Obligation BlackStone 1.375% ( US09247XAK72 ) en USD

BlackStone

100 % ⇌

Etas-Unis

US09247XAK72 ( en USD )

1.375% par an ( paiement semestriel )

01/06/2015 - Obligation échue

Prospectus brochure de l'obligation BlackRock US09247XAK72 en USD 1.375%, échue

2 000 USD

750 000 000 USD

09247XAK7

BlackRock est la plus grande société de gestion d'actifs au monde, offrant une gamme de services d'investissement à des clients institutionnels et particuliers, incluant la gestion de portefeuilles, l'échange de fonds négociés en bourse (ETF) et des solutions technologiques pour les marchés financiers.

L'Obligation émise par BlackStone ( Etas-Unis ) , en USD, avec le code ISIN US09247XAK72, paye un coupon de 1.375% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 01/06/2015

L'Obligation émise par BlackStone ( Etas-Unis ) , en USD, avec le code ISIN US09247XAK72, a été notée NR par l'agence de notation Moody's.

L'Obligation émise par BlackStone ( Etas-Unis ) , en USD, avec le code ISIN US09247XAK72, a été notée NR par l'agence de notation Standard & Poor's ( S&P ).

Final Prosectus Supplement
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424B2 1 d355475d424b2.htm FINAL PROSECTUS SUPPLEMENT
Table of Contents

Filed Pursuant to Rule 424(b)(2)
Registration Statement No 333-169328
CALCULATION OF REGISTRATION FEE

Proposed Maximum Proposed Maximum
Amount Of
Title of Each Class of Securities
Amount To be
Offering Price Per
Aggregate Offering
Registration
To Be Registered

Registered

Unit

Price

Fee
Debt Securities
$1,500,000,000
(1)
$1,495,155,000 $171,344.76 (2)

(1) The 1.375% Notes due 2015 have a maximum offering price of 99.885%. The 3.375% Notes due 2022 have a maximum offering
price of 99.469%.
(2) Calculated in accordance with Rule 457(r) of the Securities Act of 1933, as amended.
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PROSPECTUS SUPPLEMENT
(To Prospectus dated September 13, 2010)

$750,000,000 1.375% Notes due 2015
$750,000,000 3.375% Notes due 2022

The 2015 Notes will bear interest at the rate of 1.375% per year, and mature on June 1, 2015.
The 2022 Notes will bear interest at the rate of 3.375% per year, and mature on June 1, 2022.
Interest on the notes is payable on June 1 and December 1 of each year, beginning on December 1, 2012.
The notes will be unsecured and unsubordinated obligations of our company and will rank equal in right of payment with
each other and with all our other unsubordinated indebtedness from time to time outstanding.
Investing in our notes involves risks, including those described in the "Risk Factors" section
beginning on page S-9 of this prospectus supplement and the sections entitled "Risk Factors" beginning
on page 27 of our most recent Annual Report on Form 10-K for the year ended December 31, 2011 and
beginning on page 80 of our most recent Quarterly Report on Form 10-Q for the quarter ended
March 31, 2012, each of which is incorporated by reference into this prospectus supplement.

Per 2015 Note

Per 2022 Note

Total

Public Offering Price(1)

99.885%

99.469%

$1,495,155,000
Underwriting Discount

0.250%

0.450%

$
5,250,000
Proceeds, before expenses, to BlackRock

99.635%

99.019%

$1,489,905,000

(1)
Plus accrued interest, if any, from May 25, 2012
Interest on the notes will accrue from May 25, 2012.
Neither the Securities and Exchange Commission 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 on or about May 25, 2012, only in book-entry form through the
facilities of The Depository Trust Company and its participants, including Clearstream Banking, société anonyme, and Euroclear
Bank S.A./N.V.

Barclays

BofA Merrill Lynch

Credit Suisse

Deutsche Bank Securities
Morgan Stanley

UBS Investment Bank

Goldman, Sachs & Co.

HSBC

Mizuho Securities

RBS

CastleOak Securities, L.P.

Loop Capital Markets

Siebert Capital Markets

Ramirez & Co., Inc.

The Williams Capital Group, L.P.

