8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 18, 2012

BLACKROCK, INC.

(Exact name of registrant as specified in its charter)

DELAWARE	001-33099	32-0174431
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
55 East 52nd Street, New York, New York		10055
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (212) 810-5300

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition

On July 18, 2012, BlackRock, Inc. (the “Company”) reported results of operations for the three and six months ended June 30, 2012. A copy of the press release issued by the Company is attached as Exhibit 99.1. In addition, a copy of the Company’s Press Release Supplement for the quarter ended June 30, 2012 is being furnished as Exhibit 99.2 to this Form 8-K.

Item 9.01. Financial Statements and Exhibits

(d)  Exhibits

99.1	Press release dated July 18, 2012 issued by the Company
99.2	Second Quarter 2012 Earnings – Press Release Supplement

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	BlackRock, Inc. (Registrant)
	By:	/s/ Ann Marie Petach
Date: July 18, 2012		Ann Marie Petach
		Senior Managing Director and Chief Financial Officer

EXHIBIT INDEX

99.1	Press release dated July 18, 2012 issued by the Company
99.2	Second Quarter 2012 Earnings – Press Release Supplement

EX-99.1

Exhibit 99.1

Media Relations: Bobbie Collins 212-810-8155 Investor Relations: Ellen Taylor 212-810-3815

BlackRock Reports Second Quarter Diluted EPS of $3.08, or $3.10 as adjusted

$3.560 Trillion in assets under management at June 30, 2012

• Improved operating income and margin from first quarter 2012 despite weaker global markets

• Attracted $2.9 billion of long-term net inflows from U.S. retail and high net worth clients, with strong demand for income-focused products

• Attracted $11.7 billion of net inflows in iShares^® fixed income funds, representing 28% year-to-date annualized organic growth

• Generated 8% annualized organic growth in multi-asset products

• Repurchased 6.6 million shares, primarily in connection with the secondary offering of Barclays’ ownership interest

• Completed disposition of advisory assets related to Maiden Lane I and Maiden Lane III, marking the return of U.S. taxpayer funds

New York, July 18, 2012 — BlackRock, Inc. (NYSE:BLK) today reported second quarter 2012 diluted EPS of $3.08 compared with $3.21 in second quarter 2011. Second quarter 2012 net income⁽¹⁾ totaled $554 million compared with $572 million in first quarter 2012 and $619 million from a year ago. Operating income for second quarter 2012 totaled $829 million with operating margin of 37.2%.

As adjusted⁽²⁾ results. Second quarter 2012 operating income totaled $832 million compared with $883 million in second quarter 2011. Diluted EPS totaled $3.10 and included operating income of $3.27 per diluted share and net non-operating expense of $0.17 per diluted share. As compared with first quarter 2012, operating income rose 1% and reflected seasonal factors, partially offset by market-driven declines, lower performance fees and higher costs related to the new brand campaign. Operating margin in second quarter 2012 improved to 39.2% from 38.6% in first quarter 2012.

“Our second quarter 2012 financial performance again demonstrated the strength and resilience of BlackRock’s diversified platform and our commitment to delivering for shareholders,” said Laurence D. Fink, Chairman and CEO of BlackRock. “Despite market headwinds and the growing defensive posture of investors, we delivered consistent results quarter-over-quarter with $832 million in adjusted operating income and diluted EPS of $3.10. Our global platform and breadth of investment products and solutions positioned us effectively to serve clients in this environment, allowing us to attract positive long-term flows overall with particular strength in passive products in the face of broader industry contraction. Additionally, our pipeline, predominantly representing our institutional business, stood at $54.8 billion in mid-July.”

The table below presents AUM and a comparison of GAAP and as adjusted results for certain financial measures.

			Q2										Six Months Ended
	Q2				%			Q1		%			June 30,				%
	2012		2011		Change			2012		Change			2012		2011		Change
AUM	$	3,559,934	$	3,659,148		(3	%)	$	3,684,087		(3	%)	$	3,559,934	$	3,659,148		(3	%)
GAAP basis:
Revenue	$	2,229	$	2,347		(5	%)	$	2,249		(1	%)	$	4,478	$	4,629		(3	%)
Operating income	$	829	$	866		(4	%)	$	815		2	%	$	1,644	$	1,664		(1	%)
Net income(1)	$	554	$	619		(11	%)	$	572		(3	%)	$	1,126	$	1,187		(5	%)
Diluted EPS	$	3.08	$	3.21		(4	%)	$	3.14		(2	%)	$	6.22	$	6.10		2	%
As Adjusted:
Operating income(2)	$	832	$	883		(6	%)	$	825		1	%	$	1,657	$	1,702		(3	%)
Net income(1)(2)	$	558	$	578		(3	%)	$	575		(3	%)	$	1,133	$	1,160		(2	%)
Diluted EPS(2)	$	3.10	$	3.00		3	%	$	3.16		(2	%)	$	6.26	$	5.96		5	%

⁽¹⁾  Net income represents net income attributable to BlackRock, Inc.

⁽²⁾  See notes (a) through (f) to the Condensed Consolidated Statements of Income and Supplemental Information in Attachment I on pages 10 through 13 for more information on as adjusted items and the reconciliation to GAAP.

“As always, we remain intensely focused on further enhancing the experience of our clients by delivering superior investment performance in products and solutions that meet their most important needs. We are committed to continuously evolving our organization and fully leveraging the benefits of our global platform as we invest in talent, product innovation and greater brand awareness while still driving strong shareholder value. This quarter we demonstrated our commitment to returning value to our shareholders as we repurchased $1.0 billion of shares from Barclays Bank PLC and supported the successful secondary offer of their remaining ownership interest. We also announced the Swiss Re Private Equity Partners acquisition that further extends both our alternative capabilities as well as our European presence. While the investment environment remains challenging, the underlying momentum in our business is strong given the environment, and I am pleased with the investments we have been making to diversify the platform.

“As we look toward the second half of the year, I want to acknowledge the tireless efforts of the entire BlackRock team and the great work they do to serve their clients and deliver value for our shareholders. While we remain cautious around the prospects for the global economy, we are confident that the model we have built will continue to serve our clients and shareholders and deliver attractive long-term returns.”

Second Quarter Business Highlights

Assets under management (“AUM”) closed the quarter at $3.560 trillion, down 3% since first quarter end and down 3% year-over-year, largely driven by $94.7 billion of market-related declines across products. Long-term net new business of $3.7 billion reflected net inflows in fixed income and multi-asset class products of $5.6 billion and $4.3 billion, respectively, partly offset by outflows from equity and alternatives totaling $6.2 billion. Total net outflows of $29.4 billion included $1.5 billion of cash management outflows and $31.6 billion of planned advisory distributions related to the successful wind-down of Maiden Lane portfolios.

Long-term AUM of $3.255 trillion decreased 3%, or $89.1 billion, since first quarter end, largely driven by market valuation declines of $92.8 billion. These results reflected long-term net inflows of $3.7 billion from the Americas and $0.1 billion from EMEA, which were modestly offset by $0.1 billion of long-term net outflows from Asia-Pacific clients.

Retail AUM of $374.0 billion, reflected net inflows of $1.6 billion overshadowed by $15.1 billion of market valuation declines. At quarter end, 75% of long-term AUM was managed for investors based in the Americas with 25% managed for international clients.

• U.S. retail and high net worth inflows of $2.9 billion were driven by strong interest in income-oriented products, including equity dividend, U.S. sector-specialty and municipal fixed income offerings. The equity dividend fund garnered $1.8 billion in net new business.

• International retail outflows of $1.3 billion reflected a continued movement toward de-risking given ongoing uncertainty in European markets and were predominantly from regional and country-specific equity strategies.

Retail and high net worth AUM represented 11% of total long-term AUM at quarter end and generated $644 million, or 34%, of total long-term base fees.

iShares generated $6.1 billion of net inflows, which were more than offset by market valuation declines of $32.8 billion, ending the quarter with $644.9 billion of AUM. Fixed income net inflows of $11.7 billion were partially offset by outflows of $5.4 billion and $0.2 billion from equity and alternatives commodity funds, respectively.

• U.S. iShares generated over $8.9 billion of net inflows into fixed income funds, led by demand for yield-oriented products. Strong fixed income flows were muted by a retreat from equity funds, particularly from emerging markets products as investors de-risked in the face of market volatility.

• International iShares similarly showed signs of shifting investor preferences with strong fixed income inflows of $2.8 billion and modest equity inflows of $0.2 billion.

iShares AUM represented 20% of total long-term AUM at quarter end and generated $596 million of revenue, or 31%, of total long-term base fees.

Institutional active AUM declined 1%, or $9.0 billion, to $850.0 billion, with net outflows of $5.9 billion compounded by $3.2 billion of market valuation losses. Net inflows of $4.1 billion into multi-asset class products were more than offset by outflows across fixed income, alternatives and equities.

• Multi-asset class products attracted inflows of $4.1 billion with continued strength in target date and global asset allocation offerings.

