Equitable Life signs outsourcing deal with BlackRock

Equitable Life is pleased to announce that it has appointed BlackRock to provide investment and risk management services for its 400,000 policyholders and group scheme members. BlackRock’s objective will be to maximise returns on £5.7 billion of assets while satisfying Equitable Life’s regulatory solvency ratios. The appointment will become effective in October 2010.

BlackRock is one of the world’s leading investment managers with £2.2 trillion ($3.36 trillion) under management. It has a well established track record of working in partnership with clients as an investment and risk manager, with particular strengths in fixed income securities and managing and co-ordinating assets for insurance companies.

This is a further significant step in recreating value for policyholders following the new third party administration contract with HCL and the 5½% policy value increase earlier in 2010.

Chris Wiscarson, Equitable Life’s Chief Executive said: "Maximising returns on policyholder investments is one of the Society’s three key strategic priorities. Today, we have taken another important step forward by appointing BlackRock, a great new partner by any standard.”

Kristen Dickey, head of BlackRock's Financial Institutions Group for its Global Client Group said: "We are proud to work in partnership with Equitable Life. We believe that our experience in sterling fixed income, in asset management for insurance companies, and in risk management will significantly support Equitable Life’s strategy for policyholders."

Notes to editors:

1. BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At March 31, 2010, BlackRock's AUM was $3.364 trillion (£2.2 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, 2010, the firm has approximately 8,500 employees in 24 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.

2. BlackRock is one of the industry’s largest managers of insurance company assets. BlackRock launched their insurance business in 1990, when they began managing a $90 million portfolio for a life insurance consolidator. Since then, BlackRock’s insurance practice has grown to $195 billion as of 31 March 2010, across over 146 insurance companies in Asia, Europe, North America, and Bermuda.

3. BlackRock Solutions® provides clients with access to the intellectual capital, risk analytics and investment platform used to support BlackRock's asset management business. By combining sophisticated risk analytics and investment systems with capital markets and investment process expertise, BlackRock Solutions helps clients address a variety of risk management and business process challenges. In all, BlackRock’s platform is used to process over $9 trillion in securities and derivatives for clients, who are among the largest and most sophisticated financial institutions in the world.

Past performance is not indicative of future results.