blackrock english version

7/28/2019 Blackrock English Version

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BlackRock offers a range of solutionsfrom rigorous fundamental and quantitative activemanagement approaches aimed at maximizing outperformance to highly efficient indexingstrategies designed to gain broad exposure to the world's capital markets. Our clients canaccess our investment solutions through a variety of product structures, includingindividual and institutional separate accounts, mutual funds and other pooled investmentvehicles, and the industry-leading iShares ETFs.

The foundation of BlackRock'sbusiness is our belief that our clients needs are ofparamount importance. Our commitment to investment excellence is anchored in a sharedculture that always places a clients interests first, from individual investors to the worlds

largest institutions. We act always as a fiduciary for our clients, never trading as a principalon our own behalf.

BlackRocks investment approach is based on our conviction that we can combine ourmarket insights, our global reach and scale, our proprietary technology, our culture ofinformation sharing and our unwavering focus on risk management into an ability to deliverperformance in all market environments. BlackRock is committed to providing a broad setof investment solutions for our clients, striving to achieve the best balance between risk andopportunity.

BlackRock is a truly global firm that combines the benefits of worldwide reach with local

service and relationships. We manage assets for clients in North and South America,Europe, Asia, Australia, the Middle East and Africa. The firm employs more than 9,300talented professionals and maintains offices in 26 countries around the world. Our clientbase includes corporate, public, union and industry pension plans; governments; insurancecompanies; third-party mutual funds; endowments; foundations; charities; corporations;official institutions; sovereign wealth funds; banks; financial professionals; and individualsworldwide.

As of June 30, 2011, BlackRock's assets under management total US$3.66 trillion acrossequity, fixed income, cash management, alternative investment, real estate and advisorystrategies. Through BlackRock Solutionsthe natural evolution of our long-standing

investment in developing sophisticated and highly integrated systemswe offer riskmanagement, strategic advisory and enterprise investment system services to a broad baseof clients with portfolios totaling approximately US$10 trillion.

Our firm's ownership structure is designed to maintain the independence we believe isnecessary to retain our commitments to client focus and investment excellence. BlackRock,Inc. (NYSE: BLK) has no single majority stockholder and has a majority of independentdirectors. The PNC Financial Services Group, Inc. and Barclays PLC own economic

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interests in BlackRock approximating 21.7% and 19.7%, respectively, with the remainderowned by institutional and individual investors, as well as BlackRock employees.

Since our founding, BlackRocks core philosophy has been grounded in the belief that ourclients needs are of paramount importance and our sole business is managing our clients

assets on their behalf.

With this as a framework, BlackRock has assembled teams of investment professionalswith significant expertise in global capital markets. Through BlackRock Solutions, wecontinue to invest substantial resources in the ongoing development of our technology and

analytic capabilities, for both internal users and BlackRock Solutions clients. Our focus oninvestment excellence and state-of-the-art analytics is complemented by an unwavering,senior-level commitment to service; this results in dynamic client relationships and enablesus to assist clients with a range of services, including an understanding of liabilities andasset allocation needs.

BlackRock takes a three dimensional approach to the management of the organization,incorporating functional, product and regional elements in support of our clients goals. Thefunctional dimension looks at our operations by specific task, such as portfoliomanagement, account management or operations. The product dimension brings togetherthe cross-disciplinary expertise critical to managing client assets in each class. Finally, the

regional aspect of our model recognizes the unique, geography-specific needs of clients aswell as the importance of local regulatory issues.

Distinct but interconnected, these factors work together to inform all of our businessdecisions and result in a firm that is globally efficient and locally effective. With our three-dimensional approach to managing the organization, we seek to:

ensure consistency on a global basis; allow for the tailoring of products and services according to client or local needs; promote teamwork among our employees worldwide; and facilitate operational integrity and efficiency

Given our size, scope and global footprint we strive for a consistent, interconnectedapproach "One BlackRock."

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Institutional Investors

BlackRock has built a diversified business by developing institutional-quality products thatseek to meet the needs of taxable and tax-exempt investors worldwide. Clients select us notonly for our expertise and flexibility, but also for our creativity in tackling business- and

industry-specific challenges. The depth and breadth of our product offerings reflects ourproactive approach to solving client problems. So, too, does the evolution of our businesswe are continually searching for ways to add value to our client relationships. Thelongevity of many of these relationships is testimony to our commitment to client servicecoupled with the stability of our organization and the evolution of our product offerings.

Retail Investors

The investment and risk management expertise that BlackRock brings to the managementof institutional products is also available globally through separately managed accounts,open-end and closed-end funds, offshore funds, unit trusts and alternative investmentvehicles. At BlackRock, coordinated marketing and client service efforts are tailored toensure the delivery of the firms resources to help meet the unique needs of financialintermediaries and their clients throughout the world.

BlackRock offers a wide range of investment solutions reflecting the varied needs andpreferences of our clients, including rigorous fundamental and quantitative activemanagement designed to maximize alpha, to highly efficient indexing strategies designed to

gain efficient exposure to the world's capital markets. For example, not only do we havefixed income portfolios with exposure to global bonds, we also manage bond portfoliosdenominated in U.S. dollars, sterling, euros, yen and Australian dollars. In equities, inaddition to U.S., international and emerging market offerings, we also manage equityportfolios with strategies specific to the United Kingdom, Europe, Japan and Australia. Andwe manage sector-specific mandates across asset classes as well as multi-asset classstrategies. Finally, our strategies are tailored to appeal to both taxable and tax-exemptinvestors with diverse appetites for return and risk.

