2013 04 10 cmyk NA 04online.wsj.com/public/resources/documents/pageone041013.pdf · 2018-08-27 ·...
1
YELLOW ***** WEDNESDAY, APRIL 10, 2013 ~ VOL. CCLXI NO. 83 WSJ.com HHHH $2.00 CONTENTS Business Tech............ B4 Corp. News... B2,3,6,8,9 Global Finance............ C3 Heard on Street...... C12 In the Markets........... C4 Leisure & Arts............ D5 Opinion................... A11-13 Property Report... C6-9 Sports.............................. D6 Stock Listings.......... C10 U.S. News................. A2-5 Weather Watch...... B10 World News ........... A6-9 DJIA 14673.46 À 59.98 0.4% NASDAQ 3237.86 À 0.5% NIKKEI 13192.35 g 0.002% STOXX 600 288.07 À 0.15% 10-YR. TREAS. g 5/32 , yield 1.752% OIL $94.20 À $0.84 GOLD $1,586.20 À $14.20 EURO $1.3082 YEN 99.03 s Copyright 2013 Dow Jones & Company. All Rights Reserved Vital Signs Job openings reached a postrecession high in Febru- ary. Employers had 3.9 million positions open, up 11% from a year earlier and the most since May 2008. With 12 mil- lion Americans unemployed in February, there were 3.1 job seekers for every open- ing. There were 6.7 job seek- ers per opening in July 2009 when the recovery started and 1.8 when the recession began in December 2007. Number of job seekers per opening Source: Labor Department '09 '10 '11 '12 ’08 ’07 ’06 0 2 4 6 > T he vast majority of bor- rowers being compensated for mortgage-related abuses will get less than $1,000 apiece as part of a settlement between federal regulators and banks accused of foreclo- sure-processing mistakes. C1 n A former KPMG partner admitted passing stock tips about clients to a friend in ex- change for cash and gifts, in a scandal that led KPMG to resign as auditor for two firms. A1, A2 n Blackstone is talking to several technology compa- nies about potentially join- ing its bid to take computer maker Dell private. B3 n A group including Black- stone, Carlyle, KKR and Te- masek were in talks on making a joint bid of about $11 billion for Life Technologies. B2 n China unexpectedly swung to a trade deficit in March as imports surged after a holi- day-induced lull, following on a string of strong surpluses. A6 n Fitch lowered one of its key ratings on China’s debt, one of the most prominent warnings to date over a credit buildup in the nation’s economy. A6 n U.S. stocks rose, with trad- ers pointing to a slow but steady stream of new money heading into the market. The Dow gained 59.98 points. C4 n Yahoo and Apple have been discussing how more of Yahoo’s services can play a prominent role on Apple’s iPhone and iPad devices. B1 n A whirlwind trip to Europe by Treasury’s Lew underscored the stark trans-Atlantic divide over how best to recover from the global economic slump. A8 n A number of small banks used government cash intended to boost small-business lend- ing to repay bailout funds, the TARP watchdog said. C1 n Penney’s ouster of Ron Johnson is a blow to investor William Ackman, who set out to change the retailing world by revamping the chain. B1, B2 n Two investment firms are in discussions with Republic Airways to acquire discount carrier Frontier Airlines. B3 n Agrium staved off an at- tempt by hedge fund Jana Partners to install a slate of directors on its board. B2 n MetLife is ratcheting up its public campaign to avoid designation as a systemically important financial firm. C3 n The Senate is likely to vote on gun-control legislation. Democrats are expected to foil a threatened GOP filibus- ter and bring the bill to the floor after a number of Re- publicans split with their party leader. Bipartisan nego- tiators working on expanding background checks for gun buyers also appeared poised to announce a deal. A5 A vote would mark the first time the full chamber takes up the issue since the New- town, Conn., school shooting. n North Korea warned for- eigners to leave South Korea, citing a threat of war. Analysts discounted the statement as part of a fear campaign. A6 n Illegal immigrants in the U.S. wouldn’t gain green cards under a bipartisan Senate bill until a tough border-security proposal is implemented. A1 n The U.S. Air Force is idling a third of its combat air fleet and halting its advanced pilot-train- ing program due to across-the- board spending cuts. A4 n The FBI is probing a record- ing in which Sen. McConnell’s aides discussed a political at- tack against Ashley Judd, at the time a potential rival. A4 n Al Qaeda’s branch in Iraq said it has merged with a Syr- ian rebel extremist faction in a push to exert more influence on the Syrian rebellion. A7 