BlackRock Reports Record Quarterly Diluted EPS of $3.93, or $3.96 as Adjusted

  BlackRock Reports Record Quarterly Diluted EPS of $3.93, or $3.96 as
  Adjusted

         Record Full Year Diluted EPS of $13.79 ($13.68 as adjusted)

Quarterly Revenue of Over $2.5 Billion Up 14% from Fourth Quarter 2011 and 9%
                           from Third Quarter 2012

 BlackRock Board of Directors Approves 12% Increase in Quarterly Dividend to
  $1.68 and Expands Share Repurchase Authority by an Additional 7.5 Million
                        Shares to 10.2 Million Shares

  *Record assets under management of $3.792 trillion at year end, up 8% from
    year end 2011
  *Generated quarterly diluted EPS growth of 29% from fourth quarter 2011 and
    full year growth of 11% (15% as adjusted)
  *Grew operating income 24% from fourth quarter 2011 and over 8% for the
    year
  *Improved operating margin to 39.6% (42.6% as adjusted) for the quarter and
    to 37.7% (40.4% as adjusted) for the year
  *Attracted $47.0 billion in net long-term inflows with growth across all
    client channels and geographies
  *Liquidated the BlackRock Public-Private Investment Fund at a 23.5%
    internal rate of return to the U.S. Treasury
  *Continued strong repurchase activity buying 868,500 shares in the quarter
    and 9.1 million shares for the year
  *Board of Directors has declared a quarterly cash dividend of $1.68 per
    share of common stock. The dividend is payable March 25, 2013 to
    shareholders of record at the close of business on March 7, 2013.

Business Wire

NEW YORK -- January 17, 2013

BlackRock, Inc. (NYSE:BLK) today reported full year diluted EPS of $13.79, up
11% from 2011. Fourth quarter 2012 diluted EPS of $3.93 was up 29% from fourth
quarter 2011. Revenue increased 14% from fourth quarter 2011 and 9% from third
quarter 2012, reflecting growth in markets, strength in base fees and higher
performance fees. Operating income for fourth quarter and full year 2012 was
$1.0 billion and $3.5 billion, respectively. Operating margin of 39.6% for
fourth quarter 2012 rose 330 bps from fourth quarter 2011.

As adjusted results^(1). Full year 2012 diluted EPS of $13.68 improved 15%
from 2011. Fourth quarter 2012 operating income of $1.0 billion rose 24% and
19% from fourth quarter 2011 and third quarter 2012, respectively. Fourth
quarter diluted EPS totaled $3.96 and included operating income of $4.07 per
diluted share and net non-operating expense of $0.11 per diluted share.
Adjusted operating margin of 42.6% in fourth quarter 2012 rose 260 bps from
fourth quarter 2011. For more information on as adjusted items and the
reconciliation to GAAP, see notes to the Condensed Consolidated Statements of
Income and Supplemental Information beginning on page 10.

“BlackRock’s financial performance in 2012 was strong by any measure,”
commented Laurence D. Fink, Chairman and CEO of BlackRock. “We closed the year
with record earnings for both the quarter and the year. We improved investment
performance in key areas and our work with clients was rewarded with $107.7
billion of long-term net new business. Every client type contributed to these
strong flows. Our results demonstrate not only the diversity of our platform
and the breadth of our global product offering, but how we have differentiated
the firm and continued to evolve in anticipation of our clients’ needs.”

The table below presents AUM and a comparison of GAAP and as adjusted results for certain financial measures.
(Dollar
amounts in      Q4              Q4                       Q3                       Full Year       Full Year
millions,                                    Change                 Change                                Change
except per      2012            2011                     2012                     2012            2011
share data)
AUM             $ 3,791,588    $ 3,512,681    8%      $ 3,673,274    3%      $ 3,791,588    $ 3,512,681    8%
                                                                                                                  
GAAP basis:
Revenue         $ 2,539         $ 2,227         14%      $ 2,320         9%       $ 9,337         $ 9,081         3%
                                                                                                                  
Operating       $ 1,005         $ 808           24%      $ 875           15%      $ 3,524         $ 3,249         8%
income
                                                                                                                  
Operating         39.6%           36.3%         330        37.7%         190        37.7%           35.8%         190
margin                                          bps                      bps                                      bps
                                                                                                                  
Net             $ 690           $ 555           24%      $ 642           7%       $ 2,458         $ 2,337         5%
income^(2)
                                                                                                                  
Diluted EPS     $ 3.93          $ 3.05          29%      $ 3.65          8%       $ 13.79         $ 12.37         11%
                                                                                                                  
Diluted           175,176,037     181,987,669   (4%)       175,450,532   -%         178,017,679     187,116,410   (5%)
shares
                                                                                                                  
As Adjusted:
Operating       $ 1,041         $ 841           24%      $ 876           19%      $ 3,574         $ 3,392         5%
income^(1)
                                                                                                                  
Operating         42.6%           40.0%         260        40.7%         190        40.4%           39.7%         70 bps
margin^(1)                                      bps                      bps
                                                                                                                  
Net             $ 695           $ 558           25%      $ 610           14%      $ 2,438         $ 2,239         9%
income^(1)(2)
                                                                                                                  
Diluted        $ 3.96         $ 3.06         29%     $ 3.47         14%     $ 13.68        $ 11.85        15%
EPS^(1)

^(1) See notes (a) through (f) to the Condensed Consolidated Statements of
Income and Supplemental Information in Attachment I on pages 10 through 13 for
more information on as adjusted items and the reconciliation to GAAP.

^(2) Net income represents net income attributable to BlackRock, Inc.

“In 2012, our people delivered focused execution across our key strategic
priorities. Retirement trends continue to drive new opportunities across our
retail and defined contribution businesses, where we generated long-term net
inflows during the year of $11.6 billion and $28.4 billion, respectively. As
clients sought efficient tools and creative solutions to manage their
investment exposure, they turned to iShares^®. As a result, iShares maintained
its #1 global market share position and net new business returned to
pre-crisis levels with more than $85 billion in new assets generated this
year. Elsewhere in the business, we saw strong sustained demand from clients
for high yielding income strategies and multi-asset class solutions, resulting
in strong support for our fixed income and equity dividend capabilities as
well as multi-asset class products.

“BlackRock Solutions^® remains a key differentiator for our firm, both as the
foundation for the entire business as well as a key growth contributor on its
own. This year we continued to grow our capabilities across geographies and
asset classes adding over $3.5 trillion of new positions to our Aladdin
platform. Growth for Aladdin is coming from an increasingly global set of
clients focused on their entire investment portfolios across multi-asset
capabilities.”

