BlackRock (BLK) 8-K BlackRock Reports Second Quarter 2019 Diluted EPS of $6.41

Exhibit 99.1

INVESTOR RELATIONS: Samantha Tortora      212.810.5397 MEDIA RELATIONS: Brian Beades      212.810.5596

BlackRock Reports Second Quarter 2019 Diluted EPS of $6.41

New York, July 19, 2019– BlackRock, Inc. (NYSE: BLK) today reported financial results for the three and six months ended June 30, 2019.

$151 billion of quarterly total net inflows, or 9% organic asset growth, driven by record fixed income and cash activity 2% decrease in revenue year-over-year reflects lower base fees, driven in part by lower securities lending revenue, and lower performance fees 20% growth in technology services revenue year-over-year reflects momentum in Aladdin® and the impact of the eFront acquisition, which closed in May 2019 11% decrease in operating income year-over-year also reflects $61 million of fund launch costs 3% decrease in diluted EPS (4% as adjusted) year-over-year reflects lower operating income and a higher effective tax rate in the current quarter, partially offset by higher nonoperating income and a lower diluted share count Laurence D. Fink, Chairman and CEO: “BlackRock generated $151 billion of total net inflows in the second quarter, a record 9% annualized organic asset growth.  While organic base fee growth of 3% and the year-over-year revenue decline reflected certain market headwinds, our second quarter results validate BlackRock’s unique ability to bring together the entire firm to meet clients’ needs in any market environment. We are now working with clients in more ways than ever before and developing deeper relationships with them as a result. “iShares AUM grew to $2 trillion at quarter end, doubling in just five years, with 80% of that growth coming organically. iShares net inflows of $36 billion were once again paced by our industry-leading fixed income ETF franchise.  Active net inflows of $75 billion were also led by fixed income, reflecting two significant strategic institutional wins, and included the successful close of BlackRock Science and Technology Trust II, a $1.4 billion active equity fund that was the industry’s largest closed-end fund raise in the last five years. Cash management strategies saw strong net inflows, driven by client de-risking and a number of significant wins. “Technology services revenue grew 20% year-over-year as we continued to invest in our leading technology capabilities.  We closed our acquisition of eFront during the quarter further reinforcing Aladdin’s value proposition as the world’s most comprehensive whole-portfolio technology solution. “BlackRock continues to be disciplined in the way we invest in and evolve our platform.  By approaching client needs comprehensively, bringing together the entirety of our global investment and technology platform, I am more confident than ever that we will continue to deliver exceptional long-term value for both clients and shareholders.”

FINANCIAL RESULTS

	Q2			Q2
(in millions, except per share data)	2019			2018
AUM	$	6,842,482		$	6,299,706
% change		9	%
Total net flows	$	150,985		$	20,015
GAAP basis:
Revenue	$	3,524		$	3,605
% change		(2	)%
Operating income	$	1,278		$	1,440
% change		(11	)%
Operating margin		36.3	%		39.9	%
Net income(1)	$	1,003		$	1,073
% change		(7	)%
Diluted EPS	$	6.41		$	6.62
% change		(3	)%
Weighted average diluted shares		156.4			162.2
% change		(4	)%
As Adjusted:
Operating income(2)	$	1,278		$	1,443
% change		(11	)%
Operating margin(2)		43.1	%		45.2	%
Net income(1) (2)	$	1,003		$	1,080
% change		(7	)%
Diluted EPS(2)	$	6.41		$	6.66
% change		(4	)%

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

⁽²⁾ See notes (1) through (3) to the condensed consolidated statements of income and supplemental information on pages 11 and 12 for more information on as adjusted items and the reconciliation to GAAP.

NET FLOW HIGHLIGHTS

			Q2			YTD
(in billions)			2019			2019
Long-term net flows:			$	125.4		$	184.4
By region:
	Americas		$	108.3		$	148.4
	EMEA			10.9			32.7
	APAC			6.2			3.3
By client type:
	Retail:		$	1.9		$	1.1
		US		6.6			9.8
		International		(4.7	)		(8.7	)
	iShares®:		$	36.1		$	66.8
		Core		19.7			39.2
		Non-Core		16.4			27.6
	Institutional:		$	87.4		$	116.5
		Active		73.2			88.5
		Index		14.2			28.0
Cash management net flows			$	25.6		$	31.3
Total net flows			$	151.0		$	215.7

1

BUSINESS RESULTS

								June 30, 2019			Q2 2019
	Q2 2019			June 30, 2019		Q2 2019		AUM			Base fees(1)
(in millions), (unaudited)	Net flows			AUM		Base fees(1)		% of Total			% of Total
RESULTS BY CLIENT TYPE
Retail	$	1,914		$	664,906	$	846		10	%		30	%
iShares ETFs		36,096			2,008,867		1,128		29	%		39	%
Institutional:
Active		73,174			1,272,532		537		19	%		18	%
Index		14,181			2,413,191		245		35	%		8	%
Total institutional		87,355			3,685,723		782		54	%		26	%
Long-term		125,365			6,359,496		2,756		93	%		95	%
Cash management		25,621			481,208		147		7	%		5	%
Advisory		(1	)		1,778		-		-			-
Total	$	150,985		$	6,842,482	$	2,903		100	%		100	%
RESULTS BY INVESTMENT STYLE
Active	$	74,981		$	1,853,393	$	1,365		27	%		47	%
Index and iShares ETFs		50,384			4,506,103		1,391		66	%		48	%
Long-term		125,365			6,359,496		2,756		93	%		95	%
Cash management		25,621			481,208		147		7	%		5	%
Advisory		(1	)		1,778		-		-			-
Total	$	150,985		$	6,842,482	$	2,903		100	%		100	%
RESULTS BY PRODUCT TYPE
Equity	$	5,915		$	3,485,869	$	1,418		51	%		49	%
Fixed income		110,392			2,191,130		806		32	%		28	%
Multi-asset		6,192			523,728		288		8	%		10	%
Alternatives		2,866			158,769		244		2	%		8	%
Long-term		125,365			6,359,496		2,756		93	%		95	%
Cash management		25,621			481,208		147		7	%		5	%
Advisory		(1	)		1,778		-		-			-
Total	$	150,985		$	6,842,482	$	2,903		100	%		100	%

