Rick Rieder, Veteran Fixed Income Executive, Appointed BlackRock Fixed Income CIO

BlackRock, Inc. (NYSE: BLK) today announced the appointment of Rick Rieder as Chief Investment Officer of Fixed Income, Fundamental Portfolios. He reports to Peter Fisher who continues to serve as Head of Fixed Income at BlackRock.

Mr. Rieder joined BlackRock and the Fundamental Fixed Income leadership team in early-2009 in a transaction that brought the investment leadership of R3 Capital Partners to BlackRock. In addition to serving as Head of Corporate Credit at BlackRock, he has served as Deputy CIO of Fixed Income, Fundamental Portfolios, with shared responsibility for leading the overall fundamental fixed income investment process. At R3, Mr. Rieder served as President and CEO. Prior to that, Mr. Rieder was with Lehman Brothers for over 20 years, where he led a variety of fixed income businesses, including corporate and emerging-market bond-trading, corporate bond trading, global credit and global principal strategies.

Mr. Rieder succeeds Curtis Arledge, CIO since first quarter 2010, who has accepted a position as CEO of BNY Mellon Asset Management.

“Rick is a widely respected and seasoned fixed income professional who brings exceptional market insight and a strong track record of leadership in the credit markets,” commented Mr. Fisher. “Our top priority has been to continually enhance our over 400-person strong global fixed income team, and our sophisticated proprietary risk management systems and tools, to ensure the consistency of our investment approach and continuity of our focus on investment performance. As today’s announcement indicates, this bench strength allows for a seamless transition and advancement for investment professionals within our platform. We are delighted to have Rick assuming this new role in our fixed income business.”

As CIO, Mr. Rieder will continue to serve as Head of Corporate Credit, and will also assume responsibility for the Multi Sector and Mortgage Group. He will be supported by Scott Thiel who continues in his role as Deputy CIO of Fixed Income, Fundamental Portfolios, and Head of European and Non-US Fixed Income, as well as the 14 person Fixed Income Executive Committee.

“I am very excited about the opportunity to take increased leadership of the fundamental investment process as CIO. I'm continually impressed by the depth of resources and commitment to the fixed income business at the firm and look forward to continuing to work with Scott Thiel and the rest of my colleagues in my new role,” said Mr. Rieder.

Mr. Fisher added, “We have a lot of great investment professionals at BlackRock and understand that from time to time they will be presented with other opportunities. We appreciate Curtis’ desire to pursue this new CEO position and we wish him the best of luck in his new role.”

About Mr. Rieder

Rick Rieder, Managing Director, is BlackRock's Chief Investment Officer of Fixed Income, Fundamental Portfolios, and head of its Corporate Credit and Multi Sector and Mortgage Groups. He is a member of the Fixed Income Executive Committee, and a member of BlackRock's firm wide Leadership and Capital Commitments Committees.

Prior to joining BlackRock in 2009, Mr. Rieder was President and Chief Executive Officer of R3 Capital Partners. He also served as Vice Chairman and member of the Borrowing Committee for the U.S. Treasury. From 1987 to 2008, he was with Lehman Brothers, most recently as head of the firm's Global Principal Strategies team, a global proprietary investment platform. He also was a member of the Lehman Brothers Management Committee and the Board of Trustees for the corporate pension fund. He was global head of the firm's Credit Businesses, including Investment Grade Corporate Debt, Emerging Market Debt, Credit Hybrids, Money Markets and Structured Products. He served as chairman of Lehman Brothers' Investment Grade Capital Commitment Committee, co-chairman of the Board of Lehman Brothers' commercial bank, and a member of the Fixed Income Division Operation Committee. Before joining Lehman Brothers, Mr. Rieder was a credit analyst at SunTrust Banks in Atlanta.

Mr. Rieder is a member of the board of Emory University, Emory's Business School, as well as the University's Investment (endowment) and Finance Committees. He also serves as Chairman of the Board of the North Star Academy Charter Public School System in Newark, New Jersey, the National Leadership Council for the Communities in Schools Educational Foundation, the Newark Youth Foundation, and the Committee for the Center for Celiac Research at the University of Maryland. Mr. Rieder earned a BBA degree in business from Emory University in 1983 and an MBA degree from The Wharton School of the University of Pennsylvania in 1987.

About BlackRock

BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At June 30, 2010, BlackRock’s AUM was $3.151 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, 2010, the firm has approximately 8,500 employees in 24 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.

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