“As we enter 2013, the improving global economy provides the potential for
greater market stability, but it is likely that political and regulatory
dynamics, persistent low-rates and protracted periods of heightened volatility
will remain key factors. Still, we are well-positioned to continue delivering
for our shareholders while investing for future growth with significant cash
flow, which in 2012 totaled $3 billion. Our strong and stable capital position
enables BlackRock to take advantage of opportunities to make strategic
acquisitions like Claymore, Swiss Re and, most recently, our purchase of the
ETF business from Credit Suisse, which represents a major expansion for us in
the Swiss market. We are able to make these acquisitions, even as we
consistently return cash to shareholders. We delivered a dividend payout ratio
of 43% during the year and repurchased nearly 9.1 million shares including
868,500 in the fourth quarter, bringing our payout ratio including share
repurchases to 104%. We remain committed to returning cash to our shareholders
and are pleased to announce a 12% increase to our quarterly dividend for 2013
and the authority to repurchase an additional 7.5 million shares, bringing our
buying capacity to 10.2 million shares.”

“As we move into 2013, the investments we have made in people, technology,
products and brand give us confidence in BlackRock’s ability to deliver
exceptional value for clients and shareholders. As we continue to invest in
key growth opportunities, I am pleased to welcome Hsueh-ming Wang, our new
Chairman of BlackRock China. BlackRock’s employees have remained intensely
focused on serving our clients, and I want to once again express my gratitude
and admiration for their commitment to our clients and the Firm.”

Fourth Quarter Business Highlights

Assets under management (“AUM”)  totaled $3.792 trillion at December 31, 2012,
up 3% from September 30, 2012 and up 8% from a year ago. Net inflows in
long-term products totaled $47.0 billion, reflecting equity, fixed income and
multi-asset class product net inflows of $31.2 billion, $12.4 billion and $4.1
billion, respectively. Net inflows were partially offset by alternatives net
outflows of $0.7 billion, including $2.0 billion of return of capital. Total
net inflows of $60.8 billion also included cash management net inflows of
$14.4 billion and planned advisory distributions of $0.6 billion.

Long-term AUM: The following table presents long-term AUM and base fees by client type:
                                        Q4               FullYear                                   Q3
(Dollar          December31,                                                September30,
amounts in      2012          % of   2012    % of   2012       % of                  % of   2012    % of
millions)                       Total            Total               Total   2012 AUM        Total            Total
                 AUM                    Base             Base Fees                                   Base
                                        Fees                                                         Fees
Retail           $403,484      12  %  $677    34  %  $2,638     34  %  $397,954       12  %  $654    34  %
iShares          752,707        22  %   660      33  %   2,475       32  %   705,765         21  %   625      32  %
Institutional:
Active           884,695        25  %   454      23  %   1,797       23  %   880,726         26  %   452      23  %
Index            1,441,480     41  %  196     10  %  801        11  %  1,393,928      41  %  203     11  %
Total            2,326,175     66  %  650     33  %  2,598      34  %  2,274,654      67  %  655     34  %
institutional
Total            $3,482,366    100 %  $1,987  100 %  $7,711     100 %  $3,378,373     100 %  $1,934  100 %
long-term

Long-term net inflows were positive across all client regions, with net
inflows of $21.4 billion, $24.4 billion and $1.2 billion from clients in the
Americas, EMEA and Asia-Pacific, respectively. At December 31, 2012, BlackRock
managed 61% of long-term AUM for investors in the Americas and 39% for other
international clients.

  *Retail AUM  of  $403.5 billion reflected net inflows of $4.1 billion, and
    market and investment performance gains of $1.4 billion.
    International retail led flows, with long-term net new business of $2.1
    billion, led by fixed income net inflows of over $2.0 billion. U.S. retail
    and high net worth net inflows of $2.0 billion showed continued strength
    in income-oriented products with equity dividend and high-yield bond funds
    among top flow generators.
  *iShares net inflows of $35.7 billion reflected positive net inflows across
    all asset classes, including net inflows of $30.1 billion into equity
    funds as demand tilted toward broad market and large cap equities and
    flows into emerging markets funds outpacing developed markets. Fixed
    income and alternatives products included net inflows of $4.5 billion and
    $1.1 billion, respectively.

    U.S. iShares net inflows into equity funds totaled $24.1 billion with
    notable flows into emerging markets and China equities. International
    iShares similarly was driven by equity net inflows of $6.0 billion led by
    developed and emerging broad and large cap funds.
  *Institutional active AUM  ended the quarter at $884.7 billion, including
    market and investment performance gains of $12.0 billion and continued
    strength in multi-asset class products with net inflows of $3.2 billion
    largely into defined contribution plan, target date and asset allocation
    offerings.

    Core alternatives net inflows were $1.1 billion, excluding $2.0 billion of
    return of capital. Private equity funds of funds, real estate and single
    strategy hedge funds experienced net inflows of $0.4 billion, $0.4 billion
    and $0.2 billion, respectively. Equity net outflows of $4.5 billion were
    split between active fundamental and scientific active equity. Fixed
    income net outflows of $4.7 billion reflected outflows from U.S. core
    mandates in the latter part of the quarter.
  *Institutional index AUM  totaled $1.441 trillion at December 31, 2012,
    reflecting net inflows of $15.2 billion and market and foreign exchange
    valuation gains of $32.3 billion. Flows were led by fixed income with net
    inflows of $8.3 billion led by flows into local currency and global bond
    mandates. Equity net inflows of $5.9 billion primarily reflected net
    inflows into regional and country-specific strategies.

Cash management AUM increased 6%, or $15.4 billion, to $263.7 billion
reflecting net inflows of $14.4 billion and market and net foreign exchange
gains of $1.0 billion.

Advisory AUM declined 2% to $45.5 billion, due to planned portfolio
liquidations.

Investment performance  as of December 31, 2012 is presented in the following
table:


                                            One-year  Three-year  Five-year
                                             period     period       period
Fixed Income:
Actively managed products above benchmark
or peer median
Taxable                                      84%        79%          63%
Tax-exempt                                   67%        65%          78%
Passively managed products within or above  96%       97%         89%
tolerance
Equity:
Actively managed products above benchmark
or peer median
Fundamental                                  30%        37%          46%
Scientific                                   84%        90%          88%
Passively managed products within or above  97%       97%         97%
tolerance
Multi-Asset*:
Actively managed products above benchmark   22%       20%         92%
or peer median

*Includes funds managed for unlevered, absolute return.

BlackRock Solutions (“BRS”) added 13 net new assignments during the quarter,
including one Aladdin assignment, four Financial Markets Advisory assignments,
and 10 non-recurring advisory engagements. BRS also completed 11 short-term
advisory assignments during the quarter.

Net new business pipeline totaled $48.7 billion at January 10, 2013, including
$25.4 billion in institutional index mandates and $7.8 billion in active
mandates expected to fund in future quarters. In addition, the pipeline
contains $13.9 billion of mandates funded since December 31, 2012. The
unfunded portion of the pipeline primarily represents institutional assets,
which account for approximately two-thirds of long-term AUM but only one-third
of base fees. BlackRock Solutions’ pipeline of contracts and proposals remains
robust.

