The prices of commodities tend to experience greater variations than other asset classes (e.g. equities or fixed income securities). Investments in commodities are therefore potentially riskier than other types of investments.

Investment risk is concentrated in a single commodity. This means the Fund is more sensitive to fluctuations in the price of gold.

The value of gold may be subject to substantial fluctuations. Factors such as supply and demand, localised economic, political or environmental events, transportation, customs and fiscal restrictions may impact the value of gold.

Currency hedging may not completely eliminate currency risk in the Fund, and may affect the performance of the Fund.

In the European Economic Area (EEA): this is Issued by BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20-549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded. For Ireland and only in relation to Per Se Professionals and/or Eligible Counterparties (i.e., Professional Investors), this may also be issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.

In the UK and Non-European Economic Area (EEA) countries (excluding Switzerland),: this is Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.

This is Marketing Material. iShares Physical Metals plc (the company) 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. The Prospectus (Available in French, German, Polish and English Languages) Key Investor Information document (UK only), PRIIPs KID and further information about the Fund and the Share Class, such as details of the key underlying investments of the Share Class and share prices, is available on the iShares website at www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser. The indicative intra-day net asset value of the Share Class is available at http://deutsche-boerse.com and/or http://www.reuters.com. Investors who are not Authorised Participants must buy and sell shares on a secondary market with the assistance of an intermediary (e.g. a stockbroker) and may incur fees and additional taxes in doing so. In addition, as the market price at which the Shares are traded on the secondary market may differ from the Net Asset Value per Share, investors may pay more than the then current Net Asset Value per Share when buying shares and may receive less than the current Net Asset Value per Share when selling them. Precious metal prices are generally more volatile than those of most other asset classes. Investments in precious metals therefore carry greater risks and are more complex than other investments. The value and secondary market price of ETC securities can exhibit similar volatility. Investors face the same risks generally associated with direct investments in precious metals, including supply and demand disruptions affecting liquidity, natural disasters, and localized political and economic situations in their country of origin.

The securities are priced in US dollars, and their value in other currencies is affected by exchange rate fluctuations. Please note that the amount and basis of taxation, as well as regulations regarding tax relief, are subject to change. The ETCs mentioned in this document may not be suitable for all investors. Investments in these ETCs involve significant risks. Investors should carefully review and familiarize themselves with the information on risk factors in the base prospectus. Past performance is not indicative of future results and should not be the sole factor in selecting a product.

The securities issued by iShares Physical Metals plc are limited recourse bonds, payable only from the underlying secured property. If the secured property is insufficient, the outstanding claims will remain unpaid. Investors should understand all characteristics of the funds objective before investing, if applicable this includes sustainable disclosures and sustainable related characteristics of the fund as found in the prospectus, which can be found www.blackrock.com on the relevant product pages for where the fund is registered for sale. BlackRock and/or the Management Company may terminate marketing at any time. For information on investor rights and how to raise complaints please go to https:// www.blackrock.com/corporate/compliance/investor-right available in in local language in registered jurisdictions UCITS HAVE NO GUARANTEED RETURN AND PAST PERFORMANCE DOES NOT GUARANTEE THE FUTURE ONES

This document is marketing material and will expire 12 months after issue

Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy

This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer.

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