BlackRock, Inc.

Profile

55 E. 52nd St.
New York, NY 10055 United States
Phone: 212-810-5300
Fax: 212-810-8760
http://www.blackrock.com
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Table of Contents
Company Overview 1
Key Information 1
Key Financials 1
Company Rankings 1
Key People 2
Company Description 4
Industry Information 5
People 6
People 6
Board Members 9
Biographies 10
Laurence D. (Larry) Fink 10
Susan L. Wagner 10
Robert S. (Rob) Kapito 11
Ann Marie Petach 11
Company Financials 13
Financial Summary 13
Annual Income Statement 14
Quarterly Income Statement 15
Annual Balance Sheet 16
Quarterly Balance Sheet 17
Annual Cash Flow 18
Quarterly Cash Flow 19
Earnings Estimates 20
Financial Market Data 21
Historical Financials 22
Competition 23
Competitors List 23
Competitive Landscape 24

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Company Overview
55 E. 52nd St.
New York, NY 10055 United States
Phone: 212-810-5300
Fax: 212-810-8760

http://www.blackrock.com
Now this is the kind of coal you want in your stocking. BlackRock is one of the world's largest money managers. The firm, with
more than $3 trillion under management, specializes in fixed-income products and money market instruments for institutional
and retail investors, as well as high-net-worth individuals worldwide. Clients include pension plans, insurance companies,
mutual funds, endowments, foundations, and charities. BlackRock does not engage in proprietary trading. It also provides risk
management services (through BlackRock Solutions), manages hedge funds, and oversees the operations of publicly traded
real estate investment trust Anthracite Capital. BlackRock has offices in some 25 countries.

Key Information
DUNS Number 786987052
Location Type Headquarters
Subsidiary Status NY
Manufacturer No
Company Type Public
Ultimate Parent
Ultimate Parent DUNS
Immediate Parent
Immediate Parent DUNS
Plant/Facility Size (sq. ft.) 8,849.00
Owns / Rents Rents
Foreign Trade
Accountant Deloitte & Touche LLP
Total Employees 8,629
1-Year Employee Growth 61.56%
Employees At This Location 100
Year of Founding or Change in Control 2006
Primary Industry 1301:Institutional Asset Management
Primary SIC Code 62820000:Investment advice
Primary NAICS Code 523930:Investment Advice
Tradestyle Blackrock Realty
Latitude/Longitude 40.75894 / -73.9735

Key Financials
Fiscal Year-End December
Sales ($ M) $4,700.00M
1-Year Sales Growth (7.19%)
Net Income $875.00M
1-Year Net Income Growth 11.32%
Total Assets $177,994.00M
Market Value $33,656.67M
R&D --
Advertising --
Prescreen Score Low Risk

Company Rankings
441 in FORTUNE 500
162 in FT Global 500

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866-541-3770 • HOOVERS.COM Oct 20, 2010 • PAGE 2
Key People
Name
Mr. Laurence D. (Larry) Fink
Mr. Robert W. (Rob) Fairbairn
Mr. Peter R. Fisher
Ms. Susan L. Wagner
Mr. Kendrick R. Wilson III
Mr. Robert S. (Rob) Kapito
Mr. Charles S. Hallac
Ms. Ann Marie Petach
Mr. Robert C. (Bob) Doll
Mr. Joseph Feliciani Jr.
866-541-3770 • HOOVERS.COM
Title
Chairman and CEO
Vice Chairman
Vice Chairman; Head, Fixed Income
Vice Chairman
Vice Chairman
President and Director
Senior Managing Director and COO
CFO
Vice Chairman and Global Chief Investment Officer - Equitiy
Managing Director and Chief Accounting Officer
Oct 20, 2010 • PAGE 3
 Company Description
CEO Laurence Fink, who has overseen a string of major acquisitions in recent years, engineered a blockbuster merger
with Barclays Global Investors in 2009. In the deal, which was several years in the making, BlackRock bought Barclays
Global Investors from UK banking giant Barclays for some $15 billion. The deal resulted in a new company operating
under the BlackRock name. Barclays Bank retained a 20% stake in the new combined firm, but Fink remained in charge
of the enterprise.

The merger nearly tripled BlackRock's assets under management and propelled the company to the top of the
international money management industry by enhancing its investment and risk management capabilities. The deal also
gave BlackRock a much larger footprint outside the US and added more than 3,500 new employees.