Fourth Quarter Financial Highlights

                    Comparison to the Fourth Quarter 2011

Operating income: Fourth quarter 2012 operating income was $1.0 billion
compared with $808 million in fourth quarter 2011. Operating income for fourth
quarter 2012 included a one-time $30 million charge related to a contribution
to certain of the Company’s bank-managed short-term investment funds
(“STIFs”). This contribution resulted from actions to ensure compliance with
new regulations from the Office of the Comptroller of the Currency (“OCC”)
taking effect in July 2013 that further limit a STIF’s weighted-average
portfolio life maturity. BlackRock chose to sell certain securities held
within STIFs and to make a one-time contribution to the STIFs to maintain the
value of the funds while ensuring compliance with the new OCC rules. The
securities sold were held in funds managed by Barclays Global Investors
(“BGI”) prior to BlackRock’s acquisition of BGI. Until adoption of the new
STIF regulations, BlackRock had been pursuing a strategy to hold these
securities as market values improved over time.When BlackRock acquired BGI,
Barclays provided capital support agreements to the STIFs that covered certain
losses in the aggregate of up to $2.2 billion from December1, 2009 through
December1, 2013 or until certain criteria are met. Barclays recently
exercised its termination option on the support agreements for two of the
STIFs. Last quarter, BlackRock, on behalf of two of these STIFs, negotiated
amendments to their capital support agreements to remove certain assets from
coverage (with an estimated value of approximately $750 million) in exchange
for a payment by Barclays to the STIFs of $70 million. This payment was an
amount in excess of the payments that were expected under the Barclays capital
support agreements.As a result of the fourth quarter security sales, these
STIFs are currently in compliance with the new OCC rules. The $30 million
charge related to this contribution has been excluded from as adjusted
results. Fourth quarter 2011 operating income included $32 million of
restructuring charges. Operating income, as adjusted, was $1.0 billion
compared with $841 million in fourth quarter 2011.

Fourth quarter 2012 revenue of $2.5 billion increased $312 million from $2.2
billion in fourth quarter 2011, primarily due to the following:

  *Investment advisory, administration fees and securities lending revenue of
    $2.1 billion in fourth quarter 2012 increased $218 million from $1.9
    billion in fourth quarter 2011 due to growth in base fees and higher
    securities lending revenue. Securities lending fees were $113 million in
    fourth quarter 2012 compared with $103 million in fourth quarter 2011.
  *Performance fees were $239 million in fourth quarter 2012 compared with
    $147 million in fourth quarter 2011, primarily reflecting higher fees from
    alternative products, including fees from a disposition-related
    opportunistic fund.
  *BlackRock Solutions and advisory revenue  totaled $136 million in fourth
    quarter 2012 compared with $149 million in fourth quarter 2011, primarily
    reflecting higher revenue from Aladdin mandates more than offset by the
    run off of revenues associated with a lower level of advisory assets and
    lower one-time revenue from advisory assignments.
  *Other revenue  increased $24 million, largely reflecting higher earnings
    from certain operating advisory company investments.

Fourth quarter 2012 total operating expenses of $1.5 billion increased $115
million from fourth quarter 2011. Fourth quarter 2012 and fourth quarter 2011
operating expenses included the previously mentioned one-time $30 million
contribution to STIFs and $32 million of restructuring charges, respectively.
Operating expenses, as adjusted, of $1.5 billion increased $112 million from
fourth quarter 2011. Results were primarily driven by the following:

  *Employee compensation and benefits  increased $74 million, primarily
    reflecting higher incentive compensation driven by higher operating
    income, including higher performance fees.
  *Direct fund expenses  increased $23 million primarily related to an
    increase in average iShares AUM where BlackRock pays certain non-advisory
    expenses of the funds.
  *General and administration expenses  increased $60 million, primarily due
    to the previously mentioned contribution to STIFs and higher marketing and
    promotional expenses in connection with the brand campaign, partially
    offset by lower occupancy and consulting costs.

Non-operating income (expense): Fourth quarter 2012 non-operating expense, net
of non-controlling interests, was $27 million compared with $21 million
non-operating expense in fourth quarter 2011. Fourth quarter 2012 included $21
million of net positive marks, primarily on distressed credit/mortgage fund
co-investments offset by $48 million of net interest expense. Net interest
expense increased $9 million from fourth quarter 2011, primarily due to
long-term debt issuances in May 2012.

Income tax expense: Income tax expense totaled $288 million and $232 million
for fourth quarter 2012 and 2011, respectively. The GAAP effective income tax
rate for the fourth quarter 2012 was 29.4% compared with 29.5% for the fourth
quarter 2011. The fourth quarter 2012 GAAP tax rate included $20 million of
non-cash benefits primarily associated with revaluation of certain deferred
tax liabilities, which have been excluded from the as adjusted results. The
fourth quarter 2011 GAAP tax rate included $20 million of non-cash benefits
associated with revaluation of certain deferred tax liabilities primarily due
to tax legislation enacted in Japan, which have been excluded from the as
adjusted results. The as adjusted effective income tax rate was 31.4% and
32.0% for fourth quarter 2012 and 2011, respectively.

See notes (a) through (f) in Attachment I for more information on as adjusted
items and the reconciliation to GAAP.

                     Comparison to the Third Quarter 2012

Operating income: Fourth quarter 2012 operating income was $1.0 billion
compared with $875 million in third quarter 2012. Fourth quarter 2012
operating income included the previously mentioned one-time $30 million
contribution to STIFs. Operating income, as adjusted, was $1.0 billion
compared with $876 million in third quarter 2012.

Fourth quarter 2012 revenue increased $219 million from third quarter 2012,
primarily due to the following:

  *Investment advisory, administration fees and securities lending revenue of
    $2.1 billion in fourth quarter 2012 increased $57 million from third
    quarter 2012, driven by higher long-term average AUM, partially offset by
    lower securities lending fees. Securities lending fees were $113 million
    in fourth quarter 2012 compared with $129 million in third quarter 2012.
  *Performance fees increased $136 million to $239 million in fourth quarter
    2012 from $103 million in third quarter 2012. The current quarter
    reflected fees from a disposition-related opportunistic fund and higher
    performance fees from products with performance measurement periods ending
    on December 31^st.
  *BlackRock Solutions and advisory revenue of $136 million in fourth quarter
    2012 increased from $128 million in third quarter 2012 driven by higher
    one-time revenue from advisory assignments and higher revenue from Aladdin
    mandates.
  *Other revenue  increased $24 million, largely reflecting higher earnings
    from certain operating advisory company investments.

