BlackRock Report [PDF]

Zitiervorschau

BlackRock, Inc. Profile

55 E. 52nd St. New York, NY 10055 United States Phone: 212-810-5300 Fax: 212-810-8760 http://www.blackrock.com

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HIDDEN TEXT TO MARK THE BEGINNING OF THE TOC

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Table of Contents Company Overview

1

Key Information

1

Key Financials

1

Company Rankings

1

Key People

2

Company Description

4

Industry Information

5

People

6 People

6

Board Members

9

Biographies

10

Laurence D. (Larry) Fink

10

Susan L. Wagner

10

Robert S. (Rob) Kapito

11

Ann Marie Petach

11

Company Financials

13

Financial Summary

13

Annual Income Statement

14

Quarterly Income Statement

15

Annual Balance Sheet

16

Quarterly Balance Sheet

17

Annual Cash Flow

18

Quarterly Cash Flow

19

Earnings Estimates

20

Financial Market Data

21

Historical Financials

22

Competition

23

Competitors List

23

Competitive Landscape

24

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Company Overview 55 E. 52nd St. New York, NY 10055 United States Phone: 212-810-5300 Fax: 212-810-8760 http://www.blackrock.com Now this is the kind of coal you want in your stocking. BlackRock is one of the world's largest money managers. The firm, with more than $3 trillion under management, specializes in fixed-income products and money market instruments for institutional and retail investors, as well as high-net-worth individuals worldwide. Clients include pension plans, insurance companies, mutual funds, endowments, foundations, and charities. BlackRock does not engage in proprietary trading. It also provides risk management services (through BlackRock Solutions), manages hedge funds, and oversees the operations of publicly traded real estate investment trust Anthracite Capital. BlackRock has offices in some 25 countries.

Key Information DUNS Number Location Type Subsidiary Status Manufacturer Company Type Ultimate Parent Ultimate Parent DUNS Immediate Parent Immediate Parent DUNS Plant/Facility Size (sq. ft.) Owns / Rents Foreign Trade Accountant Total Employees 1-Year Employee Growth Employees At This Location Year of Founding or Change in Control Primary Industry Primary SIC Code Primary NAICS Code Tradestyle Latitude/Longitude

786987052 Headquarters NY No Public

8,849.00 Rents Deloitte & Touche LLP 8,629 61.56% 100 2006 1301:Institutional Asset Management 62820000:Investment advice 523930:Investment Advice Blackrock Realty 40.75894 / -73.9735

Key Financials Fiscal Year-End Sales ($ M) 1-Year Sales Growth Net Income 1-Year Net Income Growth Total Assets Market Value R&D Advertising Prescreen Score

December $4,700.00M (7.19%) $875.00M 11.32% $177,994.00M $33,656.67M --Low Risk

Company Rankings 441 in FORTUNE 500 162 in FT Global 500

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Oct 20, 2010 • PAGE 2

Key People Name

Title

Mr. Laurence D. (Larry) Fink

Chairman and CEO

Mr. Robert W. (Rob) Fairbairn

Vice Chairman

Mr. Peter R. Fisher

Vice Chairman; Head, Fixed Income

Ms. Susan L. Wagner

Vice Chairman

Mr. Kendrick R. Wilson III

Vice Chairman

Mr. Robert S. (Rob) Kapito

President and Director

Mr. Charles S. Hallac

Senior Managing Director and COO

Ms. Ann Marie Petach

CFO

Mr. Robert C. (Bob) Doll

Vice Chairman and Global Chief Investment Officer - Equitiy

Mr. Joseph Feliciani Jr.

