BlackRock, Inc. announces that it has agreed to repurchase Bank of America Corporation's remaining ownership interest in BlackRock totaling 13,562,878 of its Series B Convertible Preferred Shares for approximately $2.545 billion, or $187.65 per share. The shares will be retired following the close of the transaction which will be immediately accretive to earnings per share. In connection with the transaction, Bank of America Merrill Lynch and BlackRock have worked together to strengthen their enterprise-wide collaboration and enhance their ongoing strategic partnership.

"This stock repurchase and our recent dividend increase evidence our continued commitment to enhancing shareholder value through effective use of our significant free cash flow, while maintaining our strong liquidity and capital position," remarked Laurence D. Fink, Chairman and CEO of BlackRock. "We are pleased to have worked with Bank of America Merrill Lynch to transition their ownership stake over the past six months, working in close partnership to realize value for all of our shareholders.

At the same time, we have reaffirmed our mutual commitment to our strategic relationship and the work we do together to develop and deliver world-class products and services to our shared clients. Tom Montag, President of Bank of America's Global Banking and Markets Group, will continue to serve on our Board, underscoring the importance of, and commitment to, our partnership. We look forward to a long and mutually beneficial relationship with Bank of America Merrill Lynch."

"There is a long history of collaboration between Bank of America Merrill Lynch and BlackRock that focuses on providing exceptional investment solutions for our respective clients," stated Brian Moynihan, President and Chief Executive Officer of Bank of America Corporation. "Our decision to monetize our stake in BlackRock will have no effect on our commitment to continuing this very successful partnership."

BlackRock intends to fund the purchase of the shares through available cash and a total of $2.0 billion of commercial paper, medium-term and long-term debt. The purchase price represents a 3.6% discount to the average closing price for the immediately preceding 15 day trading period.

This share repurchase transaction, which is expected to close on or about June 1, 2011, is outside the Company's existing 5.1 million common share repurchase authorization. Immediately following the close of the transaction, the Company's effective pro forma fully diluted shares outstanding will total approximately 183.5 million shares.