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

INVESTMENT PERFORMANCE AT JUNE 30, 2019⁽¹⁾

	One-year period	Three-year period	Five-year period
Fixed income:
Actively managed AUM above benchmark or peer median
Taxable	79%	82%	86%
Tax-exempt	26%	75%	78%
Index AUM within or above applicable tolerance	94%	97%	98%
Equity:
Actively managed AUM above benchmark or peer median
Fundamental	69%	74%	84%
Systematic	39%	90%	93%
Index AUM within or above applicable tolerance	95%	99%	99%

⁽¹⁾ Past performance is not indicative of future results. The performance information shown is based on preliminary available data. Please refer to page 13 for performance disclosure detail.

TELECONFERENCE, WEBCAST AND PRESENTATION INFORMATION

Chairman and Chief Executive Officer, Laurence D. Fink, President, Robert S. Kapito, and Chief Financial Officer, Gary S. Shedlin, will host a teleconference call for investors and analysts on Friday, July 19, 2019 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 5448987). A live, listen-only webcast will also be available via the investor relations section of www.blackrock.com.

Both the teleconference and webcast will be available for replay by 11:30 a.m. (Eastern Time) on Friday, July 19, 2019 and ending at midnight on Friday, August 2, 2019. To access the replay of the teleconference, callers from the United States should dial (855) 859-2056 and callers from outside the United States should dial (404) 537-3406 and enter the Conference ID Number 5448987. To access the webcast, please visit the investor relations section of www.blackrock.com.

ABOUT BLACKROCK

BlackRock helps investors build better financial futures. As a fiduciary to investors and a leading provider of financial technology, our clients turn to us for the solutions they need when planning for their most important goals. As of June 30, 2019, the firm managed approximately $6.84 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit www.blackrock.com | Twitter: @blackrock | Blog: www.blackrockblog.com | LinkedIn: www.linkedin.com/company/blackrock.

2

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

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

										Three Months
	Three Months Ended									Ended
	June 30,									March 31,
	2019			2018			Change			2019			Change
Revenue
Investment advisory, administration fees and   securities lending revenue	$	2,903		$	2,944		$	(41	)	$	2,805		$	98
Investment advisory performance fees		64			91			(27	)		26			38
Technology services revenue		237			198			39			204			33
Distribution fees		267			294			(27	)		262			5
Advisory and other revenue		53			78			(25	)		49			4
Total revenue		3,524			3,605			(81	)		3,346			178
Expense
Employee compensation and benefits		1,083			1,082			1			1,064			19
Distribution and servicing costs		416			415			1			404			12
Direct fund expense		252			264			(12	)		242			10
General and administration		470			393			77			388			82
Amortization of intangible assets		25			11			14			15			10
Total expense		2,246			2,165			81			2,113			133
Operating income		1,278			1,440			(162	)		1,233			45
Nonoperating income (expense)
Net gain (loss) on investments		89			3			86			142			(53	)
Interest and dividend income		20			19			1			29			(9	)
Interest expense		(52	)		(46	)		(6	)		(46	)		(6	)
Total nonoperating income (expense)		57			(24	)		81			125			(68	)
Income before income taxes		1,335			1,416			(81	)		1,358			(23	)
Income tax expense		322			338			(16	)		298			24
Net income		1,013			1,078			(65	)		1,060			(47	)
Less:
Net income (loss) attributable to noncontrolling   interests		10			5			5			7			3
Net income attributable to BlackRock, Inc.	$	1,003		$	1,073		$	(70	)	$	1,053		$	(50	)
Weighted-average common shares outstanding
Basic		155,354,552			160,980,960			(5,626,408	)		158,268,034			(2,913,482	)
Diluted		156,360,741			162,161,937			(5,801,196	)		159,348,431			(2,987,690	)
Earnings per share attributable to BlackRock, Inc.    common stockholders (3)
Basic	$	6.46		$	6.67		$	(0.21	)	$	6.65		$	(0.19	)
Diluted	$	6.41		$	6.62		$	(0.21	)	$	6.61		$	(0.20	)
Cash dividends declared and paid per share	$	3.30		$	2.88		$	0.42		$	3.30		$	-
Supplemental information:
AUM (end of period)	$	6,842,482		$	6,299,706		$	542,776		$	6,515,345		$	327,137
Shares outstanding (end of period)		155,366,861			160,779,596			(5,412,735	)		155,323,503			43,358
GAAP:
Operating margin		36.3	%		39.9	%		(360	) bps		36.8	%		(50	) bps
Effective tax rate		24.3	%		24.0	%		30	bps		22.1	%		220	bps
As adjusted:
Operating income (1)	$	1,278		$	1,443		$	(165	)	$	1,233		$	45
Operating margin (1)		43.1	%		45.2	%		(210	) bps		41.9	%		120	bps
Nonoperating income (expense), less net income      (loss) attributable to noncontrolling interests	$	47		$	(29	)	$	76		$	118		$	(71	)
Net income attributable to BlackRock, Inc. (2)	$	1,003		$	1,080		$	(77	)	$	1,053		$	(50	)
Diluted earnings attributable to BlackRock, Inc.      common stockholders per share (2) (3)	$	6.41		$	6.66		$	(0.25	)	$	6.61		$	(0.20	)
Effective tax rate		24.3	%		23.7	%		60	bps		22.1	%		220	bps

See pages 11-12 for the reconciliation to GAAP and notes (1) through (3) for more information on as adjusted items.