Managing Director and Chief Accounting Officer

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Company Description CEO Laurence Fink, who has overseen a string of major acquisitions in recent years, engineered a blockbuster merger with Barclays Global Investors in 2009. In the deal, which was several years in the making, BlackRock bought Barclays Global Investors from UK banking giant Barclays for some $15 billion. The deal resulted in a new company operating under the BlackRock name. Barclays Bank retained a 20% stake in the new combined firm, but Fink remained in charge of the enterprise. The merger nearly tripled BlackRock's assets under management and propelled the company to the top of the international money management industry by enhancing its investment and risk management capabilities. The deal also gave BlackRock a much larger footprint outside the US and added more than 3,500 new employees. BlackRock has traditionally focused investments on developed economies. However, the company is looking to expand its view to include emerging markets such as Asia and Latin America. BlackRock is preparing to expand its client base and do more than half of its business outside of the US within five years. Adding on to the Barclays merger, BlackRock also acquired most of the assets of Charlotte-based financial firm Helix Financial Group in 2010. The deal enhanced BlackRock's real estate analytics and workout capabiltiies, in addition to adding offices and personnel in Charlotte, Atlanta, and India. BlackRock has gained more of a connection to business in Charlotte. Earlier in 2009 Charlotte-based Bank of America acquired Merrill Lynch and assumed that firm's capital stock (some 34%) in BlackRock. PNC Financial owns about about 25% of BlackRock. Even prior to the Barclays Global deal, BlackRock was growing rapidly through acquisition, gobbling up smaller firms and other opportunities in the marketplace. In 2008 it bought $15 billion in distressed mortgage assets from UBS, the troubled Swiss financial services giant. That year in a much smaller deal it bought Australian financial software firm Impact Investing, adding it to its solutions business unit. Then in 2009 BlackRock took over hedge fund R3 Capital Management, which manages some $1.5 billion in assets. The firm began its skyrocketing growth when together with Tishman Speyer, the company's real estate unit BlackRock Realty acquired Stuyvesant Town-Peter Cooper Village in New York City from Met Life for $5.4 billion. The 2006 deal was one of the largest in US history at the time. That venture proved less than successful in the wake of the real estate and credit market crashes, as property values plummeted and rent income followed. By 2009 the companies faced default due to high debt levels. The following year, BlackRock and Tishman Speyer defaulted on the $4.4 billion debt used to finance the deal and the property was handed over to creditors.

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Industry Information Hoover's Industries > Financial Services > Asset Management > Institutional Asset Management ( primary ) > Hedge Fund Management > Mutual Fund Management Primary SIC Code 62820000 : Investment advice Primary NAICS Code 523930 : Investment Advice Denotes In-depth Industry Insight by Hoover's Editorial Staff

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Oct 20, 2010 • PAGE 5

People Employees Title

Name

Age

Salary

Bonus

Chairman and CEO

Mr. Laurence D. (Larry) Fink Mr. Robert W. (Rob) Fairbairn Mr. Peter R. Fisher Ms. Susan L. Wagner Mr. Kendrick R. Wilson III Mr. Robert S. (Rob) Kapito Mr. Charles S. Hallac Ms. Ann Marie Petach Mr. Robert C. (Bob) Doll

57

$500,000.00

$9,050,000.00

--

--

-$300,000.00 -$400,000.00 $300,000.00 $450,000.00 $400,000.00

-$2,612,500.00 -$7,010,200.00 $3,475,000.00 $1,655,000.00 $13,875,000.00

Mr. Joseph Feliciani Jr.

--

--

Mr. Peter Knez

--

--

Mr. Chris Leavy

--

--

Mr. Andrew J. Phillips

--

--

Mr. Quintin Price

--

--

Mr. Rick M. Rieder

--

--

Ms. Stephanie Chang

--

--

Ms. Sabrina Leung

--

--

Ms. Libby O'Sullivan

--

--

Ms. Emma Phillips

--

--

Mr. Zach Buchwald

--

--

Ms. Juliet Bullick

--

--

Vice Chairman Vice Chairman; Head, Fixed Income Vice Chairman Vice Chairman President and Director Senior Managing Director and COO CFO Vice Chairman and Global Chief Investment Officer - Equitiy Managing Director and Chief Accounting Officer Managing Director and CIO, Fixed Income, Index and Model-Based Portfolios; Head, Index and ModelBased Fixed Income Chief Investment Officer, US Fundamental Equity Chief Performance Officer, Fixed Income Managing Director, Fundamental Equity and Chief Investment Officer - Europe, Middle East, Africa, and Pacific Equity Chief Investment Officer, Fixed Income, Fundamental Portfolios; Head Corporate Credit, Multi Sector, and Mortgage Group VP Corporate Communications, Taiwan VP Corporate Communications, Hong Kong VP Media Relations, Melbourne, Australia VP and Director Corporate Communications, Europe, Middle East, Africa Managing Director Client Advisory Services, FMA Group Managing Director and Head of UK

