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Press release from Business Wire

BlackRock Encouraged by Momentum to Raise U.S. Debt Ceiling, But Believes Investors Need to See Real Deficit Reduction Without Delay

Sunday, July 31, 2011

BlackRock Encouraged by Momentum to Raise U.S. Debt Ceiling, But Believes Investors Need to See Real Deficit Reduction Without Delay22:26 EDT Sunday, July 31, 2011 NEW YORK (Business Wire) -- BlackRock, Inc, (NYSE:BLK), manager of $3.6 trillion in assets for institutional and individual investors around the world, today released the following statement regarding progress to raise the U.S. debt ceiling and reduce the federal budget deficit: “As a manager of assets for millions of Americans, and clients, both U.S. and non-U.S., who are invested in America, we are encouraged by momentum over the weekend toward an agreement to raise the U.S. debt ceiling and reduce the federal deficit. Based on the details that have emerged, we believe the framework proposed to reduce federal spending is a positive development. However, the precise composition and timing of any spending cuts will determine whether this proposal produces a real and significant reduction in the deficit. Avoiding default by the U.S. Government is of paramount importance, but investors also need to see a clear path toward deficit reduction that encourages confidence in the U.S. dollar. This is essential if we are to maintain America's AAA rating and encourage long-term investment in the U.S.” “America cannot afford further delay. With the U.S. economy continuing to show weakness, every day of delay in resolving this situation will erode economic growth, jeopardize job creation and undermine the credibility of the United States in global financial markets. BlackRock is hopeful that America's elected representatives will proceed with urgency to resolve the debt ceiling and reduce our deficits.” About BlackRock BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At June 30, 2011, BlackRock's AUM was $3.659 trillion. BlackRock offers products that span the risk spectrum to meet clients' needs, including active, enhanced and index strategies across markets and asset classes. Products are offered in a variety of structures including separate accounts, mutual funds, iShares® (exchange-traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions®. Headquartered in New York City, as of June 30, 2011, the firm has approximately 9,700 employees in 26 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the Company's website at www.blackrock.com. BlackRock, Inc.Brian Beades, 212-810-5596Brian.Beades@blackrock.comorJessica Greaney, 212-810-5498Jessica.greaney@blackrock.com