Fourth quarter 2012 total operating expenses of $1.5 billion increased $89
million from third quarter 2012. Fourth quarter 2012 operating expenses
included the previously mentioned contribution related to STIFs. Operating
expenses, as adjusted, of $1.5 billion increased $54 million from third
quarter 2012. Results were primarily driven by the following:

  *Employee compensation and benefits increased $20 million, primarily
    reflecting higher incentive compensation driven by higher operating
    income.
  *Distribution and servicing costs  decreased $12 million, driven by lower
    distribution costs.
  *Direct fund expenses  increased $7 million, primarily related to an
    increase in average iShares AUM where BlackRock pays certain non-advisory
    expenses of the funds.
  *General and administration expenses increased $74 million, primarily due
    to the one-time $30 million contribution to STIFs, higher marketing and
    promotional expenses in connection with the brand campaign, and higher
    professional fees. The increase was partially offset by the non-recurrence
    of closed-end fund launch costs of $22 million recorded in third quarter
    2012.

Non-operating income (expense): Fourth quarter 2012 non-operating expense, net
of non-controlling interests, was $27 million compared with $17 million
non-operating income in third quarter 2012. Fourth quarter 2012 included $21
million of net positive marks offset by $48 million of net interest expense.
The fourth quarter 2012 reflected lower positive marks on distressed
credit/mortgage funds than third quarter 2012 and negative marks on private
equity fund co-investments compared with positive marks in the prior quarter.

Income tax expense: Income tax expense of $288 million for fourth quarter 2012
increased $38 million from third quarter 2012. The GAAP effective income tax
rate for the fourth quarter 2012 was 29.4% compared with 28.1% for third
quarter 2012. The fourth quarter 2012 GAAP tax rate included $20 million of
non-cash benefits primarily associated with revaluation of certain deferred
tax liabilities, which have been excluded from the as adjusted results. The
third quarter 2012 GAAP tax rate included a $30 million net non-cash benefit,
related to revaluation of certain deferred income tax liabilities, including
tax legislation enacted in the United Kingdom and the state and local income
tax effect resulting from changes in the Company’s organizational structure.
The as adjusted effective income tax rate was 31.4% for both fourth quarter
2012 and third quarter 2012.

See notes (a) through (f) in Attachment I for more information on as adjusted
items and the reconciliation to GAAP.

Teleconference, Webcast and Presentation Information

Chairman and Chief Executive Officer, Laurence D. Fink, and Chief Financial
Officer, Ann Marie Petach, will host a teleconference call for investors and
analysts on Thursday, January 17, 2013, at 9:00 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 9:00 a.m. and reference the BlackRock
Conference Call (ID Number 85687431). 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 12:30 p.m.
Eastern Time on Thursday, January 17, 2013 and ending at midnight on Thursday,
January 31, 2013. 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 85687431.
To access the webcast, please visit the investor relations section of
www.blackrock.com.

Performance Notes

Past performance is not indicative of future results. The performance
information shown is based on preliminarily available data. The performance
information for actively managed accounts reflects U.S. open-end and
closed-end mutual funds and similar EMEA-based products with respect to peer
median comparisons, and actively managed institutional and high net worth
separate accounts and funds located globally with respect to benchmark
comparisons, as determined using objectively based internal parameters, using
the most current verified information available as of December 31, 2012
(November 30, 2012 for high net worth accounts).

Accounts terminated prior to December 31, 2012 are not included. In addition,
accounts that have not been verified as of January 11, 2013 have not been
included. If such terminated and other accounts had been included, the
performance information may have substantially differed from that shown. The
performance information does not include funds or accounts that are not
measured against a benchmark, any benchmark-based alternatives product,
private equity products, CDOs, or accounts managed by BlackRock’s Financial
Markets Advisory Group. Comparisons are based on gross-of-fee performance for
U.S. retail, institutional and high net worth separate accounts and EMEA
institutional separate accounts and net-of-fee performance for EMEA based
retail products. The performance tracking information for institutional index
accounts is based on gross-of-fee performance as of December 31, 2012, and
includes all institutional accounts and all iShares funds globally using an
index strategy. AUM information is based on AUM for each account or fund in
the asset class shown without adjustment for overlapping management of the
same account or fund, as of December 31, 2012.

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. Fund performance reflects the reinvestment of dividends
and distributions, but does not reflect sales charges.

About BlackRock

BlackRock is a leader in investment management, risk management and advisory
services for institutional and retail clients worldwide. At December 31, 2012,
BlackRock’s AUM was $3.792 trillion. BlackRock offers products that span the
risk spectrum to meet clients’ needs, including active, enhanced and index
strategies across markets and asset classes. Products are offered in a variety
of structures including 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 through BlackRock Solutions^®. Headquartered
in New York City, as of December 31, 2012, the firm has approximately 10,500
employees in 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 at
www.blackrock.com.

Forward-looking Statements

This report, 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
report the following factors, among others, could cause actual results to
differ materially from forward-looking statements or historical performance:
(1)the introduction, withdrawal, success and timing of business initiatives
and strategies; (2)changes and volatility in political, economic or industry
conditions, the interest rate environment, foreign exchange rates or financial
and capital markets, which could result in changes in demand for products or
services or in the value of assets under management; (3)the relative and
absolute investment performance of BlackRock’s investment products; (4)the
impact of increased competition; (5)the impact of future acquisitions or
divestitures; (6)the unfavorable resolution of legal proceedings; (7)the
extent and timing of any share repurchases; (8)the impact, extent and timing
of technological changes and the adequacy of intellectual property and
information security protection; (9)the impact of legislative and regulatory
actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer
Protection Act, and regulatory, supervisory or enforcement actions of
government agencies relating to BlackRock or The PNC Financial Services Group,
Inc. (“PNC”); (10)terrorist activities, international hostilities and natural
disasters, which may adversely affect the general economy, domestic and local
financial and capital markets, specific industries or BlackRock; (11)the
ability to attract and retain highly talented professionals; (12)fluctuations
in the carrying value of BlackRock’s economic investments; (13)the impact of
changes to tax legislation, including income, payroll and transaction taxes,
and taxation on products or transactions, which could affect the value
proposition to clients and, generally, the tax position of 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
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 press release.

