report 207

209 As at 2014 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Equities South Africa Banks 17,412 African Bank Investments Ltd ,387 Barclays Africa Group Ltd ,982 FirstRand Ltd ,631 Nedbank Group Ltd ,646 Standard Bank Group Ltd Building materials 6,630 PPC Ltd Chemicals 7,112 Sasol Ltd Coal 1,862 Exxaro Resources Ltd Diversified financial services 3,280 Investec Ltd ,099 RMB Holdings Ltd Food 3,802 Bidvest Group Ltd ,518 Shoprite Holdings Ltd ,227 SPAR Group Ltd ,099 Tiger Brands Ltd Forest products & paper 6,977 Sappi Ltd Healthcare products 4,412 Aspen Pharmacare Holdings Ltd Healthcare services 12,092 Life Healthcare Group Holdings Ltd ,819 Mediclinic International Ltd ,371 Netcare Ltd Holding companies - diversified 2,828 Barloworld Ltd ,423 Imperial Holdings Ltd ,203 Remgro Ltd Home furnishings 16,570 Steinhoff International Holdings Ltd Insurance 3,815 Discovery Ltd ,475 Liberty Holdings Ltd ,108 MMI Holdings Ltd/South Africa ,015 Sanlam Ltd South Africa (cont) Investment companies 8,618 Rand Merchant Insurance Holdings Ltd Iron & steel 1,043 Kumba Iron Ore Ltd Media 5,094 Naspers Ltd Mining 1,388 African Rainbow Minerals Ltd Anglo American Platinum Ltd ,952 AngloGold Ashanti Ltd Assore Ltd ,564 Gold Fields Ltd ,050 Harmony Gold Mining Co Ltd ,929 Impala Platinum Holdings Ltd ,102 Northam Platinum Ltd Office & business equipment 2,332 Reunert Ltd Packaging & containers 7,692 Nampak Ltd Real estate 23,166 Growthpoint Properties Ltd ,881 Redefine Properties Ltd Retail 2,467 Foschini Group Ltd ,384 Massmart Holdings Ltd ,077 Mr Price Group Ltd ,097 Pick n Pay Stores Ltd ,680 Truworths International Ltd ,795 Woolworths Holdings Ltd/South Africa Telecommunications 21,842 MTN Group Ltd ,796 Vodacom Group Ltd Total South Africa 3, Total equities 3, ishares VII plc Interim Report

210 As at 2014 Investment Total of investments 3, Cash Other net liabilities (2) (0.06) Net attributable to redeemable participating shareholders at the end of the period 3, Substantially all cash positions are held with BNY Mellon Trust Company (Ireland) Limited. Analysis of total current s gross of all liabilities (unaudited) Fair % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 3, Other s Total current s 3, ishares VII plc Interim Report 209

211 For the period ended 2014 Sales s Purchases Proceeds s 17,008 Naspers Ltd 1,529 20,591 Mediclinic International Ltd ,058 MTN Group Ltd 1,345 16,707 African Bank Investments Ltd 40 23,624 Sasol Ltd 1,162 10,500 Growthpoint Properties Ltd 24 51,811 Standard Bank Group Ltd Aspen Pharmacare Holdings Ltd ,553 FirstRand Ltd Barclays Africa Group Ltd 11 20,705 Remgro Ltd Naspers Ltd 10 76,605 Sanlam Ltd MTN Group Ltd 9 12,716 Bidvest Group Ltd Sasol Ltd 7 18,489 Shoprite Holdings Ltd 309 6,434 Redefine Properties Ltd 6 12,744 Aspen Pharmacare Holdings Ltd Standard Bank Group Ltd 5 23,150 Impala Platinum Holdings Ltd Gold Fields Ltd 5 16,561 AngloGold Ashanti Ltd Impala Platinum Holdings Ltd 4 32,140 Woolworths Holdings Ltd/South Africa 223 1,236 Sappi Ltd 3 14,372 Barclays Africa Group Ltd Remgro Ltd 3 7,084 Tiger Brands Ltd 204 1,234 RMI Holdings 3 16,229 Vodacom Group Ltd Harmony Gold Mining Co Ltd 3 77,274 Growthpoint Properties Ltd 183 1,042 PPC Ltd 3 54,662 Steinhoff International Holdings Ltd Massmart Holdings Ltd 3 8,226 Imperial Holdings Ltd Bidvest Group Ltd 3 8,650 Nedbank Group Ltd Imperial Holdings Ltd 3 Cost The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. 210 ishares VII plc Interim Report

212 For the period ended Year ended 31 July Operating income Net gains on financial s/liabilities at fair through profit or loss 829 3,136 2,676 Total gains 829 3,136 2,743 Operating expenses** (26) (151) (77) Net operating profit 803 2,985 2,666 Net profit for the financial period/year 803 2,985 2,666 Increase in net s attributable to redeemable participating shareholders from operations 803 2,985 2,666 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to discontinued operations. For the period ended 2014 Net s attributable to redeemable participating shareholders 2014 Year ended 31 July at the beginning of the period/year 16,743 18,923 18,923 Increase in net s attributable to redeemable participating shareholders from operations 803 2,985 2,666 Share transactions: Proceeds from issue of redeemable participating shares 3,163 3,129 Payments on redemption of redeemable participating shares (17,546) (8,328) - (Decrease)/increase in net s resulting from share transactions (17,546) (5,165) 3,129 Net s attributable to redeemable participating shareholders at the end of the period/year 16,743 24,718 * The Fund closed on 24 October. ** Termination expenses are included in operating expenses as part of the TER. The accompanying notes form an integral part of these financial statements. ishares VII plc Interim Report 211

213 As at 2014 CURRENT ASSETS Notes July Margin cash account Receivables - 2,091 3,383 Financial s at fair through profit or loss 3-17,004 24,722 Total current s - 19,120 28,141 CURRENT LIABILITIES Payables - (2,125) (3,423) Financial liabilities at fair through profit or loss 3 - (252) - Total current liabilities - (2,377) (3,423) Net attributable to redeemable participating shareholders at the end of the period/year - 16,743 24,718 * The Fund closed on 24 October. The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note ishares VII plc Interim Report

214 For the period ended 2014 Sales s Purchases Proceeds s 42,468 SAP AG 3, ,172 Sandvik AB 2,648 20,385 Allianz SE 3, ,544 Fortum OYJ 2, ,172 Sandvik AB 2, ,550 TeliaSonera AB 2,088 25,152 Anheuser-Busch InBev NV 2,566 42,950 Assa Abloy AB 1, ,544 Fortum OYJ 2,498 50,295 RWE AG 1,682 70,923 RWE AG 2,228 11,061 Allianz SE 1, ,324 Aegon NV 2,186 22,428 SAP AG 1,637 18,772 Siemens AG 2,150 34,243 Svenska Handelsbanken AB 1,548 67,897 Deutsche Post AG 2,120 22,229 Akzo Nobel NV 1, ,550 TeliaSonera AB 2,099 12,205 Siemens AG 1,396 17,912 Bayer AG 2,090 36,975 Hennes & Mauritz AB 1,395 10,748 Muenchener Rueckversicherungs AG 2,050 44,094 Deutsche Post AG 1,393 27,577 Daimler AG 2, ,473 Aegon NV 1,372 42,950 Assa Abloy AB 1, ,553 Nokia OYJ 1,371 49,898 Koninklijke Philips NV 1,761 14,855 ASML Holding NV 1, ,543 Telefonaktiebolaget LM Ericsson 1,581 14,830 BASF SE 1, ,038 Nordea Bank AB 1,569 11,874 Bayer AG 1,369 92,505 E.ON SE 1,567 17,860 Daimler AG 1,342 34,243 Svenska Handelsbanken AB 1,548 7,020 Muenchener Rueckversicherungs AG 1,339 14,830 BASF SE 1, ,752 UPM-Kymmene OYJ 1,320 * The Fund closed on 24 October. Cost The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. ishares VII plc Interim Report 213

215 For the period ended Year ended 31 July Operating income 349 2, Net (losses)/gains on financial s/liabilities at fair through profit or loss (573) 7,610 5,213 Total (losses)/gains (224) 9,764 6,166 Operating expenses (41) (241) (124) Net operating (loss)/gain (265) 9,523 (124) Net (loss)/profit for the financial period/year before tax (265) 9,523 6,042 Non-reclaimable withholding tax (34) (212) (98) Net (loss)/profit for the financial period/year after tax (299) 9,311 5,944 (Decrease)/increase in net s attributable to redeemable participating shareholders from operations (299) 9,311 5,944 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders Year ended 31 July at the beginning of the period/year 41,167 48,905 48,905 (Decrease)/increase in net s attributable to redeemable participating shareholders from operations (299) 9,311 5,944 Share transactions: Payments on redemption of redeemable participating shares (26,478) (17,049) - (Decrease)/increase in net s resulting from share transactions (26,478) (17,049) - Net s attributable to redeemable participating shareholders at the end of the period/year 14,390 41,167 54,849 The accompanying notes form an integral part of these financial statements. 214 ishares VII plc Interim Report

216 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents Margin cash account Receivables Financial s at fair through profit or loss 3 14,335 40,866 54,431 Total current s 14,396 41,184 54,871 CURRENT LIABILITIES Payables (6) (17) (22) Total current liabilities (6) (17) (22) Net attributable to redeemable participating shareholders at the end of the period/year 14,390 41,167 54,849 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note 2. ishares VII plc Interim Report 215

217 As at 2014 '000 '000 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Equities Jersey Advertising 13,529 WPP Plc Commercial services 10,095 Experian Plc Mining 108,674 Glencore Xstrata Plc Pharmaceuticals 5,586 Shire Plc Total Jersey United Kingdom Aerospace & defense 32,445 BAE Systems Plc ,404 Rolls-Royce Group Plc Agriculture 19,417 British American Tobacco Plc ,811 Imperial Tobacco Group Plc Banks 156,074 Barclays Plc ,415 HSBC Holdings Plc 1, ,745 Lloyds Banking Group Plc ,108 Royal Bank of Scotland Group Plc ,706 Standard Chartered Plc Beverages 25,543 Diageo Plc ,658 SABMiller Plc Electric 10,089 SSE Plc Food 3,531 Associated British Foods Plc ,252 J Sainsbury Plc ,867 Tesco Plc ,982 Unilever Plc ,060 WM Morrison Supermarkets Plc Food service 18,272 Compass Group Plc Gas 51,691 Centrica Plc ,055 National Grid Plc United Kingdom (cont) Household products & wares 6,721 Reckitt Benckiser Group Plc Insurance 30,571 Aviva Plc ,870 Legal & General Group Plc ,275 Prudential Plc Media 10,420 British Sky Broadcasting Group Plc ,534 Pearson Plc Mining 13,930 Anglo American Plc ,918 Antofagasta Plc ,631 BHP Billiton Plc ,827 Fresnillo Plc ,080 Rio Tinto Plc Oil & gas 34,795 BG Group Plc ,708 BP Plc ,020 Royal Dutch Shell Plc-Class A ,644 Royal Dutch Shell Plc-Class B ,076 Tullow Oil Plc Pharmaceuticals 12,768 AstraZeneca Plc ,157 GlaxoSmithKline Plc Semiconductors 13,960 ARM Holdings Plc Telecommunications 80,816 BT Group Plc ,337 Vodafone Group Plc 1, Total United Kingdom 13, Total equities 14, Total of investments 14, Cash Other net s Net attributable to redeemable participating shareholders at the end of the period 14, Substantially all cash positions are held with BNY Mellon Trust Company (Ireland) Limited. 216 ishares VII plc Interim Report

218 As at 2014 Analysis of total current s gross of all liabilities (unaudited) Fair 000 % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 14, Other s Total current s 14, ishares VII plc Interim Report 217

219 For the period ended 2014 Sales s Purchases Proceeds 000 s 344,022 HSBC Holdings Plc 2,429 38,894 Barclays Plc ,933 Vodafone Group Plc 1,819 7,270 HSBC Holdings Plc ,553 BP Plc 1,592 55,932 Lloyds Banking Group Plc 43 91,815 GlaxoSmithKline Plc 1,519 13,047 Glencore Xstrata Plc 40 70,724 Royal Dutch Shell Plc-Class A 1,475 1,961 GlaxoSmithKline Plc 31 36,123 British American Tobacco Plc 1,242 6,636 BP Plc 30 49,495 Royal Dutch Shell Plc-Class B 1,077 13,498 Vodafone Group Plc 29 46,675 Diageo Plc 979 1,493 Royal Dutch Shell Plc-Class A 29 39,267 BHP Billiton Plc Reckitt Benckiser Group Plc 26 63,286 BG Group Plc 764 1,145 Royal Dutch Shell Plc-Class B 26 23,223 AstraZeneca Plc 750 1,511 Prudential Plc 18 23,635 Rio Tinto Plc 745 4,718 Tesco Plc 17 44,894 Standard Chartered Plc 707 1,252 Rolls-Royce Group Plc ,405 Barclays Plc 664 1,130 WPP Plc ,236 Lloyds Banking Group Plc 639 3,447 BT Group Plc 12 23,871 Unilever Plc SSE Plc ,923 Glencore Xstrata Plc AstraZeneca Plc 11 47,568 Prudential Plc British American Tobacco Plc 11 17,826 SABMiller Plc BHP Billiton Plc ,848 Tesco Plc BG Group Plc 10 Cost 000 The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. 218 ishares VII plc Interim Report

220 For the period ended Year ended 31 July Operating income Net gains on financial s/liabilities at fair through profit or loss 1,599 6,666 4,007 Total gains 1,877 7,305 4,335 Operating expenses (66) (120) (70) Net operating profit 1,811 7,185 4,265 Net profit for the financial period/year before tax 1,811 7,185 4,265 Non-reclaimable withholding tax (23) (56) (31) Net profit for the financial period/year after tax 1,788 7,129 4,234 Increase in net s attributable to redeemable participating shareholders from operations 1,788 7,129 4,234 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders Year ended 31 July at the beginning of the period/year 16,943 21,895 21,895 Increase in net s attributable to redeemable participating shareholders from operations 1,788 7,129 4,234 Share transactions: Proceeds from issue of redeemable participating shares 10,794 2,729 2,727 Payments on redemption of redeemable participating shares - (14,810) (8,540) Increase/(decrease) in net s resulting from share transactions 10,794 (12,081) (5,813) Net s attributable to redeemable participating shareholders at the end of the period/year 29,525 16,943 20,316 The accompanying notes form an integral part of these financial statements. ishares VII plc Interim Report 219

221 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents Margin cash account Receivables Financial s at fair through profit or loss 3 29,357 16,805 20,145 Total current s 29,546 16,951 20,328 CURRENT LIABILITIES Payables (15) (8) (12) Financial liabilities at fair through profit or loss 3 (6) - - Total current liabilities (21) (8) (12) Net attributable to redeemable participating shareholders at the end of the period/year 29,525 16,943 20,316 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note ishares VII plc Interim Report

222 As at 2014 '000 '000 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Equities Bermuda Insurance 41,054 Catlin Group Ltd ,166 Hiscox Ltd ,632 Lancashire Holdings Ltd Mining 26,617 African Minerals Ltd ,795 Petra Diamonds Ltd Oil & gas 95,792 Gulf Keystone Petroleum Ltd Total Bermuda British Virgin Islands Mining 12,030 Gem Diamonds Ltd Oil & gas 32,367 Xcite Energy Ltd Total British Virgin Islands Canada Distribution & wholesale 23,796 Entertainment One Ltd Total Canada Cayman Islands Insurance 17,840 Phoenix Group Holdings Total Cayman Islands Gibraltar Entertainment 14, Holdings Plc ,270 Bwin.Party Digital Entertainment Plc Total Gibraltar Guernsey Transportation 35,720 Stobart Group Ltd Total Guernsey Ireland Distribution & wholesale 9,519 DCC Plc Food 45,567 Greencore Group Plc Pharmaceuticals 27,445 UDG Healthcare Plc Retail 25,096 Grafton Group Plc Total Ireland Isle of Man Internet 13,439 Optimal Payments Plc Real estate investment trusts 32,701 Redefine International Plc/Isle of Man Software 18,313 Playtech Plc Total Isle of Man Jersey Commercial services 13,002 Cape Plc Diversified financial services 114,594 Henderson Group Plc Insurance 59,096 Beazley Plc Media 68,238 Informa Plc ,630 United Business Media Ltd Mining 112,525 Centamin Plc ,121 Highland Gold Mining Ltd Oil & gas 18,500 Heritage Oil Plc Oil & gas services 8,712 Kentz Corp Ltd Real estate 75,113 Regus Plc Software 1,251 WANdisco Plc Total Jersey 1, ishares VII plc Interim Report 221

223 As at 2014 '000 '000 Luxembourg Chemicals 40,955 AZ Electronic Materials SA Telecommunications 42,449 Colt Group SA Total Luxembourg United Kingdom Aerospace & defense 51,704 BBA Aviation Plc ,666 Chemring Group Plc ,870 Ultra Electronics Holdings Plc Agriculture 6,884 Genus Plc Airlines 9,251 Dart Group Plc Banks 3,645 Bank of Georgia Holdings Plc Beverages 27,859 Britvic Plc ,699 Marston's Plc Biotechnology 19,436 Abcam Plc Chemicals 52,075 Elementis Plc ,720 Essentra Plc ,986 Synthomer Plc ,162 Victrex Plc Coal 9,190 Asia Resource Minerals Plc Commercial services 57,334 Ashtead Group Plc ,007 Chime Communications Plc ,605 Berendsen Plc ,321 De La Rue Plc ,027 Dignity Plc ,710 Hays Plc ,734 Homeserve Plc ,678 Interserve Plc ,063 ITE Group Plc ,061 Mears Group Plc ,574 Michael Page International Plc ,006 Northgate Plc ,419 QinetiQ Group Plc ,804 Rentokil Initial Plc United Kingdom (cont) Commercial services (cont) 24,978 RPS Group Plc ,773 Savills Plc ,321 Speedy Hire Plc ,376 WS Atkins Plc ,220 Xchanging Plc Computers 38,269 Anite Plc ,497 Computacenter Plc ,704 Domino Printing Sciences Plc ,948 SDL Plc Distribution & wholesale 12,910 Diploma Plc ,495 Inchcape Plc ,939 John Menzies Plc ,551 SIG Plc Diversified financial services 40,177 Ashmore Group Plc ,065 Brewin Dolphin Holdings Plc ,770 Close Brothers Group Plc ,359 F&C Asset Management Plc ,467 IG Group Holdings Plc ,587 Intermediate Capital Group Plc ,040 International Personal Finance Plc ,042 Jupiter Fund Management Plc ,171 Man Group Plc ,495 Paragon Group of Cos Plc ,822 Provident Financial Plc ,690 Tullett Prebon Plc Electronics 3,038 Dialight Plc ,812 Electrocomponents Plc ,921 Halma Plc ,141 Oxford Instruments Plc ,059 Premier Farnell Plc ,714 Renishaw Plc ,856 Rotork Plc ,443 Spectris Plc ,198 TT electronics Plc Engineering & construction 78,103 Balfour Beatty Plc ,731 Carillion Plc ,927 Costain Group Plc ,351 Keller Group Plc ishares VII plc Interim Report

224 As at 2014 '000 '000 United Kingdom (cont) Engineering & construction (cont) 5,607 Kier Group Plc ,764 Morgan Sindall Group Plc Entertainment 7,685 Betfair Group Plc ,274 Cineworld Group Plc ,617 Ladbrokes Plc Environmental control 46,499 Shanks Group Plc Food 167,473 Booker Group Plc ,505 Dairy Crest Group Plc ,938 Devro Plc ,309 Greggs Plc ,157 Ocado Group Plc ,039 Premier Foods Plc Forest products & paper 106,045 DS Smith Plc ,700 Mondi Plc Healthcare products 23,994 Advanced Medical Solutions Group Plc Healthcare services 3,752 Al Noor Hospitals Group Plc ,646 Synergy Health Plc Holding companies - diversified 45,695 Drax Group Plc ,722 Mitie Group Plc Home builders 110,830 Barratt Developments Plc ,766 Bellway Plc ,126 Berkeley Group Holdings Plc ,122 Bovis Homes Group Plc ,955 Crest Nicholson Holdings plc ,337 Galliford Try Plc ,674 Redrow Plc ,076 Taylor Wimpey Plc Home furnishings 73,064 Galiform Plc ,990 Pace Plc Insurance 56,705 Amlin Plc ,218 Chesnara Plc ,741 esure Group Plc United Kingdom (cont) Insurance (cont) 14,950 Jardine Lloyd Thompson Group Plc ,242 Partnership Assurance Group Plc ,836 St James's Place Plc Internet 7,979 ASOS Plc ,180 Blinkx Plc ,145 Moneysupermarket.com Group Plc ,209 Monitise Plc ,633 Quindell Plc ,963 Rightmove Plc Iron & steel 31,092 Evraz Plc ,982 Ferrexpo Plc ,608 London Mining Plc Leisure time 164,970 Thomas Cook Group Plc Lodging 16,453 Millennium & Copthorne Hotels Plc Machinery - diversified 8,559 Spirax-Sarco Engineering Plc Media 32,008 Daily Mail & General Trust Plc ,750 Trinity Mirror Plc Metal fabricate & hardware 21,748 Bodycote Plc Mining 14,820 African Barrick Gold Ltd ,049 Anglo Pacific Group Plc ,988 Hochschild Mining Plc ,973 Kazakhmys Plc ,776 Lonmin Plc ,116 New World Resources Plc ,241 Pan African Resources Plc ,257 Petropavlovsk Plc ,588 Vedanta Resources Plc Miscellaneous manufacture 31,466 Alent Plc ,100 Carclo Plc ,958 Fenner Plc ,505 Hill & Smith Holdings Plc ,219 Morgan Advanced Materials Plc ,266 Senior Plc ,810 Vesuvius Plc ishares VII plc Interim Report 223

225 As at 2014 '000 '000 United Kingdom (cont) Oil & gas 123,785 Afren Plc ,563 Amerisur Resources Plc ,798 BowLeven Plc ,918 Cairn Energy Plc ,941 EnQuest Plc ,572 Essar Energy Plc ,620 Faroe Petroleum Plc ,573 Iofina Plc ,224 Ophir Energy Plc ,989 Premier Oil Plc ,741 Rockhopper Exploration Plc ,267 Salamander Energy Plc ,781 Soco International Plc Oil & gas services 14,259 Hunting Plc ,266 John Wood Group Plc Packaging & containers 18,943 RPC Group Plc Pharmaceuticals 41,098 BTG Plc ,258 Clinigen Group Plc ,764 Hikma Pharmaceuticals Plc ,344 Vectura Group Plc Real estate 72,825 Capital & Counties Properties Plc ,921 Grainger Plc ,915 Helical Bar Plc ,087 Quintain Estates & Development Plc ,071 ST Modwen Properties Plc ,942 Unite Group Plc Real estate investment trusts 15,122 Big Yellow Group Plc ,409 Derwent London Plc ,883 Great Portland Estates Plc ,716 Hansteen Holdings Plc ,947 Londonmetric Property Plc ,336 Primary Health Properties Plc ,495 Shaftesbury Plc ,503 Workspace Group Plc Retail 60,961 Darty Plc ,691 Debenhams Plc ,704 Dixons Retail Plc United Kingdom (cont) Retail (cont) 16,016 Domino's Pizza Group Plc ,442 Dunelm Group Plc ,678 Enterprise Inns Plc ,730 Greene King Plc ,581 Halfords Group Plc ,214 Home Retail Group Plc ,004 J D Wetherspoon Plc ,097 Lookers Plc ,975 Majestic Wine Plc ,113 Mitchells & Butlers Plc ,507 Mothercare Plc ,049 Mulberry Group Plc ,762 N Brown Group Plc ,752 Restaurant Group Plc ,194 Spirit Pub Co Plc ,344 Sports Direct International Plc ,650 SuperGroup Plc ,998 WH Smith Plc Semiconductors 17,903 CSR Plc ,368 Imagination Technologies Group Plc ,359 IQE Plc ,608 Nanoco Group Plc Software 7,246 Aveva Group Plc ,266 Fidessa Group Plc ,806 Globo Plc ,544 Innovation Group Plc ,797 Micro Focus International Plc Telecommunications 10,697 Avanti Communications Group Plc ,383 Cable & Wireless Communications Plc ,440 Kcom Group Plc ,276 Laird Plc ,461 Spirent Communications Plc ,918 TalkTalk Telecom Group Plc ,905 Telecity Group Plc ,317 Telecom Plus Plc Transportation 1,823 Clarkson Plc ,984 Firstgroup Plc ,374 Go-Ahead Group Plc ,885 Hargreaves Services Plc ishares VII plc Interim Report

226 As at 2014 '000 Underlying exposure has been calculated according to the guidelines issued by the European Securities and Market Authority ( ESMA ) and represents the market of an equivalent position in the s underlying each financial derivative instrument. United Kingdom (cont) Transportation (cont) 49,156 National Express Group Plc ,817 Stagecoach Group Gbp Water 41,472 Pennon Group Plc Total United Kingdom 25, Analysis of total current s gross of all liabilities (unaudited) Fair 000 % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 29, Other s Total current s 29, Total equities 29, Rights United Kingdom Entertainment 5,527 Cineworld Group Plc 14 February Total United Kingdom Total rights Financial derivative instruments Futures contracts No. of contracts Underlying exposure 000 Unrealised loss '000 2 FTSE 100 Index Future 21 March (6) (0.02) Total unrealised losses on futures contracts (6) (0.02) Total of investments 29, Cash Other net s Net attributable to redeemable participating shareholders at the end of the period 29, Cash holdings of 91,032 are held with BNY Mellon Trust Company (Ireland) Limited. 64,037 is held as security for futures contracts with Credit Suisse AG. ishares VII plc Interim Report 225

227 For the period ended 2014 Sales s Purchases Proceeds 000 s 27,894 PZ Cussons Plc ,934 Mondi Plc 181 4,599 Rathbone Brothers Plc ,265 Taylor Wimpey Plc ,649 Pendragon Plc 44 2,874 ASOS Plc ,766 Sthree Plc 34 24,224 St James's Place Plc 157 7,943 Kofax Plc 29 25,096 Grafton Group Plc 156 2,680 Mondi Plc 27 22,238 Ashtead Group Plc 151 3,822 Shaftesbury Plc 23 6,007 Berkeley Group Holdings Plc 141 1,369 XP Power Ltd 20 41,063 Barratt Developments Plc 137 5,365 Ocado Group Plc 18 24,848 Informa Plc 137 2,580 Domino Printing Sciences Plc 17 42,131 DS Smith Plc 128 3,023 IG Group Holdings Plc 17 17,536 Drax Group Plc 124 2,644 Hiscox Ltd 17 5,252 Spectris Plc 124 1,081 Victrex Plc 17 18,584 Inchcape Plc 116 4,367 BTG Plc 17 14,988 John Wood Group Plc 114 1,134 Go-Ahead Group Plc 17 12,936 Daily Mail & General Trust Plc 109 3,875 Mothercare Plc 17 15,278 Hiscox Ltd Spectris Plc 17 3,778 DCC Plc 103 3,921 Mitchells & Butlers Plc 17 4,027 Rightmove Plc ,728 Redefine International Plc/Isle of Man 17 4,159 Derwent London Plc 102 2,580 Ashtead Group Plc 17 69,903 Booker Group Plc 102 Cost 000 The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. 226 ishares VII plc Interim Report

228 For the period ended Year ended 31 July Operating income 2,054 8,244 3,989 Net (losses)/gains on financial s/liabilities at fair through profit or loss (2,447) 30,658 20,684 Total (losses)/gains (393) 38,902 24,673 Operating expenses (197) (601) (326) Net operating (loss)/profit (590) 38,301 24,347 Net (loss)/profit for the financial period/year before tax (590) 38,301 24,347 Non-reclaimable withholding tax (194) (794) (401) Net (loss)/profit for the financial period/year after tax (784) 37,507 23,946 (Decrease)/increase in net s attributable to redeemable participating shareholders from operations (784) 37,507 23,946 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders Year ended 31 July at the beginning of the period/year 101, , ,523 (Decrease)/increase in net s attributable to redeemable participating shareholders from operations (784) 37,507 23,946 Share transactions: Proceeds from issue of redeemable participating shares 26,436 3,512 3,504 Payments on redemption of redeemable participating shares (14,068) (180,286) (79,396) Increase/(decrease) in net s resulting from share transactions 12,368 (176,774) (75,892) Net s attributable to redeemable participating shareholders at the end of the period/year 112, , ,577 The accompanying notes form an integral part of these financial statements. ishares VII plc Interim Report 227

229 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents Margin cash account Receivables Financial s at fair through profit or loss 3 112, , ,090 Total current s 112, , ,629 CURRENT LIABILITIES Payables (33) (32) (52) Financial liabilities at fair through profit or loss 3 (26) Total current liabilities (59) (32) (52) Net attributable to redeemable participating shareholders at the end of the period/year 112, , ,577 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note ishares VII plc Interim Report

230 As at 2014 '000 '000 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Equities Guernsey Insurance 94,870 Resolution Ltd Total Guernsey Jersey Advertising 88,968 WPP Plc 1, Commercial services 66,465 Experian Plc Distribution & wholesale 17,645 Wolseley Plc Mining 704,221 Glencore Xstrata Plc 2, ,764 Randgold Resources Ltd Oil & gas services 17,074 Petrofac Ltd Pharmaceuticals 36,859 Shire Plc 1, Total Jersey 6, Switzerland Beverages 13,214 Coca-Cola HBC AG Total Switzerland United Kingdom Aerospace & defense 215,845 BAE Systems Plc ,986 Cobham Plc ,920 Meggitt Plc ,074 Rolls-Royce Group Plc 1, Agriculture 126,076 British American Tobacco Plc 3, ,662 Imperial Tobacco Group Plc 1, Airlines 10,438 easyjet Plc Apparel 29,510 Burberry Group Plc Auto parts & equipments 109,306 GKN Plc United Kingdom (cont) Banks 1,014,942 Barclays Plc 2, ,238,159 HSBC Holdings Plc 7, ,315,618 Lloyds Banking Group Plc 2, ,747 Royal Bank of Scotland Group Plc ,955 Standard Chartered Plc 1, Beverages 166,471 Diageo Plc 2, ,851 SABMiller Plc 1, Chemicals 8,937 Croda International Plc ,832 Johnson Matthey Plc Commercial services 17,703 Aggreko Plc ,830 Babcock International Group Plc ,851 Bunzl Plc ,409 Capita Plc ,942 G4S Plc ,617 Intertek Group Plc ,853 Serco Group Plc Diversified financial services 63,117 Aberdeen Asset Management Plc ,047 Hargreaves Lansdown Plc ,157 ICAP Plc ,826 Investec Plc ,599 London Stock Exchange Group Plc ,159 Old Mutual Plc ,694 Schroders Plc Electric 64,358 SSE Plc Entertainment 56,979 William Hill Plc Food 23,883 Associated British Foods Plc ,242 J Sainsbury Plc ,694 Tate & Lyle Plc ,200 Tesco Plc 1, ,178 Unilever Plc 1, ,517 WM Morrison Supermarkets Plc Food service 119,827 Compass Group Plc 1, Gas 340,748 Centrica Plc 1, ,674 National Grid Plc 1, ishares VII plc Interim Report 229

231 As at 2014 '000 '000 United Kingdom (cont) Healthcare products 59,574 Smith & Nephew Plc Home builders 19,998 Persimmon Plc Household products & wares 42,965 Reckitt Benckiser Group Plc 1, Insurance 12,619 Admiral Group Plc ,359 Aviva Plc ,047 Direct Line Insurance Group Plc ,113 Legal & General Group Plc ,106 Prudential Plc 2, ,564 RSA Insurance Group Plc ,864 Standard Life Plc Leisure time 12,079 Carnival Plc ,431 TUI Travel Plc Lodging 17,594 InterContinental Hotels Group Plc ,970 Whitbread Plc Machinery - diversified 14,026 Weir Group Plc Media 68,228 British Sky Broadcasting Group Plc ,441 ITV Plc ,251 Pearson Plc ,783 Reed Elsevier Plc Mining 93,047 Anglo American Plc 1, ,953 Antofagasta Plc ,276 BHP Billiton Plc 2, ,125 Fresnillo Plc ,376 Rio Tinto Plc 2, Miscellaneous manufacture 20,931 IMI Plc ,362 Melrose Industries Plc ,687 Smiths Group Plc Oil & gas 225,864 BG Group Plc 2, ,250,964 BP Plc 5, ,219 Royal Dutch Shell Plc-Class A 5, ,167 Royal Dutch Shell Plc-Class B 3, ,455 Tullow Oil Plc United Kingdom (cont) Oil & gas services 19,600 AMEC Plc Packaging & containers 52,095 Rexam Plc Pharmaceuticals 83,054 AstraZeneca Plc 3, ,856 GlaxoSmithKline Plc 5, Private equity 63,934 3i Group Plc Real estate investment trusts 63,007 British Land Co Plc ,916 Hammerson Plc ,876 Intu Properties Plc ,693 Land Securities Group Plc ,846 Segro Plc Retail 159,170 Kingfisher Plc ,760 Marks & Spencer Group Plc ,396 Next Plc ,130 Travis Perkins Plc Semiconductors 92,576 ARM Holdings Plc Software 73,051 Sage Group Plc Telecommunications 525,304 BT Group Plc 2, ,506 Inmarsat Plc ,213,099 Vodafone Group Plc 7, Water 15,777 Severn Trent Plc ,877 United Utilities Group Plc Total United Kingdom 105, Total equities 112, Financial derivative instruments Futures contracts No. of contracts Underlying exposure 000 Unrealised loss '000 8 FTSE 100 Index Future 21 March (26) (0.03) Total unrealised losses on futures contracts (26) (0.03) 230 ishares VII plc Interim Report

