iShares®

SLV PERIODIC SEC REPORTS

This material includes statements that relate to future events or future performance. In some cases, you can identify these forward-looking statements by words such as "may", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential" or the negative of these terms or other comparable phrases. All statements, other than statements of historical fact, included in this material that address activities, events or developments that may occur in the future, are forward-looking statements. These statements are only predictions. Actual events or results may differ materially. These statements are based upon assumptions and analyses on the basis of historical trends, current conditions and expected future developments, as well as other factors believed appropriate in the circumstances. Whether actual results and developments will conform to such expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed in the related prospectus, including under "Risk Factors", general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies and other world economic and political developments. Consequently, all forward-looking statements made are qualified by these cautionary statements, and there can be no assurance that the actual results or developments the Sponsor anticipates will be realized or, even if substantially realized, will result in the expected consequences to, or have the expected effects on, the Trust's operations or the value of the Shares. Moreover, you should be aware that there is no duty to update any forward looking statements to conform the statements to actual results or to a change in such expectations or predictions after the date of their inclusion in the relevant document.