3

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

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

	Six Months Ended
	June 30,
	2019			2018			Change
Revenue
Investment advisory, administration fees and securities       lending revenue	$	5,708		$	5,891		$	(183	)
Investment advisory performance fees		90			161			(71	)
Technology services revenue		441			382			59
Distribution fees		529			605			(76	)
Advisory and other revenue		102			149			(47	)
Total revenue		6,870			7,188			(318	)
Expense
Employee compensation and benefits		2,147			2,203			(56	)
Distribution and servicing costs		820			847			(27	)
Direct fund expense		494			525			(31	)
General and administration		858			776			82
Amortization of intangible assets		40			22			18
Total expense		4,359			4,373			(14	)
Operating income		2,511			2,815			(304	)
Nonoperating income (expense)
Net gain (loss) on investments		231			18			213
Interest and dividend income		49			34			15
Interest expense		(98	)		(92	)		(6	)
Total nonoperating income (expense)		182			(40	)		222
Income before income taxes		2,693			2,775			(82	)
Income tax expense		620			603			17
Net income		2,073			2,172			(99	)
Less:
Net income (loss) attributable to noncontrolling interests		17			10			7
Net income attributable to BlackRock, Inc.	$	2,056		$	2,162		$	(106	)
Weighted-average common shares outstanding
Basic		156,803,244			161,114,746			(4,311,502	)
Diluted		157,853,711			162,532,637			(4,678,926	)
Earnings per share attributable to BlackRock, Inc.    common stockholders (3)
Basic	$	13.11		$	13.42		$	(0.31	)
Diluted	$	13.02		$	13.30		$	(0.28	)
Cash dividends declared and paid per share	$	6.60		$	5.76		$	0.84
Supplemental information:
AUM (end of period)	$	6,842,482		$	6,299,706		$	542,776
Shares outstanding (end of period)		155,366,861			160,779,596			(5,412,735	)
GAAP:
Operating margin		36.6	%		39.2	%		(260	) bps
Effective tax rate		23.2	%		21.8	%		140	bps
As adjusted:
Operating income (1)	$	2,511		$	2,821		$	(310	)
Operating margin (1)		42.5	%		44.7	%		(220	) bps
Nonoperating income (expense), less net income (loss)      attributable to noncontrolling interests	$	165		$	(50	)	$	215
Net income attributable to BlackRock, Inc. (2)	$	2,056		$	2,172		$	(116	)
Diluted earnings attributable to BlackRock, Inc.      common stockholders per share (2) (3)	$	13.02		$	13.36		$	(0.34	)
Effective tax rate		23.2	%		21.7	%		150	bps

See pages 11-12 for the reconciliation to GAAP and notes (1) through (3) for more information on as adjusted items.

4

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Current Quarter Component Changes by Client Type and Product Type
			Net
	March 31,		inflows			Market						June 30,
	2019		(outflows)			change			FX impact (1)			2019		Average AUM (2)
Retail:
Equity	$	225,992	$	(1,813	)	$	8,966		$	(716	)	$	232,429	$	226,710
Fixed income		281,566		5,350			4,623			233			291,772		286,163
Multi-asset		117,898		(3,039	)		3,345			(69	)		118,135		117,275
Alternatives		20,899		1,416			253			2			22,570		21,829
Retail subtotal		646,355		1,914			17,187			(550	)		664,906		651,977
iShares ETFs:
Equity		1,423,204		4,175			33,511			1,733			1,462,623		1,435,308
Fixed income		471,161		31,502			10,221			959			513,843		486,433
Multi-asset		4,171		159			107			5			4,442		4,260
Alternatives		26,174		260			1,502			23			27,959		26,038
iShares ETFs subtotal		1,924,710		36,096			45,341			2,720			2,008,867		1,952,039
Institutional:
Active:
Equity		118,653		2,920			4,470			(159	)		125,884		121,308
Fixed income		571,313		59,307			18,831			473			649,924		599,153
Multi-asset		369,046		9,740			13,332			983			393,101		378,608
Alternatives		101,138		1,207			1,274			4			103,623		102,269
Active subtotal		1,160,150		73,174			37,907			1,301			1,272,532		1,201,338
Index:
Equity		1,608,036		633			55,824			440			1,664,933		1,626,540
Fixed income		705,926		14,233			18,456			(3,024	)		735,591		717,001
Multi-asset		8,405		(668	)		261			52			8,050		8,113
Alternatives		4,713		(17	)		(74	)		(5	)		4,617		4,610
Index subtotal		2,327,080		14,181			74,467			(2,537	)		2,413,191		2,356,264
Institutional subtotal		3,487,230		87,355			112,374			(1,236	)		3,685,723		3,557,602
Long-term		6,058,295		125,365			174,902			934			6,359,496		6,161,618
Cash management		455,271		25,621			746			(430	)		481,208		462,001
Advisory (3)		1,779		(1	)		(15	)		15			1,778		1,772
Total	$	6,515,345	$	150,985		$	175,633		$	519		$	6,842,482	$	6,625,391
Current Quarter Component Changes by Investment Style and Product Type (Long-term)
			Net
	March 31,		inflows			Market						June 30,
	2019		(outflows)			change			FX impact (1)			2019		Average AUM (2)
Active:
Equity	$	278,944	$	530		$	10,651		$	(255	)	$	289,870	$	281,490
Fixed income		836,950		65,127			23,077			943			926,097		869,698
Multi-asset		486,944		6,701			16,677			914			511,236		495,883
Alternatives		122,037		2,623			1,524			6			126,190		124,097
Active subtotal		1,724,875		74,981			51,929			1,608			1,853,393		1,771,168
Index and iShares ETFs:
iShares ETFs:
Equity		1,423,204		4,175			33,511			1,733			1,462,623		1,435,308
Fixed income		471,161		31,502			10,221			959			513,843		486,433
Multi-asset		4,171		159			107			5			4,442		4,260
Alternatives		26,174		260			1,502			23			27,959		26,038
iShares ETFs subtotal		1,924,710		36,096			45,341			2,720			2,008,867		1,952,039
Non-ETF Index:
Equity		1,673,737		1,210			58,609			(180	)		1,733,376		1,693,068
Fixed income		721,855		13,763			18,833			(3,261	)		751,190		732,619
Multi-asset		8,405		(668	)		261			52			8,050		8,113
Alternatives		4,713		(17	)		(71	)		(5	)		4,620		4,611
Non-ETF Index subtotal		2,408,710		14,288			77,632			(3,394	)		2,497,236		2,438,411
Index and iShares ETFs subtotal		4,333,420		50,384			122,973			(674	)		4,506,103		4,390,450
Long-term	$	6,058,295	$	125,365		$	174,902		$	934		$	6,359,496	$	6,161,618
Current Quarter Component Changes by Product Type (Long-term)
			Net
	March 31,		inflows			Market						June 30,
	2019		(outflows)			change			FX impact (1)			2019		Average AUM (2)
Equity	$	3,375,885	$	5,915		$	102,771		$	1,298		$	3,485,869	$	3,409,866
Fixed income		2,029,966		110,392			52,131			(1,359	)		2,191,130		2,088,750
Multi-asset		499,520		6,192			17,045			971			523,728		508,256
Alternatives:
Illiquid alternatives		66,462		982			518			(52	)		67,910		67,059
Liquid alternatives		53,118		1,377			1,020			(1	)		55,514		54,370
Currency and commodities(4)		33,344		507			1,417			77			35,345		33,317
Alternatives subtotal		152,924		2,866			2,955			24			158,769		154,746
Long-term	$	6,058,295	$	125,365		$	174,902		$	934		$	6,359,496	$	6,161,618