232 As at 2014 Investment '000 Total of investments 112, Cash Other net s Net attributable to redeemable participating shareholders at the end of the period 112, Cash holdings of 321,151 are held with BNY Mellon Trust Company (Ireland) Limited. 151,582 is held as security for futures contracts with Credit Suisse AG. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Market Authority ( ESMA ) and represents the market of an equivalent position in the s underlying each financial derivative instrument. Analysis of total current s gross of all liabilities (unaudited) Fair 000 % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 112, Other s Total current s 112, ishares VII plc Interim Report 231

233 For the period ended 2014 Sales s Purchases Proceeds 000 s 160,329 HSBC Holdings Plc 1, ,135 HSBC Holdings Plc 2, ,243 Vodafone Group Plc ,096 Vodafone Group Plc 1, ,655 BP Plc ,806 Royal Dutch Shell Plc-Class A 1,438 36,075 Royal Dutch Shell Plc-Class A ,466 BP Plc 1,389 43,476 GlaxoSmithKline Plc ,223 GlaxoSmithKline Plc 1,351 27,459 Royal Dutch Shell Plc-Class B ,116 British American Tobacco Plc 1,038 16,904 British American Tobacco Plc ,534 Barclays Plc ,079 Diageo Plc ,534 Royal Dutch Shell Plc-Class B ,164 AstraZeneca Plc ,737 Diageo Plc ,331 Rio Tinto Plc 361 1,062,734 Lloyds Banking Group Plc ,308 BG Group Plc ,036 AstraZeneca Plc ,832 BHP Billiton Plc ,437 BHP Billiton Plc ,420 Lloyds Banking Group Plc ,875 BG Group Plc ,809 Barclays Plc ,189 Rio Tinto Plc ,236 Glencore Xstrata Plc ,706 Standard Chartered Plc ,315 Prudential Plc ,388 Glencore Xstrata Plc ,643 Unilever Plc ,504 Unilever Plc ,143 Standard Chartered Plc ,086 Prudential Plc ,818 BT Group Plc ,570 Tesco Plc ,695 Tesco Plc ,506 SABMiller Plc 491 Cost 000 The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. 232 ishares VII plc Interim Report

234 For the period ended Year ended 31 July Operating income 3,268 7,956 4,317 Net gains on financial s/liabilities at fair through profit or loss 16,643 70,596 29,928 Total gains 19,911 78,552 34,245 Operating expenses (529) (1,129) (571) Net operating profit 19,382 77,423 33,674 Net profit for the financial period/year before tax 19,382 77,423 33,674 Non-reclaimable withholding tax (465) (1,139) (617) Net profit for the financial period/year after tax 18,917 76,284 33,057 Increase in net s attributable to redeemable participating shareholders from operations 18,917 76,284 33,057 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders 2014 Year ended 31 July at the beginning of the period/year 357, , ,204 Increase in net s attributable to redeemable participating shareholders from operations 18,917 76,284 33,057 Share transactions: Proceeds from issue of redeemable participating shares 68, ,331 49,576 Payments on redemption of redeemable participating shares (143,367) (148,248) (34,326) (Decrease)/increase in net s resulting from share transactions (74,443) (41,917) 15,250 Net s attributable to redeemable participating shareholders at the end of the period/year 302, , ,511 The accompanying notes form an integral part of these financial statements. ishares VII plc Interim Report 233

235 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents 1,764 2,049 2,428 Margin cash account Receivables Financial s at fair through profit or loss 3 299, , ,046 Total current s 302, , ,611 CURRENT LIABILITIES Payables (89) (96) (100) Financial liabilities at fair through profit or loss 3 (69) - - Total current liabilities (158) (96) (100) Net attributable to redeemable participating shareholders at the end of the period/year 302, , ,511 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note ishares VII plc Interim Report

236 As at 2014 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Equities Bermuda Agriculture 2,625 Bunge Ltd Diversified financial services 8,342 Invesco Ltd Insurance 2,414 Arch Capital Group Ltd ,964 Axis Capital Holdings Ltd Everest Re Group Ltd PartnerRe Ltd RenaissanceRe Holdings Ltd Oil & gas 5,196 Nabors Industries Ltd Semiconductors 7,826 Marvell Technology Group Ltd Total Bermuda 1, British Virgin Islands Apparel 3,479 Michael Kors Holdings Ltd Total British Virgin Islands Cayman Islands Pharmaceuticals 1,543 Herbalife Ltd Total Cayman Islands Ireland Computers 11,726 Accenture Plc ,652 Seagate Technology Plc Healthcare products 8,466 Covidien Plc Insurance 2,952 Willis Group Holdings Plc ,328 XL Group Plc Miscellaneous manufacture 8,467 Eaton Corp Plc ,042 Ingersoll-Rand Plc Ireland (cont) Pharmaceuticals 3,025 Actavis plc ,369 Perrigo Co Plc Total Ireland 3, Jersey Auto parts & equipments 5,266 Delphi Automotive Plc Total Jersey Liberia Leisure time 2,836 Royal Caribbean Cruises Ltd Total Liberia Netherlands Chemicals 7,709 LyondellBasell Industries NV Electronics 2,226 Sensata Technologies Holding NV Engineering & construction 1,747 Chicago Bridge & Iron Co NV Media 3,927 Nielsen Holdings NV Oil & gas services 815 Core Laboratories NV Total Netherlands 1, Netherlands Antilles Oil & gas services 23,922 Schlumberger Ltd 2, Total Netherlands Antilles 2, Panama Leisure time 6,815 Carnival Corp Total Panama Singapore Electronics 11,737 Flextronics International Ltd Semiconductors 4,263 Avago Technologies Ltd Total Singapore ishares VII plc Interim Report 235

237 As at 2014 Switzerland Electronics 2,104 Garmin Ltd ,377 TE Connectivity Ltd ,270 Tyco International Ltd Insurance 5,941 ACE Ltd Miscellaneous manufacture 3,527 Pentair Ltd Oil & gas services 13,490 Weatherford International Ltd/Switzerland Total Switzerland 1, United Kingdom Healthcare services 1,685 Priory Group No 3 Plc Insurance 5,226 Aon Plc Media 3,465 Liberty Global Plc-Class A ,044 Liberty Global Plc-Class C Oil & gas 4,393 Ensco Plc ,547 Noble Corp plc ,252 Rowan Cos Plc Total United Kingdom 1, United States Advertising 7,499 Interpublic Group of Cos Inc ,688 Omnicom Group Inc Aerospace & defense 1,924 B/E Aerospace Inc ,833 Boeing Co 1, ,386 General Dynamics Corp ,283 L-3 Communications Holdings Inc ,875 Lockheed Martin Corp ,997 Northrop Grumman Corp ,633 Raytheon Co ,268 Rockwell Collins Inc TransDigm Group Inc ,508 United Technologies Corp 1, Agriculture 35,578 Altria Group Inc 1, United States (cont) Agriculture (cont) 11,758 Archer-Daniels-Midland Co ,848 Lorillard Inc ,010 Philip Morris International Inc 2, ,836 Reynolds American Inc Airlines 3,801 Delta Air Lines Inc ,423 Southwest Airlines Co ,485 United Continental Holdings Inc Apparel 12,897 NIKE Inc ,180 Ralph Lauren Corp ,361 Under Armour Inc ,351 VF Corp Auto manufacturers 64,827 Ford Motor Co ,628 General Motors Co ,053 PACCAR Inc ,490 Tesla Motors Inc Auto parts & equipments 1,704 Autoliv Inc ,969 BorgWarner Inc ,941 Johnson Controls Inc ,257 TRW Automotive Holdings Corp Banks 192,993 Bank of America Corp 3, ,495 Bank of New York Mellon Corp* ,209 BB&T Corp ,637 Capital One Financial Corp ,424 CIT Group Inc ,276 Citigroup Inc 2, ,389 Comerica Inc ,981 Fifth Third Bancorp ,656 First Republic Bank/CA ,522 Goldman Sachs Group Inc 1, ,578 JPMorgan Chase & Co 3, ,588 KeyCorp ,075 M&T Bank Corp ,859 Morgan Stanley ,970 Northern Trust Corp ,395 PNC Financial Services Group Inc* ,046 Regions Financial Corp ,760 State Street Corp ishares VII plc Interim Report

238 As at 2014 United States (cont) Banks (cont) 9,269 SunTrust Banks Inc ,188 US Bancorp/MN 1, ,984 Wells Fargo & Co 4, Beverages 2,555 Beam Inc ,176 Brown-Forman Corp ,479 Coca-Cola Co 2, ,787 Coca-Cola Enterprises Inc ,814 Constellation Brands Inc ,626 Dr Pepper Snapple Group Inc ,207 Green Mountain Coffee Roasters Inc ,630 Molson Coors Brewing Co ,476 Monster Beverage Corp ,626 PepsiCo Inc 2, Biotechnology 3,455 Alexion Pharmaceuticals Inc ,547 Amgen Inc 1, ,195 Biogen Idec Inc 1, ,358 Celgene Corp 1, ,491 Gilead Sciences Inc 2, ,170 Illumina Inc ,412 Regeneron Pharmaceuticals Inc ,036 Vertex Pharmaceuticals Inc Building materials 824 Martin Marietta Materials Inc ,359 Masco Corp ,291 Vulcan Materials Co Chemicals 3,822 Air Products & Chemicals Inc ,205 Airgas Inc ,533 Albemarle Corp ,328 Ashland Inc ,758 Celanese Corp CF Industries Holdings Inc ,866 Dow Chemical Co ,714 Eastman Chemical Co ,758 Ecolab Inc ,553 EI du Pont de Nemours & Co 1, ,413 FMC Corp ,454 International Flavors & Fragrances Inc ,595 Monsanto Co 1, ,198 Mosaic Co ,476 PPG Industries Inc United States (cont) Chemicals (cont) 5,191 Praxair Inc ,486 Sherwin-Williams Co ,121 Sigma-Aldrich Corp Coal 4,075 CONSOL Energy Inc ,776 Peabody Energy Corp Commercial services 3,645 ADT Corp Alliance Data Systems Corp ,498 Automatic Data Processing Inc ,920 Cintas Corp ,122 Equifax Inc ,231 FleetCor Technologies Inc ,757 H&R Block Inc ,124 Hertz Global Holdings Inc ,523 Iron Mountain Inc ,335 Leidos Holdings Inc ,390 Manpowergroup Inc ,650 MasterCard Inc 1, ,661 McGraw Hill Financial Inc ,526 Moody's Corp ,702 Quanta Services Inc ,464 Robert Half International Inc ,579 SEI Investments Co ,919 Total System Services Inc ,196 Towers Watson & Co ,307 Vantiv Inc ,707 Verisk Analytics Inc ,020 Western Union Co Computers 16,259 Apple Inc 8, ,256 Cognizant Technology Solutions Corp ,725 Computer Sciences Corp ,553 EMC Corp/MA ,268 Hewlett-Packard Co ,047 IHS Inc ,627 International Business Machines Corp 3, ,591 NetApp Inc ,108 SanDisk Corp ,851 Synopsys Inc ,931 Teradata Corp ,794 Western Digital Corp ishares VII plc Interim Report 237

239 As at 2014 United States (cont) Cosmetics & personal care 7,595 Avon Products Inc ,471 Colgate-Palmolive Co 1, ,060 Estee Lauder Cos Inc ,048 Procter & Gamble Co 3, Distribution & wholesale 1,913 Arrow Electronics Inc ,038 Fastenal Co Fossil Group Inc ,756 Genuine Parts Co ,288 LKQ Corp ,037 WW Grainger Inc Diversified financial services 17,463 American Express Co 1, ,611 Ameriprise Financial Inc ,420 BlackRock Inc* ,106 Charles Schwab Corp ,645 CME Group Inc/IL ,562 Discover Financial Services ,085 Eaton Vance Corp ,182 Franklin Resources Inc ,018 IntercontinentalExchange Group Inc ,014 Legg Mason Inc ,067 NASDAQ OMX Group Inc ,010 Ocwen Financial Corp ,240 Raymond James Financial Inc ,909 SLM Corp ,508 T Rowe Price Group Inc ,962 TD Ameritrade Holding Corp ,211 Visa Inc 1, Electric 11,262 AES Corp/VA ,317 Ameren Corp ,688 American Electric Power Co Inc ,484 Calpine Corp ,649 CMS Energy Corp ,270 Consolidated Edison Inc ,545 Dominion Resources Inc/VA ,047 DTE Energy Co ,718 Duke Energy Corp ,611 Edison International ,396 Entergy Corp ,252 Exelon Corp ,785 FirstEnergy Corp United States (cont) Electric (cont) 1,418 Integrys Energy Group Inc ,253 MDU Resources Group Inc ,402 NextEra Energy Inc ,653 Northeast Utilities ,718 NRG Energy Inc ,492 OGE Energy Corp ,154 Pepco Holdings Inc ,142 PG&E Corp ,876 Pinnacle West Capital Corp ,976 PPL Corp ,528 Public Service Enterprise Group Inc ,546 SCANA Corp ,827 Southern Co ,049 Wisconsin Energy Corp ,267 Xcel Energy Inc Electrical components & equipments 4,310 AMETEK Inc ,127 Emerson Electric Co ,105 Energizer Holdings Inc Electronics 6,116 Agilent Technologies Inc ,806 Amphenol Corp ,455 Avnet Inc ,616 FLIR Systems Inc ,260 Honeywell International Inc 1, Jabil Circuit Inc Mettler-Toledo International Inc ,612 Thermo Fisher Scientific Inc ,664 Trimble Navigation Ltd ,503 Waters Corp Engineering & construction 2,782 Fluor Corp ,333 Jacobs Engineering Group Inc ,628 KBR Inc Entertainment 4,731 International Game Technology Environmental control 5,138 Republic Services Inc ,536 Stericycle Inc ,264 Waste Management Inc Food 3,559 Campbell Soup Co ,896 ConAgra Foods Inc ishares VII plc Interim Report

240 As at 2014 United States (cont) Food (cont) 11,549 General Mills Inc ,809 Hershey Co ,616 Hormel Foods Corp ,903 JM Smucker Co ,328 Kellogg Co ,636 Kraft Foods Group Inc ,436 Kroger Co ,129 McCormick & Co Inc/MD ,417 Mondelez International Inc ,244 Safeway Inc ,685 Sysco Corp ,083 Tyson Foods Inc ,242 Whole Foods Market Inc Forest products & paper 7,801 International Paper Co ,144 MeadWestvaco Corp Gas 7,205 CenterPoint Energy Inc ,542 NiSource Inc ,105 Sempra Energy Hand & Machine Tools 2,522 Stanley Black & Decker Inc Healthcare products 9,689 Baxter International Inc ,429 Becton Dickinson and Co ,024 Boston Scientific Corp ,039 CareFusion Corp ,359 CR Bard Inc ,455 DENTSPLY International Inc ,075 Edwards Lifesciences Corp ,579 Henry Schein Inc ,787 Hologic Inc ,577 Hospira Inc Intuitive Surgical Inc ,002 Life Technologies Corp ,027 Medtronic Inc 1, ,581 Patterson Cos Inc ,542 ResMed Inc ,035 St Jude Medical Inc ,652 Stryker Corp ,940 Varian Medical Systems Inc ,996 Zimmer Holdings Inc United States (cont) Healthcare services 6,509 Aetna Inc ,865 CIGNA Corp ,180 DaVita HealthCare Partners Inc ,988 HCA Holdings Inc ,784 Humana Inc ,657 Laboratory Corp of America Holdings ,789 Quest Diagnostics Inc ,955 UnitedHealth Group Inc 1, ,711 Universal Health Services Inc ,448 WellPoint Inc Holding companies - diversified 5,516 Leucadia National Corp Home builders 5,113 DR Horton Inc ,867 Lennar Corp ,146 PulteGroup Inc ,312 Toll Brothers Inc Home furnishings 1,384 Whirlpool Corp Household products & wares 1,714 Avery Dennison Corp ,458 Church & Dwight Co Inc ,359 Clorox Co ,893 Kimberly-Clark Corp Housewares 5,051 Newell Rubbermaid Inc Insurance 8,103 Aflac Inc Alleghany Corp ,380 Allstate Corp ,902 American International Group Inc 1, ,428 Assurant Inc ,647 Berkshire Hathaway Inc 2, ,502 Chubb Corp ,071 Cincinnati Financial Corp ,351 Fidelity National Financial Inc ,861 Hartford Financial Services Group Inc ,824 Lincoln National Corp ,797 Loews Corp ,619 Marsh & McLennan Cos Inc ,604 MetLife Inc ,156 Principal Financial Group Inc ,179 Progressive Corp ishares VII plc Interim Report 239

241 As at 2014 United States (cont) Insurance (cont) 8,297 Prudential Financial Inc ,703 Torchmark Corp ,550 Travelers Cos Inc ,815 Unum Group ,045 WR Berkley Corp Internet 6,537 Amazon.com Inc 2, ,737 ebay Inc 1, Equinix Inc ,891 Expedia Inc ,398 F5 Networks Inc ,739 Facebook Inc 1, ,904 Google Inc 5, ,095 Liberty Interactive Corp ,749 LinkedIn Corp Netflix Inc priceline.com Inc 1, ,185 Rackspace Hosting Inc ,996 Symantec Corp ,065 TripAdvisor Inc ,709 VeriSign Inc ,399 Yahoo! Inc Iron & steel 5,728 Nucor Corp Leisure time 3,992 Harley-Davidson Inc ,164 Polaris Industries Inc Lodging 7,250 Las Vegas Sands Corp ,468 Marriott International Inc/DE ,398 MGM Resorts International ,441 Starwood Hotels & Resorts Worldwide Inc ,453 Wyndham Worldwide Corp ,443 Wynn Resorts Ltd Machinery - construction & mining 11,654 Caterpillar Inc 1, ,991 Joy Global Inc Machinery - diversified 1,739 AGCO Corp ,219 Cummins Inc ,618 Deere & Co ,593 Flowserve Corp United States (cont) Machinery - diversified (cont) 2,467 Rockwell Automation Inc ,750 Roper Industries Inc ,485 Xylem Inc/NY Media 3,494 Cablevision Systems Corp ,854 CBS Corp ,175 Charter Communications Inc ,575 Comcast Corp 2, ,111 Comcast Corp Special-Class A ,133 DIRECTV ,635 Discovery Communications Inc-Class A ,617 Discovery Communications Inc-Class C ,838 DISH Network Corp ,751 Liberty Media Corp ,733 News Corp ,569 Scripps Networks Interactive Inc ,273 Sirius XM Holdings Inc ,204 Time Warner Cable Inc ,268 Time Warner Inc 1, ,525 Twenty-First Century Fox Inc-Class A ,560 Twenty-First Century Fox Inc-Class B ,471 Viacom Inc ,453 Walt Disney Co 2, Metal fabricate & hardware 2,585 Precision Castparts Corp Mining 18,975 Alcoa Inc ,440 Freeport-McMoRan Copper & Gold Inc ,231 Newmont Mining Corp Miscellaneous manufacture 11,528 3M Co 1, ,632 Danaher Corp ,146 Dover Corp ,815 General Electric Co 4, ,829 Illinois Tool Works Inc ,547 Leggett & Platt Inc ,976 Pall Corp ,632 Parker Hannifin Corp SPX Corp ,807 Textron Inc Office & business equipment 20,497 Xerox Corp ishares VII plc Interim Report

242 As at 2014 United States (cont) Oil & gas 9,081 Anadarko Petroleum Corp ,868 Apache Corp ,868 Cabot Oil & Gas Corp ,619 Cheniere Energy Inc ,395 Chesapeake Energy Corp ,599 Chevron Corp 3, ,532 Cimarex Energy Co ,176 Cobalt International Energy Inc ,820 Concho Resources Inc ,540 ConocoPhillips 1, Continental Resources Inc/OK ,692 Denbury Resources Inc ,875 Devon Energy Corp ,255 Diamond Offshore Drilling Inc ,312 Energen Corp ,955 EOG Resources Inc ,703 EQT Corp ,735 Exxon Mobil Corp 7, ,860 Helmerich & Payne Inc ,730 Hess Corp ,377 HollyFrontier Corp ,694 Marathon Oil Corp ,468 Marathon Petroleum Corp ,207 Murphy Oil Corp ,422 Noble Energy Inc ,281 Occidental Petroleum Corp 1, ,503 Phillips ,479 Pioneer Natural Resources Co ,191 QEP Resources Inc ,910 Range Resources Corp ,190 Southwestern Energy Co ,413 Tesoro Corp ,684 Valero Energy Corp ,897 Whiting Petroleum Corp Oil & gas services 7,668 Baker Hughes Inc ,184 Cameron International Corp ,174 FMC Technologies Inc ,227 Halliburton Co ,487 National Oilwell Varco Inc ,923 Oceaneering International Inc ,856 Superior Energy Services Inc United States (cont) Packaging & containers 2,569 Ball Corp ,589 Crown Holdings Inc ,826 Owens-Illinois Inc ,273 Rock-Tenn Co ,323 Sealed Air Corp Pharmaceuticals 27,363 Abbott Laboratories 1, ,149 AbbVie Inc 1, ,444 Allergan Inc/United States ,182 AmerisourceBergen Corp ,593 BioMarin Pharmaceutical Inc ,140 Bristol-Myers Squibb Co 1, ,377 Cardinal Health Inc ,836 Eli Lilly & Co ,725 Express Scripts Holding Co 1, ,393 Forest Laboratories Inc ,347 Johnson & Johnson 4, ,165 McKesson Corp ,465 Mead Johnson Nutrition Co ,492 Merck & Co Inc 2, ,032 Mylan Inc/PA ,864 Omnicare Inc ,609 Pfizer Inc 3, ,148 Pharmacyclics Inc ,783 Zoetis Inc Pipelines 12,311 Kinder Morgan Inc/DE ,959 Kinder Morgan Management LLC ,593 ONEOK Inc ,785 Spectra Energy Corp ,513 Williams Cos Inc Real estate 5,002 CBRE Group Inc ,666 Realogy Holdings Corp Real estate investment trusts 6,883 American Capital Agency Corp ,061 American Tower Corp ,683 Annaly Capital Management Inc ,171 AvalonBay Communities Inc ,695 Boston Properties Inc ,525 Camden Property Trust ,638 Cole Real Estate Investment Inc ,006 Crown Castle International Corp ishares VII plc Interim Report 241

243 As at 2014 United States (cont) Oil & gas services (cont) 2,506 Digital Realty Trust Inc ,856 Duke Realty Corp ,368 Equity Residential ,154 Federal Realty Investment Trust ,305 General Growth Properties Inc ,426 HCP Inc ,263 Health Care REIT Inc ,966 Host Hotels & Resorts Inc ,330 Kimco Realty Corp ,583 Liberty Property Trust ,393 Macerich Co ,907 Plum Creek Timber Co Inc ,757 Prologis Inc ,493 Public Storage ,221 Rayonier Inc ,307 Realty Income Corp ,637 Regency Centers Corp ,614 Simon Property Group Inc ,766 SL Green Realty Corp ,484 UDR Inc ,200 Ventas Inc ,979 Vornado Realty Trust ,234 Weyerhaeuser Co Retail 1,251 Advance Auto Parts Inc AutoZone Inc ,957 Bed Bath & Beyond Inc ,723 Best Buy Co Inc ,023 CarMax Inc Chipotle Mexican Grill Inc ,756 Coach Inc ,874 Costco Wholesale Corp ,033 CVS Caremark Corp 1, ,055 Darden Restaurants Inc ,755 Dick's Sporting Goods Inc ,374 Dollar General Corp ,005 Dollar Tree Inc ,834 Family Dollar Stores Inc ,158 GameStop Corp ,478 Gap Inc ,744 Home Depot Inc 1, ,834 Kohl's Corp ,630 L Brands Inc United States (cont) Retail (cont) 18,625 Lowe's Cos Inc ,753 Lululemon Athletica Inc ,960 Macy's Inc ,803 McDonald's Corp 1, ,817 Nordstrom Inc ,966 O'Reilly Automotive Inc ,822 PetSmart Inc ,422 PVH Corp ,912 Ross Stores Inc Sears Holdings Corp ,665 Staples Inc ,477 Starbucks Corp ,462 Target Corp ,286 Tiffany & Co ,965 TJX Cos Inc ,443 Tractor Supply Co ,023 Ulta Salon Cosmetics & Fragrance Inc ,088 Urban Outfitters Inc ,777 Walgreen Co ,263 Wal-Mart Stores Inc 2, ,038 Yum! Brands Inc Savings & loans 8,664 Hudson City Bancorp Inc ,453 New York Community Bancorp Inc ,294 People's United Financial Inc Semiconductors 5,655 Altera Corp ,821 Analog Devices Inc ,672 Applied Materials Inc ,130 Broadcom Corp ,326 Cree Inc ,504 Intel Corp 2, ,888 KLA-Tencor Corp ,903 Lam Research Corp ,162 Linear Technology Corp ,907 LSI Corp ,257 Maxim Integrated Products Inc ,522 Microchip Technology Inc ,098 Micron Technology Inc ,052 NVIDIA Corp ,827 QUALCOMM Inc 2, ,453 Texas Instruments Inc ,684 Xilinx Inc ishares VII plc Interim Report

244 As at 2014 United States (cont) Software 7,901 Activision Blizzard Inc ,330 Adobe Systems Inc ,200 Akamai Technologies Inc ,844 ANSYS Inc ,004 Autodesk Inc ,715 CA Inc ,532 Cerner Corp ,288 Citrix Systems Inc Dun & Bradstreet Corp ,329 Electronic Arts Inc ,169 Fidelity National Information Services Inc ,769 Fiserv Inc ,281 Intuit Inc ,667 Microsoft Corp 5, NetSuite Inc ,449 Nuance Communications Inc ,959 Oracle Corp 2, ,591 Paychex Inc ,477 Red Hat Inc ,055 Salesforce.com Inc ,286 ServiceNow Inc ,433 VMware Inc ,241 Workday Inc Telecommunications 95,155 AT&T Inc 3, ,322 CenturyLink Inc ,191 Cisco Systems Inc 2, ,418 Corning Inc ,755 Frontier Communications Corp ,928 Harris Corp ,983 Juniper Networks Inc ,619 Level 3 Communications Inc ,426 Motorola Solutions Inc ,100 SBA Communications Corp ,612 Sprint Corp ,254 T-Mobile US Inc ,531 Verizon Communications Inc 2, ,710 Windstream Holdings Inc Textiles 1,009 Mohawk Industries Inc Toys 2,080 Hasbro Inc ,847 Mattel Inc ,858 CH Robinson Worldwide Inc ,733 CSX Corp United States (cont) Transportation 3,710 Expeditors International of Washington Inc ,372 FedEx Corp ,868 JB Hunt Transport Services Inc ,931 Kansas City Southern ,476 Norfolk Southern Corp ,443 Union Pacific Corp 1, ,853 United Parcel Service Inc 1, Water 3,166 American Water Works Co Inc Total United States 286, Total equities 299, Financial derivative instruments Futures contracts No. of contracts Underlying exposure Unrealised loss 19 S&P 500 E-mini Future 21 March ,688 (55) (0.02) 1 S&P 500 Future 20 March (14) (0.00) Total unrealised losses on futures contracts (69) (0.02) Total of investments 299, Cash 2, Other net s Net attributable to redeemable participating shareholders at the end of the period 302, Cash holdings of $1,763,836 are held with BNY Mellon Trust Company (Ireland) Limited. $603,454 is held as security for futures contracts with Credit Suisse AG. * Investment in related party. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Market Authority ( ESMA ) and represents the market of an equivalent position in the s underlying each financial derivative instrument. Analysis of total current s gross of all liabilities (unaudited) Fair % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 299, Other s 2, Total current s 302, ishares VII plc Interim Report 243

245 For the period ended 2014 Sales s Purchases Proceeds s 8,883 Apple Inc 4,549 4,115 Apple Inc 2,017 40,571 Exxon Mobil Corp 3,653 19,417 Exxon Mobil Corp 1,741 70,942 Microsoft Corp 2,423 1,324 Google Inc 1,225 93,913 General Electric Co 2,324 34,756 Microsoft Corp 1,168 2,409 Google Inc 2,244 12,903 Johnson & Johnson 1,159 24,906 Johnson & Johnson 2,238 45,636 General Electric Co 1,127 17,354 Chevron Corp 2,091 8,606 Chevron Corp 1,064 24,363 Procter & Gamble Co 1,951 12,435 Procter & Gamble Co ,501 Wells Fargo & Co 1,905 22,779 Wells Fargo & Co ,024 JPMorgan Chase & Co 1,814 4,578 International Business Machines Corp 868 9,635 International Business Machines Corp 1,765 29,516 Pfizer Inc ,693 Pfizer Inc 1,745 16,072 JPMorgan Chase & Co ,688 AT&T Inc 1,693 22,864 AT&T Inc ,635 Bank of America Corp 1,415 17,709 Coca-Cola Co ,026 Coca-Cola Co 1,401 47,179 Bank of America Corp ,360 Merck & Co Inc 1,365 13,358 Citigroup Inc ,118 Citigroup Inc 1,357 13,896 Merck & Co Inc ,023 Oracle Corp 1,306 12,919 Verizon Communications Inc ,873 Philip Morris International Inc 1,269 6,948 Philip Morris International Inc ,974 Verizon Communications Inc 1,195 5,317 Berkshire Hathaway Inc 616 Cost The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. 244 ishares VII plc Interim Report

246 For the period ended Year ended 31 July Operating income 746 1, Net gains on financial s/liabilities at fair through profit or loss 3,868 11,843 4,586 Total gains 4,614 13,324 5,377 Operating expenses (115) (203) (100) Net operating profit 4,499 13,121 5,277 Net profit for the financial period/year before tax 4,499 13,121 5,277 Non-reclaimable withholding tax (106) (213) (113) Net profit for the financial period/year after tax 4,393 12,908 5,164 Increase in net s attributable to redeemable participating shareholders from operations 4,393 12,908 5,164 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders 2014 Year ended 31 July at the beginning of the period/year 71,044 61,144 61,144 Increase in net s attributable to redeemable participating shareholders from operations 4,393 12,908 5,164 Share transactions: Proceeds from issue of redeemable participating shares 11,661 1 Payments on redemption of redeemable participating shares (13,023) (14,669) (10,869) Decrease in net s resulting from share transactions (13,023) (3,008) (10,868) Net s attributable to redeemable participating shareholders at the end of the period/year 62,414 71,044 55,440 The accompanying notes form an integral part of these financial statements. ishares VII plc Interim Report 245

247 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents Margin cash account Receivables Financial s at fair through profit or loss 3 61,870 70,388 54,935 Total current s 62,448 71,064 55,456 CURRENT LIABILITIES Payables (20) (20) (16) Financial liabilities at fair through profit or loss 3 (14) - - Total current liabilities (34) (20) (16) Net attributable to redeemable participating shareholders at the end of the period/year 62,414 71,044 55,440 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note ishares VII plc Interim Report

248 As at 2014 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Equities Ireland Computers 2,912 Accenture Plc Healthcare products 2,019 Covidien Plc Miscellaneous manufacture 2,152 Eaton Corp Plc ,352 Ingersoll-Rand Plc Pharmaceuticals 770 Actavis plc Total Ireland Netherlands Chemicals 1,896 LyondellBasell Industries NV Total Netherlands Netherlands Antilles Oil & gas services 5,891 Schlumberger Ltd Total Netherlands Antilles Panama Leisure time 1,798 Carnival Corp Total Panama Switzerland Electronics 1,841 TE Connectivity Ltd ,123 Tyco International Ltd Insurance 1,506 ACE Ltd Oil & gas services 3,298 Weatherford International Ltd/Switzerland Total Switzerland United Kingdom Insurance 1,302 Aon Plc United Kingdom (cont) Media 972 Liberty Global Plc-Class A Liberty Global Plc-Class C Oil & gas 1,076 Ensco Plc Total United Kingdom United States Advertising 1,168 Omnicom Group Inc Aerospace & defense 3,193 Boeing Co ,314 General Dynamics Corp ,224 Lockheed Martin Corp Northrop Grumman Corp ,468 Raytheon Co ,879 United Technologies Corp Agriculture 8,860 Altria Group Inc ,893 Archer-Daniels-Midland Co ,604 Lorillard Inc ,274 Philip Morris International Inc ,491 Reynolds American Inc Apparel 3,147 NIKE Inc ,547 VF Corp Auto manufacturers 16,512 Ford Motor Co ,302 General Motors Co ,557 PACCAR Inc Tesla Motors Inc Auto parts & equipments 2,998 Johnson Controls Inc Banks 47,864 Bank of America Corp ,108 Bank of New York Mellon Corp* ,074 BB&T Corp ,656 Capital One Financial Corp ,622 Citigroup Inc ,905 Goldman Sachs Group Inc ,762 JPMorgan Chase & Co M&T Bank Corp ,510 Morgan Stanley ishares VII plc Interim Report 247