n Medicare and Medicaid’s acting chief appears likely to win Senate approval as the programs’ first confirmed ad- ministrator in seven years. A5 n The White House is map- ping out a West Bank economic strategy in a bid to restart peace talks between Israel and the Palestinians, Kerry said. A7 n Tokyo Electric found a new contaminated-water leak com- ing from a storage pool at the Fukushima nuclear plant. A7 n An earthquake hit southern Iran, killing at least 35 people but leaving a nuclear-power plant in the area unscathed. A6 n A former Illinois lawmaker, Democrat Robin Kelly, won an election to succeed Jesse Jackson Jr. in Congress. A2 n Insurgents in South Sudan killed 12 people in an attack on a U.N. convoy near Sudan, cast- ing doubt on a peace deal. A7 n A gunman in Serbia killed 13 people, including his mother and son, before turning his gun on himself and his wife. A9 Business & Finance World-Wide Follow the news all day at WSJ.com Nancy Pastor for the Wall Street Journal TODAY IN PERSONAL JOURNAL Test-Marketing a Princess PLUS When Facebook Takes Over Your Phone: A Review What’s News– i i i i i i EDMONTON, Alberta—For the better part of a year, Canadian officials and executives watched from afar as a shale-oil boom ex- ploded south of the border. But it wasn’t until last fall that the full impact of the U.S. energy boom hit the provincial government here in the heart of Canada’s oil patch. Around October, prices for Canadian bitumen—a heavy crude from the country’s vast oil sands developments—tanked, walloping the economy of Amer- ica’s largest supplier of foreign oil, its biggest trading partner and one of its closest allies. Amid a bottleneck of too few pipelines and too much new oil across the U.S. Midwest, Cana- dian producers had started agreeing to steeper and steeper discounts to get their oil to American refiners, their only foreign buyers. The country’s central bank es- timated recently that lower Ca- nadian oil prices helped shave 0.4 percentage point off the country’s economic output in the second half of last year. That’s a big chunk for an economy that grew just 1.8% in 2012. Canada isn’t alone. A handful of other traditional suppliers of America’s crude are now scram- bling to deal with the fallout of surging U.S. output. West Af- rica’s light, low-sulfur crude is similar to that being pumped out Please turn to page A10 A former KPMG LLP partner admitted passing on stock tips about clients to a friend who gave him cash and gifts, in a scandal that led the big account- ing firm to resign as auditor for two companies. Scott London, the partner in charge of audits of Herbalife Ltd. and Skechers USA Inc. until KPMG fired him last week, told The Wall Street Journal Tuesday that “I regret my actions in leak- ing nonpublic data to a third party.” Mr. London said his leaks “started a few years back,” add- ing that KPMG bore “no responsi- bility” for his actions. “What I have done was wrong and against everything” he be- lieved in, said Mr. London, who was based in Los Angeles for the accounting firm. The Federal Bureau of Investi- gation and the Securities and Ex- change Commission are looking into allegations of insider trading in the shares of certain KPMG cli- ents, said people familiar with those probes. The investigations are the lat- est sign of authorities’ efforts to crack down on insider trading. They are a fresh black eye for a Big Four accounting firm, follow- ing widespread criticism by regu- lators and investors of audit firms’ failure to flag problems at large banks and securities firms in the years leading up to the fi- nancial crisis. In resigning the two audit ac- counts, KPMG said it was with- drawing its blessing on the finan- cial statements of Herbalife, a nutrition company, for the past three years and of Skechers, a shoe company, for the past two. KPMG stressed, however, that it had no reason to believe there Please turn to the next page By Hannah Karp, Jean Eaglesham and Juliet Chung Trading Case Embroils KPMG Partner Who Audited Herbalife and Skechers Admits Giving Stock Tips to Friend Immigrants in the U.S. ille- gally would not gain green cards under a bipartisan Senate bill until law-enforcement officials are monitoring the entire south- ern border and stopping 90% of people crossing illegally in cer- tain areas, according to people familiar with the plan. The border-security proposal, part of a broader immigration bill being written by eight sena- tors, sets several goals that would have to be met before any of the estimated 