BlackRock CEO to Speak at Lehman Brothers 2004 Financial Services Conference; Company Reaffirms Earnings Outlook.

NEW YORK -- Laurence D. Fink, Chairman and Chief Executive Officer, of BlackRock, Inc. (NYSE: BLK) is scheduled to speak at the Lehman Brothers 2004 Financial Services Conference in New York on Wednesday, September 15, 2004 at 7:45 a.m. (eastern time). A copy of Mr. Fink's presentation and a live audio webcast will be accessible via the "Investor Relations" section of the Company's website, www.blackrock.com. A replay of the webcast will be available within 24 hours of Mr. Fink's presentation and will remain accessible through the Company's website for seven days.

In anticipation of comments to be made by Mr. Fink, the Company reaffirmed the full year and third quarter 2004 diluted earnings per share estimates contained in its second quarter earnings release on July 20, 2004. Specifically, the Company expects full year and third quarter 2004 EPS to be in a range of $2.95 - $3.05 and $0.69 - $0.73 respectively. The Company also reaffirmed its initial guidance for fiscal year 2005, announced August 26, 2004, of $3.20 - $3.40 per fully diluted share. Please note guidance is based on current market conditions, excludes EPS impact associated with the potential vesting of the BlackRock, Inc. 2002 Long Term Retention and Incentive Plan, and is prior to giving effect to the acquisition of SSRM Holdings Inc., the holding company of State Street Research & Management Company and SSR Realty Advisors Inc.

About BlackRock. BlackRock is one of the largest publicly traded investment management firms in the United States with approximately $314 billion of assets under management at July 31, 2004. BlackRock manages assets on behalf of institutional and individual investors worldwide through a variety of equity, fixed income, liquidity and alternative investment products. In addition, BlackRock provides risk management, investment system outsourcing and financial advisory services to a growing number of institutional investors. Clients are served from the Company's headquarters in New York City, as well as offices in Boston, Edinburgh, Hong Kong, San Francisco, Tokyo and Wilmington. BlackRock is majority owned by The PNC Financial Services Group, Inc. (NYSE: PNC) and by BlackRock employees. For additional information, please visit the Company's website at www.blackrock.com.

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," potential," outlook," "continue," "remain," "maintain," "sustain," "seek," "achieve," and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may" or 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.

In addition to factors previously disclosed in BlackRock's Securities and Exchange Commission (the "SEC") reports and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) changes in political, economic or industry conditions, the interest rate environment or financial and capital markets, which could result in changes in demand for products or services or in the value of assets under management; (3) the relative and absolute investment performance of BlackRock's advised or sponsored investment products and separately managed accounts; (4) the impact of increased competition; (5) the impact of capital improvement projects; (6) the impact of future acquisitions; (7) the unfavorable resolution of legal proceedings; (8) the extent and timing of any share repurchases; (9) the impact, extent and timing of technological changes and the adequacy of intellectual property protection; (10) the impact of legislative and regulatory actions and reforms and regulatory, supervisory or enforcement actions of government agencies relating to BlackRock or PNC; (11) terrorist activities and international hostilities, which may adversely affect the general economy, financial and capital markets, specific industries, and BlackRock; and (12) the ability to attract and retain highly talented professionals; (13) fluctuations in foreign currency exchange rates, which may adversely affect the value of advisory fees earned by BlackRock; and (14) the impact of changes to tax legislation and, generally, the tax position of the company.

BlackRock's Annual Report on Form 10-K for the year ended December 31, 2003 and BlackRock's subsequent reports filed with the SEC, accessible on the SEC's website at http://www.sec.gov and on BlackRock's website at http://www.blackrock.com, discuss these factors in more detail and identify additional factors that can affect forward-looking statements.

Non-GAAP Financial Measures. The presentation may include a discussion of non-GAAP financial measures, which, to the extent not so qualified therein, is qualified by GAAP reconciliation information to be included on BlackRock's website at http://www.blackrock.com.