• Fixed income outflows of $6.1 billion were driven by outflows of $7.3 billion and $4.5 billion from global bond and local currency mandates, respectively, as concerns over the Euro crisis prompted clients to shift asset allocations. These outflows were partially offset by strong inflows of $7.8 billion into U.S. sector-specialty products.

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• Alternatives experienced outflows of $2.3 billion, with renewable power inflows of $0.2 billion offset by outflows of $2.2 billion across other core alternatives offerings and by outflows of $0.3 billion from currencies and commodities. The alternatives initiative continued with the completion of the initial close of the BlackRock NTR Renewable Power Fund. We also announced the planned acquisition of Swiss Re Private Equity Partners, the European private equity franchise of Swiss Re, expected to close in the third quarter 2012.

• Equity outflows totaled $1.6 billion, largely reflecting $1.5 billion of outflows from scientific active equity (“SAE”) products despite continuing improvements in performance.

Institutional active strategies represented 26% of total long-term AUM at quarter end and generated $440 million, or 23%, of long-term base fees.

Institutional index AUM ended the quarter at $1.387 trillion, reflecting market valuation declines of $41.8 billion and net inflows of $2.0 billion.

• Equity net inflows of $6.5 billion showed clients’ continued use of passive strategies to gain broad market exposure, with flows largely into global equity mandates.

• Fixed income net outflows of $2.7 billion were driven by local currency outflows of $7.0 billion, which overshadowed robust inflows of $3.6 billion into U.S. core and U.S. sector-specialty mandates.

Institutional index represented 43% of total long-term AUM at quarter end and generated $222 million, or 12%, of total long-term base fees.

Cash management AUM decreased 1%, or $2.5 billion, to $239.5 billion reflecting net outflows of $1.5 billion and net market and foreign exchange losses of $1.0 billion. Outflows reflected institutional reaction to the continued low-rate environment.

Advisory AUM declined 33% to $65.0 billion driven almost exclusively by Maiden Lane portfolio liquidation disbursements.

Investment performance improved across much of the product platform.

• Equity fundamental products reflected 39%, 44% and 69% of AUM performing above the benchmark or peer median for the one-, three-, and five- year periods ended June 30, 2012, respectively. SAE performance continues to improve, as evidenced by 67%, 85% and 43% of SAE AUM performing above benchmark or peer median for the one-, three- and five-year periods ended June 30, 2012, respectively. Our passive equity performance remained strong, with 96%, 94% and 96% of AUM within or above tolerance for the one-, three- and five-year periods ended June 30, 2012, respectively.

• Taxable fixed income products performed with 71%, 81% and 53% of AUM above benchmark or peer median for the one-, three-, and five-year periods ended June 30, 2012, respectively, while our active tax-exempt business showed consistent results with 64%, 67% and 73% of AUM above the benchmark or peer median for the same time periods. Passive performance was strong with 96%, 96% and 91% of AUM within or above tolerance for the one-, three- and five-year periods ended June 30, 2012, respectively.

• Multi-asset performance showed 32%, 37%, and 87% of AUM above the benchmark or peer median for the one-, three-, and five-year periods ended June 30, 2012, respectively.

BlackRock Solutions^® (“BRS”) generated $131 million in revenues during the quarter, up 7% from first quarter 2012, reflecting the continued heightened focus on risk management given continued market volatility and increasing regulatory scrutiny.

• BRS added eight net new assignments during the quarter, including one risk management mandate, five Financial Markets Advisory (“FMA”) assignments, nine non-recurring advisory engagements and completed six short-term advisory assignments during the quarter.

• Demand remained strong for the Aladdin-based services, with 21% year-over-year growth in Aladdin revenues, which represented approximately two-thirds of total BRS revenues. A significant amount of growth was fuelled by existing clients adding newly acquired assets, additional regions and equity capabilities.

• The FMA business continues to generate strong returns from its global recognition as a strong advisor to governments and large financial institutions. During the quarter, we disposed of nearly $32.0 billion in advisory assets for our clients, largely related to Maiden Lane I and Maiden Lane III, which have fully repaid principal owed to the Federal Reserve Bank of New York, with interest.

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Net new business pipeline totaled $54.8 billion at July 12, 2012, and included $42.7 billion in index mandates and $2.1 billion in active mandates that are expected to fund in future quarters. In addition, the pipeline contained $9.3 billion of mandates that funded since quarter end. The unfunded portion of the pipeline primarily represents institutional assets, which account for approximately two-thirds of long-term AUM but only one-third of revenues. BlackRock Solutions pipeline of contracts and proposals remains robust.

Second Quarter Financial Highlights

Comparison to the Second Quarter 2011

Operating income: Second quarter 2012 operating income was $829 million compared with $866 million in second quarter 2011. Operating income, as adjusted, was $832 million compared with $883 million in second quarter 2011.

Second quarter 2012 revenue of $2.2 billion decreased $118 million from $2.3 billion in second quarter 2011, primarily due to the following:

• Investment advisory, administration fees and securities lending revenue of $2.0 billion in second quarter 2012 decreased from $2.1 billion in second quarter 2011, as higher revenues from fixed income products, predominantly iShares, were more than offset by lower fees from equity products due to market-driven reduction in average equity AUM. Securities lending fees were $157 million in second quarter 2012 compared with $134 million in second quarter 2011.

• Performance fees were $41 million in second quarter 2012 compared with $50 million in second quarter 2011, primarily reflecting lower performance fees from equity products.

• BlackRock Solutions and advisory revenue totaled $131 million in second quarter 2012 compared with $116 million in second quarter 2011, primarily reflecting higher revenue from additional Aladdin mandates.

• Distribution fees of $20 million in second quarter 2012 decreased $7 million from $27 million in second quarter 2011, primarily resulting from lower sales and AUM in certain share classes of open-end retail funds.

• Other revenue decreased $7 million, largely reflecting lower sales commissions.

Second quarter 2012 total operating expenses of $1.4 billion decreased $81 million from second quarter 2011. Operating expenses, as adjusted, decreased $67 million. See notes (a) through (f) in Attachment I for more information on as adjusted items and the reconciliation to GAAP. Results were driven by the following:

• Employee compensation and benefits decreased $38 million, driven by lower incentive compensation related to market effects.

• Distribution and servicing costs decreased $7 million, driven by lower average AUM.

• Amortization of deferred sales commissions decreased $7 million, primarily related to lower sales of certain share classes of open-end funds.

• Direct fund expenses decreased $9 million, reflecting a decrease in average AUM where BlackRock pays certain non-advisory expenses of the funds.

• General and administration expenses decreased $21 million, primarily related to lower occupancy costs, favorable effects from foreign currency remeasurements and lower professional expenses. The decrease was partially offset by higher marketing and promotional expenses in connection with the brand campaign launched in first quarter 2012.

Non-operating income (expense): Second quarter 2012 non-operating expense, net of non-controlling interests, was $46 million compared with $27 million in second quarter 2011. Second quarter 2012 included $2 million of net negative marks, primarily on private equity fund co-investments, and $44 million of net interest expense. Net interest expense increased $7 million from second quarter 2011, primarily due to long-term debt issuances in May 2011 and May 2012.

Income tax expense: Income tax expense totaled $229 million and $220 million for second quarter 2012 and 2011, respectively. The GAAP effective income tax rate for the second quarter 2012 was 29.3% compared with 26.2% for the second quarter 2011. The second quarter 2011 GAAP tax rate included a $52 million non-cash benefit due to enacted state tax legislation. The as adjusted effective income tax rate was 29.3% and 32.4% for second quarter 2012 and 2011, respectively.

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Comparison to the First Quarter 2012

Operating income: Second quarter 2012 operating income was $829 million compared with $815 million in first quarter 2012. Operating income, as adjusted, was $832 million compared with $825 million in first quarter 2012.

Second quarter 2012 revenue decreased $20 million from first quarter 2012, primarily due to the following:

• Investment advisory, administration fees and securities lending revenue in second quarter 2012 increased $13 million from first quarter 2012, driven by seasonally higher securities lending fees, partially offset by market-driven effects on average equity AUM. Securities lending fees were $157 million in second quarter 2012 compared with $111 million in first quarter 2012.

• Performance fees were $41 million in second quarter 2012 compared with $80 million in first quarter 2012. The current quarter reflected lower performance fees from alternative and equity products.

• BlackRock Solutions and advisory revenue of $131 million in second quarter 2012 increased from $123 million in first quarter 2012, primarily reflecting higher revenue from additional Aladdin mandates and higher one-time revenues from advisory assignments in second quarter 2012.

Second quarter 2012 total operating expenses of $1.4 billion decreased $34 million from first quarter 2012. Operating expenses, as adjusted, decreased $27 million. See notes (a) through (f) in Attachment I for more information on as adjusted items and the reconciliation to GAAP. Results were driven by the following:

• Employee compensation and benefits decreased $39 million, primarily reflecting lower payroll taxes and lower incentive compensation due to market-driven effects.

• Direct fund expenses decreased $8 million related to funds where BlackRock pays certain non-advisory expenses.

• General and administration expenses increased $17 million, primarily related to higher marketing and promotional expenses in connection with the previously mentioned brand campaign.

