 Q3 2011 Earnings Press Release Supplement October 19, 2011 Exhibit 99.2 |
 1 Third quarter operating results up 15% year-over-year despite market volatility $849 $883 $819 $962 $737 $741 $727 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Operating and Net Income, as Adjusted ($ in millions) Diluted Earnings Per Share, as Adjusted For further information and reconciliation between GAAP and as Adjusted, see the appendix, notes (a) through (e) in the current earnings release, 2010 Form 10-K or 2011 Form 10-Qs. Operating Income Net Income Q3 2011 included full quarter effect of Bank of America buy-back $521 $578 $670 $537 $463 $469 $582 $2.40 $2.96 $3.00 $2.75 $3.42 $2.83 $2.37 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 |
 2 39.1% 39.7% 40.1% 40.7% 38.4% 37.4% 38.7% 38.2% 36.8% 38.9% 38.8% 2007 2008 2009 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Operating margin remained strong Operating Margin, as Adjusted For further information and reconciliation between GAAP and as Adjusted, see notes (a) through (e) in the current earnings release, 2010 Form 10-K or 2011 Form 10-Qs. YTD 2011 = 39.6% 2011 year-to-date margin was higher than the full year and third quarter 2010 margins Full Year 2010 = 39.3% BGI/BLK Pro Forma |
 3 Equity markets in Q3 2011 were negative and volatile due to global economic uncertainty S&P 500 Q2 2011 Spot to Spot Q3 2011 Spot to Spot Q2-11 Average: 1,318 Q3-11 Average: 1,225 Q3 2010 Spot to Spot The Q3 average S&P declined 7% from second quarter 2011 and increased 12% from third quarter 2010 Q3-10 Average: 1,096 7/31/10 8/31/10 9/30/10 3/31/11 5/31/11 6/30/11 7/31/11 8/31/11 9/30/11 6/30/10 4/30/11 800 900 1,000 1,100 1,200 1,300 1,400 |
 Year-over-year Q3 2011 vs. Q3 2010 4 ***************************** ***************************** ***************************** ***************************** ***************************** ***************************** ***************************** ***************************** |
 5 3% year-over-year EPS increase more than explained by growth in operating EPS Q3-11 Compared to Q3-10, as Adjusted $2.61 ($0.43) $0.51 $3.12 ($0.10) $0.40 $0.90 $1.40 $1.90 $2.40 $2.90 $3.40 Q3-10 EPS Operating EPS Non-Operating EPS Q3-11 EPS Increasing EPS Total EPS: $2.83 Total EPS: $2.75 Non-Operating: $0.14 Operating EPS: Operating EPS: For further information and reconciliation between GAAP and as Adjusted, see notes (a) through (e) in the current earnings release. Non-Operating: ($0.29) Decreasing EPS $0.08 |
 6 15% year-over-year growth in operating income Q3-11 Compared to Q3-10, as Adjusted For further information and reconciliation between GAAP and as Adjusted, see notes (a) through (e) in the current earnings release. $112 million $0 Increasing Expenses Increasing Revenue $849 $737 ($21) $133 $700 $900 Q3-10 Revenue Expenses Q3-11 |
 7 6% year-over-year revenue growth Q3-11 Compared to Q3-10 Total Revenue Q3-10 $2.09 billion Q3-11 $2.23 billion 87% 5% 4% 4% Base Fees Performance Fees BRS and Advisory Other Revenue 88% 4% 5% 3% Base Fees Performance Fees BRS and Advisory Other Revenue $0 $133 million Decreasing Revenue Increasing Revenue $2,225 $2,092 $16 ($15) $155 ($23) $1,800 $2,000 $2,200 $2,400 Q3-10 Base Fees BRS & Advisory Other Revenue Performance Fees Q3-11 |
 8 9% year-over-year base fee increase driven by growth in all long-term asset classes 14% 4% 2% 26% 6% 9% 4% 12% 23% Active Fixed Income iShares Fixed Income Institutional Index Fixed Income Active Equity iShares Equity Institutional Index Equity Multi-Asset Alternatives Cash Q3-11 Compared to Q3-10 Q3-11 $1.95 billion Base fees Q3-10 $1.79 billion 15% 4% 2% 25% 23% 5% 10% 9% 7% Active Fixed Income iShares Fixed Income Institutional Index Fixed Income Active Equity iShares Equity Institutional Index Equity Multi-Asset Alternatives Cash Decreasing Base Fees Increasing Base Fees $0 $155 million $1,794 $1,949 $49 $43 $40 $19 $18 $15 $11 $3 ($43) $1,700 $1,900 $2,100 Q3-10 iShares Equity Multi-Asset Active Equity Institutional Index Equity Alternatives Active Fixed Income iShares Fixed Income Institutional Index Fixed Income Cash Q3-11 |
