 Q1 2011 Earnings Press Release Supplement April 21, 2011 Exhibit 99.2 |
 1 $727 $741 $737 $962 $819 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 $582 $670 $469 $463 $537 $2.40 $2.96 $2.75 $3.42 $2.37 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Strong operating income includes continued growth of base fees Operating and Net Income, as Adjusted ($ in millions) Diluted Earnings Per Share, as Adjusted Reconciliation between GAAP and as Adjusted is provided in the appendix Operating Income Net Income Sequential operating results are affected by the timing of performance fee recognition |
 2 39.1% 40.7% 38.4% 37.4% 38.7% 38.2% 36.8% 38.9% 38.8% 2007 2008 2009 2009 Pro Forma Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Margin remains strong post BGI transaction Operating Margins, as Adjusted For further information and reconciliation between GAAP and as Adjusted, see note (a) in the current earnings release as well as previously filed Form 10-K, 10-Q and 8-Ks Full Year 2010 = 39.3% Q4 margin includes the seasonal effect of performance fees |
 3 Equity markets continued to trend higher above 2010 levels S&P 500 Q4 2010 Spot to Spot Q1 2011 Spot to Spot 12/31/09 1/31/10 2/28/10 Q1 2010 Spot to Spot 3/31/10 9/30/10 10/31/10 11/30/10 12/31/10 1/31/11 2/28/11 3/31/11 Equity markets in Q1 2011 were slightly higher on average than Q1 2010 and Q4 2010 Q4-10 Average: 1,205 Q1-11 Average: 1,303 Q1-10 Average: 1,124 800 900 1,000 1,100 1,200 1,300 1,400 |
 4 Year over year operating results continue to grow driven by base fees Increasing EPS Non-Operating EPS Operating EPS Tax Adjustment Total EPS: $2.96 Total EPS: $2.40 Non-Operating EPS: $0.05 Non-Operating EPS: ($0.02) $0.56 Operating EPS: Operating EPS: For further information and reconciliation between GAAP and as Adjusted, see notes (a) through (f) in the current earnings release $2.42 $0.07 $0.37 $0.12 $2.79 ($0.10) $0.40 $0.90 $1.40 $1.90 $2.40 $2.90 $3.40 Q1-10 EPS Operating EPS Non-Operating EPS Tax Adjustment Q1-11 EPS Tax Adjustment EPS: $0.12 Q1-11 Compared to Q1-10, as Adjusted |
 5 Sequential results effected by magnitude of Q4 performance “locks” $3.35 ($0.02) ($0.56) $0.12 $2.79 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 Q4-10 EPS Operating EPS Non-Operating EPS Tax Adjustment Q1-11 EPS ($0.46) Increasing EPS For further information and reconciliation between GAAP and as Adjusted, see notes (a) through (f) in the current earnings release Decreasing EPS Q1-11 Compared to Q4-10, as Adjusted Non-Operating EPS Operating EPS Total EPS: $3.42 Total EPS: $2.96 Operating EPS: Non-Operating EPS: $0.07 Non-Operating EPS: $0.05 Operating EPS: Tax Adjustment EPS: $0.12 Tax Adjustment |
 6 Year over year revenue growth of 14% Q1-11 Compared to Q1-10 Increasing Revenue Total Revenue 86% 4% 4% 6% Base Fees Performance Fees BRS and Advisory Other Revenue Q1-10 $1.99 billion Q1-11 $2.28 billion 87% 3% 4% 6% Base Fees Performance Fees BRS and Advisory Other Revenue |
 7 Magnitude of performance fees in Q4 exceeds first 3 quarters ($211) million Decreasing Revenue Q1-11 Compared to Q4-10 Increasing Revenue Total Revenue Q4-10 $2.49 billion Q1-11 $2.28 billion $2,493 $2,282 ($243) $33 ($4) $3 $0 $1,800 $2,000 $2,200 $2,400 $2,600 Q4-10 Base Fees Other Revenue BRS & Advisory Performance Fees Q1-11 79% 13% 3% 5% Base Fees Performance Fees BRS and Advisory Other Revenue 86% 4% 4% 6% Base Fees Performance Fees BRS and Advisory Other Revenue |
 8 Base fees are higher in all long-term asset classes Decreasing Base Fees Increasing Base Fees 11% 9% 6% 3% 25% 22% 4% 14% 6% Active Fixed Income iShares/ ETP Fixed Income Institutional Index Fixed Income Active Equity iShares/ ETP Equity Institutional Index Equity Multi-Asset Alternatives Cash Q1-11 Base Fees Q1-11 Compared to Q1-10 $1.98 billion $231 million $1,753 $1,984 $72 $52 $50 $17 $16 $15 $13 $12 ($16) $1,700 $1,900 $2,100 Q1-10 iShares/ ETP Equity Multi- Asset Active Equity Alternatives Institutional Index Fixed Income Active Fixed Income Institutional Index Equity iShares/ ETP Fixed Income Cash Q1-11 $0 |
 9 Base fees continue to grow primarily due to improved markets and long-term flows $33 million Decreasing Base Fees Increasing Base Fees Q1-11 Base Fees Q1-11 Compared to Q4-10 $1.98 billion $1,951 $27 $6 $5 $3 $2 ($2) ($1) ($7) $1,984 $0 $1,800 $2,000 $2,200 Q4-10 Active Equity Institutional Index Fixed Income Alternatives iShares/ ETP Equity Multi- Asset iShares/ETP Fixed Income Active Fixed Income Cash Q1-11 11% 9% 6% 6% 14% 4% 22% 25% 3% Active Fixed Income iShares/ ETP Fixed Income Institutional Index Fixed Income Active Equity iShares/ ETP Equity Institutional Index Equity Multi-Asset Alternatives Cash |
 10 Expense growth due to continued growth in the business $1.46 billion Q1-11 Expense, as Adjusted, by Category Q1-11 Compared to Q1-10, as Adjusted For further information and reconciliation between GAAP and as Adjusted, see note (a) in the current earnings release $1,268 $1,463 ($4) $30 $75 $85 $0 $1,200 $1,300 $1,400 $1,500 Q1-10 G&A Compensation & Benefits Direct Fund Exp Distribution & Servicing Amort.-Deferred Commissions Q1-11 Increasing Expenses Decreasing Expenses $9 55% 2% 10% 23% 3% 7% Employee Comp. & Benefits Distribution & Servicing Costs Amort. of Deferred Sales Commissions Direct Fund Expenses General & Administration Amortization of Intangibles |