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Title Institutional Account Management Head Business and Product Strategy, Fixed Income Managing Director Client Advisory Services, FMA Group Head Latin America and Iberia Vice Chairman and Co-Head Risk and Quantitative Analysis Managing Director and Head Municipal Bonds Head, Retail Business UK Managing Director and Head Financial Institutions Managing Director Client Advisory Services, Financial Markets Advisory Group Senior Managing Director and Head Portfolio Management Global Head, iShares Managing Director and Co-Head, FMA Portfolio Management Managing Director and Global Head, Financial Markets Advisory Group Managing Director and Country Head, Brazil Head Trading for Fixed Income Managing Director and Head, BlackRock Solutions EMEA Managing Director Client Advisory Services, FMA Group Deputy Chief Investment Officer, Fixed Income, Fundamental Portfolios; Head, European and NonUS Fixed Income Managing Director and Co-Head, FMA Portfolio Management Director Corporate Communications, Americas Managing Director - iShares, San Francisco Managing Director Managing Director Corporate

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Name

Salary

Bonus

Ms. Marie Chandoha

--

--

Mr. Samuel (Sam) Coleman

--

--

Mr. Daniel Gamba Dr. Bennett W. Golub

---

---

Mr. Peter Hayes

--

--

Mr. Alex Hoctor-Duncan Mr. Kevin Holt

---

---

Ms. Debra Huddleston

--

--

Mr. J. Richard Kushel

--

--

---

---

--

--

--

--

---

---

Mr. Martin Small

--

--

Mr. Scott F. Thiel

--

--

Mr. Roland E. Villacorta

--

--

Mr. Brian Beades

--

--

Mr. Lance Berg

--

--

Mr. James J. Charrington Ms. Katherine Cheung

---

---

Mr. Mike Latham Mr. Ryan Marshall

Age

52

44

Mr. Craig S. Phillips Dr. Luiz F. Pinheiro de Andrade Mr. Richard Prager Mr. Maarten Slendebroek

56

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Title Communications, Asia Managing Director Corporate Communications, Americas Managing Director, Mortgage Portfolios Director - iShares, London Director - iShares, San Francisco Director Media Relations, London Director - iShares, Sydney Senior Managing Director and Head Human Resources

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Name

Age

Salary

Bonus

Bobbie Collins

--

--

Akiva Dickstein

--

--

Ms. Caroline Hancock Ms. Christine Hudacko Ms. Rebecca Nelson Ms. Debbie Pearce Dr. Jeffrey A. Smith

------

------

Oct 20, 2010 • PAGE 8

Board Members Title

Name

Age

Chairman and CEO Vice Chairman Vice Chairman; Head, Fixed Income Vice Chairman Vice Chairman President and Director Director Director Director Director Director Director Director Director Director Director Director Director Director Director Director Director Director

Mr. Laurence D. (Larry) Fink Mr. Robert W. (Rob) Fairbairn Mr. Peter R. Fisher Ms. Susan L. Wagner Mr. Kendrick R. Wilson III Mr. Robert S. (Rob) Kapito Mr. Abdlatif Y. Al-Hamad Mr. Mathis Cabiallavetta Mr. Dennis D. Dammerman Mr. William S. (Bill) Demchak Mr. Robert E. (Bob) Diamond Jr. Dr. Kenneth B. Dunn Mr. Murry S. Gerber Ms. Linda Gosden Robinson Mr. James Grosfeld Mr. David H. Komansky Ms. Sallie L. Krawcheck Mr. Mark D. Linsz Sir Deryck Maughan Mr. Thomas H. O'Brien Ms. Linda Gosden Robinson Mr. James E. (Jim) Rohr Mr. John S. Varley

57

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Oct 20, 2010 • PAGE 9

Biographies Laurence D. (Larry) Fink, Age 57 Title held since 1998 : Chairman and CEO Current Company Titles 1998 -

Present : Chairman and CEO

Current Company Compensation History Salary Bonus

Total compensation

2009 : $500,000.00

$9,050,000.00

$15,859,416.00

2007 : $500,000.00

$16,150,000.00

$26,421,106.00

2006 : $500,000.00

$10,162,500.00

$34,044,500.00

2005 : $500,000.00

$10,125,000.00

--

2004 : $500,000.00

$7,210,000.00

--

2003 : $500,000.00

$6,101,991.00

--

2002 : $500,000.00

$8,042,024.00

--

2001 :

$500,000.00

$9,027,558.00

--

2000 : $500,000.00

$7,589,463.00

--

Other Company Affiliations Vice Chair, New York University

Past Company Affiliations Chairman; Chairman and CEO, BlackRock, Anthracite Capital, Inc. Director, NYSE Euronext

