Annual Report 2010

Financial Highlights

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* Important Notes

On December 1, 2009, BlackRock acquired from Barclays Bank PLC all of the outstanding equity interests of subsidiaries of Barclays conducting the business of Barclays Global Investors ("BGI") (the "BGI Transaction").

Diluted earnings per share, operating income and net income are presented on an adjusted basis. See page 43 for GAAP reconciliation.

This is an interactive electronic version of the BlackRock 2010 Annual Report to Shareholders. The contents of this version are qualified in their entirety by reference to the printed version. A reproduction of the printed version is available in PDF in the "Investor Relations" section on this Web site.