249 As at 2014 United States (cont) Banks (cont) 999 Northern Trust Corp ,411 PNC Financial Services Group Inc* ,011 State Street Corp ,359 SunTrust Banks Inc ,220 US Bancorp/MN ,506 Wells Fargo & Co 1, Beverages 17,657 Coca-Cola Co ,865 PepsiCo Inc Biotechnology 851 Alexion Pharmaceuticals Inc ,363 Amgen Inc ,060 Biogen Idec Inc ,842 Celgene Corp ,829 Gilead Sciences Inc Regeneron Pharmaceuticals Inc Chemicals 965 Air Products & Chemicals Inc ,448 Dow Chemical Co ,202 Ecolab Inc ,112 EI du Pont de Nemours & Co ,407 Monsanto Co ,295 Mosaic Co PPG Industries Inc ,297 Praxair Inc Commercial services 2,130 Automatic Data Processing Inc ,173 McGraw Hill Financial Inc ,674 MasterCard Inc Computers 4,051 Apple Inc 2, ,322 Cognizant Technology Solutions Corp ,269 EMC Corp/MA ,596 Hewlett-Packard Co ,635 International Business Machines Corp ,462 NetApp Inc Cosmetics & personal care 4,126 Colgate-Palmolive Co ,038 Estee Lauder Cos Inc ,223 Procter & Gamble Co Diversified financial services 4,305 American Express Co United States (cont) Diversified financial services (cont) 881 Ameriprise Financial Inc BlackRock Inc* ,295 Charles Schwab Corp ,387 CME Group Inc/IL ,198 Discover Financial Services ,844 Franklin Resources Inc IntercontinentalExchange Group Inc ,149 T Rowe Price Group Inc TD Ameritrade Holding Corp ,285 Visa Inc Electric 2,870 AES Corp/VA ,142 American Electric Power Co Inc ,297 Consolidated Edison Inc ,642 Dominion Resources Inc/VA ,202 Duke Energy Corp ,365 Edison International Entergy Corp ,919 Exelon Corp ,878 FirstEnergy Corp ,869 NextEra Energy Inc ,053 PG&E Corp ,718 PPL Corp ,237 Public Service Enterprise Group Inc ,999 Southern Co ,142 Xcel Energy Inc Electrical components & equipments 3,167 Emerson Electric Co Electronics 1,539 Agilent Technologies Inc ,341 Honeywell International Inc ,604 Thermo Fisher Scientific Inc Environmental control 1,344 Republic Services Inc ,920 Waste Management Inc Food 895 Campbell Soup Co ,806 ConAgra Foods Inc ,844 General Mills Inc Hershey Co ,108 Kellogg Co ,728 Kraft Foods Group Inc ishares VII plc Interim Report

250 As at 2014 United States (cont) Food (cont) 2,196 Kroger Co ,621 Mondelez International Inc ,763 Sysco Corp ,554 Whole Foods Market Inc Forest products & paper 1,829 International Paper Co Gas 1,017 Sempra Energy Hand & Machine Tools 669 Stanley Black & Decker Inc Healthcare products 2,398 Baxter International Inc Becton Dickinson and Co Intuitive Surgical Inc ,558 Medtronic Inc ,329 St Jude Medical Inc ,332 Stryker Corp Zimmer Holdings Inc Healthcare services 1,671 Aetna Inc ,246 CIGNA Corp ,357 HCA Holdings Inc ,504 UnitedHealth Group Inc ,335 WellPoint Inc Household products & wares 613 Clorox Co ,712 Kimberly-Clark Corp Insurance 2,059 Aflac Inc ,110 Allstate Corp ,298 American International Group Inc ,912 Berkshire Hathaway Inc ,233 Chubb Corp ,434 Loews Corp ,409 Marsh & McLennan Cos Inc ,094 MetLife Inc ,516 Progressive Corp ,036 Prudential Financial Inc ,666 Travelers Cos Inc Internet 1,627 Amazon.com Inc ,259 ebay Inc ,696 Facebook Inc United States (cont) Internet (cont) 1,220 Google Inc 1, LinkedIn Corp priceline.com Inc ,011 Symantec Corp ,357 Yahoo! Inc Iron & steel 1,377 Nucor Corp Leisure time 985 Harley-Davidson Inc Lodging 1,839 Las Vegas Sands Corp ,015 Marriott International Inc/DE Machinery - construction & mining 2,880 Caterpillar Inc Machinery - diversified 809 Cummins Inc ,626 Deere & Co Media 2,481 CBS Corp ,507 Comcast Corp ,215 Comcast Corp Special-Class A ,314 DIRECTV DISH Network Corp ,901 Sirius XM Holdings Inc ,267 Time Warner Cable Inc ,112 Time Warner Inc ,740 Twenty-First Century Fox Inc-Class A ,938 Twenty-First Century Fox Inc-Class B ,888 Viacom Inc ,557 Walt Disney Co Metal fabricate & hardware 639 Precision Castparts Corp Mining 4,698 Freeport-McMoRan Copper & Gold Inc ,236 Newmont Mining Corp Miscellaneous manufacture 2,881 3M Co ,657 Danaher Corp ,364 General Electric Co 1, ,909 Illinois Tool Works Inc Office & business equipment 4,945 Xerox Corp ishares VII plc Interim Report 249

251 As at 2014 United States (cont) Oil & gas 2,263 Anadarko Petroleum Corp ,716 Apache Corp ,299 Chesapeake Energy Corp ,603 Chevron Corp ,161 ConocoPhillips Continental Resources Inc/OK ,684 Devon Energy Corp ,226 EOG Resources Inc ,611 Exxon Mobil Corp 1, ,422 Hess Corp ,266 Marathon Oil Corp ,365 Marathon Petroleum Corp Murphy Oil Corp ,584 Noble Energy Inc ,578 Occidental Petroleum Corp ,598 Phillips Pioneer Natural Resources Co ,554 Southwestern Energy Co ,435 Valero Energy Corp Oil & gas services 1,910 Baker Hughes Inc ,830 Halliburton Co ,951 National Oilwell Varco Inc Pharmaceuticals 6,915 Abbott Laboratories ,082 AbbVie Inc ,305 Allergan Inc/United States ,339 Bristol-Myers Squibb Co ,493 Cardinal Health Inc ,493 Eli Lilly & Co ,691 Express Scripts Holding Co ,055 Forest Laboratories Inc ,579 Johnson & Johnson 1, ,027 McKesson Corp Mead Johnson Nutrition Co ,037 Merck & Co Inc ,509 Pfizer Inc ,199 Zoetis Inc Pipelines 2,956 Kinder Morgan Inc/DE ,931 Spectra Energy Corp ,055 Williams Cos Inc United States (cont) Real estate investment trust 1,748 American Tower Corp ,957 Annaly Capital Management Inc Boston Properties Inc ,467 Crown Castle International Corp ,539 Equity Residential ,037 General Growth Properties Inc ,132 HCP Inc ,336 Prologis Inc Public Storage ,370 Simon Property Group Inc ,282 Ventas Inc Vornado Realty Trust ,599 Weyerhaeuser Co Retail 157 AutoZone Inc Bed Bath & Beyond Inc ,245 Coach Inc ,967 Costco Wholesale Corp ,515 CVS Caremark Corp ,360 Dollar General Corp ,404 Gap Inc ,366 Home Depot Inc Kohl's Corp ,669 Lowe's Cos Inc ,613 Macy's Inc ,482 McDonald's Corp ,369 Starbucks Corp ,700 Target Corp ,205 TJX Cos Inc ,055 Walgreen Co ,282 Wal-Mart Stores Inc ,977 Yum! Brands Inc Semiconductors 5,314 Applied Materials Inc ,258 Broadcom Corp ,326 Intel Corp ,656 QUALCOMM Inc ,846 Texas Instruments Inc Software 2,103 Activision Blizzard Inc ,129 Adobe Systems Inc ,529 CA Inc ishares VII plc Interim Report

252 As at 2014 Investment United States (cont) Software (cont) 1,277 Fidelity National Information Services Inc ,231 Intuit Inc ,282 Microsoft Corp 1, ,470 Oracle Corp ,488 Paychex Inc ,520 Salesforce.com Inc VMware Inc Telecommunications 23,591 AT&T Inc ,791 CenturyLink Inc ,970 Cisco Systems Inc ,337 Corning Inc ,272 Juniper Networks Inc ,051 Motorola Solutions Inc ,232 Sprint Corp ,819 Verizon Communications Inc Transportation 4,621 CSX Corp ,367 FedEx Corp ,383 Norfolk Southern Corp ,057 Union Pacific Corp ,201 United Parcel Service Inc Total United States 59, Total of investments 61, Cash Other net s Net attributable to redeemable participating shareholders at the end of the period 62, Cash holdings of $320,834 are held with BNY Mellon Trust Company (Ireland) Limited. $199,853 is held as security for futures contracts with Credit Suisse AG. * Investment in related party. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Market Authority ( ESMA ) and represents the market of an equivalent position in the s underlying each financial derivative instrument. Analysis of total current s gross of all liabilities (unaudited) Fair % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 61, Other s Total current s 62, Total equities 61, Financial derivative instruments Futures contracts No. of contracts Underlying exposure Unrealised loss 5 S&P 500 E-mini Future 21 March (14) (0.03) Total unrealised losses on futures contracts (14) (0.03) ishares VII plc Interim Report 251

253 For the period ended 2014 Sales s Purchases Proceeds s 1,050 Apple Inc Actavis plc 134 4,603 Exxon Mobil Corp Pioneer Natural Resources Co 121 7,918 Microsoft Corp IntercontinentalExchange Group Inc ,772 General Electric Co 267 1,168 Liberty Global Plc-Class A Google Inc Liberty Global Plc-Class C 92 2,700 Johnson & Johnson Tesla Motors Inc 70 1,973 Chevron Corp Google Inc 49 6,215 AT&T Inc 211 1,063 General Motors Co 43 4,836 Wells Fargo & Co Apple Inc 40 7,004 Pfizer Inc DISH Network Corp 34 2,632 Procter & Gamble Co Northrop Grumman Corp 33 3,757 JPMorgan Chase & Co Viacom Inc 33 1,114 International Business Machines Corp Facebook Inc 33 5,234 Oracle Corp Johnson & Johnson 32 3,444 Merck & Co Inc Berkshire Hathaway Inc 26 11,037 Bank of America Corp Pfizer Inc 26 1,980 Wal-Mart Stores Inc Wal-Mart Stores Inc 25 3,844 Coca-Cola Co Wells Fargo & Co 22 2,922 Citigroup Inc Gilead Sciences Inc 21 1,816 Home Depot Inc Microsoft Corp 21 Cost The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. 252 ishares VII plc Interim Report

254 For the period ended Year ended 31 July Operating income 1,730 2,881 1,432 Net gains on financial s/liabilities at fair through profit or loss 18,540 43,558 18,663 Total gains 20,270 46,439 20,095 Operating expenses (497) (665) (279) Net operating profit 19,773 45,774 19,816 Net profit for the financial period/year before tax 19,773 45,774 19,816 Non-reclaimable withholding tax (262) (448) (204) Net profit for the financial period/year after tax 19,511 45,326 19,612 Increase in net s attributable to redeemable participating shareholders from operations 19,511 45,326 19,612 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders 2014 Year ended 31 July at the beginning of the period/year 200, , ,300 Increase in net s attributable to redeemable participating shareholders from operations 19,511 45,326 19,612 Share transactions: Proceeds from issue of redeemable participating shares 52,758 77,148 53,666 Payments on redemption of redeemable participating shares (21,467) (33,933) (11,493) Increase in net s resulting from share transactions 31,291 43,215 42,173 Net s attributable to redeemable participating shareholders at the end of the period/year 251, , ,085 The accompanying notes form an integral part of these financial statements. ishares VII plc Interim Report 253

255 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents 1,656 1, Margin cash account Receivables 5,630 5,046 4,429 Financial s at fair through profit or loss 3 249, , ,394 Total current s 257, , ,642 CURRENT LIABILITIES Payables (5,588) (5,065) (4,557) Financial liabilities at fair through profit or loss 3 (47) - - Total current liabilities (5,635) (5,065) (4,557) Net attributable to redeemable participating shareholders at the end of the period/year 251, , ,085 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note ishares VII plc Interim Report

256 As at 2014 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Equities Australia Chemicals 7,650 Tronox Ltd Total Australia Bermuda Diversified financial services 10,753 Aircastle Ltd Household products & wares 4,305 Helen of Troy Ltd Insurance 4,015 Argo Group International Holdings Ltd ,391 Aspen Insurance Holdings Ltd ,724 Assured Guaranty Ltd ,093 Endurance Specialty Holdings Ltd ,314 Enstar Group Ltd ,402 Montpelier Re Holdings Ltd ,772 OneBeacon Insurance Group Ltd ,021 Platinum Underwriters Holdings Ltd ,049 Tower Group International Ltd ,685 Validus Holdings Ltd Lodging 13,128 Orient-Express Hotels Ltd Oil & gas 7,993 Energy XXI Bermuda Ltd Retail 7,429 Signet Jewelers Ltd Semiconductors 6,228 Freescale Semiconductor Ltd Total Bermuda 3, British Virgin Islands Transportation 11,545 UTi Worldwide Inc Total British Virgin Islands Canada Entertainment 8,207 Lions Gate Entertainment Corp Oil & gas 26,730 Kodiak Oil & Gas Corp ,278 Ultra Petroleum Corp Total Canada Cayman Islands Diversified financial services 12,190 Home Loan Servicing Solutions Ltd Insurance 6,905 Greenlight Capital Re Ltd Total Cayman Islands Ireland Electronics 9,111 Allegion Plc Pharmaceuticals 12,885 Alkermes Plc ,737 Jazz Pharmaceuticals Plc ,467 Mallinckrodt Plc Total Ireland 2, Luxembourg Diversified financial services 2,321 Altisource Portfolio Solutions SA Total Luxembourg Netherlands Commercial services 4,567 VistaPrint NV Total Netherlands Netherlands Antilles Healthcare products 3,844 Orthofix International NV Total Netherlands Antilles Panama Engineering & construction 21,566 McDermott International Inc Total Panama Puerto Rico Banks 10,477 Popular Inc Total Puerto Rico Switzerland Engineering & construction 9,616 Foster Wheeler AG ishares VII plc Interim Report 255

257 As at 2014 Switzerland (cont) Insurance 2,711 Allied World Assurance Co Holdings AG Total Switzerland United States Advertising 15,659 Harte-Hanks Inc ,418 Lamar Advertising Co Aerospace & defense 6,392 AAR Corp ,956 Alliant Techsystems Inc ,989 Curtiss-Wright Corp ,099 Esterline Technologies Corp ,129 Exelis Inc ,960 Kaman Corp ,192 Moog Inc ,942 Orbital Sciences Corp ,598 Spirit Aerosystems Holdings Inc ,471 Teledyne Technologies Inc ,519 Triumph Group Inc Agriculture 40,504 Alliance One International Inc ,733 Andersons Inc ,095 Universal Corp/VA Apparel 4,553 Carter's Inc ,695 Crocs Inc ,499 Deckers Outdoor Corp ,176 Hanesbrands Inc ,781 Iconix Brand Group Inc ,473 Jones Group Inc/PA ,150 Quiksilver Inc ,629 Steven Madden Ltd ,950 Wolverine World Wide Inc Auto manufacturers 5,566 Navistar International Corp ,884 Oshkosh Corp Auto parts & equipments 16,028 Dana Holding Corp ,074 Goodyear Tire & Rubber Co ,491 Lear Corp ,077 Meritor Inc ,019 Tenneco Inc ,729 Visteon Corp ,268 WABCO Holdings Inc United States (cont) Banks 16,069 Associated Banc-Corp ,640 Bancorp Inc/DE ,348 BancorpSouth Inc ,996 Bank of Hawaii Corp ,234 BOK Financial Corp ,363 Boston Private Financial Holdings Inc ,294 Bryn Mawr Bank Corp ,444 CapitalSource Inc ,411 Cathay General Bancorp ,161 City Holding Co ,362 City National Corp/CA ,600 Commerce Bancshares Inc/MO ,371 Cullen/Frost Bankers Inc ,297 East West Bancorp Inc ,735 First Financial Bancorp ,491 First Financial Bankshares Inc ,093 First Financial Holdings Inc ,076 First Horizon National Corp ,508 FirstMerit Corp ,140 Fulton Financial Corp ,147 Glacier Bancorp Inc ,685 Hancock Holding Co ,564 Huntington Bancshares Inc/OH ,414 Iberiabank Corp ,681 International Bancshares Corp ,700 NBT Bancorp Inc ,286 Old National Bancorp/IN ,386 PacWest Bancorp ,976 Peoples Bancorp Inc/OH ,224 PrivateBancorp Inc ,071 Prosperity Bancshares Inc ,394 Renasant Corp ,557 Signature Bank/New York NY ,246 Susquehanna Bancshares Inc ,560 SVB Financial Group ,312 Synovus Financial Corp ,080 TCF Financial Corp ,739 Texas Capital Bancshares Inc ,040 TowneBank/Portsmouth VA ,993 TrustCo Bank Corp NY ,131 Trustmark Corp ,952 UMB Financial Corp ,021 Umpqua Holdings Corp ishares VII plc Interim Report

258 As at 2014 United States (cont) Banks (cont) 9,140 Union First Market Bankshares Corp ,445 United Bankshares Inc/WV ,981 United Community Banks Inc/GA ,300 Valley National Bancorp ,200 Washington Trust Bancorp Inc ,485 Webster Financial Corp ,805 Westamerica Bancorporation ,619 Western Alliance Bancorp ,088 Wintrust Financial Corp ,602 Zions Bancorporation Biotechnology 6,430 Acorda Therapeutics Inc ,543 Aegerion Pharmaceuticals Inc ,964 Alnylam Pharmaceuticals Inc ,678 AMAG Pharmaceuticals Inc ,293 Arena Pharmaceuticals Inc ,892 Ariad Pharmaceuticals Inc ,517 Bio-Rad Laboratories Inc ,257 Celldex Therapeutics Inc ,323 Charles River Laboratories International Inc ,439 Cubist Pharmaceuticals Inc ,921 Dendreon Corp ,081 Exelixis Inc ,490 Geron Corp ,028 Halozyme Therapeutics Inc ,707 ImmunoGen Inc ,232 Incyte Corp Ltd ,823 InterMune Inc ,523 Medicines Co ,252 Momenta Pharmaceuticals Inc ,147 Myriad Genetics Inc ,845 NPS Pharmaceuticals Inc ,996 PDL BioPharma Inc ,822 Rigel Pharmaceuticals Inc ,882 Seattle Genetics Inc ,220 Spectrum Pharmaceuticals Inc ,830 United Therapeutics Corp Building materials 6,065 Apogee Enterprises Inc ,375 Comfort Systems USA Inc ,302 Eagle Materials Inc ,736 Fortune Brands Home & Security Inc United States (cont) Building materials (cont) 4,575 Lennox International Inc ,873 Louisiana-Pacific Corp ,947 Owens Corning ,683 Quanex Building Products Corp ,629 Simpson Manufacturing Co Inc ,323 Texas Industries Inc ,970 Universal Forest Products Inc ,833 USG Corp Chemicals 6,387 Axiall Corp ,371 Cabot Corp ,486 Chemtura Corp ,216 Cytec Industries Inc ,591 HB Fuller Co ,354 Huntsman Corp ,142 Intrepid Potash Inc ,234 Minerals Technologies Inc ,106 NewMarket Corp ,907 Olin Corp ,706 OM Group Inc ,155 PolyOne Corp ,261 Rentech Inc ,335 Rockwood Holdings Inc ,425 RPM International Inc ,675 Sensient Technologies Corp ,948 Valspar Corp ,513 WR Grace & Co Coal 21,376 Alpha Natural Resources Inc ,982 Arch Coal Inc ,982 Walter Energy Inc Commercial services 6,428 Aaron's Inc ,238 ABM Industries Inc ,044 Acacia Research Corp ,328 Advisory Board Co ,617 American Public Education Inc ,383 Apollo Education Group Inc ,390 Ascent Capital Group Inc ,239 Avis Budget Group Inc ,667 Brink's Co ,459 Capella Education Co ishares VII plc Interim Report 257

259 As at 2014 United States (cont) Commercial services (cont) 2,012 Chemed Corp ,996 Convergys Corp ,873 CoreLogic Inc/United States ,872 Corporate Executive Board Co ,825 CoStar Group Inc ,423 Deluxe Corp ,341 DeVry Education Group Inc ,075 Ennis Inc ,921 Euronet Worldwide Inc ,658 Gartner Inc ,956 Global Payments Inc ,120 Healthcare Services Group Inc ,082 HMS Holdings Corp ,438 Huron Consulting Group Inc ,032 Insperity Inc ,189 KAR Auction Services Inc ,831 Kelly Services Inc ,635 Korn/Ferry International ,982 Landauer Inc ,550 Live Nation Entertainment Inc ,824 Macquarie Infrastructure Co LLC ,515 Matthews International Corp ,957 MAXIMUS Inc ,341 McGrath RentCorp ,035 Monro Muffler Brake Inc ,435 Monster Worldwide Inc ,760 Morningstar Inc ,425 Navigant Consulting Inc ,140 Net 1 UEPS Technologies Inc ,040 PAREXEL International Corp ,499 PHH Corp ,219 Rent-A-Center Inc/TX ,019 Resources Connection Inc ,943 Rollins Inc ,472 RR Donnelley & Sons Co ,298 Service Corp International/US ,867 Sotheby's ,865 Strayer Education Inc ,947 Team Health Holdings Inc ,384 TeleTech Holdings Inc ,384 United Rentals Inc United States (cont) Commercial services (cont) 4,800 Valassis Communications Inc ,862 Weight Watchers International Inc ,423 WEX Inc Computers 8,942 3D Systems Corp ,912 Brocade Communications Systems Inc ,050 CACI International Inc ,291 Cadence Design Systems Inc ,419 Diebold Inc ,776 DST Systems Inc ,217 Electronics For Imaging Inc ,600 Fortinet Inc ,244 Fusion-io Inc ,899 Insight Enterprises Inc ,027 j2 Global Inc ,805 Jack Henry & Associates Inc ,809 Lexmark International Inc ,824 Manhattan Associates Inc ,328 Mentor Graphics Corp ,254 MICROS Systems Inc ,424 NCR Corp ,372 Quantum Corp ,641 RealD Inc ,918 Riverbed Technology Inc ,847 Sykes Enterprises Inc ,552 Synaptics Inc ,380 Syntel Inc ,028 Unisys Corp ,097 VeriFone Systems Inc Distribution & wholesale 5,549 Beacon Roofing Supply Inc ,889 Core-Mark Holding Co Inc ,095 HD Supply Holdings Inc ,340 Ingram Micro Inc ,444 MWI Veterinary Supply Inc ,809 Owens & Minor Inc ,447 Pool Corp ,940 ScanSource Inc ,159 United Stationers Inc ,683 Watsco Inc ,061 WESCO International Inc ishares VII plc Interim Report

260 As at 2014 United States (cont) Diversified financial services 9,997 Air Lease Corp ,289 CBOE Holdings Inc ,838 Credit Acceptance Corp ,932 E*TRADE Financial Corp ,976 Federated Investors Inc ,001 Financial Engines Inc ,226 GFI Group Inc ,410 Greenhill & Co Inc ,419 Investment Technology Group Inc ,956 Janus Capital Group Inc ,718 LPL Financial Holdings Inc ,644 Nationstar Mortgage Holdings Inc ,605 Outerwall Inc ,297 Piper Jaffray Cos ,850 Portfolio Recovery Associates Inc ,600 Stifel Financial Corp ,159 Virtus Investment Partners Inc ,057 Waddell & Reed Financial Inc ,607 WageWorks Inc ,862 Walter Investment Management Corp Electric 9,450 Avista Corp ,134 Black Hills Corp ,244 Cleco Corp ,219 Great Plains Energy Inc ,480 Hawaiian Electric Industries Inc ,796 IDACORP Inc ,401 ITC Holdings Corp ,521 MGE Energy Inc ,865 Ormat Technologies Inc ,159 Otter Tail Corp ,210 PNM Resources Inc ,652 Portland General Electric Co ,452 TECO Energy Inc ,222 UIL Holdings Corp ,304 Westar Energy Inc Electrical components & equipments 4,058 Acuity Brands Inc ,025 Belden Inc ,436 EnerSys Inc ,676 Generac Holdings Inc ,927 General Cable Corp United States (cont) Electrical components & equipments (cont) 16,017 GrafTech International Ltd ,682 Hubbell Inc ,776 Littelfuse Inc ,920 SunPower Corp ,579 Universal Display Corp Electronics 1,763 American Science & Engineering Inc ,795 Analogic Corp ,286 AVX Corp ,020 Badger Meter Inc ,609 Benchmark Electronics Inc ,756 Brady Corp ,793 Checkpoint Systems Inc ,347 Coherent Inc ,706 Electro Scientific Industries Inc ,364 ESCO Technologies Inc ,338 FEI Co ,508 Gentex Corp/MI ,305 II-VI Inc ,613 Itron Inc ,757 Jabil Circuit Inc ,646 National Instruments Corp ,290 Park Electrochemical Corp ,383 PerkinElmer Inc ,919 Plexus Corp ,233 Rofin-Sinar Technologies Inc ,429 Sanmina Corp ,434 Tech Data Corp ,483 TTM Technologies Inc ,994 Vishay Intertechnology Inc ,117 Vishay Precision Group Inc ,673 Woodward Governor Co Energy alternate sources 3,309 SolarCity Corp Engineering & construction 8,691 AECOM Technology Corp ,791 Aegion Corp ,076 Dycom Industries Inc ,173 EMCOR Group Inc ,806 Granite Construction Inc ,951 Layne Christensen Co ,311 MasTec Inc ishares VII plc Interim Report 259

261 As at 2014 United States (cont) Engineering & construction (cont) 13,350 Orion Marine Group Inc ,624 Tutor Perini Corp ,553 URS Corp Entertainment 3,947 Bally Technologies Inc ,351 Churchill Downs Inc ,092 Cinemark Holdings Inc ,339 DreamWorks Animation SKG Inc ,754 Gaming and Leisure Properties Inc ,476 International Speedway Corp ,417 Madison Square Garden Co ,399 National CineMedia Inc ,803 Penn National Gaming Inc ,266 Pinnacle Entertainment Inc ,444 Regal Entertainment Group ,476 Scientific Games Corp ,112 Six Flags Entertainment Corp ,617 Vail Resorts Inc Environmental control 9,291 Calgon Carbon Corp ,747 Clean Harbors Inc ,909 Covanta Holding Corp ,031 Darling International Inc ,347 Mine Safety Appliances Co ,043 Tetra Tech Inc ,957 Waste Connections Inc Food 7,051 B&G Foods Inc ,417 Boulder Brands Inc ,928 Chiquita Brands International Inc ,080 Dean Foods Co ,458 Diamond Foods Inc ,981 Flowers Foods Inc ,826 Fresh Market Inc ,570 Hain Celestial Group Inc ,003 Hillshire Brands Co ,149 Ingredion Inc ,710 J&J Snack Foods Corp ,460 Lancaster Colony Corp ,005 Sanderson Farms Inc Seaboard Corp ,938 Spartan Stores Inc United States (cont) Food (cont) 22,347 SUPERVALU Inc ,674 TreeHouse Foods Inc ,292 United Natural Foods Inc ,080 WhiteWave Foods Co Forest products & paper 2,902 Domtar Corp ,885 KapStone Paper and Packaging Corp ,484 PH Glatfelter Co ,400 Resolute Forest Products Inc ,968 Schweitzer-Mauduit International Inc Gas 8,064 AGL Resources Inc ,520 Atmos Energy Corp ,791 New Jersey Resources Corp ,715 National Fuel Gas Co ,428 Northwest Natural Gas Co ,883 Piedmont Natural Gas Co Inc ,276 Questar Corp ,260 South Jersey Industries Inc ,801 Southwest Gas Corp ,783 UGI Corp ,136 Vectren Corp ,241 WGL Holdings Inc Hand & Machine Tools 6,913 Kennametal Inc ,716 Lincoln Electric Holdings Inc ,830 Regal-Beloit Corp ,334 Snap-on Inc Healthcare products 3,538 Abaxis Inc ,057 Affymetrix Inc ,326 Alere Inc ,769 Align Technology Inc ,351 Bruker Corp ,260 Cepheid Inc ,373 CONMED Corp ,163 Cooper Cos Inc ,209 Cyberonics Inc ,089 DexCom Inc ,651 Haemonetics Corp ,876 Hill-Rom Holdings Inc ,438 IDEXX Laboratories Inc ishares VII plc Interim Report

262 As at 2014 United States (cont) Healthcare products (cont) 6,938 Insulet Corp ,905 Invacare Corp ,976 Luminex Corp ,506 Masimo Corp ,379 Meridian Bioscience Inc ,107 Merit Medical Systems Inc ,620 Navidea Biopharmaceuticals Inc ,592 NuVasive Inc ,909 Quidel Corp ,994 Sirona Dental Systems Inc ,612 STERIS Corp ,513 Techne Corp ,242 Teleflex Inc ,531 Thoratec Corp ,055 Volcano Corp ,018 West Pharmaceutical Services Inc ,985 Wright Medical Group Inc Healthcare services 5,562 Acadia Healthcare Co Inc ,741 Amedisys Inc ,010 Amsurg Corp ,133 Brookdale Senior Living Inc ,181 Centene Corp ,437 Community Health Systems Inc ,001 Covance Inc ,691 Health Net Inc/CA ,932 HealthSouth Corp ,018 Healthways Inc ,291 IPC The Hospitalist Co Inc ,280 LifePoint Hospitals Inc ,714 Magellan Health Services Inc ,461 MEDNAX Inc ,338 Tenet Healthcare Corp ,281 WellCare Health Plans Inc Home builders 13,129 Hovnanian Enterprises Inc ,239 KB Home ,750 MDC Holdings Inc ,137 Meritage Homes Corp NVR Inc ,218 Ryland Group Inc ,324 Thor Industries Inc United States (cont) Home furnishings 5,502 DTS Inc/CA ,284 Harman International Industries Inc ,479 La-Z-Boy Inc ,875 Select Comfort Corp ,941 Tempur Sealy International Inc ,200 TiVo Inc Household products & wares 15,639 ACCO Brands Corp ,877 Central Garden and Pet Co ,969 Jarden Corp ,569 Scotts Miracle-Gro Co ,323 Tupperware Brands Corp Housewares 5,903 Toro Co Insurance 5,887 American Financial Group Inc/OH ,812 Arthur J Gallagher & Co ,059 Brown & Brown Inc ,803 CNO Financial Group Inc ,032 ehealth Inc ,018 Employers Holdings Inc ,681 First American Financial Corp ,320 Genworth Financial Inc ,950 Hanover Insurance Group Inc ,707 HCC Insurance Holdings Inc ,732 Hilltop Holdings Inc ,293 Kemper Corp ,933 MBIA Inc ,239 Meadowbrook Insurance Group Inc ,021 Mercury General Corp ,774 MGIC Investment Corp ,858 Old Republic International Corp ,576 ProAssurance Corp ,611 Protective Life Corp ,101 Radian Group Inc ,033 Reinsurance Group of America Inc ,462 Selective Insurance Group Inc ,456 StanCorp Financial Group Inc Internet 6,997 AOL Inc ,753 Blue Nile Inc ,133 BroadSoft Inc ishares VII plc Interim Report 261