Biography Laurence D. Fink, Director since 1999, has beenChairman and Chief Executive Officer of BlackRock since its formation in 1998 and of BlackRock¿s predecessor entities since 1988. Mr. Fink is also a trustee of one of BlackRock¿s open-end fund complexes. As the principal leader of BlackRock and its predecessor entities since1988, Mr. Fink brings a breadth of knowledge about BlackRock¿s business and operations, which led the Board of Directors to conclude that he should serve as a director of BlackRock. Source : Proxy, April 23, 2010

Susan L. Wagner, Age 47 Title held since 2010 : Vice Chairman Current Company Titles 2010 -

Present : Vice Chairman

2005 -

2010 :

Unknown - 2005 :

Vice Chairman and COO Managing Director and Head of Strategy and Product Development

Current Company Compensation History Salary Bonus

Total compensation

2009 : $300,000.00

$4,241,593.00

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$2,612,500.00

Oct 20, 2010 • PAGE 10

Salary 2005 : $250,000.00

Bonus

Total compensation

$2,000,000.00

--

Other Company Affiliations Director, Courier Corporation

Biography Susan L. Wagner, has been a Vice Chairman since 2006 and Chief Operating Officer since 2005. Previously, Ms. Wagner was a Managing Director and Head of Strategy and Product Development. Ms. Wagner has been with BlackRock or its predecessor entities since 1988. Source : Proxy, April 23, 2010

Robert S. (Rob) Kapito, Age 52 Title held since 2007 : President and Director Current Company Titles 2007 -

Present : President and Director

Current Company Compensation History Salary Bonus

Total compensation

2009 : $400,000.00

$7,010,200.00

$11,949,655.00

2007 : $400,000.00

$12,361,800.00

$18,814,822.00

2006 : $350,000.00

$8,904,750.00

$23,116,176.00

2005 : $350,000.00

$11,290,500.00

--

2004 : $350,000.00

$7,977,915.00

--

2003 : $350,000.00

$2,341,037.00

--

2002 : $350,000.00

$7,483,572.00

--

2001 :

$350,000.00

$9,857,775.00

--

2000 : $350,000.00

$10,318,222.00

--

Biography Robert S. Kapito, Director since 2006, has been President of BlackRock since 2007, and prior to 2007 had served as Vice Chairman of BlackRock and Head of its Portfolio Management Group since its formation in 1998 and BlackRock's predecessor entities since 1988.Mr. Kapito has served as a leader of BlackRock and its predecessor entities since 1988 and has acquired a breadth of knowledge about BlackRock's business and operations, which led the Board of Directors to conclude that he should serve as a director of BlackRock. Source : Proxy, April 23, 2010

Ann Marie Petach, Age 49 Title held since 2010 : CFO

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Current Company Titles 2010 -

Present : CFO

Current Company Compensation History Salary Bonus

Total compensation

2009 : $450,000.00

$2,520,726.00

$1,655,000.00

Biography Ann Marie Petach has been Chief Financial Officer ofBlackRock since June 2008. Ms. Petach was a Managing Director and Head of Business Finance at BlackRock from June 2007 to June 2008. Prior to joining BlackRock, Ms. Petach was Vice President and Treasurer at the Ford Motor Company fromNovember 2004 to June 2007. Ms. Petach began her career in 1984 at Ford, where her responsibilities included pension asset management, actuarial studies, banking, risk management and funding for Ford and Ford Credit. Source : Proxy, April 23, 2010

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Company Financials Financial Summary Company Type Fiscal Year-End 2009 Sales 1-Year Sales Growth 2009 Net Income 1-Year Net Income Growth Prescreen Score Auditor

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Public NYSE: BLK Headquarters December $4,700.00M (7.19%) $875.00M 11.32% Low Risk Deloitte & Touche LLP

Oct 20, 2010 • PAGE 13

Annual Income Statement All amounts in millions of US Dollars except per share amounts.