 9 2% year-over-year expense growth 55% 7% 10% 24% 3% 1% Employee Comp. & Benefits Distribution & Servicing Costs Amort. of Deferred Sales Commissions Direct Fund Expenses General & Administration Amortization of Intangibles $1.38 billion Q3-11 Expense, as Adjusted, by Category Q3-11 Compared to Q3-10, as Adjusted For further information and reconciliation between GAAP and as Adjusted, see notes (a) through (e) in the current earnings release. Increasing Expenses Decreasing Expenses $0 $21 million $1,376 $1,355 ($15) ($6) ($1) $13 $15 $15 $1,200 $1,300 $1,400 $1,500 Q3-10 Compensation & Benefits Direct Fund Exp G&A Amort.- Intangible Assets Amort.- Deferred Commissions Distribution & Servicing Q3-11 |
 Sequential Quarters Q3 2011 vs. Q2 2011 10 ************************************************** ************************************************** ************************************************** ************************************************** ************************************************** ************************************************** ************************************************** ************************************************** |
 11 Sequential EPS reflects growth in operating EPS more then offset by lower non-op EPS $3.12 $3.09 ($0.20) $0.03 ($0.30) $0.20 $0.70 $1.20 $1.70 $2.20 $2.70 $3.20 $3.70 Q2-11 EPS Operating EPS Non-Operating EPS Q3-11 EPS ($0.17) Increasing EPS For further information and reconciliation between GAAP and as Adjusted, see notes (a) through (e) in the current earnings release. Decreasing EPS Q3-11 Compared to Q2-11, as Adjusted Total EPS: $3.00 Total EPS: $2.83 Operating EPS: Non-Operating: ($0.09) Non-Operating: ($0.29) Operating EPS: |
 12 4% market-driven operating income decline from Q2 2011 Q3-11 Compared to Q2-11, as Adjusted $883 $849 ($122) $88 $500 $600 $700 $800 $900 Q2-11 Revenue Expenses Q3-11 ($34) million $0 For further information and reconciliation between GAAP and as Adjusted, see notes (a) through (e) in the current earnings release. Decreasing Revenue Decreasing Expenses |
 13 5% market-driven revenue decline from Q2 2011 led by base fees Q3-11 Compared to Q2-11 Total Revenue Q2-11 $2.35 billion Q3-11 $2.23 billion 90% 2% 3% 5% Base Fees Performance Fees BRS and Advisory Other Revenue 88% 4% 5% 3% Base Fees Performance Fees BRS and Advisory Other Revenue ($122) million Decreasing Revenue $0 Increasing Revenue Sec Lending: ($46) $2,347 $2,225 ($151) $41 ($13) $1 $2,000 $2,200 $2,400 Q2-11 Performance Fees BRS & Advisory Other Revenue Base Fees Q3-11 |
 14 Base fee decline reflected market effects on Equity AUM and lower seasonal sec lending 14% 4% 26% 6% 9% 4% 12% 23% 2% Active Fixed Income iShares Fixed Income Institutional Index Fixed Income Active Equity iShares Equity Institutional Index Equity Multi-Asset Alternatives Cash Q3-11 Base Fees Q3-11 Compared to Q2-11 $1.95 billion ($151) million Decreasing Base Fees Increasing Base Fees $0 $1,949 $2,100 ($53) ($46) ($31) ($10) ($8) ($8) ($4) $4 $5 $1,800 $2,000 $2,200 Q2-11 Active Fixed Income iShares Fixed Income Multi-Asset Institutional Index Fixed Income Alternatives Cash Institutional Index Equity iShares Equity Active Equity Q3-11 |
 15 Lower sequential expenses reflect the effects of lower AUM and revenue $1.38 billion Q3-11 Expense, as Adjusted, by Category Q3-11 Compared to Q2-11, as Adjusted For further information and reconciliation between GAAP and as Adjusted, see notes (a) through (e) in the current earnings release. 55% 7% 10% 24% 3% 1% Employee Comp. & Benefits Distribution & Servicing Costs Amort. of Deferred Sales Commissions Direct Fund Expenses General & Administration Amortization of Intangibles Increasing Expenses Decreasing Expenses $0 ($88) million ($45) $1 ($1) ($10) ($14) ($19) $1,376 $1,464 $1,300 $1,400 $1,500 Q2-11 Amort.- Intangible Assets Amort.- Deferred Commissions Distribution & Servicing Direct Fund Exp G&A Compensation & Benefits Q3-11 |
