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| BlackRock, Inc. |
| 345 Park Avenue, New York, NY 10154 * (212) 754-5560 |
| Business Description | The company is one of the 30 largest investment management firms in the United States with $131 billion of assets under management at December 31, 1998. After the offerings, we expect to be the fifth largest publicly-traded company focused on investment management in the United States on the basis of assets under management. |
| Offering Information Company has | ||||
| Trading As | BLK (NYSE) | Industry | Financial (SIC 6211) | |
| Type of Stock Offered | Class A Common Shares | Filing Date | 5/13/99 | |
| Domestic Shares Offered | 9,000,000 | Offer Date | 9/30/99 | |
| Foreign Shares Offered | 0 | Filing Range | $14.00 - $17.00 | |
| Company Shares | 9,000,000 | Offer Price | $14.00 | |
| Selling Shrhldrs Shares | 0 | Gross Spread | - - | |
| Gross Proceeds | $126,000,000 | Selling | - - | |
| Expenses | - - | Reallowance | - - | |
| Post-IPO Shares | - - | Employees | 586 | |
| Spun out from: | PNC Bank Corp. | |||
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Merrill Lynch & Co. | Lead Manager | (212) 449-4600 |
| Goldman, Sachs & Co. | Co-manager | (212) 902-5959 |
| Lehman Brothers Incorporated | Co-manager | (212) 526-8100 |
| Prudential Securities Incorporated | Co-manager | (212) 778-5420 |
| Salomon Smith Barney | Co-manager | (212) 723-7300 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | - - Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/94 | 12/31/95 | 12/31/96 | 12/31/97 | 12/31/98 | ||
| Revenues | 36.044 | 98.082 | 146.478 | 205.473 | 339.482 | - | - |
| Income from Oper. | 7.986 | 23.181 | 35.536 | 55.873 | 79.362 | - | - |
| Net Income | 5.564 | 5.086 | 8.963 | 22.086 | 35.615 | - | - |
| E.P.S | - | - | - | - | - | - | - |
| Revenue Growth (%) | 172.12 | 49.34 | 40.28 | 65.220 | - | ||
| Net Income Growth (%) | -8.59 | 76.23 | 146.41 | 61.26 | - | ||
| Oper. Profit Margin (%) | 22.16 | 23.63 | 24.26 | 27.19 | 23.38 | - | - |
| Net Profit Margin (%) | 15.44 | 5.19 | 6.12 | 10.75 | 10.49 | - | - |
| Cash Flow - Oper. | 53.74 | - | - | ||||
| Cash Flow - Inv. | -5.01 | - | - | ||||
| Cash Flow - Fin. | -4.36 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 12/31/98 | Financial Ratios | ||||
| Total Assets | 440.78 | Current Assets | - | Current Ratio | - |
| Total Liab. | 334.59 | Current Liab. | - | Debt Ratio | 75.91% |
| Total Equity | 106.19 | Working Cap. | - | Debt to Equity Ratio | 3.15 |
| Cash | 113.45 | Return on Assets | 8.08% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to repay indebtedness under a revolving credit line agreement with PNC Bank. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Skadden, Arps, Slate, Meagher & Flom |
| Bank's Law Firm | Arnold & Porter |
| Auditor | Ernst & Young |
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| Industry Competition |
BlackRock competes with mutual fund companies, integrated asset and investment management firms, insurance companies, banks, brokerage firms and other financial institutions that offer products which have features and investment objectives similar to those offered by BlackRock. Many of the investment management firms with which BlackRock competes are subsidiaries of large diversified financial companies and many others are much larger in terms of assets under management and revenues and, accordingly, have much larger sales organizations and marketing budgets. Historically, BlackRock has competed primarily on the basis of the long-term performance of many of our funds. We believe BlackRock's asset management services are differentiated by our highly disciplined investment process, our extensive commitment to risk management systems, and the quality of our client services. Moreover, BlackRock has taken steps to substantially increase our distribution channels, brand name awareness and marketing efforts. Although there can be no assurance that BlackRock will be successful in these efforts, our net sales of mutual funds have increased significantly over the past year, and BlackRock's strategy is to continue to devote significant additional resources to our sales and marketing efforts. |