BlackRock (BLK) 8-K BlackRock Reports Second Quarter 2014 Diluted EPS of $4.72, or $4.89 as adjusted

Exhibit 99.1

Tom Wojcik, Investor Relations	Brian Beades, Media Relations
212.810.8127	212.810.5596

BlackRock Reports Second Quarter 2014 Diluted EPS of $4.72, or $4.89 as adjusted

• 19% AUM growth from the second quarter of 2013

• $38.0 billion of long-term net inflows for the second quarter of 2014

• 32% operating income growth (15% as adjusted) from the second quarter of 2013

• 40.4% operating margin (42.4% as adjusted) for the second quarter of 2014

• 13% diluted EPS growth (18% as adjusted) from the second quarter of 2013

• Consistent capital management with $250 million of quarterly share repurchases

FINANCIAL RESULTS

(in millions, except per share data)	Q2 2014			Q2 2013			Change			Q1 2014			Change			Six Months Ended June 30,						Change
																2014			2013
AUM	$	4,593,612		$	3,857,007			19	%	$	4,400,925			4	%	$	4,593,612		$	3,857,007			19	%
GAAP basis:
Revenue	$	2,778		$	2,482			12	%	$	2,670			4	%	$	5,448		$	4,931			10	%
Operating income	$	1,122		$	849			32	%	$	1,051			7	%	$	2,173		$	1,758			24	%
Operating margin		40.4	%		34.2	%		620	bps		39.4	%		100	bps		39.9	%		35.7	%		420	bps
Net income(1)	$	808		$	729			11	%	$	756			7	%	$	1,564		$	1,361			15	%
Diluted EPS	$	4.72		$	4.19			13	%	$	4.40			7	%	$	9.12		$	7.81			17	%
Weighted average diluted shares		171.2			173.9			(2	%)		171.9			—	%		171.5			174.3			(2	%)
As Adjusted:
Operating income(2)	$	1,133		$	982			15	%	$	1,062			7	%	$	2,195		$	1,903			15	%
Operating margin(2)		42.4	%		41.3	%		110	bps		41.4	%		100	bps		41.9	%		40.6	%		130	bps
Net income(1) (2)	$	837		$	722			16	%	$	762			10	%	$	1,599		$	1,359			18	%
Diluted EPS(2)	$	4.89		$	4.15			18	%	$	4.43			10	%	$	9.32		$	7.80			19	%

⁽¹⁾  Net income represents net income attributable to BlackRock, Inc.

⁽²⁾ See notes (1) through (5) to the Condensed Consolidated Statements of Income and Supplemental Information on pages 13 through 16 for more information on as adjusted items and the reconciliation to GAAP.

New York, July 16, 2014 — BlackRock, Inc. (NYSE:BLK) today reported financial results for the three and six months ended June 30, 2014.

“In the second quarter, we saw strong revenue growth driven by a combination of robust organic revenue gains and market tailwinds. Our results, with revenue up 12% and as adjusted EPS up 18% year-over-year, once again demonstrate the benefits of our diverse platform,” commented Laurence D. Fink, Chairman and CEO of BlackRock. “During the quarter we generated 4% annualized organic growth or $38.0 billion in long-term net new business. We continue to execute on long-term growth strategies by focusing on key industry trends impacting our clients, including ETFs, alternatives, retirement, outcomes and solutions.

“We saw $13.1 billion of long-term net inflows in Retail as we continued to raise our brand profile, evolve our product set and deepen our distribution relationships. Retail flows were driven by clients’ interest in efficient beta and our outcome-oriented strategies – including multi-asset, alternatives and unconstrained fixed income offerings. This included $3.0 billion in flows to our unconstrained Strategic Income Opportunities fund and $1.1 billion to our Multi-Asset Income fund.

“iShares flows of $30.4 billion led the industry in market share for the quarter. Liquidity-oriented investors increased their participation in rising developed and emerging markets, while buy-and-hold investors continued to access our Core Series product suite, which attracted $5.5 billion in the US alone this quarter.

“Among institutional clients, we continued to see strong interest in our multi-asset class offerings, such as ourLifePath target-date suite and fiduciary mandates, as well as illiquid alternatives, where we again raised more than $1 billion in commitments.

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“BlackRock remains committed to top quartile performance across all of our investment products. Our active fixed income product suite continues to excel, with 90% of taxable assets above benchmark or peer median for the three-year period. Similarly strong investment track records in our scientific active equity, alternatives and index businesses are delivering results for our clients and position us well for future growth. While performance in fundamental equities remains challenged, we continue to make substantial investments to restructure this business and remain confident in our new teams, their processes and the future outlook for growth over time.

“Looking ahead to the second half of 2014, our commitment to alpha generation, product innovation and broad-based distribution positions us well to drive results for our clients and shareholders. The depth of our platform is built on the quality of our people and the strength of our culture, and I want to once again thank BlackRock employees for their commitment to helping our clients build better financial futures.”

RESULTS BY CLIENT TYPE

(in millions), (unaudited)	Q2 2014 Net flows			June 30, 2014 AUM		Q2 2014 Base Fees(1)		June 30, 2014 AUM % of Total			Q2 2014 Base Fees(1) % of Total
Retail	$	13,128		$	534,502	$	823		12	%		35	%
iShares		30,445			993,832		817		23	%		35	%
Institutional:
Active		1,013			970,433		470		23	%		20	%
Index		(6,562	)		1,795,938		251		42	%		10	%
Total institutional		(5,549	)		2,766,371		721		65	%		30	%
Total long-term	$	38,024		$	4,294,705	$	2,361		100	%		100	%

RESULTS BY PRODUCT

(in millions), (unaudited)	Q2 2014 Net flows		June 30, 2014 AUM		Q2 2014 Base Fees(1)		June 30, 2014 AUM % of Total			Q2 2014 Base Fees(1) % of Total
Equity	$	9,707	$	2,462,585	$	1,338		57	%		56	%
Fixed income		21,255		1,340,725		539		31	%		23	%
Multi-asset		6,795		374,473		300		9	%		13	%
Alternatives		267		116,922		184		3	%		8	%
Total long-term	$	38,024	$	4,294,705	$	2,361		100	%		100	%

⁽¹⁾  Base fees include investment advisory, administration fees and securities lending revenue.

Long-Term Business Highlights

Long-term net inflows of $27.4 billion and $13.7 billion from clients in the Americas and EMEA, respectively, were partially offset by net outflows of $3.1 billion from Asia-Pacific clients. At June 30, 2014, BlackRock managed 60% of long-term AUM for investors in the Americas and 40% for clients in EMEA and Asia-Pacific.