11 million immi- grants in the U.S. illegally could apply for permanent legal resi- dency, also known as a green card, according to the people fa- miliar with the Senate talks. Meeting all the goals is expected to take 10 years. In a major change for busi- nesses, all employers would be required after a five-year phase- in period to use the govern- ment’s E-Verify system, which screens for illegal workers. E- Verify now is largely voluntary, though some states require it. Some 409,000 employers had enrolled in the program as of last year, the federal government says, a tiny fraction of the esti- mated six million private U.S. employers, many of which have only a handful of employees. Along the U.S.-Mexican bor- der, 100% of the border would have to be under surveillance, and law enforcement would have to catch 90% of those who cross the border illegally at “high risk” sections. In 2010, the Depart- ment of Homeland Security re- ported that only 44% of the bor- Please turn to page A5 BY SARA MURRAY Senate Plan Sets High Bar On Border Security Slaking Thirst U.S. imports of crude oil, in millions of barrels per day The Wall Street Journal Source: U.S. Energy Information Administration 0 2 4 6 8 10 2006 '07 '08 '09 '10 '11 '12 8.5 million BY CHIP CUMMINS America’s New Energy Boom Is Bust for Foreign Suppliers SOLEMN MEETING: Police officers from Prince George’s County, Md., listen as Vice President Joe Biden spoke about the Newtown massacre and pushed for gun-control legislation being weighed by the Senate this week. A5 Charles Dharapak/Associated Press How Do You Spell Hipster? It Could Be B-I-N-G-O i i i Old-School Staple Finds Fans Among New Crowd; Playing for Honey HIGHLAND PARK, Ill.—It was bingo night in this Chicago sub- urb, but the venue wasn’t some church hall packed with blue- haired old ladies. Instead, mostly 30-something hipsters sipped $7.50 cups of Pu-erh tea in the cozy confines of Ma- dame ZuZu’s, an Art Deco-inspired tea shop. As Bill Kurtis, a longtime Chicago news anchor, began calling out numbers, the play- ers let out a combina- tion of groans and yelps as they used kid- die animal stampers to mark their sheets. The winner of the first round was Ni- cole Fiorentino, a 33-year-old with red lips, black hair and black-rimmed glasses, who plays bass in the rock band the Smashing Pumpkins. Ms. Fiorentino came out to play bingo because “it feels old- timey” and to support Smashing Pumpkins frontman Billy Corgan, who owns the tea shop and in February created a monthly bingo night, led by a different local celebrity. Bingo is the latest old-school pastime enjoying a resurgence among young people, along with knitting, bowling and euchre. From the London-based Underground Rebel Bingo Club, which throws wild, im- promptu bingo parties around the world, to a version in Philadelphia involving drag queens on roller skates, to “cosmic bingo” played under black light, bingo is crawling out of its recreation-center past. Bingo equipment makers are reaching out to the new demo- graphic with hand-held, elec- Please turn to page A10 BY JULIE JARGON Remembering Shooting Victims Ahead of Gun Vote U.S. natural-gas supply potential is raised 26% in report .............. B9 London ‘felt guilt’ ......................... A2 Heard on the Street.................. C12 UConn Proves Unstoppable The Huskies’ 93-60 win over Louisville in the NCAA basketball championship gave them a record-matching eighth title. D6, WSJ.com Getty Images Call 1-800-iShares for a prospectus, which includes investment objectives, risks, expenses and other information you should read and consider carefully before investing. Risk includes principal loss. Trading shares of ETFs may cause taxes. iShares ETFs must distribute gains to shareholders. 1. Morningstar, 12/12. 2. Greenwich Associates: 89% of 62 institutions using ETFs 2/12–4/12 use iShares, among other ETFs. Distributed by BlackRock Investments, LLC. ©2013 BlackRock, Inc. iS-9317-0313 98% of iShares ETFs did not distribute capital gains last year, extending a decade of leadership in tax efficiency. 1 iShares ETFs are managed to help minimize year-end tax surprises. So you keep more of what you earn. Find out why 9 out of 10 large professional investors choose iShares for their ETFs. 2 Ask your financial advisor. Call 1-800-iShares. Visit iShares.com iShares investors. It’s tax season. 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Transcript of 2013 04 10 cmyk NA 04online.wsj.com/public/resources/documents/pageone041013.pdf · 2018-08-27 ·...