Non-operating income (expense): Second quarter 2012 non-operating expense, net of non-controlling interests, was $46 million compared with $20 million non-operating income in first quarter 2012. Second quarter 2012 included $2 million of net negative marks primarily on private equity fund co-investments and $44 million of net interest expense. Net interest expense increased $4 million from first quarter 2012, primarily due to $1.5 billion of long-term debt issuances in May 2012.

Income tax expense: Income tax expense of $229 million for second quarter 2012 decreased $34 million from first quarter 2012. The GAAP effective income tax rate for the second quarter 2012 was 29.3% compared with 31.5% for the first quarter 2012. The as adjusted effective income tax rate was 29.3% and 31.5% for second quarter 2012 and first quarter 2012, respectively.

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Teleconference, Webcast and Presentation Information

Chairman and Chief Executive Officer, Laurence D. Fink, and Chief Financial Officer, Ann Marie Petach, will host a teleconference call for investors and analysts on Wednesday, July 18, 2012, at 9:00 a.m. (Eastern Time). Members of the public who are interested in participating in the teleconference should dial, from the United States, (800) 374-0176, or from outside the United States, (706) 679-8281, shortly before 9:00 a.m. and reference the BlackRock Conference Call (ID Number 95008161). A live, listen-only webcast will also be available via the investor relations section of www.blackrock.com.

Both the teleconference and webcast will be available for replay by 1:00 p.m. Eastern Time on Wednesday, July 18, 2012 and ending at midnight on Wednesday, August 1, 2012. To access the replay of the teleconference, callers from the United States should dial (800) 585-8367 and callers from outside the United States should dial (404) 537-3406 and enter the Conference ID Number 95008161. To access the webcast, please visit the investor relations section of www.blackrock.com.

Performance Notes

Past performance is not indicative of future results. The performance information shown is based on preliminarily available data. The performance information for actively managed accounts reflects U.S. open-end and closed-end mutual funds and similar EMEA-based products with respect to peer median comparisons, and actively managed institutional and high net worth separate accounts and funds located globally with respect to benchmark comparisons, as determined using objectively based internal parameters, using the most current verified information available as of June 30, 2012 (May 31, 2012 for high net worth accounts).

Accounts terminated prior to June 30, 2012 are not included. In addition, accounts that have not been verified as of July 13, 2012 have not been included. If such terminated and other accounts had been included, the performance information may have substantially differed from that shown. The performance information does not include funds or accounts that are not measured against a benchmark, any benchmark-based alternatives product, private equity products, CDOs, or accounts managed by BlackRock’s Financial Markets Advisory Group. Comparisons are based on gross-of-fee performance for U.S. retail, institutional and high net worth separate accounts and EMEA institutional separate accounts and net-of-fee performance for EMEA based retail products. The performance tracking information for institutional index accounts is based on gross-of-fee performance as of June 30, 2012, and includes all institutional accounts and all iShares funds globally using an index strategy. AUM information is based on AUM for each account or fund in the asset class shown without adjustment for overlapping management of the same account or fund, as of June 30, 2012.

Source of performance information and peer medians is BlackRock, Inc. and is based in part on data from Lipper Inc. for U.S. funds and Morningstar, Inc. for non-U.S. funds. Fund performance reflects the reinvestment of dividends and distributions, but does not reflect sales charges.

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About BlackRock

BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At June 30, 2012, BlackRock’s AUM was $3.560 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 June 30, 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.

Forward-looking Statements

This report, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to BlackRock’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions.

BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

In addition to risk factors previously disclosed in BlackRock’s Securities and Exchange Commission (“SEC”) reports and those identified elsewhere in this report the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for products or services or in the value of assets under management; (3) the relative and absolute investment performance of BlackRock’s investment products; (4) the impact of increased competition; (5) the impact of future acquisitions or divestitures; (6) the unfavorable resolution of legal proceedings; (7) the extent and timing of any share repurchases; (8) the impact, extent and timing of technological changes and the adequacy of intellectual property and information security protection; (9) the impact of legislative and regulatory actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to BlackRock or The PNC Financial Services Group, Inc. (“PNC”); (10) terrorist activities, international hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (11) the ability to attract and retain highly talented professionals; (12) fluctuations in the carrying value of BlackRock’s economic investments; (13) the impact of changes to tax legislation, including income, payroll and transaction taxes, and taxation on products or transactions, which could affect the value proposition to clients and, generally, the tax position of the Company; (14) BlackRock’s success in maintaining the distribution of its products; (15) the impact of BlackRock electing to provide support to its products from time to time and any liabilities related to securities lending or other indemnification obligations; and (16) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions.

BlackRock’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and BlackRock’s subsequent filings with the SEC, accessible on the SEC’s website at www.sec.gov and on BlackRock’s website at www.blackrock.com, discuss these factors in more detail and identify additional factors that can affect forward-looking statements. The information contained on the Company’s website is not a part of this press release.

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Attachment I

BlackRock, Inc.

Condensed Consolidated Statements of Income and Supplemental Information

(Dollar amounts in millions, except per share data)

(unaudited)

	Three Months Ended June 30,									Three Months Ended March 31, 2012
	2012			2011			$ Change						$ Change
Revenue
Investment advisory, administration fees and securities lending revenue	$	1,990		$	2,100		$	(110	)	$	1,977		$	13
Investment advisory performance fees		41			50			(9	)		80			(39	)
BlackRock Solutions and advisory		131			116			15			123			8
Distribution fees		20			27			(7	)		19			1
Other revenue		47			54			(7	)		50			(3	)
Total revenue		2,229			2,347			(118	)		2,249			(20	)
Expenses
Employee compensation and benefits		786			824			(38	)		825			(39	)
Distribution and servicing costs		93			100			(7	)		95			(2	)
Amortization of deferred sales commissions		14			21			(7	)		16			(2	)
Direct fund expenses		144			153			(9	)		152			(8	)
General and administration		324			345			(21	)		307			17
Amortization of intangible assets		39			38			1			39			—
Total expenses		1,400			1,481			(81	)		1,434			(34	)
Operating income		829			866			(37	)		815			14
Non-operating income (expense)
Net gain (loss) on investments		(7	)		18			(25	)		75			(82	)
Net gain (loss) on consolidated variable interest entities		11			(5	)		16			(12	)		23
Interest and dividend income		8			4			4			9			(1	)
Interest expense		(52	)		(41	)		(11	)		(49	)		(3	)
Total non-operating income (expense)		(40	)		(24	)		(16	)		23			(63	)
Income before income taxes		789			842			(53	)		838			(49	)
Income tax expense		229			220			9			263			(34	)
Net income		560			622			(62	)		575			(15	)
Less:
Net income (loss) attributable to non-controlling interests		6			3			3			3			3
Net income attributable to BlackRock, Inc.	$	554		$	619		$	(65	)	$	572		$	(18	)
Weighted-average common shares outstanding (f)
Basic		177,010,239			187,870,001			(10,859,762	)		179,022,840			(2,012,601	)
Diluted		179,590,702			190,579,963			(10,989,261	)		181,917,864			(2,327,162	)
Earnings per share attributable to BlackRock, Inc. common stockholders (e)(f)
Basic	$	3.13		$	3.26		$	(0.13	)	$	3.19		$	(0.06	)
Diluted	$	3.08		$	3.21		$	(0.13	)	$	3.14		$	(0.06	)
Cash dividends declared and paid per share	$	1.50		$	1.375		$	0.125		$	1.50		$	0.00
Supplemental information:
AUM (end of period)	$	3,559,934		$	3,659,148		$	(99,214	)	$	3,684,087		$	(124,153	)
Shares outstanding excluding escrow shares (end of period)		172,901,037			179,086,190			(6,185,153	)		179,406,494			(6,505,457	)
GAAP:
Operating margin		37.2	%		36.9	%		30 bps			36.2	%		100 bps
Effective tax rate		29.3	%		26.2	%		310 bps			31.5	%		(220) bps
As adjusted:
Operating income (a)	$	832		$	883		$	(51	)	$	825		$	7
Operating margin (a)		39.2	%		39.7	%		(50) bps			38.6	%		60 bps
Non-operating income (expense), less net income (loss) attributable to non-controlling interests (b)	$	(43	)	$	(27	)	$	(16	)	$	15		$	(58	)
Net income attributable to BlackRock, Inc. (c) (d)	$	558		$	578		$	(20	)	$	575		$	(17	)
Diluted earnings attributable to BlackRock, Inc. common stockholders per share (c) (d) (e) (f)	$	3.10		$	3.00		$	0.10		$	3.16		$	(0.06	)
Effective tax rate		29.3	%		32.4	%		(310) bps			31.5	%		(220) bps

-8-

BlackRock, Inc.