263 As at 2014 United States (cont) Internet (cont) 6,727 Cogent Communications Group Inc ,495 Constant Contact Inc ,175 Dealertrack Technologies Inc ,956 FTD Cos Inc ,953 Groupon Inc ,481 IAC/InterActiveCorp ,327 Liberty Ventures ,423 MercadoLibre Inc ,794 OpenTable Inc ,696 Pandora Media Inc ,261 Safeguard Scientifics Inc ,044 Sapient Corp ,791 Shutterfly Inc ,250 Splunk Inc ,766 TIBCO Software Inc ,176 Trulia Inc ,996 ValueClick Inc ,890 VirnetX Holding Corp ,926 Vocus Inc ,453 Web.com Group Inc ,756 WebMD Health Corp ,867 Yelp Inc ,385 Zillow Inc ,789 Zynga Inc Investment companies 23,834 Apollo Investment Corp ,325 Ares Capital Corp ,437 BlackRock Kelso Capital Corp ,557 PennantPark Investment Corp ,703 Prospect Capital Corp ,087 TICC Capital Corp ,350 Triangle Capital Corp Iron & steel 18,423 AK Steel Holding Corp ,461 Allegheny Technologies Inc ,236 Carpenter Technology Corp ,010 Cliffs Natural Resources Inc ,155 Reliance Steel & Aluminum Co ,192 Schnitzer Steel Industries Inc ,758 Steel Dynamics Inc ,117 United States Steel Corp United States (cont) Leisure time 8,953 Brunswick Corp/DE ,738 Interval Leisure Group Inc ,795 Life Time Fitness Inc Lodging 9,942 Boyd Gaming Corp ,026 Choice Hotels International Inc Machinery - construction & mining 4,166 Astec Industries Inc ,887 Terex Corp Machinery - diversified 4,874 Albany International Corp ,662 Applied Industrial Technologies Inc ,395 Babcock & Wilcox Co ,713 Briggs & Stratton Corp ,327 Chart Industries Inc ,066 Cognex Corp ,499 Graco Inc ,813 IDEX Corp ,505 Manitowoc Co Inc ,139 Middleby Corp ,881 Nordson Corp ,956 Wabtec Corp/DE ,822 Zebra Technologies Corp Media 5,533 AMC Networks Inc ,953 Digital Generation Inc ,557 FactSet Research Systems Inc ,552 Gannett Co Inc ,726 John Wiley & Sons Inc ,438 Meredith Corp ,943 New York Times Co ,585 Nexstar Broadcasting Group Inc ,325 Scholastic Corp ,537 Sinclair Broadcast Group Inc ,916 Starz Metal fabricate & hardware 4,683 Mueller Industries Inc ,532 Mueller Water Products Inc ,002 RBC Bearings Inc ,731 RTI International Metals Inc ,296 Timken Co ishares VII plc Interim Report

264 As at 2014 United States (cont) Metal fabricate & hardware (cont) 2,097 Valmont Industries Inc ,760 Worthington Industries Inc Mining 14,601 Allied Nevada Gold Corp ,832 AMCOL International Corp ,731 Coeur Mining Inc ,999 Compass Minerals International Inc ,812 Gold Resource Corp ,634 Hecla Mining Co ,454 Kaiser Aluminum Corp ,872 Molycorp Inc ,554 Royal Gold Inc ,125 Stillwater Mining Co ,233 US Silica Holdings Inc Miscellaneous manufacture 7,154 Actuant Corp ,211 AO Smith Corp ,133 Aptargroup Inc ,432 Barnes Group Inc ,979 Blount International Inc ,088 Carlisle Cos Inc ,257 CLARCOR Inc ,819 Colfax Corp ,752 Crane Co ,216 Donaldson Co Inc ,538 Federal Signal Corp ,635 Harsco Corp ,421 Hexcel Corp ,599 Hillenbrand Inc ,839 ITT Corp ,332 Koppers Holdings Inc ,745 Polypore International Inc ,733 Raven Industries Inc ,070 Sturm Ruger & Co Inc ,088 Trinity Industries Inc Office furnishings 8,241 Herman Miller Inc ,273 HNI Corp ,166 Interface Inc ,164 Steelcase Inc Office & business equipment 17,477 Pitney Bowes Inc United States (cont) Oil & gas 5,617 Atwood Oceanics Inc ,060 Bill Barrett Corp ,034 Carrizo Oil & Gas Inc ,830 Comstock Resources Inc ,162 Contango Oil & Gas Co ,450 CVR Energy Inc ,879 Diamondback Energy Inc ,416 EXCO Resources Inc ,120 Forest Oil Corp ,187 Goodrich Petroleum Corp ,384 Gulfport Energy Corp ,013 Halcon Resources Corp ,436 Laredo Petroleum Inc ,258 LinnCo LLC ,223 Magnum Hunter Resources Corp ,843 Newfield Exploration Co ,388 Northern Oil and Gas Inc ,651 Oasis Petroleum Inc ,382 Parker Drilling Co ,042 Patterson-UTI Energy Inc ,008 PBF Energy Inc ,169 PDC Energy Inc ,619 Penn Virginia Corp ,315 Quicksilver Resources Inc ,395 Rosetta Resources Inc ,394 SandRidge Energy Inc ,947 SM Energy Co ,746 Stone Energy Corp ,323 Swift Energy Co ,424 Unit Corp ,556 Western Refining Inc ,917 WPX Energy Inc Oil & gas services 7,140 C&J Energy Services Inc ,155 CARBO Ceramics Inc ,797 Dresser-Rand Group Inc ,653 Dril-Quip Inc ,234 Exterran Holdings Inc ,700 Helix Energy Solutions Group Inc ,590 Hornbeck Offshore Services Inc ,919 ION Geophysical Corp ,948 Key Energy Services Inc ishares VII plc Interim Report 263

265 As at 2014 United States (cont) Oil & gas services (cont) 10,656 MRC Global Inc ,894 Oil States International Inc ,983 SEACOR Holdings Inc ,323 TETRA Technologies Inc ,334 Willbros Group Inc Packaging & containers 8,037 Bemis Co Inc ,375 Greif Inc ,741 Packaging Corp of America ,692 Silgan Holdings Inc ,485 Sonoco Products Co Pharmaceuticals 9,317 ACADIA Pharmaceuticals Inc ,013 Akorn Inc ,814 Auxilium Pharmaceuticals Inc ,586 AVANIR Pharmaceuticals Inc ,313 Clovis Oncology Inc ,133 Depomed Inc ,289 Dyax Corp ,384 Endo Health Solutions Inc ,905 Impax Laboratories Inc ,853 Infinity Pharmaceuticals Inc ,415 Ironwood Pharmaceuticals Inc ,903 Isis Pharmaceuticals Inc ,130 Keryx Biopharmaceuticals Inc ,767 MannKind Corp ,424 Medivation Inc ,820 Nektar Therapeutics ,694 Neogen Corp ,775 Opko Health Inc ,154 Pacira Pharmaceuticals Inc/DE ,313 PharMerica Corp ,722 Questcor Pharmaceuticals Inc ,967 Salix Pharmaceuticals Ltd ,084 Sarepta Therapeutics Inc ,459 Star Scientific Inc ,602 Theravance Inc ,579 VCA Antech Inc ,135 Vivus Inc ,508 XenoPort Inc United States (cont) Pipelines 6,902 Enbridge Energy Management LLC ,699 SemGroup Corp Private equity 28,698 American Capital Ltd Real estate 7,094 Alexander & Baldwin Inc ,877 Forest City Enterprises Inc ,397 Howard Hughes Corp ,109 Jones Lang LaSalle Inc ,456 St Joe Co Real estate investment trusts 7,875 Acadia Realty Trust ,130 Agree Realty Corp Alexander's Inc ,598 Alexandria Real Estate Equities Inc ,680 American Campus Communities Inc ,638 American Homes 4 Rent ,455 Apartment Investment & Management Co ,191 Apollo Commercial Real Estate Finance Inc ,979 Ashford Hospitality Prime Inc ,162 Ashford Hospitality Trust Inc ,278 BioMed Realty Trust Inc ,448 Brandywine Realty Trust ,224 BRE Properties Inc ,838 CBL & Associates Properties Inc ,562 Chimera Investment Corp ,465 CommonWealth REIT ,352 Corporate Office Properties Trust ,649 Corrections Corp of America ,355 CubeSmart ,831 CYS Investments Inc ,164 DCT Industrial Trust Inc ,175 DDR Corp ,835 DiamondRock Hospitality Co ,577 Douglas Emmett Inc ,204 DuPont Fabros Technology Inc ,594 EastGroup Properties Inc ,451 EPR Properties ,273 Equity Lifestyle Properties Inc ,384 Essex Property Trust Inc ishares VII plc Interim Report

266 As at 2014 United States (cont) Real estate investment trusts (cont) 9,836 Extra Space Storage Inc ,226 FelCor Lodging Trust Inc ,825 First Industrial Realty Trust Inc ,648 First Potomac Realty Trust ,325 Franklin Street Properties Corp ,594 Geo Group Inc ,320 Glimcher Realty Trust ,633 Hatteras Financial Corp ,274 Healthcare Realty Trust Inc ,387 Hersha Hospitality Trust ,446 Highwoods Properties Inc ,590 Home Properties Inc ,044 Hospitality Properties Trust ,912 Inland Real Estate Corp ,247 Invesco Mortgage Capital Inc ,716 Investors Real Estate Trust ,048 istar Financial Inc ,112 Kilroy Realty Corp ,294 Kite Realty Group Trust ,690 LaSalle Hotel Properties ,080 Lexington Realty Trust ,941 Mack-Cali Realty Corp ,804 Medical Properties Trust Inc ,671 MFA Financial Inc ,931 Mid-America Apartment Communities Inc ,804 Monmouth Real Estate Investment Corp ,301 National Health Investors Inc ,765 National Retail Properties Inc ,267 New Residential Investment Corp ,717 Newcastle Investment Corp ,473 NorthStar Realty Finance Corp ,539 Omega Healthcare Investors Inc ,533 Pebblebrook Hotel Trust ,402 Pennsylvania Real Estate Investment Trust ,668 Piedmont Office Realty Trust Inc ,150 Post Properties Inc ,867 Redwood Trust Inc ,717 Ryman Hospitality Properties Inc ,877 Saul Centers Inc ,614 Senior Housing Properties Trust United States (cont) Real estate investment trusts (cont) 7,478 Silver Bay Realty Trust Corp ,804 Spirit Realty Capital Inc ,354 Starwood Property Trust Inc ,457 Strategic Hotels & Resorts Inc ,015 Sun Communities Inc ,744 Sunstone Hotel Investors Inc ,651 Tanger Factory Outlet Centers ,514 Taubman Centers Inc ,493 Two Harbors Investment Corp ,168 Universal Health Realty Income Trust ,894 Washington Real Estate Investment Trust ,955 Weingarten Realty Investors ,405 Winthrop Realty Trust Retail 5,467 Abercrombie & Fitch Co ,066 Aeropostale Inc ,618 American Eagle Outfitters Inc ,125 ANN INC ,165 Asbury Automotive Group Inc ,944 Ascena Retail Group Inc ,325 Barnes & Noble Inc ,266 Big Lots Inc ,162 Bob Evans Farms Inc/DE ,573 Brinker International Inc ,549 Buckle Inc ,103 Buffalo Wild Wings Inc ,678 Cabela's Inc ,412 Casey's General Stores Inc ,338 Cash America International Inc ,854 Cato Corp ,916 CEC Entertainment Inc ,073 Cheesecake Factory Inc ,164 Chico's FAS Inc ,416 Children's Place Retail Stores Inc ,521 Conn's Inc ,714 Copart Inc ,473 Cracker Barrel Old Country Store Inc ,624 CST Brands Inc ,901 Dillard's Inc ,006 DineEquity Inc ,349 Domino's Pizza Inc ishares VII plc Interim Report 265

267 As at 2014 United States (cont) Retail (cont) 5,911 DSW Inc ,538 Dunkin' Brands Group Inc ,307 Express Inc ,711 Ezcorp Inc ,215 Fifth & Pacific Cos Inc ,926 Finish Line Inc ,274 First Cash Financial Services Inc ,022 Five Below Inc ,430 Foot Locker Inc ,556 Francesca's Holdings Corp ,479 Fred's Inc ,284 Genesco Inc ,837 GNC Holdings Inc ,035 Group 1 Automotive Inc ,094 Guess? Inc ,968 Hibbett Sports Inc ,787 HSN Inc ,899 Jack in the Box Inc ,914 JC Penney Co Inc ,933 Jos A Bank Clothiers Inc ,773 Lumber Liquidators Holdings Inc ,137 Men's Wearhouse Inc ,103 MSC Industrial Direct Co Inc ,000 Nu Skin Enterprises Inc ,456 Office Depot Inc ,246 Panera Bread Co ,033 Papa John's International Inc ,272 Penske Automotive Group Inc ,876 Pep Boys-Manny Moe & Jack ,767 Pier 1 Imports Inc ,670 PriceSmart Inc ,286 RadioShack Corp ,447 Regis Corp ,428 Restoration Hardware Holdings Inc ,286 Rite Aid Corp ,088 Rush Enterprises Inc ,544 Sally Beauty Holdings Inc ,899 Sonic Corp ,377 Stage Stores Inc ,435 Texas Roadhouse Inc ,522 Vitamin Shoppe Inc ,589 Wendy's Co United States (cont) Retail (cont) 17,862 Wet Seal Inc ,395 Williams-Sonoma Inc ,000 World Fuel Services Corp ,839 Zumiez Inc Savings & loans 22,134 Brookline Bancorp Inc ,755 Capitol Federal Financial Inc ,770 First Niagara Financial Group Inc ,425 Oritani Financial Corp ,512 United Financial Bancorp Inc ,731 Washington Federal Inc Semiconductors 51,155 Advanced Micro Devices Inc ,712 Amkor Technology Inc ,988 Applied Micro Circuits Corp ,814 Atmel Corp ,657 ATMI Inc ,511 Cabot Microelectronics Corp ,231 Cavium Inc ,396 Cirrus Logic Inc ,543 Cypress Semiconductor Corp ,307 Diodes Inc ,710 Emulex Corp ,150 Entegris Inc ,529 Fairchild Semiconductor International Inc ,524 First Solar Inc ,477 FormFactor Inc ,333 GT Advanced Technologies Inc ,975 Hittite Microwave Corp ,438 Integrated Device Technology Inc ,192 International Rectifier Corp ,801 Intersil Corp ,045 Microsemi Corp ,073 MKS Instruments Inc ,305 Monolithic Power Systems Inc ,883 OmniVision Technologies Inc ,974 ON Semiconductor Corp ,580 PMC - Sierra Inc ,251 QLogic Corp ,136 Rambus Inc ,294 Rovi Corp ,550 Semtech Corp ,297 Silicon Laboratories Inc ishares VII plc Interim Report

268 As at 2014 United States (cont) Semiconductors (cont) 17,006 Skyworks Solutions Inc ,228 SunEdison Inc ,337 Teradyne Inc ,794 Tessera Technologies Inc ,022 TriQuint Semiconductor Inc ,974 Veeco Instruments Inc Ship building 5,282 Huntington Ingalls Industries Inc Software 4,441 ACI Worldwide Inc ,588 Acxiom Corp ,794 Advent Software Inc ,913 Allscripts Healthcare Solutions Inc ,400 Aspen Technology Inc ,585 athenahealth Inc ,538 Avid Technology Inc ,149 Blackbaud Inc ,666 Broadridge Financial Solutions Inc ,235 CommVault Systems Inc ,998 Compuware Corp ,511 Concur Technologies Inc ,187 Cornerstone OnDemand Inc ,484 Demandware Inc ,664 Digital River Inc ,405 Fair Isaac Corp ,137 Guidewire Software Inc ,500 Informatica Corp ,615 ManTech International Corp/VA ,074 MedAssets Inc ,004 Medidata Solutions Inc ,215 MicroStrategy Inc ,549 MSCI Inc ,233 Progress Software Corp ,332 PTC Inc ,270 Qlik Technologies Inc ,484 Quality Systems Inc ,733 SolarWinds Inc ,123 Solera Holdings Inc ,555 SS&C Technologies Holdings Inc ,609 SYNNEX Corp ,328 Take-Two Interactive Software Inc United States (cont) Software (cont) 3,388 Tyler Technologies Inc ,773 Ultimate Software Group Inc ,502 Verint Systems Inc Storage & warehousing 5,745 Mobile Mini Inc Telecommunications 6,551 ADTRAN Inc ,607 Anixter International Inc ,631 ARRIS Group Inc ,752 Aruba Networks Inc ,023 Atlantic Tele-Network Inc ,787 Black Box Corp ,704 Ciena Corp ,620 Cincinnati Bell Inc ,158 Comtech Telecommunications Corp ,318 DigitalGlobe Inc ,453 EarthLink Holdings Corp ,123 EchoStar Corp ,199 Finisar Corp ,350 Harmonic Inc ,613 Infinera Corp ,416 InterDigital Inc/PA ,512 IPG Photonics Corp ,425 JDS Uniphase Corp ,662 Lumos Networks Corp ,373 NETGEAR Inc ,781 NeuStar Inc ,126 NII Holdings Inc ,222 NTELOS Holdings Corp ,138 Palo Alto Networks Inc ,758 Plantronics Inc ,814 Polycom Inc ,852 Premiere Global Services Inc ,713 RF Micro Devices Inc ,812 Shenandoah Telecommunications Co ,170 ShoreTel Inc ,874 Telephone & Data Systems Inc ,253 tw telecom inc ,553 ViaSat Inc ,169 Vonage Holdings Corp ishares VII plc Interim Report 267

269 As at 2014 Investment United States (cont) Textiles 3,589 G&K Services Inc ,033 UniFirst Corp/MA Transportation 4,641 Arkansas Best Corp ,857 Bristow Group Inc ,799 Con-way Inc ,869 Era Group Inc ,054 Forward Air Corp ,380 Genesee & Wyoming Inc ,470 Gulfmark Offshore Inc ,332 Heartland Express Inc ,715 Hub Group Inc ,661 Kirby Corp ,372 Knight Transportation Inc ,024 Landstar System Inc ,415 Old Dominion Freight Line Inc ,317 Ryder System Inc ,496 Swift Transportation Co ,531 Tidewater Inc ,367 Werner Enterprises Inc Trucking & leasing 4,093 GATX Corp Water 14,937 Aqua America Inc ,700 Middlesex Water Co ,133 PICO Holdings Inc Total United States 241, Total equities 249, Warrant United States Oil & gas 2,658 Magnum Hunter Resources Corp Warrant 15/04/2016 Total United States Total warrant Financial derivative instruments Futures contracts No. of contracts Underlying exposure Unrealised loss 13 S&P MidCap 400 E-mini Future 21 March ,703 (47) (0.02) Total unrealised losses on futures contracts (47) (0.02) Total of investments 249, Cash 1, Other net s Net attributable to redeemable participating shareholders at the end of the period 251, Cash holdings of $1,656,399 are held with BNY Mellon Trust Company (Ireland) Limited. $159,703 is held as security for futures contracts with Credit Suisse AG. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Market Authority ( ESMA ) and represents the market of an equivalent position in the s underlying each financial derivative instrument. Analysis of total current s gross of all liabilities (unaudited) Fair % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 249, Other s 7, Total current s 257, ishares VII plc Interim Report

270 For the period ended 2014 Sales s Purchases Proceeds s 6,034 Tesla Motors Inc 1,022 6,427 Splunk Inc 456 9,466 B/E Aerospace Inc 823 6,173 Yelp Inc 412 6,089 FleetCor Technologies Inc 732 9,111 Allegion Plc 408 5,503 Pharmacyclics Inc ,019 KAR Auction Services Inc 403 8,069 Universal Health Services Inc ,638 American Homes 4 Rent 357 5,896 Towers Watson & Co 652 9,125 SS&C Technologies Holdings Inc 353 2,490 Mettler-Toledo International Inc 618 3,696 Zillow Inc ,294 Ocwen Financial Corp ,656 MRC Global Inc ,607 NV Energy Inc ,744 Spirit Realty Capital Inc ,544 Smithfield Foods Inc ,359 Opko Health Inc 280 7,291 ViroPharma Inc ,051 Ultra Petroleum Corp ,827 Santarus Inc 346 7,041 Molex Inc ,539 Health Management Associates Inc 326 5,022 Five Below Inc ,306 American Realty Capital Properties Inc 313 4,906 WageWorks Inc 262 2,990 NetSuite Inc 285 4,879 Diamondback Energy Inc 251 7,041 Molex Inc 272 3,428 Restoration Hardware Holdings Inc 251 3,550 Sourcefire Inc ,013 Akorn Inc 250 7,078 Lender Processing Services Inc ,914 JC Penney Co Inc 243 8,396 Sandy Spring Bancorp Inc 242 6,502 Verint Systems Inc 243 2,024 Westlake Chemical Corp 229 7,233 US Silica Holdings Inc 242 Cost The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. ishares VII plc Interim Report 269

271 For the period ended Year ended 31 July Operating income 835 1, Net gains on financial s/liabilities at fair through profit or loss 4,510 12,665 6,485 Total gains 5,345 14,625 7,141 Operating expenses (162) (284) (112) Net operating profit 5,183 14,341 7,029 Net profit for the financial period/year before tax 5,183 14,341 7,029 Non-reclaimable withholding tax (62) (288) (80) Net profit for the financial period/year after tax 5,121 14,053 6,949 Increase in net s attributable to redeemable participating shareholders from operations 5,121 14,053 6,949 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders 2014 Year ended 31 July at the beginning of the period/year 85,538 44,965 44,965 Increase in net s attributable to redeemable participating shareholders from operations 5,121 14,053 6,949 Share transactions: Proceeds from issue of redeemable participating shares 38,729 15,839 Payments on redemption of redeemable participating shares (12,223) (12,209) - (Decrease)/increase in net s resulting from share transactions (12,223) 26,520 15,839 Net s attributable to redeemable participating shareholders at the end of the period/year 78,436 85,538 67,753 The accompanying notes form an integral part of these financial statements. 270 ishares VII plc Interim Report

272 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents Margin cash account Receivables Financial s at fair through profit or loss 3 77,769 84,738 67,290 Total current s 78,491 85,570 67,775 CURRENT LIABILITIES Payables (31) (32) (22) Financial liabilities at fair through profit or loss 3 (24) - - Total current liabilities (55) (32) (22) Net attributable to redeemable participating shareholders at the end of the period/year 78,436 85,538 67,753 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note 2. ishares VII plc Interim Report 271

273 As at 2014 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Equities Australia Banks 6,813 Australia & New Zealand Banking Group Ltd ,862 Commonwealth Bank of Australia ,598 National Australia Bank Ltd ,862 Westpac Banking Corp Biotechnology 1,309 CSL Ltd Chemicals 7,483 Incitec Pivot Ltd Commercial services 5,904 Brambles Ltd ,673 Transurban Group Diversified financial services 1,067 Macquarie Group Ltd Electric 2,149 AGL Energy Ltd ,513 Origin Energy Ltd Engineering & construction 1,131 Sydney Airport Entertainment 13,790 Tatts Group Ltd Food 2,891 Woolworths Ltd Insurance 10,429 AMP Ltd ,010 Insurance Australia Group Ltd ,974 QBE Insurance Group Ltd ,362 Suncorp-Metway Ltd Iron & steel 5,229 Fortescue Metals Group Ltd Mining 8,043 BHP Billiton Ltd ,051 Newcrest Mining Ltd ,214 Orica Ltd ,227 Rio Tinto Ltd Miscellaneous manufacture 2,475 ALS Ltd/Queensland Oil & gas 4,976 Santos Ltd ,607 Woodside Petroleum Ltd Australia (cont) Packaging & containers 4,877 Amcor Ltd/Australia Real estate 3,831 Lend Lease Group Real estate investment trusts 8,318 Stockland ,677 Westfield Group ,800 Westfield Retail Trust Retail 2,382 Wesfarmers Ltd Telecommunications 9,767 Telstra Corp Ltd Total Australia 2, Austria Oil & gas 1,066 OMV AG Real estate 10,732 IMMOFINANZ AG Total Austria Belgium Banks 1,010 KBC Groep NV Beverages 2,195 Anheuser-Busch InBev NV Chemicals 227 Solvay SA Food 675 Delhaize Group SA Mining 597 Umicore SA Pharmaceuticals 590 UCB SA Total Belgium Bermuda Agriculture 501 Bunge Ltd Distribution & wholesale 15,190 Li & Fung Ltd Diversified financial services 2,166 Invesco Ltd ishares VII plc Interim Report

274 As at 2014 Bermuda (cont) Oil & gas 1,794 Seadrill Ltd Total Bermuda British Virgin Islands Apparel 663 Michael Kors Holdings Ltd Total British Virgin Islands Canada Auto parts & equipments 698 Magna International Inc Banks 1,459 Bank of Montreal ,805 Bank of Nova Scotia Canadian Imperial Bank of Commerce/Canada National Bank of Canada ,495 Royal Bank of Canada ,225 Toronto-Dominion Bank Chemicals 447 Agrium Inc ,085 Potash Corp of Saskatchewan Inc Diversified financial services 1,637 CI Financial Corp Electric 1,299 Fortis Inc/Canada Engineering & construction 691 SNC-Lavalin Group Inc Food 635 Metro Inc Saputo Inc Insurance 906 Intact Financial Corp ,509 Manulife Financial Corp ,609 Power Corp of Canada ,772 Sun Life Financial Inc Media 2,135 Shaw Communications Inc ,318 Thomson Reuters Corp Mining 660 Agnico Eagle Mines Ltd ,221 Barrick Gold Corp ,390 Cameco Corp Canada (cont) Mining (cont) 2,357 Eldorado Gold Corp ,531 First Quantum Minerals Ltd ,081 Goldcorp Inc ,671 Kinross Gold Corp ,183 Silver Wheaton Corp ,682 Teck Resources Ltd ,284 Turquoise Hill Resources Ltd ,568 Yamana Gold Inc Oil & gas 915 ARC Resources Ltd ,689 Canadian Natural Resources Ltd ,456 Canadian Oil Sands Ltd ,103 Cenovus Energy Inc Crescent Point Energy Corp ,108 Encana Corp Imperial Oil Ltd Pacific Rubiales Energy Corp ,505 Suncor Energy Inc ,338 Talisman Energy Inc Pharmaceuticals 1,000 Catamaran Corp Valeant Pharmaceuticals International Inc Pipelines 2,492 Enbridge Inc ,804 TransCanada Corp Real estate 1,719 Brookfield Asset Management Inc Retail 840 Canadian Tire Corp Ltd Shoppers Drug Mart Corp ,164 Tim Hortons Inc Telecommunications 1,222 Rogers Communications Inc Transportation 2,140 Canadian National Railway Co Canadian Pacific Railway Ltd Total Canada 3, Cayman Islands Lodging 6,670 Sands China Ltd Total Cayman Islands ishares VII plc Interim Report 273

275 As at 2014 Denmark Banks 2,173 Danske Bank A/S Beverages 350 Carlsberg A/S Biotechnology 1,109 Novozymes A/S Pharmaceuticals 4,945 Novo Nordisk A/S Transportation 6 AP Moller - Maersk A/S-Class A ,473 DSV A/S Total Denmark Finland Electric 1,291 Fortum OYJ Forest products & paper 2,089 UPM-Kymmene OYJ Machinery - diversified 1,120 Kone OYJ Miscellaneous manufacture 683 Wartsila OYJ Abp Telecommunications 10,280 Nokia OYJ Total Finland France Advertising 1,111 Publicis Groupe SA Apparel 752 LVMH Moet Hennessy Louis Vuitton SA Auto manufacturers 702 Renault SA Auto parts & equipments 592 Cie Generale des Etablissements Michelin Banks 2,800 BNP Paribas SA ,112 Societe Generale SA Beverages 678 Pernod Ricard SA Building materials 1,233 Cie de St-Gobain Lafarge SA France (cont) Chemicals 801 Air Liquide SA Computers 654 Cap Gemini SA Cosmetics & personal care 562 L'Oreal SA Electric 3,104 GDF Suez Electrical components & equipments 1,095 Legrand SA ,514 Schneider Electric SA Engineering & construction 1,435 Vinci SA Food 1,862 Carrefour SA ,436 Danone Healthcare products 846 Essilor International SA Insurance 5,854 AXA SA Lodging 768 Accor SA Machinery - diversified 807 Alstom SA Metal fabricate & hardware 452 Vallourec SA Oil & gas 5,272 Total SA Oil & gas services 350 Technip SA Pharmaceuticals 3,029 Sanofi Real estate investment trusts 300 Unibail-Rodamco SE Retail 236 Kering Telecommunications 5,049 Orange SA ,313 Vivendi SA Total France 2, Germany Apparel 923 Adidas AG ishares VII plc Interim Report

276 As at 2014 France (cont) Auto manufacturers 1,016 Bayerische Motoren Werke AG ,594 Daimler AG Banks 2,233 Commerzbank AG ,776 Deutsche Bank AG Building materials 648 HeidelbergCement AG Chemicals 2,312 BASF SE Brenntag AG K+S AG Linde AG Diversified financial services 567 Deutsche Boerse AG Electric 4,259 E.ON SE ,315 RWE AG Electrical components & equipments 211 OSRAM Licht AG Healthcare services 601 Fresenius Medical Care AG & Co KGaA Fresenius SE & Co KGaA Holding companies - diversified 1,485 GEA Group AG Insurance 1,228 Allianz SE Muenchener Rueckversicherungs AG Iron & steel 1,394 ThyssenKrupp AG Miscellaneous manufacture 2,111 Siemens AG Pharmaceuticals 2,204 Bayer AG Semiconductors 4,562 Infineon Technologies AG Software 2,383 SAP AG Telecommunications 6,740 Deutsche Telekom AG Transportation 3,549 Deutsche Post AG Total Germany 2, Hong Kong Banks 7,096 Bank of East Asia Ltd ,477 BOC Hong Kong Holdings Ltd ,415 Hang Seng Bank Ltd Diversified financial services 4,372 Hong Kong Exchanges and Clearing Ltd Electric 5,689 CLP Holdings Ltd ,365 Power Assets Holdings Ltd Gas 27,521 Hong Kong & China Gas Co Ltd Holding companies - diversified 7,695 Hutchison Whampoa Ltd ,401 Swire Pacific Ltd ,190 Wharf Holdings Ltd Insurance 26,074 AIA Group Ltd Real estate 3,837 Cheung Kong Holdings Ltd ,119 Hang Lung Properties Ltd ,821 Sun Hung Kai Properties Ltd Real estate investment trusts 8,107 Link REIT Total Hong Kong Ireland Building materials 2,106 CRH Plc Computers 1,859 Accenture Plc ,032 Seagate Technology Plc Healthcare products 1,205 Covidien Plc Miscellaneous manufacture 1,000 Eaton Corp Plc Ingersoll-Rand Plc Pharmaceuticals 413 Actavis plc Perrigo Co Plc Total Ireland ishares VII plc Interim Report 275

277 As at 2014 Isle of Man Lodging 21,440 Genting Singapore Plc Total Isle of Man Israel Banks 10,064 Bank Leumi Le-Israel BM Pharmaceuticals 3,135 Teva Pharmaceutical Industries Ltd Total Israel Italy Auto manufacturers 4,102 Fiat SpA Banks 28,575 Intesa Sanpaolo SpA ,404 UniCredit SpA Electric 17,710 Enel SpA Gas 16,159 Snam SpA Insurance 3,447 Assicurazioni Generali SpA Oil & gas 6,624 Eni SpA Oil & gas services 845 Saipem SpA Telecommunications 39,050 Telecom Italia SpA Total Italy Japan Agriculture 3,698 Japan Tobacco Inc Auto manufacturers 3,000 Fuji Heavy Industries Ltd ,550 Honda Motor Co Ltd ,000 Mazda Motor Corp ,130 Mitsubishi Motors Corp ,026 Nissan Motor Co Ltd ,604 Suzuki Motor Corp ,923 Toyota Motor Corp Japan (cont) Auto parts & equipments 858 Aisin Seiki Co Ltd ,851 Bridgestone Corp ,343 Denso Corp ,797 Sumitomo Electric Industries Ltd Banks 37,136 Mitsubishi UFJ Financial Group Inc ,753 Mizuho Financial Group Inc ,078 Sumitomo Mitsui Financial Group Inc ,732 Sumitomo Mitsui Trust Holdings Inc Beverages 1,662 Asahi Breweries Ltd ,160 Kirin Holdings Co Ltd Building materials 4,064 Asahi Glass Co Ltd ,049 Daikin Industries Ltd Chemicals 6,156 Asahi Kasei Corp ,870 Mitsubishi Chemical Holdings Corp Nitto Denko Corp ,457 Shin-Etsu Chemical Co Ltd ,871 Sumitomo Chemical Co Ltd Commercial services 4,287 Dai Nippon Printing Co Ltd ,043 Secom Co Ltd ,020 Toppan Printing Co Ltd Computers 6,494 Fujitsu Ltd Cosmetics & personal care 1,724 Kao Corp ,945 Shiseido Co Ltd Distribution & wholesale 6,802 ITOCHU Corp ,532 Marubeni Corp ,468 Mitsubishi Corp ,092 Mitsui & Co Ltd ,465 Sumitomo Corp Diversified financial services 8,175 Daiwa Securities Group Inc ,431 Nomura Holdings Inc ,790 ORIX Corp ishares VII plc Interim Report

