 Q4 2011 Earnings Press Release Supplement January 19, 2012 Exhibit 99.2 |
 1 Full year 2011 diluted EPS up 8% despite market volatility 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 Full Year 2010 Operating Income: $3,167 Full Year 2011 Operating Income: $3,392 Full Year 2010: $10.94 Full Year 2011: $11.85 |
 2 39.1% 39.7% 40.0% 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 Q4 2011 Full year 2011 operating margin improved 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. Full Year 2011 = 39.7% Full Year 2010 = 39.3% BGI/BLK Pro Forma |
 Global markets no longer aligned: US- Positive; Others- Negative 3 800 900 1,000 1,100 1,200 1,300 1,400 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2010 MSCI World Index S&P 500 MSCI Emerging Markets Q4 11 vs. Q4 10 Average: MSCI World Index 5% MSCI Emerging Markets 17% S&P 500 2% Q4 11 vs. Q3 11 Average: MSCI World Index 4% MSCI Emerging Markets 10% S&P 500 - flat |
 Year-over-year Q4 2011 vs. Q4 2010 4 |
 5 Year-over-year EPS decline explained by market effects Q4-11 Compared to Q4-10, as adjusted $3.14 ($0.21) ($0.15) $3.35 ($0.30) $0.20 $0.70 $1.20 $1.70 $2.20 $2.70 $3.20 Q4-10 EPS Operating EPS Non Operating EPS Q4-11 EPS Total EPS: $3.06 Total EPS: $3.42 Non-Operating: $0.07 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: ($0.08) Decreasing EPS ($0.36) |
 6 Year-over-year operating income benefited from cost controls muting market pressures ($121) million $0 Q4-11 Compared to Q4-10, as adjusted For further information and reconciliation between GAAP and as adjusted, see notes (a) through (e) in the current earnings release. Decreasing Expenses Decreasing Revenue $841 $962 ($266) $145 $700 $900 Q4-10 Revenue Expenses Q4-11 |
 7 Year-over-year market stress masked benefits of organic growth in AUM and BRS Q4-11 Compared to Q4-10 ($266) million Total Revenue Q4-10 $2.49 billion Q4-11 $2.23 billion 79% 13% 3% 5% Base Fees Performance Fees BRS and Advisory Other Revenue 83% 7% 7% 3% Decreasing Revenue Increasing Revenue $0 $2,493 $2,227 ($179) $17 ($88) ($16) $2,000 $2,200 $2,400 $2,600 Q4-10 BRS & Advisory Other Revenue Base Fees Performance Fees Q4-11 |
 8 Market effects on year-over-year base fees balanced by organic growth and product mix Decreasing Base Fees Increasing Base Fees Q4-11 Compared to Q4-10 Base fees ($88) million Q4-11 $1.86 billion Q4-10 $1.95 billion $1,951 $1,863 $15 $8 $4 $1 $1 ($2) ($30) ($38) ($47) $1,700 $1,800 $1,900 $2,000 Q4-10 iShares Fixed Income Active Fixed Income Multi-Asset Institutional Index Equity Institutional Index Fixed Income Alternatives iShares Equity Cash Active Equity Q4-11 $0 24% 24% 9% 9% 22% 22% 5% 5% |
 9 9% year-over-year expense decline across all expense categories Increasing Expenses Decreasing Expenses Expenses, as adjusted, by Category Q4-11 Compared to Q4-10, as adjusted For further information and reconciliation between GAAP and as adjusted, see notes (a) through (e) in the current earnings release. $0 ($145) million Q4-11 $1.39 billion Q4-10 $1.53 billion $1,386 $1,531 ($68) ($46) ($19) ($6) ($5) ($1) $1,300 $1,400 $1,500 $1,600 Q4-10 Amort.- Intangible Assets Amort.- Deferred Commissions Direct Fund Expenses Distribution Compensation & Servicing & Benefits G&A Q4-11 |
 Sequential Quarters Q4 2011 vs. Q3 2011 10 |
 11 Sequential EPS reflects improved non-operating EPS $3.14 $3.12 $0.21 $0.02 ($0.30) $0.20 $0.70 $1.20 $1.70 $2.20 $2.70 $3.20 $3.70 Q3-11 EPS Operating EPS Non-Operating EPS Q4-11 EPS $0.23 Increasing EPS For further information and reconciliation between GAAP and as adjusted, see notes (a) through (e) in the current earnings release. Q4-11 Compared to Q3-11, as adjusted Total EPS: $3.06 Operating EPS: Non-Operating: ($0.29) Non-Operating: ($0.08) Total EPS: $2.83 Operating EPS: |
 12 Sequential operating income stable Q4-11 Compared to Q3-11, as adjusted ($8) million $0 For further information and reconciliation between GAAP and as adjusted, see notes (a) through (e) in the current earnings release. Increasing Expense Increasing Revenue $849 $841 $2 ($10) $600 $700 $800 $900 Q3-11 Revenue Expenses Q4-11 |
 13 Sequential revenue driven by growth in performance fees and BRS offset by market effects $2 million Decreasing Revenue $0 Q4-11 Compared to Q3-11 Increasing Revenue Total Revenue Q4-11 $2.23 billion Q3-11 $2.23 billion $2,227 $2,225 $32 ($86) $56 $2,000 $2,200 Q3-11 Performance Fees BRS & Advisory Base Fees Q4-11 |