Condensed Consolidated Statements of Income and Supplemental Information

(Dollar amounts in millions, except per share data)

(unaudited)

	Six Months Ended June 30,
	2012			2011			$ Change
Revenue
Investment advisory, administration fees and securities lending revenue	$	3,967		$	4,084		$	(117	)
Investment advisory performance fees		121			133			(12	)
BlackRock Solutions and advisory		254			244			10
Distribution fees		39			55			(16	)
Other revenue		97			113			(16	)
Total revenue		4,478			4,629			(151	)
Expenses
Employee compensation and benefits		1,611			1,654			(43	)
Distribution and servicing costs		188			209			(21	)
Amortization of deferred sales commissions		30			43			(13	)
Direct fund expenses		296			296			—
General and administration		631			685			(54	)
Amortization of intangible assets		78			78			—
Total expenses		2,834			2,965			(131	)
Operating income		1,644			1,664			(20	)
Non-operating income (expense)
Net gain (loss) on investments		68			77			(9	)
Net gain (loss) on consolidated variable interest entities		(1	)		(20	)		19
Interest and dividend income		17			13			3
Interest expense		(101	)		(79	)		(21	)
Total non-operating income (expense)		(17	)		(9	)		(8	)
Income before income taxes		1,627			1,655			(28	)
Income tax expense		492			469			23
Net income		1,135			1,186			(51	)
Less:
Net income (loss) attributable to non-controlling interests		9			(1	)		10
Net income attributable to BlackRock, Inc.	$	1,126		$	1,187		$	(61	)
Weighted-average common shares outstanding (f)
Basic		178,016,539			189,822,833			(11,806,294	)
Diluted		180,753,515			192,429,367			(11,675,852	)
Earnings per share attributable to BlackRock, Inc. common stockholders (e) (f)
Basic	$	6.32		$	6.18		$	0.14
Diluted	$	6.22		$	6.10		$	0.12
Cash dividends declared and paid per share	$	3.00		$	2.75		$	0.25
Supplemental information:
AUM (end of period)	$	3,559,934		$	3,659,148		$	(99,214	)
Shares outstanding excluding escrow shares (end of period)		172,901,037			179,086,190			(6,185,153	)
GAAP:
Operating margin		36.7	%		35.9	%		80 bps
Effective tax rate		30.4	%		28.3	%		210 bps
As adjusted:
Operating income (a)	$	1,657		$	1,702		$	(45	)
Operating margin (a)		38.9	%		39.4	%		(50) bps
Non-operating income (expense), less net income (loss) attributable to non-controlling interests (b)	$	(28	)	$	(13	)	$	(15	)
Net income attributable to BlackRock, Inc. (c) (d)	$	1,133		$	1,160		$	(27	)
Diluted earnings attributable to BlackRock, Inc. common stockholders per share (c) (d) (e) (f)	$	6.26		$	5.96		$	0.30
Effective tax rate		30.4	%		31.3	%		(90) bps

-9-

BlackRock, Inc.

Notes to Condensed Consolidated Statements of Income and Supplemental Information

(unaudited)

BlackRock reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP”); however, management believes evaluating the Company’s ongoing operating results may be enhanced if investors have additional non-GAAP basis financial measures. Management reviews non-GAAP financial measures to assess ongoing operations and, for the reasons described below, considers them to be effective indicators, for both management and investors, of BlackRock’s financial performance over time. BlackRock’s management does not advocate that investors consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

Computations for all periods are derived from the Company’s condensed consolidated statements of income as follows:

(a) Operating income, as adjusted, and operating margin, as adjusted:

Operating income, as adjusted, equals operating income, GAAP basis, excluding certain items management deems non-recurring, or transactions that ultimately will not impact BlackRock’s book value, as indicated in the table below. Operating income used for operating margin measurement equals operating income, as adjusted, excluding the impact of closed-end fund launch costs and commissions. Operating margin, as adjusted, equals operating income used for operating margin measurement, divided by revenue used for operating margin measurement, as indicated in the table below.

	Three Months Ended									Six Months Ended
	June 30,						March 31,			June 30,
(Dollar amounts in millions)	2012			2011			2012			2012			2011
Operating income, GAAP basis	$	829		$	866		$	815		$	1,644		$	1,664
Non-GAAP expense adjustments:
PNC LTIP funding obligation		6			14			5			11			28
Merrill Lynch compensation contribution		—			3			—			—			5
Compensation expense related to appreciation (depreciation) on deferred compensation plans		(3	)		—			5			2			5
Operating income, as adjusted		832			883			825			1,657			1,702
Closed-end fund launch costs		—			—			—			—			19
Closed-end fund launch commissions		—			—			—			—			2
Operating income used for operating margin measurement	$	832		$	883		$	825		$	1,657		$	1,723
Revenue, GAAP basis	$	2,229		$	2,347		$	2,249		$	4,478		$	4,629
Non-GAAP adjustments:
Distribution and servicing costs		(93	)		(100	)		(95	)		(188	)		(209	)
Amortization of deferred sales commissions		(14	)		(21	)		(16	)		(30	)		(43	)
Revenue used for operating margin measurement	$	2,122		$	2,226		$	2,138		$	4,260		$	4,377
Operating margin, GAAP basis		37.2	%		36.9	%		36.2	%		36.7	%		35.9	%
Operating margin, as adjusted		39.2	%		39.7	%		38.6	%		38.9	%		39.4	%

Management believes operating income, as adjusted, and operating margin, as adjusted, are effective indicators of BlackRock’s financial performance over time and, therefore, provide useful disclosure to investors.

-10-

BlackRock, Inc.

Notes to Condensed Consolidated Statements of Income and Supplemental Information

(unaudited)

(continued)

(a) (continued)

Operating income, as adjusted:

The portion of compensation expense associated with certain long-term incentive plans (“LTIP”) that has been or will be funded through distributions to participants of shares of BlackRock stock held by The PNC Financial Services Group, Inc. (“PNC”) and a Merrill Lynch & Co., Inc. (“Merrill Lynch”) cash compensation contribution, all of which has been received as of first quarter 2012, has been excluded because these charges ultimately do not impact BlackRock’s book value. The expense related to the Merrill Lynch cash compensation contribution ceased at the end of the third quarter 2011.

Compensation expense associated with appreciation (depreciation) on investments related to certain BlackRock deferred compensation plans has been excluded as returns on investments set aside for these plans, which substantially offset this expense, are reported in non-operating income (expense).

Management believes operating income exclusive of these costs is a useful measure in evaluating BlackRock’s operating performance and helps enhance the comparability of this information for the reporting periods presented.

Operating margin, as adjusted:

Operating income used for measuring operating margin, as adjusted, is equal to operating income, as adjusted, excluding the impact of closed-end fund launch costs and commissions. Management believes the exclusion of such costs and commissions is useful because these costs can fluctuate considerably and revenues associated with the expenditure of these costs will not fully impact BlackRock’s results until future periods.

Operating margin, as adjusted, allows BlackRock to compare performance from period-to-period by adjusting for items that may not recur, recur infrequently or may have an economic offset in non-operating income. Examples of such adjustments include closed-end fund launch costs, commissions paid to certain employees as compensation and fluctuations in compensation expense based on mark-to-market movements in investments held to fund certain compensation plans. BlackRock also uses operating margin, as adjusted, to monitor corporate performance and efficiency and as a benchmark to compare its performance with other companies. Management uses both the GAAP and non-GAAP financial measures in evaluating the financial performance of BlackRock. The non-GAAP measure by itself may pose limitations because it does not include all of BlackRock’s revenues and expenses.

Revenue used for operating margin, as adjusted, excludes distribution and servicing costs paid to related parties and other third parties. Management believes the exclusion of such costs is useful because it creates consistency in the treatment for certain contracts for similar services, which due to the terms of the contracts, are accounted for under GAAP on a net basis within investment advisory, administration fees and securities lending revenue. Amortization of deferred sales commissions is excluded from revenue used for operating margin measurement, as adjusted, because such costs, over time, substantially offset distribution fee revenue earned by the Company. For each of these items, BlackRock excludes from revenue used for operating margin, as adjusted, the costs related to each of these items as a proxy for such offsetting revenues.

-11-

BlackRock, Inc.

Notes to Condensed Consolidated Statements of Income and Supplemental Information

(unaudited)

(continued)

(b) Non-operating income (expense), less net income (loss) attributable to non-controlling interests, as adjusted:

Non-operating income (expense), less net income (loss) attributable to non-controlling interests (“NCI”), as adjusted, is presented below. The compensation expense offset is recorded in operating income. This compensation expense has been included in non-operating income (expense), less net income (loss) attributable to NCI, as adjusted, to offset returns on investments set aside for these plans, which are reported in non-operating income (expense), GAAP basis.

	Three Months Ended									Six Months Ended
	June 30,						March 31,			June 30,
(Dollar amounts in millions)	2012			2011			2012			2012			2011
Non-operating income (expense), GAAP basis	$	(40	)	$	(24	)	$	23		$	(17	)	$	(9	)
Less: Net income (loss) attributable to NCI		6			3			3			9			(1	)
Non-operating income (expense)(1)		(46	)		(27	)		20			(26	)		(8	)
Compensation expense related to (appreciation) depreciation on deferred compensation plans		3			—			(5	)		(2	)		(5	)
Non-operating income (expense), less net income (loss) attributable to NCI, as adjusted	$	(43	)	$	(27	)	$	15		$	(28	)	$	(13	)

⁽¹⁾ Net of net income (loss) attributable to non-controlling interests.