278 As at 2014 Japan (cont) Electric 2,025 Chubu Electric Power Co Inc ,239 Kansai Electric Power Co Inc ,100 Tokyo Electric Power Co Inc Electrical components & equipments 15,183 Hitachi Ltd Nidec Corp Electronics 1,523 Hoya Corp Keyence Corp Kyocera Corp Murata Manufacturing Co Ltd ,919 Toshiba Corp Environmental control 2,684 Kurita Water Industries Ltd Food 2,943 Ajinomoto Co Inc MEIJI Holdings Co Ltd ,912 Seven & I Holdings Co Ltd Gas 8,893 Osaka Gas Co Ltd ,234 Tokyo Gas Co Ltd Hand & Machine Tools 201 SMC Corp/Japan Healthcare products 786 Terumo Corp Home builders 3,890 Sekisui House Ltd Home furnishings 6,403 Panasonic Corp ,898 Sony Corp Insurance 2,700 Dai-ichi Life Insurance Co Ltd ,025 MS&AD Insurance Group Holdings ,570 NKSJ Holdings Inc ,705 T&D Holdings Inc ,872 Tokio Marine Holdings Inc Internet 2,320 Rakuten Inc Iron & steel 1,587 JFE Holdings Inc ,956 Nippon Steel & Sumitomo Metal Corp Japan (cont) Machinery - construction & mining 3,338 Komatsu Ltd ,424 Mitsubishi Electric Corp Machinery - diversified 551 FANUC Corp ,871 Kubota Corp ,329 Mitsubishi Heavy Industries Ltd Mining 2,964 Sumitomo Metal Mining Co Ltd Miscellaneous manufacture 1,561 FUJIFILM Holdings Corp ,111 Nikon Corp Office & business equipment 3,364 Canon Inc Oil & gas 2,400 Inpex Corp ,229 JX Holdings Inc Pharmaceuticals 1,296 Astellas Pharma Inc ,557 Daiichi Sankyo Co Ltd ,040 Eisai Co Ltd ,160 Shionogi & Co Ltd ,900 Takeda Pharmaceutical Co Ltd Real estate 598 Daito Trust Construction Co Ltd ,277 Mitsubishi Estate Co Ltd ,512 Mitsui Fudosan Co Ltd ,354 Sumitomo Realty & Development Co Ltd Real estate investment trusts 8 Japan Real Estate Investment Corp Reit Nippon Building Fund Inc Reit Retail 144 Fast Retailing Co Ltd Semiconductors 698 Rohm Co Ltd Tokyo Electron Ltd Telecommunications 1,464 KDDI Corp ,049 Nippon Telegraph & Telephone Corp ,700 NTT DOCOMO Inc ,872 SoftBank Corp Textiles 9,153 Toray Industries Inc ishares VII plc Interim Report 277

279 As at 2014 Japan (cont) Toys 269 Nintendo Co Ltd Transportation 492 Central Japan Railway Co East Japan Railway Co ,756 Keio Corp ,616 Nippon Express Co Ltd ,009 Odakyu Electric Railway Co Ltd ,982 Tokyu Corp West Japan Railway Co ,964 Yamato Holdings Co Ltd Total Japan 6, Jersey Advertising 3,963 WPP Plc Auto parts & equipments 1,214 Delphi Automotive Plc Commercial services 3,335 Experian Plc Distribution & wholesale 1,378 Wolseley Plc Mining 28,031 Glencore Xstrata Plc Oil & gas services 995 Petrofac Ltd Pharmaceuticals 1,534 Shire Plc Total Jersey Luxembourg Iron & steel 4,097 ArcelorMittal Metal fabricate & hardware 1,607 Tenaris SA Oil & gas services 1,175 Subsea 7 SA Telecommunications 280 Millicom International Cellular SA ,575 SES SA Total Luxembourg Netherlands Antilles Oil & gas services 3,093 Schlumberger Ltd Total Netherlands Antilles Netherlands Aerospace & defense 1,796 Airbus Group NV Beverages 711 Heineken NV Chemicals 749 Akzo Nobel NV ,055 LyondellBasell Industries NV Electronics 2,967 Koninklijke Philips NV Food 3,295 Koninklijke Ahold NV ,494 Unilever NV Insurance 7,432 Aegon NV ,394 ING Groep NV Machinery - diversified 2,557 CNH Industrial NV Semiconductors 965 ASML Holding NV Telecommunications 9,173 Koninklijke KPN NV Total Netherlands Norway Banks 5,492 DNB ASA Chemicals 582 Yara International ASA Oil & gas 2,418 Statoil ASA Telecommunications 2,064 Telenor ASA Total Norway Panama Leisure time 1,293 Carnival Corp Total Panama ishares VII plc Interim Report

280 As at 2014 Portugal Electric 9,678 EDP - Energias de Portugal SA Telecommunications 9,715 Portugal Telecom SGPS SA Total Portugal Singapore Airlines 6,794 Singapore Airlines Ltd Banks 4,772 DBS Group Holdings Ltd ,557 Oversea-Chinese Banking Corp Ltd ,710 United Overseas Bank Ltd Diversified financial services 10,326 Singapore Exchange Ltd Food 6,497 Wilmar International Ltd Holding companies - diversified 5,260 Keppel Corp Ltd Media 16,394 Singapore Press Holdings Ltd Real estate 12,725 CapitaLand Ltd Telecommunications 20,076 Singapore Telecommunications Ltd Total Singapore Spain Banks 15,706 Banco Bilbao Vizcaya Argentaria SA ,195 Banco Santander SA Commercial services 3,035 Abertis Infraestructuras SA Electric 13,905 Iberdrola SA Red Electrica Corp SA Oil & gas 3,758 Repsol SA Retail 579 Inditex SA Software 1,444 Amadeus IT Holding SA Spain (cont) Telecommunications 12,289 Telefonica SA Total Spain 1, Sweden Agriculture 959 Swedish Match AB Auto manufacturers 3,933 Volvo AB Banks 6,957 Nordea Bank AB ,250 Skandinaviska Enskilda Banken AB ,530 Svenska Handelsbanken AB ,587 Swedbank AB Hand & Machine Tools 3,225 Sandvik AB Investment companies 2,466 Investor AB Machinery - construction & mining 2,682 Atlas Copco AB-A Shares Metal fabricate & hardware 1,372 Assa Abloy AB ,644 SKF AB Retail 2,798 Hennes & Mauritz AB Telecommunications 8,963 Telefonaktiebolaget LM Ericsson ,319 TeliaSonera AB Total Sweden Switzerland Banks 4,074 Credit Suisse Group AG* ,900 UBS AG Building materials 243 Geberit AG Holcim Ltd Sika AG Chemicals 38 Givaudan SA Syngenta AG Commercial services 689 Adecco SA SGS SA ishares VII plc Interim Report 279

281 As at 2014 Switzerland (cont) Diversified financial services 919 Julius Baer Group Ltd Electronics 1,199 TE Connectivity Ltd ,013 Tyco International Ltd Engineering & construction 5,724 ABB Ltd Food 1,091 Aryzta AG Lindt & Spruengli AG - REG ,678 Nestle SA Insurance 793 ACE Ltd Swiss Re AG Zurich Insurance Group AG Miscellaneous manufacture 793 Pentair Ltd Oil & gas 1,880 Transocean Ltd Oil & gas services 2,375 Weatherford International Ltd/Switzerland Pharmaceuticals 5,620 Novartis AG ,754 Roche Holding AG Retail 1,359 Cie Financiere Richemont SA Swatch Group AG Telecommunications 106 Swisscom AG Total Switzerland 3, United Kingdom Aerospace & defense 10,531 BAE Systems Plc ,598 Meggitt Plc ,721 Rolls-Royce Group Plc Agriculture 4,801 British American Tobacco Plc ,318 Imperial Tobacco Group Plc Apparel 1,401 Burberry Group Plc United Kingdom (cont) Banks 42,000 Barclays Plc ,705 HSBC Holdings Plc ,050 Lloyds Banking Group Plc ,406 Royal Bank of Scotland Group Plc ,536 Standard Chartered Plc Beverages 6,525 Diageo Plc ,754 SABMiller Plc Commercial services 955 Aggreko Plc ,818 Capita Plc Intertek Group Plc Diversified financial services 16,802 Old Mutual Plc Electric 2,697 SSE Plc Food 18,870 Tesco Plc ,030 Unilever Plc ,358 WM Morrison Supermarkets Plc Food service 5,601 Compass Group Plc Gas 13,209 Centrica Plc ,507 National Grid Plc Healthcare products 3,353 Smith & Nephew Plc Household products & wares 1,848 Reckitt Benckiser Group Plc Insurance 890 Aon Plc ,956 Aviva Plc ,415 Legal & General Group Plc ,097 Prudential Plc ,669 Standard Life Plc Leisure time 774 Carnival Plc Lodging 1,270 InterContinental Hotels Group Plc Media 3,512 British Sky Broadcasting Group Plc Liberty Global Plc-Class A ishares VII plc Interim Report

282 As at 2014 United Kingdom (cont) Media (cont) 1,319 Liberty Global Plc-Class C ,596 Pearson Plc ,793 Reed Elsevier Plc Mining 4,074 Anglo American Plc ,805 BHP Billiton Plc ,685 Rio Tinto Plc Miscellaneous manufacture 1,884 Smiths Group Plc Oil & gas 9,305 BG Group Plc ,705 BP Plc Noble Corp plc ,397 Royal Dutch Shell Plc-Class A ,661 Royal Dutch Shell Plc-Class B ,227 Tullow Oil Plc Pharmaceuticals 2,936 AstraZeneca Plc ,355 GlaxoSmithKline Plc Real estate investment trusts 6,888 British Land Co Plc ,998 Land Securities Group Plc Retail 8,057 Kingfisher Plc ,989 Marks & Spencer Group Plc Next Plc Semiconductors 4,337 ARM Holdings Plc Software 6,998 Sage Group Plc Telecommunications 25,989 BT Group Plc ,347 Vodafone Group Plc Water 3,858 United Utilities Group Plc Total United Kingdom 6, United States Advertising 3,253 Interpublic Group of Cos Inc ,446 Omnicom Group Inc United States (cont) Aerospace & defense 1,975 Boeing Co General Dynamics Corp L-3 Communications Holdings Inc Lockheed Martin Corp Northrop Grumman Corp ,002 Raytheon Co Rockwell Collins Inc ,209 United Technologies Corp Agriculture 5,237 Altria Group Inc ,775 Archer-Daniels-Midland Co ,032 Lorillard Inc ,121 Philip Morris International Inc Apparel 1,888 NIKE Inc Ralph Lauren Corp ,052 VF Corp Auto manufacturers 10,311 Ford Motor Co ,972 General Motors Co ,014 PACCAR Inc Auto parts & equipments 1,138 BorgWarner Inc ,797 Johnson Controls Inc Banks 27,071 Bank of America Corp ,978 Bank of New York Mellon Corp* ,652 BB&T Corp ,582 Capital One Financial Corp CIT Group Inc ,253 Citigroup Inc ,613 Comerica Inc ,661 Fifth Third Bancorp ,082 Goldman Sachs Group Inc ,082 JPMorgan Chase & Co ,909 KeyCorp M&T Bank Corp ,591 Morgan Stanley ,244 Northern Trust Corp ,222 PNC Financial Services Group Inc* ,612 Regions Financial Corp ishares VII plc Interim Report 281

283 As at 2014 United States (cont) Banks (cont) 1,214 State Street Corp ,587 SunTrust Banks Inc ,874 US Bancorp/MN ,787 Wells Fargo & Co Beverages 989 Beam Inc ,575 Coca-Cola Co ,209 Coca-Cola Enterprises Inc ,383 Dr Pepper Snapple Group Inc Green Mountain Coffee Roasters Inc Monster Beverage Corp ,758 PepsiCo Inc Biotechnology 476 Alexion Pharmaceuticals Inc ,018 Amgen Inc Biogen Idec Inc ,017 Celgene Corp ,163 Gilead Sciences Inc Regeneron Pharmaceuticals Inc Vertex Pharmaceuticals Inc Chemicals 598 Air Products & Chemicals Inc Celanese Corp CF Industries Holdings Inc ,581 Dow Chemical Co Ecolab Inc ,661 EI du Pont de Nemours & Co ,211 Monsanto Co Mosaic Co PPG Industries Inc Praxair Inc Coal 750 CONSOL Energy Inc Peabody Energy Corp Commercial services 571 ADT Corp Alliance Data Systems Corp ,655 Automatic Data Processing Inc Equifax Inc ,710 MasterCard Inc McGraw Hill Financial Inc ,188 Western Union Co United States (cont) Computers 2,332 Apple Inc 1, Cognizant Technology Solutions Corp ,695 EMC Corp/MA ,652 Hewlett-Packard Co ,611 International Business Machines Corp NetApp Inc SanDisk Corp Teradata Corp Western Digital Corp Cosmetics & personal care 1,423 Avon Products Inc ,634 Colgate-Palmolive Co Estee Lauder Cos Inc ,580 Procter & Gamble Co Distribution & wholesale 1,123 Fastenal Co Genuine Parts Co Diversified financial services 442 Affiliated Managers Group Inc ,314 American Express Co Ameriprise Financial Inc BlackRock Inc* ,942 Charles Schwab Corp CME Group Inc/IL ,364 Discover Financial Services ,209 Franklin Resources Inc IntercontinentalExchange Group Inc ,863 SLM Corp ,108 T Rowe Price Group Inc ,267 Visa Inc Electric 2,645 AES Corp/VA ,379 American Electric Power Co Inc Consolidated Edison Inc ,381 Dominion Resources Inc/VA ,780 Duke Energy Corp ,045 Edison International ,485 Exelon Corp ,139 FirstEnergy Corp ,918 MDU Resources Group Inc ,349 NextEra Energy Inc ,754 Northeast Utilities ,160 PG&E Corp ishares VII plc Interim Report

284 As at 2014 United States (cont) Electric (cont) 1,763 PPL Corp ,015 Public Service Enterprise Group Inc ,884 Southern Co ,629 Xcel Energy Inc Electrical components & equipments 1,137 AMETEK Inc ,776 Emerson Electric Co Electronics 1,006 Agilent Technologies Inc Amphenol Corp ,101 Honeywell International Inc ,038 Thermo Fisher Scientific Inc Waters Corp Engineering & construction 636 Fluor Corp Environmental control 670 Stericycle Inc ,431 Waste Management Inc Food 1,633 ConAgra Foods Inc ,636 General Mills Inc Hershey Co JM Smucker Co Kellogg Co ,767 Kraft Foods Group Inc ,776 Kroger Co ,560 Mondelez International Inc ,672 Sysco Corp ,091 Whole Foods Market Inc Forest products & paper 1,842 International Paper Co Gas 752 Sempra Energy Hand & Machine Tools 531 Stanley Black & Decker Inc Healthcare products 1,347 Baxter International Inc Becton Dickinson and Co ,202 Boston Scientific Corp CR Bard Inc Edwards Lifesciences Corp Intuitive Surgical Inc Life Technologies Corp United States (cont) Healthcare products (cont) 2,442 Medtronic Inc St Jude Medical Inc ,297 Stryker Corp Zimmer Holdings Inc Healthcare services 972 Aetna Inc Cigna Corp DaVita HealthCare Partners Inc Humana Inc Laboratory Corp of America Holdings ,011 Quest Diagnostics Inc ,858 UnitedHealth Group Inc WellPoint Inc Holding companies - diversified 1,127 Leucadia National Corp Household products & wares 862 Clorox Co ,211 Kimberly-Clark Corp Insurance 1,211 Aflac Inc ,412 Allstate Corp ,527 American International Group Inc ,511 Berkshire Hathaway Inc Chubb Corp ,462 Hartford Financial Services Group Inc ,101 Lincoln National Corp ,524 Marsh & McLennan Cos Inc ,512 MetLife Inc ,178 Principal Financial Group Inc ,170 Prudential Financial Inc Travelers Cos Inc Internet 933 Amazon.com Inc ,113 ebay Inc Equinix Inc F5 Networks Inc ,267 Facebook Inc Google Inc ,807 Liberty Interactive Corp LinkedIn Corp Netflix Inc priceline.com Inc ,479 Symantec Corp ishares VII plc Interim Report 283

285 As at 2014 United States (cont) Internet (cont) 1,154 VeriSign Inc ,127 Yahoo! Inc Iron & steel 1,676 Nucor Corp Leisure time 744 Harley-Davidson Inc Lodging 1,181 Las Vegas Sands Corp Marriott International Inc/DE Starwood Hotels & Resorts Worldwide Inc Wynn Resorts Ltd Machinery - construction & mining 1,752 Caterpillar Inc Joy Global Inc Machinery - diversified 474 Cummins Inc ,018 Deere & Co Flowserve Corp Rockwell Automation Inc Roper Industries Inc Media 2,003 CBS Corp ,654 Comcast Corp ,688 DIRECTV Discovery Communications Inc Liberty Media Corp ,383 News Corp ,675 Sirius XM Holdings Inc Time Warner Cable Inc ,396 Time Warner Inc ,848 Twenty-First Century Fox Inc ,274 Viacom Inc ,297 Walt Disney Co Metal fabricate & hardware 369 Precision Castparts Corp Mining 7,339 Alcoa Inc ,123 Freeport-McMoRan Copper & Gold Inc ,310 Newmont Mining Corp Miscellaneous manufacture 1,474 3M Co ,884 Danaher Corp Dover Corp United States (cont) Miscellaneous manufacture (cont) 25,009 General Electric Co ,138 Illinois Tool Works Inc Parker Hannifin Corp Textron Inc Office & business equipment 4,541 Xerox Corp Oil & gas 1,521 Anadarko Petroleum Corp ,241 Apache Corp ,367 Cabot Oil & Gas Corp ,950 Chesapeake Energy Corp ,613 Chevron Corp Concho Resources Inc ,650 ConocoPhillips ,996 Denbury Resources Inc Devon Energy Corp EOG Resources Inc EQT Corp ,021 Exxon Mobil Corp 1, Hess Corp ,603 Marathon Oil Corp Marathon Petroleum Corp Murphy Oil Corp ,476 Noble Energy Inc ,166 Occidental Petroleum Corp ,656 Phillips Pioneer Natural Resources Co Range Resources Corp ,076 Southwestern Energy Co ,643 Valero Energy Corp Oil & gas services 1,219 Baker Hughes Inc Cameron International Corp FMC Technologies Inc ,298 Halliburton Co ,055 National Oilwell Varco Inc Pharmaceuticals 3,349 Abbott Laboratories ,120 AbbVie Inc Allergan Inc/United States AmerisourceBergen Corp ,456 Bristol-Myers Squibb Co ,044 Cardinal Health Inc ishares VII plc Interim Report

286 As at 2014 United States (cont) Miscellaneous manufacture (cont) 2,783 Eli Lilly & Co ,372 Express Scripts Holding Co ,090 Forest Laboratories Inc ,932 Johnson & Johnson McKesson Corp Mead Johnson Nutrition Co ,182 Merck & Co Inc ,501 Mylan Inc/PA ,457 Pfizer Inc Pipelines 1,906 Kinder Morgan Inc/DE ,830 Spectra Energy Corp ,363 Williams Cos Inc Real estate investment trusts 1,320 American Tower Corp ,513 Annaly Capital Management Inc AvalonBay Communities Inc Boston Properties Inc ,184 Crown Castle International Corp ,042 Equity Residential ,725 HCP Inc Health Care REIT Inc ,837 Host Hotels & Resorts Inc ,037 Kimco Realty Corp ,026 Macerich Co ,729 Prologis Inc Public Storage Simon Property Group Inc ,226 Ventas Inc Vornado Realty Trust ,843 Weyerhaeuser Co Retail 138 AutoZone Inc Bed Bath & Beyond Inc CarMax Inc Chipotle Mexican Grill Inc Coach Inc ,217 Costco Wholesale Corp ,827 CVS Caremark Corp Dollar General Corp Dollar Tree Inc Gap Inc ,695 Home Depot Inc United States (cont) Retail (cont) 700 Kohl's Corp ,062 L Brands Inc ,948 Lowe's Cos Inc ,137 Macy's Inc ,454 McDonald's Corp ,055 Nordstrom Inc O'Reilly Automotive Inc Ross Stores Inc ,188 Staples Inc ,933 Starbucks Corp ,519 Target Corp Tiffany & Co ,871 TJX Cos Inc ,108 Walgreen Co ,569 Wal-Mart Stores Inc ,304 Yum! Brands Inc Semiconductors 1,046 Altera Corp ,054 Analog Devices Inc ,976 Applied Materials Inc ,274 Broadcom Corp ,315 Intel Corp KLA-Tencor Corp ,109 Linear Technology Corp ,241 Maxim Integrated Products Inc ,011 Micron Technology Inc ,854 NVIDIA Corp ,384 QUALCOMM Inc ,531 Texas Instruments Inc Xilinx Inc Software 1,390 Adobe Systems Inc Akamai Technologies Inc Autodesk Inc ,293 CA Inc Cerner Corp Citrix Systems Inc Fidelity National Information Services Inc ,202 Fiserv Inc Intuit Inc ,751 Microsoft Corp ,351 Oracle Corp ,890 Paychex Inc ishares VII plc Interim Report 285

287 As at 2014 Investment United States (cont) Retail (cont) 546 Red Hat Inc ,571 Salesforce.com Inc Telecommunications 12,979 AT&T Inc ,596 CenturyLink Inc ,354 Cisco Systems Inc ,951 Corning Inc Harris Corp ,598 Juniper Networks Inc Motorola Solutions Inc SBA Communications Corp ,035 Sprint Corp ,686 Verizon Communications Inc ,293 Windstream Holdings Inc Toys 1,254 Mattel Inc Transportation 565 CH Robinson Worldwide Inc ,760 CSX Corp Expeditors International of Washington Inc FedEx Corp Kansas City Southern Norfolk Southern Corp ,089 Union Pacific Corp ,535 United Parcel Service Inc Total United States 40, Total equities 77, Preferred stock Germany Auto manufacturers 446 Porsche Automobil Holding SE Volkswagen AG Household products & wares 1,018 Henkel AG & Co KGaA Total Germany Financial derivative instruments Futures contracts No. of contracts Underlying exposure Unrealised loss 7 Euro Stoxx 50 Future 21 March (12) (0.02) 4 S&P 500 E-mini Future 21 March (12) (0.01) Total unrealised losses on futures contracts (24) (0.03) Total of investments 77, Cash Other net s Net attributable to redeemable participating shareholders at the end of the period 78, Cash holdings of $491,090 are held with BNY Mellon Trust Company (Ireland) Limited. $134,613 is held as security for futures contracts with Credit Suisse AG. * Investment in related party. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Market Authority ( ESMA ) and represents the market of an equivalent position in the s underlying each financial derivative instrument. Analysis of total current s gross of all liabilities (unaudited) Fair % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 77, Other s Total current s 78, Total preferred stock ishares VII plc Interim Report

288 For the period ended 2014 Sales s Purchases Proceeds s 388 Apple Inc Affiliated Managers Group Inc 89 1,834 Exxon Mobil Corp 161 1,214 Delphi Automotive PLC 70 2,493 JPMorgan Chase & Co 136 2,100 Microsoft Corp 69 1,544 Wal-Mart Stores Inc Johnson & Johnson 64 3,286 Microsoft Corp 104 3,035 Abertis Infraestructuras SA 62 3,081 Oracle Corp 104 3,011 Micron Technology Inc 61 1,153 Johnson & Johnson 101 3,253 Interpublic Group of Cos Inc 56 4,161 General Electric Co 97 8,900 Mitsubishi UFJ Financial Group Inc Google Inc 95 1,637 CI Financial Corp Chevron Corp 94 1,010 KBC Groep NV 54 1,095 Procter & Gamble Co 86 1,000 JPMorgan Chase & Co 54 1,278 Nestle SA Michael Kors Holdings Ltd MasterCard Inc Roche Holding AG 52 1,961 Wells Fargo & Co 82 1,842 National Australia Bank Ltd International Business Machines Corp 80 1,088 Transocean Ltd 52 2,738 Pfizer Inc 77 10,845 Snam SpA 51 6,939 HSBC Holdings PLC Automatic Data Processing Inc 51 1,200 Toyota Motor Corp Airbus Group NV Roche Holding AG 74 1 Lindt & Spruengli AG 50 2,159 AT&T Inc IntercontinentalExchange Group Inc 26 Cost The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. ishares VII plc Interim Report 287

289 For the period ended Year ended 31 July Operating income 1,989 3,485 1,984 Net gains on financial s/liabilities at fair through profit or loss 34,059 33,188 8,180 Total gains 36,048 36,673 10,164 Operating expenses (499) (693) (361) Net operating profit/(loss) 35,549 (693) 9,803 Net profit for the financial period/year before tax 35,549 35,980 9,803 Non-reclaimable withholding tax (286) (493) (278) Net profit for the financial period/year after tax 35,263 35,487 9,525 Increase in net s attributable to redeemable participating shareholders from operations 35,263 35,487 9,525 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders 2014 Year ended 31 July at the beginning of the period/year 236, , ,333 Increase in net s attributable to redeemable participating shareholders from operations 35,263 35,487 9,525 Share transactions: Proceeds from issue of redeemable participating shares 324, ,934 74,469 Payments on redemption of redeemable participating shares (17,227) (117,300) (90,553) Increase in net s resulting from share transactions 307,539 (6,366) (16,084) Net s attributable to redeemable participating shareholders at the end of the period/year 579, , ,774 The accompanying notes form an integral part of these financial statements. 288 ishares VII plc Interim Report

290 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents ,340 Margin cash account Receivables ,699 Financial s at fair through profit or loss 3 579, , ,115 Total current s 579, , ,493 CURRENT LIABILITIES Payables (126) (60) (58,719) Total current liabilities (126) (60) (58,719) Net attributable to redeemable participating shareholders at the end of the period/year 579, , ,774 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note 2. ishares VII plc Interim Report 289

291 As at 2014 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Equities Bermuda Telecommunications 241,671 VimpelCom Ltd 2, Total Bermuda 2, Canada Pharmaceuticals 30,089 Catamaran Corp 1, Total Canada 1, Cayman Islands Internet 40,301 Baidu Inc 6, Total Cayman Islands 6, Ireland Computers 47,724 Seagate Technology Plc 2, Total Ireland 2, Israel Software 28,649 Check Point Software Technologies Ltd 1, Total Israel 1, Netherlands Semiconductors 35,886 NXP Semiconductor NV 1, Total Netherlands 1, Singapore Semiconductors 36,264 Avago Technologies Ltd 1, Total Singapore 1, Switzerland Electronics 28,461 Garmin Ltd 1, Total Switzerland 1, Media 32,421 Liberty Global Plc 2, United Kingdom Telecommunications 144,377 Vodafone Group Plc 5, Total United Kingdom 7, United States Auto manufacturers 51,801 PACCAR Inc 2, ,942 Tesla Motors Inc 3, Beverages 21,758 Green Mountain Coffee Roasters Inc 1, ,448 Monster Beverage Corp 1, Biotechnology 28,666 Alexion Pharmaceuticals Inc 4, ,259 Amgen Inc 13, ,527 Biogen Idec Inc 10, ,245 Celgene Corp 9, ,176 Gilead Sciences Inc 18, ,519 Illumina Inc 2, ,229 Regeneron Pharmaceuticals Inc 4, ,209 Vertex Pharmaceuticals Inc 2, Chemicals 17,454 Sigma-Aldrich Corp 1, Commercial services 70,390 Automatic Data Processing Inc 5, ,528 Verisk Analytics Inc 1, Computers 131,553 Apple Inc 65, ,216 Cognizant Technology Solutions Corp 4, ,936 NetApp Inc 2, ,088 SanDisk Corp 2, ,604 Western Digital Corp 2, Distribution & wholesale 43,478 Fastenal Co 1, Environmental control 12,494 Stericycle Inc 1, Food 87,137 Kraft Foods Group Inc 4, ,401 Mondelez International Inc 8, ,438 Whole Foods Market Inc 2, Healthcare products 12,591 Henry Schein Inc 1, ,574 Intuitive Surgical Inc 2, ishares VII plc Interim Report

292 As at 2014 United States (cont) Internet 66,925 Amazon.com Inc 24, ,302 ebay Inc 10, ,254 Equinix Inc 1, ,142 Expedia Inc 1, ,311 F5 Networks Inc 1, ,003 Facebook Inc 17, ,457 Google Inc 47, ,247 Liberty Interactive Corp 1, ,668 Netflix Inc 3, ,516 priceline.com Inc 8, ,917 Symantec Corp 2, ,849 TripAdvisor Inc 1, ,327 Yahoo! Inc 5, Lodging 43,873 Marriott International Inc/DE 2, ,792 Wynn Resorts Ltd 3, Media 15,261 Charter Communications Inc 2, ,254 Comcast Corp 17, ,765 DIRECTV 5, ,362 Discovery Communications Inc-Class A 1, ,160 DISH Network Corp 1, ,283 Liberty Media Corp 2, ,138 Sirius XM Holdings Inc 3, ,773 Twenty-First Century Fox Inc 6, ,741 Viacom Inc 4, Pharmaceuticals 117,807 Express Scripts Holding Co 8, ,057 Mylan Inc/PA 2, Retail 31,441 Bed Bath & Beyond Inc 2, ,874 Costco Wholesale Corp 7, ,346 Dollar Tree Inc 1, ,721 O'Reilly Automotive Inc 2, ,721 Ross Stores Inc 2, ,385 Staples Inc 1, ,174 Starbucks Corp 7, ,361 Tractor Supply Co 1, Semiconductors 46,808 Altera Corp 1, ,548 Analog Devices Inc 2, ,916 Applied Materials Inc 2, ,857 Broadcom Corp 2, United States (cont) Semiconductors (cont) 726,805 Intel Corp 17, ,285 KLA-Tencor Corp 1, ,128 Linear Technology Corp 1, ,162 Maxim Integrated Products Inc 1, ,811 Micron Technology Inc 3, ,382 NVIDIA Corp 1, ,012 QUALCOMM Inc 18, ,055 Texas Instruments Inc 6, ,326 Xilinx Inc 1, Software 101,930 Activision Blizzard Inc 1, ,067 Adobe Systems Inc 4, ,097 Akamai Technologies Inc 1, ,825 Autodesk Inc 1, ,099 CA Inc 2, ,235 Cerner Corp 2, ,181 Citrix Systems Inc 1, ,838 Fiserv Inc 2, ,677 Intuit Inc 3, ,220,538 Microsoft Corp 46, ,466 Paychex Inc 2, Telecommunications 781,657 Cisco Systems Inc 17, ,724 SBA Communications Corp 1, Toys 49,558 Mattel Inc 1, Transportation 22,102 CH Robinson Worldwide Inc 1, ,975 Expeditors International of Washington Inc 1, Total United States 551, Total equities 579, Total of investments 579, Cash Other net liabilities (12) Net attributable to redeemable participating shareholders at the end of the period 579, Substantially all cash positions are held with BNY Mellon Trust Company (Ireland) Limited. ishares VII plc Interim Report 291

293 As at 2014 Analysis of total current s gross of all liabilities (unaudited) Fair % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 579, Other s Total current s 579, ishares VII plc Interim Report

294 For the period ended 2014 Sales s Purchases Proceeds s 7,302 Apple Inc 3,685 75,188 Apple Inc 39, ,188 Dell Inc 1,743 23,371 Google Inc 25,508 39,974 Microsoft Corp 1, ,077 Microsoft Corp 25,387 1,304 Google Inc 1,208 38,228 Amazon.com Inc 14,763 20,774 Microchip Technology Inc ,140 Intel Corp 10,330 11,686 Life Technologies Corp ,588 QUALCOMM Inc 10,244 11,772 QUALCOMM Inc ,026 Gilead Sciences Inc 9,770 6,113 Fossil Group Inc ,644 Cisco Systems Inc 9,699 14,986 DENTSPLY International Inc ,017 Comcast Corp 9,114 2,181 Amazon.com Inc ,855 Facebook Inc 8,692 27,481 Cisco Systems Inc ,985 Amgen Inc 7,408 26,506 Intel Corp ,769 Biogen Idec Inc 5,705 33,571 Activision Blizzard Inc ,485 ebay Inc 5,657 11,211 Sears Holdings Corp ,227 Celgene Corp 5,567 32,703 Nuance Communications Inc 493 4,395 priceline.com Inc 5,085 5,738 Viacom Inc ,168 Mondelez International Inc 5,002 7,311 Gilead Sciences Inc ,981 Starbucks Corp 4,807 10,202 Comcast Corp ,341 Express Scripts Holding Co 4,748 3,595 Amgen Inc ,366 Costco Wholesale Corp 4,260 11,802 Mondelez International Inc ,024 Twenty-First Century Fox Inc 4,061 Cost The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. ishares VII plc Interim Report 293

295 For the period ended Year ended 31 July Operating income 54, ,264 43,324 Net gains on financial s/liabilities at fair through profit or loss 493,315 3,177,037 1,510,109 Total gains 547,517 3,326,301 1,553,433 Operating expenses (19,575) (33,656) (11,795) Net operating profit 527,942 3,292,645 1,541,638 Net profit for the financial period/year before tax 527,942 3,292,645 1,541,638 Non-reclaimable withholding tax (4,652) (10,620) (3,033) Net profit for the financial period/year after tax 523,290 3,282,025 1,538,605 Increase in net s attributable to redeemable participating shareholders from operations 523,290 3,282,025 1,538,605 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders Year ended 31 July at the beginning of the period/year 8,709,631 3,579,187 3,579,187 Increase in net s attributable to redeemable participating shareholders from operations 523,290 3,282,025 1,538,605 Share transactions: Proceeds from issue of redeemable participating shares 2,047,264 8,164,475 4,766,761 Payments on redemption of redeemable participating shares (2,068,271) (6,316,056) (878,714) (Decrease)/increase in net s resulting from share transactions (21,007) 1,848,419 3,888,047 Net s attributable to redeemable participating shareholders at the end of the period/year 9,211,914 8,709,631 9,005,839 The accompanying notes form an integral part of these financial statements. 294 ishares VII plc Interim Report