Revenue Cost of Goods Sold Gross Profit Gross Profit Margin SG&A Expense Depreciation and Amortization Operating Income Operating Margin Nonoperating Income Nonoperating Expenses Income Before Taxes Income Taxes Net Income After Taxes Continuing Operations Discontinued Operations Total Operations Total Net Income Net Profit Margin Diluted EPS from Continuing Operations Diluted EPS from Total Operations Diluted EPS from Total Net Income Dividends per Share

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Dec 2009

Dec 2008

Dec 2007

Dec 2006

Dec 2005

4,700.00

5,064.00

4,844.65

2,097.98

1,191.39

2,279.00 2,421.00

2,412.00 2,652.00

---

---

---

51.51% 874.00 147.00 1,278.00 27.19% 42.00 (48.00) 1,272.00 375.00 897.00

52.37% 745.00 276.00 1,593.00 31.46% (573.00) (1.00) 1,019.00 388.00 631.00

-870.37 237.83 1,293.66 26.70% 504.00 -1,822.72 463.83 1,358.89

-443.26 37.51 471.80 22.49% 66.35 (1,626.18) 528.23 189.46 338.77

-204.85 7.51 340.54 28.58% 43.14 (850.84) 375.76 138.56 237.20

875.00 -875.00 875.00 18.62%

786.00 -786.00 786.00 15.52%

995.27 -995.27 995.27 20.54%

322.60 -322.60 322.60 15.38%

233.91 -233.91 233.91 19.63%

6.11 6.11 6.11 3.12

5.91 5.91 5.91 3.12

7.53 7.53 7.53 2.68

3.87 3.87 3.87 1.68

3.50 3.50 3.50 1.20

Oct 20, 2010 • PAGE 14

Quarterly Income Statement All amounts in millions of US Dollars except per share amounts.

Quarter Ending Revenue Cost of Goods Sold Gross Profit Gross Profit Margin SG&A Expense Depreciation and Amortization Operating Income Operating Margin Nonoperating Income Nonoperating Expenses Income Before Taxes Income Taxes Net Income After Taxes Continuing Operations Discontinued Operations Total Operations Total Net Income Net Profit Margin Diluted EPS from Continuing Operations Diluted EPS from Total Operations Diluted EPS from Total Net Income Dividends per Share

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Jun 2010

Mar 2010

Dec 2009

Sep 2009

Jun 2009

2,032.00

1,995.00

1,544.00

1,140.00

1,029.00

806.00 1,226.00

873.00 1,122.00

723.00 821.00

563.00 577.00

515.00 514.00

60.33% 462.00 40.00 697.00 34.30% (42.00) (33.00) 622.00 233.00 389.00

56.24% 402.00 40.00 654.00 32.78% 38.00 (36.00) 656.00 228.00 428.00

53.17% 369.00 239.00 389.00 25.19% 37.00 (19.00) 407.00 150.00 257.00

50.61% 161.00 175.00 357.00 31.32% 89.00 (11.00) 435.00 101.00 334.00

49.95% 191.00 36.00 261.00 25.36% 88.00 (11.00) 338.00 94.00 244.00

432.00 -432.00 432.00 21.26%

423.00 -423.00 423.00 21.20%

256.00 -256.00 256.00 16.58%

317.00 -317.00 317.00 27.81%

218.00 -218.00 218.00 21.19%

2.21 2.21 2.21 1.00

2.17 2.17 2.17 1.00

1.61 1.61 1.61 0.78

2.27 2.27 2.27 0.78

1.59 1.59 1.59 0.78

Oct 20, 2010 • PAGE 15

Annual Balance Sheet All amounts in millions of US Dollars except per share amounts.

Assets Current Assets Cash Net Receivables Inventories Other Current Assets Total Current Assets Net Fixed Assets Other Noncurrent Total Assets

Dec 2009

Dec 2008

Dec 2007

Dec 2006

Dec 2005

4,708.00

2,032.00

1,656.20

1,160.30

484.22

1,919.00 -0.00 6,627.00 445.00

1,210.00 ---260.00

1,235.94 --

1,077.55 --

339.58 --

-266.46

-214.78

-129.45

170,922.00 177,994.00

19,664.00 19,924.00

22,295.05 22,561.52

20,254.71 20,469.49

1,718.55 1,848.00

Dec 2009

Dec 2008

Dec 2007

Dec 2006

Dec 2005

1.00 24,328.00 24,329.00 191.51

0.00 12,066.00 12,066.00 191.51

0.13 11,596.83 11,596.96 191.51

0.13 10,781.75 10,781.88 191.51

-922.24 922.24 191.51

Dec 2009

Dec 2008

Dec 2007

Dec 2006

Dec 2005

-2,234.00 2,766.00 5,000.00

-200.00 ---

-300.00 ---

-----

--

3,434.00 145,231.00 153,665.00

946.00 6,912.00 7,858.00

1,061.37 9,903.19 10,964.56

497.00 9,190.61 9,687.61

253.79 671.97 925.76

Shareholder's Equity Preferred Stock Equity Common Stock Equity Total Equity Shares Outstanding (M)

Liabilities Current Liabilities Accounts Payable Short-Term Debt Other Current Liabilities Total Current Liabilities Long-Term Debt Other Noncurrent Total Liabilities

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---

Quarterly Balance Sheet All amounts in millions of US Dollars except per share amounts.

