Prospectus (4.96 Mb) - BlackRock International

The Company has received a permit under the Collective Investment Funds (Jersey) Law, 1988 (as amended) (the “CIF
Law”) to carry out its functions but is not authorised or regulated in any other jurisdiction. The JFSC is protected by the
CIF Law, against liability arising from its functions under that law. The Manager is licensed to conduct fund services
business in respect of the Company under the Financial Services (Jersey) Law, 1988 (as amended) (the “FSL”). The JFSC is
protected by the FSL against any liability arising from the discharge of its functions under the FSL.
A copy of this document has been delivered to the Jersey registrar of companies in accordance with article 5 of the
Companies (General Provisions) (Jersey) Order 1992, as amended and the registrar has given, and has not withdrawn, his
consent to its circulation.
It must be distinctly understood that neither the Jersey registrar of companies nor the JFSC takes responsibility for the
financial soundness of the Company or for the correctness of any statements made, or opinions expressed, with regard to it.
Any change to the Company or amendment to the Prospectus which would not be in full compliance with the provisions
set out in the Listed Fund Guide published by the JFSC from time to time requires the prior approval of the JFSC.
Application has been made to the FSA for all of the Shares of the Company issued in connection with the Offer to be
admitted to the Official List and to trading on the London Stock Exchange’s main market for listed securities. It is not
intended that the Shares be admitted to listing in any other jurisdiction. Dealings in the Shares are expected to commence
on a “when issued” basis at 8.00 am (London time) on or about 24 April 2008. It is expected that admission of such shares
to the Official List will become effective and that unconditional dealings will commence at 8.00 am (London time) on
29 April 2008 with delivery of such Shares expected to take place on or about 29 April 2008. Dealings on the London Stock
Exchange before Admission will only be settled if Admission takes place. All dealings before the date of Admission will be
of no effect if Admission does not take place and such dealings will be at the sole risk of the parties concerned.
You are wholly responsible for ensuring that all aspects of this Company are acceptable to you. Investment in listed funds
may involve special risks that could lead to a loss of all or a substantial portion of such investment. Unless you fully
understand and accept the nature of this Company and the potential risks inherent in this Company you should not invest
in this Company. Further information in relation to the regulatory treatment of listed funds domiciled in Jersey may be
found on the website of the JFSC at www.jerseyfsc.org.
If you are in any doubt about the contents of the Prospectus, you should seek advice from someone who is licensed
under the Financial Services (Jersey) Law 1998 (as amended) to provide investment advice, or from your stockbroker,
bank manager, solicitor, accountant or other financial adviser.
The Shares have not been and will not be registered under the US Securities Act of 1933, as amended (“US Securities Act”)
or any other applicable law of the United States. The Shares are being offered outside the United States to non-US
persons in reliance on the exemption from registration provided by Regulation S of the US Securities Act. The Shares may
not be offered or sold within the United States, or to US Persons. The Company will not be registered under the US
Investment Company Act, and investors will not be entitled to the benefits of such Act.
In addition, prospective investors should note that the Shares may not be acquired by investors using assets of any
employee benefit plan subject to Part 4 of Subtitle B of the Title I of the US Employee Retirement Income Security Act of
1974, as amended (“ERISA”) or Section 4975 of the US Internal Revenue Code of 1986, as amended (the “US Internal
Revenue Code”) or other federal, state, local or other law or regulation that is substantially similar to the prohibited
transaction provisions of Section 406 of ERISA or Section 4975 of the US Internal Revenue Code.
The Investment Manager is currently registered with the US Commodity Futures Trading Commission (“CFTC”) as a
commodity pool operator (“CPO”). However, with respect to the Company, the Investment Manager has filed with the US
National Futures Association a claim pursuant to CFTC Rule 4.13(a)(4) for exemption from certain requirements
applicable to a CPO. The Investment Manager is exempt from the CFTC requirements as a commodity pool operator with
respect to the Company because participation in this pool is limited to non US investors. Therefore, the Investment
Manager is not required to deliver a disclosure document and a certified annual report to participants in this pool.
For additional offering and selling restrictions, see “The Offer” in Part 2 of the Securities Note and “Selling Restrictions”
on page 35 of this Registration Document.
UBS is acting for the Company and no one else in connection with the Offer and will not be responsible to anyone other
than the Company in providing the protections afforded to its clients nor for providing advice in connection with the Offer,
the contents in the Prospectus or any matters referred to herein.
Each of BlackRock Financial Management, Inc. and BlackRock (Channel Islands) Limited is acting for the Company and no
one else in connection with the Offer and will not be responsible to anyone other than the Company in providing the
protections afforded to its clients nor for providing advice in connection with the Offer, the contents of the Prospectus or
any matters referred to herein.
This Registration Document, the Securities Note and the Summary Note, which together comprise the Prospectus,
should be read in their entirety before making any application for Shares.
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