⁽¹⁾ Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US 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 ETFs.

5

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Year-to-Date Component Changes by Client Type and Product Type
			Net
	December 31,		inflows			Market						June 30,
	2018		(outflows)			change			FX impact (1)			2019		Average AUM (2)
Retail:
Equity	$	205,714	$	(5,426	)	$	32,335		$	(194	)	$	232,429	$	222,547
Fixed income		271,588		11,279			8,723			182			291,772		281,920
Multi-asset		113,417		(6,731	)		11,430			19			118,135		116,985
Alternatives		20,131		1,979			479			(19	)		22,570		21,200
Retail subtotal		610,850		1,101			52,967			(12	)		664,906		642,652
iShares ETFs:
Equity		1,274,262		2,553			184,612			1,196			1,462,623		1,399,504
Fixed income		427,596		63,706			22,231			310			513,843		468,436
Multi-asset		4,485		(477	)		427			7			4,442		4,240
Alternatives		25,082		1,003			1,856			18			27,959		26,065
iShares ETFs subtotal		1,731,425		66,785			209,126			1,531			2,008,867		1,898,245
Institutional:
Active:
Equity		110,976		(2,617	)		17,411			114			125,884		119,236
Fixed income		538,961		72,299			37,772			892			649,924		575,948
Multi-asset		336,237		12,330			44,013			521			393,101		366,519
Alternatives		93,805		6,528			3,179			111			103,623		100,016
Active subtotal		1,079,979		88,540			102,375			1,638			1,272,532		1,161,719
Index:
Equity		1,444,873		(14,673	)		233,741			992			1,664,933		1,590,518
Fixed income		646,272		43,031			44,277			2,011			735,591		695,377
Multi-asset		7,745		(585	)		861			29			8,050		8,110
Alternatives		4,340		165			84			28			4,617		4,539
Index subtotal		2,103,230		27,938			278,963			3,060			2,413,191		2,298,544
Institutional subtotal		3,183,209		116,478			381,338			4,698			3,685,723		3,460,263
Long-term		5,525,484		184,364			643,431			6,217			6,359,496		6,001,160
Cash management		448,565		31,287			1,422			(66	)		481,208		456,185
Advisory (3)		1,769		-			(12	)		21			1,778		1,775
Total	$	5,975,818	$	215,651		$	644,841		$	6,172		$	6,842,482	$	6,459,120
Year-to-Date Component Changes by Investment Style and Product Type (Long-term)
			Net
	December 31,		inflows			Market						June 30,
	2018		(outflows)			change			FX impact (1)			2019		Average AUM (2)
Active:
Equity	$	258,205	$	(8,934	)	$	40,543		$	56		$	289,870	$	277,193
Fixed income		795,985		83,412			45,602			1,098			926,097		842,447
Multi-asset		449,654		5,600			55,443			539			511,236		483,504
Alternatives		113,936		8,507			3,656			91			126,190		121,216
Active subtotal		1,617,780		88,585			145,244			1,784			1,853,393		1,724,360
Index and iShares ETFs:
iShares ETFs:
Equity		1,274,262		2,553			184,612			1,196			1,462,623		1,399,504
Fixed income		427,596		63,706			22,231			310			513,843		468,436
Multi-asset		4,485		(477	)		427			7			4,442		4,240
Alternatives		25,082		1,003			1,856			18			27,959		26,065
iShares ETFs subtotal		1,731,425		66,785			209,126			1,531			2,008,867		1,898,245
Non-ETF Index:
Equity		1,503,358		(13,782	)		242,944			856			1,733,376		1,655,108
Fixed income		660,836		43,197			45,170			1,987			751,190		710,798
Multi-asset		7,745		(586	)		861			30			8,050		8,110
Alternatives		4,340		165			86			29			4,620		4,539
Non-ETF Index subtotal		2,176,279		28,994			289,061			2,902			2,497,236		2,378,555
Index and iShares ETFs subtotal		3,907,704		95,779			498,187			4,433			4,506,103		4,276,800
Long-term	$	5,525,484	$	184,364		$	643,431		$	6,217		$	6,359,496	$	6,001,160
Year-to-Date Component Changes by Product Type (Long-term)
			Net
	December 31,		inflows			Market						June 30,
	2018		(outflows)			change			FX impact (1)			2019		Average AUM (2)
Equity	$	3,035,825	$	(20,163	)	$	468,099		$	2,108		$	3,485,869	$	3,331,805
Fixed income		1,884,417		190,315			113,003			3,395			2,191,130		2,021,681
Multi-asset		461,884		4,537			56,731			576			523,728		495,854
Alternatives:
Illiquid alternatives		59,827		6,920			1,120			43			67,910		65,258
Liquid alternatives		51,718		1,279			2,514			3			55,514		53,401
Currency and commodities(4)		31,813		1,476			1,964			92			35,345		33,161
Alternatives subtotal		143,358		9,675			5,598			138			158,769		151,820
Long-term	$	5,525,484	$	184,364		$	643,431		$	6,217		$	6,359,496	$	6,001,160

⁽¹⁾ Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US 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 ETFs.

