Bond BlackStone 3.2% ( US09247XAN12 ) in USD

Issuer BlackStone
Market price refresh price now   99.34 %  ▲ 
Country  United States
ISIN code  US09247XAN12 ( in USD )
Interest rate 3.2% per year ( payment 2 times a year)
Maturity 15/03/2027



Prospectus brochure of the bond BlackRock US09247XAN12 en USD 3.2%, maturity 15/03/2027


Minimal amount 1 000 USD
Total amount 700 000 000 USD
Cusip 09247XAN1
Standard & Poor's ( S&P ) rating AA- ( High grade - Investment-grade )
Moody's rating Aa3 ( High grade - Investment-grade )
Next Coupon 15/03/2026 ( In 130 days )
Detailed description BlackRock is a global investment management corporation providing financial services to institutional and individual investors worldwide, encompassing a broad range of investment products and solutions including index funds, ETFs, and actively managed funds.

The Bond issued by BlackStone ( United States ) , in USD, with the ISIN code US09247XAN12, pays a coupon of 3.2% per year.
The coupons are paid 2 times per year and the Bond maturity is 15/03/2027

The Bond issued by BlackStone ( United States ) , in USD, with the ISIN code US09247XAN12, was rated Aa3 ( High grade - Investment-grade ) by Moody's credit rating agency.

The Bond issued by BlackStone ( United States ) , in USD, with the ISIN code US09247XAN12, was rated AA- ( High grade - Investment-grade ) by Standard & Poor's ( S&P ) credit rating agency.







Prospectus Supplement
424B2 1 d352413d424b2.htm PROSPECTUS SUPPLEMENT
Table of Contents
Filed Pursuant to Rule 424(B)(2)
Registration No. 333-213143

PROSPECTUS SUPPLEMENT
(To Prospectus dated February 3, 2017)

$700,000,000 3.200% Notes due 2027
The notes will bear interest at the rate of 3.200% per year, and mature on March 15, 2027.
Interest on the notes is payable semi-annually on March 15 and September 15 of each year, beginning on September 15, 2017.
The notes will be unsecured and unsubordinated obligations of BlackRock and will rank equal in right of payment with each other and with
all our other unsecured and unsubordinated indebtedness from time to time outstanding. We may redeem the notes, in whole or in part, at any time
at the redemption price described under "Description of the Notes--Optional Redemption of the Notes."
The notes will not be listed on any securities exchange. Currently, there is no public market for the notes.
Investing in our notes involves risks, including those described in the "Risk Factors" section beginning on
page S-7 of this prospectus supplement and the section entitled "Risk Factors" beginning on page 18 of our
Annual Report on Form 10-K for the year ended December 31, 2016, which is incorporated by reference into
this prospectus supplement.



Per Note

Total

Public Offering Price(1)

99.595%
$697,165,000
Underwriting Discount

0.450%
$
3,150,000
Proceeds, before Expenses, to BlackRock

99.145%
$694,015,000

(1)
Plus accrued interest, if any, from March 28, 2017.
Interest on the notes will accrue from March 28, 2017.


Neither the Securities and Exchange Commission ("SEC") nor any state securities commission has approved or disapproved of these
securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the
contrary is a criminal offense.
The underwriters expect to deliver the notes to purchasers in book-entry form only through the facilities of The Depository Trust Company
("DTC") and its participants, including Clearstream Banking, société anonyme ("Clearstream"), and Euroclear Bank, S.A./N.V. ("Euroclear"), on
or about March 28, 2017.



BofA Merrill Lynch

J.P. Morgan

Morgan Stanley
Deutsche Bank Securities

Wells Fargo Securities



Barclays

BNP PARIBAS

Citigroup
Credit Suisse

Goldman, Sachs & Co.

HSBC
Mizuho Securities


MUFG
RBC Capital Markets


UBS Investment Bank



NatWest Markets

SOCIETE GENERALE



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Prospectus Supplement
Cabrera Capital Markets, LLC

CastleOak Securities, L.P.

Loop Capital Markets
Mischler Financial Group, Inc.