BlackRock has traditionally focused investments on developed economies. However, the company is looking to expand
its view to include emerging markets such as Asia and Latin America. BlackRock is preparing to expand its client base
and do more than half of its business outside of the US within five years.

Adding on to the Barclays merger, BlackRock also acquired most of the assets of Charlotte-based financial firm Helix
Financial Group in 2010. The deal enhanced BlackRock's real estate analytics and workout capabiltiies, in addition to
adding offices and personnel in Charlotte, Atlanta, and India.

BlackRock has gained more of a connection to business in Charlotte. Earlier in 2009 Charlotte-based Bank of America
acquired Merrill Lynch and assumed that firm's capital stock (some 34%) in BlackRock. PNC Financial owns about about
25% of BlackRock.

Even prior to the Barclays Global deal, BlackRock was growing rapidly through acquisition, gobbling up smaller firms
and other opportunities in the marketplace. In 2008 it bought $15 billion in distressed mortgage assets from UBS, the
troubled Swiss financial services giant. That year in a much smaller deal it bought Australian financial software firm
Impact Investing, adding it to its solutions business unit. Then in 2009 BlackRock took over hedge fund R3 Capital
Management, which manages some $1.5 billion in assets.

The firm began its skyrocketing growth when together with Tishman Speyer, the company's real estate unit BlackRock
Realty acquired Stuyvesant Town-Peter Cooper Village in New York City from Met Life for $5.4 billion. The 2006 deal
was one of the largest in US history at the time. That venture proved less than successful in the wake of the real estate
and credit market crashes, as property values plummeted and rent income followed. By 2009 the companies faced
default due to high debt levels. The following year, BlackRock and Tishman Speyer defaulted on the $4.4 billion debt
used to finance the deal and the property was handed over to creditors.

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 Industry Information
Hoover's Industries
> Financial Services
> Asset Management
> Institutional Asset Management ( primary )
> Hedge Fund Management
> Mutual Fund Management

Primary SIC Code

62820000 : Investment advice
Primary NAICS Code
523930 : Investment Advice

Denotes In-depth Industry Insight by Hoover's Editorial Staff

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People
Employees
Title Name Age Salary Bonus

Chairman and CEO Mr. Laurence D. (Larry) 57 $500,000.00 $9,050,000.00

Fink
Vice Chairman Mr. Robert W. (Rob) -- --
Fairbairn
Vice Chairman; Head, Fixed Income Mr. Peter R. Fisher -- --
Vice Chairman Ms. Susan L. Wagner 47 $300,000.00 $2,612,500.00
Vice Chairman Mr. Kendrick R. Wilson III -- --
President and Director Mr. Robert S. (Rob) Kapito 52 $400,000.00 $7,010,200.00
Senior Managing Director and COO Mr. Charles S. Hallac 45 $300,000.00 $3,475,000.00
CFO Ms. Ann Marie Petach 49 $450,000.00 $1,655,000.00
Vice Chairman and Global Chief Mr. Robert C. (Bob) Doll 55 $400,000.00 $13,875,000.00
Investment Officer - Equitiy
Managing Director and Chief Mr. Joseph Feliciani Jr. -- --
Accounting Officer
Managing Director and CIO, Fixed Mr. Peter Knez -- --
Income, Index and Model-Based
Portfolios; Head, Index and Model-
Based Fixed Income
Chief Investment Officer, US Mr. Chris Leavy -- --
Fundamental Equity
Chief Performance Officer, Fixed Mr. Andrew J. Phillips -- --
Income
Managing Director, Fundamental Mr. Quintin Price -- --
Equity and Chief Investment Officer
- Europe, Middle East, Africa, and
Pacific Equity
Chief Investment Officer, Fixed Mr. Rick M. Rieder -- --
Income, Fundamental Portfolios;
Head Corporate Credit, Multi Sector,
and Mortgage Group
VP Corporate Communications, Ms. Stephanie Chang -- --
Taiwan
VP Corporate Communications, Ms. Sabrina Leung -- --
Hong Kong
VP Media Relations, Melbourne, Ms. Libby O'Sullivan -- --
Australia
VP and Director Corporate Ms. Emma Phillips -- --
Communications, Europe, Middle
East, Africa
Managing Director Client Advisory Mr. Zach Buchwald -- --
Services, FMA Group
Managing Director and Head of UK Ms. Juliet Bullick -- --