6

ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Year-over-Year Component Changes by Client Type and Product Type
			Net			Acquisitions
	June 30,		inflows			and			Market						June 30,
	2018		(outflows)			dispositions(1)			change			FX impact (2)			2019		Average AUM (3)
Retail:
Equity	$	232,617	$	(6,019	)	$	2,137		$	5,930		$	(2,236	)	$	232,429	$	226,117
Fixed income		266,987		6,542			14,070			5,711			(1,538	)		291,772		277,967
Multi-asset		119,299		(5,772	)		2,519			2,530			(441	)		118,135		118,757
Alternatives		17,922		3,247			1,628			(117	)		(110	)		22,570		20,392
Retail subtotal		636,825		(2,002	)		20,354			14,054			(4,325	)		664,906		643,233
iShares ETFs:
Equity		1,346,288		84,277			-			34,624			(2,566	)		1,462,623		1,386,175
Fixed income		401,731		95,478			-			18,198			(1,564	)		513,843		440,536
Multi-asset		3,767		502			-			170			3			4,442		4,030
Alternatives		24,979		1,603			-			1,381			(4	)		27,959		25,057
iShares ETFs subtotal		1,776,765		181,860			-			54,373			(4,131	)		2,008,867		1,855,798
Institutional:
Active:
Equity		134,986		(9,003	)		(4,296	)		5,321			(1,124	)		125,884		123,053
Fixed income		550,444		58,586			2,417			40,684			(2,207	)		649,924		563,219
Multi-asset		350,545		20,476			(1,593	)		26,501			(2,828	)		393,101		359,706
Alternatives		87,413		11,331			3,374			2,061			(556	)		103,623		95,532
Active subtotal		1,123,388		81,390			(98	)		74,567			(6,715	)		1,272,532		1,141,510
Index:
Equity		1,652,589		(78,390	)		4,749			94,042			(8,057	)		1,664,933		1,618,260
Fixed income		639,447		55,717			2,051			47,758			(9,382	)		735,591		668,056
Multi-asset		8,055		(145	)		(243	)		353			30			8,050		8,002
Alternatives		4,673		138			1			(175	)		(20	)		4,617		4,585
Index subtotal		2,304,764		(22,680	)		6,558			141,978			(17,429	)		2,413,191		2,298,903
Institutional subtotal		3,428,152		58,710			6,460			216,545			(24,144	)		3,685,723		3,440,413
Long-term		5,841,742		238,568			26,814			284,972			(32,600	)		6,359,496		5,939,444
Cash management		457,054		22,864			686			2,601			(1,997	)		481,208		454,495
Advisory (4)		910		888			-			(16	)		(4	)		1,778		1,629
Total	$	6,299,706	$	262,320		$	27,500		$	287,557		$	(34,601	)	$	6,842,482	$	6,395,568
Year-over-Year Component Changes by Investment Style and Product Type (Long-term)
			Net			Acquisitions
	June 30,		inflows			and			Market						June 30,
	2018		(outflows)			dispositions(1)			change			FX impact (2)			2019		Average AUM (3)
Active:
Equity	$	304,098	$	(17,983	)	$	(2,160	)	$	8,184		$	(2,269	)	$	289,870	$	285,012
Fixed income		803,515		63,894			16,487			45,518			(3,317	)		926,097		826,162
Multi-asset		469,845		14,704			926			29,030			(3,269	)		511,236		478,463
Alternatives		105,336		14,578			5,002			1,940			(666	)		126,190		115,924
Active subtotal		1,682,794		75,193			20,255			84,672			(9,521	)		1,853,393		1,705,561
Index and iShares ETFs:
iShares ETFs
Equity		1,346,288		84,277			-			34,624			(2,566	)		1,462,623		1,386,175
Fixed income		401,731		95,478			-			18,198			(1,564	)		513,843		440,536
Multi-asset		3,767		502			-			170			3			4,442		4,030
Alternatives		24,979		1,603			-			1,381			(4	)		27,959		25,057
iShares ETFs subtotal		1,776,765		181,860			-			54,373			(4,131	)		2,008,867		1,855,798
Non-ETF Index
Equity		1,716,094		(75,429	)		4,750			97,109			(9,148	)		1,733,376		1,682,418
Fixed income		653,363		56,951			2,051			48,635			(9,810	)		751,190		683,080
Multi-asset		8,054		(145	)		(243	)		354			30			8,050		8,002
Alternatives		4,672		138			1			(171	)		(20	)		4,620		4,585
Non-ETF Index subtotal		2,382,183		(18,485	)		6,559			145,927			(18,948	)		2,497,236		2,378,085
Index and iShares ETFs subtotal		4,158,948		163,375			6,559			200,300			(23,079	)		4,506,103		4,233,883
Long-term	$	5,841,742	$	238,568		$	26,814		$	284,972		$	(32,600	)	$	6,359,496	$	5,939,444
Year-over-Year Component Changes by Product Type (Long-term)
			Net			Acquisitions
	June 30,		inflows			and			Market						June 30,
	2018		(outflows)			dispositions(1)			change			FX impact (2)			2019		Average AUM (3)
Equity	$	3,366,480	$	(9,135	)	$	2,590		$	139,917		$	(13,983	)	$	3,485,869	$	3,353,605
Fixed income		1,858,609		216,323			18,538			112,351			(14,691	)		2,191,130		1,949,778
Multi-asset		481,666		15,061			683			29,554			(3,236	)		523,728		490,495
Alternatives:
Illiquid alternatives		50,734		11,126			4,968			1,449			(367	)		67,910		60,697
Liquid alternatives		52,034		3,225			28			586			(359	)		55,514		52,683
Currency and commodities(5)		32,219		1,968			7			1,115			36			35,345		32,186
Alternatives subtotal		134,987		16,319			5,003			3,150			(690	)		158,769		145,566
Long-term	$	5,841,742	$	238,568		$	26,814		$	284,972		$	(32,600	)	$	6,359,496	$	5,939,444

⁽¹⁾ Amounts include net AUM from the acquisitions of Tennenbaum Capital Partners in August 2018 and the asset management businessof Citibanamex in September 2018, AUM reclassifications and net dispositions related to the transfer of BlackRock’s UK Defined Contribution Administration and Platform business to Aegon N.V. in July 2018, and net AUM dispositions related to the sale of BlackRock’s minority interest in DSP BlackRock Investment Managers Pvt. Ltd. to The DSP Group in August 2018.