The Williams Capital Group, L.P.
Prospectus Supplement dated March 21, 2017
Table of Contents
TABLE OF CONTENTS
Prospectus Supplement


Page
About This Prospectus Supplement
S-ii
Special Note Regarding Forward Looking Statements
S-iii
Prospectus Summary
S-1
Risk Factors
S-7
Selected Consolidated Historical Financial Data
S-8
Use of Proceeds
S-10
Ratio of Earnings to Fixed Charges
S-10
Capitalization
S-11
Description of the Notes
S-12
U.S. Federal Income Tax Considerations to Non-U.S. Holders
S-17
Underwriting (Conflicts of Interest)
S-20
Validity of the Notes
S-26
Experts
S-26
Where You Can Find More Information
S-26
Prospectus

About This Prospectus
1
BlackRock
1
Risk Factors
1
Special Note Regarding Forward Looking Statements
2
Where You Can Find More Information
2
Use of Proceeds
3
Ratio of Earnings to Fixed Charges
4
Description of Debt Securities
4
Description of Capital Stock
12
Description of Warrants
18
Description of Subscription Rights
19
Certain ERISA Considerations
20
Plan of Distribution
20
Legal Matters
23
Experts
24


S-i
Table of Contents
ABOUT THIS PROSPECTUS SUPPLEMENT
When used in this prospectus supplement, the terms "BlackRock," "Company," "we," "our" and "us" refer to BlackRock, Inc. and its
subsidiaries, unless otherwise specified.
This document is in two parts. The first part is this prospectus supplement, which contains specific information about us and the terms on
which we are offering and issuing notes. The second part is the accompanying prospectus dated February 3, 2017, which contains and incorporates
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Prospectus Supplement
by reference important business and financial information about us and other information about the offering.
This prospectus supplement and the accompanying prospectus are part of a registration statement that we filed with the SEC using a "shelf"
registration process. Under this shelf process, we may, from time to time, sell notes in one or more offerings. This prospectus supplement also
adds to, updates and changes information contained in the accompanying prospectus. You should read both this prospectus supplement and the
accompanying prospectus as well as additional information described under "Where You Can Find More Information" beginning on page 2 of the
accompanying prospectus before investing in our notes. Generally, when we refer to the prospectus, we are referring to both parts of this document
combined together with additional information described under "Where You Can Find More Information" on page S-26.
Before you invest in our notes, you also should carefully read the registration statement (including the exhibits thereto) of which this
prospectus supplement and the accompanying prospectus form a part, this prospectus supplement, the accompanying prospectus and the documents
incorporated by reference herein and therein.
We are responsible for the information contained in or incorporated by reference into this prospectus supplement and the accompanying
prospectus or in any free writing prospectus. Neither we nor any of the underwriters have authorized anyone to provide you with different
information. We are not, and the underwriters are not, making an offer to sell our notes in any jurisdiction where the offer or sale is not permitted.
You should assume that the information appearing in this prospectus supplement, the accompanying prospectus and the documents incorporated by
reference herein or therein is accurate only as of their respective dates. Our business, financial condition, results of operations and prospects may
have changed since those dates.

S-ii
Table of Contents
SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS
This prospectus supplement and the accompanying prospectus, including the documents incorporated by reference herein and therein, 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 SEC reports and those identified elsewhere in this prospectus supplement, 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 ("AUM"); (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, 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"); (11) changes in law and policy accompanying the new administration 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 BlackRock; (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 BlackRock; (18) any disruption to the operations of third parties whose functions are integral to BlackRock's
exchange-traded fund ("ETF") 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.

