BlackRock combined its strengths with those of Merrill Lynch Investment Managers on September 29, 2006. This tremendous combination forms one of the world’s largest investment managers and ranks us among the top five in a number of categories including: fixed income, institutional liquidity, insurance asset management, U.S. broker-distributed fund families and U.K. pension fund managers. We also rank among the top ten global equity managers, cross border mutual fund families and international fund managers.

The merger allows BlackRock to capitalize on the enormous and exciting opportunities we see for clients and shareholders -- opportunities that exist around the world in both long-established and emerging financial markets.

BlackRock has the global scale and resources to assist a wide variety of institutional investors, retail clients and financial institutions. We have the ability to bring to clients a vast range of equity, fixed income, cash management and alternative investment products. Additionally, through BlackRock Solutions, we can offer broad risk management, investment systems and financial advisory services.

Laurence D. Fink, BlackRock’s Chairman and Chief Executive officer, commenting on the transaction, stated, “Since the announcement of the merger in February, BlackRock and MLIM employees have worked together to combine the firm’s structure and functions, and establish a common sense of purpose and values while ensuring a seamless transition for our clients.

“We remain focused on delivering strong investment results and superior service to each of our clients as we continue to build a truly exceptional global franchise.”

To provide marketing support for the expanding global franchise, we will be launching an integrated marketing program that includes print advertising in select major dailies, weekly and monthly business and trade publications around the globe.

Pro forma assets under management on September 30, 2006, were US$1.075 trillion. BlackRock now has over 4,700 employees in 18 countries and a major presence in key global markets, including the U.S., the U.K., Asia, Australia, the Middle East and Europe.

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