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Title Name Age Salary Bonus

Institutional Account Management

Head Business and Product Ms. Marie Chandoha -- --
Strategy, Fixed Income
Managing Director Client Advisory Mr. Samuel (Sam) Coleman -- --
Services, FMA Group
Head Latin America and Iberia Mr. Daniel Gamba -- --
Vice Chairman and Co-Head Risk and Dr. Bennett W. Golub 52 -- --
Quantitative Analysis
Managing Director and Head Mr. Peter Hayes -- --
Municipal Bonds
Head, Retail Business UK Mr. Alex Hoctor-Duncan -- --
Managing Director and Head Mr. Kevin Holt -- --
Financial Institutions
Managing Director Client Advisory Ms. Debra Huddleston -- --
Services, Financial Markets Advisory
Group
Senior Managing Director and Head Mr. J. Richard Kushel -- --
Portfolio Management
Global Head, iShares Mr. Mike Latham 44 -- --
Managing Director and Co-Head, Mr. Ryan Marshall -- --
FMA Portfolio Management
Managing Director and Global Head, Mr. Craig S. Phillips -- --
Financial Markets Advisory Group
Managing Director and Country Dr. Luiz F. Pinheiro de 56 -- --
Head, Brazil Andrade
Head Trading for Fixed Income Mr. Richard Prager -- --
Managing Director and Head, Mr. Maarten Slendebroek -- --
BlackRock Solutions EMEA
Managing Director Client Advisory Mr. Martin Small -- --
Services, FMA Group
Deputy Chief Investment Officer, Mr. Scott F. Thiel -- --
Fixed Income, Fundamental
Portfolios; Head, European and Non-
US Fixed Income
Managing Director and Co-Head, Mr. Roland E. Villacorta -- --
FMA Portfolio Management
Director Corporate Communications, Mr. Brian Beades -- --
Americas
Managing Director - iShares, San Mr. Lance Berg -- --
Francisco
Managing Director Mr. James J. Charrington -- --
Managing Director Corporate Ms. Katherine Cheung -- --

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Title Name Age Salary Bonus

Communications, Asia
Managing Director Corporate Bobbie Collins -- --
Communications, Americas
Managing Director, Mortgage Akiva Dickstein -- --
Portfolios
Director - iShares, London Ms. Caroline Hancock -- --
Director - iShares, San Francisco Ms. Christine Hudacko -- --
Director Media Relations, London Ms. Rebecca Nelson -- --
Director - iShares, Sydney Ms. Debbie Pearce -- --
Senior Managing Director and Head Dr. Jeffrey A. Smith -- --
Human Resources

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Board Members
Title Name Age
Chairman and CEO Mr. Laurence D. (Larry) Fink 57
Vice Chairman Mr. Robert W. (Rob) Fairbairn
Vice Chairman; Head, Fixed Income Mr. Peter R. Fisher
Vice Chairman Ms. Susan L. Wagner 47
Vice Chairman Mr. Kendrick R. Wilson III
President and Director Mr. Robert S. (Rob) Kapito 52
Director Mr. Abdlatif Y. Al-Hamad 72
Director Mr. Mathis Cabiallavetta 65
Director Mr. Dennis D. Dammerman 64
Director Mr. William S. (Bill) Demchak 47
Director Mr. Robert E. (Bob) Diamond Jr. 58
Director Dr. Kenneth B. Dunn 58
Director Mr. Murry S. Gerber 57
Director Ms. Linda Gosden Robinson 57
Director Mr. James Grosfeld 72
Director Mr. David H. Komansky 70
Director Ms. Sallie L. Krawcheck 45
Director Mr. Mark D. Linsz 45
Director Sir Deryck Maughan 62
Director Mr. Thomas H. O'Brien 73
Director Ms. Linda Gosden Robinson 56
Director Mr. James E. (Jim) Rohr 61
Director Mr. John S. Varley 53

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Biographies
Laurence D. (Larry) Fink, Age 57
Title held since 1998 : Chairman and CEO
Current Company Titles
1998 - Present : Chairman and CEO

Current Company Compensation History

Salary Bonus Total compensation
2009 : $500,000.00 $9,050,000.00 $15,859,416.00
2007 : $500,000.00 $16,150,000.00 $26,421,106.00
2006 : $500,000.00 $10,162,500.00 $34,044,500.00
2005 : $500,000.00 $10,125,000.00 --
2004 : $500,000.00 $7,210,000.00 --
2003 : $500,000.00 $6,101,991.00 --
2002 : $500,000.00 $8,042,024.00 --
2001 : $500,000.00 $9,027,558.00 --
2000 : $500,000.00 $7,589,463.00 --