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Prospectus Supplement
S-iii
Table of Contents
PROSPECTUS SUMMARY
The following summary is qualified in its entirety by the more detailed information included elsewhere or incorporated by reference into
this prospectus supplement or the accompanying prospectus. Because this is a summary, it may not contain all the information that is
important to you. You should read this entire prospectus supplement and the accompanying prospectus, including the information
incorporated by reference herein and therein, before making an investment decision.
BLACKROCK
Overview
BlackRock, Inc. (NYSE: BLK) is a leading publicly traded investment management firm with $5.1 trillion of AUM at December 31,
2016. With employees in more than 30 countries who serve clients in over 100 countries across the globe, BlackRock provides a broad range
of investment and risk management services to institutional and retail clients worldwide.
Our diverse platform of active (alpha) and index (beta) investment strategies across asset classes enables us to tailor investment
outcomes and asset allocation solutions for clients. Our product offerings include single- and multi-asset portfolios investing in equities, fixed
income, alternatives and money market instruments. Products are offered directly and through intermediaries in a variety of vehicles, including
open-end and closed-end mutual funds, iShares® ETFs, separate accounts, collective investment funds and other pooled investment vehicles.
We also offer our BlackRock Solutions® investment and risk management technology platform, Aladdin®, risk analytics, advisory and
technology services and solutions to a broad base of institutional and wealth management investors. The Company is highly regulated and
serves its clients as a fiduciary.
BlackRock serves a diverse mix of institutional and retail clients across the globe. Clients include tax-exempt institutions, such as
defined benefit and defined contribution pension plans, charities, foundations and endowments; official institutions, such as central banks,
sovereign wealth funds, supranationals and other government entities; taxable institutions, including insurance companies, financial
institutions, corporations and third-party fund sponsors, and retail investors.
BlackRock is structured to ensure that strong investment performance is our highest priority, and that we best align with our clients'
needs to capitalize on broader industry trends. Furthermore, our structure facilitates strong teamwork globally across both functions and
regions in order to enhance our ability to leverage best practices to serve our clients and continue to develop our talent. Specifically, our
investment functions are split into distinct strategies: Active Equity and Fixed Income, Beta, Multi-Asset, Alternatives and Trading/Liquidity.
Business Description
Retail
BlackRock serves retail investors globally through a wide array of vehicles across the active and passive spectrum, including separate
accounts, open-end and closed-end funds, unit trusts and private investment funds. Retail investors are served principally through
intermediaries, including broker-dealers, banks, trust companies, insurance companies and independent financial advisors.
At December 31, 2016, long-term assets managed for retail investors totaled $542.0 billion, or 12% of long-term AUM and 34% of
long-term base fees. At that date, our Retail product mix included 36% of long-term


S-1
Table of Contents
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Prospectus Supplement
AUM in equities, 41% in fixed income, 20% in multi-asset class and 3% in alternatives, primarily invested in actively managed products. The
retail client base is diversified geographically, with 71% of long-term AUM managed for investors based in the Americas, 23% in EMEA and
6% in Asia-Pacific at year-end 2016.
iShares
iShares is the leading ETF provider in the world, with $1.3 trillion of AUM at December 31, 2016 or 27% of long-term AUM and 36%
of long-term base fees. Our broad iShares product range offers investors a precise, transparent and efficient way to tap market returns and gain
access to a full range of asset classes and global markets that have been difficult for many investors to access, as well as the liquidity required
to make adjustments to their exposures quickly and cost-efficiently.
Institutional
BlackRock's institutional AUM is well diversified by both product and region, and we serve institutional investors on six continents in
sub-categories including: pensions, endowments and foundations, official institutions, and financial institutions.
Long-term assets managed for institutional investors totaled $2.912 trillion, or 61% of total long-term AUM and 30% of long-term base
fees at December 31, 2016. BlackRock's institutional AUM is diversified by product with 52% of long-term AUM in equities, 35% in fixed
income, 10% in multi-asset class and 3% in alternatives. Institutional AUM is further diversified by investment style, with 35% of client
assets in active strategies and 65% of client assets in index strategies.
BlackRock Solutions
BlackRock Solutions ("BRS") offers investment management technology systems, risk management services and advisory services on a
fee basis to clients, including banks, insurance companies, official institutions, pension funds, asset managers, retail distributors and other
investors across North America, South America, Europe, Asia and Australia.
Aladdin is BlackRock's proprietary technology platform, which serves as the investment and risk management system for both
BlackRock and a growing number of sophisticated institutional investors around the world. BRS also offers comprehensive risk reporting
capabilities via the Aladdin Risk offering; middle and back office outsourcing services; and investment accounting.
The Financial Markets Advisory group within BRS advises global financial institutions, regulators, and government entities across a
range of risk, regulatory, capital markets and strategic services. BRS also offers a number of wealth management technology tools offering
digital advice, portfolio construction capabilities and risk analytics for distributors including FutureAdvisor, a digital wealth management
platform that provides financial institutions with technology enabled advice capabilities to improve their clients' investment experience,
Aladdin Portfolio Builder, which provides financial advisors with portfolio construction tools, and Aladdin Risk for Wealth Management,
which provides intermediary partners with institutional-quality portfolio construction, modeling and risk analytics capabilities.
Cash Management and Securities Lending
BlackRock offers a variety of cash management mandates to clients around the world. Cash management products include taxable and
tax-exempt money market funds and customized separate accounts. Portfolios are denominated in U.S. dollars, Canadian dollars, Australian
dollars, Euros, Swiss Francs or British pounds. All BlackRock U.S. money market funds were brought into full compliance with new
regulatory requirements in