A discussion of the Company’s net flows by client type for the second quarter of 2014 is presented below.

• Retaillong-term net inflows of $13.1 billion included net inflows of $4.2 billion in the United States and $8.9 billion internationally. Flows were led by fixed income net inflows of $10.1 billion, which reflected strong interest in unconstrained fixed income offerings, including $3.0 billion of net inflows into our Strategic Income Opportunities fund. Equity net inflows of $1.5 billion were driven by strong flows into European index mutual funds. Multi-asset class net inflows were led by our Multi-Asset Income fund which raised over $1 billion of net new assets. Alternative U.S. mutual funds generated $0.7 billion in net inflows.

• iShares^® long-term net inflows of $30.4 billion included U.S. and EuropeaniShares net inflows of $23.1 billion and $8.2 billion, respectively. Equity net inflows totaled $20.6 billion, with strength in both developed and emerging markets. Fixed income net inflows of $9.5 billion represented the leading share of fixed income industry ETF flows for the quarter. The U.S. Core Series generated $5.5 billion of net inflows.

• Institutional activelong-term net inflows of $1.0 billion were led by multi-asset class net inflows of $5.3 billion, which reflected ongoing demand for ourLifePath^® target-date suite and fiduciary mandate wins. Equity net outflows of $4.5 billion included fundamental net outflows of $2.4 billion and scientific net outflows of $2.1 billion. Alternatives net outflows of $0.6 billion included $0.9 billion of capital successfully returned to investors.

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• Institutional index long-term net outflows of $6.6 billion were driven by equity net outflows of $7.9 billion related to client asset allocation decisions.

Cash management AUMincreased 2% to $268.4 billion.

Advisory AUMdecreased 4% to $30.5 billion due to disposition portfolio liquidations. The execution of these liquidations contributed toBlackRock Solutions^® and advisory revenue in the quarter.

INVESTMENT PERFORMANCE AT JUNE 30, 2014⁽¹⁾

	One-year period			Three-year period			Five-year period
Fixed Income:
Actively managed products above benchmark or peer median
Taxable		83	%		90	%		91	%
Tax-exempt		69	%		70	%		72	%
Index products within or above applicable tolerance		97	%		98	%		98	%
Equity:
Actively managed products above benchmark or peer median
Fundamental		35	%		47	%		49	%
Scientific		81	%		93	%		93	%
Index products within or above applicable tolerance		95	%		97	%		97	%

⁽¹⁾  Past performance is not indicative of future results. The performance information shown is based on preliminary available data. Please refer to page 17 for performance disclosure detail.

Teleconference, Webcast and Presentation Information

Chairman and Chief Executive Officer, Laurence D. Fink, and Chief Financial Officer, Gary S. Shedlin, will host a teleconference call for investors and analysts on Wednesday, July 16, 2014 at 8:30 a.m. (Eastern Time). Members of the public who are interested in participating in the teleconference should dial, from the United States, (800) 374-0176, or from outside the United States, (706) 679-8281, shortly before 8:30 a.m. and reference the BlackRock Conference Call (ID Number 68909181). A live, listen-only webcast will also be available via the investor relations section ofwww.blackrock.com.

Both the teleconference and webcast will be available for replay by 12:30 p.m. (Eastern Time) on Wednesday, July 16, 2014 and ending at midnight on Wednesday, July 30, 2014. To access the replay of the teleconference, callers from the United States should dial (800) 585-8367 and callers from outside the United States should dial (404) 537-3406 and enter the Conference ID Number 68909181. To access the webcast, please visit the investor relations section ofwww.blackrock.com.

About BlackRock

BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At June 30, 2014, BlackRock’s AUM was $4.594 trillion. BlackRock helps clients meet their goals and overcome challenges with a range of products that include separate accounts, mutual funds,iShares^® (exchange-traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors throughBlackRock Solutions^®. Headquartered in New York City, as of June 30, 2014, the firm had approximately 11,600 employees in more than 30 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa.

For additional information, please visit the Company’s website atwww.blackrock.com | Twitter: @blackrock_news | Blog:www.blackrockblog.com | LinkedIn:www.linkedin.com/company/blackrock

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

(in millions, except per share data), (unaudited)

	Three Months Ended June 30,									Three Months Ended March 31,
	2014			2013			Change			2014			Change
Revenue
Investment advisory, administration fees and securities lending revenue	$	2,434		$	2,177		$	257		$	2,291		$	143
Investment advisory performance fees		115			89			26			158			(43	)
BlackRock Solutions and advisory		146			138			8			154			(8	)
Distribution fees		18			18			—			19			(1	)
Other revenue		65			60			5			48			17
Total revenue		2,778			2,482			296			2,670			108
Expense
Employee compensation and benefits		948			864			84			982			(34	)
Distribution and servicing costs		89			90			(1	)		89			—
Amortization of deferred sales commissions		14			12			2			15			(1	)
Direct fund expense		187			162			25			179			8
General and administration		377			465			(88	)		313			64
Amortization of intangible assets		41			40			1			41			—
Total expense		1,656			1,633			23			1,619			37
Operating income		1,122			849			273			1,051			71
Nonoperating income (expense)
Net gain (loss) on investments		45			141			(96	)		76			(31	)
Net gain (loss) on consolidated variable interest entities		28			(23	)		51			(16	)		44
Interest and dividend income		3			4			(1	)		10			(7	)
Interest expense		(60	)		(53	)		(7	)		(53	)		(7	)
Total nonoperating income (expense)		16			69			(53	)		17			(1	)
Income before income taxes		1,138			918			220			1,068			70
Income tax expense		297			212			85			324			(27	)
Net income		841			706			135			744			97
Less:
Net income (loss) attributable to noncontrolling interests		33			(23	)		56			(12	)		45
Net income attributable to BlackRock, Inc.	$	808		$	729		$	79		$	756		$	52
Weighted-average common shares outstanding
Basic		168,712,221			170,648,731			(1,936,510	)		169,081,421			(369,200	)
Diluted		171,150,153			173,873,583			(2,723,430	)		171,933,803			(783,650	)
Earnings per share attributable to BlackRock, Inc. common stockholders (5)
Basic	$	4.79		$	4.27		$	0.52		$	4.47		$	0.32
Diluted	$	4.72		$	4.19		$	0.53		$	4.40		$	0.32
Cash dividends declared and paid per share	$	1.93		$	1.68		$	0.25		$	1.93		$	—
Supplemental information:
AUM (end of period)	$	4,593,612		$	3,857,007		$	736,605		$	4,400,925		$	192,687
Shares outstanding (end of period)		168,363,315			170,285,093			(1,921,778	)		169,138,109			(774,794	)
GAAP:
Operating margin		40.4	%		34.2	%		620 bps			39.4	%		100 bps
Effective tax rate		26.8	%		22.5	%		430 bps			30.0	%		(320) bps
As adjusted:
Operating income (1)	$	1,133		$	982		$	151		$	1,062		$	71
Operating margin (1)		42.4	%		41.3	%		110 bps			41.4	%		100 bps
Nonoperating income (expense), less net income (loss) attributable to noncontrolling interests (2)		($20	)	$	12			($32	)	$	26			($46	)
Net income attributable to BlackRock, Inc. (3) (4)	$	837		$	722		$	115		$	762		$	75
Diluted earnings attributable to BlackRock, Inc. common stockholders per share (3) (4) (5)	$	4.89		$	4.15		$	0.74		$	4.43		$	0.46
Effective tax rate		24.8	%		27.3	%		(250) bps			30.0	%		(520) bps