 Non-operating and cash flow 16 ********************************** ********************************** ********************************** ********************************** ********************************** ********************************** ********************************** ********************************** |
 17 For further information and reconciliation between GAAP and as Adjusted, see notes (a) through (e) in the current earnings release. Q3 2011 net investment marks driven by widening distressed credit spreads ($4) ($27) $4 ($9) ($6) ($37) ($40) ($30) ($20) ($10) $0 $10 $20 Private Equity Real Estate Distressed Credit/ Mortgage Hedge Funds/ Funds of Hedge Funds Other Investments Net Interest Expense Q3-11 $79 million Non-Operating Expense by Category, as Adjusted Investment Losses/ Net Interest Expense Investment Gain $42 million Net Investment Losses Funds |
 Strong 2011 operating cash flow and payout ratio $4.00 $3.12 $3.12 $2.68 $1.68 $5.50 50% 56% 53% 48% 44% 43% 2011 2010 2009 2008 2007 2006 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, Q2 & Q3 2011 data only. (C) Payout ratio = (YTD 3Q 2011 dividends/3*4) + share repurchases) / (YTD 3Q 2011 GAAP net income/3 x 4). Dividend Change 150% with $2.5 bn buyback (C) Excludes $2.5 bn share buyback $1.9 $0.7 $0.6 $1.9 $1.4 $2.5 $1.4 $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 2006 2007 2008 2009 2010 YTD Sept 2010 Est. YTD Sept 2011 Payout ratio reflects dividend growth and the $2.5 billion buyback YTD 2011 Operating cash flow exceeded YTD 2010 $1.7 $0.7 $0.9 $1.5 $1.2 $2.6 $1.5 GAAP As Adjusted For further information and reconciliation between GAAP and as adjusted, see the Company’s Form 10-Qs 18 Declared: and Form 10-Ks. 2/24/11 2/25/10 N/A 2/15/08 2/27/07 2/17/06 |
 Appendix 19 ********************************************************** ********************************************************** ********************************************************** ********************************************************** ********************************************************** ********************************************************** ********************************************************** |
 20 $849 $883 $962 $737 $741 $727 $819 Quarterly operating income – GAAP and As Adjusted $654 $697 $707 $940 $798 $866 $777 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 GAAP As Adjusted Operating Income ($ in millions) Non-GAAP Adjustments ($ in millions) Non-GAAP adjustments include BGI integration costs, PNC LTIP funding obligation, Merrill Lynch compensation contribution, UK lease exit costs, 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 (e) in the current earnings release, 2010 Form 10-K or 2011 Form 10-Qs. $73 $44 $30 $22 $21 $17 $72 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 |
 21 Quarterly net income – GAAP and As Adjusted Net Income ($ in millions) Non-GAAP Adjustments ($ in millions) Non-GAAP adjustments include BGI integration costs, PNC LTIP funding obligation, Merrill Lynch compensation contribution, UK lease exit costs, 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 (e) in the current earnings release, 2010 Form 10-K or 2011 Form 10-Qs. $578 $582 $670 $469 $463 $537 $521 $432 $551 $657 $619 $595 $568 $423 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 ($41) $14 $13 ($14) $46 $31 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 ($74) |
 22 GAAP As Adjusted Quarterly non-operating income – GAAP and As Adjusted Non-Operating Income (Expense) ($ 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 For further information and reconciliation between GAAP and as Adjusted, see notes (a) through (e) in the current earnings release, 2010 Form 10-K or 2011 Form 10-Qs. $47 ($8) ($39) $2 ($1) ($3) $33 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 ($112) $78 $18 $15 ($24) $2 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 $39 ($28) ($6) $20 $14 ($27) ($75) ($79) |
 23 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. |
 24 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 and information security 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 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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