Declares Dividend of 78 Cents on Common Stock

BlackRock, Inc. (NYSE:BLK) today announced the addition of two members to its Board of Directors: Abdlatif Y. Al-Hamad, Director General and Chairman of the Board of Directors of the Arab Fund for Economic and Social Development, and Brian T. Moynihan, President of Global Banking and Wealth Management for Bank of America Corporation (“BAC”).

“Today’s appointments both strengthen our view of the global marketplace and reinforce our strategic partnership with Bank of America,” commented Laurence D. Fink, Chairman and CEO of BlackRock. “We are very pleased to welcome our new Board members and look forward to the deep global market and business perspectives each of them brings to the Company.”

Mr. Moynihan fills one of the seats vacated by the resignations of John A. Thain and Gregory J. Fleming. Under the terms of BlackRock’s stockholder agreement with Merrill Lynch, Merrill Lynch may designate two directors to BlackRock’s Board of Directors. Bank of America completed its purchase of Merrill Lynch in January 2009.

BlackRock also announced that Robert C. Doll has stepped down from its Board of Directors. Mr. Doll continues to serve as a Vice Chairman of BlackRock and Global Chief Investment Officer of Equities. The change was undertaken at Mr. Doll’s request.

“The markets have never been more difficult or demanding. This change allows me to narrow my focus to our equity investment activities and our mission to consistently add value (alpha) to the portfolios we manage,” commented Mr. Doll. “Importantly, my goal is to rededicate, not reduce, my efforts on behalf of our clients.”

Mr. Doll joined BlackRock’s Board in September 2006 in connection with the merger of BlackRock and Merrill Lynch Investment Managers. “Over the past two years, Bob has played a vital role in achieving a successful integration,” noted Mr. Fink. “With the integration largely completed, Bob seized the opportunity to reprioritize his time and more fully focus his energies on investing and clients. I thank him for his contributions as a Director, and look forward to continuing to work with him as a senior leader of the firm.”

BlackRock’s Board of Directors has 15 members, ten of whom are independent and not affiliated with the Company. Brief biographical information on each of the new directors is provided below and additional information can be found on the “Investor Relations” section of www.blackrock.com.

Dividend

BlackRock’s Board of Directors has declared a quarterly cash dividend of $0.78 per share of common stock, payable March 23, 2009 to shareholders of record at the close of business on March 9, 2009.

Abdlatif Y. Al-Hamad: Mr. Al-Hamad, 71, is Director General/Chairman of the Board of Directors of the Arab Fund for Economic and Social Development, a position he has held since 1985. Mr. Al-Hamad was the Minister of Finance and Minister of Planning of Kuwait from 1981 to 1983. Prior to that, Mr.