Other Company Affiliations

Vice Chair, New York University

Past Company Affiliations

Chairman; Chairman and CEO, BlackRock, Anthracite Capital, Inc.
Director, NYSE Euronext

Biography

Laurence D. Fink, Director since 1999, has beenChairman and Chief Executive Officer of
BlackRock since its formation in 1998 and of BlackRock¿s predecessor entities since 1988.
Mr. Fink is also a trustee of one of BlackRock¿s open-end fund complexes. As the principal
leader of BlackRock and its predecessor entities since1988, Mr. Fink brings a breadth of
knowledge about BlackRock¿s business and operations, which led the Board of Directors to
conclude that he should serve as a director of BlackRock.
Source : Proxy, April 23, 2010

Susan L. Wagner, Age 47

Title held since 2010 : Vice Chairman
Current Company Titles
2010 - Present : Vice Chairman
2005 - 2010 : Vice Chairman and COO
Unknown - 2005 : Managing Director and Head of Strategy and Product Development

Current Company Compensation History

Salary Bonus Total compensation
2009 : $300,000.00 $2,612,500.00 $4,241,593.00

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 Salary Bonus Total compensation
2005 : $250,000.00 $2,000,000.00 --

Other Company Affiliations

Director, Courier Corporation

Biography

Susan L. Wagner, has been a Vice Chairman since 2006 and Chief Operating Officer since
2005. Previously, Ms. Wagner was a Managing Director and Head of Strategy and Product
Development. Ms. Wagner has been with BlackRock or its predecessor entities since 1988.
Source : Proxy, April 23, 2010

Robert S. (Rob) Kapito, Age 52

Title held since 2007 : President and Director
Current Company Titles
2007 - Present : President and Director

Current Company Compensation History

Salary Bonus Total compensation
2009 : $400,000.00 $7,010,200.00 $11,949,655.00
2007 : $400,000.00 $12,361,800.00 $18,814,822.00
2006 : $350,000.00 $8,904,750.00 $23,116,176.00
2005 : $350,000.00 $11,290,500.00 --
2004 : $350,000.00 $7,977,915.00 --
2003 : $350,000.00 $2,341,037.00 --
2002 : $350,000.00 $7,483,572.00 --
2001 : $350,000.00 $9,857,775.00 --
2000 : $350,000.00 $10,318,222.00 --

Biography

Robert S. Kapito, Director since 2006, has been President of BlackRock since 2007, and
prior to 2007 had served as Vice Chairman of BlackRock and Head of its Portfolio
Management Group since its formation in 1998 and BlackRock's predecessor entities since
1988.Mr. Kapito has served as a leader of BlackRock and its predecessor entities since 1988
and has acquired a breadth of knowledge about BlackRock's business and operations, which
led the Board of Directors to conclude that he should serve as a director of BlackRock.
Source : Proxy, April 23, 2010

Ann Marie Petach, Age 49

Title held since 2010 : CFO

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Current Company Titles
2010 - Present : CFO

Current Company Compensation History

Salary Bonus Total compensation
2009 : $450,000.00 $1,655,000.00 $2,520,726.00

Biography

Ann Marie Petach has been Chief Financial Officer ofBlackRock since June 2008. Ms. Petach
was a Managing Director and Head of Business Finance at BlackRock from June 2007 to
June 2008. Prior to joining BlackRock, Ms. Petach was Vice President and Treasurer at the
Ford Motor Company fromNovember 2004 to June 2007. Ms. Petach began her career in
1984 at Ford, where her responsibilities included pension asset management, actuarial
studies, banking, risk management and funding for Ford and Ford Credit.
Source : Proxy, April 23, 2010

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Company Financials
Financial Summary
Company Type Public
NYSE: BLK
Headquarters
Fiscal Year-End December
2009 Sales $4,700.00M
1-Year Sales Growth (7.19%)
2009 Net Income $875.00M
1-Year Net Income Growth 11.32%
Prescreen Score Low Risk
Auditor Deloitte & Touche LLP

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 Annual Income Statement
All amounts in millions of US Dollars except per share amounts.

