 Q4 2012 Earnings Press Release Supplement January 17, 2013 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” and 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 BlackRock; (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 potential 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 January 17, 2013, and BlackRock’s other periodic reports, which are available on BlackRock’s web site at www.blackrock.com. |
 2 Table of Contents Operating and Net Income/Diluted EPS, as adjusted Page 3 Operating Margin, as adjusted Page 4 Q4 2012 Mix by Product, Client Type, Style and Region Page 5 Global Equity Market Indices Page 6 Year-over-Year: Q4 2012 vs. Q4 2011 Pages 7-12 Sequential Quarters: Q4 2012 vs. Q3 2012 Pages 13-18 Non-operating and Cash Flow Pages 19-21 Appendix Pages 22-28 |
 3 Record diluted EPS of $3.96, up 29% year over year and 14% sequentially Operating and Net Income, as adjusted ($ 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 Full Year 2011 = $11.85 Full Year 2012 = $13.68 Full Year 2011 Operating Income = $3,392 Net Income = $2,239 Full Year 2012 Operating Income = $3,574 Net Income = $2,438 |
 4 YTD 2012 = 40.4% Q4 2012 operating margin improved to 42.6% and to 40.4% for full year 2012 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 40.0% 38.6% 40.7% 42.6% 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 Q3 2012 Q4 2012 |
 5 Q4 2012 Long-term Base Fees of $1.987 billion Long-term Assets Under Management of $3.482 trillion at December 31, 2012 Q4 2012 mix by product, client type, style and region Product Type Client Type Style Region Alternatives 8% Alternatives 3% Multi-Asset 12% Multi-Asset 8% Fixed Income 25% Fixed Income 36% Equity 55% Equity 53% iShares 33% iShares 22% Retail 34% Retail 12% Institutional 33% Institutional 66% Base Fees AUM Base Fees AUM Index 10% Index 41% iShares 33% iShares 22% Asia-Pacific 8% Asia-Pacific 9% EMEA 28% EMEA 30% Americas 64% Americas 61% Active 57% Active 37% Base Fees AUM Base Fees AUM |
 6 Major global equity markets indices Index Average Index Level Q4 2012 vs. Q4 2011 Q3 2012 Q4 2012 Q4 2011 Q3 2012 Domestic S&P 500 1,225 1,401 1,418 15.8% 1.2% Global MSCI Barra World Index 1,169 1,274 1,312 12.2% 3.0% MSCI Europe Index 82 92 94 14.6% 2.2% MSCI AC Asia Pacific Index 115 119 124 7.8% 4.2% MSCI Emerging Markets Index 931 961 1,009 8.4% 5.0% S&P Global Natural Resources 3,291 3,291 3,391 3.0% 3.0% |
 Year-over-year Q4 2012 vs. Q4 2011 |
 8 Q4 2012 Compared to Q4 2011, as adjusted Total EPS: $3.96 Total EPS: $3.06 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. $0.90 Increasing EPS Decreasing EPS $4.07 $0.93 ($0.03) ($0.50) $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 Q4 2011 EPS Operating EPS Non-Operating EPS Q4 2012 EPS $3.14 ($0.11) ($0.08) Non-Operating: Non-Operating: Record EPS up 29% year-over-year driven by strong operating results |
 9 Year-over-year operating income reflected growth in markets and flows Q4 2012 Compared to Q4 2011, as adjusted Increasing Expense $0 $200 million $841 $1,041 $312 ($112) $600 $700 $800 $900 $1,000 $1,100 $1,200 Q4 2011 Revenue Expenses Q4 2012 Increasing Revenue For further information and reconciliation between GAAP and as adjusted, see the appendix and notes (a) through (f) in the current earnings release. |