YELLOW
* * * * * WEDNESDAY, APRIL 10, 2013 ~ VOL. CCLXI NO. 83 WSJ.com HHHH $2 .00
CONTENTSBusiness Tech............ B4Corp. News... B2,3,6,8,9Global Finance............ C3Heard on Street...... C12In the Markets........... C4Leisure & Arts............ D5
Opinion................... A11-13Property Report... C6-9Sports.............................. D6Stock Listings.......... C10U.S. News................. A2-5Weather Watch...... B10World News........... A6-9
DJIA 14673.46 À 59.98 0.4% NASDAQ 3237.86 À 0.5% NIKKEI 13192.35 g 0.002% STOXX600 288.07 À 0.15% 10-YR. TREAS. g 5/32 , yield 1.752% OIL $94.20 À $0.84 GOLD $1,586.20 À $14.20 EURO $1.3082 YEN 99.03
s Copyright 2013 Dow Jones & Company. All Rights Reserved
Vital Signs
Job openings reached apostrecession high in Febru-ary. Employers had 3.9 millionpositions open, up 11% froma year earlier and the mostsince May 2008. With 12 mil-lion Americans unemployedin February, there were 3.1job seekers for every open-ing. There were 6.7 job seek-ers per opening in July 2009when the recovery startedand 1.8 when the recessionbegan in December 2007.
Number of job seekersper opening
Source: Labor Department
'09 '10 '11 '12’08’07’060
2
4
6
>
The vast majority of bor-rowers being compensated
for mortgage-related abuseswill get less than $1,000apiece as part of a settlementbetween federal regulators andbanks accused of foreclo-sure-processing mistakes. C1n A former KPMG partneradmitted passing stock tipsabout clients to a friend in ex-change for cash and gifts, in ascandal that led KPMG to resignas auditor for two firms. A1, A2n Blackstone is talking toseveral technology compa-nies about potentially join-ing its bid to take computermaker Dell private. B3n A group including Black-stone, Carlyle, KKR and Te-masek were in talks on makinga joint bid of about $11 billionfor Life Technologies. B2n China unexpectedly swungto a trade deficit in March asimports surged after a holi-day-induced lull, following ona string of strong surpluses. A6n Fitch lowered one of its keyratings on China’s debt, one ofthe most prominent warningsto date over a credit buildupin the nation’s economy. A6n U.S. stocks rose, with trad-ers pointing to a slow butsteady stream of new moneyheading into the market. TheDow gained 59.98 points. C4n Yahoo and Apple havebeen discussing how more ofYahoo’s services can play aprominent role on Apple’siPhone and iPad devices. B1nAwhirlwind trip to Europeby Treasury’s Lew underscoredthe stark trans-Atlantic divideover how best to recover fromthe global economic slump. A8n A number of small banksused government cash intendedto boost small-business lend-ing to repay bailout funds,the TARP watchdog said. C1n Penney’s ouster of RonJohnson is a blow to investorWilliam Ackman, who set outto change the retailing worldby revamping the chain. B1, B2n Two investment firms arein discussions with RepublicAirways to acquire discountcarrier Frontier Airlines. B3n Agrium staved off an at-tempt by hedge fund JanaPartners to install a slate ofdirectors on its board. B2nMetLife is ratcheting upits public campaign to avoiddesignation as a systemicallyimportant financial firm. C3
n The Senate is likely to voteon gun-control legislation.Democrats are expected tofoil a threatened GOP filibus-ter and bring the bill to thefloor after a number of Re-publicans split with theirparty leader. Bipartisan nego-tiators working on expandingbackground checks for gunbuyers also appeared poisedto announce a deal. A5A vote would mark the firsttime the full chamber takesup the issue since the New-town, Conn., school shooting.nNorth Korea warned for-eigners to leave South Korea,citing a threat of war. Analystsdiscounted the statement aspart of a fear campaign. A6n Illegal immigrants in theU.S. wouldn’t gain green cardsunder a bipartisan Senate billuntil a tough border-securityproposal is implemented. A1nThe U.S. Air Force is idling athird of its combat air fleet andhalting its advanced pilot-train-ing program due to across-the-board spending cuts.A4nThe FBI is probing a record-ing in which Sen. McConnell’saides discussed a political at-tack against Ashley Judd, at thetime a potential rival.A4nAl Qaeda’s branch in Iraqsaid it has merged with a Syr-ian rebel extremist faction in apush to exert more influenceon the Syrian rebellion. A7nMedicare andMedicaid’sacting chief appears likely towin Senate approval as theprograms’ first confirmed ad-ministrator in seven years. A5nTheWhite House is map-ping out aWest Bank economicstrategy in a bid to restartpeace talks between Israel andthe Palestinians, Kerry said. A7nTokyo Electric found a newcontaminated-water leak com-ing from a storage pool at theFukushima nuclear plant. A7nAn earthquake hit southernIran, killing at least 35 peoplebut leaving a nuclear-powerplant in the area unscathed. A6nA former Illinois lawmaker,Democrat Robin Kelly, won anelection to succeed JesseJackson Jr. in Congress. A2n Insurgents in South Sudankilled 12 people in an attack ona U.N. convoy near Sudan, cast-ing doubt on a peace deal. A7nA gunman in Serbia killed13 people, including his motherand son, before turning his gunon himself and his wife. A9
Business&Finance World-Wide
Follow the news all day at WSJ.com
Nancy
Pastor
forthe
WallS
treetJ
ournal
TODAY IN PERSONAL JOURNAL
Test-Marketing a PrincessPLUS When Facebook Takes Over Your Phone: A Review
What’s News–i i i i i i
EDMONTON, Alberta—For thebetter part of a year, Canadianofficials and executives watchedfrom afar as a shale-oil boom ex-ploded south of the border.