Assets Quarter Ending Current Assets Cash Net Receivables Inventories Other Current Assets Total Current Assets Net Fixed Assets Other Noncurrent Total Assets

Jun 2010

Mar 2010

Dec 2009

Sep 2009

Jun 2009

2,183.00

2,703.00

4,708.00

2,763.00

2,305.00

2,147.00 -0.00 4,330.00 433.00

2,038.00 --

1,919.00 --

1,310.00 --

1,171.00 --

4,741.00 450.00

6,627.00 445.00

4,073.00 250.00

3,476.00 252.00

157,503.00 162,266.00

162,869.00 168,060.00

170,922.00 177,994.00

17,057.00 21,380.00

16,681.00 20,409.00

Jun 2010

Mar 2010

Dec 2009

Sep 2009

Jun 2009 --

Liabilities Quarter Ending Current Liabilities Accounts Payable Short-Term Debt Other Current Liabilities Total Current Liabilities Long-Term Debt Other Noncurrent Total Liabilities

-444.00 2,075.00 2,519.00

-880.00 2,044.00 2,924.00

-2,234.00 2,766.00 5,000.00

-200.00 1,403.00 1,603.00

1,133.00 1,333.00

3,262.00 131,531.00 137,312.00

3,286.00 137,202.00 143,412.00

3,434.00 145,231.00 153,665.00

944.00 5,773.00 8,320.00

5,387.00 7,664.00

Shareholder's Equity Quarter Ending

Jun 2010

Mar 2010

Dec 2009

Sep 2009

Jun 2009

Preferred Stock Equity Common Stock Equity Total Equity Shares Outstanding (M)

1.00 24,953.00 24,954.00 191.51

1.00 24,647.00 24,648.00 191.51

1.00 24,328.00 24,329.00 191.51

1.00 13,059.00 13,060.00 191.51

1.00 12,744.00 12,745.00 191.51

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Oct 20, 2010 • PAGE 17

Annual Cash Flow All amounts in millions of US Dollars except per share amounts.

Cash and Cash Equivalents at the Beginning of Year Net Cash Provided in Operating Activities Net Cash Provided by Investing Activities Net Cash Provided by Financing Activities Net Increase/Decrease in Cash and Cash Equivalents Cash and Cash Equivalents at the End of Year

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Dec 2009

Dec 2008

Dec 2007

Dec 2006

Dec 2005

2,032.00

1,656.20

1,160.30

484.22

457.67

1,399.00 (5,519.00) 6,749.00 2,676.00

1,916.00 (394.00) (887.00) 376.00

587.45 (1,068.83) 958.86 495.90

720.88 3.57 (84.90) 676.08

254.94 (219.79) (4.27) 26.55

4,708.00

2,032.00

1,656.20

1,160.30

484.22

Oct 20, 2010 • PAGE 18

Quarterly Cash Flow All amounts in millions of US Dollars except per share amounts.

Quarter Ending Cash and Cash Equivalents at the Beginning of Year Net Cash Provided in Operating Activities Net Cash Provided by Investing Activities Net Cash Provided by Financing Activities Net Increase/Decrease in Cash and Cash Equivalents Cash and Cash Equivalents at the End of Year

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Jun 2010

Mar 2010

Dec 2009

Sep 2009

Jun 2009

2,703.00

4,708.00

2,763.00

2,305.00

1,793.00

310.00 (402.00) (2,372.00) (2,525.00)

(164.00) (30.00) (1,755.00) (2,005.00)

