New York, July 21, 2010 - BlackRock, Inc. (NYSE:BLK) today reported second quarter 2010 net income1
of $432 million, up $214 million from a year ago and up $9 million compared to first quarter. Operating
income was $697 million and non-operating expense, net of non-controlling interests, was $32 million. The
operating margin was 34.3%, which included the effect of $32 million of pre-tax integration costs associated
with the acquisition of Barclays Global Investors ("BGI") on December 1, 2009.

Second quarter net income, as adjusted2, was $2.37 per diluted common share, or $463 million, up 35%
compared to second quarter 2009 diluted EPS of $1.75 and down $0.03 compared to first quarter 2010. Second quarter 2010 included operating income, as adjusted2, of $2.46 per diluted share and net nonoperating expense, as adjusted2, of $0.09 per diluted share. Operating income, as adjusted2, of $741 million improved $439 million, or 145%, compared to second quarter 2009 and $14 million, or 2%, compared to first quarter 2010. Compared to a year ago, operating results reflect the benefits of the BGI acquisition and improved markets. The operating income improvement in second quarter compared to first quarter reflects the revenue benefits of our diversified business model while expenses include continued investments in the business. The operating margin, as adjusted2, for second quarter 2010 remained strong at 38.8%.

Assets under management ("AUM") totaled $3.151 trillion at June 30, 2010, down 6% or $213.3 billion since
March 31, 2010. Equity markets suffered sharp declines in the second quarter, with the major market indices down as much as 13%. The combination of adverse equity markets and foreign exchange movements contributed $194.1 billion or 91% of the total decrease in AUM. In addition, net new business of $28.4 billion in long-term products and advisory AUM were offset by $33.9 billion of concentration-related and active quantitative product outflows (collectively referred to herein as "merger-related"), and $24.9 billion of net redemptions in cash management. BlackRock Solutions® added 14 net new assignments during the quarter.

At July 15, 2010, the pipeline of net wins funded or to be funded totaled $59.5 billion, including $47.0 billion in long-term products, $5.6 billion in cash management and $6.9 billion in advisory AUM.

BlackRock's Board of Directors approved the repurchase of up to 5,100,000 shares to neutralize the dilutive effects of restricted stock units and options that have been granted to employees and which will become dilutive over the next several years. The shares are to be repurchased with management discretion on the timing of the repurchases. BlackRock's operating results have generated strong cash flow and have allowed us to reduce our commercial paper balances to approximately $180 million as of July 15.

"During the second quarter, we made major strides on our merger," commented Laurence D. Fink, Chairman and CEO of BlackRock. "The systems integration remains on schedule, and key aspects of the cultural integration are behind us. Last week, we announced a number of new leadership appointments, the culmination of an intensive, post-merger review of our organizational and management structure. I believe we have the best leadership team in the business, and I am very bullish on our people and our platform. Our business momentum is building, and we are just beginning to leverage our expanded capabilities to better serve our clients.

"BlackRock's second quarter earnings are a testament to the resilience of our platform. Market conditions were difficult, but overall investment performance remained strong and clients continued to award us new business in a wide variety of products. Going into the merger, we knew that some clients would have to address concentration issues and that the active quantitative style was under stress industry-wide. As expected, these two issues continued to drive outflows, and are expected to do so for at least another quarter.

"Aside from these outflows, trends in long-term new business were very positive and our pipeline shows increasing new business momentum. Retail flows have been particularly strong in the United States, and iShares flows picked up nicely in the second quarter. In addition, we continued to win a wide variety of mandates from institutional investors, including outsourcing services for insurance companies and pension plan sponsors. Momentum in BlackRock Solutions also increased, with 14 net new assignments and more proposals pending than at any previous quarter-end.

"While the money market industry continues to contract in favor of bank deposits, the effect on our revenues is significantly less than the headline effect on new business flows and AUM. More significantly, recent reports show that non-financial businesses hold more cash and cash equivalents on their balance sheets than at any time over the past 50 years. As fears over sovereign credit risk and the economic recovery abate, these balances will be a powerful source for market flows, M&A and business investment.

"Financial reform legislation was passed by the U.S. Congress and will be signed into law this week. The bill  reinforces the importance of the fiduciary standard that underpins our business model. We worked actively throughout the legislative process to ensure that investors' interests were understood, and we will continue to do so as the rules and regulations are developed over the coming 12 to 18 months. I am proud of all of the work we are doing on behalf of our clients, and our clear and consistent focus on serving their investment needs."