                                                              Attachment I
BlackRock, Inc.
Condensed Consolidated Statements of Income and Supplemental Information
(Dollar amounts in millions, except per share data)
(unaudited)
                                                                               
                   Three Months Ended              Three Months Ended
                   December 31,                    September 30,
                   2012            2011            $ Change       2012            $ Change
Revenue
Investment
advisory,
administration     $2,081          $1,863          $218           $2,024          $57
fees and
securities
lending revenue
Investment
advisory           239             147             92             103             136
performance fees
BlackRock
Solutions and      136             149             (13        )   128             8
advisory
Distribution       13              22              (9         )   19              (6       )
fees
Other revenue      70             46             24            46             24       
Total revenue      2,539          2,227          312           2,320          219      
                                                                                  
Expenses
Employee
compensation and   848             774             74             828             20
benefits
Distribution and   82              87              (5         )   94              (12      )
servicing costs
Amortization of
deferred sales     12              18              (6         )   13              (1       )
commissions
Direct fund        151             128             23             144             7
expenses
General and        401             341             60             327             74
administration
Restructuring      -               32              (32        )   -               -
charges
Amortization of
intangible         40             39             1             39             1        
assets
Total expenses     1,534          1,419          115           1,445          89       
                                                                                  
Operating income   1,005           808             197            875             130
                                                                                  
Non-operating
income (expense)
Net gain (loss)    20              28              (8         )   75              (55      )
on investments
Net gain (loss)
on consolidated
variable           (39         )   18              (57        )   2               (41      )
interest
entities
Interest and       9               9               -              10              (1       )
dividend income
Interest expense   (57         )   (48         )   (9         )   (57         )   -        
Total
non-operating      (67         )   7              (74        )   30             (97      )
income (expense)
                                                                                  
Income before      938             815             123            905             33
income taxes
Income tax         288            232            56            250            38       
expense
Net income         650             583             67             655             (5       )
Less:
Net income
(loss)
attributable to    (40         )   28             (68        )   13             (53      )
non-controlling
interests
Net income
attributable to    $690           $555           $135          $642           $48      
BlackRock, Inc.
                                                                                  
Weighted-average
common shares
outstanding (f)
Basic              171,518,278     178,562,187     (7,043,909 )   172,359,141     (840,863 )
Diluted            175,176,037     181,987,669     (6,811,632 )   175,450,532     (274,495 )
Earnings per
share
attributable to
BlackRock, Inc.
common
stockholders (e)
(f)
Basic              $4.02           $3.10           $0.92          $3.72           $0.30
Diluted            $3.93           $3.05           $0.88          $3.65           $0.28
Cash dividends
declared and       $1.50           $1.375          $0.125         $1.50           $-
paid per share
Supplemental
information:
AUM (end of        $3,791,588      $3,512,681      $278,907       $3,673,274      $118,314
period)
Shares
outstanding (end   171,215,729     178,309,109     (7,093,380 )   172,037,373     (821,644 )
of period)
GAAP:
Operating margin   39.6        %   36.3        %   330 bps        37.7        %   190 bps
Effective tax      29.4        %   29.5        %   (10) bps       28.1        %   130 bps
rate
As adjusted:
Operating income   $1,041          $841            $200           $876            $165
(a)
Operating margin   42.6        %   40.0        %   260 bps        40.7        %   190 bps
(a)
Non-operating
income
(expense), less
net income         ($27        )   ($21        )   ($6        )   $13             ($40     )
(loss)
attributable to
non-controlling
interests (b)
Net income
attributable to    $695            $558            $137           $610            $85
BlackRock, Inc.
(c) (d)
Diluted earnings
attributable to
BlackRock, Inc.
common             $3.96           $3.06           $0.90          $3.47           $0.49
stockholders per
share (c) (d)
(e) (f)
Effective tax      31.4        %   32.0        %   (60) bps       31.4        %   - bps
rate

BlackRock, Inc.
Condensed Consolidated Statements of Income and Supplemental Information
(Dollar amounts in millions, except per share data)
(unaudited)
                                                              
                                  Year Ended
                                  December 31,
                                  2012            2011            $ Change
Revenue
Investment advisory,
administration fees and           $8,072          $7,896          $176
securities lending revenue
Investment advisory performance   463             371             92
fees
BlackRock Solutions and           518             510             8
advisory
Distribution fees                 71              100             (29        )
Other revenue                     213            204            9          
Total revenue                     9,337          9,081          256        
                                                                  
Expenses
Employee compensation and         3,287           3,199           88
benefits
Distribution and servicing        364             386             (22        )
costs
Amortization of deferred sales    55              81              (26        )
commissions
Direct fund expenses              591             563             28
General and administration        1,359           1,415           (56        )
Restructuring charges             -               32              (32        )
Amortization of intangible        157            156            1          
assets
Total expenses                    5,813         5,832          (19        )
                                                                  
Operating income                  3,524           3,249           275
                                                                  
Non-operating income (expense)
Net gain (loss) on investments    163             46              117
Net gain (loss) on consolidated   (38         )   (18         )   (20        )
variable interest entities
Interest and dividend income      36              34              2
Interest expense                  (215        )   (176        )   (39        )
Total non-operating income        (54         )   (114        )   60         
(expense)
                                                                  
Income before income taxes        3,470           3,135           335
Income tax expense                1,030          796            234        
Net income                        2,440           2,339           101
Less:
Net income (loss) attributable    (18         )   2              (20        )
to non-controlling interests
Net income attributable to        $2,458         $2,337         $121       
BlackRock, Inc.
                                                                  
Weighted-average common shares
outstanding (f)
Basic                             174,961,018     184,265,367     (9,304,349 )
Diluted                           178,017,679     187,116,410     (9,098,731 )
Earnings per share attributable
to BlackRock, Inc. common
stockholders (e) (f)
Basic                             $14.03          $12.56          $1.47
Diluted                           $13.79          $12.37          $1.42
Cash dividends declared and       $6.00           $5.50           $0.50
paid per share
Supplemental information:
AUM (end of period)               $3,791,588      $3,512,681      $278,907
Shares outstanding (end of        171,215,729     178,309,109     (7,093,380 )
period)
GAAP:
Operating margin                  37.7        %   35.8        %   190 bps
Effective tax rate                29.5        %   25.4        %   410 bps
As adjusted:
Operating income (a)              $3,574          $3,392          $182
Operating margin (a)              40.4        %   39.7        %   70 bps
Non-operating income (expense),
less net income (loss)            ($42        )   ($113       )   $71
attributable to non-controlling
interests (b)
Net income attributable to        $2,438          $2,239          $199
BlackRock, Inc. (c) (d)
Diluted earnings attributable
to BlackRock, Inc. common         $13.68          $11.85          $1.83
stockholders per share (c) (d)
(e) (f)
Effective tax rate                31.0        %   31.7        %   (70) bps

BlackRock, Inc.
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 basis 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 Company's condensed
consolidated statements of income as follows:

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

Operating income, as adjusted, equals operating income, GAAP basis, excluding
certain items management deems non-recurring, or transactions that ultimately
will not impact BlackRock’s book value, as indicated in the table below.
Operating income used for operating margin measurement equals operating
income, as adjusted, excluding the impact of closed-end fund launch costs and
commissions. Operating margin, as adjusted, equals operating income used for
operating margin measurement, divided by revenue used for operating margin
measurement, as indicated in the table below.

