Fund Description: iShares International Select Dividend ETF, formerly iShares Dow Jones EPAC Select Dividend Index Fund, is a separate investment portfolio of the iShares Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The iShares International Select Dividend ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Dow Jones EPAC Select Dividend Index. INDEX DESCRIPTION: The Dow Jones EPAC Select Dividend Index measures the performance of a selected group of equity securities issued by companies that have provided relatively high dividend yields on a consistent basis over time. The Index is comprised of one hundred of the highest dividend-yielding securities (excluding REITs) in the Dow Jones World Developed-Ex. U.S. Index, a broad-based index representative of the Europe, Pacific, Asia and Canada (“EPAC”) regions, which covers developed markets, excluding the United States. To be included in the Index, the securities (i) must have paid dividends in each of the previous three years; (ii) must have a previous year’s dividend per-share which is greater than or equal to its three year average dividend payout ratio; (iii) must have a five year average dividend per-share which is less than or equal to 1.5 times the five year average dividend payout ratio of the corresponding Dow Jones country index; and (iv) must have a minimum three-month average daily trading volume of $3,000,000 a day. The Index is reviewed annually. FUND STRATEGY: The Fund generally will invest at least 90% of its assets in component securities and in depositary receipts representing securities in the Dow Jones EPAC Select Dividend Index. The Fund may invest up to 10% of its assets in certain futures, options, and swap contracts, cash and cash equivalents, including money market mutual funds advised by BGFA, other exchange traded funds, including other iShares funds and stocks not included in the Index but which the advisor believes will help the Fund track its Index. The Fund uses a passive or indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to beat the Index and does not seek temporary defensive positions when markets decline or appear overvalued. The Fund may invest in securities not included in the Index in order to reflect prospective changes in the Index such as future corporate actions and index reconstitutions, additions and deletions. Representative Sampling is an indexing strategy that involves investing in a representative sample of the securities included in the Index that collectively has an investment profile similar to the Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, earnings valuation and yield) and liquidity measures similar to those of the Index. The Fund may or may not hold all of the securities that are included in the Index. FUND MANAGEMENT: BlackRock Fund Advisors (BFA) serves as the investment adviser to the Fund.