Prospectus (4.96 Mb) - BlackRock International

The Company is exposed to market risk and strategy risk.
There can be no assurance that the trading strategies employed by an External Investment Advisor will be successful.
The Company may not be successful in effectively utilising hedging and risk management transactions, which could
subject its portfolio to increased risk or lower returns on its investments and cause the Shares to decrease in value.
Fund Investments utilise high risk securities, including low credit quality and distressed securities, which may be illiquid,
and may utilise highly speculative investment techniques.
Fund Investments may engage in short sales of securities, which carries a greater degree of risk than cash investments in
securities.
Fund Investments may invest in companies experiencing significant business and financial distress, for which the level of
analytical sophistication required for a successful investment is unusually high.
Fund Investments may use various derivative instruments, including options and futures, as part of its investment
strategy, which use of derivative instruments may involve additional risks.
Fund Investments may invest in off-exchange transactions, including spot, forward and option contracts and swaps.
Off-exchange contracts are not regulated and such contracts are not guaranteed by an exchange or clearing house.
The use of leverage by Fund Investments could result in a substantial loss to the Company which would be greater than if
the Fund Investments were not leveraged.
Fund Investments may engage in risk arbitrage transactions, which carry a greater degree of risk than investments in
securities.
Fund Investments may invest in securities and currencies traded in emerging markets, where laws governing securities
transactions are new and untested, and in countries which carry geopolitical risk.
Fund Investments may be established in jurisdictions where no or limited supervision is exercised on such Fund
Investments by regulators, and investor protection may therefore be less efficient in such jurisdictions.
RISKS RELATING TO THE INVESTMENT MANAGER
Indemnification provisions in the Management Agreement and Investment Management Agreement and performancebased
compensation arrangements could encourage riskier investment choices that could cause significant losses for the
Company.
The Investment Manager is dependent on information technology systems and back office functions.
The success of the investment policy of the Company will be significantly dependent upon the expertise of the Investment
Manager and the External Investment Advisors and the loss of key people within the Investment Manager or the External
Investment Advisors may adversely affect the Company.
The identification of attractive investment opportunities is difficult and involves a high degree of uncertainty.
RISKS RELATING TO TAXATION
Changes to the tax laws of, or practice in, Jersey or any other tax jurisdiction affecting the Company or in which it may
invest could adversely affect the value of the investments held by the Company and decrease the post-tax returns to
Shareholders.
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