                            Three Months Ended               Year Ended
                             December 31,     September 30,   December 31,
(Dollar amounts in           2012    2011     2012            2012    2011
millions)
Operating income, GAAP       $1,005   $808     $875            $3,524   $3,249
basis
Non-GAAP expense
adjustments:
U.K. lease exit costs        -        -        (8)             (8)      63
Contribution to STIFs        30       -        -               30       -
Restructuring charges        -        32       -               -        32
PNC LTIP funding             6        1        5               22       44
obligation
Merrill Lynch compensation   -        -        -               -        7
contribution
Compensation expense
related to appreciation      -        -        4               6        (3)
(depreciation) on deferred
compensation plans
Operating income, as         1,041    841      876             3,574    3,392
adjusted
Closed-end fund launch       -        7        22              22       26
costs
Closed-end fund launch       -        1        3               3        3
commissions
Operating income used for
operating margin             $1,041   $849     $901            $3,599   $3,421
measurement
                                                                        
Revenue, GAAP basis          $2,539   $2,227   $2,320          $9,337   $9,081
Non-GAAP adjustments:
Distribution and servicing   (82)     (87)     (94)            (364)    (386)
costs
Amortization of deferred     (12)     (18)     (13)            (55)     (81)
sales commissions
Revenue used for operating   $2,445   $2,122   $2,213          $8,918   $8,614
margin measurement
                                                                        
Operating margin, GAAP       39.6%    36.3%    37.7%           37.7%    35.8%
basis
Operating margin, as         42.6%    40.0%    40.7%           40.4%    39.7%
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.

BlackRock, Inc.
Notes to Condensed Consolidated Statements of Income and Supplemental
Information
(unaudited)
(continued)

(a) (continued)

Operating income, as adjusted:

Operating income, as adjusted reflects the non-GAAP expense adjustments
discussed below. Contribution to STIFs represents a contribution to certain of
the Company’s bank-managed STIFs. U.K. lease exit costs represent costs to
exit two locations in London in third quarter 2011. The amount in third
quarter 2012 represents an adjustment related to the estimated costs initially
recorded in third quarter 2011. Restructuring charges consist of compensation
costs and professional fees.

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 and a Merrill Lynch & Co., Inc.
("Merrill Lynch") cash compensation contribution, has been excluded because it
ultimately does not impact BlackRock’s book value. The expense related to the
Merrill Lynch cash compensation contribution ceased at the end of third
quarter 2011. As of first quarter 2012, all of the Merrill Lynch contributions
had been received.

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 non-operating 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:

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 commissions. Management believes the exclusion of such costs and
commissions is useful because these costs can fluctuate considerably and
revenues associated with the expenditure of these costs will not fully impact
BlackRock’s results until future periods.

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 non-operating income (expense). Examples of
such adjustments include the contribution to STIFs, U.K. lease exit costs,
restructuring charges, closed-end fund launch costs, commissions paid to
certain employees as compensation and fluctuations in compensation expense
based on mark-to-market movements in investments held to fund certain
compensation plans. 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 revenues and expenses.

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 earned by the Company. 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 revenues.

BlackRock, Inc.
Notes to Condensed Consolidated Statements of Income and Supplemental
Information
(unaudited)
(continued)

(b) Non-operating income (expense), less net income (loss) attributable to
non-controlling interests, as adjusted:

Non-operating income (expense), less net income (loss) attributable to
non-controlling interests (“NCI”), as adjusted, is presented below. The
compensation expense offset is recorded in operating income. This compensation
expense has been included in non-operating 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 non-operating income (expense),
GAAP basis.

                               Three Months Ended             Year Ended
                                December 31,   September 30,   December 31,
(Dollar amounts in millions)    2012   2011    2012            2012   2011
                                                                        
Non-operating income            ($67)   $7      $30             ($54)   ($114)
(expense), GAAP basis
Less: Net income (loss)         (40)    28      13              (18)    2
attributable to NCI
Non-operating income            (27)    (21)    17              (36)    (116)
(expense)^(1)
Compensation expense related
to (appreciation)               -       -       (4)             (6)     3
depreciation on deferred
compensation plans
Non-operating income
(expense), less net income      ($27)   ($21)   $13             ($42)   ($113)
(loss) attributable to NCI,
as adjusted


^(1) Net of net income (loss) attributable to NCI.

Management believes non-operating income (expense), less net income (loss)
attributable to NCI, as adjusted, provides comparability of this information
among reporting periods and is an effective measure for reviewing BlackRock’s
non-operating contribution to its 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 non-operating income (expense), less net income (loss)
attributable to NCI, as adjusted, provides a useful measure, for both
management and investors, of BlackRock’s non-operating results that impact
book value.

BlackRock, Inc.
Notes to Condensed Consolidated Statements of Income and Supplemental
Information
(unaudited)
(continued)

(c) 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 non-recurring items, charges that
ultimately will not impact BlackRock’s book value or certain tax items that do
not impact cash flow.

                  Three Months Ended                       Year Ended
                   December 31,               September     December 31,
                                               30,
(Dollar amounts
in millions,       2012         2011          2012          2012         2011
except per share
data)
Net income
attributable to    $690          $555          $642          $2,458        $2,337
BlackRock, Inc.,
GAAP basis
Non-GAAP
adjustments, net
of tax:^(d)
U.K. lease exit    -             -             (5)           (5)           43
costs
Contribution to    21            -             -             21            -
STIFs
Restructuring      -             22            -             -             22
charges
PNC LTIP funding   4             1             3             14            30
obligation
Merrill Lynch
compensation       -             -             -             -             5
contribution
Income tax         (20)          (20)          (30)          (50)          (198)
changes
Net income
attributable to    $695          $558          $610          $2,438        $2,239
BlackRock, Inc.,
as adjusted
                                                                           
Allocation of
net income, as
adjusted, to       $694          $557          $609          $2,435        $2,218
common
shares^(e)
Diluted
weighted-average   175,176,037   181,987,669   175,450,532   178,017,679   187,116,410
common shares
outstanding^(f)
                                                                           
Diluted earnings
per common         $3.93         $3.05         $3.65         $13.79        $12.37
share, GAAP
basis^(f)
Diluted earnings
per common         $3.96         $3.06         $3.47         $13.68        $11.85
share, as
adjusted^(f)

See note (a) Operating income, as adjusted, and operating margin, as adjusted,
for information on contribution to STIFs, U.K. lease exit costs, restructuring
charges, PNC LTIP funding obligation and Merrill Lynch compensation
contribution.

During the year ended December 31, 2012, income tax changes included
adjustments related to the revaluation of certain deferred income tax
liabilities due to tax legislation enacted in the United Kingdom and the state
and local income tax effect resulting from changes in the Company’s
organizational structure. During the quarter and year ended December 31, 2011,
income tax changes included adjustments related to the revaluation of certain
deferred income tax liabilities due to a state tax election and enacted U.K.,
Japan, U.S. state and local tax legislation. The resulting decrease in income
taxes has been excluded from net income attributable to BlackRock, Inc., as
adjusted, as these items do not have a cash flow impact and to ensure
comparability among periods presented.