Management believes non-operating income (expense), less net income (loss) attributable to NCI, as adjusted, provides comparability of this information among reporting periods and is an effective measure for reviewing BlackRock’s non-operating contribution to its results. As compensation expense associated with (appreciation) depreciation on investments related to certain deferred compensation plans, which is included in operating income, substantially offsets the gain (loss) on the investments set aside for these plans, management believes non-operating income (expense), less net income (loss) attributable to NCI, as adjusted, provides a useful measure, for both management and investors, of BlackRock’s non-operating results that impact book value.

-12-

BlackRock, Inc.

Notes to Condensed Consolidated Statements of Income and Supplemental Information

(unaudited)

(continued)

(c) Net income attributable to BlackRock, Inc., as adjusted:

Management believes net income attributable to BlackRock, Inc., as adjusted, and diluted earnings per common share, as adjusted, are useful measures of BlackRock’s profitability and financial performance. Net income attributable to BlackRock, Inc., as adjusted, equals net income attributable to BlackRock, Inc., GAAP basis, adjusted for significant non-recurring items, charges that ultimately will not impact BlackRock’s book value or certain tax items that do not impact cash flow.

	Three Months Ended							Six Months Ended
	June 30,					March 31,		June 30,
(Dollar amounts in millions, except per share data)	2012		2011			2012		2012		2011
Net income attributable to BlackRock, Inc., GAAP basis	$	554	$	619		$	572	$	1,126	$	1,187
Non-GAAP adjustments, net of tax:(d)
PNC LTIP funding obligation		4		10			3		7		19
Merrill Lynch compensation contribution		—		1			—		—		3
Income tax law changes		—		(52	)		—		—		(49	)
Net income attributable to BlackRock, Inc., as adjusted	$	558	$	578		$	575	$	1,133	$	1,160
Allocation of net income, as adjusted, to common shares(e)	$	557	$	571		$	574	$	1,131	$	1,146
Diluted weighted-average common shares outstanding(f)		179,590,702		190,579,963			181,917,864		180,753,515		192,429,367
Diluted earnings per common share, GAAP basis(f)	$	3.08	$	3.21		$	3.14	$	6.22	$	6.10
Diluted earnings per common share, as adjusted(f)	$	3.10	$	3.00		$	3.16	$	6.26	$	5.96

See note (a) Operating income, as adjusted, and operating margin, as adjusted, for information on PNC LTIP funding obligation and Merrill Lynch compensation contribution.

During the six months ended June 30, 2011, adjustments primarily related to state income tax law changes that resulted in the re-measurement of certain net deferred income tax liabilities, primarily related to acquired indefinite intangible assets. The resulting increase or decrease in income taxes has been excluded from net income attributable to BlackRock, Inc., as adjusted, as these items will not have a cash flow impact and to ensure comparability for periods presented.

(d) For the quarters ended June 30, 2012 and 2011, and March 31, 2012, non-GAAP adjustments were tax effected at 30.4%, 32.4% and 31.5%, respectively, reflecting a blended rate applicable to the adjustments. For the six months ended June 30, 2012 and 2011, non-GAAP adjustments were tax effected at 31.0%, and 32.7%, respectively.

(e) Amounts exclude net income attributable to participating securities (see below).

(f) Non-voting participating preferred shares are considered to be common stock equivalents for purposes of determining basic and diluted earnings per share calculations. In addition, certain unvested restricted stock units are not included in this number as they are deemed participating securities in accordance with required provisions of Accounting Standards Codification 260-10, Earnings per Share. For the quarters ended June 30, 2012 and 2011, and March 31, 2012 average outstanding participating securities were 0.2 million, 2.2 million and 0.2 million, respectively.

-13-

Attachment II

BlackRock, Inc.

Summary of Revenues

(Dollar amounts in millions)

(unaudited)

	Three Months Ended June 30,								Three Months Ended March 31, 2012					Six Months Ended June 30,
	2012		2011			$ Change					$ Change			2012		2011			$ Change
Investment advisory, administration fees and securities lending revenue
Equity:
Active	$	429	$	536		$	(107	)	$	453	$	(24	)	$	882	$	1,047		$	(165	)
Institutional index		156		148			8			123		33			279		259			20
iShares		467		500			(33	)		473		(6	)		940		963			(23	)
Fixed income:
Active		285		276			9			279		6			564		545			19
Institutional index		60		55			5			50		10			110		108			2
iShares		107		77			30			98		9			205		148			57
Multi-asset class		236		230			6			243		(7	)		479		448			31
Alternatives:
Core		130		146			(16	)		135		(5	)		265		285			(20	)
Currency and commodities		32		36			(4	)		34		(2	)		66		69			(3	)
Long-term		1,902		2,004			(102	)		1,888		14			3,790		3,872			(82	)
Cash management		88		96			(8	)		89		(1	)		177		212			(35	)
Total base fees		1,990		2,100			(110	)		1,977		13			3,967		4,084			(117	)
Investment advisory performance fees:
Equity		3		27			(24	)		19		(16	)		22		57			(35	)
Fixed income		10		6			4			6		4			16		7			9
Multi-asset class		1		(7	)		8			3		(2	)		4		(4	)		8
Alternatives		27		24			3			52		(25	)		79		73			6
Total		41		50			(9	)		80		(39	)		121		133			(12	)
BlackRock Solutions and advisory		131		116			15			123		8			254		244			10
Distribution fees		20		27			(7	)		19		1			39		55			(16	)
Other revenue		47		54			(7	)		50		(3	)		97		113			(16	)
Total revenue	$	2,229	$	2,347		$	(118	)	$	2,249	$	(20	)	$	4,478	$	4,629		$	(151	)

NOTE: Certain prior period information has been reclassified to conform to current period presentation.

Mix of Investment Advisory, Administration Fees and Securities Lending Revenue

(unaudited)

	Three Months Ended June 30,						Three Months Ended March 31, 2012			Six Months Ended June 30,
	2012			2011						2012			2011
Equity:
Active		22	%		25	%		22	%		22	%		25	%
Institutional index		8	%		7	%		6	%		7	%		6	%
iShares		23	%		23	%		24	%		24	%		24	%
Fixed income:
Active		14	%		13	%		14	%		14	%		13	%
Institutional index		3	%		3	%		3	%		3	%		3	%
iShares		5	%		4	%		5	%		5	%		4	%
Multi-asset class		12	%		11	%		12	%		12	%		11	%
Alternatives:
Core		7	%		7	%		7	%		7	%		7	%
Currency and commodities		2	%		2	%		2	%		2	%		2	%
Long-term		96	%		95	%		95	%		96	%		95	%
Cash management		4	%		5	%		5	%		4	%		5	%
Total		100	%		100	%		100	%		100	%		100	%

NOTE: Certain prior period information has been reclassified to conform to current period presentation.

-14-

Attachment III

BlackRock, Inc.

Summary of Non-operating Income (Expense)

(Dollar amounts in millions)

(unaudited)

	Three Months Ended June 30,									Three Months Ended March 31,					Six Months Ended June 30,
	2012			2011			$ Change			2012		$ Change			2012			2011			$ Change
Non-operating income (expense), GAAP basis	$	(40	)	$	(24	)	$	(16	)	$	23	$	(63	)	$	(17	)	$	(9	)	$	(8	)
Less: Net income (loss) attributable to NCI		6			3			3			3		3			9			(1	)		10
Non-operating income (expense)(1)	$	(46	)	$	(27	)	$	(19	)	$	20	$	(66	)	$	(26	)	$	(8	)	$	(18	)

	Estimated economic investments at June 30,			Three Months Ended June 30,									Three Months Ended March 31,						Six Months Ended June 30,
	2012(2)			2012			2011			$ Change			2012			$ Change			2012			2011			$ Change
Net gain (loss) on investments(1)
Private equity		25-30	%	$	(4	)	$	18		$	(22	)	$	21		$	(25	)	$	17		$	26		$	(9	)
Real estate		10-15	%		3			2			1			1			2			4			3			1
Distressed credit/mortgage funds		15-20	%		—			(13	)		13			28			(28	)		28			14			14
Hedge funds/funds of hedge funds		15-20	%		4			1			3			6			(2	)		10			5			5
Other investments(3)		25-30	%		(2	)		2			(4	)		(1	)		(1	)		(3	)		5			(8	)
Sub-total					1			10			(9	)		55			(54	)		56			53			3
Investments related to deferred compensation plans					(3	)		—			(3	)		5			(8	)		2			5			(3	)
Total net gain (loss) on investments(1)					(2	)		10			(12	)		60			(62	)		58			58			—
Interest and dividend income					8			4			4			9			(1	)		17			13			4
Interest expense					(52	)		(41	)		(11	)		(49	)		(3	)		(101	)		(79	)		(22	)
Net interest expense					(44	)		(37	)		(7	)		(40	)		(4	)		(84	)		(66	)		(18	)
Total non-operating income (expense)(1)					(46	)		(27	)		(19	)		20			(66	)		(26	)		(8	)		(18	)
Compensation expense related to (appreciation) depreciation on deferred compensation plans					3			—			3			(5	)		8			(2	)		(5	)		3
Non-operating income (expense), as adjusted(1)				$	(43	)	$	(27	)	$	(16	)	$	15		$	(58	)	$	(28	)	$	(13	)	$	(15	)

⁽¹⁾ Net of net income (loss) attributable to NCI.

