BlackRock : 2018 4th Quarter Earnings Supplement

January 16, 2019

7/13/2017 10:27 AM BlackRock

A broadly diversified business across clients, products and geographies

Assets Under Management of $5.98 trillion at December 31, 2018

Q4 2018 Total Base Fees of $2.779 billion

AUM

Base Fees

AUM

Base Fees

AUM

Base Fees

AUM

Base Fees

Equity 53% 51% 62% 32% 28% 48% 64% 65% Institutional Active Americas Fixed income Retail Index EMEA Multi-asset iShares ETFs Alternatives Cash Asia-Pacific 30% 27% 11% 31% 38% 10% 29% 28% 27% 37% 7% 5% 2% 6% 8% Aum Base fees

Note: Base Fees and AUM by region data is based on client domicile.

Long-term net flows

($ in billions)

Total long-term

Retail

7% 5% $94

4% 1%

5% 2%

7% 5%

7% 7%

6% 7%

4% 4%

• 3% 2%

• 3% 2%

(2)%

(1)%

1%

3%

6%

7%

7%

6%

3%

$17

Q4 2016

Q1 2017

Q2 2017

Q3 2017

Q4 2017

Q1 2018

Q2 2018

Q3 2018

Q4 2018

Q4 2016

Q1 2017

Q2 2017

Q3 2017

Q4 2017

Q1 2018

Q2 2018

Q3 2018

Q4 2018

iShares ETFs

Institutional

21%

19%

19%

15%

10%

9%

10%

2%

2%

3%

3%

Institutional Active

2%

2%

1%

0%

Institutional Index

(2)%

Q3 2018

Q4 2016

Q1 2017

Q2 2017

Q3 2017

Q4 2017

LTM organic asset growth rate (%)

Q1 2018

Q2 2018

Q4 2018

LTM organic base fee growth rate (%)

Note: LTM organic growth rates measure rolling last twelve months data over beginning of period measure.

Profitability

($ in millions, except per share data)

Operating Income and Margin, as adjusted

Net Income and EPS, as adjusted

$1,600

$1,500

$1,400

$1,300

$1,200

$1,100

$1,000

$900

$800

$700

$600

$500

$400

4.2% $740 -5.$86%20

44.5% 42.6% 43.9% 45.1% 44.7% 44.1% 45.2% 44.2% 43.5%

$1,340 44.2% $1,220

34.2% $1,100

24.2% $980

14.2% $860

-15$.580%0

Q4 2016

Q1 2017

Q2 2017

Q3 2017

Q4 2017

Q1 2018

Q2 2018

Q3 2018

Q4 2018

Q4 2016

Q1 2017

Q2 2017

Q3 2017

Q4 2017

Q1 2018

Q2 2018

Q3 2018

Q4 2018

Operating Income, as adjustedOperating Margin, as adjusted

Net Income, as adjustedEPS, as adjusted

Results for 2017 and 2016 were recast to reflect the adoption of the new revenue recognition standard. For further information, refer to the Current Report on Form 8-K furnished on March 22, 2018.

For further information and reconciliations between GAAP and as adjusted, see page 12 of this earnings release supplement, notes (1) through (3) in the current earnings release as well as previously filed Form 10-Ks, 10-Qs and 8-Ks.

Capital management

(amounts in millions, except per share data)

Q4 2016

Q4 2016

Q1 2017

Q2 2017

Q3 2017

Q4 2017

Q1 2018

Q2 2018

Q3 2018

Q4 2018

Q1 2017

Dividends per share
$3.13	$3.13
$2.88	$2.88
Q2	Q3	Q4
2018	2018	2018

Q2 2017

Q3 2017

Q4 2017

Q1 2018

Share repurchasesWeighted average diluted shares

Amounts above exclude repurchases of employee tax withholdings related to employee stock transactions.

Dividends