296 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents 2,489 1,570 40,266 Margin cash account - 32,159 17,877 Receivables 8,054 7,636 9,493 Financial s at fair through profit or loss 3 9,205,746 8,671,992 8,941,147 Total current s 9,216,289 8,713,357 9,008,783 CURRENT LIABILITIES Payables (4,375) (3,726) (2,944) Total current liabilities (4,375) (3,726) (2,944) Net attributable to redeemable participating shareholders at the end of the period/year 9,211,914 8,709,631 9,005,839 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note 2. ishares VII plc Interim Report 295

297 As at 2014 '000 '000 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Equities Japan Aerospace and defence 24,093 IHI Corp 11, Advertising 24,193 Dentsu Inc 98, Agriculture 24,193 Japan Tobacco Inc 77, Airlines 24,093 ANA Holdings Inc 5, Auto manufacturers 24,193 Fuji Heavy Industries Ltd 68, ,193 Hino Motors Ltd 36, ,289 Honda Motor Co Ltd 187, ,093 Isuzu Motors Ltd 14, ,093 Mazda Motor Corp 12, ,409 Mitsubishi Motors Corp 2, ,193 Nissan Motor Co Ltd 21, ,193 Suzuki Motor Corp 65, ,193 Toyota Motor Corp 143, Auto parts & equipments 24,193 Bridgestone Corp 90, ,193 Denso Corp 129, ,193 JTEKT Corp 37, ,093 NGK Insulators Ltd 42, ,193 Sumitomo Electric Industries Ltd 39, ,093 Yokohama Rubber Co Ltd 23, Banks 24,093 Aozora Bank Ltd 7, ,093 Bank of Yokohama Ltd 12, ,093 Chiba Bank Ltd 15, ,093 Fukuoka Financial Group Inc 10, ,193 Mitsubishi UFJ Financial Group Inc 15, ,193 Mizuho Financial Group Inc 5, ,409 Resona Holdings Inc 1, ,093 Shinsei Bank Ltd 5, ,093 Shizuoka Bank Ltd 24, ,409 Sumitomo Mitsui Financial Group Inc 11, ,093 Sumitomo Mitsui Trust Holdings Inc 11, Beverages 24,193 Asahi Breweries Ltd 68, ,093 Kirin Holdings Co Ltd 33, Japan (cont) Beverages (cont) 24,093 Sapporo Holdings Ltd 9, ,093 Takara Holdings Inc 20, Building materials 24,093 Asahi Glass Co Ltd 14, ,193 Daikin Industries Ltd 144, ,093 Nippon Sheet Glass Co Ltd 3, ,093 Sumitomo Osaka Cement Co Ltd 9, ,093 Taiheiyo Cement Corp 9, ,093 TOTO Ltd 39, Chemicals 24,093 Asahi Kasei Corp 18, ,093 Denki Kagaku Kogyo KK 9, ,193 Kuraray Co Ltd 28, ,048 Mitsubishi Chemical Holdings Corp 5, ,093 Mitsui Chemicals Inc 5, ,093 Nippon Kayaku Co Ltd 34, ,093 Nippon Soda Co Ltd 14, ,193 Nissan Chemical Industries Ltd 35, ,200 Nitto Denko Corp 111, ,393 Shin-Etsu Chemical Co Ltd 140, ,093 Showa Denko KK 3, ,093 Sumitomo Chemical Co Ltd 10, ,093 Teijin Ltd 5, ,093 Tokai Carbon Co Ltd 7, ,834 Tokuyama Corp 9, ,093 Tosoh Corp 10, ,093 Ube Industries Ltd/Japan 5, Commercial services 24,093 Dai Nippon Printing Co Ltd 24, ,193 Secom Co Ltd 141, ,093 Toppan Printing Co Ltd 18, Computers 24,093 Fujitsu Ltd 13, ,400 NTT Data Corp 89, ,193 TDK Corp 113, Cosmetics & personal care 24,193 Kao Corp 79, ,793 Shiseido Co Ltd 40, Distribution & wholesale 24,193 ITOCHU Corp 30, ,093 Marubeni Corp 17, ,193 Mitsubishi Corp 46, ,193 Mitsui & Co Ltd 33, ishares VII plc Interim Report

298 As at 2014 '000 '000 Japan (cont) Beverages (cont) 2,409 Sojitz Corp ,993 Sumitomo Corp 32, ,193 Toyota Tsusho Corp 58, Diversified financial services 24,193 Credit Saison Co Ltd 61, ,093 Daiwa Securities Group Inc 23, ,093 Nomura Holdings Inc 17, Electric 2,409 Chubu Electric Power Co Inc 2, ,409 Kansai Electric Power Co Inc 2, ,409 Tokyo Electric Power Co Inc 1, Electrical components & equipments 24,093 Casio Computer Co Ltd 27, ,093 Fujikura Ltd 11, ,093 Furukawa Electric Co Ltd 6, ,093 GS Yuasa Corp 12, ,093 Hitachi Ltd 19, Electronics 48,289 Advantest Corp 53, ,193 Alps Electric Co Ltd 32, ,093 Dainippon Screen Manufacturing Co Ltd 11, ,486 Kyocera Corp 225, ,093 Minebea Co Ltd 18, ,193 Mitsumi Electric Co Ltd 17, ,093 NEC Corp 7, ,638 Nippon Electric Glass Co Ltd 17, ,193 Taiyo Yuden Co Ltd 30, ,093 Toshiba Corp 10, ,093 Yaskawa Electric Corp 35, ,193 Yokogawa Electric Corp 38, Engineering & construction 24,093 Chiyoda Corp 38, ,193 COMSYS Holdings Corp 36, ,093 JGC Corp 94, ,093 Kajima Corp 9, ,093 Obayashi Corp 14, ,093 Shimizu Corp 13, ,093 Taisei Corp 10, Entertainment 2,409 Toho Co Ltd/Tokyo 5, Environmental control 4,818 Hitachi Zosen Corp 3, Japan (cont) Food 24,093 Ajinomoto Co Inc 35, ,093 Kikkoman Corp 46, ,093 Maruha Nichiro Holdings Inc 4, ,409 MEIJI Holdings Co Ltd 15, ,093 Nichirei Corp 11, ,093 Nippon Meat Packers Inc 44, ,093 Nippon Suisan Kaisha Ltd 5, ,152 Nisshin Seifun Group Inc 24, ,193 Seven & I Holdings Co Ltd 99, ,193 UNY Group Holdings Co Ltd 14, Forest products & paper 24,093 Hokuetsu Kishu Paper Co Ltd 10, ,458 Nippon Paper Industries Co Ltd 4, ,093 Oji Holdings Corp 11, Gas 24,093 Osaka Gas Co Ltd 10, ,093 Tokyo Gas Co Ltd 12, Hand & Machine Tools 24,093 Fuji Electric Co Ltd 10, ,093 Meidensha Corp 10, Healthcare products 24,193 Olympus Corp 73, ,193 Terumo Corp 116, Home builders 25,093 Daiwa House Industry Co Ltd 49, ,193 Sekisui House Ltd 34, Home furnishings 24,193 Panasonic Corp 28, ,093 Pioneer Corp 5, ,093 Sharp Corp/Japan 8, ,193 Sony Corp 39, Insurance 2,400 Dai-ichi Life Insurance Co Ltd 3, ,229 MS&AD Insurance Group Holdings 17, ,023 NKSJ Holdings Inc 16, ,818 Sony Financial Holdings Inc 8, ,818 T&D Holdings Inc 6, ,448 Tokio Marine Holdings Inc 37, Internet 24,193 Matsui Securities Co Ltd 28, ,193 Trend Micro Inc/Japan 77, ,700 Yahoo Japan Corp 5, ishares VII plc Interim Report 297

299 As at 2014 '000 '000 Japan (cont) Iron & steel 24,093 Japan Steel Works Ltd 12, ,409 JFE Holdings Inc 5, ,093 Kobe Steel Ltd 4, ,093 Nippon Steel & Sumitomo Metal Corp 7, ,083 Nisshin Steel Holdings Co Ltd 3, Leisure time 24,093 Tokyo Dome Corp 14, ,193 Yamaha Corp 36, Machinery - construction & mining 24,193 Hitachi Construction Machinery Co Ltd 48, ,193 Komatsu Ltd 51, ,093 Mitsubishi Electric Corp 28, Machinery - diversified 24,093 Amada Co Ltd 20, ,093 Ebara Corp 15, ,293 FANUC Corp 407, ,093 Kawasaki Heavy Industries Ltd 10, ,093 Kubota Corp 38, ,093 Mitsubishi Heavy Industries Ltd 16, ,093 OKUMA Corp 24, ,093 Sumitomo Heavy Industries Ltd 11, Media 2,400 SKY Perfect JSAT Holdings Inc 1, Metal fabricate & hardware 24,093 NSK Ltd 28, ,093 NTN Corp 10, ,093 Toho Zinc Co Ltd 8, Mining 24,093 Dowa Holdings Co Ltd 22, ,093 Furukawa Co Ltd 4, ,093 Mitsubishi Materials Corp 8, ,093 Mitsui Mining & Smelting Co Ltd 6, ,591 Nippon Light Metal Holdings Co Ltd 3, ,093 Pacific Metals Co Ltd 8, ,093 Sumitomo Metal Mining Co Ltd 32, Miscellaneous manufacture 24,193 FUJIFILM Holdings Corp 73, ,093 Konica Minolta Inc 26, ,193 Nikon Corp 42, Office & business equipment 36,638 Canon Inc 110, ,193 Ricoh Co Ltd 26, Japan (cont) Oil & gas 9,700 Inpex Corp 11, ,093 JX Holdings Inc 11, ,093 Showa Shell Sekiyu KK 23, Packaging & containers 24,693 Toyo Seikan Group Holdings Ltd 45, Pharmaceuticals 24,193 Astellas Pharma Inc 154, ,193 Chugai Pharmaceutical Co Ltd 56, ,193 Daiichi Sankyo Co Ltd 41, ,193 Dainippon Sumitomo Pharma Co Ltd 42, ,193 Eisai Co Ltd 95, ,093 Kyowa Hakko Kirin Co Ltd 25, ,193 Shionogi & Co Ltd 51, ,193 Takeda Pharmaceutical Co Ltd 115, Real estate 4,817 Heiwa Real Estate Co Ltd 7, ,093 Mitsubishi Estate Co Ltd 61, ,093 Mitsui Fudosan Co Ltd 79, ,093 Sumitomo Realty & Development Co Ltd 110, ,093 Tokyo Tatemono Co Ltd 23, ,100 Tokyu Fudosan Holdings Corp 21, Retail 24,193 Aeon Co Ltd 31, ,193 Citizen Holdings Co Ltd 19, ,193 Fast Retailing Co Ltd 921, ,193 Isetan Mitsukoshi Holdings Ltd 31, ,093 J Front Retailing Co Ltd 16, ,193 Marui Group Co Ltd 23, ,093 Takashimaya Co Ltd 24, Semiconductors 2,409 Sumco Corp 1, ,193 Tokyo Electron Ltd 128, Ship building 24,093 Mitsui Engineering & Shipbuilding Co Ltd 4, Software 24,193 Konami Corp 59, Storage & warehousing 24,093 Mitsubishi Logistics Corp 35, Telecommunications 48,467 KDDI Corp 276, ,409 Nippon Telegraph & Telephone Corp 13, ishares VII plc Interim Report

300 As at 2014 Japan (cont) Telecommunications (cont) '000 24,093 Nisshinbo Holdings Inc 21, ,400 NTT DOCOMO Inc 3, ,093 Oki Electric Industry Co Ltd 5, ,683 SoftBank Corp 549, Textiles 24,093 Nitto Boseki Co Ltd 10, ,093 Toray Industries Inc 16, ,093 Toyobo Co Ltd 4, ,093 Unitika Ltd 1, Transportation 2,483 Central Japan Railway Co 28, ,409 East Japan Railway Co 18, ,093 Kawasaki Kisen Kaisha Ltd 5, ,093 Keio Corp 15, ,093 Keisei Electric Railway Co Ltd 22, ,093 Mitsui OSK Lines Ltd 10, ,093 Nippon Express Co Ltd 11, ,093 Nippon Yusen KK 7, ,093 Odakyu Electric Railway Co Ltd 21, ,093 Tobu Railway Co Ltd 11, ,093 Tokyu Corp 15, ,409 West Japan Railway Co 10, ,193 Yamato Holdings Co Ltd 52, Total Japan 9,205, Analysis of total current s gross of all liabilities (unaudited) Fair 000 % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 9,205, Other s 10, Total current s 9,216, Total equities 9,205, Total of investments 9,205, Cash 2, Other net s 3, Net attributable to redeemable participating shareholders at the end of the period 9,211, Substantially all cash positions are held with BNY Mellon Trust Company (Ireland) Limited. ishares VII plc Interim Report 299

301 For the period ended 2014 Sales Holding Investments Purchases Proceeds 000 s 6,521 Fast Retailing Co Ltd 207,391 5,300 Fast Retailing Co Ltd 203,391 19,464 SoftBank Corp 121,487 24,200 Nitto Denko Corp 169,330 6,521 FANUC Corp 97,544 16,000 SoftBank Corp 134,456 6,821 Kyocera Corp 64,885 5,400 FANUC Corp 94,718 13,143 KDDI Corp 63,990 10,900 KDDI Corp 66,757 12,843 Honda Motor Co Ltd 46,594 10,900 Kyocera Corp 56,591 6,521 Toyota Motor Corp 39,482 10,300 Honda Motor Co Ltd 43,084 6,521 Shin-Etsu Chemical Co Ltd 39,032 5,400 Daikin Industries Ltd 33,566 6,521 Secom Co Ltd 36,916 5,300 Toyota Motor Corp 33,401 6,621 Astellas Pharma Inc 33,899 5,600 Shin-Etsu Chemical Co Ltd 32,958 6,621 Daikin Industries Ltd 31,393 5,400 Astellas Pharma Inc 32,578 6,621 Denso Corp 30,093 5,300 Secom Co Ltd 32,397 6,621 Takeda Pharmaceutical Co Ltd 29,940 5,400 Denso Corp 27,797 9,934 Canon Inc 29,629 8,500 Canon Inc 27,791 6,221 Terumo Corp 29,506 5,000 Tokyo Electron Ltd 27,723 6,421 Sumitomo Realty & Development Co Ltd 27,096 5,400 Takeda Pharmaceutical Co Ltd 26,310 6,721 Eisai Co Ltd 26,869 5,000 Terumo Corp 25,673 6,221 Tokyo Electron Ltd 25,785 5,500 TDK Corp 25,660 25,514 Tokyu Land Corp 25,221 24,100 Tokyu Fudosan Holdings Corp 24,823 6,721 TDK Corp 24,735 5,000 Sumitomo Realty & Development Co Ltd 24,039 Cost 000 The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. 300 ishares VII plc Interim Report

302 For the period ended Year ended 31 July Operating income 11,353 18,768 9,912 Net gains on financial s/liabilities at fair through profit or loss 45, ,224 61,364 Total gains 56, ,992 71,276 Operating expenses (914) (1,625) (792) Net operating profit 55, ,367 70,484 Net profit for the financial period/year before tax 55, ,367 70,484 Non-reclaimable withholding tax (1,621) (2,698) (1,423) Net profit for the financial period/year after tax 54, ,669 69,061 Increase in net s attributable to redeemable participating shareholders from operations 54, ,669 69,061 There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended Year ended 31 July Net s attributable to redeemable participating shareholders at the beginning of the period/year 958, , ,320 Increase in net s attributable to redeemable participating shareholders from operations 54, ,669 69,061 Share transactions: Proceeds from issue of redeemable participating shares 551, ,098 94,082 Payments on redemption of redeemable participating shares (104,869) (244,222) (201,216) Increase/(decrease) in net s resulting from share transactions 446,144 7,876 (107,134) Net s attributable to redeemable participating shareholders at the end of the period/year 1,459, , ,247 The accompanying notes form an integral part of these financial statements. ishares VII plc Interim Report 301

303 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents 3,641 3,856 3,001 Margin cash account 2,238 2,046 1,496 Receivables 1, ,796 Financial s at fair through profit or loss 3 1,452, , ,101 Total current s 1,459, , ,394 CURRENT LIABILITIES Payables (193) (159) (20,017) Financial liabilities at fair through profit or loss 3 (179) - - Total current liabilities (372) (159) (20,147) Net attributable to redeemable participating shareholders at the end of the period/year 1,459, , ,247 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note ishares VII plc Interim Report

304 As at 2014 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Equities Bermuda Diversified financial services 40,369 Invesco Ltd 1, Oil & gas 23,546 Nabors Industries Ltd Total Bermuda 1, British Virgin Islands Apparel 16,250 Michael Kors Holdings Ltd 1, Total British Virgin Islands 1, Ireland Computers 58,147 Accenture Plc 4, ,058 Seagate Technology Plc 1, Electronics 8,185 Allegion Plc Healthcare products 41,861 Covidien Plc 2, Insurance 25,937 XL Group Plc Miscellaneous manufacture 43,202 Eaton Corp Plc 3, ,547 Ingersoll-Rand Plc 1, Pharmaceuticals 15,836 Actavis plc 2, ,192 Perrigo Co Plc 1, Total Ireland 19, Jersey Auto parts & equipments 25,637 Delphi Automotive Plc 1, Total Jersey 1, Netherlands Chemicals 39,876 LyondellBasell Industries NV 3, Media 23,136 Nielsen Holdings NV Total Netherlands 4, Netherlands Antilles Oil & gas services 120,195 Schlumberger Ltd 10, Total Netherlands Antilles 10, Panama Leisure time 40,065 Carnival Corp 1, Total Panama 1, Switzerland Electronics 11,170 Garmin Ltd ,482 TE Connectivity Ltd 2, ,327 Tyco International Ltd 1, Insurance 31,029 ACE Ltd 2, Miscellaneous manufacture 18,033 Pentair Ltd 1, Oil & gas 31,387 Transocean Ltd 1, Total Switzerland 9, United Kingdom Insurance 27,402 Aon Plc 2, Oil & gas 21,326 Ensco Plc 1, ,126 Noble Corp plc ,595 Rowan Cos Plc Total United Kingdom 4, United States Advertising 37,970 Interpublic Group of Cos Inc ,600 Omnicom Group Inc 1, Aerospace & defense 63,221 Boeing Co 7, ,507 General Dynamics Corp 3, ,071 L-3 Communications Holdings Inc ,580 Lockheed Martin Corp 3, ,336 Northrop Grumman Corp 2, ,273 Raytheon Co 2, ,315 Rockwell Collins Inc ,219 United Technologies Corp 8, ishares VII plc Interim Report 303

305 As at 2014 United States (cont) Agriculture 182,531 Altria Group Inc 6, ,251 Archer-Daniels-Midland Co 2, ,892 Lorillard Inc 1, ,369 Philip Morris International Inc 11, ,975 Reynolds American Inc 1, Airlines 78,124 Delta Air Lines Inc 2, ,172 Southwest Airlines Co 1, Apparel 68,389 NIKE Inc 4, ,521 Ralph Lauren Corp ,248 VF Corp 1, Auto manufacturers 360,813 Ford Motor Co 5, ,718 General Motors Co 3, ,317 PACCAR Inc 1, Auto parts & equipments 20,783 BorgWarner Inc 1, ,578 Goodyear Tire & Rubber Co ,354 Johnson Controls Inc 2, Banks 973,089 Bank of America Corp 16, ,872 Bank of New York Mellon Corp* 3, ,347 BB&T Corp 2, ,544 Capital One Financial Corp 3, ,125 Citigroup Inc 13, ,610 Comerica Inc ,998 Fifth Third Bancorp 1, ,452 Goldman Sachs Group Inc 6, ,545 Huntington Bancshares Inc/OH ,463 JPMorgan Chase & Co 19, ,209 KeyCorp 1, ,857 M&T Bank Corp 1, ,646 Morgan Stanley 3, ,498 Northern Trust Corp 1, ,488 PNC Financial Services Group Inc* 3, ,148 Regions Financial Corp 1, ,144 State Street Corp 2, ,968 SunTrust Banks Inc 1, ,727 US Bancorp/MN 6, ,032 Wells Fargo & Co 19, ,795 Zions Bancorporation United States (cont) Beverages 14,790 Beam Inc 1, ,811 Brown-Forman Corp 1, ,773 Coca-Cola Co 13, ,821 Coca-Cola Enterprises Inc ,141 Constellation Brands Inc 1, ,577 Dr Pepper Snapple Group Inc ,359 Molson Coors Brewing Co ,293 Monster Beverage Corp ,035 PepsiCo Inc 11, Biotechnology 17,864 Alexion Pharmaceuticals Inc 2, ,809 Amgen Inc 8, ,537 Biogen Idec Inc 6, ,580 Celgene Corp 5, ,354 Gilead Sciences Inc 11, ,155 Regeneron Pharmaceuticals Inc 2, ,312 Vertex Pharmaceuticals Inc 1, Building materials 32,720 Masco Corp ,858 Vulcan Materials Co Chemicals 19,252 Air Products & Chemicals Inc 2, ,124 Airgas Inc ,224 CF Industries Holdings Inc 1, ,567 Dow Chemical Co 5, ,177 Eastman Chemical Co 1, ,693 Ecolab Inc 2, ,423 EI du Pont de Nemours & Co 5, ,038 FMC Corp ,486 International Flavors & Fragrances Inc ,005 Monsanto Co 5, ,037 Mosaic Co 1, ,022 PPG Industries Inc 2, ,939 Praxair Inc 3, ,925 Sherwin-Williams Co 1, ,916 Sigma-Aldrich Corp 1, Coal 20,719 CONSOL Energy Inc ,334 Peabody Energy Corp Commercial services 18,187 ADT Corp ,464 Alliance Data Systems Corp 1, ishares VII plc Interim Report

306 As at 2014 United States (cont) Commercial services (cont) 44,064 Automatic Data Processing Inc 3, ,294 Cintas Corp ,190 Equifax Inc ,906 H&R Block Inc ,399 Iron Mountain Inc ,515 MasterCard Inc 7, ,065 McGraw Hill Financial Inc 1, ,608 Moody's Corp 1, ,365 Quanta Services Inc ,803 Robert Half International Inc ,085 Total System Services Inc ,284 Western Union Co Computers 82,168 Apple Inc 41, ,695 Cognizant Technology Solutions Corp 2, ,437 Computer Sciences Corp ,409 EMC Corp/MA 4, ,201 Hewlett-Packard Co 5, ,154 International Business Machines Corp 16, ,924 NetApp Inc 1, ,507 SanDisk Corp 1, ,011 Teradata Corp ,316 Western Digital Corp 1, Cosmetics & personal care 39,570 Avon Products Inc ,281 Colgate-Palmolive Co 4, ,278 Estee Lauder Cos Inc 1, ,430 Procter & Gamble Co 19, Distribution & wholesale 24,819 Fastenal Co 1, ,614 Fossil Group Inc ,086 Genuine Parts Co 1, ,603 WW Grainger Inc 1, Diversified financial services 84,267 American Express Co 7, ,787 Ameriprise Financial Inc 1, ,680 BlackRock Inc* 3, ,653 Charles Schwab Corp 2, ,716 CME Group Inc/IL 2, ,928 Discover Financial Services 2, ,360 E*TRADE Financial Corp ,857 Franklin Resources Inc 1, ,554 IntercontinentalExchange Group Inc 2, ,911 Legg Mason Inc ,378 NASDAQ OMX Group Inc United States (cont) Diversified financial services (cont) 39,804 SLM Corp ,805 T Rowe Price Group Inc 1, ,492 Visa Inc 10, Electric 61,810 AES Corp/VA ,350 Ameren Corp ,394 American Electric Power Co Inc 2, ,212 CMS Energy Corp ,607 Consolidated Edison Inc 1, ,944 Dominion Resources Inc/VA 3, ,014 DTE Energy Co 1, ,682 Duke Energy Corp 4, ,826 Edison International 1, ,148 Entergy Corp 1, ,028 Exelon Corp 2, ,897 FirstEnergy Corp 1, ,331 Integrys Energy Group Inc ,502 NextEra Energy Inc 3, ,614 Northeast Utilities 1, ,647 NRG Energy Inc ,540 Pepco Holdings Inc ,815 PG&E Corp 1, ,137 Pinnacle West Capital Corp ,249 PPL Corp 1, ,364 Public Service Enterprise Group Inc 1, ,896 SCANA Corp ,157 Southern Co 3, ,205 TECO Energy Inc ,403 Wisconsin Energy Corp ,387 Xcel Energy Inc 1, Electrical components & equipments 22,123 AMETEK Inc 1, ,155 Emerson Electric Co 4, Electronics 30,108 Agilent Technologies Inc 1, ,506 Amphenol Corp 1, ,858 FLIR Systems Inc ,606 Honeywell International Inc 6, ,590 Jabil Circuit Inc ,337 PerkinElmer Inc ,912 Thermo Fisher Scientific Inc 3, ,838 Waters Corp Engineering & construction 14,888 Fluor Corp 1, ,087 Jacobs Engineering Group Inc ishares VII plc Interim Report 305

307 As at 2014 United States (cont) Entertainment 23,540 International Game Technology Environmental control 24,769 Republic Services Inc ,802 Stericycle Inc ,866 Waste Management Inc 1, Food 16,351 Campbell Soup Co ,176 ConAgra Foods Inc 1, ,766 General Mills Inc 2, ,759 Hershey Co 1, ,454 Hormel Foods Corp ,623 JM Smucker Co ,415 Kellogg Co 1, ,319 Kraft Foods Group Inc 2, ,286 Kroger Co 1, ,123 McCormick & Co Inc/MD ,009 Mondelez International Inc 5, ,342 Safeway Inc ,394 Sysco Corp 1, ,241 Tyson Foods Inc ,883 Whole Foods Market Inc 1, Forest products & paper 40,481 International Paper Co 1, ,466 MeadWestvaco Corp Gas 10,616 AGL Resources Inc ,369 CenterPoint Energy Inc ,778 NiSource Inc ,719 Sempra Energy 1, Hand & Machine Tools 5,357 Snap-on Inc ,030 Stanley Black & Decker Inc 1, Healthcare products 49,578 Baxter International Inc 3, ,753 Becton Dickinson and Co 1, ,042 Boston Scientific Corp 1, ,468 CareFusion Corp ,172 CR Bard Inc ,877 DENTSPLY International Inc ,279 Edwards Lifesciences Corp ,187 Hospira Inc ,465 Intuitive Surgical Inc 1, ,048 Medtronic Inc 5, ,387 Patterson Cos Inc ,481 St Jude Medical Inc 1, United States (cont) Healthcare products (cont) 27,096 Stryker Corp 2, ,853 Varian Medical Systems Inc ,491 Zimmer Holdings Inc 1, Healthcare services 33,880 Aetna Inc 2, ,142 CIGNA Corp 2, ,077 DaVita HealthCare Partners Inc 1, ,342 Humana Inc 1, ,078 Laboratory Corp of America Holdings ,102 Quest Diagnostics Inc ,170 Tenet Healthcare Corp ,797 UnitedHealth Group Inc 6, ,828 WellPoint Inc 2, Holding companies - diversified 28,537 Leucadia National Corp Home builders 25,628 DR Horton Inc ,282 Lennar Corp ,758 PulteGroup Inc Home furnishings 6,285 Harman International Industries Inc ,221 Whirlpool Corp Household products & wares 8,716 Avery Dennison Corp ,960 Clorox Co 1, ,787 Kimberly-Clark Corp 3, Housewares 26,472 Newell Rubbermaid Inc Insurance 42,508 Aflac Inc 2, ,306 Allstate Corp 2, ,463 American International Group Inc 6, ,761 Assurant Inc ,502 Berkshire Hathaway Inc 18, ,402 Chubb Corp 1, ,330 Cincinnati Financial Corp ,457 Genworth Financial Inc ,178 Hartford Financial Services Group Inc 1, ,022 Lincoln National Corp 1, ,909 Loews Corp 1, ,039 Marsh & McLennan Cos Inc 2, ,495 MetLife Inc 5, ,031 Principal Financial Group Inc 1, ,084 Progressive Corp 1, ,354 Prudential Financial Inc 3, ishares VII plc Interim Report

308 As at 2014 United States (cont) Insurance (cont) 8,328 Torchmark Corp ,224 Travelers Cos Inc 2, ,765 Unum Group Internet 33,884 Amazon.com Inc 12, ,255 ebay Inc 5, ,743 Expedia Inc ,020 F5 Networks Inc ,062 Facebook Inc 9, ,629 Google Inc 30, ,376 Netflix Inc 2, ,696 priceline.com Inc 5, ,619 Symantec Corp 1, ,203 TripAdvisor Inc ,591 VeriSign Inc ,156 Yahoo! Inc 3, Iron & steel 10,135 Allegheny Technologies Inc ,086 Cliffs Natural Resources Inc ,968 Nucor Corp 1, ,104 United States Steel Corp Leisure time 20,284 Harley-Davidson Inc 1, Lodging 20,684 Marriott International Inc/DE 1, ,188 Starwood Hotels & Resorts Worldwide Inc 1, ,067 Wyndham Worldwide Corp ,380 Wynn Resorts Ltd 1, Machinery - construction & mining 58,094 Caterpillar Inc 5, ,582 Joy Global Inc Machinery - diversified 15,882 Cummins Inc 2, ,118 Deere & Co 3, ,861 Flowserve Corp ,607 Rockwell Automation Inc 1, ,035 Roper Industries Inc 1, ,143 Xylem Inc/NY Media 19,090 Cablevision Systems Corp ,124 CBS Corp 3, ,099 Comcast Corp 12, ,720 DIRECTV 3, United States (cont) Media (cont) 20,512 Discovery Communications Inc-Class A 1, ,624 Gannett Co Inc Graham Holdings Co ,485 News Corp ,933 Scripps Networks Interactive Inc ,669 Time Warner Cable Inc 3, ,540 Time Warner Inc 5, ,925 Twenty-First Century Fox Inc-Class A 5, ,071 Viacom Inc 3, ,325 Walt Disney Co 10, Metal fabricate & hardware 13,243 Precision Castparts Corp 3, Mining 97,072 Alcoa Inc 1, ,640 Freeport-McMoRan Copper & Gold Inc 3, ,633 Newmont Mining Corp Miscellaneous manufacture 58,434 3M Co 7, ,667 Danaher Corp 4, ,490 Dover Corp 1, ,417 General Electric Co 23, ,463 Illinois Tool Works Inc 2, ,243 Leggett & Platt Inc ,128 Pall Corp ,629 Parker Hannifin Corp 1, ,540 Textron Inc Office & business equipment 18,901 Pitney Bowes Inc ,444 Xerox Corp 1, Oil & gas 45,891 Anadarko Petroleum Corp 3, ,384 Apache Corp 2, ,480 Cabot Oil & Gas Corp 1, ,037 Chesapeake Energy Corp 1, ,754 Chevron Corp 19, ,033 ConocoPhillips 7, ,762 Denbury Resources Inc ,819 Devon Energy Corp 2, ,417 Diamond Offshore Drilling Inc ,876 EOG Resources Inc 4, ,787 EQT Corp 1, ,837 Exxon Mobil Corp 36, ,700 Helmerich & Payne Inc ishares VII plc Interim Report 307