⁽²⁾ Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.

⁽³⁾ Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing thirteen months.

⁽⁴⁾ Advisory AUM represents long-term portfolio liquidation assignments.

⁽⁵⁾ Amounts include commodity iShares ETFs.

7

SUMMARY OF REVENUE

	Three Months								Three Months					Six Months
	Ended								Ended					Ended
	June 30,								March 31,					June 30,
(in millions), (unaudited)	2019		2018			Change			2019		Change			2019		2018		Change
Investment advisory, administration fees and    securities lending revenue:
Equity:
Active	$	385	$	426		$	(41	)	$	375	$	10		$	760	$	864	$	(104	)
iShares ETFs		870		911			(41	)		847		23			1,717		1,837		(120	)
Non-ETF Index		163		187			(24	)		164		(1	)		327		363		(36	)
Equity subtotal		1,418		1,524			(106	)		1,386		32			2,804		3,064		(260	)
Fixed income:
Active		474		458			16			457		17			931		914		17
iShares ETFs		234		207			27			220		14			454		415		39
Non-ETF Index		98		101			(3	)		97		1			195		194		1
Fixed income subtotal		806		766			40			774		32			1,580		1,523		57
Multi-asset		288		295			(7	)		276		12			564		591		(27	)
Alternatives:
Illiquid alternatives		118		83			35			110		8			228		160		68
Liquid alternatives		102		93			9			94		8			196		194		2
Currency and commodities		24		26			(2	)		24		-			48		51		(3	)
Alternatives subtotal		244		202			42			228		16			472		405		67
Long-term		2,756		2,787			(31	)		2,664		92			5,420		5,583		(163	)
Cash management		147		157			(10	)		141		6			288		308		(20	)
Total base fees		2,903		2,944			(41	)		2,805		98			5,708		5,891		(183	)
Investment advisory performance fees:
Equity		4		43			(39	)		-		4			4		61		(57	)
Fixed income		-		(1	)		1			2		(2	)		2		2		-
Multi-asset		6		9			(3	)		-		6			6		14		(8	)
Alternatives:
Illiquid alternatives		15		2			13			20		(5	)		35		2		33
Liquid alternatives		39		38			1			4		35			43		82		(39	)
Alternatives subtotal		54		40			14			24		30			78		84		(6	)
Total performance fees		64		91			(27	)		26		38			90		161		(71	)
Technology services revenue		237		198			39			204		33			441		382		59
Distribution fees:
Retrocessions		164		181			(17	)		161		3			325		373		(48	)
12b-1 fees (US mutual funds distribution fees)		88		103			(15	)		89		(1	)		177		211		(34	)
Other		15		10			5			12		3			27		21		6
Total distribution fees		267		294			(27	)		262		5			529		605		(76	)
Advisory and other revenue:
Advisory		22		33			(11	)		19		3			41		54		(13	)
Other		31		45			(14	)		30		1			61		95		(34	)
Total advisory and other revenue		53		78			(25	)		49		4			102		149		(47	)
Total revenue	$	3,524	$	3,605		$	(81	)	$	3,346	$	178		$	6,870	$	7,188	$	(318	)

Highlights

• Investment advisory, administration fees and securities lending revenue decreased $41 million from the second quarter of 2018, primarily driven by lower securities lending revenue, as well as the negative impact of divergent equity beta and foreign exchange movements on average AUM, mix shift toward fixed income and cash, and strategic price changes to certain products, partially offset by the positive impact of acquisitions and organic growth.  Securities lending revenue of $150 million in the current quarter compared with $183 million in second quarter of 2018, primarily reflecting reduced borrowing demand, lower cash spreads and reduced European seasonal demand.

  Investment advisory, administration fees and securities lending revenue increased $98 million from the first quarter of 2019, driven by the impact of higher average AUM and the effect of one additional day in the quarter. Securities lending revenue of $150 million in the current quarter compared with $148 million in the first quarter of 2019.

• Performance fees decreased $27 million from the second quarter of 2018, primarily reflecting lower revenue from long-only equity products.

  Performance fees increased $38 million from the first quarter of 2019, primarily reflecting higher revenue from liquid hedge funds.

• Technology services revenue increased $39 million from the second quarter of 2018 and $33 million from the first quarter of 2019, primarily reflecting higher revenue from Aladdin and the impact of the eFront acquisition.

• Advisory and other revenue decreased $25 million from the second quarter of 2018, primarily reflecting lower fees from advisory and transition management assignments.