See pages 13-16 for the reconciliation to GAAP and notes (1) through (5) for more information on as adjusted items.

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

(in millions, except per share data), (unaudited)

	Six Months Ended
	June 30,
	2014			2013			Change
Revenue
Investment advisory, administration fees and securities lending revenue	$	4,725		$	4,306		$	419
Investment advisory performance fees		273			197			76
BlackRock Solutions and advisory		300			264			36
Distribution fees		37			35			2
Other revenue		113			129			(16	)
Total revenue		5,448			4,931			517
Expense
Employee compensation and benefits		1,930			1,769			161
Distribution and servicing costs		178			181			(3	)
Amortization of deferred sales commissions		29			24			5
Direct fund expense		366			323			43
General and administration		690			796			(106	)
Amortization of intangible assets		82			80			2
Total expense		3,275			3,173			102
Operating income		2,173			1,758			415
Nonoperating income (expense)
Net gain (loss) on investments		121			203			(82	)
Net gain (loss) on consolidated variable interest entities		12			4			8
Interest and dividend income		13			10			3
Interest expense		(113	)		(107	)		(6	)
Total nonoperating income (expense)		33			110			(77	)
Income before income taxes		2,206			1,868			338
Income tax expense		621			496			125
Net income		1,585			1,372			213
Less:
Net income (loss) attributable to noncontrolling interests		21			11			10
Net income attributable to BlackRock, Inc.	$	1,564		$	1,361		$	203
Weighted-average common shares outstanding
Basic		168,895,801			170,973,462			(2,077,661	)
Diluted		171,540,018			174,268,870			(2,728,852	)
Earnings per share attributable to BlackRock, Inc. common stockholders (5)
Basic	$	9.26		$	7.96		$	1.30
Diluted	$	9.12		$	7.81		$	1.31
Cash dividends declared and paid per share	$	3.86		$	3.36		$	0.50
Supplemental information:
AUM (end of period)	$	4,593,612		$	3,857,007		$	736,605
Shares outstanding (end of period)		168,363,315			170,285,093			(1,921,778	)
GAAP:
Operating margin		39.9	%		35.7	%		420 bps
Effective tax rate		28.4	%		26.7	%		170 bps
As adjusted:
Operating income (1)	$	2,195		$	1,903		$	292
Operating margin (1)		41.9	%		40.6	%		130 bps
Nonoperating income (expense), less net income (loss) attributable to noncontrolling interests (2)	$	6		$	15			($9	)
Net income attributable to BlackRock, Inc. (3) (4)	$	1,599		$	1,359		$	240
Diluted earnings attributable to BlackRock, Inc. common stockholders per share (3) (4) (5)	$	9.32		$	7.80		$	1.52
Effective tax rate		27.4	%		29.1	%		(170) bps

See pages 13-16 for the reconciliation to GAAP and notes (1) through (5) for more information on as adjusted items.

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ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Current Quarter Component Changes by Client Type and Product

	March 31, 2014		Net subscriptions (redemptions)			Market change			FX impact (1)			June 30, 2014		Average AUM (2)
Retail:
Equity	$	208,238	$	1,524		$	6,006		$	701		$	216,469	$	211,420
Fixed income		160,448		10,132			2,027			65			172,672		166,365
Multi-asset		121,548		1,031			3,703			110			126,392		123,650
Alternatives		18,483		441			59			(14	)		18,969		18,891
Retail subtotal		508,717		13,128			11,795			862			534,502		520,326
iShares:
Equity		723,973		20,636			28,447			997			774,053		746,481
Fixed income		188,022		9,474			2,678			345			200,519		195,811
Multi-asset		1,437		133			48			6			1,624		1,529
Alternatives		16,948		202			480			6			17,636		17,108
iShares subtotal		930,380		30,445			31,653			1,354			993,832		960,929
Institutional:
Active:
Equity		132,374		(4,515	)		4,746			1,175			133,780		132,447
Fixed income		509,692		852			10,814			2,307			523,665		516,970
Multi-asset		223,865		5,257			9,285			800			239,207		231,654
Alternatives		73,723		(581	)		409			230			73,781		73,662
Active subtotal		939,654		1,013			25,254			4,512			970,433		954,733
Index:
Equity		1,283,349		(7,938	)		56,886			5,986			1,338,283		1,305,563
Fixed income		430,852		797			6,101			6,119			443,869		438,521
Multi-asset		6,381		374			432			63			7,250		6,721
Alternatives		6,273		205			(26	)		84			6,536		6,406
Index subtotal		1,726,855		(6,562	)		63,393			12,252			1,795,938		1,757,211
Institutional subtotal		2,666,509		(5,549	)		88,647			16,764			2,766,371		2,711,944
Long-term		4,105,606		38,024			132,095			18,980			4,294,705	$	4,193,199
Cash management		263,533		3,512			380			963			268,388
Advisory(3)		31,786		(2,018	)		171			580			30,519
Total	$	4,400,925	$	39,518		$	132,646		$	20,523		$	4,593,612