S-2
Table of Contents
advance of the October 2016 implementation date. We actively repurposed and streamlined our U.S. product lineup to meet the new
requirements and will continue to adapt our fund offerings to meet the needs of our clients. In Europe, we continue to be a market leader
highlighted by our implementation of the reverse distribution mechanism in our euro funds when faced with negative rates. Cash management
AUM was $403.6 billion at December 31, 2016.
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Prospectus Supplement
Securities lending is managed by a dedicated team, supported by quantitative analysis, proprietary technology and disciplined risk
management. BlackRock receives both cash (primarily for U.S. domiciled portfolios) and noncash collateral under securities lending
arrangements. The cash management team invests the cash we receive as collateral for securities on loan in other portfolios. Fees for
securities lending for U.S. domiciled portfolios can be structured as a share of earnings, or as a management fee based on a percentage of the
value of the cash collateral or both. The value of the securities on loan and the revenue earned are captured in the corresponding asset class
being managed. The value of the collateral is not included in AUM.


S-3
Table of Contents
Ownership
BlackRock is an independent, publicly traded company, with no single majority shareholder and a majority of independent directors on
its Board of Directors. At December 31, 2016, PNC owned approximately 21.3% of BlackRock's voting common shares outstanding and
approximately 22.0% of the total capital stock, which includes both common stock and all of our outstanding nonvoting preferred stock.
AUM by Product Type



December 31,

(in millions)

2016

2015

Equity

$2,657,176
$ 2,423,772
Fixed income

1,572,365
1,422,368
Multi-asset


395,007

376,336
Alternatives


116,938

112,839








Long-term

4,741,486
4,335,315
Cash management


403,584

299,884
Advisory


2,782

10,213








Total

$5,147,852
$ 4,645,412








Our principal office is located at 55 East 52nd Street, New York, New York 10055. Our telephone number is (212) 810-5300.


S-4
Table of Contents
The Offering

Issuer
BlackRock, Inc.

Securities Offered
$700,000,000 aggregate principal amount of 3.200% Notes due 2027.

Maturity Date
March 15, 2027.

Interest Rate
3.200% per year.

Interest Payment Dates
March 15 and September 15 of each year, beginning September 15, 2017.
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Prospectus Supplement

Redemption of the Notes
The notes may be redeemed prior to maturity in whole or in part at any time, at our
option, at a "make-whole" redemption price. In the case of any such redemption, we
will also pay accrued and unpaid interest, if any, to the redemption date. For more
detailed information on the calculation of the redemption price, see "Description of the
Notes--Optional Redemption of the Notes."

Ranking
The notes will be our unsecured and unsubordinated obligations and will rank equal in
right of payment with each other and with all our existing and future unsecured and
unsubordinated indebtedness. We are a holding company and, accordingly, substantially
all of our operations are conducted through our subsidiaries. As a result, our debt is
"structurally subordinated" to all existing and future debt, trade creditors and other
liabilities of our subsidiaries. Our rights, and the rights of our creditors, to participate in
any distribution of assets of any subsidiary upon its liquidation or reorganization or
otherwise would be subject to the prior claims of that subsidiary's creditors, except to
the extent that our claims as a creditor of such subsidiary may be recognized. As of
December 31, 2016, we had outstanding a principal amount of $4.938 billion of
unsecured long-term indebtedness and no short-term indebtedness.

Covenants
The indenture includes requirements that must be met if we consolidate or merge with,
or sell all or substantially all of our assets to, another entity.

Trustee
The Bank of New York Mellon.

Additional Notes
From time to time, without the consent of the holders of the notes, we may issue
additional debt securities having the same ranking and the same interest rate, maturity
and other terms (except for the issue date, public offering price, and, in some cases, the
first interest payment date and the initial interest accrual date) as the notes. Any such
additional debt securities will constitute a single series of debt securities under the
indenture with the previously issued notes.

Use of Proceeds
The net proceeds from this offering will be $694,015,000 after deducting the
underwriting discount and before deducting other


S-5
Table of Contents
estimated offering expenses payable by us. We intend to use the net proceeds from this
offering towards the redemption of our outstanding 6.25% Notes due 2017 and any

remaining proceeds for general corporate purposes. See "Use of Proceeds" in this
prospectus supplement.