8

SUMMARY OF OPERATING EXPENSE

	Three Months								Three Months					Six Months
	Ended								Ended					Ended
	June 30,								March 31,					June 30,
(in millions), (unaudited)	2019		2018			Change			2019		Change			2019		2018		Change
Operating expense
Employee compensation and benefits	$	1,083	$	1,082		$	1		$	1,064	$	19		$	2,147	$	2,203	$	(56	)
Distribution and servicing costs:
Retrocessions		164		181			(17	)		161		3			325		373		(48	)
12b-1 costs		88		101			(13	)		88		-			176		207		(31	)
Other		164		133			31			155		9			319		267		52
Total distribution and servicing costs		416		415			1			404		12			820		847		(27	)
Direct fund expense		252		264			(12	)		242		10			494		525		(31	)
General and administration:
Marketing and promotional		81		91			(10	)		81		-			162		176		(14	)
Occupancy and office related		75		73			2			74		1			149		147		2
Portfolio services		65		73			(8	)		62		3			127		143		(16	)
Technology		67		58			9			69		(2	)		136		111		25
Professional services		44		37			7			33		11			77		69		8
Communications		10		9			1			9		1			19		19		-
Foreign exchange remeasurement		12		4			8			8		4			20		5		15
Contingent consideration fair value adjustments		13		(1	)		14			6		7			19		5		14
Product launch costs		59		-			59			-		59			59		11		48
Other general and administration		44		49			(5	)		46		(2	)		90		90		-
Total general and administration expense		470		393			77			388		82			858		776		82
Amortization of intangible assets		25		11			14			15		10			40		22		18
Total operating expense	$	2,246	$	2,165		$	81		$	2,113	$	133		$	4,359	$	4,373	$	(14	)

Highlights

• Employee compensation and benefits expense increased $19 million from the first quarter of 2019, primarily reflecting higher incentive compensation, driven in part by higher performance fees, partially offset by lower seasonal payroll taxes in the current quarter.

• General and administration expense increased $77 million from the second quarter of 2018 and $82 million from the first quarter of 2019, primarily due to $59 million of product launch costs (excluding $2 million included in employee compensation and benefits expense), primarily associated with the June 2019 close of the $1.4 billion BlackRock Science and Technology Trust II. The increase also reflected contingent consideration fair value adjustments related to prior acquisitions and professional fees incurred in connection with the eFront acquisition.

• Amortization of intangible assets expense increased $14 million from the second quarter of 2018 and $10 million from the first quarter of 2019, primarily reflecting amortization of intangible assets acquired in the eFront acquisition.

9

INCOME TAX EXPENSE

	Three Months									Three Months							Six Months
	Ended									Ended							Ended
	June 30,									March 31,							June 30,
(in millions), (unaudited)	2019			2018			Change			2019				Change			2019			2018			Change
Income tax expense	$	322		$	338		$	(16	)		$	298		$	24		$	620		$	603		$	17
Effective tax rate		24.3	%		24.0	%		30	bps			22.1	%		220	bps		23.2	%		21.8	%		140	bps

Highlights

• First quarter 2019 income tax expense included $22 million of discrete tax benefits related to stock-based compensation awards that vested in the first quarter of 2019.

SUMMARY AND RECONCILIATION OF US GAAP NONOPERATING INCOME (expense) TO NONOPERATING INCOME (EXPENSE), AS ADJUSTED

	Three Months									Three Months						Six Months
	Ended									Ended						Ended
	June 30,									March 31,						June 30,
(in millions), (unaudited)	2019			2018			Change			2019			Change			2019			2018			Change
Nonoperating income (expense), GAAP basis	$	57		$	(24	)	$	81		$	125		$	(68	)	$	182		$	(40	)	$	222
Less: Net income (loss) attributable to      noncontrolling interests ("NCI")		10			5			5			7			3			17			10			7
Nonoperating income (expense), as adjusted(1)(2)	$	47		$	(29	)	$	76		$	118		$	(71	)	$	165		$	(50	)	$	215
	Three Months									Three Months						Six Months
	Ended									Ended						Ended
	June 30,									March 31,						June 30,
(in millions), (unaudited)	2019			2018			Change			2019			Change			2019			2018			Change
Net gain (loss) on investments(1)(2)
Private equity	$	32		$	5		$	27		$	-		$	32		$	32		$	6		$	26
Real assets		4			9			(5	)		6			(2	)		10			14			(4	)
Other alternatives(3)		7			1			6			8			(1	)		15			4			11
Other investments(4)		31			(18	)		49			73			(42	)		104			(17	)		121
Subtotal		74			(3	)		77			87			(13	)		161			7			154
Other gains(5)		5			1			4			48			(43	)		53			1			52
Total net gain (loss) on investments(1)(2)		79			(2	)		81			135			(56	)		214			8			206
Interest and dividend income		20			19			1			29			(9	)		49			34			15
Interest expense		(52	)		(46	)		(6	)		(46	)		(6	)		(98	)		(92	)		(6	)
Net interest expense		(32	)		(27	)		(5	)		(17	)		(15	)		(49	)		(58	)		9
Nonoperating income (expense), as adjusted(1)(2)	$	47		$	(29	)	$	76		$	118		$	(71	)	$	165		$	(50	)	$	215

⁽¹⁾ Net of net income (loss) attributable to NCI. Amounts also include net gain (loss) on consolidated VIEs.  

⁽²⁾ Management believes nonoperating income (expense), as adjusted, is an effective measure for reviewing BlackRock’s nonoperating contribution to results. For more information on other as adjusted items and the reconciliation to GAAP see notes (1) through (3) to the condensed consolidated statements of income and supplemental information on pages 11 and 12.

⁽³⁾ Amounts primarily include net gains (losses) related to direct hedge fund strategies and hedge fund solutions.

⁽⁴⁾ Amounts primarily include net gains (losses) related to equity and fixed income investments.

⁽⁵⁾ Amounts primarily include noncash pre-tax gains related to the revaluation of certain minority strategic investments.  

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RECONCILIATION OF US GAAP OPERATING INCOME AND OPERATING MARGIN TO OPERATING INCOME AND OPERATING MARGIN, AS ADJUSTED
	Three Months Ended									Six Months Ended
	June 30,						March 31,			June 30,
(in millions), (unaudited)	2019			2018			2019			2019			2018
Operating income, GAAP basis	$	1,278		$	1,440		$	1,233		$	2,511		$	2,815
Non-GAAP expense adjustment:
PNC LTIP funding obligation		-			3			-			-			6
Operating income, as adjusted (1)		1,278			1,443			1,233			2,511			2,821
Product launch costs and commissions		61			-			-			61			12
Operating income used for operating margin measurement	$	1,339		$	1,443		$	1,233		$	2,572		$	2,833
Revenue, GAAP basis	$	3,524		$	3,605		$	3,346		$	6,870		$	7,188
Non-GAAP adjustment:
Distribution and servicing costs		(416	)		(415	)		(404	)		(820	)		(847	)
Revenue used for operating margin measurement	$	3,108		$	3,190		$	2,942		$	6,050		$	6,341
Operating margin, GAAP basis		36.3	%		39.9	%		36.8	%		36.6	%		39.2	%
Operating margin, as adjusted (1)		43.1	%		45.2	%		41.9	%		42.5	%		44.7	%

See note (1) to the condensed consolidated statements of income and supplemental information on page 12 for more information on as adjusted items and the reconciliation to GAAP.