Current Quarter Component Changes by Product

	March 31, 2014		Net subscriptions (redemptions)			Market change		FX impact (1)		June 30, 2014		Average AUM (2)
Equity:
Active	$	314,850	$	(5,342	)	$	9,835	$	1,487	$	320,830	$	316,479
iShares		723,973		20,636			28,447		997		774,053		746,481
Fixed income:
Active		665,151		9,566			12,749		2,258		689,724		677,946
iShares		188,022		9,474			2,678		345		200,519		195,811
Multi-asset		353,231		6,795			13,468		979		374,473		363,554
Alternatives:
Core		87,865		274			464		155		88,758		88,449
Currency and commodities(4)		27,562		(7	)		458		151		28,164		27,618
Subtotal		2,360,654		41,396			68,099		6,372		2,476,521		2,416,338
Non-ETF Index:
Equity		1,309,111		(5,587	)		57,803		6,375		1,367,702		1,332,951
Fixed income		435,841		2,215			6,193		6,233		450,482		443,910
Subtotal Non-ETF Index		1,744,952		(3,372	)		63,996		12,608		1,818,184		1,776,861
Long-term	$	4,105,606	$	38,024		$	132,095	$	18,980	$	4,294,705	$	4,193,199

⁽¹⁾  Foreign exchange reflects the impact of converting non-U.S. dollar denominated AUM into U.S. dollars for reporting purposes.

⁽²⁾  Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing four months.

⁽³⁾  Advisory AUM represents long-term portfolio liquidation assignments.

⁽⁴⁾  Amounts include commodity iShares.

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ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Year-to-Date Component Changes by Client Type and Product

	December 31, 2013		Net subscriptions (redemptions)			Market change		FX impact (1)			June 30, 2014		Average AUM (2)
Retail:
Equity	$	203,035	$	3,707		$	8,721	$	1,006		$	216,469	$	207,697
Fixed income		151,475		16,190			4,881		126			172,672		161,335
Multi-asset		117,054		4,668			4,467		203			126,392		121,232
Alternatives		16,213		2,566			190		—			18,969		18,027
Retail subtotal		487,777		27,131			18,259		1,335			534,502		508,291
iShares:
Equity		718,135		21,569			34,222		127			774,053		729,635
Fixed income		178,835		16,098			5,539		47			200,519		190,868
Multi-asset		1,310		244			68		2			1,624		1,454
Alternatives		16,092		292			1,257		(5	)		17,636		16,893
iShares subtotal		914,372		38,203			41,086		171			993,832		938,850
Institutional:
Active:
Equity		138,726		(12,548	)		6,255		1,347			133,780		134,127
Fixed income		505,109		(6,169	)		21,580		3,145			523,665		512,957
Multi-asset		215,276		8,106			14,949		876			239,207		226,396
Alternatives		73,299		(987	)		1,083		386			73,781		73,590
Active subtotal		932,410		(11,598	)		43,867		5,754			970,433		947,070
Index:
Equity		1,257,799		803			71,702		7,979			1,338,283		1,281,215
Fixed income		406,767		10,778			18,749		7,575			443,869		427,788
Multi-asset		7,574		(1,233	)		776		133			7,250		6,736
Alternatives		5,510		667			253		106			6,536		6,177
Index subtotal		1,677,650		11,015			91,480		15,793			1,795,938		1,721,916
Institutional subtotal		2,610,060		(583	)		135,347		21,547			2,766,371		2,668,986
Long-term		4,012,209		64,751			194,692		23,053			4,294,705	$	4,116,127
Cash management		275,554		(8,920	)		505		1,249			268,388
Advisory(3)		36,325		(5,791	)		407		(422	)		30,519
Total	$	4,324,088	$	50,040		$	195,604	$	23,880		$	4,593,612

Year-to-Date Component Changes by Product

	December 31, 2013		Net subscriptions (redemptions)			Market change		FX impact (1)		June 30, 2014		Average AUM (2)
Equity:
Active	$	317,262	$	(12,257	)	$	13,951	$	1,874	$	320,830	$	315,594
iShares		718,135		21,569			34,222		127		774,053		729,635
Fixed income:
Active		652,209		8,108			26,279		3,128		689,724		669,229
iShares		178,835		16,098			5,539		47		200,519		190,868
Multi-asset		341,214		11,785			20,260		1,214		374,473		355,818
Alternatives:
Core		85,026		2,208			1,269		255		88,758		87,362
Currency and commodities(4)		26,088		330			1,514		232		28,164		27,325
Subtotal		2,318,769		47,841			103,034		6,877		2,476,521		2,375,831
Non-ETF Index:
Equity		1,282,298		4,219			72,727		8,458		1,367,702		1,307,445
Fixed income		411,142		12,691			18,931		7,718		450,482		432,851
Subtotal Non-ETF Index		1,693,440		16,910			91,658		16,176		1,818,184		1,740,296
Long-term	$	4,012,209	$	64,751		$	194,692	$	23,053	$	4,294,705	$	4,116,127

⁽¹⁾  Foreign exchange reflects the impact of converting non-U.S. dollar denominated AUM into U.S. dollars for reporting purposes.

⁽²⁾  Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing seven months.

⁽³⁾  Advisory AUM represents long-term portfolio liquidation assignments.

⁽⁴⁾  Amounts include commodity iShares.

-7-

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Year-over-Year Component Changes by Client Type and Product

	June 30, 2013		Net subscriptions (redemptions)			Adjustments (1)			Acquisitions (2)		Market change		FX impact (3)			June 30, 2014		Average AUM (4)
Retail:
Equity	$	161,441	$	9,710		$	13,066		$	—	$	28,505	$	3,747		$	216,469	$	192,279
Fixed income		141,541		22,315			3,897			—		4,214		705			172,672		153,028
Multi-asset		99,105		14,111			2,663			—		9,994		519			126,392		114,171
Alternatives		12,292		5,927			—			136		342		272			18,969		16,220
Retail subtotal		414,379		52,063			19,626			136		43,055		5,243			534,502		475,698
iShares:
Equity		577,268		66,754			—			13,021		112,605		4,405			774,053		689,973
Fixed income		180,943		11,112			—			1,294		4,945		2,225			200,519		186,723
Multi-asset		1,107		370			—			—		147		—			1,624		1,326
Alternatives		15,079		(694	)		—			1,645		1,543		63			17,636		17,544
iShares subtotal		774,397		77,542			—			15,960		119,240		6,693			993,832		895,566
Institutional:
Active:
Equity		126,425		(20,470	)		—			—		23,515		4,310			133,780		132,440
Fixed income		490,490		(687	)		—			—		25,642		8,220			523,665		506,559
Multi-asset		180,310		22,454			3,335			—		26,578		6,530			239,207		209,548
Alternatives		64,006		(4,841	)		—			10,836		3,010		770			73,781		70,829
Active subtotal		861,231		(3,544	)		3,335			10,836		78,745		19,830			970,433		919,376
Index:
Equity		1,107,981		(6,530	)		(18,238	)		—		233,464		21,606			1,338,283		1,235,124
Fixed income		392,385		13,144			(4,723	)		—		19,947		23,116			443,869		415,862
Multi-asset		8,783		(2,931	)		—			—		1,145		253			7,250		7,547
Alternatives		5,299		769			—			—		122		346			6,536		5,855
Index subtotal		1,514,448		4,452			(22,961	)		—		254,678		45,321			1,795,938		1,664,388
Institutional subtotal		2,375,679		908			(19,626	)		10,836		333,423		65,151			2,766,371		2,583,764
Long-term		3,564,455		130,513			—			26,932		495,718		77,087			4,294,705	$	3,955,028
Cash management		252,562		9,799			—			—		768		5,259			268,388
Advisory(5)		39,990		(9,231	)		—			—		44		(284	)		30,519
Total	$	3,857,007	$	131,081		$	—		$	26,932	$	496,530	$	82,062		$	4,593,612