 10 Year-over-year revenue reflected market growth, net inflows and improved performance Q4 2012 Compared to Q4 2011 $0 $312 million Total Revenue Q4 2011 $2.23 billion Decreasing Revenue Increasing Revenue (1) Q4 2012 includes performance fees from a disposition-related opportunistic fund. 83% 7% 7% 1% 2% Base Fees Performance Fees BRS and Advisory Distribution Fees Other Revenue 82% 9% 5% 1% 3% Q4 2012 $2.54 billion $2,000 $2,200 $2,400 $2,600 Q4 2011 Base Fees Performance Fees(1) Other Revenue Distribution Fees BRS & Advisory Q4 2012 $2,227 ($9) $218 $24 $92 ($13) $2,539 |
 Q4 2012 Compared to Q4 2011 $0 $218 million Decreasing Base Fees Increasing Base Fees 15% 5% 3% 22% 23% 6% 12% 9% 5% Active Fixed Income iShares Fixed Income Non-ETF Index Fixed Income Active Equity iShares Equity Non - ETF Index Equity Multi-Asset Alternatives Cash 15% 6% 3% 21% 25% 6% 11% 8% 5% $1,863 $85 $39 $32 $22 $19 $10 $9 $3 ($1) $1,800 $1,900 $2,000 $2,100 $2,200 Q4 2011 iShares Equity Active Fixed Income iShares Fixed Income Non - ETF Equity Multi - Asset Non - ETF Income Cash Active Equity Alternatives Q4 2012 Index Fixed 11 Year-over-year base fees reflected growth across most asset classes Base fees Index Q4 2011 $1.86 billion Q4 2012 $2.08 billion |
 12 Q4 2012 $1.50 billion Year-over-year expenses reflected higher revenue-related expenses and brand costs Increasing Expenses Decreasing Expenses Expenses, as adjusted, by Category Q4 2012 Compared to Q4 2011, 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. Q4 2011 $1.39 billion $112 million 56% 6% 1% 9% 25% 3% Employee Comp. & Benefits Distribution & Servicing Costs Amort. of Deferred Sales Commissions Direct Fund Expenses General & Administration Amortization of Intangibles 56% 5% 1% 10% 25% 3% $0 $1,300 $1,400 $1,500 $1,600 Q4 2011 Amort.- Deferred Commissions Distribution & Servicing Amort.- Intangibles Direct Fund Expenses G&A Compensation & Benefits Q4 2012 $1,498 $1,386 $69 $30 $23 $1 ($5) ($6) |
 Sequential Quarters Q4 2012 vs. Q3 2012 |
 14 Sequential EPS up 14% 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. Q4 2012 Compared to Q3 2012, as adjusted Operating EPS: Total EPS: $3.47 Total EPS: $3.96 Operating EPS: Non-Operating: $0.05 $0.49 Non-Operating: ($0.11) Decreasing EPS $3.42 $4.07 ($0.16) $0.65 ($0.50) $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 Q3 2012 Operating EPS Non-Operating EPS Q4 2012 |
 15 Q4 2012 operating income reflected seasonal performance fees and positive flows Q4 2012 Compared to Q3 2012, as adjusted $165 million For further information and reconciliation between GAAP and as adjusted, see the appendix and notes (a) through (f) in the current earnings release. Increasing Revenue Increasing Expense |
 16 Sequential revenue driven by higher seasonal performance fees and growth in base fees $219 million $0 Q4 2012 Compared to Q3 2012 Increasing Revenue Total Revenue Q3 2012 $2.32 billion (1) Q4 2012 includes performance fees from a disposition-related opportunistic fund. Decreasing Revenue Q4 2012 $2.54 billion $2,320 $8 $136 $24 $57 ($6) $2,539 $2,000 $2,200 $2,400 $2,600 Q3 2012 Performance Fees(1) Base Fees Other Revenue BRS & Advisory Distribution Fees Q4 2012 Base Fees Performance Fees BRS and Advisory Distribution Fees Other Revenue 87% 4% 6% 1% 2% 82% 9% 5% 1% 3% |
