EFA Options Product Specifications

Options on iShares MSCI EAFE ETF - EFA

Options on the iShares MSCI EAFE Exchange Traded Fund

Symbol: EFA

Underlying: The underlying for EFA Options is 100 shares of the iShares MSCI EAFE Exchange Traded Fund, an exchange-traded fund designed to track the performance of the MSCI EAFE? Index (Europe, Australasia, Far East). The MSCI EAFE Index is a capitalization-weighted index composed of stocks representing market characteristics of 21 countries in Europe, Australasia and the Far East. The MSCI EAFE? Index is recognized as the pre-eminent benchmark in the United States to measure international equity performance.

Strike Price Intervals: Strike prices are listed with minimum intervals of 1 point.

Strike (Exercise) Prices: In-, at- and out-of-the-money strike prices are initially listed. New strikes can be added as the index moves up or down.

Premium Quotation: Stated in decimals. One point equals $100. Minimum tick for options trading below 3.00 is 0.05 ($5.00) and for all other series, 0.10 ($10.00).

Expiration Date: Saturday immediately following the third Friday of the expiration month until February 15, 2015. On and after February 15, 2015, the expiration date will be the third Friday of the expiration month.

Expiration Months: Up to three near-term months plus up to 3 months on the March quarterly cycle. LEAPS® may also be available for trading.

Exercise Style: American - EFA Options generally may be exercised on any business day before expiration.

Settlement of Option Exercise: Physical Delivery. Exercise notices properly tendered on any business day will result in delivery of the iShares MSCI EAFE Exchange Traded Fund on the third business day following exercise.

Position Limit: 22,500 contracts on the same side of the market.

Margin: Uncovered writers must deposit 100% of the option proceeds plus 15% of the aggregate contract value (current index level multiplied by $100) minus the amount by which the option is out-of-the-money, if any. Minimum margin is 100% of the option proceeds plus 10% of the aggregate contract value. Long puts or calls must be paid for in full.

CUSIP Number: 46428765

Last Trading Day: Trading in EFA Options will ordinarily cease at the close on the business day (usually a Friday) preceding the expiration date.

Trading Hours: 8:30 a.m. to 3:15 p.m. Central Time (Chicago time).

MSCI, EAFE, iShares, BGI and the MSCI index names are service marks of Morgan Stanley Capital International Inc. ("MSCI"), its licensors or their affiliates (the "MSCI Parties") and have been licensed for use by the Chicago Board Options Exchange. Option contracts on any exchange-traded fund based on an MSCI index are not sponsored, guaranteed or endorsed by MSCI, the issuer of such fund or their affiliates. None of the MSCI Parties makes any representations regarding the advisability of investing in such option contracts. None of the MSCI Parties makes any warranty, express or implied, or bears any liability as to the results to be obtained by any person or any entity from any option contract. No purchaser, seller or holder of this security, or any other person or entity, should use or refer to any trade name, trademark or service mark relating thereto to sponsor, endorse, market or promote any other security without first contacting MSCI to determine whether MSCI's permission is required. For complete information about iShares, request a prospectus by calling 1-800-iSHARES (1-800-474-2737). iShares are distributed by SEI Investments Distribution Co. Barclays Global Fund Advisors serves as an advisor to iShares and is a subsidiary of Barclays Global Investors, N.A., (BGI) neither of which is affiliated with SEI. iShares® is a registered trademark of Barclays Global Investors, N.A. iShares are not FDIC insured, have no bank guarantee, and may lose value.