But it wasn’t until last fallthat the full impact of the U.S.energy boom hit the provincialgovernment here in the heart ofCanada’s oil patch.
Around October, prices forCanadian bitumen—a heavycrude from the country’s vast oilsands developments—tanked,walloping the economy of Amer-ica’s largest supplier of foreignoil, its biggest trading partnerand one of its closest allies.
Amid a bottleneck of too fewpipelines and too much new oil
across the U.S. Midwest, Cana-dian producers had startedagreeing to steeper and steeperdiscounts to get their oil toAmerican refiners, their onlyforeign buyers.
The country’s central bank es-timated recently that lower Ca-nadian oil prices helped shave0.4 percentage point off thecountry’s economic output in thesecond half of last year. That’s abig chunk for an economy thatgrew just 1.8% in 2012.
Canada isn’t alone. A handfulof other traditional suppliers ofAmerica’s crude are now scram-bling to deal with the fallout ofsurging U.S. output. West Af-rica’s light, low-sulfur crude issimilar to that being pumped out
PleaseturntopageA10
A former KPMG LLP partneradmitted passing on stock tipsabout clients to a friend whogave him cash and gifts, in ascandal that led the big account-ing firm to resign as auditor fortwo companies.
Scott London, the partner incharge of audits of Herbalife Ltd.and Skechers USA Inc. untilKPMG fired him last week, toldThe Wall Street Journal Tuesdaythat “I regret my actions in leak-ing nonpublic data to a thirdparty.”
Mr. London said his leaks“started a few years back,” add-ing that KPMG bore “no responsi-bility” for his actions.
“What I have done was wrongand against everything” he be-lieved in, said Mr. London, whowas based in Los Angeles for theaccounting firm.
The Federal Bureau of Investi-
gation and the Securities and Ex-change Commission are lookinginto allegations of insider tradingin the shares of certain KPMG cli-ents, said people familiar withthose probes.
The investigations are the lat-est sign of authorities’ efforts tocrack down on insider trading.They are a fresh black eye for aBig Four accounting firm, follow-ing widespread criticism by regu-lators and investors of auditfirms’ failure to flag problems atlarge banks and securities firms
in the years leading up to the fi-nancial crisis.
In resigning the two audit ac-counts, KPMG said it was with-drawing its blessing on the finan-cial statements of Herbalife, anutrition company, for the pastthree years and of Skechers, ashoe company, for the past two.KPMG stressed, however, that ithad no reason to believe there
Pleaseturntothenextpage
By Hannah Karp,Jean Eagleshamand Juliet Chung
Trading Case Embroils KPMGPartnerWho Audited Herbalife and Skechers Admits Giving Stock Tips to Friend
Immigrants in the U.S. ille-gally would not gain green cardsunder a bipartisan Senate billuntil law-enforcement officialsare monitoring the entire south-ern border and stopping 90% ofpeople crossing illegally in cer-tain areas, according to peoplefamiliar with the plan.
The border-security proposal,part of a broader immigrationbill being written by eight sena-tors, sets several goals thatwould have to be met before anyof the estimated 11 million immi-grants in the U.S. illegally couldapply for permanent legal resi-dency, also known as a greencard, according to the people fa-miliar with the Senate talks.Meeting all the goals is expectedto take 10 years.
In a major change for busi-nesses, all employers would berequired after a five-year phase-in period to use the govern-ment’s E-Verify system, whichscreens for illegal workers. E-Verify now is largely voluntary,though some states require it.Some 409,000 employers hadenrolled in the program as oflast year, the federal governmentsays, a tiny fraction of the esti-mated six million private U.S.employers, many of which haveonly a handful of employees.