 17 Q4 2012 $2.08 billion Sequential base fees reflected growth across most asset classes $57 million Base Fees Q4 2012 Compared to Q3 2012 Q3 2012 $2.02 billion Increasing Base Fees Decreasing Base Fees $0 $2,000 $2,100 Q3 2012 iShares Equity Active Fixed Income Active Equity Cash iShares Fixed Income Alternatives Non-ETF Index Equity Q4 2012 15% 6% 3% 21% 24% 7% 12% 8% 4% Active Fixed Income iShares Fixed Income Non-ETF Index Fixed Income Active Equity iShares Equity Non-ETF Index Equity Multi-Asset Alternatives Cash 15% 6% 3% 21% 25% 6% 11% 8% 5% $2,024 $29 $16 $9 $4 $4 $3 ($3) ($5) $2,081 Non-ETF Index Fixed Income |
 18 (1) Amounts exclude fund launch costs incurred in third quarter 2012, which are presented separately above. For further information and reconciliation between GAAP and as adjusted, see the appendix and notes (a) through (f) in the current earnings release. Q4 2012 $1.50 billion Sequential expenses reflected growth in revenue-related expenses and brand costs Increasing Expenses Decreasing Expenses $0 Expenses, as adjusted, by Category Q4 2012 Compared to Q3 2012, as adjusted $54 million Q3 2012 $1.44 billion $1,444 $1,498 $58 $26 $7 $1 ($1) ($12) ($25) $1,300 $1,400 $1,500 $1,600 Q3 2012 Fund Launch Costs Distribution & Servicing Amort. - Deferred commissions Amort. - Intangibles Direct Fund expenses Compensation & Benefits(1) G&A(1) Q4 2012 56% 7% 1% 10% 23% 3% 56% 5% 1% 10% 25% 3% 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 |
 20 Q4 2012 non-operating expense ($1) $15 $5 $3 ($1) ($48) ($60) ($50) ($40) ($30) ($20) ($10) $0 $10 $20 $30 Private Equity Real Estate Distressed Credit/ Mortgage Funds Hedge Funds/ Funds of Hedge Funds Other Investments Net Interest Expense For further information and reconciliation between GAAP and as adjusted, see the appendix and notes (a) through (f) in the current earnings release. Q4 2012 ($27) million Non-Operating Expense by Category, as adjusted Investment Losses / Net Interest Expense Investment Gains $21 million Net Investment Gain |
 21 Operating cash flow and payout ratio Notes: (A) Payout ratio = (dividends declared + share repurchases) / GAAP net income. Includes $2.5 bn June 2011 buyback of 13.6 million shares Payout Ratio Operating cash flow GAAP as adjusted For further information and reconciliation between GAAP and as adjusted, see the previously filed Form 10-Ks, Form 10-Qs and 8-Ks and the appendix to this earnings release supplement. Includes $1.0 bn May 2012 buyback of 6.4 million shares $6.00 $5.50 $4.00 $3.12 $3.12 $2.68 $1.68 104% 157% 44% 48% 53% 56% 50% 2012 2011 2010 2009 2008 2007 2006 Dividend Payout Ratio (A) 2/17/06 Dividend Change Declared: 2/27/07 2/15/08 N/A 2/25/10 2/24/11 2/23/12 $0.7 $0.7 $0.6 $1.9 $1.4 $2.5 $2.8 $2.3 $0.9 $1.5 $1.2 $2.6 $2.6 $3.0 2006 2007 2008 2009 2010 2011 2012 |
 Appendix |
 23 Q4 2012 long-term AUM up 11% from Q4 2011 Q4 2012 Compared to Q4 2011 Long-term AUM Q4 2011 $3.138 trillion Q4 2012 $3.482 trillion $0 Increasing AUM Decreasing AUM $344 billion (1) 2012 net new business excludes the effect of two single low-fee institutional index fixed income outflows of $36.0 billion and $74.2 billion, which are shown separately above. 28% 13% 9% 15% 5% 20% 7% 3% Index EQ iShares EQ Active EQ Index FI iShares FI Active FI Multi Asset Alternatives 29% 15% 8% 12% 6% 19% 8% 3% $3,200 $3,400 $3,600 Q4 2011 Net New Business(1) Client Redemptions(1) Acquisitions Market FX Q4 2012 $3,482 $12 $320 $14 ($110) $108 $3,138 |