1,399.00 (5,519.00) 6,749.00 2,676.00

831.00 11.00 (171.00) 731.00

274.00 18.00 (105.00) 273.00

2,183.00

2,703.00

4,708.00

2,763.00

2,305.00

Oct 20, 2010 • PAGE 19

Earning Estimates Current Quarter

Next Quarter

Current Year

Next Year

Sep 10

Dec 10

Sep 10

Sep 10

$2.45 11 $2.65 $2.37 $2.10 16.84%

$2.69 11 $3.03 $2.54 $2.39 12.44%

$9.90 12 $10.46 $9.30 $7.13 38.84%

$11.23 11 $12.40 $10.05 -13.47% Moderate Buy

Average Estimate Number of Analysts High Estimate Low Estimate Year ago EPS Growth Rate Consensus Recommendation

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Oct 20, 2010 • PAGE 20

Financial Market Data Current Information Last Close (15-Oct-2010) 52-Week High 52-Week Low 60-Month Beta Market Cap Shares Outstanding Dividend Rate Dividend Yield # of Institutional Holders Latest Short Interest Ratio

Growth Revenue Growth EPS Growth Dividend Growth

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$175.74 $243.80 $138.42 1.62 $33,656.67M 191.51M 4.00 2.03% 455 2.21

Price/Sales Ratio Price/Book Ratio Price/Earnings Ratio Price/Cash Flow Ratio Return on Assets Return on Equity Current Ratio Long-Term Debt/Equity % Owned by Institutions Latest Net Insider Transactions

4.43 1.35 20.83 20.75 1.56% 7.58% 1.72 0.23 25.68% (1,194)

12 Month

36 Month

60 Month

(7.19%) 3.38% 0.00%

30.85% 16.44% 22.92%

45.32% 23.00% 25.55%

Oct 20, 2010 • PAGE 21

Historical Financials Income Statement Year

Revenue ($ M)

Net Income ($ M)

Net Profit Margin

Employees

Dec 2009 Dec 2008 Dec 2007 Dec 2006 Dec 2005 Dec 2004 Dec 2003 Dec 2002 Dec 2001 Dec 2000

4,700.00 5,064.00 4,844.65 2,097.98 1,191.39 725.31 598.21 576.98 533.14 476.87

875.00 786.00 995.27 322.60 233.91 143.14 155.40 133.25 107.43 87.36

18.62% 15.52% 20.54% 15.38% 19.63% 19.74% 25.98% 23.09% 20.15% 18.32%

8,629 5,341 5,500 5,113 2,151 1,020 973 909 804 727

200 Year-End Financials Debt Ratio Return on Equity Cash ($ M) Current Ratio Long-Term Debt ($ M) Shares Outstanding (M) Dividend Yield Dividend Payout Market Cap ($ M)

14.11% 7.58% 4,708.00 1.33 3,434.00 191.51 2.03% 0.51 44,469.51

Stock History Year

FY High

Dec 2009 Dec 2008 Dec 2007 Dec 2006 Dec 2005 Dec 2004 Dec 2003 Dec 2002 Dec 2001 Dec 2000

241.66 249.37 224.54 161.49 113.87 78.24 53.63 47.60 44.50 48.00

Stock Price ($) FY Low

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88.91 94.78 139.20 105.74 69.38 54.00 39.59 33.55 30.76 15.00

FY Close

High

232.20 134.15 216.80 151.90 108.48 77.26 53.11 39.40 41.70 42.00

39.55 42.19 29.82 41.73 32.53 36.06 22.72 23.33 26.97 35.56

P/E Low 14.55 16.04 18.49 27.32 19.82 24.88 16.78 16.45 18.64 11.11

Per Share ($) Earns. Div.

Book Value

6.11 5.91 7.53 3.87 3.50 2.17 2.36 2.04 1.65 1.35

127.03 63.00 60.55 56.30 4.82 4.01 3.72 3.31 2.54 1.92

3.12 3.12 2.68 1.68 1.20 1.00 0.40 ----

Oct 20, 2010 • PAGE 22

Competitors List Company Allianz Global Investors Bank of New York Mellon Charles Schwab Dimensional Fund Advisors Federated Investors Legg Mason (Top Competitor) Morgan Stanley Principal Global State Street (Top Competitor) UBS (Top Competitor) Waddell & Reed

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Gross Revenue

Net Profit Margin

Net Operating Cash Flow

-$8,279.00M $4,414.00M -$1,176.99M $2,634.88M $30,070.00M -$8,434.00M $39,931.96M $839.09M

-(4.27%) 14.18% -19.39% 7.50% 12.13% -20.63% 19.80% 14.07%

-$3,781.00M $1,437.00M -$274.59M $1,427.73M ($45,951.00M) -($4,269.00M) $52,502.41M $155.18M

Oct 20, 2010 • PAGE 23

Competitive Landscape Companies listed are Top Competitors. Key Numbers

Annual Sales ($ M) Employees Market Cap ($ M) Profitability

Gross Profit Margin Pre-Tax Profit Margin Net Profit Margin Return on Equity Return on Assets Return on Invested Capital Valuation