(d) For the years ended December 31, 2012 and 2011, non-GAAP adjustments were
tax effected at 31.4% and 31.8%, respectively, reflecting a blended rate
applicable to the adjustments. BlackRock’s tax rates in fourth quarter 2012
and 2011 included the impact of changes in the fourth quarter to the
respective full year blended rates applicable to the adjustments.

(e) Amounts exclude net income attributable to participating securities (see
below).

(f) Non-voting participating preferred shares are considered to be common
stock equivalents for purposes of determining basic and diluted earnings per
share calculations. In addition, certain unvested restricted stock units are
not included in this number as they are deemed participating securities in
accordance with required provisions of Accounting Standards Codification
(“ASC”) 260-10, Earnings per Share. Average outstanding participating
securities were 0.2million for the quarters ended December 31, 2012 and 2011
and September 30, 2012. For the year ended December 31, 2012 and 2011, average
outstanding participating securities were 0.2 million and 1.8 million,
respectively.

Attachment II
BlackRock, Inc.
Summary of Revenues
(Dollar amounts in millions)
(unaudited)

                                                                               
                 Three Months        Three Months Ended            Year Ended
                 Ended
                 December 31,        September 30,                 December 31,
                 2012      2011      $Change  2012     $Change   2012      2011      $
                                                                                       Change
                                                                                       
Investment
advisory,
administration
fees and
securities
lending
revenue
Equity:
Active           $ 440     $ 437     $  3      $ 431     $  9      $ 1,753   $ 1,967   $ (214)
iShares            515       430        85       486        29       1,941     1,847     94
Fixed income:
Active             317       278        39       301        16       1,182     1,104     78
iShares            120       88         32       116        4        441       317       124
Multi-asset        239       220        19       239        -        957       894       63
class
Alternatives:
Core               130       133        (3)      130        -        525       557       (32)
Currency and      34       32        2       31        3       131      136      (5)
commodities
Sub-total          1,795     1,618      177      1,734      61       6,930     6,822     108
Non-ETF Index:
Equity             134       112        22       139        (5)      552       488       64
Fixed income      58       48        10      61        (3)     229      203      26
Sub-total         192      160       32      200       (8)     781      691      90
Non-ETF Index
Long-term          1,987     1,778      209      1,934      53       7,711     7,513     198
Cash              94       85        9       90        4       361      383      (22)
management
Total base         2,081     1,863      218      2,024      57       8,072     7,896     176
fees
                                                                                       
Investment
advisory
performance
fees:
Equity             49        64         (15)     17         32       88        145       (57)
Fixed income       19        18         1        13         6        48        35        13
Multi-asset        9         18         (9)      2          7        15        20        (5)
class
Alternatives      162      47        115     71        91      312      171      141
Total              239       147        92       103        136      463       371       92
                                                                                       
BlackRock
Solutions and      136       149        (13)     128        8        518       510       8
advisory
Distribution       13        22         (9)      19         (6)      71        100       (29)
fees
Other revenue     70       46        24      46        24      213      204      9
Total revenue    $ 2,539   $ 2,227   $  312    $ 2,320   $  219    $ 9,337   $ 9,081   $ 256
                                                                                       
NOTE: Certain prior period information has been reclassified to conform to current period
presentation.

Mix of Investment Advisory, Administration Fees and Securities Lending Revenue
(unaudited)
                                                                
                                               Three
                                               Months
                       Three Months Ended      Ended        Year Ended
                       December 31,            September    December 31,
                                               30,
                       2012         2011       2012         2012       2011
Equity:
Active                 21     %     22   %     21    %      22   %     25   %
iShares                25     %     23   %     24    %      23   %     23   %
Fixed income:
Active                 15     %     15   %     15    %      15   %     14   %
iShares                6      %     5    %     6     %      5    %     4    %
Multi-asset class      11     %     12   %     12    %      12   %     11   %
Alternatives:
Core                   6      %     7    %     6     %      7    %     7    %
Currency and           2      %     2    %     2     %      2    %     2    %
commodities
Sub-total              86     %     86   %     86    %      86   %     86   %
Non-ETF Index:
Equity                 6      %     6    %     7     %      7    %     6    %
Fixed income           3      %     3    %     3     %      3    %     3    %
Sub-total Non-ETF      9      %     9    %     10    %      10   %     9    %
Index
Long-term              95     %     95   %     96    %      96   %     95   %
Cash management        5      %     5    %     4     %      4    %     5    %
Total                  100    %     100  %     100   %      100  %     100  %
                                                                       
NOTE: Certain prior period information has been reclassified to conform to
current period presentation.

Attachment III
BlackRock, Inc.
Summary of Non-operating Income (Expense)
(Dollar amounts in millions)
(unaudited)
                                                                                                
                                                              Three
                                                              Months
                                Three Months                  Ended                 Year Ended
                                Ended
                                December 31,                  September             December 31,
                                                              30,
                                2012      2011      $         2012        $         2012       2011       $
                                                    Change                Change                          Change
Non-operating
income                          $ (67 )   $ 7       $ (74 )   $  30       $ (97 )   $ (54  )   $ (114 )   $ 60
(expense), GAAP
basis
Less: Net
income (loss)                    (40 )    28      (68 )     13       (53 )    (18  )    2        (20 )
attributable to
NCI
Non-operating
income                          $ (27 )   $ (21 )   $ (6  )   $  17      $ (44 )   $ (36  )   $ (116 )   $ 80  
(expense)^(1)
                                                                                                          
                                                                                                          
                  Estimated
                  economic                                    
                  investments   Three Months                  Three
                  at            Ended                         Months                Year Ended
                                                              Ended
                  December      December 31,                  September             December 31,
                  31,                                         30,
                  2012(2)       2012      2011      $         2012        $         2012       2011       $
                                                    Change                Change                          Change
Net gain (loss)
on
investments^(1)
Private equity    20-25    %    $ (1  )   $ 14      $ (15 )   $  20       $ (21 )   $ 36       $ 36       $ -
Real estate       10-15    %      5         3         2          5          -         14         10         4
Distressed
credit/mortgage   15-20    %      15        -         15         26         (11 )     69         (13  )     82
funds
Hedge
funds/funds of    10-15    %      3         (1  )     4          7          (4  )     20         (5   )     25
hedge funds
Other             30-35    %     (1  )    2       (3  )     2        (3  )    (2   )    1        (3  )
investments^(3)
Sub-total                         21        18        3          60         (39 )     137        29         108
Investments
related to
deferred                         -       -       -        4        (4  )    6        (3   )    9   
compensation
plans
Total net gain
(loss) on                         21        18        3          64         (43 )     143        26         117
investments^(1)
Interest and                      9         9         -          10         (1  )     36         34         2
dividend income
Interest                         (57 )    (48 )    (9  )     (57  )    -       (215 )    (176 )    (39 )
expense
Net interest                     (48 )    (39 )    (9  )     (47  )    (1  )    (179 )    (142 )    (37 )
expense
Total
non-operating                     (27 )     (21 )     (6  )      17         (44 )     (36  )     (116 )     80
income
(expense)^(1)
Compensation
expense related
to
(appreciation)                   -       -       -        (4   )    4       (6   )    3        (9  )
depreciation on
deferred
compensation
plans
Non-operating
income                          $ (27 )   $ (21 )   $ (6  )   $  13      $ (40 )   $ (42  )   $ (113 )   $ 71  
(expense), as
adjusted^(1)