⁽²⁾ Percentages represent estimated percentages of BlackRock’s corporate economic investment portfolio as of June 30, 2012.

Economic investment amounts at March 31, 2012 for private equity, real estate, distressed credit/mortgage funds, hedge funds/funds of hedge funds and other investments were $318 million, $115 million, $232 million, $245 million and $243 million, respectively. See the 2012 first quarter Form 10-Q for more information.

⁽³⁾ Amounts include net gains (losses) related to equity, fixed income and commodity investments, and BlackRock’s seed capital hedging program.

BlackRock, Inc.

Economic Tangible Assets

(Dollar amounts in billions)

(unaudited)

The Company presents economic tangible assets as additional information to enable investors to eliminate gross presentation of certain assets that have equal and offsetting liabilities or non-controlling interests that ultimately do not have an impact on stockholders’ equity (excluding appropriated retained earnings related to consolidated collateralized loan obligations) or cash flows. In addition, goodwill and intangible assets are excluded from economic tangible assets.

	June 30, 2012 (Est.)			December 31, 2011
Total balance sheet assets	$	182		$	180
Separate account assets and collateral held under securities lending agreements		(142	)		(140	)
Consolidated VIEs/sponsored investment funds		(2	)		(2	)
Goodwill and intangible assets, net		(30	)		(30	)
Economic tangible assets	$	8		$	8

Economic tangible assets include cash, receivables, seed and co-investments, regulatory investments and other assets.

-15-

Attachment IV

BlackRock, Inc.

Changes in Assets Under Management

(Dollar amounts in millions)

(unaudited)

Current Quarter Component Changes
	March 31, 2012		Net subscriptions (redemptions)(1)			Market appreciation (depreciation)			Foreign exchange(3)			June 30, 2012		Variance vs. March 31, 2012
Equity:
Active	$	297,184	$	(3,116	)	$	(17,673	)	$	(1,725	)	$	274,670		(8	%)
Institutional index		966,950		6,536			(45,093	)		(3,691	)		924,702		(4	%)
iShares		479,585		(5,451	)		(28,056	)		(2,767	)		443,311		(8	%)
Fixed income:
Active		624,723		(3,413	)		11,099			(1,770	)		630,639		1	%
Institutional index		450,749		(2,674	)		8,776			(1,769	)		455,082		1	%
iShares		168,365		11,675			1,654			(1,339	)		180,355		7	%
Multi-asset class		246,507		4,364			(4,845	)		(2,939	)		243,087		(1	%)
Alternatives:
Core		65,788		(1,624	)		(410	)		(179	)		63,575		(3	%)
Currency and commodities		44,656		(2,558	)		(2,253	)		152			39,997		(10	%)
Long-term		3,344,507		3,739			(76,801	)		(16,027	)		3,255,418		(3	%)
Cash management		241,929		(1,502	)		590			(1,546	)		239,471		(1	%)
Sub-total		3,586,436		2,237			(76,211	)		(17,573	)		3,494,889		(3	%)
Advisory(4)		97,651		(31,656	)		(15	)		(935	)		65,045		(33	%)
Total AUM	$	3,684,087	$	(29,419	)	$	(76,226	)	$	(18,508	)	$	3,559,934		(3	%)

Year-to-Date Component Changes
	December 31, 2011		Net subscriptions (redemptions)(1)			Acquisition (2)		Market appreciation (depreciation)			Foreign exchange(3)			June 30, 2012		Variance vs. December 31, 2011
Equity:
Active	$	275,156	$	(7,593	)	$	—	$	7,542		$	(435	)	$	274,670		—	%
Institutional index		865,299		6,084			95		55,916			(2,692	)		924,702		7	%
iShares		419,651		2,385			3,517		18,407			(649	)		443,311		6	%
Fixed income:
Active		614,804		(2,326	)		—		19,193			(1,032	)		630,639		3	%
Institutional index		479,116		(32,546	)		—		9,665			(1,153	)		455,082		(5	%)
iShares		153,802		21,116			3,026		2,919			(508	)		180,355		17	%
Multi-asset class		225,170		9,131			78		9,931			(1,223	)		243,087		8	%
Alternatives:
Core		63,647		(952	)		5		925			(50	)		63,575		—	%
Currency and commodities		41,301		(1,886	)		860		(82	)		(196	)		39,997		(3	%)
Long-term		3,137,946		(6,587	)		7,581		124,416			(7,938	)		3,255,418		4	%
Cash management		254,665		(16,437	)		—		1,377			(134	)		239,471		(6	%)
Sub-total		3,392,611		(23,024	)		7,581		125,793			(8,072	)		3,494,889		3	%
Advisory(4)		120,070		(54,512	)		—		(324	)		(189	)		65,045		(46	%)
Total AUM	$	3,512,681	$	(77,536	)	$	7,581	$	125,469		$	(8,261	)	$	3,559,934		1	%
Year-over-Year Component Changes
	June 30, 2011		Net subscriptions (redemptions)(1)			Acquisition  (2)		Market appreciation (depreciation)			Foreign exchange(3)			June 30, 2012		Variance vs. June 30, 2011
Equity:
Active	$	333,237	$	(23,844	)	$	—	$	(30,571	)	$	(4,152	)	$	274,670		(18	%)
Institutional index		939,079		26,017			95		(29,600	)		(10,889	)		924,702		(2	%)
iShares		476,604		13,279			3,517		(42,427	)		(7,662	)		443,311		(7	%)
Fixed income:
Active		612,553		(21,231	)		—		44,767			(5,450	)		630,639		3	%
Institutional index		438,424		(36,084	)		—		58,721			(5,979	)		455,082		4	%
iShares		134,695		39,364			3,026		6,629			(3,359	)		180,355		34	%
Multi-asset class		231,256		16,167			78		3,158			(7,572	)		243,087		5	%
Alternatives (5):
Core		67,094		(2,757	)		5		(288	)		(479	)		63,575		(5	%)
Currency and commodities		46,168		(3,290	)		860		(3,646	)		(95	)		39,997		(13	%)
Long-term		3,279,110		7,621			7,581		6,743			(45,637	)		3,255,418		(1	%)
Cash management		247,219		(4,974	)		—		1,109			(3,883	)		239,471		(3	%)
Sub-total		3,526,329		2,647			7,581		7,852			(49,520	)		3,494,889		(1	%)
Advisory(4)		132,819		(65,808	)		—		1,176			(3,142	)		65,045		(51	%)
Total AUM	$	3,659,148	$	(63,161	)	$	7,581	$	9,028		$	(52,662	)	$	3,559,934		(3	%)

⁽¹⁾ Amounts include distributions representing return of capital and return on investment to investors.

⁽²⁾ Amounts includes AUM acquired in the Claymore Investments, Inc. acquisition in March 2012.

⁽³⁾ Foreign exchange reflects the impact of converting non-U.S. dollar denominated AUM into U.S. dollars for reporting purposes.

⁽⁴⁾ Advisory AUM represents long-term portfolio liquidation assignments.

⁽⁵⁾ Data reflects the reclassification of prior period AUM into the current period presentation.

-16-

Attachment V

BlackRock, Inc.

Long-term Assets Under Management & Base Fees by Client Type

(Dollar amounts in millions)

(unaudited)

	AUM as of June 30, 2012		% of Total			Base Fees Q2 2012		% of Total
Retail	$	374,010		11	%	$	644		34	%
iShares		644,909		20	%		596		31	%
Institutional:
Active		849,991		26	%		440		23	%
Index		1,386,508		43	%		222		12	%
Total institutional		2,236,499		69	%		662		35	%
Long-term	$	3,255,418		100	%	$	1,902		100	%
	AUM as of March 31, 2012		% of Total			Base Fees Q1 2012		% of Total
Retail	$	387,497		12	%	$	663		35	%
iShares		671,656		20	%		594		31	%
Institutional:
Active		859,036		26	%		451		24	%
Index		1,426,318		42	%		180		10	%
Total institutional		2,285,354		68	%		631		34	%
Long-term	$	3,344,507		100	%	$	1,888		100	%
	AUM as of June 30, 2012		% of Total			Base Fees YTD Q2 2012		% of Total
Retail	$	374,010		11	%	$	1,307		34	%
iShares		644,909		20	%		1,190		31	%
Institutional:
Active		849,991		26	%		891		24	%
Index		1,386,508		43	%		402		11	%
Total institutional		2,236,499		69	%		1,293		35	%
Long-term	$	3,255,418		100	%	$	3,790		100	%

-17-

EX-99.2

Q2 2012 Earnings

Press Release Supplement

July 18, 2012

Exhibit 99.2

1

Important Notes

This presentation, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private

Securities Litigation Reform Act, with respect to BlackRock’s future financial or business performance, strategies or expectations.  Forward-

looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,”

“expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” 

“achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions.

BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. 

Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update

forward-looking statements.  Actual results could differ materially from those anticipated in forward-looking statements and future results could

differ materially from historical performance.

In addition to risk factors previously disclosed in BlackRock’s Securities and Exchange Commission (“SEC”) reports and those identified

elsewhere in this presentation the following factors, among others, could cause actual results to differ materially from forward-looking statements

or historical performance: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) changes and volatility in

political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could

result in changes in demand for products or services or in the value of assets under management; (3) the relative and absolute investment

performance of BlackRock’s investment products; (4) the impact of increased competition; (5) the impact of future acquisitions or divestitures; (6)

the unfavorable resolution of legal proceedings; (7) the extent and timing of any share repurchases; (8) the impact, extent and timing of

technological changes and the adequacy of intellectual property and information security protection; (9) the impact of legislative and regulatory

actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement

actions of government agencies relating to BlackRock or The PNC Financial Services Group, Inc. (“PNC”); (10) terrorist activities, international

hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific

industries or BlackRock; (11) the ability to attract and retain highly talented professionals; (12) fluctuations in the carrying value of BlackRock’s

economic investments; (13) the impact of changes to tax legislation, including income, payroll and transaction taxes, and taxation on products or

transactions, which could affect the value proposition to clients and, generally, the tax position of the Company; (14) BlackRock’s success in

maintaining the distribution of its products; (15) the impact of BlackRock electing to provide support to its products from time to time and any

liabilities related to securities lending or other indemnification obligations; and (16) the impact of problems at other financial institutions or the

failure or negative performance of products at other financial institutions.

This presentation also includes non-GAAP financial measures.  You can find our presentations on the most directly comparable GAAP financial

measures calculated in accordance with GAAP and our reconciliations in the appendix to this earnings release supplement, our current earnings

release dated July 18, 2012, and BlackRock’s other periodic reports, which are available on BlackRock’s web site at www.blackrock.com.

Table of Contents

2

Operating and Net Income/Diluted EPS, as adjusted

Pg. 3

Operating Margin, as adjusted

Pg. 4

Q2 2012 Mix by product, client type, style and region

Pg. 5

Market Indices

Pg. 6

Year-over-Year: Q2 2012 vs. Q2 2011

Pg. 7-12

Sequential Quarters: Q2 2012 vs. Q1 2012

Pg. 13-18

Non-operating and Cash Flow

Pg. 19-21

Appendix

Pg. 22-28

3

Operating income remained strong despite market environment

Operating and Net Income, as adjusted ($ in millions)

Diluted Earnings Per Share, as adjusted

For further information and reconciliation between GAAP and as adjusted, see the appendix, notes (a) through (f) in the current earnings release as well as previously filed Form 10-Ks, 10-Qs and 8-Ks.

Operating Income

Net Income

Second quarter EPS reflected market conditions

4

40.0%

38.6%

39.2%

40.1%

39.7%

37.4%

38.7%

38.2%

36.8%

39.3%

39.1%

2007

2008

2009

2009

2010

Q1

2011

Q2

2011

Q3

2011

Q4

2011

Q1

2012

Q2

2012

Sequential operating margin improvement

Operating Margin, as adjusted

For further information and reconciliation between GAAP and as adjusted, see the appendix, notes (a) through (f) in the current earnings release as well as previously filed Form 10-Ks, 10-Qs and 8-Ks.

Full Year 2011 = 39.7%

BGI/BLK       

Pro Forma

Year-over-year operating margin largely reflected market effects

YTD 2012 = 38.9%

Q2 2012 mix by product, client type, style and region

5

Q2 2012 Long-term Base Fees of $1.902 billion generated from

Long-term Assets Under Management of $3.255 trillion at June 30, 2012

Product Type

Client Type

Style

Region

Alternatives

9%

Alternatives 3%

Institutional

Index

12%

Institutional

Index

43%

Multi-Asset

12%

7%

Fixed Income

24%

Fixed Income

39%

Equity

55%

Equity

51%

iShares

31%

iShares

20%

Asia-Pacific

8%

Asia

-Pacific

11%

iShares

31%

iShares

20%

EMEA

28%

EMEA

29%

Americas

64%

Americas

60%

Retail

34%

Retail

11%

Active

57%

Active

37%

Institutional

35%

Institutional

69%

Revenue

AUM

Revenue

AUM

Revenue

AUM

Revenue

AUM

Multi-Asset

Major non-US equity markets trended lower in Q2 2012

6

Index

Average Index Level

Q2 12 vs.

Q2 11

Q1 12

Q2 12

Q2 11

Q1 12

S&P 500

1,319

1,347

1,350

2.3%

MSCI Barra World Index

1,332

1,268

1,233

(7.4%)

MSCI Europe Index

95

90

86

(9.4%)

MSCI AC Asia Pacific Index

135

124

118

(12.4%)

MSCI Emerging Markets Index

1,158

1,026

963

(16.9%)

S&P Global Natural Resources

3,941

3,533

3,209

(18.6%)

(2.7%)

(4.4%)

(4.6%)

(6.2%)

(9.2%)

0.2%

Year-over-year

Q2 2012 vs. Q2 2011

7

8

Year-over-year EPS growth

Q2-12 Compared to Q2-11, as adjusted

$3.27

$0.18

($0.08)

$3.09

($0.50)

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

Q2-11 EPS

Operating EPS

Non-Operating EPS

Q2-12 EPS

Total EPS:

$3.10

Total EPS:

$3.00

Non-Operating:

($0.09)

Operating

EPS:

Operating

EPS:

For further information and reconciliation between GAAP and as adjusted, see the appendix and notes (a) through (f) in the current earnings release.

Non-Operating:

($0.17)

Decreasing EPS

$0.10

Increasing EPS

9

Year-over-year operating income reflected market effects and expense discipline

Q2-12 Compared to Q2-11, as adjusted

For further information and reconciliation between GAAP and as adjusted, see the appendix and notes (a) through (f) in the current earnings release.

Decreasing Expenses

Decreasing Revenue

$0

($51) million

$832

$883

$67

($118)

$600

$700

$800

$900

Q2-11

Revenue

Expenses

Q2-12

10

Year-over-year revenue reflected market effects and strong demand for BRS services

Q2-12 Compared to Q2-11

($118) million

Total Revenue

Q2-11

$2.35 billion

Q2-12

$2.23 billion

Decreasing Revenue

Increasing Revenue

90%

2%

5%

3%

Base Fees

Performance Fees

BRS and Advisory

Other Revenue/

Distribution Fees

89%

2%

6%

3%

$0

$2,347

$2,229

($14)

($9)

$2,000

$2,200

$2,400

Q2-11

BRS & Advisory

Performance Fees

Other Revenue /

Distribution Fees

Base Fees

Q2-12

($110) million

11

Year-over-year base fees reflected a shift towards fixed income iShares

Decreasing Base Fees

Increasing Base Fees

Q2-12 Compared to Q2-11

Q2-12

$1.99 billion

Base fees

Q2-11

$2.10 billion

$0

$1,990

$2,100

($107)

($33)

($20)

($8)

$8

$9

$30

$1,900

$2,000

$2,100

$2,200

Q2-11

iShares

Fixed

Income

Active Fixed

Income

Institutional

Index Equity

Multi-Asset

Institutional

Index Fixed

Income

Cash

Alternatives

iShares

Equity

Active Equity

Q2-12

$6

$5

12

Year-over-year expenses declined across all major expense categories

Increasing Expenses

Decreasing Expenses

Q2-12

$1.40 billion

Expenses, as adjusted, by Category

Q2-12 Compared to Q2-11, as adjusted

For further information and reconciliation between GAAP and as adjusted, see the appendix and notes (a) through (f) in the current earnings release.

$0

($67) million

Q2-11

$1.46 billion

Employee Comp. & Benefits

Distribution & Servicing Costs

Amort. of Deferred Sales Commissions

Direct Fund Expenses

General & Administration

Amortization of Intangibles

55%

7%

10%

24%

3%

1%

56%

7%

10%

23%

3%

1%

$1,464

$1,397

($24)

($21)

($9)

($7)

($7)

$1

$1,300

$1,400

$1,500

Q2-11

Compensation

& Benefits

G&A

Direct Fund

Expenses

Distribution    &

Servicing

Amort.-

Deferred

Commissions

Amort.-

Intangible

Assets

Q2-12

Sequential Quarters

Q2 2012 vs. Q1 2012

13

($0.23)

$0.17

$3.27

$3.10

($0.50)

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

Q1-12 EPS

Operating EPS

Non-Operating EPS

Q2-12 EPS

14

Sequential EPS reflected market conditions

Increasing EPS

For further information and reconciliation between GAAP and as adjusted, see the appendix and notes (a) through (f) in the current earnings release.