 14 Sequential base fee decline reflected organic growth offset by market effects ($86) million Decreasing Base Fees Increasing Base Fees Base Fees $0 Q4-11 Compared to Q3-11 Q3-11 Q4-11 $1.86 billion $1,700 $1,800 $1,900 $2,000 $1,863 $1,949 ($46) ($24) ($9) ($6) ($5) ($3) ($1) $1 $7 Q3-11 iShares Fixed Income Institutional Index Fixed Income Cash Active Fixed Income Institutional Index Equity Multi-Asset Alternatives iShares Equity Active Equity Q4-11 22% 22% 5% 5% |
 15 Sequential expenses remained relatively stable Increasing Expenses Decreasing Expenses $0 Q3-11 $1.38 billion Expense, as adjusted, by Category Q4-11 Compared to Q3-11, as adjusted For further information and reconciliation between GAAP and as adjusted, see notes (a) through (e) in the current earnings release. $10 million Q4-11 $1.39 billion $1,386 $1,376 ($11) ($3) ($2) $11 $15 $1,300 $1,400 $1,500 Q3-11 G&A Compensation & Benefits Amort.- Deferred Commissions Distribution & Servicing Direct Fund Expenses Q4-11 |
 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. Q4 2011 net investment gains driven by private equity valuations $14 $0 $3 ($1) $2 ($39) ($40) ($30) ($20) ($10) $0 $10 $20 Private Equity Real Estate Distressed Credit/ Mortgage Funds Hedge Funds/ Funds of Hedge Funds Other Investments Net Interest Expense Q4-11 $21 million Non-Operating Expense by Category, as adjusted Investment Losses/ Net Interest Expense Investment Gains $18 million Net Investment Gains |
 18 Strong 2011 operating cash flow and payout ratio Notes: (A) Payout ratio = (dividends + share repurchases) / GAAP net income. $0.7 $0.6 $1.9 $1.4 $2.5 $2.9 $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 2006 2007 2008 2009 2010 Est. 2011 Payout ratio reflects dividend growth and $2.6 billion of buybacks 2011 Operating cash flow exceeded 2010 GAAP as adjusted For further information and reconciliation between GAAP and as adjusted, see the Company’s Form 10-Qs and Form 10-Ks. $0.7 $0.9 $1.5 $1.2 $2.6 $2.7 2/17/06 2/27/07 2/15/08 N/A 2/25/10 2/24/11 Dividend Change Declared: 157% with $2.5 bn May buyback Excludes $2.5 bn May buyback |
 AUM and flows 19 |
 20 Year-over-year AUM declines driven by equity markets Q4-10 Compared to Q4-11 $0 ($20) billion Total AUM Q4-10 $3.561 trillion Q4-11 $3.513 trillion 5% 3% 8% 4% 17% 26% 13% 3% 12% 9% Index EQ iShares EQ Active EQ Index FI iShares FI Active FI Multi Asset Alternatives Cash Advisory 6% 3% 7% 3% 18% 25% 12% 4% 14% 8% $500 Cash AUM Long-term AUM Decreasing AUM Increasing AUM Advisory AUM (1) $3,513 ($7) ($28) $15 $3,533 $3,100 $3,200 $3,300 $3,400 $3,500 $3,600 Q4-10 Net New Business Market FX Q4-11 (1) Amount excludes $28 billion BGI merger-related outflows, outflows due to manager concentration considerations prior to third quarter 2011 and outflows from scientific active equity performance prior to second quarter 2011. |
 21 Sequential AUM growth driven by flows and markets Q3-11 Compared to Q4-11 $0 $168 billion Total AUM Q3-11 $3.345 trillion Q4-11 $3.513 trillion 6% 3% 7% 4% 19% 24% 12% 4% 13% 8% Index EQ iShares EQ Active EQ Index FI iShares FI Active FI Multi Asset Alternatives Cash Advisory 6% 3% 7% 3% 18% 25% 12% 4% 14% 8% $500 Cash AUM Long-term AUM Decreasing AUM Increasing AUM Advisory AUM $3,513 $3,345 $25 ($6) $149 $3,100 $3,200 $3,300 $3,400 $3,500 $3,600 Q3-11 Net New Business Market FX Q4-11 |
 Appendix 22 |
 23 Quarterly operating income – GAAP and as adjusted GAAP as adjusted Operating Income ($ 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, 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 (e) in the current earnings release, 2010 Form 10-K or 2011 Form 10-Qs. |
 24 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, 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 (e) in the current earnings release, 2010 Form 10-K or 2011 Form 10-Qs. |
 25 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. |
 26 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. 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; and (17) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions. |
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