 11 Lower expenses in Q1 due to certain Q4 G&A costs $1.46 billion Q1-11 Expense, as Adjusted, by Category Q1-11 Compared to Q4-10, as Adjusted For further information and reconciliation between GAAP and as Adjusted, see note (a) in the current earnings release $1,531 $1,463 ($69) ($10) ($1) $3 $9 $1,300 $1,400 $1,500 $1,600 Q4-10 Direct Fund Exp Distribution & Servicing Amort.-Deferred Commissions Compensation & Benefits G&A Q1-11 Increasing Expenses Decreasing Expenses $0 55% 2% 10% 23% 3% 7% Employee Comp. & Benefits Distribution & Servicing Costs Amort. of Deferred Sales Commissions Direct Fund Expenses General & Administration Amortization of Intangibles |
 12 Continued investment gains driven by markets $43 million Q1-11 Investment Gain, as Adjusted, by Category Q1-11 Non-Operating Income by Category, as Adjusted Net Interest Expense Investment Gain Non-Operating Income $43 million Investment Gain $27 $14 $4 $8 $1 $3 ($29) $0 $10 $20 $30 $40 $50 Distressed Credit/ Mortgage Private Equity Hedge Funds/ Funds of Hedge Funds Real Estate Other Investments Net Interest Expense Q1-11 For further information and reconciliation between GAAP and as Adjusted, see note (b) in the current earnings release as well as previously filed Form 10-Qs 63% 9% 2% 7% 19% Distressed Credit/ Mortgage Private Equity Hedge Funds/ Funds of Hedge Funds Real Estate Other Investments |
 13 Increase in dividend supported by substantial cash flow $4.00 $3.12 $3.12 $2.68 $1.68 $1.20 $1.00 $0.80 $5.50 33% 83% 64% 50% 56% 53% 48% 44% 48% 2011 2010 2009 2008 2007 2006 2005 2004 2003 Dividend (A) Payout Ratio (B) Notes: (A) 2003 and 2011 dividends have been annualized (B) Payout ratio = (dividends + share repurchases) / GAAP net income. 2011 ratio includes Q1 2011 data only. N/A 2/26/04 2/15/05 2/17/06 2/27/07 2/15/08 N/A 2/25/10 3/7/11 Dividend Change Declared: |
 Appendix |
 15 $962 $737 $741 $727 $819 $654 $697 $707 $940 $798 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 GAAP As Adjusted Quarterly operating income – GAAP and as Adjusted Operating Income ($ in millions) Non-GAAP Adjustments ($ in millions) Non-GAAP adjustments include BGI integration costs, PNC LTIP funding obligation, Merrill Lynch compensation contribution, restructuring charges, and compensation related to appreciation (depreciation) on deferred compensation plans $21 $22 $30 $73 $44 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 For further information and reconciliation between GAAP and as Adjusted, see note (a) in the current earnings release as well as previously filed Form 10-Qs |
 16 $582 $670 $469 $463 $537 $432 $551 $657 $568 $423 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Quarterly net income – GAAP and as Adjusted $14 $13 $46 $31 ($14) Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Net Income ($ in millions) Non-GAAP Adjustments ($ in millions) Non-GAAP adjustments include BGI integration costs, PNC LTIP funding obligation, Merrill Lynch compensation contribution, restructuring charges, and income tax law changes GAAP As Adjusted For further information and reconciliation between GAAP and as Adjusted, see notes (c) and (d) in the current earnings release as well as previously filed Form 10-Qs |
 17 $78 $18 $15 $2 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 $39 ($28) ($6) $20 $14 GAAP As Adjusted Quarterly non-operating income – GAAP and as Adjusted Non-Operating Income ($ 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 deferred compensation plans $47 ($8) ($39) $2 ($1) Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 ($75) For further information and reconciliation between GAAP and as Adjusted, see note (b) in the current earnings release as well as previously filed Form 10-Qs |
 18 Forward-looking statements 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. |
 19 Forward-looking statements 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 capital improvement projects; (6) the impact of future acquisitions or divestitures; (7) the unfavorable resolution of legal proceedings; (8) the extent and timing of any share repurchases; (9) the impact, extent and timing of technological changes and the adequacy of intellectual property protection; (10) 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, Barclays Bank PLC, Bank of America Corporation, Merrill Lynch & Co., Inc. or The PNC Financial Services Group, Inc.; (11) 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; (12) the ability to attract and retain highly talented professionals; (13) fluctuations in the carrying value of BlackRock’s economic investments; (14) the impact of changes to tax legislation and, generally, the tax position of the Company; (15) BlackRock’s success in maintaining the distribution of its products; (16) the impact of BlackRock electing to provide support to its products from time to time; (17) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions; and (18) the ability of BlackRock to complete the integration of the operations of Barclays Global Investors. |
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