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Business Description
BlackRock, Inc. is an investment management firm in the United States. The Company had approximately $309 billion assets during the year ended December 31, 2003. The Company's products span a spectrum of fixed income, liquidity, equity and alternative investment separate accounts and mutual funds, including its BlackRock Funds and BlackRock Liquidity Funds. It also offers risk management, investment analytics and investment system services to institutional investors through its BlackRock Solutions product line. The Company is a majority owned indirect subsidiary of The PNC Financial Services Group, Inc. (PNC), a diversified financial services company. In 2003, PNC indirectly owned approximately 70% of BlackRock. In April 2003, BlackRock acquired HPB Management. In 2003, the Company added 14 new assignments and increased revenues to $58.7 million, or18%.

Financial Information
For the nine months ended 9/30/04, revenues rose 23% to $536.6 million. Net income fell 18% to $93.4 million. Revenues reflect increased investment advisory and admin. fees. Net income was offset by the inclusion of a $90.1 million retention and incentive plan.