Dec 2009 Dec 2008 Dec 2007 Dec 2006 Dec 2005
Revenue 4,700.00 5,064.00 4,844.65 2,097.98 1,191.39
Cost of Goods Sold 2,279.00 2,412.00 -- -- --
Gross Profit 2,421.00 2,652.00 -- -- --
Gross Profit Margin 51.51% 52.37% -- -- --
SG&A Expense 874.00 745.00 870.37 443.26 204.85
Depreciation and Amortization 147.00 276.00 237.83 37.51 7.51
Operating Income 1,278.00 1,593.00 1,293.66 471.80 340.54
Operating Margin 27.19% 31.46% 26.70% 22.49% 28.58%
Nonoperating Income 42.00 (573.00) 504.00 66.35 43.14
Nonoperating Expenses (48.00) (1.00) -- (1,626.18) (850.84)
Income Before Taxes 1,272.00 1,019.00 1,822.72 528.23 375.76
Income Taxes 375.00 388.00 463.83 189.46 138.56
Net Income After Taxes 897.00 631.00 1,358.89 338.77 237.20

Continuing Operations 875.00 786.00 995.27 322.60 233.91

Discontinued Operations -- -- -- -- --
Total Operations 875.00 786.00 995.27 322.60 233.91
Total Net Income 875.00 786.00 995.27 322.60 233.91
Net Profit Margin 18.62% 15.52% 20.54% 15.38% 19.63%

Diluted EPS from Continuing Operations 6.11 5.91 7.53 3.87 3.50
Diluted EPS from Total Operations 6.11 5.91 7.53 3.87 3.50
Diluted EPS from Total Net Income 6.11 5.91 7.53 3.87 3.50
Dividends per Share 3.12 3.12 2.68 1.68 1.20

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 Quarterly Income Statement
All amounts in millions of US Dollars except per share amounts.

Quarter Ending Jun 2010 Mar 2010 Dec 2009 Sep 2009 Jun 2009
Revenue 2,032.00 1,995.00 1,544.00 1,140.00 1,029.00
Cost of Goods Sold 806.00 873.00 723.00 563.00 515.00
Gross Profit 1,226.00 1,122.00 821.00 577.00 514.00
Gross Profit Margin 60.33% 56.24% 53.17% 50.61% 49.95%
SG&A Expense 462.00 402.00 369.00 161.00 191.00
Depreciation and Amortization 40.00 40.00 239.00 175.00 36.00
Operating Income 697.00 654.00 389.00 357.00 261.00
Operating Margin 34.30% 32.78% 25.19% 31.32% 25.36%
Nonoperating Income (42.00) 38.00 37.00 89.00 88.00
Nonoperating Expenses (33.00) (36.00) (19.00) (11.00) (11.00)
Income Before Taxes 622.00 656.00 407.00 435.00 338.00
Income Taxes 233.00 228.00 150.00 101.00 94.00
Net Income After Taxes 389.00 428.00 257.00 334.00 244.00

Continuing Operations 432.00 423.00 256.00 317.00 218.00

Discontinued Operations -- -- -- -- --
Total Operations 432.00 423.00 256.00 317.00 218.00
Total Net Income 432.00 423.00 256.00 317.00 218.00
Net Profit Margin 21.26% 21.20% 16.58% 27.81% 21.19%

Diluted EPS from Continuing Operations 2.21 2.17 1.61 2.27 1.59
Diluted EPS from Total Operations 2.21 2.17 1.61 2.27 1.59
Diluted EPS from Total Net Income 2.21 2.17 1.61 2.27 1.59
Dividends per Share 1.00 1.00 0.78 0.78 0.78

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 Annual Balance Sheet
All amounts in millions of US Dollars except per share amounts.

Assets
Dec 2009 Dec 2008 Dec 2007 Dec 2006 Dec 2005
Current Assets
Cash 4,708.00 2,032.00 1,656.20 1,160.30 484.22
Net Receivables 1,919.00 1,210.00 1,235.94 1,077.55 339.58
Inventories -- -- -- -- --
Other Current Assets 0.00 --
Total Current Assets 6,627.00 -- -- -- --
Net Fixed Assets 445.00 260.00 266.46 214.78 129.45
Other Noncurrent 170,922.00 19,664.00 22,295.05 20,254.71 1,718.55
Total Assets 177,994.00 19,924.00 22,561.52 20,469.49 1,848.00

Shareholder's Equity
Dec 2009 Dec 2008 Dec 2007 Dec 2006 Dec 2005

Preferred Stock Equity 1.00 0.00 0.13 0.13 --

Common Stock Equity 24,328.00 12,066.00 11,596.83 10,781.75 922.24
Total Equity 24,329.00 12,066.00 11,596.96 10,781.88 922.24
Shares Outstanding (M) 191.51 191.51 191.51 191.51 191.51

