About BlackRock

BlackRock employs over 4,000 employees—including more than 500 investment professionals—in 18 countries. With offices strategically located around the globe, we are able to offer clients in-depth local knowledge and understanding while leveraging the strength of our global presence and infrastructure to deliver focused investment solutions. Today, BlackRock services clients in over 50 countries.

BlackRock® is a premier provider of global investment management, risk management and advisory services to institutional and retail clients around the world. As of September 30, 2006, BlackRock’s assets under management total $1.075 trillion* across fixed income, liquidity, equity, alternative investment and real estate strategies.

BlackRock’s story has always been one of evolution. Since its founding in 1988 as a primarily institutional fixed income manager, the firm has continually looked for ways to enhance our ability to serve clients. Not only have we sought to broaden and deepen our general capabilities, we have also tried to capitalize on the key macro trends that are shaping the future of asset management. The most recent step in our development is our merger with Merrill Lynch Investment Managers, which closed October 1, 2006, significantly increasing our assets under management and, more important, transforming our business into a truly global one. In Merrill Lynch Investment Managers we have found not only a cultural match, but partner that gives us extraordinary global scale and enhances our collective ability to serve institutional and individual investors worldwide. Learn more about our recent combination with Merrill Lynch Investment Managers.

BlackRock has long focused on a cross-disciplinary team approach where clients benefit from the pooled expertise of the firm’s resources: our investment and risk management professionals and our proprietary analytical tools. In addition to excellent performance, BlackRock is committed to delivering a high level of service tailored to the needs of each client. BlackRock’s client base includes corporate, public and Taft-Hartley pension plans, insurance companies, mutual funds, endowments, foundations, nuclear decommissioning trusts, corporations, banks and individuals across the globe. Headquartered in New York, BlackRock operates 35 offices in 18 different countries, maintaining a major presence in most key markets including the United States, the United Kingdom, Asia, Australia, the Middle East and Europe.

BlackRock is independent in ownership and governance, with no single majority stockholder and a majority of independent directors. In terms of ownership, Merrill Lynch’s stake is just under 50%, while PNC Financial Services Group retains an interest of about 34%; the remainder is held by BlackRock employees and the public. All of BlackRock’s founding partners remain affiliated with the firm.

*Based on pro forma assets reflecting combination of BlackRock and Merrill Lynch Investment Managers