309 As at 2014 United States (cont) Oil & gas (cont) 26,210 Hess Corp 1, ,318 Marathon Oil Corp 2, ,449 Marathon Petroleum Corp 2, ,982 Murphy Oil Corp ,222 Newfield Exploration Co ,641 Noble Energy Inc 2, ,523 Occidental Petroleum Corp 6, ,694 Phillips 66 3, ,077 Pioneer Natural Resources Co 2, ,507 QEP Resources Inc ,965 Range Resources Corp 1, ,172 Southwestern Energy Co 1, ,229 Tesoro Corp ,254 Valero Energy Corp 2, ,632 WPX Energy Inc Oil & gas services 40,681 Baker Hughes Inc 2, ,571 Cameron International Corp 1, ,683 FMC Technologies Inc 1, ,282 Halliburton Co 3, ,039 National Oilwell Varco Inc 2, Packaging & containers 13,145 Ball Corp ,590 Bemis Co Inc ,199 Owens-Illinois Inc ,077 Sealed Air Corp Pharmaceuticals 141,524 Abbott Laboratories 5, ,180 AbbVie Inc 7, ,232 Allergan Inc/United States 3, ,962 AmerisourceBergen Corp 1, ,256 Bristol-Myers Squibb Co 7, ,021 Cardinal Health Inc 2, ,809 Eli Lilly & Co 4, ,491 Express Scripts Holding Co 5, ,555 Forest Laboratories Inc 1, ,827 Johnson & Johnson 22, ,930 McKesson Corp 3, ,442 Mead Johnson Nutrition Co 1, ,778 Merck & Co Inc 14, ,796 Mylan Inc/PA 1, ,318 Pfizer Inc 18, ,836 Zoetis Inc 1, Pipelines 61,388 Kinder Morgan Inc/DE 2, United States (cont) Pipelines (cont) 18,791 ONEOK Inc 1, ,009 Spectra Energy Corp 2, ,294 Williams Cos Inc 2, Real estate 25,246 CBRE Group Inc Real estate investment trusts 36,093 American Tower Corp 2, ,237 Apartment Investment & Management Co ,087 AvalonBay Communities Inc 1, ,882 Boston Properties Inc 1, ,556 Crown Castle International Corp 2, ,939 Equity Residential 1, ,624 General Growth Properties Inc ,459 HCP Inc 1, ,265 Health Care REIT Inc 1, ,510 Host Hotels & Resorts Inc 1, ,888 Kimco Realty Corp ,847 Macerich Co ,202 Plum Creek Timber Co Inc ,538 Prologis Inc 1, ,210 Public Storage 2, ,326 Simon Property Group Inc 4, ,749 Ventas Inc 1, ,838 Vornado Realty Trust 1, ,165 Weyerhaeuser Co 1, Retail 5,826 AutoNation Inc ,098 AutoZone Inc 1, ,481 Bed Bath & Beyond Inc 1, ,806 Best Buy Co Inc ,333 CarMax Inc ,826 Chipotle Mexican Grill Inc 1, ,597 Coach Inc 1, ,872 Costco Wholesale Corp 4, ,744 CVS Caremark Corp 7, ,804 Darden Restaurants Inc ,044 Dollar General Corp 1, ,877 Dollar Tree Inc ,813 Family Dollar Stores Inc ,641 GameStop Corp ,906 Gap Inc ,576 Home Depot Inc 9, ,501 Kohl's Corp ,332 L Brands Inc 1, ishares VII plc Interim Report

310 As at 2014 United States (cont) Retail (cont) 95,720 Lowe's Cos Inc 4, ,427 Macy's Inc 1, ,726 McDonald's Corp 8, ,307 Nordstrom Inc ,959 O'Reilly Automotive Inc 1, ,511 PetSmart Inc ,440 PVH Corp ,720 Ross Stores Inc 1, ,742 Staples Inc ,354 Starbucks Corp 4, ,634 Target Corp 3, ,961 Tiffany & Co ,068 TJX Cos Inc 3, ,634 Tractor Supply Co ,826 Urban Outfitters Inc ,379 Walgreen Co 4, ,826 Wal-Mart Stores Inc 11, ,641 Yum! Brands Inc 2, Savings & loans 42,500 Hudson City Bancorp Inc ,113 People's United Financial Inc Semiconductors 29,530 Altera Corp ,504 Analog Devices Inc 1, ,628 Applied Materials Inc 1, ,907 Broadcom Corp 1, ,434 First Solar Inc ,489 Intel Corp 11, ,276 KLA-Tencor Corp ,903 Lam Research Corp ,236 Linear Technology Corp ,749 LSI Corp ,093 Microchip Technology Inc ,730 Micron Technology Inc 2, ,837 NVIDIA Corp ,484 QUALCOMM Inc 11, ,140 Texas Instruments Inc 4, ,192 Xilinx Inc 1, Software 42,434 Adobe Systems Inc 2, ,354 Akamai Technologies Inc ,493 Autodesk Inc 1, ,945 CA Inc ,872 Cerner Corp 1, ,173 Citrix Systems Inc United States (cont) Software (cont) 3,539 Dun & Bradstreet Corp ,077 Electronic Arts Inc ,460 Fidelity National Information Services Inc 1, ,568 Fiserv Inc 1, ,918 Intuit Inc 1, ,837 Microsoft Corp 26, ,604 Oracle Corp 11, ,607 Paychex Inc 1, ,333 Red Hat Inc ,237 Salesforce.com Inc 3, Telecommunications 481,586 AT&T Inc 16, ,928 CenturyLink Inc 1, ,298 Cisco Systems Inc 10, ,812 Corning Inc 2, ,585 Frontier Communications Corp ,736 Harris Corp ,763 Juniper Networks Inc 1, ,924 Motorola Solutions Inc 1, ,199 Verizon Communications Inc 12, ,587 Windstream Holdings Inc Textiles 5,585 Mohawk Industries Inc Toys 10,538 Hasbro Inc ,594 Mattel Inc 1, Transportation 13,713 CH Robinson Worldwide Inc ,677 CSX Corp 2, ,942 Expeditors International of Washington Inc ,112 FedEx Corp 3, ,056 Kansas City Southern 1, ,535 Norfolk Southern Corp 2, ,772 Ryder System Inc ,948 Union Pacific Corp 7, ,215 United Parcel Service Inc 6, Total United States 1,397, Total equities 1,452, ishares VII plc Interim Report 309

311 As at 2014 Investment Financial derivative instruments Futures contracts No. of contracts Underlying exposure Unrealised loss 42 S&P 500 E-mini Future 21 March ,731 (121) (0.01) 4 S&P 500 Future 20 March ,776 (58) 0.00 Total unrealised losses on futures contracts (179) (0.01) Total of investments 1,452, Cash 5, Other net s Net attributable to redeemable participating shareholders at the end of the period 1,459, Cash holdings of $3,641,220 are held with BNY Mellon Trust Company (Ireland) Limited. $2,238,325 is held as security for futures contracts with Credit Suisse AG. * Investment in related party. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Market Authority ( ESMA ) and represents the market of an equivalent position in the s underlying each financial derivative instrument. Analysis of total current s gross of all liabilities (unaudited) Fair % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 1,452, Other s 7, Total current s 1,459, ishares VII plc Interim Report

312 For the period ended 2014 Sales s Purchases Proceeds s 8,755 Apple Inc 4,334 31,343 Apple Inc 16,435 34,616 Exxon Mobil Corp 3, ,197 Exxon Mobil Corp 14,501 82,974 General Electric Co 2,000 10,506 Google Inc 10,862 53,190 Microsoft Corp 1, ,643 Microsoft Corp 9,923 19,817 Johnson & Johnson 1, ,156 General Electric Co 9,477 41,537 Wells Fargo & Co 1,740 99,446 Johnson & Johnson 9,318 1,938 Google Inc 1, ,062 Facebook Inc 8,267 59,053 Pfizer Inc 1,714 66,868 Chevron Corp 8,078 14,210 Chevron Corp 1,700 95,422 Procter & Gamble Co 7,984 20,971 Procter & Gamble Co 1, ,943 Wells Fargo & Co 7,310 8,449 International Business Machines Corp 1, ,057 JPMorgan Chase & Co 7,285 13,478 Berkshire Hathaway Inc 1, ,864 Pfizer Inc 7,204 43,298 AT&T Inc 1,463 62,238 Berkshire Hathaway Inc 7,199 22,324 Walt Disney Co 1,451 35,481 International Business Machines Corp 6,511 26,557 JPMorgan Chase & Co 1, ,266 AT&T Inc 6,456 93,990 Dell Inc 1, ,017 Bank of America Corp 5,636 16,786 Life Technologies Corp 1, ,774 Citigroup Inc 5,447 25,431 Merck & Co Inc 1, ,444 Coca-Cola Co 5,303 36,176 Oracle Corp 1,208 55,947 Philip Morris International Inc 5,018 7,550 Perrigo Co Plc 1,193 99,623 Verizon Communications Inc 4,989 Cost The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. ishares VII plc Interim Report 311

313 For the period ended Year ended 31 July Operating income Net gains/(losses) on financial s/liabilities at fair through profit or loss 53 (63) (68) Total gains Operating expenses (38) (91) (56) Net operating profit/(loss) 78 2 (18) Net profit/(loss) for the financial period/year 78 2 (18) Increase/(decrease) in net s attributable to redeemable participating shareholders from operations 78 2 (18) There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders 2014 Year ended 31 July at the beginning of the period/year 31,245 54,148 54,148 Increase/(decrease) in net s attributable to redeemable participating shareholders from operations 78 2 (18) Share transactions: Proceeds from issue of redeemable participating shares 12,508 8,330 2,084 Payments on redemption of redeemable participating shares (6,257) (31,235) (12,490) Increase/(decrease) in net s resulting from share transactions 6,251 (22,905) (10,406) Net s attributable to redeemable participating shareholders at the end of the period/year 37,574 31,245 43,724 The accompanying notes form an integral part of these financial statements. 312 ishares VII plc Interim Report

314 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents Receivables Financial s at fair through profit or loss 3 37,385 31,058 43,383 Total current s 37,581 31,251 43,733 CURRENT LIABILITIES Payables (7) (6) (9) Total current liabilities (7) (6) (9) Net attributable to redeemable participating shareholders at the end of the period/year 37,574 31,245 43,724 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note 2. ishares VII plc Interim Report 313

315 As at 2014 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Bonds United States Government bonds - Aaa rating 4,120,000 United States Treasury Note/Bond 0.25% 15/01/2015 4, ,794,000 United States Treasury Note/Bond 2.38% 28/02/2015 1, ,161,000 United States Treasury Note/Bond 2.50% 31/03/2015 1, ,021,000 United States Treasury Note/Bond 0.38% 15/04/2015 1, ,000 United States Treasury Note/Bond 2.13% 31/05/ ,447,000 United States Treasury Note/Bond 0.38% 15/06/2015 1, ,000 United States Treasury Note/Bond 0.25% 15/07/ ,618,000 United States Treasury Note/Bond 4.25% 15/08/2015 1, ,220,000 United States Treasury Note/Bond 10.63% 15/08/2015 1, ,282,000 United States Treasury Note/Bond 1.25% 30/09/2015 1, ,228,000 United States Treasury Note/Bond 0.25% 15/10/2015 1, ,041,000 United States Treasury Note/Bond 0.38% 15/11/2015 1, ,182,000 United States Treasury Note/Bond 0.38% 15/01/2016 2, ,381,000 United States Treasury Note/Bond 2.00% 31/01/2016 1, ,933,000 United States Treasury Note/Bond 0.38% 15/02/2016 1, ,000 United States Treasury Note/Bond 2.25% 31/03/ ,114,000 United States Treasury Note/Bond 2.00% 30/04/2016 1, ,678,000 United States Treasury Note/Bond 0.25% 15/05/2016 1, ,542,000 United States Treasury Note/Bond 1.75% 31/05/2016 1, ,515,000 United States Treasury Note/Bond 0.63% 15/07/2016 1, ,606,000 United States Treasury Note/Bond 0.63% 15/08/2016 1, ,787,000 United States Treasury Note/Bond 0.88% 15/09/2016 1, United States (cont) Government bonds - Aaa rating (cont) 2,121,000 United States Treasury Note/Bond 0.63% 15/11/2016 2, ,482,000 United States Treasury Note/Bond 0.88% 30/11/2016 1, Total United States 37, Total bonds 37, Total of investments 37, Cash Other net s Net attributable to redeemable participating shareholders at the end of the period 37, Substantially all cash positions are held with BNY Mellon Trust Company (Ireland) Limited. All credit ratings are shown as at Analysis of total current s gross of all liabilities (unaudited) Fair % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 37, Other s Total current s 37, ishares VII plc Interim Report

316 For the period ended 2014 Sales s 1,434,000 United States Treasury Note/Bond 2.63% 31/12/2014 1,470 1,393,000 United States Treasury Note/Bond 2.38% 30/09/2014 1,425 1,389,000 United States Treasury Note/Bond 2.38% 31/10/2014 1,421 1,348,000 United States Treasury Note/Bond 0.25% 15/12/2014 1,351 1,198,000 United States Treasury Note/Bond 2.38% 31/08/2014 1,226 1,103,000 United States Treasury Note/Bond 0.25% 30/09/2014 1, ,000 United States Treasury Note/Bond 2.63% 31/07/ ,000 United States Treasury Note/Bond 0.25% 31/10/ ,000 United States Treasury Note/Bond 2.13% 30/11/ ,000 United States Treasury Note/Bond 0.50% 15/08/ ,000 United States Treasury Note/Bond 0.38% 15/11/ ,000 United States Treasury Note/Bond 0.25% 15/01/ ,000 United States Treasury Note/Bond 0.38% 15/01/ ,000 United States Treasury Note/Bond 0.38% 15/02/ ,000 United States Treasury Note/Bond 2.38% 28/02/ ,000 United States Treasury Note/Bond 4.25% 15/08/ ,000 United States Treasury Note/Bond 0.25% 15/05/ ,000 United States Treasury Note/Bond 1.75% 31/05/ ,000 United States Treasury Note/Bond 10.63% 15/08/ ,000 United States Treasury Note/Bond 0.38% 15/06/ Purchases Proceeds s Cost 2,994,000 United States Treasury Note/Bond 0.25% 15/01/2015 2,997 2,239,000 United States Treasury Note/Bond 0.63% 15/11/2016 2,242 1,886,000 United States Treasury Note/Bond 0.88% 15/09/2016 1,900 1,695,000 United States Treasury Note/Bond 0.63% 15/08/2016 1,691 1,646,000 United States Treasury Note/Bond 0.63% 15/07/2016 1,649 1,564,000 United States Treasury Note/Bond 0.88% 30/11/2016 1, ,000 United States Treasury Note/Bond 2.25% 31/03/2016 1, ,000 United States Treasury Note/Bond 2.00% 30/04/ ,000 United States Treasury Note/Bond 1.75% 31/05/ ,000 United States Treasury Note/Bond 2.00% 31/01/ ,000 United States Treasury Note/Bond 0.38% 15/01/ ,000 United States Treasury Note/Bond 0.38% 15/02/ ,000 United States Treasury Note/Bond 2.38% 28/02/ ,000 United States Treasury Note/Bond 4.25% 15/08/ ,000 United States Treasury Note/Bond 0.25% 15/05/ ,000 United States Treasury Note/Bond 0.38% 15/06/ ,000 United States Treasury Note/Bond 10.63% 15/08/ ,000 United States Treasury Note/Bond 1.25% 30/09/ ,000 United States Treasury Note/Bond 0.25% 15/10/ ,000 United States Treasury Note/Bond 2.50% 31/03/ The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. ishares VII plc Interim Report 315

317 For the period ended Year ended 31 July Operating income 465 1, Net gains/(losses) on financial s/liabilities at fair through profit or loss 343 (2,587) (1,032) Total gains/(losses) 808 (1,562) (479) Operating expenses (102) (247) (130) Net operating profit/(loss) 706 (1,809) (609) Net profit/(loss) for the financial period/year 706 (1,809) (609) Increase/(decrease) in net s attributable to redeemable participating shareholders from operations 706 (1,809) (609) There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders 2014 Year ended 31 July at the beginning of the period/year 95, , ,504 Increase/(decrease) in net s attributable to redeemable participating shareholders from operations 706 (1,809) (609) Share transactions: Proceeds from issue of redeemable participating shares 13,958 37,773 28,305 Payments on redemption of redeemable participating shares (18,594) (68,417) (47,167) Decrease in net s resulting from share transactions (4,636) (30,644) (18,862) Net s attributable to redeemable participating shareholders at the end of the period/year 91,121 95, ,033 The accompanying notes form an integral part of these financial statements. 316 ishares VII plc Interim Report

318 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents Receivables Financial s at fair through profit or loss 3 90,351 94, ,949 Total current s 91,139 95, ,054 CURRENT LIABILITIES Payables (18) (19) (21) Total current liabilities (18) (19) (21) Net attributable to redeemable participating shareholders at the end of the period/year 91,121 95, ,033 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note 2. ishares VII plc Interim Report 317

319 As at 2014 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Bonds United States Government bonds - Aaa rating 1,294,000 United States Treasury Note/Bond 3.25% 31/12/2016 1, ,770,000 United States Treasury Note/Bond 3.13% 31/01/2017 1, ,138,500 United States Treasury Note/Bond 3.00% 28/02/2017 4, ,705,500 United States Treasury Note/Bond 4.50% 15/05/2017 4, ,420,500 United States Treasury Note/Bond 2.50% 30/06/2017 3, ,145,000 United States Treasury Note/Bond 0.50% 31/07/2017 2, ,020,000 United States Treasury Note/Bond 1.88% 30/09/2017 3, ,655,000 United States Treasury Note/Bond 4.25% 15/11/2017 4, ,968,500 United States Treasury Note/Bond 2.25% 30/11/2017 4, ,217,500 United States Treasury Note/Bond 3.50% 15/02/2018 2, ,460,500 United States Treasury Note/Bond 2.88% 31/03/2018 3, ,934,000 United States Treasury Note/Bond 3.88% 15/05/2018 4, ,158,000 United States Treasury Note/Bond 4.00% 15/08/2018 3, ,808,000 United States Treasury Note/Bond 1.38% 30/09/2018 2, ,627,500 United States Treasury Note/Bond 1.38% 31/12/2018 2, ,217,000 United States Treasury Note/Bond 2.75% 15/02/2019 4, ,211,500 United States Treasury Note/Bond 3.13% 15/05/2019 5, ,194,000 United States Treasury Note/Bond 8.13% 15/08/2019 4, ,762,000 United States Treasury Note/Bond 1.00% 31/08/2019 3, ,232,000 United States Treasury Note/Bond 1.00% 30/09/2019 2, ,279,000 United States Treasury Note/Bond 1.25% 31/10/2019 2, ,303,000 United States Treasury Note/Bond 3.38% 15/11/2019 3, United States (cont) Government bonds - Aaa rating (cont) 3,991,000 United States Treasury Note/Bond 3.63% 15/02/2020 4, ,884,000 United States Treasury Note/Bond 1.13% 30/04/2020 2, ,550,000 United States Treasury Note/Bond 1.38% 31/05/2020 1, ,974,000 United States Treasury Note/Bond 2.63% 15/08/2020 3, ,716,000 United States Treasury Note/Bond 2.00% 30/09/2020 1, ,676,000 United States Treasury Note/Bond 1.75% 31/10/2020 2, Total United States 90, Total bonds 90, Total of investments 90, Cash Other net s Net attributable to redeemable participating shareholders at the end of the period 91, Substantially all cash positions are held with BNY Mellon Trust Company (Ireland) Limited. All credit ratings are shown as at Analysis of total current s gross of all liabilities (unaudited) Fair % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 90, Other s Total current s 91, ishares VII plc Interim Report

320 For the period ended 2014 Sales s 3,829,000 United States Treasury Note/Bond 3.00% 30/09/2016 4,107 3,810,000 United States Treasury Note/Bond 3.13% 31/10/2016 4,108 3,038,000 United States Treasury Note/Bond 3.25% 30/06/2016 3,281 2,470,000 United States Treasury Note/Bond 2.75% 30/11/2016 2,631 1,934,000 United States Treasury Note/Bond 8.75% 15/05/2017 2,539 2,258,000 United States Treasury Note/Bond 3.25% 31/07/2016 2,428 1,846,000 United States Treasury Note/Bond 3.25% 31/12/2016 1,987 1,494,000 United States Treasury Note/Bond 2.75% 15/02/2019 1,595 1,082,000 United States Treasury Note/Bond 3.13% 15/05/2019 1, ,000 United States Treasury Note/Bond 3.63% 15/02/ ,000 United States Treasury Note/Bond 3.88% 15/05/ ,000 United States Treasury Note/Bond 8.13% 15/08/ ,000 United States Treasury Note/Bond 2.25% 30/11/ ,000 United States Treasury Note/Bond 4.25% 15/11/ ,000 United States Treasury Note/Bond 1.38% 30/09/ ,000 United States Treasury Note/Bond 2.88% 31/03/ ,000 United States Treasury Note/Bond 3.38% 15/11/ ,000 United States Treasury Note/Bond 2.50% 30/06/ ,000 United States Treasury Note/Bond 1.00% 31/08/ ,000 United States Treasury Note/Bond 4.00% 15/08/ Purchases Proceeds s Cost 3,506,000 United States Treasury Note/Bond 2.63% 15/08/2020 3,615 3,126,000 United States Treasury Note/Bond 1.13% 30/04/2020 2,944 2,814,000 United States Treasury Note/Bond 1.75% 31/10/2020 2,746 2,450,000 United States Treasury Note/Bond 0.50% 31/07/2017 2,407 2,136,000 United States Treasury Note/Bond 3.00% 28/02/2017 2,291 1,840,000 United States Treasury Note/Bond 4.50% 15/05/2017 2,070 1,860,000 United States Treasury Note/Bond 3.13% 31/01/2017 2,002 1,804,000 United States Treasury Note/Bond 2.00% 30/09/2020 1,804 1,870,000 United States Treasury Note/Bond 1.38% 31/05/2020 1,798 1,182,000 United States Treasury Note/Bond 3.25% 31/12/2016 1, ,000 United States Treasury Note/Bond 8.75% 15/05/ ,000 United States Treasury Note/Bond 1.88% 30/09/ ,000 United States Treasury Note/Bond 3.13% 15/05/ ,000 United States Treasury Note/Bond 2.75% 15/02/ ,000 United States Treasury Note/Bond 3.63% 15/02/ ,000 United States Treasury Note/Bond 3.88% 15/05/ ,000 United States Treasury Note/Bond 8.13% 15/08/ ,000 United States Treasury Note/Bond 2.25% 30/11/ ,000 United States Treasury Note/Bond 4.25% 15/11/ ,000 United States Treasury Note/Bond 2.88% 31/03/ The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. ishares VII plc Interim Report 319

321 For the period ended Year ended 31 July Operating income Net gains/(losses) on financial s/liabilities at fair through profit or loss 5 (483) (408) Total gains/(losses) 27 (305) (292) Operating expenses (3) (29) (19) Net operating profit/(loss) 24 (334) (311) Net profit/(loss) for the financial period/year 24 (334) (311) Increase/(decrease) in net s attributable to redeemable participating shareholders from operations 24 (334) (311) There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders 2014 Year ended 31 July at the beginning of the period/year 2,535 13,193 13,193 Increase/(decrease) in net s attributable to redeemable participating shareholders from operations 24 (334) (311) Share transactions: Proceeds from issue of redeemable participating shares - 18,303 18,302 Payments on redemption of redeemable participating shares (34) (28,627) (15,671) (Decrease)/increase in net s resulting from share transactions (34) (10,324) 2,631 Net s attributable to redeemable participating shareholders at the end of the period/year 2,525 2,535 15,513 The accompanying notes form an integral part of these financial statements. 320 ishares VII plc Interim Report

322 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents Receivables Financial s at fair through profit or loss 3 2,493 2,483 15,353 Total current s 2,526 2,536 15,516 CURRENT LIABILITIES Payables (1) (1) (3) Total current liabilities (1) (1) (3) Net attributable to redeemable participating shareholders at the end of the period/year 2,525 2,535 15,513 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note 2. ishares VII plc Interim Report 321

323 As at 2014 Fair Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Bonds United States Government bonds - Aaa rating 182,000 United States Treasury Note/Bond 3.63% 15/02/ ,000 United States Treasury Note/Bond 7.88% 15/02/ ,000 United States Treasury Note/Bond 3.13% 15/05/ ,000 United States Treasury Note/Bond 2.13% 15/08/ ,000 United States Treasury Note/Bond 8.13% 15/08/ ,000 United States Treasury Note/Bond 2.00% 15/11/ ,000 United States Treasury Note/Bond 2.00% 15/02/ ,000 United States Treasury Note/Bond 1.75% 15/05/ ,000 United States Treasury Note/Bond 1.63% 15/08/ ,000 United States Treasury Note/Bond 7.25% 15/08/ ,000 United States Treasury Note/Bond 1.63% 15/11/ ,000 United States Treasury Note/Bond 2.00% 15/02/ ,000 United States Treasury Note/Bond 7.13% 15/02/ ,000 United States Treasury Note/Bond 1.75% 15/05/ ,000 United States Treasury Note/Bond 2.50% 15/08/ ,000 United States Treasury Note/Bond 6.25% 15/08/ ,000 United States Treasury Note/Bond 2.75% 15/11/ Total United States 2, Total of investments 2, Cash Other net s Net attributable to redeemable participating shareholders at the end of the period 2, Substantially all cash positions are held with BNY Mellon Trust Company (Ireland) Limited. All credit ratings are shown as at Analysis of total current s gross of all liabilities (unaudited) Fair % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 2, Other s Total current s 2, Total bonds 2, ishares VII plc Interim Report

324 For the period ended 2014 Sales* s 178,000 United States Treasury Note/Bond 2.63% 15/11/ ,000 United States Treasury Note/Bond 8.00% 15/11/ ,000 United States Treasury Note/Bond 2.63% 15/08/ ,000 United States Treasury Note/Bond 8.13% 15/05/ ,000 United States Treasury Note/Bond 8.75% 15/08/ ,000 United States Treasury Note/Bond 7.88% 15/02/ ,000 United States Treasury Note/Bond 3.63% 15/02/ ,000 United States Treasury Note/Bond 2.13% 15/08/ ,000 United States Treasury Note/Bond 2.00% 15/02/ ,000 United States Treasury Note/Bond 1.63% 15/11/ * For this Fund there were only 10 sales during the period. ** For this Fund there were only 12 purchases during the period. Purchases** Proceeds s Cost 130,000 United States Treasury Note/Bond 2.75% 15/11/ ,000 United States Treasury Note/Bond 8.13% 15/08/ ,000 United States Treasury Note/Bond 7.88% 15/02/ ,000 United States Treasury Note/Bond 2.13% 15/08/ ,000 United States Treasury Note/Bond 6.25% 15/08/ ,000 United States Treasury Note/Bond 2.50% 15/08/ ,000 United States Treasury Note/Bond 1.75% 15/05/ ,000 United States Treasury Note/Bond 1.63% 15/11/ ,000 United States Treasury Note/Bond 2.00% 15/02/ ,000 United States Treasury Note/Bond 8.00% 15/11/ ,000 United States Treasury Note/Bond 7.13% 15/02/ ,000 United States Treasury Note/Bond 2.00% 15/11/ The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. ishares VII plc Interim Report 323

325 For the period ended Year ended 31 July Operating income Net losses on financial s/liabilities at fair through profit or loss (447) (3,524) (281) Total (losses)/gains (251) (2,955) 44 Operating expenses (57) (152) (83) Net operating loss (308) (3,107) (39) Net loss for the financial period/year (308) (3,107) (39) Decrease in net s attributable to redeemable participating shareholders from operations (308) (3,107) (39) There are no recognised gains or losses arising in the period/year other than those dealt with in the income statement. In arriving at the results of the financial period/year, all amounts relate to continuing operations. For the period ended 2014 Net s attributable to redeemable participating shareholders 2014 Year ended 31 July at the beginning of the period/year 42,680 59,213 59,213 Decrease in net s attributable to redeemable participating shareholders from operations (308) (3,107) (39) Share transactions: Proceeds from issue of redeemable participating shares 4,975 10,584 8,073 Payments on redemption of redeemable participating shares (14,755) (24,010) (8,050) (Decrease)/increase in net s resulting from share transactions (9,780) (13,426) 23 Net s attributable to redeemable participating shareholders at the end of the period/year 32,592 42,680 59,197 The accompanying notes form an integral part of these financial statements. 324 ishares VII plc Interim Report

326 As at 2014 CURRENT ASSETS Notes July Cash and cash equivalents Receivables ,775 Financial s at fair through profit or loss 3 32,409 42,406 58,842 Total current s 32,600 42,690 61,895 CURRENT LIABILITIES Payables (8) (10) (2,698) Total current liabilities (8) (10) (2,698) Net attributable to redeemable participating shareholders at the end of the period/year 32,592 42,680 59,197 The accompanying notes form an integral part of these financial statements. Details of the NAV per share are set out in note 2. ishares VII plc Interim Report 325

327 As at 2014 Transferable Securities Admitted to an Official Stock Exchange Listing or traded on a Regulated Market Bonds United States Government Bonds - Aaa rating 429,683 United States Treasury Inflation Indexed Bonds 1.63% 15/01/ ,138 United States Treasury Inflation Indexed Bonds 0.50% 15/04/ ,098 United States Treasury Inflation Indexed Bonds 1.88% 15/07/ ,431 United States Treasury Inflation Indexed Bonds 2.00% 15/01/ ,689,552 United States Treasury Inflation Indexed Bonds 0.13% 15/04/2016 1, ,462 United States Treasury Inflation Indexed Bonds 2.50% 15/07/ ,516 United States Treasury Inflation Indexed Bonds 2.38% 15/01/ ,445,930 United States Treasury Inflation Indexed Bonds 0.13% 15/04/2017 1, ,562 United States Treasury Inflation Indexed Bonds 2.63% 15/07/ ,686 United States Treasury Inflation Indexed Bonds 1.63% 15/01/ ,909 United States Treasury Inflation Indexed Bonds 0.13% 15/04/ ,466 United States Treasury Inflation Indexed Bonds 1.38% 15/07/ ,976 United States Treasury Inflation Indexed Bonds 2.13% 15/01/ ,609 United States Treasury Inflation Indexed Bonds 1.88% 15/07/ ,029 United States Treasury Inflation Indexed Bonds 1.38% 15/01/ ,341,319 United States Treasury Inflation Indexed Bonds 1.25% 15/07/2020 1, ,489,597 United States Treasury Inflation Indexed Bonds 1.13% 15/01/2021 1, ,366,139 United States Treasury Inflation Indexed Bonds 0.63% 15/07/2021 1, ,511,776 United States Treasury Inflation Indexed Bonds 0.13% 15/01/2022 1, ,496,029 United States Treasury Inflation Indexed Bonds 0.13% 15/07/2022 1, ,208,731 United States Treasury Inflation Indexed Bonds 0.13% 15/01/2023 1, ,336,094 United States Treasury Inflation Indexed Bonds 0.38% 15/07/2023 1, ,106,703 United States Treasury Inflation Indexed Bonds 2.38% 15/01/2025 1, United States (cont) Government Bonds - Aaa rating (cont) 850,237 United States Treasury Inflation Indexed Bonds 2.00% 15/01/ ,234 United States Treasury Inflation Indexed Bonds 2.38% 15/01/ ,163 United States Treasury Inflation Indexed Bonds 1.75% 15/01/ ,137 United States Treasury Inflation Indexed Bonds 3.63% 15/04/2028 1, ,677 United States Treasury Inflation Indexed Bonds 2.50% 15/01/ ,546 United States Treasury Inflation Indexed Bonds 3.88% 15/04/2029 1, ,165 United States Treasury Inflation Indexed Bonds 3.38% 15/04/ ,277 United States Treasury Inflation Indexed Bonds 2.13% 15/02/ ,869 United States Treasury Inflation Indexed Bonds 2.13% 15/02/2041 1, ,192 United States Treasury Inflation Indexed Bonds 0.75% 15/02/ ,964 United States Treasury Inflation Indexed Bonds 0.63% 15/02/ Total United States 32, Total bonds 32, Total of investments 32, Cash Other net s Net attributable to redeemable participating shareholders at the end of the period 32, Substantially all cash positions are held with BNY Mellon Trust Company (Ireland) Limited. All credit ratings are shown as at Analysis of total current s gross of all liabilities (unaudited) Fair % of total current s Transferable securities admitted to an official stock exchange listing or traded on a regulated market 32, Other s Total current s 32, ishares VII plc Interim Report

328 For the period ended 2014 Sales s 1,097,737 United States Treasury Inflation Indexed Bonds 2.00% 15/07/2014 1, ,800 United States Treasury Inflation Indexed Bonds 2.38% 15/01/ ,854 United States Treasury Inflation Indexed Bonds 1.38% 15/01/ ,729 United States Treasury Inflation Indexed Bonds 0.13% 15/04/ ,726 United States Treasury Inflation Indexed Bonds 1.63% 15/01/ ,664 United States Treasury Inflation Indexed Bonds 1.13% 15/01/ ,495 United States Treasury Inflation Indexed Bonds 0.38% 15/07/ ,521 United States Treasury Inflation Indexed Bonds 0.13% 15/07/ ,560 United States Treasury Inflation Indexed Bonds 0.13% 15/01/ ,866 United States Treasury Inflation Indexed Bonds 1.25% 15/07/ ,345 United States Treasury Inflation Indexed Bonds 0.63% 15/07/ ,813 United States Treasury Inflation Indexed Bonds 2.13% 15/01/ ,447 United States Treasury Inflation Indexed Bonds 0.13% 15/04/ ,731 United States Treasury Inflation Indexed Bonds 3.88% 15/04/ ,325 United States Treasury Inflation Indexed Bonds 2.50% 15/01/ ,702 United States Treasury Inflation Indexed Bonds 2.13% 15/02/ ,969 United States Treasury Inflation Indexed Bonds 2.00% 15/01/ ,347 United States Treasury Inflation Indexed Bonds 3.63% 15/04/ ,548 United States Treasury Inflation Indexed Bonds 0.13% 15/01/ ,659 United States Treasury Inflation Indexed Bonds 1.75% 15/01/ Purchases Proceeds s Cost 2,087,590 United States Treasury Inflation Indexed Bonds 0.38% 15/07/2023 2, ,673 United States Treasury Inflation Indexed Bonds 0.13% 15/04/ ,818 United States Treasury Inflation Indexed Bonds 0.13% 15/01/ ,265 United States Treasury Inflation Indexed Bonds 0.13% 15/04/ ,567 United States Treasury Inflation Indexed Bonds 3.88% 15/04/ ,079 United States Treasury Inflation Indexed Bonds 2.13% 15/01/ ,760 United States Treasury Inflation Indexed Bonds 0.13% 15/04/ ,494 United States Treasury Inflation Indexed Bonds 0.63% 15/02/ ,224 United States Treasury Inflation Indexed Bonds 1.13% 15/01/ ,082 United States Treasury Inflation Indexed Bonds 0.13% 15/07/ ,630 United States Treasury Inflation Indexed Bonds 2.38% 15/01/ ,483 United States Treasury Inflation Indexed Bonds 0.13% 15/01/ ,746 United States Treasury Inflation Indexed Bonds 1.38% 15/07/ ,716 United States Treasury Inflation Indexed Bonds 1.25% 15/07/ ,683 United States Treasury Inflation Indexed Bonds 0.63% 15/07/ ,837 United States Treasury Inflation Indexed Bonds 0.75% 15/02/ ,269 United States Treasury Inflation Indexed Bonds 2.00% 15/01/ ,290 United States Treasury Inflation Indexed Bonds 2.38% 15/01/ ,742 United States Treasury Inflation Indexed Bonds 3.63% 15/04/ ,891 United States Treasury Inflation Indexed Bonds 1.38% 15/01/ The UCITS notices issued by the Central Bank of Ireland require a Schedule of Portfolio changes during the period. These are defined as aggregate purchases of a security exceeding one per cent of the total of purchases for the period and aggregate disposals greater than one per cent of the total of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the period is available, upon request, at no cost from the Administrator. ishares VII plc Interim Report 327