Liabilities
Dec 2009 Dec 2008 Dec 2007 Dec 2006 Dec 2005
Current Liabilities
Accounts Payable -- -- -- -- --
Short-Term Debt 2,234.00 200.00 300.00 --
Other Current Liabilities 2,766.00 -- -- -- --
Total Current Liabilities 5,000.00 -- -- -- --
Long-Term Debt 3,434.00 946.00 1,061.37 497.00 253.79
Other Noncurrent 145,231.00 6,912.00 9,903.19 9,190.61 671.97
Total Liabilities 153,665.00 7,858.00 10,964.56 9,687.61 925.76

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 Quarterly Balance Sheet
All amounts in millions of US Dollars except per share amounts.

Assets
Quarter Ending Jun 2010 Mar 2010 Dec 2009 Sep 2009 Jun 2009
Current Assets
Cash 2,183.00 2,703.00 4,708.00 2,763.00 2,305.00
Net Receivables 2,147.00 2,038.00 1,919.00 1,310.00 1,171.00
Inventories -- -- -- -- --
Other Current Assets 0.00
Total Current Assets 4,330.00 4,741.00 6,627.00 4,073.00 3,476.00
Net Fixed Assets 433.00 450.00 445.00 250.00 252.00
Other Noncurrent 157,503.00 162,869.00 170,922.00 17,057.00 16,681.00
Total Assets 162,266.00 168,060.00 177,994.00 21,380.00 20,409.00

Liabilities
Quarter Ending Jun 2010 Mar 2010 Dec 2009 Sep 2009 Jun 2009
Current Liabilities
Accounts Payable -- -- -- -- --
Short-Term Debt 444.00 880.00 2,234.00 200.00
Other Current Liabilities 2,075.00 2,044.00 2,766.00 1,403.00 1,133.00
Total Current Liabilities 2,519.00 2,924.00 5,000.00 1,603.00 1,333.00
Long-Term Debt 3,262.00 3,286.00 3,434.00 944.00
Other Noncurrent 131,531.00 137,202.00 145,231.00 5,773.00 5,387.00
Total Liabilities 137,312.00 143,412.00 153,665.00 8,320.00 7,664.00

Shareholder's Equity
Quarter Ending Jun 2010 Mar 2010 Dec 2009 Sep 2009 Jun 2009

Preferred Stock Equity 1.00 1.00 1.00 1.00 1.00

Common Stock Equity 24,953.00 24,647.00 24,328.00 13,059.00 12,744.00
Total Equity 24,954.00 24,648.00 24,329.00 13,060.00 12,745.00
Shares Outstanding (M) 191.51 191.51 191.51 191.51 191.51

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 Annual Cash Flow
All amounts in millions of US Dollars except per share amounts.

Dec 2009 Dec 2008 Dec 2007 Dec 2006 Dec 2005
Cash and Cash Equivalents at the Beginning 2,032.00 1,656.20 1,160.30 484.22 457.67
of Year
Net Cash Provided in Operating Activities 1,399.00 1,916.00 587.45 720.88 254.94
Net Cash Provided by Investing Activities (5,519.00) (394.00) (1,068.83) 3.57 (219.79)
Net Cash Provided by Financing Activities 6,749.00 (887.00) 958.86 (84.90) (4.27)
Net Increase/Decrease in Cash and Cash 2,676.00 376.00 495.90 676.08 26.55
Equivalents
Cash and Cash Equivalents at the End of 4,708.00 2,032.00 1,656.20 1,160.30 484.22
Year

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 Quarterly Cash Flow
All amounts in millions of US Dollars except per share amounts.

Quarter Ending Jun 2010 Mar 2010 Dec 2009 Sep 2009 Jun 2009
Cash and Cash Equivalents at the Beginning 2,703.00 4,708.00 2,763.00 2,305.00 1,793.00
of Year
Net Cash Provided in Operating Activities 310.00 (164.00) 1,399.00 831.00 274.00
Net Cash Provided by Investing Activities (402.00) (30.00) (5,519.00) 11.00 18.00
Net Cash Provided by Financing Activities (2,372.00) (1,755.00) 6,749.00 (171.00) (105.00)
Net Increase/Decrease in Cash and Cash (2,525.00) (2,005.00) 2,676.00 731.00 273.00
Equivalents
Cash and Cash Equivalents at the End of 2,183.00 2,703.00 4,708.00 2,763.00 2,305.00
Year