Market Risk Management

Central to BlackRock's investment management process is market risk management. TheRisk & Quantitative Analysis Group (RQA) takes a globally integrated approach to theanalysis and management of risk while also maintaining a strong regional orientation, witha physical presence in our largest investment centers. While risk can never be totallyeliminated, this structure allows the team to apply global best practices while workinghands-on with individual portfolio managers. RQA is responsible for:

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helping to ensure that the risks in BlackRock-managed portfolios are consistent withclient objectives and that those risks are fully understood and properly managed byour portfolio managers;

creating a common "risk" language and a set of standardized metrics used tocommunicate risk throughout the firm; and

partnering with BlackRock Solutions to create practical, state-of-the-practice riskanalytics

Advisory Services

Valuation and risk assessment of investment portfolios, including commercial and residentialmortgages, securitized products, credit derivatives, corporate and municipal bonds

Assistance to clients in developing action strategies to address balance sheet challenges of acapital markets nature

Specialized asset disposition services typically for distressed portfolios in long-term workout

ADVISROYDVISORYAdvisory OverviewLearn about our Advisory Services and product expertise.

Portfolio Valuation & Risk Assessment

Bottom-up valuations and cash flow projections for illiquid, complex structured finance andderivatives exposures, using proprietary models and capital markets access.

Financial Advisory ServicesDevelopment of action strategies based on valuation and risk analyses and the current capitalmarkets environment.

Asset Management & DispositionsSpecialized disposition services, typically for distressed portfolios in long-term workout.
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Case StudiesBlackRock Solutions has played a significant role in assisting public and private sector institutionson a range of matters.

News & ViewsView our featured literature and industry insight.

TeamMeet the Financial Markets Advisory team

Portfolio Valuation and Risk Assessment

Current market conditions make it difficult for organizations to understand the risks they hold, thevalue of their complex assets and the principal losses they might experience over time.

Unprecedented market liquidity premiums have disassociated pricing patterns from predictedcredit performance

Traditional external pricing sources have been disrupted and may not be providing theconsultative support financial institutions often require

A "second pair of eyes" to review and rationalize findings is valuable given the current regulatoryenvironment

The Financial Markets Advisory practice helps clients value and understand the risk ofcomplex portfolios - and provides actionable solutions for surveillance and managementstrategies.

Deliverables under representative engagements have included estimates of:

Fair value Intrinsic value

Projection of principal losses Counterparty risk assessment

Rating migration Cash flow

Discounted cash flow

Financial Advisory Services

We develop strategies to help financial institution clients navigate the turbulent marketenvironment:

Tailor solutions to satisfy the needs of various client constituents and stakeholders Act as trusted advisor unbiased advice aligned with the long-term objectives of our clients
http://www2.blackrock.com/US/brs/advisory/case-studieshttp://www2.blackrock.com/US/brs/advisory/case-studieshttp://www2.blackrock.com/US/brs/advisory/news-viewshttp://www2.blackrock.com/US/brs/advisory/news-viewshttp://www2.blackrock.com/US/brs/advisory/teamhttp://www2.blackrock.com/US/brs/advisory/teamhttp://www2.blackrock.com/US/brs/advisory/teamhttp://www2.blackrock.com/US/brs/advisory/news-viewshttp://www2.blackrock.com/US/brs/advisory/case-studies


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We bring several practice areas to bear in our advisory services:

Financial strategy Risk management Capital markets strategy

Hedging advisory practices Risk measurement and governance

The credit crisis that has unfolded globally since 2007 has challenged the financial resources of theentire financial system. Under such pressure, some traditional investment management and capitalmarkets disciplines have proven ineffective to properly contain risk. Lack of liquidity, due toimperiled bank and insurance company balance sheets, cascaded into lower and lower assetvaluations. What began as a U.S. subprime mortgage credit issue has expanded to globalcontagion with far reaching and long term consequences.

Our Financial Advisory Services help a wide range of clients including banks, insurancecompanies, asset managers, specialty-investment vehicles, government agencies and regulators devise strategies for navigating and overseeing the turbulent market environment.

Asset Management and Dispositions

The Financial Markets Advisory team provides unique investment management anddisposition capabilities to accommodate a wide range of institutional transitions and needs.

Highly specialized investment management focus, with proven capabilities across a wide rangeof products including structured products and derivatives

Segregated platform from BlackRock's alpha generation portfolio management functions,providing a high level of customized attention and minimizing any actual or perceived conflict ofinterest

Supported by ongoing valuations, risk management advice and comprehensive reporting

"...BlackRock's valuations have become a kind of de facto Good Housekeeping seal of approvalthat buyers and sellers of distressed assets trust"

Fortune MagazineNovember 2008

Clients have used our advisory asset management services for a variety of reasons:

Institutional merger, restructuring or reorganization

Specialized and distressed portfolios Timely liquidation of significant asset positions

Proactive outsourcing solution

Customized Asset Management Focus

As of June 30, 2011, the FMA group manages $133 billion face value of assets. Each assignmenthas a highly bespoke management, reporting and disposition objective generally expected to be


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achieved over an intermediate term period. Each portfolio has a dedicated senior portfolio managerto oversee an integrated team of investment management, credit analyst and financial modelingprofessionals in developing and executing a customized strategy.

Proven BlackRock Infrastructure

We believe that our ability to deliver a number of mission critical core competencies is valuable toour clients. Frequently, our FMA asset management assignments arise from advisory and riskassessment engagements demonstrating our flexibility in fulfilling the demands of any complex,multi-dimensional strategy. Every mandate is coordinated by a seasoned team of professionals,serving to identify and seeking to fulfill all client objectives and promote the seamless integration ofBlackRock's investment management infrastructure.

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