Year-over-Year Component Changes by Product

	June 30, 2013		Net subscriptions (redemptions)			Adjustments (1)			Acquisitions (2)		Market change		FX impact (3)		June 30, 2014		Average AUM (4)
Equity:
Active	$	280,332	$	(16,428	)	$	—		$	—	$	49,612	$	7,314	$	320,830	$	306,534
iShares		577,268		66,754			—			13,021		112,605		4,405		774,053		689,973
Fixed income:
Active		631,808		19,563			—			—		29,667		8,686		689,724		656,746
iShares		180,943		11,112			—			1,294		4,945		2,225		200,519		186,723
Multi-asset		289,305		34,004			5,998			—		37,864		7,302		374,473		332,592
Alternatives:
Core		70,227		2,994			—			10,972		3,428		1,137		88,758		82,177
Currency and commodities (6)		26,449		(1,833	)		—			1,645		1,589		314		28,164		28,271
Subtotal		2,056,332		116,166			5,998			26,932		239,710		31,383		2,476,521		2,283,016
Non-ETF Index:
Equity		1,115,515		(862	)		(5,172	)		—		235,872		22,349		1,367,702		1,253,309
Fixed income		392,608		15,209			(826	)		—		20,136		23,355		450,482		418,703
Subtotal Non-ETF Index		1,508,123		14,347			(5,998	)		—		256,008		45,704		1,818,184		1,672,012
Long-term	$	3,564,455	$	130,513		$	—		$	26,932	$	495,718	$	77,087	$	4,294,705	$	3,955,028

⁽¹⁾  Amounts include $19.6 billion of AUM related to fund ranges reclassed from institutional to retail and $6.0 billion of AUM reclassed from non-ETF index equity and fixed income to multi-asset.

⁽²⁾  Amounts represent $16.0 billion of AUM acquired in the Credit Suisse ETF franchise acquisition in July 2013 and $11.0 billion of AUM acquired in the MGPA acquisition in October 2013.

⁽³⁾  Foreign exchange reflects the impact of converting non-U.S. dollar denominated AUM into U.S. dollars for reporting purposes.

⁽⁴⁾  Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing thirteen months.

⁽⁵⁾  Advisory AUM represents long-term portfolio liquidation assignments.

⁽⁶⁾  Amounts include commodity iShares.

-8-

SUMMARY OF REVENUE

(in millions), (unaudited)

	Three Months Ended June 30,							Three Months Ended March 31, 2014					Six Months Ended June 30,
	2014		2013		Change					Change			2014		2013		Change
Investment advisory, administration fees and securities lending revenue:
Equity:
Active	$	478	$	432	$	46		$	463	$	15		$	941	$	865	$	76
iShares		677		584		93			634		43			1,311		1,155		156
Fixed income:
Active		346		322		24			324		22			670		634		36
iShares		122		120		2			113		9			235		236		(1	)
Multi-asset		300		253		47			286		14			586		501		85
Alternatives:
Core		161		136		25			159		2			320		272		48
Currency and commodities		23		25		(2	)		22		1			45		55		(10	)
Subtotal		2,107		1,872		235			2,001		106			4,108		3,718		390
Non-ETF Index:
Equity		183		161		22			158		25			341		301		40
Fixed income		71		61		10			58		13			129		118		11
Subtotal Non-ETF Index		254		222		32			216		38			470		419		51
Long-term		2,361		2,094		267			2,217		144			4,578		4,137		441
Cash management		73		83		(10	)		74		(1	)		147		169		(22	)
Total base fees		2,434		2,177		257			2,291		143			4,725		4,306		419
Investment advisory performance fees:
Equity		31		17		14			22		9			53		34		19
Fixed income		5		9		(4	)		8		(3	)		13		10		3
Multi-asset		10		3		7			3		7			13		10		3
Alternatives		69		60		9			125		(56	)		194		143		51
Total		115		89		26			158		(43	)		273		197		76
BlackRock Solutions and advisory		146		138		8			154		(8	)		300		264		36
Distribution fees		18		18		—��			19		(1	)		37		35		2
Other revenue		65		60		5			48		17			113		129		(16	)
Total revenue	$	2,778	$	2,482	$	296		$	2,670	$	108		$	5,448	$	4,931	$	517

Highlights

• Investment advisory, administration fees and securities lending revenue increased $257 million from the second quarter of 2013 due to higher long-term average AUM. Securities lending fees of $140 million in the current quarter increased $4 million from the second quarter of 2013.

Investment advisory, administration fees and securities lending revenue increased $143 million from the first quarter of 2014 due to higher long-term average AUM, the effect of one additional revenue day in the current quarter and seasonally higher securities lending fees. Securities lending fees increased $35 million from the first quarter of 2014 driven by higher seasonal demand.

• Performance fees increased $26 million from the second quarter of 2013, primarily reflecting higher fees from equity and alternative products.

Performance fees declined $43 million from the first quarter of 2014, primarily reflecting a large performance fee in the first quarter of 2014 associated with the planned final liquidation of a closed-end mortgage fund.

• BlackRock Solutionsand advisory revenue increased $8 million from the second quarter of 2013 due to higher revenue fromAladdin^® mandates.BlackRock Solutions and advisory revenue included $109 million inAladdin business revenue in the current quarter compared with $98 million in the second quarter of 2013.

• Other revenue increased $17 million from the first quarter of 2014, primarily due to higher transition management service fees and higher earnings from certain strategic investments.

