David Blumer, Group Chief Investment Officer for Swiss Re, remarked: “BlackRock's extensive experience in managing private equity funds is extremely complementary to the SRPEP platform. Swiss Re is pleased to be strengthening its relationship with BlackRock as we see significant strategic benefits for our clients and great opportunities for our employees.”Russell Steenberg, Managing Director and Head of BRPEP will continue to lead the combined unit. Christian Hinze, Chief Executive Officer of SRPEP, will join BlackRock as Deputy Head of the combined business. There are no changes expected to the investment strategy or style of either business’s existing offerings, each of which will continue to be managed by members of their existing portfolio management teams. “Christian and his team have built a great business,” said Mr. Steenberg. “The new team offers complementary investment management skills – including an especially strong capability in managing European funds. As we unify our collective offerings, our guiding principle will be to continue to deliver best-in-class service and products that meet our clients’ investment objectives.” “Swiss Re is proud of the trust and confidence its clients have demonstrated as the SRPEP business continued to expand,” stated Mr. Hinze. “The SRPEP team is enthusiastic about joining the BlackRock organization and looks forward to continuing its interaction with Swiss Re.” Martin Gut, Managing Director and BlackRock’s Country Head of Switzerland, added: “This transaction marks BlackRock’s continued investment in its Swiss franchise. Our larger presence in the country will facilitate our ability to better serve our local clients.” Following the satisfaction of customary closing conditions, the transaction is expected to be completed by the end of the third quarter of 2012. Terms of the all-cash transaction, which will be neutral-to-modestly accretive to BlackRock’s 2012 earnings, were not disclosed. About BlackRock BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At March 31, 2012, BlackRock’s AUM was $3.684 trillion. BlackRock offers products that span the risk spectrum to meet clients’ needs, including active, enhanced and index strategies across markets and asset classes. Products are offered in a variety of structures including separate accounts, mutual funds, iShares ® (exchange-traded funds) and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions ®. Headquartered in New York City, as of March 31, 2012, the Firm has approximately 9,900 employees in 27 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the Company's website at www.blackrock.com. About BlackRock Alternative Investors BlackRock Alternative Investors (“BAI”) is a preeminent provider of alternative investment solutions globally. As of March 31, 2012, BlackRock’s alternative investment assets under management totaled $110.4 billion, spanning single strategy hedge funds, hedge fund of funds, real estate, private equity mandates, infrastructure, currency and commodity products. With more than 15 years of experience, BAI manages alternatives investments on behalf of institutional, high net worth and individual investors worldwide.