^(1)  Net of net income (loss) attributable to NCI.
       Percentages represent estimated percentages of BlackRock's corporate
       economic investment portfolio as of December 31, 2012. Economic
       investment amounts at September 30, 2012 for private equity, real
^(2)   estate, distressed credit/mortgage funds, hedge funds/funds of hedge
       funds and other investments were $314 million, $118 million, $223
       million, $140 million and $282 million, respectively. See the 2012
       third quarter Form 10-Q for more information.
^(3)   Amounts include net gains (losses) related to equity, fixed income and
       commodity investments, and BlackRock's seed capital hedging program.

BlackRock, Inc.
Economic Tangible Assets
(Dollar amounts 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 non-controlling 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.

                                                 December 31,  December 31,
                                                   2012 (Est.)    2011
                                                                  
Total balance sheet assets                         $   200        $   180
Separate account assets and collateral held            (158  )        (140  )
under securities lending agreements
Consolidated VIEs/sponsored investment funds           (2    )        (2    )
Goodwill and intangible assets, net                   (30   )       (30   )
Economic tangible assets                           $   10        $   8     
                                                                  
                                                                  

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

Attachment IV
BlackRock, Inc.
Changes in Assets Under Management
(Dollar amounts in millions)
(unaudited)
Current Quarter Component Changes                                                                                            
                              Net                 Market                                              Variance vs.
                  September     subscriptions       appreciation       Foreign          December 31,    September 30,
                  30,
                  2012          (redemptions)^(1)   (depreciation)     exchange^(2)     2012            2012
Equity:
Active            $ 288,799     $    (5,442    )    $     4,254        $   (396     )   $ 287,215         (1        %)
iShares             491,534          30,075               12,332           707            534,648         9         %
Fixed income:
Active              652,780          (374      )          5,597            (1,672   )     656,331         1         %
iShares             187,771          4,462                150              469            192,852         3         %
Multi-asset         257,607          4,086                5,290            765            267,748         4         %
class
Alternatives:
Core                68,931           (970      )          471              (65      )     68,367          (1        %)
Currency and       44,494          276                (2,727   )      (615     )    41,428         (7        %)
commodities^(3)
Sub-total           1,991,916        32,113               25,367           (807     )     2,048,589       3         %
Non-ETF Index:
Equity              993,197          6,559                28,084           (4,202   )     1,023,638       3         %
Fixed income       393,260         8,313              8,825          (259     )    410,139        4         %
Sub-total          1,386,457       14,872             36,909         (4,461   )    1,433,777      3         %
Non-ETF Index
Long-term           3,378,373        46,985               62,276           (5,268   )     3,482,366       3         %     
Cash management    248,331         14,416             283            713          263,743        6         %
Sub-total           3,626,704        61,401               62,559           (4,555   )     3,746,109       3         %
Advisory^(4)       46,570          (646      )         (248     )      (197     )    45,479         (2        %)
Total AUM         $ 3,673,274   $    60,755        $     62,311      $   (4,752   )   $ 3,791,588      3         %
                                                                                                                                    
Year-over-Year Component Changes

                                Net                                    Market                                            Variance   Memorandum
                                                                                                                         vs.
                  December      subscriptions                          appreciation     Foreign         December 31,     December   Net subscriptions
                  31,                                                                                                    31,
                  2011          (redemptions)^(1)   Acquisitions^(5)   (depreciation)   exchange^(2)    2012             2011       (redemptions)^(1)(6)
Equity:
Active            $ 275,156     $    (18,111   )    $     -            $   28,550       $ 1,620         $ 287,215          4   %    $     (18,111    )
iShares             419,651          52,973               3,517            56,433         2,074           534,648          27  %          52,973
Fixed income:
Active              614,804          892                  -                40,524         111             656,331          7   %          892
iShares             153,802          28,785               3,026            6,325          914             192,852          25  %          28,785
Multi-asset         225,170          15,817               78               25,072         1,611           267,748          19  %          15,817
class
Alternatives:
Core                63,647           (3,922    )          6,166            2,266          210             68,367           7   %          (3,922     )
Currency and       41,301          (1,547    )         860            1,307        (493      )    41,428          -   %         (1,547     )
commodities^(3)
Sub-total           1,793,531        74,887               13,647           160,477        6,047           2,048,589        14  %          74,887
Non-ETF Index:
Equity              865,299          19,154               95               138,730        360             1,023,638        18  %          19,154
Fixed income       479,116         (96,506   )         -              20,991       6,538         410,139         (14 %)        13,694     
Sub-total          1,344,415       (77,352   )         95             159,721      6,898         1,433,777       7   %         32,848     
Non-ETF Index
Long-term           3,137,946        (2,465    )          13,742           320,198        12,945          3,482,366        11  %          107,735
Cash management    254,665         5,048              -              1,983        2,047         263,743         4   %         5,048      
Sub-total           3,392,611        2,583                13,742           322,181        14,992          3,746,109        10  %          112,783
Advisory^(4)       120,070         (74,540   )         -              (804     )    753           45,479          (62 %)        (74,540    )
Total AUM         $ 3,512,681   $    (71,957   )    $     13,742      $   321,377     $ 15,745       $ 3,791,588       8   %    $     38,243     

^(1)  Amounts ^ include distributions representing return of capital and
       return on investment to investors.
^(2)   Foreign exchange reflects the impact of converting non-U.S. dollar
       denominated AUM into U.S. dollars for reporting purposes.
^(3)   Amounts include commodity iShares.
^(4)   Advisory AUM represents long-term portfolio liquidation assignments.
       Amounts represent AUM acquired in the Swiss Re Private Equity Partners
^(5)   acquisition in September 2012 and Claymore Investments, Inc.
       acquisition in March 2012.
       Amounts exclude the effect of two single low-fee institutional index
^(6)   fixed income outflows of $36.0 billion and $74.2 billion in first
       quarter 2012 and third quarter 2012, respectively.

Contact:

BlackRock, Inc.
Media Relations:
Bobbie Collins  212-810-8155
or
Investor Relations:
Kristen Dickey 212-810-5572
 
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