-9-

SUMMARY OF EXPENSE

(in millions), (unaudited)

	Three Months Ended June 30,							Three Months Ended March 31, 2014					Six Months Ended June 30,
	2014		2013		Change					Change			2014		2013		Change
Operating Expense
Employee compensation and benefits	$	948	$	864	$	84		$	982		($34	)	$	1,930	$	1,769	$	161
Distribution and servicing costs		89		90		(1	)		89		—			178		181		(3	)
Amortization of deferred sales commissions		14		12		2			15		(1	)		29		24		5
Direct fund expense		187		162		25			179		8			366		323		43
General and administration		377		465		(88	)		313		64			690		796		(106	)
Amortization of intangible assets		41		40		1			41		—			82		80		2
Total Operating Expense	$	1,656	$	1,633	$	23		$	1,619	$	37		$	3,275	$	3,173	$	102

Highlights

• Employee compensation and benefits increased $84 million from the second quarter of 2013, reflecting higher headcount and higher incentive compensation driven by higher operating income.

Employee compensation and benefits decreased $34 million from the first quarter of 2014, primarily reflecting lower seasonal employer payroll taxes, partially offset by higher incentive compensation.

• General and administration expense decreased $88 million from the second quarter of 2013, largely driven by the $124 million expense related to the charitable contribution of approximately six million units of the Company’s equity method investment in PennyMac in the second quarter of 2013 (the “Charitable Contribution”), which has been excluded from as adjusted results. The second quarter of 2014 included higher other expense, including elevated legal and regulatory expense.

General and administration expense increased $64 million from the first quarter of 2014, primarily reflecting the timing of marketing and promotional spend, increased occupancy expense, reflecting a one-time benefit from the reversal of a real estate-related retirement obligation in the first quarter of 2014, which is no longer required to be funded and higher other expense, including elevated legal and regulatory expense.

-10-

SUMMARY OF NONOPERATING INCOME (EXPENSE)

(in millions), (unaudited)

	Three Months Ended June 30,									Three Months Ended March 31, 2014						Six Months Ended June 30,
	2014			2013			Change						Change			2014		2013		Change
Nonoperating income (expense), GAAP basis	$	16		$	69			($53	)	$	17			($1	)	$	33	$	110		($77	)
Less: Net income (loss) attributable to NCI		33			(23	)		56			(12	)		45			21		11		10
Nonoperating income (expense)(1)		($17	)	$	92			($109	)	$	29			($46	)	$	12	$	99		($87	)

	Estimated economic investments at June 30,  2014(2)			Three Months Ended June 30,									Three Months Ended March 31, 2014						Six Months Ended June 30,
				2014			2013			Change						Change			2014			2013			Change
Net gain (loss) on investments(1)
Private equity		20-25	%	$	12		$	4		$	8		$	44			($32	)	$	56		$	23		$	33
Real estate		5-10	%		8			7			1			2			6			10			10			—
Distressed credit/mortgage funds/opportunistic funds		5-10	%		6			4			2			10			(4	)		16			23			(7	)
Hedge funds/funds of hedge funds		20-25	%		8			5			3			11			(3	)��		19			8			11
Other investments(3)		35-40	%		3			2			1			2			1			5			9			(4	)
Subtotal					37			22			15			69			(32	)		106			73			33
Gain related to the PennyMac IPO					—			39			(39	)		—			—			—			39			(39	)
Gain related to the Charitable Contribution					—			80			(80	)		—			—			—			80			(80	)
Investments related to deferred compensation plans					3			—			3			3			—			6			4			2
Total net gain (loss) on investments(1)					40			141			(101	)		72			(32	)		112			196			(84	)
Interest and dividend income					3			4			(1	)		10			(7	)		13			10			3
Interest expense					(60	)		(53	)		(7	)		(53	)		(7	)		(113	)		(107	)		(6	)
Net interest expense					(57	)		(49	)		(8	)		(43	)		(14	)		(100	)		(97	)		(3	)
Total nonoperating income (expense)(1)					(17	)		92			(109	)		29			(46	)		12			99			(87	)
Gain related to the Charitable Contribution					—			(80	)		80			—			—			—			(80	)		80
Compensation expense related to (appreciation) depreciation on deferred compensation plans					(3	)		—			(3	)		(3	)		—			(6	)		(4	)		(2	)
Nonoperating income (expense), as adjusted(1)					($20	)	$	12			($32	)	$	26			($46	)	$	6		$	15			($9	)

⁽¹⁾ Net of net income (loss) attributable to noncontrolling interests (“NCI”).

⁽²⁾ Percentages represent estimated percentages of BlackRock’s corporate economic investment portfolio at June 30, 2014. Economic investment amounts at March 31, 2014 for private equity, real estate, distressed credit/mortgage funds/opportunistic funds, hedge funds/funds of hedge funds and other investments were $292 million, $127 million, $142 million, $327 million and $514 million, respectively. See the 2014 first quarter Form 10-Q for more information.

⁽³⁾ Amounts include net gains (losses) related to equity and fixed income investments, and BlackRock’s seed capital hedging program.

Highlights

• Net gains on investments for the current quarter decreased $101 million from the second quarter of 2013. The second quarter of 2013 included a noncash, nonoperating pre-tax gain of $80 million related to the Charitable Contribution, which has been excluded from as adjusted results, and a $39 million gain related to the Company’s interest in PennyMac subsequent to its initial public offering (the “PennyMac IPO”).

Net gains on investments for the current quarter decreased $32 million from the first quarter of 2014 due to the positive impact of the monetization of a non-strategic, opportunistic private equity investment included in the prior quarter.

-11-

INCOME TAX EXPENSE

(in millions), (unaudited)

	Three Months Ended June 30,						Three Months  Ended March 31, 2014					Six Months Ended June 30,
	2014		2013		Change				Change			2014		2013		Change
Income tax expense	$	297	$	212	$	85	$	324		($27	)	$	621	$	496	$	125

Highlights

• The second quarter 2014 GAAP effective income tax rate was 26.8% compared with 22.5% for the second quarter of 2013. The second quarter 2014 GAAP effective income tax rate, as adjusted was 24.8% compared with 27.3% for the second quarter of 2013.

The second quarter 2014 GAAP tax rate included a $23 million net noncash expense, primarily associated with the revaluation of certain deferred tax liabilities arising from the state and local tax effect of changes in the Company’s organizational structure, which has been excluded from the as adjusted results. In addition, the second quarter 2014 GAAP tax rate benefited from an improvement in the geographic mix of earnings and included a $34 million net tax benefit related to several favorable nonrecurring items.