329 For the period ended SIGNIFICANT ACCOUNTING POLICIES On 23 September, the Board of Directors resolved to commence the wind up of the following Funds with effect from 24 October : ishares CSI 300 UCITS ETF (Swap), ishares EONIA UCITS ETF (Swap), ishares Fed Funds Effective Rate UCITS ETF (Swap), ishares Global Alternative Energy UCITS ETF, ishares MSCI EM EMEA UCITS ETF (Swap), ishares MSCI India UCITS ETF (Swap) and ishares MSCI Taiwan UCITS ETF (Swap). The principal accounting policies and estimation techniques for these Funds up to the date of termination are consistent with those applied to the previous audited financial statements. These Funds have been prepared on a termination basis. The principal accounting policies and estimation techniques are consistent with those applied to the previous annual financial statements. Statement of Compliance The financial statements are prepared in accordance with the Financial Reporting Council Statement on Half-Yearly Financial Reports issued in July NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS As at 2014 As at 31 July As at ishares CSI 300 UCITS ETF (Swap) Shares in issue - 1,625,101 1,625,101 NAV () - 136, ,628 NAV per share - $84.04 $ ishares Dow Jones Industrial Average SM UCITS ETF Shares in issue 999, , ,997 NAV () 157, , ,348 NAV per share $ $ $ ishares EONIA UCITS ETF (Swap) Shares in issue - 218,369 68,369 NAV ( 000) - 22,007 6,892 NAV per share As at 2014 As at 31 July As at ishares Euro Government Bond 1-3 UCITS ETF (Acc) Shares in issue 735,000 1,290,012 1,185,012 NAV ( 000) 80, , ,440 NAV per share ishares Euro Government Bond 3-7 UCITS ETF (Acc) Shares in issue 675, ,972 1,034,972 NAV ( 000) 82,161 79, ,302 NAV per share ishares Euro Government Bond 7-10 UCITS ETF (Acc) Shares in issue 120, , ,956 NAV ( 000) 15,622 16,846 22,094 NAV per share ishares Euro Inflation Link Bond UCITS ETF Shares in issue 270, , ,054 NAV ( 000) 32,462 35,509 46,612 NAV per share ishares EURO STOXX 50 - B UCITS ETF (Acc) Shares in issue 1,525,363 1,875,365 2,275,365 NAV ( 000) 122, , ,192 NAV per share ishares Fed Funds Effective Rate UCITS ETF (Swap) Shares in issue - 87, ,584 NAV () - 8,720 10,126 NAV per share - $99.56 $ ishares VII plc Interim Report

330 For the period ended NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS (continued) As at 2014 As at 31 July As at ishares FTSE 100 UCITS ETF (Acc) Shares in issue 1,350, , ,160 NAV ( 000) 113,450 77,943 76,421 NAV per share ishares FTSE MIB UCITS ETF (Acc) Shares in issue 2,375,078 1,075, ,080 NAV ( 000) 151,501 57,959 48,921 NAV per share ishares Global Alternative Energy UCITS ETF Shares in issue - 425, ,001 NAV () - 20,065 22,033 NAV per share - $47.21 $44.07 ishares MSCI Australia - B UCITS ETF Shares in issue 187, , ,001 NAV () 25,443 24,997 49,375 NAV per share $ $ $ ishares MSCI Brazil UCITS ETF (Acc) Shares in issue 221, , ,001 NAV () 14,786 21,396 71,249 NAV per share $66.91 $72.28 $92.41 ishares MSCI Canada - B UCITS ETF Shares in issue 1,824,473 2,299,475 2,049,475 NAV ()* 234, , ,149 NAV per share $ $ $ * Canadian dollar As at 2014 As at 31 July As at ishares MSCI Chile UCITS ETF Shares in issue 195, , ,001 NAV () 13,360 34,079 50,860 NAV per share $68.51 $81.14 $ ishares MSCI EM Asia UCITS ETF Shares in issue 478, , ,887 NAV () 50,906 49,831 70,546 NAV per share $ $ $ ishares MSCI EM EMEA UCITS ETF (Swap) Shares in issue - 111, ,001 NAV () - 11,758 13,277 NAV per share - $ $ ishares MSCI EM Latin America UCITS ETF (Acc) Shares in issue 107, , ,001 NAV () 8,560 17,859 22,028 NAV per share $80.00 $86.27 $ ishares MSCI EMU Small Cap UCITS ETF Shares in issue 3,350,368 1,575,370 1,650,370 NAV ( 000) 414, , ,771 NAV per share ishares MSCI EMU UCITS ETF Shares in issue 8,549,403 9,149,405 13,724,405 NAV ( 000) 694, , ,691 NAV per share ishares MSCI Europe - B UCITS ETF (Acc) Shares in issue 549, , ,531 NAV ( 000) 49,566 39,601 62,969 NAV per share ishares VII plc Interim Report 329

331 For the period ended NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS (continued) As at 2014 As at 31 July As at ishares MSCI India UCITS ETF (Swap) Shares in issue - 366, ,001 NAV () - 29,453 49,403 NAV per share - $80.47 $95.01 ishares MSCI Japan - B UCITS ETF (Acc) Shares in issue 13,075,737 11,125,739 6,775,739 NAV ( 000) 151,623, ,580,538 59,892,521 NAV per share 11, , , ishares MSCI Japan Large Cap UCITS ETF Shares in issue 500, , ,835 NAV ( 000) 5,958,832 4,145,121 3,885,938 NAV per share 11, , , ishares MSCI Japan Small Cap UCITS ETF (Acc) Shares in issue 504, , ,358 NAV ( 000) 6,449,564 3,735,245 4,786,744 NAV per share 12, , , ishares MSCI Korea UCITS ETF (Acc) Shares in issue 509, , ,001 NAV () 66,027 48,682 52,050 NAV per share $ $ $ ishares MSCI Mexico Capped UCITS ETF Shares in issue 361, , ,001 NAV () 49,317 40,180 67,435 NAV per share $ $ $ ishares MSCI Pacific ex Japan UCITS ETF (Acc) Shares in issue 600, , ,287 NAV () 68,297 64,840 63,370 NAV per share $ $ $ As at 2014 As at 31 July As at ishares MSCI Russia ADR/GDR UCITS ETF Shares in issue 1,785,000 3,585,001 3,585,001 NAV () 182, , ,253 NAV per share $ $ $ ishares MSCI South Africa - B UCITS ETF Shares in issue 30, , ,596 NAV () 3,286 14,397 42,986 NAV per share $ $ $ ishares MSCI Taiwan UCITS ETF (Swap) Shares in issue - 139, ,001 NAV () - 16,743 24,718 NAV per share - $ $ ishares MSCI UK Large Cap UCITS ETF Shares in issue 150, , ,524 NAV ( 000) 14,390 41,167 54,849 NAV per share ishares MSCI UK Small Cap UCITS ETF Shares in issue 200, , ,324 NAV ( 000) 29,525 16,943 20,316 NAV per share ishares MSCI UK UCITS ETF Shares in issue 1,399,653 1,249,655 2,499,655 NAV ( 000) 112, , ,577 NAV per share ishares MSCI USA - B UCITS ETF Shares in issue 1,899,533 2,399,535 2,824,535 NAV () 302, , ,511 NAV per share $ $ $ ishares VII plc Interim Report

332 For the period ended NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS (continued) As at 2014 As at 31 July As at ishares MSCI UK UCITS ETF Shares in issue 1,399,653 1,249,655 2,499,655 NAV ( 000) 112, , ,577 NAV per share ishares MSCI USA - B UCITS ETF Shares in issue 1,899,533 2,399,535 2,824,535 NAV () 302, , ,511 NAV per share $ $ $ ishares MSCI USA Large Cap UCITS ETF Shares in issue 350, , ,133 NAV () 62,414 71,044 55,440 NAV per share $ $ $ ishares MSCI USA Small Cap UCITS ETF Shares in issue 1,150,414 1,000,416 1,000,416 NAV () 251, , ,085 NAV per share $ $ $ ishares MSCI World - B UCITS ETF (Acc) Shares in issue 605, , ,131 NAV () 78,436 85,538 67,753 NAV per share $ $ $ ishares NASDAQ 100 UCITS ETF Shares in issue 3,050,037 1,425,039 1,375,039 NAV () 579, , ,774 NAV per share $ $ $ As at 2014 As at 31 July As at ishares Nikkei 225 UCITS ETF Shares in issue 698, , ,748 NAV ( 000) 9,211,914 8,709,631 9,005,839 NAV per share 13, , , ishares S&P B UCITS ETF (Acc) Shares in issue 9,099,302 6,374,303 5,574,303 NAV () 1,459, , ,247 NAV per share $ $ $ ishares USD Government Bond 1-3 UCITS ETF (Acc) Shares in issue 360, , ,056 NAV () 37,574 31,245 43,724 NAV per share $ $ $ ishares USD Government Bond 3-7 UCITS ETF (Acc) Shares in issue 780, , ,149 NAV () 91,121 95, ,033 NAV per share $ $ $ ishares USD Government Bond 7-10 UCITS ETF (Acc) Shares in issue 20,000 20, ,276 NAV () 2,525 2,535 15,513 NAV per share $ $ $ ishares USD Inflation Linked Bond UCITS ETF Shares in issue 260, , ,967 NAV () 32,592 42,680 59,197 NAV per share $ $ $ ishares VII plc Interim Report 331

333 For the period ended FINANCIAL ASSETS/LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS As at 2014 As at 31 July As at ishares CSI 300 UCITS ETF (Swap) Financial s: Investment in equities - 137, ,380 Unrealised gains on futures contracts - - 1, , ,713 Financial liabilities: Unrealised losses on total return swaps - (474) - - (474) - ishares Dow Jones Industrial Average SM UCITS ETF Financial s: Investment in equities 157, , ,726 Unrealised gains on futures contracts , , ,752 ishares EONIA UCITS ETF (Swap) '000 '000 '000 Financial s: Investment in equities - 22,149 6,842 Unrealised gains on total return swaps ,149 6,895 Financial liabilities: Unrealised losses on total return swaps - (140) - - (140) - As at 2014 As at 31 July As at ishares Euro Government Bond 1-3 UCITS ETF (Acc) '000 '000 '000 Financial s: Investment in bonds 79, , ,926 79, , ,926 ishares Euro Government Bond 3-7 UCITS ETF (Acc) '000 '000 '000 Financial s: Investment in bonds 80,458 77, ,661 80,458 77, ,661 ishares Euro Government Bond 7-10 UCITS ETF (Acc) '000 '000 '000 Financial s: Investment in bonds 15,310 16,505 21,643 15,310 16,505 21,643 ishares Euro Inflation Link Bond UCITS ETF '000 '000 '000 Financial s: Investment in bonds 32,203 35,098 46,225 32,203 35,098 46,225 ishares EURO STOXX 50 - B UCITS ETF (Acc) '000 '000 '000 Financial s: Investment in equities 121, , ,042 Unrealised gains on futures contracts , , ,056 Financial liabilities: Unrealised losses on futures contracts (22) - - (22) ishares VII plc Interim Report

334 For the period ended FINANCIAL ASSETS/LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS (continued) As at 2014 As at 31 July As at ishares Fed Funds Effective Rate UCITS ETF (Swap) Financial s: Investment in equities - 8,798 10,016 Unrealised gains on total return swaps ,798 10,127 Financial liabilities: Unrealised losses on total return swaps - (77) - - (77) - ishares FTSE 100 UCITS ETF (Acc) '000 '000 '000 Financial s: Investment in equities 112,860 77,178 75,727 Unrealised gains on futures contracts ,860 77,205 75,759 Financial liabilities: Unrealised losses on futures contracts (23) - - (23) - - ishares FTSE MIB UCITS ETF (Acc) '000 '000 '000 Financial s: Investment in equities 151,478 57,560 48,617 Unrealised gains on futures contracts ,478 57,588 48,643 As at 2014 As at 31 July As at ishares Global Alternative Energy UCITS ETF Financial s: Investment in equities - 19,955 21,981-19,955 21,981 ishares MSCI Australia - B UCITS ETF Financial s: Investment in equities 25,394 24,770 49,174 Investment in rights Unrealised gains on futures contracts ,394 24,785 49,207 ishares MSCI Brazil UCITS ETF (Acc) Financial s: Investment in equities 14,587 21,105 70,840 Investment in rights ,587 21,106 70,840 ishares MSCI Canada - B UCITS ETF * * * Financial s: Investment in equities 232, , ,195 Unrealised gains on futures contracts , , ,232 Financial liabilities: Unrealised loss on futures contracts (37) - - (37) - - * Canadian dollar ishares VII plc Interim Report 333

335 For the period ended FINANCIAL ASSETS/LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS (continued) As at 2014 As at 31 July As at ishares MSCI Chile UCITS ETF Financial s: Investment in equities 13,209 33,996 50,714 Investment in rights ,209 33,996 50,727 ishares MSCI EM Asia UCITS ETF Financial s: Investment in equities 50, ,373 70,365 Investment in rights ,763 49,375 70,365 ishares MSCI EM EMEA UCITS ETF (Swap) Financial s: Investment in equities - 11,978 13,189 Unrealised gains on total return swaps ,978 13,285 Financial liabilities: Unrealised losses on total return swaps - (214) - - (214) - ishares MSCI EM Latin America UCITS ETF (Acc) Financial s: Investment in equities 8,508 17,763 21,909 Investment in rights* - 1-8,508 17,764 21,909 As at 2014 As at 31 July As at ishares MSCI EMU Small Cap UCITS ETF '000 '000 '000 Financial s: Investment in equities 412, , ,826 Investment in rights* 2-29 Investment in warrants Unrealised gains on futures contracts , , ,880 Financial liabilities: Unrealised loss on futures contracts (58) - - (58) - - ishares MSCI EMU UCITS ETF '000 '000 '000 Financial s: Investment in equities 691, , ,053 Investment in rights Unrealised gains on futures contracts , , ,142 Financial liabilities: Unrealised loss on futures contracts (111) - - (111) - - ishares MSCI Europe - B UCITS ETF (Acc) '000 '000 '000 Financial s: Investment in equities 49,192 39,179 62,590 Investment in rights* Unrealised gains on futures contracts ,193 39,195 62,602 * Amounts less than $500 are rounded to zero. 334 ishares VII plc Interim Report

336 For the period ended FINANCIAL ASSETS/LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS (continued) As at 2014 As at 31 July As at ishares MSCI Europe - B UCITS ETF (Acc) (continued) '000 '000 '000 Financial liabilities: Unrealised loss on futures contracts (14) - - (14) - - ishares MSCI India UCITS ETF (Swap) Financial s: Investment in equities - 29,934 48,636 Unrealised gains on futures contracts ,934 49,437 Financial liabilities: Unrealised losses on total return swaps - (456) - - (456) - ishares MSCI Japan - B UCITS ETF (Acc) '000 '000 '000 Financial s: Investment in equities 151,557, ,894,909 59,641,513 Unrealised gains on futures contracts - 5,234 38, ,557, ,900,143 59,680,244 ishares MSCI Japan Large Cap UCITS ETF '000 '000 '000 Financial s: Investment in equities 5,956,162 4,120,749 3,860,062 Unrealised gains on futures contracts ,552 5,956,162 4,121,317 3,862,614 * Amounts less than $500 are rounded to zero. As at 2014 As at 31 July As at ishares MSCI Japan Small Cap UCITS ETF (Acc) '000 '000 '000 Financial s: Investment in equities 6,435,789 3,710,060 4,762,715 Unrealised gains on futures contracts ,164 6,435,789 3,710,330 4,765,879 ishares MSCI Korea UCITS ETF (Acc) Financial s: Investment in equities 65,389 48,631 51,782 65,389 48,631 51,782 ishares MSCI Mexico Capped UCITS ETF Financial s: Investment in equities 49,116 40,132 67,362 49,116 40,132 67,362 ishares MSCI Pacific ex Japan UCITS ETF (Acc) Financial s: Investment in equities 67,809 64,349 63,078 Investment in rights Unrealised gains on futures contracts ,809 64,376 63,101 Financial liabilities: Unrealised loss on futures contracts (12) - - (12) - ishares MSCI Russia ADR/GDR UCITS ETF Financial s: Investment in equities 182, , ,633 Unrealised gains on futures contracts* , , ,633 ishares VII plc Interim Report 335

337 For the period ended FINANCIAL ASSETS/LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS (continued) As at 2014 As at 31 July As at ishares MSCI South Africa - B UCITS ETF Financial s: Investment in equities 3,265 14,361 42,829 3,265 14,361 42,829 ishares MSCI Taiwan UCITS ETF (Swap) Financial s: Investment in equities - 17,004 24,360 Unrealised gains on total return swaps ,004 24,722 Financial liabilities: Unrealised losses on total return swaps - (252) - - (252) - ishares MSCI UK Large Cap UCITS ETF '000 '000 '000 Financial s: Investment in equities 14,335 40,857 54,410 Unrealised gains on futures contracts ,335 40,866 54,431 ishares MSCI UK Small Cap UCITS ETF '000 '000 '000 Financial s: Investment in equities 29,350 16,802 20,135 Investment in rights 7-3 Unrealised gains on futures contracts ,357 16,805 20,145 Financial liabilities: Unrealised loss on futures contracts (6) - - (6) - - * Amounts less than $500 are rounded to zero. As at 2014 As at 31 July As at ishares MSCI UK UCITS ETF '000 '000 '000 Financial s: Investment in equities 112, , ,017 Unrealised gains on futures contracts , , ,090 Financial liabilities: Unrealised loss on futures contracts (26) - - (26) - - ishares MSCI USA - B UCITS ETF Financial s: Investment in equities 299, , ,900 Unrealised gains on futures contracts , , ,046 Financial liabilities: Unrealised loss on futures contracts (69) - - (69) - - ishares MSCI USA Large Cap UCITS ETF Financial s: Investment in equities 61,870 70,376 54,913 Unrealised gains on futures contracts ,870 70,388 54,935 Financial liabilities: Unrealised loss on futures contracts (14) - - (14) ishares VII plc Interim Report

338 For the period ended FINANCIAL ASSETS/LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS (continued) As at 2014 As at 31 July As at ishares MSCI USA Small Cap UCITS ETF Financial s: Investment in equities 249, , ,352 Unrealised gains on futures contracts , , ,394 Financial liabilities: Unrealised loss on futures contracts (47) - - (47) - - ishares MSCI World - B UCITS ETF (Acc) Financial s: Investment in equities 77,769 84,713 67,273 Unrealised gains on futures contracts ,769 84,738 67,290 Financial liabilities: Unrealised loss on futures contracts (24) - - (24) - - ishares NASDAQ 100 UCITS ETF Financial s: Investment in equities 579, , ,092 Unrealised gains on futures contracts , , ,115 ishares Nikkei 225 UCITS ETF '000 '000 '000 Financial s: Investment in equities 9,205,746 8,671,391 8,934,397 Unrealised gains on futures contracts ,750 9,205,746 8,671,992 8,941,147 As at 2014 As at 31 July As at ishares S&P B UCITS ETF (Acc) Financial s: Investment in equities 1,452, , ,885 Unrealised gains on futures contracts ,452, , ,101 Financial liabilities: Unrealised loss on futures contracts (179) - - (179) - - ishares USD Government Bond 1-3 UCITS ETF (Acc) Financial s: Investment in bonds 37,385 31,058 43,383 37,385 31,058 43,383 ishares USD Government Bond 3-7 UCITS ETF (Acc) Financial s: Investment in bonds 90,351 94, ,949 90,351 94, ,949 ishares USD Government Bond 7-10 UCITS ETF (Acc) Financial s: Investment in bonds 2,493 2,483 15,353 2,493 2,483 15,353 ishares USD Inflation Linked Bond UCITS ETF Financial s: Investment in bonds 32,409 42,406 58,842 32,409 42,406 58,842 ishares VII plc Interim Report 337

339 For the period ended EFFICIENT PORTFOLIO MANAGEMENT TECHNIQUES The Company may, subject to the conditions and within the limits from time to time laid down by the Central Bank of Ireland and the prospectus, engage in securities lending and employ techniques and instruments relating to transferable securities for efficient portfolio management purposes. During the period the Company engaged in securities lending. The Company receives either cash collateral or securities as collateral, as determined within the schedule, for a in excess of the market of the securities loaned. As at the 2014 the collateral consists of securities admitted to or dealt on a regulated market. The collateral is registered and held in the name of the Bank of New York Mellon (London Branch) ( Lending Agent ) on behalf of the Funds. The Investment Manager and the Lending Agent monitor the fair of the securities loaned and additional collateral is obtained, if necessary. Further details of securities lending borrowers can be seen on page 26. The securities lending agent appointed pursuant to the stock lending agreement is Bank of New York Mellon (London Branch). Securities lending income is split between the Fund and the securities lending agent in a ratio of 60:40 in favour of the Fund, with all operational costs borne out of the securities lending agents share. As at 2014* As at 31 July As at ishares EURO STOXX 50 - B UCITS ETF (Acc) '000 '000 '000 Income earned during the period/year Value of securities on loan at the period/year end - 14,354 18,054 Value of collateral held by the Fund at period/year end - 16,343 19,888 As at 2014* As at 31 July As at ishares MSCI Canada - B UCITS ETF ** ** ** Income earned during the period/year Value of securities on loan at the period/year end - 66,445 73,497 Value of collateral held by the Fund at period/year end - 77,806 78,057 ishares MSCI EMU Small Cap UCITS ETF '000 '000 '000 Income earned during the period/year Value of securities on loan at the period/year end 85 30,236 26,327 Value of collateral held by the Fund at period/year end 89 33,771 28,403 ishares MSCI EMU UCITS ETF '000 '000 '000 Income earned during the period/year 103 1, Value of securities on loan at the period/year end - 104, ,862 Value of collateral held by the Fund at period/year end - 118, ,181 * With effect from 1 February 2014, BlackRock replaced Bank of New York Mellon (London Branch) as Securities Lending Agent of the Company. ** Canadian dollar 338 ishares VII plc Interim Report

340 For the period ended EFFICIENT PORTFOLIO MANAGEMENT TECHNIQUES (continued) As at 2014* As at 31 July As at ishares MSCI Europe - B UCITS ETF (Acc) '000 '000 '000 Income earned during the period/year Value of securities on loan at the period/year end - 3,117 3,656 Value of collateral held by the Fund at period/year end - 3,587 4,044 ishares MSCI Japan - B UCITS ETF (Acc) '000 '000 '000 Income earned during the period/year 18,896 28,762 14,193 Value of securities on loan at the period/year end - 12,562,572 7,240,203 Value of collateral held by the Fund at period/year end - 14,479,487 8,078,027 * With effect from 1 February 2014, BlackRock replaced Bank of New York Mellon (London Branch) as Securities Lending Agent of the Company. Please see note 9 on page 33 for more information on financial derivative instruments. ishares VII plc Interim Report 339

341 Regulatory Information BlackRock Advisors (UK) Limited, which is authorised and regulated by the Financial Conduct Authority ('FCA'), having its registered office at 12 Throgmorton Avenue, London, EC2N 2DL, England, Tel +44 (0) , has issued this document for access by Professional Clients only and no other person should rely upon the information contained within it. For your protection, calls are usually recorded. ishares plc, ishares II plc, ishares III plc, ishares IV plc, ishares V plc, ishares VI plc and ishares VII plc (together 'the Companies') are open-ended investment companies with variable capital having segregated liability between their funds organised under the laws of Ireland and authorised by the Central Bank of Ireland. For investors in the UK Most of the protections provided by the UK regulatory system do not apply to the operation of the Companies, and compensation will not be available under the UK Financial Services Compensation Scheme on its default. The Companies are recognised schemes for the purposes of the Financial Services and Markets Act Any decision to invest must be based solely on the information contained in the Company s Prospectus, Key Investor Information Document and the latest half-yearly report and unaudited accounts and/or annual report and audited accounts. Investors should read the fund specific risks in the Key Investor Information Document and the Company s Prospectus. Restricted Investors This document is not, and under no circumstances is to be construed as an advertisement or any other step in furtherance of a public offering of shares in the United States or Canada. This document is not aimed at persons who are resident in the United States, Canada or any province or territory thereof, where the companies/securities are not authorised or registered for distribution and where no prospectus has been filed with any securities commission or regulatory authority. The companies/securities may not be acquired or owned by, or acquired with the s of, an ERISA Plan. Risk Warnings Investment in the products mentioned in this document may not be suitable for all investors. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. The price of the investments may go up or down and the investor may not get back the amount invested. Your income is not fixed and may fluctuate. The of investments involving exposure to foreign currencies can be affected by exchange rate movements. We remind you that the levels and bases of, and reliefs from, taxation can change. BlackRock has not considered the suitability of this investment against your individual needs and risk tolerance. The data displayed provides summary information, investment should be made on the basis of the relevant Prospectus which is available from the manager. In respect of the products mentioned this document is intended for information purposes only and does not constitute investment advice or an offer to sell or a solicitation of an offer to buy the securities described within. This document may not be distributed without authorisation from BlackRock Advisors (UK) Limited. Index Disclaimers S&P is a registered trademark of Standard & Poor s Financial Services LLC ( S&P ) and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC ( Dow Jones ) and have been licensed for use by S&P Dow Jones Indices LLC and its affiliates and sublicensed for certain purposes by BlackRock Fund Advisors or its affiliates ( BlackRock ). The Dow Jones Industrial Average SM is a product of S&P Dow Jones Indices LLC or its affiliates, and has been licensed for use by BlackRock. The ishares Dow Jones Industrial Average SM UCITS ETF (the Fund ) is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, their respective affiliates, and none of S&P Dow Jones Indices LLC, Dow Jones, S&P nor their respective affiliates makes any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above. Index data source: S&P Dow Jones Indices LLC. 'FTSE ' is a trade mark jointly owned by the London Stock Exchange plc and the Financial Times Limited (the 'FT') and is used by FTSE International Limited ('FTSE') under licence. The FTSE 100 Index is calculated by or on behalf of FTSE International Limited ('FTSE'). None of the Exchange, the FT nor FTSE sponsors, endorses or promotes ishares FTSE 100 UCITS ETF (Acc) nor is in any way connected to the fund or accepts any liability in relation to its issue, operation and trading. All copyright and database rights within the index s and constituent list vest in FTSE. BlackRock Advisors (UK) Limited has obtained full licence from FTSE to use such copyright and database rights in the creation of this product. 340 ishares VII plc Interim Report

342 FTSE ' is a trade mark of the London Stock Exchange plc and the Financial Times Limited, 'MIB' is a trade mark of Borsa Italiana SpA ('Borsa Italiana') and both are used by FTSE International Limited ('FTSE') under licence. The FTSE MIB Index is calculated by FTSE with the assistance of Borsa Italiana. Neither FTSE nor its licensors nor Borsa Italiana sponsor, endorse or promote the ishares FTSE MIB UCITS ETF (Acc) and are not in any way connected to it and do not accept any liability in relation to its issue, operation and trading. All copyright in the index s and constituent list vest in FTSE. BlackRock Advisors (UK) Limited has obtained full licence from FTSE to use such copyright in the creation of this product. The Markit iboxx EUR Sovereigns 1-3Y (Mid), Markit iboxx EUR Sovereigns 3-7Y (Mid), Markit iboxx EUR Sovereigns 7-10Y (Mid), Markit iboxx Euro Sovereigns Inflation-Linked Index Nom. (Mid), Markit iboxx USD Treasuries 1-3Y (Mid), Markit iboxx USD Treasuries 3-7Y (Mid), Markit iboxx USD Treasuries 7-10 (Mid) and Markit iboxx TIPS Inflation-Linked Index Nom. (Mid) referenced herein are the property of Markit Indices Limited and is used under license. The ishares Euro Government Bond 1-3 UCITS ETF (Acc), ishares Euro Government Bond 3-7 UCITS ETF (Acc), ishares Euro Government Bond 7-10 UCITS ETF (Acc), ishares Euro Inflation Link Bond UCITS ETF, ishares USD Government Bond 1-3 UCITS ETF (Acc), ishares USD Government Bond 3-7 UCITS ETF (Acc), ishares USD Government Bond 7-10 UCITS ETF (Acc) and ishares USD Inflation Linked Bond UCITS ETF are not sponsored, endorsed, or promoted by Markit Indices Limited. ishares funds are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or any index on which such funds are based. The Prospectus contains a more detailed description of the limited relationship that MSCI has with BlackRock Advisors (UK) Limited and any related funds. Nasdaq, Nasdaq 100 is a registered trademark of the NASDAQ OMX Group, Inc. (referred to below as corporation jointly with its affiliates) and is licensed for use by BlackRock Fund Management Company (Ireland) Limited. The corporation bears no liability for the legality or suitability of the product. The product is not issued, subscribed, sold or promoted by the corporation. The corporation makes no warranties and bears no liability with respect to the product. Nikkei 225 is protected by a copyright and is calculated according to criteria independently developed and created by Nikkei Inc. Nikkei Inc. is the only and exclusive owner of the copyrights and other intellectual property rights on Nikkei 225 and on the relevant calculation criteria. Nikkei Digital Media Inc., upon authorization of Nikkei Inc., licensed the use of Nikkei 225 as index for the fund to the licensee. The intellectual property and any other right related to the trademarks connected with Nikkei and Nikkei 225 are granted to Nikkei Inc. Nikkei Inc. and/or Nikkei Digital Media, Inc. do not sponsor, support, sell or advertise the fund. Nikkei Inc. and/or Nikkei Digital Media, Inc. are not connected in any way with the fund and license the use of certain trademarks and of Nikkei 225 for the fund itself to the licensee. The licence agreement between Nikkei Digital Media, Inc. and the licensee grants no right to any third party. The fund is managed at the licensee s exclusive risk; Nikkei Inc. and/or Nikkei Digital Media, Inc. assume no obligation or liability with respect to the management and transactions of the fund. Nikkei Inc. and/or Nikkei Digital Media, Inc. bear no liability for the correctness of the fund s calculations or relevant data. Nikkei Inc. and/or Nikkei Digital Media, Inc. have no obligation to continue to publish the Nikkei 225 and are not responsible for any errors, delays, interruptions, suspensions or termination of the relevant publication; Nikkei Inc. and Nikkei Digital Media, Inc. are authorized to change the description of securities, calculation criteria or any other detail of Nikkei 225 and have the right to interrupt or stop the announcement of Nikkei 225 with no responsibility towards the licensor or any third party. Standard & Poor s ', 'S&P ', are registered trademarks and 'S&P 500' is a trademark of Standard & Poor s Financial Services LLC and have been licensed for use for certain purposes by BlackRock Fund Advisors or its affiliates. ishares is a registered trademark of BlackRock Fund Advisors or its affiliates. ishares S&P B UCITS ETF (Acc) is not sponsored, endorsed, sold or promoted by S&P and S&P makes no representation regarding the advisability of investing in this product. EURO STOXX 50 is the intellectual property (including registered trademarks) of STOXX Limited and/or of its licensors ( licensors ), and is used under a licence. ishares EURO STOXX 50 - B UCITS ETF (Acc) is not sponsored, subscribed, sold or promoted by STOXX and its licensors and none of them bear any liability in this respect BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, ALADDIN, ishares, LIFEPATH, SO WHAT DO I DO WITH MY MONEY, INVESTING FOR A NEW WORLD, and BUILT FOR THESE TIMES are registered and unregistered trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners. ishares VII plc Interim Report 341