 24 Q3 2012 $3.378 trillion Q4 2012 long-term AUM up 3% from Q3 2012 Q4 2012 Compared to Q3 2012 $0 $104 billion Long-term AUM Decreasing AUM Increasing AUM Q4 2012 $3.482 trillion 29% 15% 8% 12% 6% 19% 8% 3% Index EQ iShares EQ Active EQ Index FI iShares FI Active FI Multi Asset Alternatives 29% 15% 8% 12% 6% 19% 8% 3% $3,400 $3,500 Q3 2012 Net New Business Market FX Q4 2012 $3,482 ($5) $62 $47 $3,378 |
 25 Quarterly operating income – GAAP and as adjusted GAAP as adjusted Operating Income ($ in millions) Non-GAAP Adjustments ($ in millions) 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. $819 $883 $849 $841 $825 $832 $876 $1,041 $798 $866 $777 $808 $815 $829 $875 $1,005 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 $21 $17 $72 $33 $10 $3 $1 $36 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Non-GAAP adjustments include contribution to short-term investment funds (“STIFs”), PNC LTIP funding obligation, Merrill Lynch compensation contribution, U.K. lease exit costs, restructuring charges, and compensation related to appreciation (depreciation) on certain deferred compensation plans |
 26 Net Income ($ in millions) Non-GAAP Adjustments ($ in millions) Quarterly net income – GAAP and as adjusted Non-GAAP adjustments include contribution to STIFs, PNC LTIP funding obligation, Merrill Lynch compensation contribution, U.K. lease exit costs, restructuring charges, income tax law changes and a state tax election 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. $582 $578 $521 $558 $575 $558 $610 $695 $568 $619 $595 $555 $572 $554 $642 $690 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 $14 ($41) ($74) $3 $3 $4 ($32) $5 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 GAAP as adjusted |
 27 Quarterly non-operating income – GAAP and as adjusted GAAP as adjusted 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 Q3 2012 Q4 2012 ($1) ($3) $33 ($28) ($8) ($3) ($17) Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 $40 $15 ($24) $7 $23 ($40) $30 ($67) $14 ($27) ($79) ($21) $15 ($43) $13 ($27) Non-GAAP Adjustments ($ in millions) Non-Operating Income (Expense) ($ in millions) |
 28 Cash Flow GAAP and As Adjusted Cash Flow GAAP and As Adjusted (in millions) 2006 2007 2008 2009 2010 2011 2012 Operating Cash Flows Operating Cash flows, GAAP basis $721 $587 $1,916 $1,399 $2,488 $2,826 $2,300 Less: Non-GAAP adjustments (1) 21 (337) 413 168 (77) 178 (700) Operating Cash flows, as Adjusted $700 $924 $1,503 $1,231 $2,565 $2,648 $3,000 Investing Cash Flows Investing Cash flows, GAAP basis $3 ($1,068) ($394) ($5,519) ($627) ($204) ($300) Less: Non-GAAP adjustments (1) 2 (201) (9) 31 (52) 24 100 Investing Cash flows, as Adjusted $1 ($867) ($385) ($5,550) ($575) ($228) ($400) Financing Cash Flows Financing Cash flows, GAAP basis ($85) $959 ($887) $6,749 ($3,170) ($2,485) ($1,000) Less: Non-GAAP adjustments (1) 68 514 (410) (185) 110 (71) 600 Financing Cash flows, as Adjusted ($153) $445 ($477) $6,934 ($3,280) ($2,414) ($1,600) (1) Non-GAAP adjustments include the impact on cash flows of consolidated sponsored investment funds and consolidated VIEs. |
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