The second quarter 2013 GAAP tax rate included a net tax benefit of approximately $57 million recognized in connection with the Charitable Contribution, which has been excluded from as adjusted results. In addition, the second quarter 2013 GAAP tax rate included a tax benefit of approximately $29 million, primarily due to the realization of loss carryforwards.

ECONOMIC TANGIBLE ASSETS

(in billions), (unaudited)

The Company presents economic tangible assets as additional information to enable investors to eliminate gross presentation of certain assets that have equal and offsetting liabilities or noncontrolling interests that ultimately do not have an impact on stockholders’ equity (excluding appropriated retained earnings related to consolidated collateralized loan obligations) or cash flows. In addition, goodwill and intangible assets are excluded from economic tangible assets.

Economic tangible assets include cash, receivables, seed and co-investments, regulatory investments and other assets.

	June 30, 2014 (Est.)			December 31, 2013
Total balance sheet assets	$	227		$	220
Separate account assets and separate account collateral held under securities lending agreements		(181	)		(177	)
Consolidated VIEs/sponsored investment funds		(3	)		(3	)
Goodwill and intangible assets, net		(30	)		(30	)
Economic tangible assets	$	13		$	10

-12-

RECONCILIATION OF U.S. GAAP OPERATING INCOME AND OPERATING MARGIN TO OPERATING INCOME AND OPERATING MARGIN, AS ADJUSTED

(in millions), (unaudited)

	Three Months Ended									Six Months Ended June 30,
	June 30,						March 31, 2014
	2014			2013						2014			2013
Operating income, GAAP basis	$	1,122		$	849		$	1,051		$	2,173		$	1,758
Non-GAAP expense adjustments:
PNC LTIP funding obligation		8			9			8			16			17
Charitable Contribution		—			124			—		��	—			124
Compensation expense related to appreciation (depreciation) on deferred compensation plans		3			—			3			6			4
Operating income, as adjusted		1,133			982			1,062			2,195			1,903
Closed-end fund launch costs		—			—			—			—			16
Closed-end fund launch commissions		—			—			—			—			2
Operating income used for operating margin measurement	$	1,133		$	982		$	1,062		$	2,195		$	1,921
Revenue, GAAP basis	$	2,778		$	2,482		$	2,670		$	5,448		$	4,931
Non-GAAP adjustments:
Distribution and servicing costs		(89	)		(90	)		(89	)		(178	)		(181	)
Amortization of deferred sales commissions		(14	)		(12	)		(15	)		(29	)		(24	)
Revenue used for operating margin measurement	$	2,675		$	2,380		$	2,566		$	5,241		$	4,726
Operating margin, GAAP basis		40.4	%		34.2	%		39.4	%		39.9	%		35.7	%
Operating margin, as adjusted		42.4	%		41.3	%		41.4	%		41.9	%		40.6	%

See note (1) to the Condensed Consolidated Statements of Income and Supplemental Information on page 15 for more information on as adjusted items and the reconciliation to GAAP.

RECONCILIATION OF U.S. GAAP NONOPERATING INCOME NET OF NCI TO NONOPERATING INCOME NET OF NCI, AS ADJUSTED

(in millions), (unaudited)

	Three Months Ended									Six Months Ended June 30,
	June 30,						March 31, 2014
	2014			2013						2014			2013
Nonoperating income (expense), GAAP basis	$	16		$	69		$	17		$	33		$	110
Less: Net income (loss) attributable to NCI		33			(23	)		(12	)		21			11
Nonoperating income (expense), net of NCI		(17	)		92			29			12			99
Gain related to Charitable Contribution		—			(80	)		—			—			(80	)
Compensation expense related to (appreciation) depreciation on deferred compensation plans		(3	)		—			(3	)		(6	)		(4	)
Nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted		($20	)	$	12		$	26		$	6		$	15

See note (2) to the Condensed Consolidated Statements of Income and Supplemental Information on page 16 for more information on as adjusted items and the reconciliation to GAAP.

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RECONCILIATION OF U.S. GAAP NET INCOME ATTRIBUTABLE TO BLACKROCK TO NET INCOME ATTRIBUTABLE TO BLACKROCK, AS ADJUSTED

(in millions, except per share data), (unaudited)

	Three Months Ended							Six Months Ended June 30,
	June 30,					March 31, 2014
	2014		2013					2014		2013
Net income attributable to BlackRock, Inc., GAAP basis	$	808	$	729		$	756	$	1,564	$	1,361
Non-GAAP adjustments, net of tax:(4)
PNC LTIP funding obligation		6		6			6		12		11
Income tax changes		23		—			—		23		—
Amount related to the Charitable Contribution		—		(13	)		—		—		(13	)
Net income attributable to BlackRock, Inc., as adjusted	$	837	$	722		$	762	$	1,599	$	1,359
Diluted weighted-average common shares outstanding(5)		171.2		173.9			171.9		171.5		174.3
Diluted earnings per common share, GAAP basis(5)	$	4.72	$	4.19		$	4.40	$	9.12	$	7.81
Diluted earnings per common share, as adjusted(5)	$	4.89	$	4.15		$	4.43	$	9.32	$	7.80

See notes (3) through (5) to the Condensed Consolidated Statements of Income and Supplemental Information on page 16 for more information on as adjusted items and the reconciliation to GAAP.

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NOTES TO CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION(unaudited)

BlackRock reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP”); however, management believes evaluating the Company’s ongoing operating results may be enhanced if investors have additional non-GAAP financial measures. Management reviews non-GAAP financial measures to assess ongoing operations and, for the reasons described below, considers them to be effective indicators, for both management and investors, of BlackRock’s financial performance over time. BlackRock’s management does not advocate that investors consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

Computations for all periods are derived from the condensed consolidated statements of income as follows:

(1) Operating income, as adjusted, and operating margin, as adjusted:

Operating income, as adjusted, equals operating income, GAAP basis, excluding certain items management deems nonrecurring, recurring infrequently or transactions that ultimately will not impact BlackRock’s book value. Management believes operating income, as adjusted, and operating margin, as adjusted, are effective indicators of BlackRock’s financial performance over time and, therefore, provide useful disclosure to investors.

