BlackRock Grows its Cash Management Platform to over $370 billion of AUM

Transaction Strengthens Cash-Distribution Relationship Between Bank of America and BlackRock

BlackRock and Bank of America’s asset management business, BofA® Global Capital Management, have completed a transaction transferring investment management responsibilities of approximately $80 billion of AUM currently managed by BofA® Global Capital Management to BlackRock. The assets of five taxable money market funds, a U.S. dollar offshore fund, a private fund and customized separate account strategies were transferred to BlackRock through this transaction.

The combined platform of over $370 billion in assets under management will enable BlackRock and legacy-BofA Global Capital Management clients’ broader access to high quality, global liquidity investment solutions. BlackRock will continue to enjoy a strong distribution partnership with Bank of America and will have expanded access to several broad distribution channels.

“This transaction shows our commitment to delivering outstanding liquidity solutions to our clients at a time of tremendous change in the cash management industry,” said Tom Callahan, BlackRock’s Head of Global Cash Management. “By expanding our partnership with Bank of America, this transaction allows us to grow our global scale, enhance our extensive product offering and best in class risk management capabilities to serve a new universe of clients.”

“BlackRock is a best-in-class liquidity solutions provider with a demonstrated ability to deliver on clients’ needs for liquidity and yield,” said Michael Pelzar, President of BofA® Global Capital Management. “Our selection of BlackRock was made after careful consideration of our clients’ needs, our long-standing relationship with BlackRock, and their demonstrated ability to provide a comprehensive range of global liquidity management solutions.”

The transaction was approved by both BlackRock and BofA fund boards, BofA fund shareholders and certain regulators. The financial impact of the transaction is not material to BlackRock earnings. Terms were not disclosed.

About BlackRock

BlackRock is a global leader in investment management, risk management and advisory services for institutional and retail clients. At March 31, 2016, BlackRock’s AUM was $4.737 trillion. BlackRock helps clients around the world meet their goals and overcome challenges with a range of products that include 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®. As of March 31, 2016, the firm had approximately 13,000 employees in more than 30 countries and a major presence in 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 | Twitter: @blackrock_news | Blog: www.blackrockblog.com | LinkedIn: www.linkedin.com/company/blackrock

Forward-looking Statements

This press release, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to BlackRock’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” and similar expressions.

BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

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BlackRockTara McDonnell, 212-810-5337Tara.McDonnell@blackrock.com

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