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Earning Estimates
Current Quarter Next Quarter Current Year Next Year
Sep 10 Dec 10 Sep 10 Sep 10

Average Estimate $2.45 $2.69 $9.90 $11.23

Number of Analysts 11 11 12 11
High Estimate $2.65 $3.03 $10.46 $12.40
Low Estimate $2.37 $2.54 $9.30 $10.05
Year ago EPS $2.10 $2.39 $7.13 --
Growth Rate 16.84% 12.44% 38.84% 13.47%
Consensus Recommendation Moderate Buy

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 Financial Market Data
Current Information
Last Close (15-Oct-2010) $175.74 Price/Sales Ratio 4.43
52-Week High $243.80 Price/Book Ratio 1.35
52-Week Low $138.42 Price/Earnings Ratio 20.83
60-Month Beta 1.62 Price/Cash Flow Ratio 20.75
Market Cap $33,656.67M Return on Assets 1.56%
Shares Outstanding 191.51M Return on Equity 7.58%
Dividend Rate 4.00 Current Ratio 1.72
Dividend Yield 2.03% Long-Term Debt/Equity 0.23
# of Institutional Holders 455 % Owned by Institutions 25.68%
Latest Short Interest Ratio 2.21 Latest Net Insider Transactions (1,194)

Growth 12 Month 36 Month 60 Month

Revenue Growth (7.19%) 30.85% 45.32%

EPS Growth 3.38% 16.44% 23.00%
Dividend Growth 0.00% 22.92% 25.55%

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 Historical Financials

Income Statement
Year Revenue ($ M) Net Income ($ M) Net Profit Margin Employees
Dec 2009 4,700.00 875.00 18.62% 8,629
Dec 2008 5,064.00 786.00 15.52% 5,341
Dec 2007 4,844.65 995.27 20.54% 5,500
Dec 2006 2,097.98 322.60 15.38% 5,113
Dec 2005 1,191.39 233.91 19.63% 2,151
Dec 2004 725.31 143.14 19.74% 1,020
Dec 2003 598.21 155.40 25.98% 973
Dec 2002 576.98 133.25 23.09% 909
Dec 2001 533.14 107.43 20.15% 804
Dec 2000 476.87 87.36 18.32% 727

200 Year-End Financials

Debt Ratio 14.11%
Return on Equity 7.58%
Cash ($ M) 4,708.00
Current Ratio 1.33
Long-Term Debt ($ M) 3,434.00
Shares Outstanding (M) 191.51
Dividend Yield 2.03%
Dividend Payout 0.51
Market Cap ($ M) 44,469.51

Stock History
Stock Price ($) P/E Per Share ($)
Year FY High FY Low FY Close High Low Earns. Div. Book Value
Dec 2009 241.66 88.91 232.20 39.55 14.55 6.11 3.12 127.03
Dec 2008 249.37 94.78 134.15 42.19 16.04 5.91 3.12 63.00
Dec 2007 224.54 139.20 216.80 29.82 18.49 7.53 2.68 60.55
Dec 2006 161.49 105.74 151.90 41.73 27.32 3.87 1.68 56.30
Dec 2005 113.87 69.38 108.48 32.53 19.82 3.50 1.20 4.82
Dec 2004 78.24 54.00 77.26 36.06 24.88 2.17 1.00 4.01
Dec 2003 53.63 39.59 53.11 22.72 16.78 2.36 0.40 3.72
Dec 2002 47.60 33.55 39.40 23.33 16.45 2.04 -- 3.31
Dec 2001 44.50 30.76 41.70 26.97 18.64 1.65 -- 2.54
Dec 2000 48.00 15.00 42.00 35.56 11.11 1.35 -- 1.92

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Competitors List

Net Profit
Gross Revenue Net Operating Cash Flow
Company Margin

Allianz Global Investors -- -- --

Bank of New York Mellon $8,279.00M (4.27%) $3,781.00M
Charles Schwab $4,414.00M 14.18% $1,437.00M
Dimensional Fund Advisors -- -- --
Federated Investors $1,176.99M 19.39% $274.59M
Legg Mason (Top Competitor) $2,634.88M 7.50% $1,427.73M
Morgan Stanley $30,070.00M 12.13% ($45,951.00M)
Principal Global -- -- --
State Street (Top Competitor) $8,434.00M 20.63% ($4,269.00M)
UBS (Top Competitor) $39,931.96M 19.80% $52,502.41M
Waddell & Reed $839.09M 14.07% $155.18M

866-541-3770 • HOOVERS.COM Oct 20, 2010 • PAGE 23

Competitive Landscape
Companies listed are Top Competitors.