• Operating income, as adjusted, includes non-GAAP expense adjustments. The portion of compensation expense associated with certain long-term incentive plans (“LTIP”) funded, or to be funded, through share distributions to participants of BlackRock stock held by The PNC Financial Services Group, Inc. (“PNC”) has been excluded because it ultimately does not impact BlackRock’s book value. The second quarter of 2013 included a $124 million expense related to the Charitable Contribution that has been excluded from operating income, as adjusted due to its nonrecurring nature and because the noncash, nonoperating pre-tax gain of $80 million related to the contributed PennyMac investment is reported in nonoperating income (expense). Compensation expense associated with appreciation (depreciation) on investments related to certain BlackRock deferred compensation plans has been excluded as returns on investments set aside for these plans, which substantially offset this expense, are reported in nonoperating income (expense).

Management believes operating income exclusive of these items is a useful measure in evaluating BlackRock’s operating performance and helps enhance the comparability of this information for the reporting periods presented.

• Operating margin, as adjusted, allows BlackRock to compare performance from period to period by adjusting for items that may not recur, recur infrequently or may have an economic offset in nonoperating income (expense). BlackRock also uses operating margin, as adjusted, to monitor corporate performance and efficiency and as a benchmark to compare its performance with other companies. Management uses both GAAP and non-GAAP financial measures in evaluating BlackRock’s financial performance. The non-GAAP measure by itself may pose limitations because it does not include all of BlackRock’s revenue and expense.

Operating income used for measuring operating margin, as adjusted, is equal to operating income, as adjusted, excluding the impact of closed-end fund launch costs and related commissions. Management believes the exclusion of such costs and related commissions is useful because these costs can fluctuate considerably and revenue associated with the expenditure of these costs will not fully impact BlackRock’s results until future periods.

Revenue used for operating margin, as adjusted, excludes distribution and servicing costs paid to related parties and other third parties. Management believes the exclusion of such costs is useful because it creates consistency in the treatment for certain contracts for similar services, which due to the terms of the contracts, are accounted for under GAAP on a net basis within investment advisory, administration fees and securities lending revenue. Amortization of deferred sales commissions is excluded from revenue used for operating margin measurement, as adjusted, because such costs, over time, substantially offset distribution fee revenue the Company earns. For each of these items, BlackRock excludes from revenue used for operating margin, as adjusted, the costs related to each of these items as a proxy for such offsetting revenue.

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(2) Nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted:

Nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted, equals nonoperating income (expense), GAAP basis, less net income (loss) attributable to NCI, adjusted for compensation expense associated with (appreciation) depreciation on investments related to certain BlackRock deferred compensation plans. The compensation expense offset is recorded in operating income. This compensation expense has been included in nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted, to offset returns on investments set aside for these plans, which are reported in nonoperating income (expense), GAAP basis.

Management believes nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted, provides comparability of information among reporting periods and is an effective measure for reviewing BlackRock’s nonoperating contribution to results. As compensation expense associated with (appreciation) depreciation on investments related to certain deferred compensation plans, which is included in operating income, substantially offsets the gain (loss) on the investments set aside for these plans, management believes nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted, provides a useful measure, for both management and investors, of BlackRock’s nonoperating results that impact book value. During the second quarter of 2013, the noncash, nonoperating pre-tax gain of $80 million related to the contributed PennyMac investment has been excluded from nonoperating income (expense), less net income (loss) attributable to NCI, as adjusted due to its nonrecurring nature and because the more than offsetting associated Charitable Contribution expense of $124 million is reported in operating income.

(3) Net income attributable to BlackRock, Inc., as adjusted:

Management believes net income attributable to BlackRock, Inc., as adjusted, and diluted earnings per common share, as adjusted, are useful measures of BlackRock’s profitability and financial performance. Net income attributable to BlackRock, Inc., as adjusted, equals net income attributable to BlackRock, Inc., GAAP basis, adjusted for significant nonrecurring items, charges that ultimately will not impact BlackRock’s book value or certain tax items that do not impact cash flow.

See note (1) Operating income, as adjusted, and operating margin, as adjusted, for information on the PNC LTIP funding obligation and the Charitable Contribution.

The three and six months ended June 30, 2014 included a $23 million net noncash tax expense primarily related to the revaluation of certain deferred tax liabilities. The resulting increase in income taxes has been excluded from net income attributable to BlackRock, Inc., as adjusted, as these items will not have a cash flow impact and to ensure comparability among periods presented. The three and six months ended June 30, 2013 included a tax benefit of approximately $57 million recognized in connection with the Charitable Contribution. The tax benefit has been excluded from net income attributable to BlackRock, Inc., as adjusted due to the nonrecurring nature of the Charitable Contribution.

(4) For each period presented, the non-GAAP adjustments related to the PNC LTIP funding obligation was tax effected at the respective blended rates applicable to the adjustments. The three and six months ended June 30, 2014 included a $23 million net noncash tax expense primarily related to the revaluation of certain deferred tax liabilities. The three and six months ended June 30, 2013 included a tax benefit of approximately $57 million recognized in connection with the Charitable Contribution.

(5) Nonvoting participating preferred stock is considered to be a common stock equivalent for purposes of determining basic and diluted earnings per share calculations.

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Forward-looking Statements

This earnings release, 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 earnings release, 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, information and cyber 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 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 the Company; (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.

BlackRock’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and BlackRock’s subsequent filings with the SEC, accessible on the SEC’s website atwww.sec.gov and on BlackRock’s website atwww.blackrock.com, discuss these factors in more detail and identify additional factors that can affect forward-looking statements. The information contained on the Company’s website is not a part of this earnings release.

Performance Notes

Past performance is not indicative of future results. Except as specified, the performance information shown is as of June 30, 2014 and is based on preliminary data available at that time. The performance data shown reflects information for all actively and passively managed equity and fixed income accounts, including U.S. registered investment companies, European-domiciled retail funds and separate accounts for which performance data is available, including performance data for high net worth accounts available as of May 31, 2014. The performance data does not include accounts terminated prior to June 30, 2014 and accounts for which data has not yet been verified. If such accounts had been included, the performance data provided may have substantially differed from that shown.

Performance comparisons shown are gross-of-fees for U.S. retail, institutional and high net worth separate accounts as well as EMEA institutional separate accounts, and net-of-fee for European domiciled retail funds. The performance tracking shown for institutional index accounts is based on gross-of-fee performance and includes all institutional accounts and alliSharesfunds globally using an index strategy. AUM information is based on AUM available as of June 30, 2014 for each account or fund in the asset class shown without adjustment for overlapping management of the same account or fund. Fund performance reflects the reinvestment of dividends and distributions.

Source of performance information and peer medians is BlackRock, Inc. and is based in part on data from Lipper Inc. for U.S. funds and Morningstar, Inc. for non-U.S. funds.

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