RECONCILIATION OF US GAAP NET INCOME ATTRIBUTABLE TO BLACKROCK TO NET INCOME ATTRIBUTABLE TO BLACKROCK, AS ADJUSTED
	Three Months Ended						Six Months Ended
	June 30,				March 31,		June 30,
(in millions, except per share data), (unaudited)	2019		2018		2019		2019		2018
Net income attributable to BlackRock, Inc., GAAP basis	$	1,003	$	1,073	$	1,053	$	2,056	$	2,162
Non-GAAP adjustments:
PNC LTIP funding obligation, net of tax		-		3		-		-		6
Income tax matters		-		4		-		-		4
Net income attributable to BlackRock, Inc., as adjusted (2)	$	1,003	$	1,080	$	1,053	$	2,056	$	2,172
Diluted weighted-average common shares outstanding (3)		156.4		162.2		159.3		157.9		162.5
Diluted earnings per common share, GAAP basis (3)	$	6.41	$	6.62	$	6.61	$	13.02	$	13.30
Diluted earnings per common share, as adjusted (2) (3)	$	6.41	$	6.66	$	6.61	$	13.02	$	13.36

See notes (2) and (3) to the condensed consolidated statements of income and supplemental information on page 12 for more information on as adjusted items and the reconciliation to GAAP.

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 considers them to be helpful, for both management and investors, in evaluating BlackRock’s financial performance over time. Management also uses non-GAAP financial measures as a benchmark to compare its performance with other companies and to enhance the comparability of this information for the reporting periods presented. Non-GAAP measures may pose limitations because they do not include all of BlackRock’s revenue and expense. 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. Non-GAAP measures may not be comparable to other similarly titled measures of other companies.

Management uses both GAAP and non-GAAP financial measures in evaluating BlackRock’s financial performance.  Adjustments to GAAP financial measures (“non-GAAP adjustments”) include certain items management deems nonrecurring or that occur infrequently, transactions that ultimately will not impact BlackRock’s book value or certain tax items that do not impact cash flow.

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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: 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. Management believes that operating margin, as adjusted, reflects the Company’s long-term ability to manage ongoing costs in relation to its revenues. The Company uses operating margin, as adjusted, to assess the Company’s financial performance and to determine the long-term and annual compensation of the Company’s senior-level employees.  Furthermore, this metric is used to evaluate the Company’s relative performance against industry peers, as it eliminates margin variability arising from the accounting for different distribution channels utilized by asset managers.

• Operating income, as adjusted, includes a non-GAAP expense adjustment. In the three and six months ended June 30, 2018, 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 PNC has been excluded because it ultimately does not impact BlackRock’s book value.

• Operating income used for measuring operating margin, as adjusted, is equal to operating income, as adjusted, excluding the impact of product launch costs (e.g. 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 calculating operating margin, as adjusted, is reduced by the Company’s distribution and servicing costs, which are recorded as a separate line item on the condensed consolidated statements of income. Distribution and servicing costs are direct payments to third parties for the distribution and servicing of retail products and may vary between periods based on the type of investment product sold and geographic location. The Company recovers these costs through revenue received from its retail products.

(2) 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 aforementioned discussion regarding operating income, as adjusted, and operating margin, as adjusted, for information on the PNC LTIP funding obligation.

For each period presented, the non-GAAP adjustment related to the PNC LTIP funding obligation was tax effected at the respective blended rates applicable to the adjustment. Amounts for income tax matters represent net noncash (benefits) expense primarily associated with the revaluation of certain deferred tax liabilities related to intangible assets and goodwill. Amounts have been excluded from the as adjusted results as these items will not have a cash flow impact and to ensure comparability among periods presented.

Per share amounts reflect net income attributable to BlackRock, Inc., as adjusted divided by diluted weighted average common shares outstanding.

(3) 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.

BlackRock has previously disclosed risk factors in its Securities and Exchange Commission (“SEC”) reports. These risk factors and those identified elsewhere in this earnings release, among others, could cause actual results to differ materially from forward-looking statements or historical performance and include: (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 potential for human error in connection with BlackRock’s operational systems; (10) the impact of legislative and regulatory actions and reforms and regulatory, supervisory or enforcement actions of government agencies relating to BlackRock or PNC; (11) changes in law and policy and uncertainty pending any such changes; (12) 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; (13) the ability to attract and retain highly talented professionals; (14) fluctuations in the carrying value of BlackRock’s economic investments; (15) 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; (16) BlackRock’s success in negotiating distribution arrangements and maintaining distribution channels for its products; (17) the failure by a key vendor of BlackRock to fulfill its obligations to the Company; (18) any disruption to the operations of third parties whose functions are integral to BlackRock’s exchange-traded funds platform; (19) 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 (20) 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 at www.sec.gov and on BlackRock’s website at www.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, 2019 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 US 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, 2019. The performance data does not include accounts terminated prior to June 30, 2019 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 institutional and high net worth separate accounts, and net-of-fees for retail funds. The performance tracking shown for index accounts is based on gross-of-fees performance and includes all institutional accounts and all iShares funds globally using an index strategy. AUM information is based on AUM available as of June 30, 2019 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.

Performance shown is derived from applicable benchmarks or peer median information, as selected by BlackRock, Inc. Peer medians are based in part on data either from Lipper, Inc. or Morningstar, Inc. for each included product.

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