Q2-12 Compared to Q1-12, as adjusted

Total EPS:

$3.16

Total EPS:

$3.10

Operating

EPS:

Non-Operating:

$0.06

Non-Operating:

($0.17)

Operating

EPS:

Decreasing EPS

($0.06)

15

Q2 2012 operating income improvement reflected seasonal factors and market effects

Q2-12 Compared to Q1-12, as adjusted

$7 million

$0

For further information and reconciliation between GAAP and as adjusted, see the appendix and notes (a) through (f) in the current earnings release.

Decreasing Expense

Decreasing Revenue

$832

$825

($20)

$27

$600

$700

$800

$900

Q1-12

Revenue

Expenses

Q2-12

16

Sequential revenue stable

($20) million

Decreasing Revenue

Q2-12 Compared to Q1-12

Increasing Revenue

Total Revenue

Q2-12

$2.23 billion

Q1-12

$2.25 billion

$0

$2,229

$2,249

$8

($2)

$13

($39)

$2,000

$2,200

$2,400

Q1-12

Base Fees

BRS & Advisory

Other Revenue /

Distribution Fees

Performance Fees

Q2-12

89%

2%

6%

3%

4%

5%

3%

88%

Base Fees

Performance Fees

BRS & Advisory

Other Revenue /

Distribution Fees

17

Sequential base fees reflected seasonal factors, fixed income demand and market effects

Base Fees

Q2-12 Compared to Q1-12

$1,990

$1,977

($24)

($7)

($7)

($6)

($1)

$6

$9

$10

$33

$1,800

$1,900

$2,000

Q1-12

Institutional

Index Equity

Institutional

Index Fixed

Income

iShares

Fixed

Income

Active   

Fixed

Income

Cash

iShares

Equity

Alternatives

Multi-Asset

Active

Equity

Q2-12

Increasing Base Fees

Decreasing Base Fees

Q2-12

$1.99 billion

Q1-12

$1.98 billion

$0

$13 million

18

Sequential expenses declined overall despite higher brand campaign costs

Increasing Expenses

Decreasing Expenses

Expense, as adjusted, by Category

Q2-12 Compared to Q1-12, as adjusted

For further information and reconciliation between GAAP and as adjusted, see the appendix and notes (a) through (f) in the current earnings release.

Q2-12

$1.40 billion

Q1-12

$1.42 billion

$0

($27) million

$1,397

$1,424

$17

($2)

($2)

($8)

($32)

$1,300

$1,400

$1,500

Q1-12

Compensation &

Benefits

Direct Fund

Expenses

Distribution &

Servicing

Amort.-

Deferred

Commissions

G&A

Q2-12

56%

3%

23%

10%

1%

7%

57%

3%

21%

11%

1%

7%

Employee Comp. & Benefits

Distribution & Servicing Costs

Amort. Of Deferred Sales Commissions

Direct Fund Expenses

General & Administration

Amort.. of Intangible Assets

Non-operating and cash flow

19

20

For further information and reconciliation between GAAP and as adjusted, see the appendix and notes (a) through (f) in the current earnings release.

Q2 2012 non-operating expense

($4)

$4

$3

($2)

($44)

($50)

($40)

($30)

($20)

($10)

$0

$10

Private Equity

Real Estate

Hedge Funds/ Funds of

Hedge Funds

Other Investments

Net Interest Expense

Q2-12 $43 million Non-Operating Expense by Category, as adjusted

Investment Losses/ Net Interest Expense

Investment Gains

$1 million NetInvestment Gain

$2.8

$2.5

$1.4

$1.9

$0.7

$0.9

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

2006

2007

2008

2009

2010

2011

YTD Q2

2011

Est.

YTD Q2

2012

21

Operating cash flow and payout ratio

2/17/06    2/27/07     2/15/08      N/A

Dividend Change

Declared:

Excludes $2.5 bn June 2011

buyback of 13.6 million shares

Payout Ratio

Operating cash flow

GAAP

as adjusted

Excludes $1.0 bn May 2012

buyback of 6.4 million shares

$0.6

$0.7

$0.7

$0.8

2/25/10

2/24/11

2/23/12

For further information and reconciliation between GAAP and as adjusted, see the

Company’s previously filed Form 10-Ks, Form 10-Qs and 8-Ks and the appendix to this

earnings release supplement.

Notes:

(A)Payout ratio = (dividends + share repurchases) / GAAP net income.

$2.6

$2.6

$1.2

$1.5

$0.9

$0.7

`

Appendix

22

23

Q2 2012 long-term AUM reflected modest long-term inflows and market declines

Q2-11 Compared to Q2-12

$0

($24) billion

Long-term AUM

Q2-11

$3.279 trillion

Q2-12

$3.255 trillion

$3,279

$8

$8

$7

($47)

$3,255

$3,100

$3,200

$3,300

$3,400

Q2-11

Net New Business

Acquisition

Market

FX

Q2-12

Decreasing AUM

Increasing AUM

7%

3%

10%

13%

4%

15%

29%

19%

Index

EQ

iShares EQ

Active EQ

Index FI

iShares FI

Active FI

Multi Asset

Alternatives

24

Q2 2012 long-term AUM reflected decline in global markets

Q1-12 Compared to Q2-12

Long-term AUM

Q2-12

$3.255 trillion

Decreasing AUM

Increasing AUM

Q1-12

$3.345 trillion

7%

3%

9%

13%

5%

14%

30%

19%

Index EQ

iShares EQ

Active EQ

Index FI

iShares FI

Active FI

Multi Asset

Alternatives

8%

3%

8%

14%

6%

14%

28%

19%

$3,345

$3,255

($78)

$4

($16)

$0

$3,100

$3,200

$3,300

$3,400

Q1-12

Net New Business

Market

FX

Q2-12

($90) billion

25

Quarterly

operating

income

–

GAAP

and

as

adjusted

GAAP

as adjusted

Operating Income ($ in millions)

Non-GAAP Adjustments ($ in millions)

Non-GAAP adjustments include PNC LTIP funding obligation, Merrill Lynch compensation contribution, UK lease exit

costs, restructuring charges, and compensation related to appreciation (depreciation) on certain deferred compensation

plans

For further information and reconciliation between GAAP and as adjusted, see notes (a) through (f) in the current earnings release as well as previously filed Form 10-Ks, 10-Qs and 8-Ks.

26

Quarterly

net

income

–

GAAP

and

as

adjusted

Net Income ($ in millions)

Non-GAAP Adjustments ($ in millions)

Non-GAAP adjustments include PNC LTIP funding obligation, Merrill Lynch compensation contribution, UK lease exit

costs,

restructuring

charges,

income

tax

law

changes

and

a

state

tax

election

GAAP

as adjusted

For further information and reconciliation between GAAP and as adjusted, see notes (a) through (f) in the current earnings release as well as previously filed Form 10-Ks, 10-Qs and 8-Ks.

27

GAAP

as adjusted

Quarterly

non-operating

income

–

GAAP

and

as

adjusted

Non-Operating Income (Expense) ($ in millions)

Non-GAAP Adjustments ($ in millions)

Non-GAAP adjustments include net income (loss) attributable to non-controlling interests and compensation expense

related to (appreciation) depreciation on certain deferred compensation plans

Q1

2011

Q2

2011

Q3

2011

Q4

2011

Q1

2012

For

further

information

and

reconciliation

between

GAAP

and

as

adjusted,

see

notes

(a)

through

(f)

in

the

current

earnings

release

as

well

as

previously

filed

Form

10-Ks,

10-Qs

and

8-Ks.

Q2

2012

28

Cash Flow GAAP and As Adjusted

Cash Flow GAAP and As Adjusted

(in millions)

2006

2007

2008

2009

2010

2011

YTD

Q2 2011

EST YTD

Q2 2012

Operating Cash Flows

Operating Cash flows, GAAP

basis

$721

$587

$1,916

$1,399

$2,488

$2,826

$717

$900

Less: Non-GAAP adjustments (1)

21

(337)

413

168

(77)

178

16

100

Operating Cash flows, as  

Adjusted

$700

$924

$1,503

$1,231

$2,565

$2,648

$701

$800

Investing Cash Flows

Investing Cash flows, GAAP 

basis

$3

($1,068)

($394)

($5,519)

($627)

($204)

($104)

($600)

Less: Non-GAAP adjustments (1)

2

(201)

(9)

31

(52)

24

(2)

(200)

Investing Cash flows, as

Adjusted

$1

($867)

($385)

($5,550)

($575)

($228)

($102)

($400)

Financing Cash Flows

Financing Cash flows, GAAP

basis

($85)

$959

($887)

$6,749

($3,170)

($2,485)

($1,236)

($200)

Less: Non-GAAP adjustments (1)

68

514

(410)

(185)

110

(71)

(29)

-

Financing Cash flows, as

Adjusted

($153)

$445

($477)

$6,934

($3,280)

($2,414)

($1,207)

($200)

(1) Non-GAAP adjustments include the impact on cash flows of consolidated sponsored investment funds and consolidated VIEs.