Price/Sales Ratio Price/Earnings Ratio Price/Book Ratio Price/Cash Flow Ratio Operations

Days of Sales Outstanding Inventory Turnover Days Cost of Goods Sold in Inventory Asset Turnover Net Receivables Turnover Flow Effective Tax Rate

Financial

Current Ratio Quick Ratio Leverage Ratio Total Debt/ Equity Interest Coverage

BlackRock, Inc.

Legg Mason, Inc.

State Street Corporation

UBS AG

$4,700.00M 8,629 $44,469.51M

$2,634.88M 3,890 $2,458.84M

$8,434.00M 27,000 $21,851.10M

$39,931.96M 65,233 $56,667.80M

BlackRock, Inc.

Legg Mason, Inc.

State Street Corporation

UBS AG

Industry

Market

55.82% 31.59% 21.28% 7.58% 1.56% 6.71%

100.00% 11.91% 7.50% 3.93% 2.33% 2.70%

-26.13% 20.63% 12.44% 1.11% 4.29%

-23.47% 19.80% 12.18% 0.32% 1.59%

42.24% 23.36% 4.47% 2.38% 0.36% 1.10%

28.77% 8.48% 5.53% 10.15% 1.49% 4.35%

BlackRock, Inc.

Legg Mason, Inc.

State Street Corporation

UBS AG

Industry

Market

4.43 20.83 1.35 20.75

1.83 24.45 0.86 5.21

2.35 11.38 1.25 4.84

2.69 12.27 1.42 0.78

2.95 24.10 1.57 9.84

3.69 27.03 7.16 22.88

BlackRock, Inc.

Legg Mason, Inc.

State Street Corporation

UBS AG

Industry

Market

83.1

57.0

--

--

29.4

34.7

---

---

---

---

---

8.1 45.1

0.1 4.4

0.3 6.4

0.0 --

0.0 --

0.1 12.4

0.3 10.5

33.58%

36.55%

21.05%

6.70%

--

37.91%

BlackRock, Inc.

Legg Mason, Inc.

State Street Corporation

UBS AG

Industry

Market

1.33 1.33 7.32 0.23 19.28

2.45 2.34 1.47 0.24 4.04

--10.90 2.00 --

--32.69 4.79 --

1.46 1.73 6.74 0.94 34.19

1.33 1.16 7.13 1.37 17.33

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Oct 20, 2010 • PAGE 24

Per Share Data

Per Share Data Dividend Per Share Cash Flow Per Share Working Capital Per Share Long-Term Debt Per Share Book Value Per Share Total Assets Per Share Growth

12-Month Revenue 12-Month Net Income 12-Month EPS Growth 12-Month Dividend Growth 36-Month Revenue Growth 36-Month Net Income Growth 36-Month EPS Growth 36-Month Dividend Growth

BlackRock, Inc.

Legg Mason, Inc.

State Street Corporation

UBS AG

Industry

Market

$39.65 $3.56 $8.48 $8.50 $17.93 $130.29 $929.41

$16.87 $0.13 $5.94 $9.79 $7.53 $36.18 $55.70

$17.06 $0.04 $8.27 -$17.61 $32.00 $314.72

$6.74 $0.00 $23.15 -$34.64 $12.73 $353.48

$9.80 $0.65 $2.94 $1.31 $11.93 $18.43 $115.38

$7.60 $0.25 $1.22 $0.64 $4.06 $3.91 $27.90

BlackRock, Inc.

Legg Mason, Inc.

State Street Corporation

UBS AG

Industry

Market

(7.19%) 11.32% 3.38% 0.00% 30.85% 39.46% 16.44% 22.92%

(21.52%) --(87.50%) (15.35%) (31.89%) (33.46%) (47.09%)

(27.88%) --(95.79%) 6.91% --(63.16%)

(18.56%) ---(20.21%) ----

(21.81%) --(38.12%) 1.48% --(11.11%)

31.93% (27.66%) (49.98%) -14.30% (5.61%) (14.73%) --

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Oct 20, 2010 • PAGE 25