Along the U.S.-Mexican bor-der, 100% of the border wouldhave to be under surveillance,and law enforcement would haveto catch 90% of those who crossthe border illegally at “high risk”sections. In 2010, the Depart-ment of Homeland Security re-ported that only 44% of the bor-
PleaseturntopageA5
BY SARA MURRAY
SenatePlan SetsHigh BarOnBorderSecurity
Slaking ThirstU.S. imports of crude oil, inmillions of barrels per day
The Wall Street Journal
Source: U.S. Energy InformationAdministration
0
2
4
6
8
10
2006 '07 '08 '09 '10 '11 '12
8.5 million
BY CHIP CUMMINS
America’s New Energy BoomIs Bust for Foreign Suppliers
SOLEMN MEETING: Police officers from Prince George’s County, Md., listen as Vice President Joe Biden spokeabout the Newtown massacre and pushed for gun-control legislation being weighed by the Senate this week. A5
CharlesDharapak/AssociatedPress
How Do You Spell Hipster?It Could Be B-I-N-G-O
i i i
Old-School Staple Finds FansAmong New Crowd; Playing for Honey
HIGHLAND PARK, Ill.—It wasbingo night in this Chicago sub-urb, but the venue wasn’t somechurch hall packed with blue-haired old ladies. Instead, mostly30-something hipsters sipped$7.50 cups of Pu-erh tea in thecozy confines of Ma-dame ZuZu’s, an ArtDeco-inspired tea shop.
As Bill Kurtis, alongtime Chicago newsanchor, began callingout numbers, the play-ers let out a combina-tion of groans andyelps as they used kid-die animal stampers tomark their sheets. Thewinner of the first round was Ni-cole Fiorentino, a 33-year-oldwith red lips, black hair andblack-rimmed glasses, who playsbass in the rock band theSmashing Pumpkins.
Ms. Fiorentino came out to
play bingo because “it feels old-timey” and to support SmashingPumpkins frontman Billy Corgan,who owns the tea shop and inFebruary created a monthlybingo night, led by a differentlocal celebrity.
Bingo is the latest old-schoolpastime enjoying a resurgence
among young people,along with knitting,bowling and euchre.From the London-basedUnderground RebelBingo Club, whichthrows wild, im-promptu bingo partiesaround the world, to aversion in Philadelphiainvolving drag queenson roller skates, to
“cosmic bingo” played underblack light, bingo is crawling outof its recreation-center past.
Bingo equipment makers arereaching out to the new demo-graphic with hand-held, elec-
PleaseturntopageA10
BY JULIE JARGON
Remembering Shooting Victims Ahead of Gun Vote
U.S. natural-gas supply potentialis raised 26% in report.............. B9
London ‘felt guilt’ ......................... A2 Heard on the Street.................. C12
UConn Proves UnstoppableThe Huskies’ 93-60win over Louisville in theNCAA basketball championship gave thema record-matching eighth title. D6, WSJ.com
Getty
Images
Call 1-800-iShares for a prospectus, which includes investment objectives, risks,expenses and other information you should read and consider carefully beforeinvesting. Risk includes principal loss. Trading shares of ETFs may cause taxes.iShares ETFs must distribute gains to shareholders.1. Morningstar, 12/12. 2. GreenwichAssociates: 89% of 62 institutions using ETFs 2/12–4/12 use iShares, among other ETFs.Distributed by BlackRock Investments, LLC. ©2013 BlackRock, Inc. iS-9317-0313
98% of iShares ETFs did notdistribute capital gains lastyear, extending a decade ofleadership in tax efficiency.1iShares ETFs aremanaged to helpminimize year-end tax surprises.So you keep more of what you earn.
Find out why 9 out of 10 largeprofessional investors chooseiShares for their ETFs.2
Ask your financial advisor.Call 1-800-iShares.Visit iShares.com
iShares investors. It’s tax season.Smile,
CM Y K CompositeCompositeMAGENTA CYAN BLACK
P2JW100000-5-A00100-1--------XA CL,CN,CX,DL,DM,DX,EE,EU,FL,HO,KC,MW,NC,NE,NY,PH,PN,RM,SA,SC,SL,SW,TU,WB,WEBGN,BMT,BRX,CCA,CHR,CKP,CPD,CXT,DNV,DRG,HAW,HLD,KCS,LAG,LAT,LKD,MIA,MLJ,NMX,PAL,PHI,PVN,SEA,TDM,TUS,UTA,WOK
P2JW100000-5-A00100-1--------XA
