BlackRock (BLK)

Dividends

Certain entities of the Company paid dividends to BGIUKHL of approximately $262, $322, and $942 in 2008, 2007, and 2006, respectively, and $119 (unaudited) in the nine months ended September 30, 2009. Certain entities of the Company also paid dividends to Barclays Global Investors Finance Limited (BGIFL) of $250, $490, and $0 in 2008, 2007, and 2006, respectively, and $0 (unaudited) in the nine months ended September 30, 2009.

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12. Related-Party Transactions (continued)

Dividends

On February 26, 2009, the Board of Directors approved BlackRock’s quarterly dividend of $0.78 to be paid on March 23, 2009 to stockholders of record on March 9, 2009.

Merrill Lynch and its affiliates and PNC and its affiliates receive dividends on the non-voting participating preferred stock that they hold equivalent to the dividends received by common stockholders.

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Dividends

On February 26,
2009, the Board of Directors approved BlackRock’s quarterly dividend of $0.78 to be paid on March 23, 2009 to stockholders of record on March 9, 2009.

FACE="Times New Roman" SIZE="2">Merrill Lynch and its affiliates and PNC and its affiliates receive dividends on the non-voting participating preferred stock that they hold equivalent to the dividends received by common stockholders.

Dividends

On February 15, 2008, the Board of Directors approved an increase of BlackRock’s quarterly dividend to $0.78 to be paid on March 24, 2008 to stockholders of record on March 7, 2008.

Merrill Lynch and its affiliates, as the sole holders of BlackRock’s series A non-voting participating preferred stock, receive dividends on the preferred stock equivalent to the dividends received by common stockholders and may elect to receive such dividends in cash or BlackRock common stock, subject to the ownership limitations contained within the stockholders agreement with BlackRock.

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Dividends

On February 15,
2008, the Board of Directors approved an increase of BlackRock’s quarterly dividend to $0.78 to be paid on March 24, 2008 to stockholders of record on March 7, 2008.

Dividends

The Board of Directors has adopted a dividend policy establishing a targeted payout ratio of 40% of historical net income and reviews the dividend policy at least annually, subject in all cases to the Board of Directors’ exercise of its fiduciary duty to the Company. On February 27, 2007, the Board of Directors approved an increase of BlackRock’s quarterly dividend to $0.67 to be paid on March 23, 2007 to stockholders of record on March 7, 2007.

Merrill Lynch and its affiliates, as the sole holders of BlackRock’s series A non-voting participating preferred stock, receive dividends on the preferred stock equivalent to the dividends received by common stockholders and may elect to receive such dividends in cash or BlackRock common stock, subject to the ownership limitations contained within the stockholders agreement with BlackRock.

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