Denominations and Form
The notes will be book entry only and registered in the name of a nominee of DTC.
Investors may elect to hold interests in the notes through Clearstream or Euroclear, as
operator of the Euroclear System, if they are participants in these systems, or indirectly
through organizations that are participants in these systems. The notes will be issued
only in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

Conflicts of Interest
To the extent that any of the underwriters or their affiliates own any of our 6.25% Notes
due 2017 and a portion of the net proceeds of this offering is used to fund the redemption
of those notes as described in "Use of Proceeds," such underwriters or affiliates would
receive a portion of those net proceeds. Because more than 5% of the net proceeds of
this offering, not including underwriters' discounts, may be received by affiliates of
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Prospectus Supplement
certain of the underwriters, to the extent any one underwriter, together with its affiliates,
receives more than 5% of the net proceeds, such underwriter would be considered to
have a "conflict of interest" with us in regard to this offering under Rule 5121 of the
Financial Industry Regulatory Authority, Inc. ("FINRA"). Pursuant to that rule, the
appointment of a qualified independent underwriter is not necessary in connection with
the offering because the offering is of a class of securities that are investment grade
rated. See "Underwriting (Conflicts of Interest)--Conflicts of Interest."

Risk Factors
Investing in the notes involves substantial risks. See "Risk Factors" beginning on page
S-7 of this prospectus supplement and the section entitled "Risk Factors" beginning on
page 18 of our Annual Report on Form 10-K for the year ended December 31, 2016,
which is incorporated by reference herein, for a description of certain risks that you
should consider before investing in the notes.


S-6
Table of Contents
RISK FACTORS
Any investment in our notes involves a high degree of risk. You should carefully consider the risks described below and all of the information
contained in this prospectus supplement and the accompanying prospectus before deciding whether to purchase our notes. In addition, you should
carefully consider, among other things, the matters discussed under "Risk Factors" in our Annual Report on Form 10-K for the year ended
December 31, 2016, and other documents that we subsequently file with the SEC, all of which are incorporated by reference into this prospectus
supplement. The risks and uncertainties described below and in our Annual Report on Form 10-K for the year ended December 31, 2016 are not
the only risks and uncertainties we face. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may
also impair our business operations. If any such risks actually occur, our business, financial condition and results of operations would suffer.
Risks Related to the Offering
Our indebtedness could limit cash flow available for our operations, could adversely affect our ability to service debt or obtain additional
financing if necessary, or reduce our flexibility in planning for, or reacting to, changes in the market.
As of December 31, 2016, we had outstanding an aggregate principal amount of $4.938 billion of unsecured long-term indebtedness. Our
indebtedness could limit our flexibility in planning for, or reacting to, changes in the market in which we compete. Although we believe we have
adequate sources of liquidity to meet our anticipated requirements for working capital, debt service, capital expenditures and cash dividend
payments, there can be no assurance that our cash flow from operations will be sufficient to service our debt, which may require us to borrow
additional funds for that purpose, restructure or otherwise refinance our debt.
The notes are obligations exclusively of BlackRock, Inc. and not of our subsidiaries and payment to holders of the notes will be structurally
subordinated to the claims of our subsidiaries' creditors.
The notes are not guaranteed by any of our subsidiaries. As a result, liabilities, including indebtedness or guarantees of indebtedness, of each
of our subsidiaries will rank effectively senior to the indebtedness represented by the notes, to the extent of such subsidiary's assets. In addition, the
indenture governing the notes does not restrict the future incurrence of liabilities or issuances of preferred stock, including unsecured indebtedness
or guarantees of indebtedness, by our subsidiaries.
The notes will be effectively junior to secured indebtedness that we may issue in the future.
The notes are unsecured. Holders of any secured debt that we may issue in the future may foreclose on the assets securing such debt,
reducing the cash flow from the foreclosed property available for payment of unsecured debt, including the notes. Holders of our secured debt also
would have priority over unsecured creditors in the event of our bankruptcy, liquidation or similar proceeding. As a result, the notes will be
effectively junior to any secured debt that we may issue in the future.
There is no public market for the notes, which could limit their market price or your ability to sell them.
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Prospectus Supplement
We can give no assurances concerning the liquidity of any market that may develop for the notes offered hereby, the ability of any investor to
sell the notes, or the price at which investors would be able to sell them. If a market for the notes does not develop, investors may be unable to
resell the notes for an extended period of time, if at all. If a market for the notes does develop, it may not continue or it may not be sufficiently
liquid to allow holders to resell any of the notes. Consequently, investors may not be able to liquidate their investment readily, and lenders may not
readily accept the notes as collateral for loans.