Second Quarter Business Highlights
AUM ended the quarter at $3.151 trillion. Net new business of $28.4 billion in long-term products and advisory assignments was offset by $33.9 billion of merger-related outflows and $24.9 billion of net redemptions in cash management.

• Net new business in long-term products (excluding merger-related) was diversified geographically, including $12.4 billion of net inflows from clients in the Americas and $18.2 billion from clients in Asia Pacific, offset by $2.3 billion of net outflows from clients in EMEA.

• Net inflows in long-term products (excluding merger-related) was positive in all client channels, including $12.9 billion from iShares investors, $8.7 billion from institutions, and $6.8 billion from retail and high net worth clients. In the second quarter, BlackRock was the top ranked ETF provider and the third largest mutual fund family by net flows.1

• Institutional investors were the source of all merger-related outflows, with more than 50% from clients in Asia Pacific, primarily Australia.

Equity AUM fell to $1.383 trillion at June 30, 2010. Net new business of $12.1 billion and $1.3 billion in index and fundamental active equities, respectively, was offset by outflows in active quantitative equities of $26.3 billion. Performance in U.S. large cap active quantitative equities remains weak and AUM, therefore, at risk. In addition, index equity AUM is subject to attrition due to manager concentration concerns. Fundamental active equity continued to deliver competitive performance in the face of market volatility, with approximately 50%, 76% and 85% of equity AUM above benchmark or peer median for the one-, three- and five-year periods ended June 30, 2010.

Fixed Income AUM increased to $1.080 trillion at quarter-end. Net new business of $8.5 billion in index fixed income, primarily iShares, was offset by $5.9 billion of net outflows in active strategies, including $3.4 billion from a single client, $1.3 billion in model-driven portfolios, and $1.0 billion in maturing CDOs.

Investment performance continued to improve, with 80%, 41% and 44% of active taxable fixed income AUM
above benchmark or peer median for the one-, three- and five-year periods ended June 30, 2010. Multi-asset AUM totaled $148.2 billion at second quarter-end. Net new business of $4.2 billion was nearly evenly split between institutional and retail clients. Global allocation strategies and target date solutions, such as our LifePath® portfolios, continued to dominate investor interest, as evidenced by $2.2 billion and $1.6 billion of net inflows, respectively. Short-term investment performance remained challenged despite a strong long-term track record, with 28%, 90% and 94% of active multi-asset AUM above benchmark or peer median for the one-, three- and five-year periods ended June 30, 2010.

Alternative investment AUM ended the quarter at $101.5 billion. Net new business of $1.4 billion in commodities, fund of funds, multi strategy hedge funds, fixed income alternatives and real estate was offset by net outflows of $0.6 billion in currency and currency overlay strategies and $0.5 billion in equity hedge funds, primarily active quantitative products. New business flows were dominated by clients outside of the Americas, and included interest from institutional, iShares, retail and high net worth investors. Performance remained competitive in a range of products across the platform.

Cash management closed the quarter with $279.2 billion AUM. Outflows of $24.9 billion were consistent
with industry trends. Outflows spanned all regions, including $16.9 billion from clients in the Americas and
$8.0 billion from investors in EMEA. Similarly, we experienced net redemptions from investors in all client
categories, including $21.7 billion from institutional clients and $3.2 billion from retail and high net worth
investors. We expect rates to remain low and, consequently, we do not expect the flow trend to reverse in
the near-term.

BlackRock Solutions added 14 new assignments. New business included three risk management and investment accounting mandates, two advisory assignments, and nine short-term engagements. Thirteen short-term assignments were completed during the quarter. Advisory inflows (long-term liquidation portfolios) totaled $0.4 billion after giving effect to $3.0 billion of distributions to clients from ongoing portfolio liquidation and restructuring efforts. At the end of the quarter, BlackRock Solutions had seven Aladdin and seven risk management implementations in process for third party clients.

Our new business pipeline was $59.5 billion as of July 15, 2010. Net wins funded or to be funded included $47.0 billion in long-term products, $5.6 billion in cash management and $6.9 billion in advisory AUM. The long-term mandates included $30.9 billion in a variety of active strategies and $16.1 billion in index products. In addition, BlackRock Solutions continued to have strong demand for its products, with outstanding proposals for more than 25 net new assignments and one new contract in negotiation.