Key Numbers BlackRock, Inc. Legg Mason, Inc. State Street UBS AG
Corporation

Annual Sales ($ M) $4,700.00M $2,634.88M $8,434.00M $39,931.96M

Employees 8,629 3,890 27,000 65,233
Market Cap ($ M) $44,469.51M $2,458.84M $21,851.10M $56,667.80M

Profitability BlackRock, Inc. Legg Mason, Inc. State Street UBS AG Industry Market
Corporation

Gross Profit Margin 55.82% 100.00% -- -- 42.24% 28.77%

Pre-Tax Profit Margin 31.59% 11.91% 26.13% 23.47% 23.36% 8.48%
Net Profit Margin 21.28% 7.50% 20.63% 19.80% 4.47% 5.53%
Return on Equity 7.58% 3.93% 12.44% 12.18% 2.38% 10.15%
Return on Assets 1.56% 2.33% 1.11% 0.32% 0.36% 1.49%
Return on Invested 6.71% 2.70% 4.29% 1.59% 1.10% 4.35%
Capital

Valuation BlackRock, Inc. Legg Mason, Inc. State Street UBS AG Industry Market
Corporation

Price/Sales Ratio 4.43 1.83 2.35 2.69 2.95 3.69

Price/Earnings Ratio 20.83 24.45 11.38 12.27 24.10 27.03
Price/Book Ratio 1.35 0.86 1.25 1.42 1.57 7.16
Price/Cash Flow Ratio 20.75 5.21 4.84 0.78 9.84 22.88

Operations BlackRock, Inc. Legg Mason, Inc. State Street UBS AG Industry Market
Corporation

Days of Sales 83.1 57.0 -- -- 29.4 34.7

Outstanding
Inventory Turnover -- -- -- -- -- 8.1
Days Cost of Goods Sold -- -- -- -- -- 45.1
in Inventory
Asset Turnover 0.1 0.3 0.0 0.0 0.1 0.3
Net Receivables 4.4 6.4 -- -- 12.4 10.5
Turnover Flow
Effective Tax Rate 33.58% 36.55% 21.05% 6.70% -- 37.91%

Financial BlackRock, Inc. Legg Mason, Inc. State Street UBS AG Industry Market
Corporation

Current Ratio 1.33 2.45 -- -- 1.46 1.33

Quick Ratio 1.33 2.34 -- -- 1.73 1.16
Leverage Ratio 7.32 1.47 10.90 32.69 6.74 7.13
Total Debt/ Equity 0.23 0.24 2.00 4.79 0.94 1.37
Interest Coverage 19.28 4.04 -- -- 34.19 17.33

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Per Share Data BlackRock, Inc. Legg Mason, Inc. State Street UBS AG Industry Market
Corporation

Per Share Data $39.65 $16.87 $17.06 $6.74 $9.80 $7.60

Dividend Per Share $3.56 $0.13 $0.04 $0.00 $0.65 $0.25
Cash Flow Per Share $8.48 $5.94 $8.27 $23.15 $2.94 $1.22
Working Capital Per Share $8.50 $9.79 -- -- $1.31 $0.64
Long-Term Debt Per Share $17.93 $7.53 $17.61 $34.64 $11.93 $4.06
Book Value Per Share $130.29 $36.18 $32.00 $12.73 $18.43 $3.91
Total Assets Per Share $929.41 $55.70 $314.72 $353.48 $115.38 $27.90

Growth BlackRock, Inc. Legg Mason, Inc. State Street UBS AG Industry Market
Corporation

12-Month Revenue (7.19%) (21.52%) (27.88%) (18.56%) (21.81%) 31.93%

12-Month Net Income 11.32% -- -- -- -- (27.66%)
12-Month EPS Growth 3.38% -- -- -- -- (49.98%)
12-Month Dividend Growth 0.00% (87.50%) (95.79%) -- (38.12%) --
36-Month Revenue Growth 30.85% (15.35%) 6.91% (20.21%) 1.48% 14.30%
36-Month Net Income Growth 39.46% (31.89%) -- -- -- (5.61%)
36-Month EPS Growth 16.44% (33.46%) -- -- -- (14.73%)
36-Month Dividend Growth 22.92% (47.09%) (63.16%) -- (11.11%) --

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