S-7
Table of Contents
SELECTED CONSOLIDATED HISTORICAL FINANCIAL DATA
The selected condensed consolidated historical income statement data for the years ended December 31, 2016, 2015 and 2014 and the
selected consolidated historical balance sheet data as of December 31, 2016, 2015 and 2014 presented below have been derived from our audited
consolidated financial statements. All financial data presented in this prospectus supplement has been prepared in accordance with United States
generally accepted accounting principles.
This information should be read in conjunction with our consolidated financial statements (including the related notes thereto) and the
disclosure under "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K
for the year ended December 31, 2016, which is incorporated by reference into this prospectus supplement.



2016

2015

2014

(in millions)

(audited)

Income statement data:



Revenue



Investment advisory, administrative fees, securities lending revenue and performance fees
$10,175 $10,461 $10,139
BlackRock Solutions and advisory

714
646
635
Distribution fees

41
55
70
Other revenue

225
239
237












Total revenue
11,155 11,401 11,081












Expense



Employee compensation and benefits
3,880 4,005 3,829
Distribution and servicing costs

429
409
364
Amortization of deferred sales commissions

34
48
56
Direct fund expense

766
767
748
General and administration
1,301 1,380 1,453
Restructuring charge

76
--
--
Amortization of intangible assets

99
128
157












Total expense
6,585 6,737 6,607












Operating income
4,570 4,664 4,474
Total nonoperating income (expense)

(110)
(62)
(79)












Income before income taxes
4,460 4,602 4,395
Income tax expense
1,290 1,250 1,131












Net income
3,170 3,352 3,264
Less: net income (loss) attributable to noncontrolling interests

(2)
7
(30)












Net income attributable to BlackRock, Inc.
$ 3,172 $ 3,345 $ 3,294













S-8
Table of Contents


December 31,



2016

2015

2014

(in millions)

(audited)

Balance sheet data:



Cash and cash equivalents

$
6,091
$
6,083
$
5,723
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Investments

$
1,595
$
1,578
$
1,921
Goodwill and intangible assets, net

$
30,481
$
30,495
$
30,305
Total assets(1)

$ 220,177
$ 225,261
$ 239,792
Long-term borrowings

$
4,915
$
4,930
$
4,922
Total liabilities(1)

$ 190,833
$ 196,217
$ 212,272


(unaudited)

Assets under management:



Total assets under management

$5,147,852
$4,645,412
$4,651,895

(1)
Includes separate account assets that are segregated funds held for purposes of funding individual and group pension contracts and collateral
held under securities lending agreements related to these assets that have equal and offsetting amounts recorded in liabilities and ultimately
do not impact BlackRock's stockholders' equity or cash flows.

S-9
Table of Contents
USE OF PROCEEDS
The net proceeds from this offering will be $694,015,000 after deducting the underwriting discount and before deducting other estimated
offering expenses payable by us. We intend to use the net proceeds from this offering towards the redemption of our outstanding 6.25% Notes due
2017 and any remaining proceeds for general corporate purposes.
RATIO OF EARNINGS TO FIXED CHARGES
The table below sets forth our unaudited ratios of earnings to fixed charges for the periods indicated.

Year ended December 31,
2016
2015
2014
2013
2012
18.3x
18.4x
18.0x
16.0x
13.9x

S-10
Table of Contents
CAPITALIZATION
The following table sets forth our consolidated capitalization as of December 31, 2016 (1) on a historical basis and (2) as adjusted to give
effect to this offering and the redemption of our outstanding 6.25% Notes due 2017. The information set forth below should be read in conjunction
with, and is qualified in its entirety by reference to, our consolidated financial statements and the related notes thereto contained in our Annual
Report on Form 10-K for the year ended December 31, 2016, which is incorporated by reference into this prospectus supplement.



December 31, 2016

(in millions, except shares data)

Actual
As Adjusted
Cash and cash equivalents

$ 6,091
$
6,084








Long-term borrowings:(1)


6.25% Notes due 2017


700

--
5.00% Notes due 2019


997

997
4.25% Notes due 2021


746

746
3.375% Notes due 2022


746

746
3.50% Notes due 2024


994

994
1.25% Notes due 2025


732

732
3.200% Notes due 2027 offered hereby


--

693








Total long-term borrowings

4,915

4,908
https://www.sec.gov/Archives/edgar/data/1364742/000119312517092204/d352413d424b2.htm[3/23/2017 12:15:32 PM]


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