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TABLE OF CONTENTS
Prospectus Supplement

Page
About This Prospectus Supplement
S-ii
Special Note Regarding Forward Looking Statements
S-iii
Prospectus Summary
S-1

The Offering
S-7

Risk Factors
S-9

Selected Consolidated Historical Financial Data
S-10
Use of Proceeds
S-12
Ratio of Earnings to Fixed Charges
S-12
Capitalization
S-13
Description of the Notes
S-14
Certain U.S. Federal Income Tax Consequences to Non-U.S. Holders
S-19
Underwriting
S-21
Conflicts of Interest
S-25
Validity of the Notes
S-26
Experts
S-26
Where You Can Find More Information
S-26
Information Incorporated by Reference
S-26
Prospectus

About This Prospectus
1

BlackRock
1

Risk Factors
2

Special Note Regarding Forward Looking Statements
2

Where You Can Find More Information
3

Use of Proceeds
4

Ratio of Earnings to Fixed Charges
4

Description of Debt Securities
4

Description of Capital Stock
13

Description of Warrants
19

Description of Subscription Rights
20

Description of Stock Purchase Contracts and Stock Purchase Units
20

Certain ERISA Considerations
21

Selling Stockholders
22

Legal Matters
22

Experts
22

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ABOUT THIS PROSPECTUS SUPPLEMENT
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 September 13, 2010,
which contains and incorporates 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
Securities and Exchange Commission ("SEC") using a shelf registration process. Under this shelf registration 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 "Information Incorporated by Reference" beginning on page S-26 of this prospectus
supplement before investing in our notes. Generally, when we refer to the prospectus, we are referring to both parts of this document
combined.
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.
Before you invest in our notes, you 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.

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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" or 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; (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, Barclays Bank PLC ("Barclays") or The PNC Financial Services Group, Inc. ("PNC"); (10) terrorist
activities, international hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial
and capital markets, specific industries or BlackRock; (11) the ability to attract and retain highly talented professionals;
(12) fluctuations in the carrying value of BlackRock's economic investments; (13) the impact of changes to tax legislation, including
income, payroll and transaction taxes, and taxation on products or transactions, which could affect the value proposition to clients
and, generally, the tax position of BlackRock; (14) BlackRock's success in maintaining the distribution of its products; (15) the impact
of BlackRock electing to provide support to its products from time to time and any 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.

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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. When used in this prospectus supplement, the terms "BlackRock," "Company," "we," "our" and "us"
refer to BlackRock, Inc. and its subsidiaries, unless otherwise specified.
BLACKROCK
General
BlackRock is the world's largest publicly-traded investment management firm with employees in 27 countries that serve
clients in over 100 countries across the globe. We provide a broad range of investment and risk management services and had
$3.684 trillion and $3.513 trillion of assets under management ("AUM") as of March 31, 2012 and December 31, 2011,
respectively. Our clients include taxable, tax-exempt and official institutions (including pension funds, endowments, insurance
companies, corporations, financial institutions, central banks and sovereign wealth funds) as well as retail investors and high net
worth individuals. The Company is highly regulated, serves its clients as a fiduciary and derives all of its revenues from client
business. We do not engage in proprietary trading or other activities that could conflict with the interests of our clients.
The December 2009 combination of BlackRock and Barclays Global Investors ("BGI") created a firm with unsurpassed
breadth of investment expertise and risk management capabilities across the global capital markets. Our unique platform enables
us to offer active (alpha) investments with index (beta) products and risk management to develop tailored solutions for clients.
Our product range includes single- and multi-asset class portfolios investing in equities, fixed income, alternatives and/or money
market instruments. We offer our products directly and through intermediaries in a variety of vehicles, including open-end and
closed-end mutual funds, iShares® exchange-traded funds ("ETFs") and other exchange-traded products (together with ETFs,
"ETPs"), collective investment funds and separate accounts. We also offer our BlackRock Solutions® ("BRS") investment
systems, risk management and advisory services to institutional investors.
Clients
BlackRock serves institutional and retail and high net worth ("HNW") investors in more than 100 countries through the
efforts of professionals located in 27 countries. We strive to leverage our global investment expertise and scale, together with our
understanding of local requirements and business customs, to most effectively serve our clients. Portfolios may be invested in
local, regional or global capital markets. Products may be structured to address location-specific issues, such as regulations,
taxation, operational infrastructure and market liquidity, and client-specific issues, such as investment policy, liability structure
and ratings.
BlackRock's matrix organizational 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. The global functions
--Portfolio Management, BRS, Global Client Groups and Corporate & Business Operations--are key to driving coordination
and consistency and to further enhancing the benefits of scale. The regions--Americas, Europe, the Middle East and Africa
("EMEA") and Asia-Pacific--support local clients, employees, regulators and business strategy. We also serve both institutional
and retail and high net worth investors who acquire iShares on exchanges worldwide (see iShares section below).

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Institutional
BlackRock serves a diverse mix of institutional investors worldwide through separate accounts and publicly registered
and private investment vehicles. 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; and taxable institutions, including insurance companies, financial institutions, corporations and
third-party fund sponsors. We also serve institutional investors who acquire iShares on exchanges worldwide.
Institutional Active
BlackRock offers two types of active strategies: those that rely primarily on fundamental research and those that utilize
primarily quantitative models to drive portfolio construction; the goal of both strategies is to generate alpha for BlackRock
clients. Active fundamental portfolios offer medium or higher levels of tracking error and feature a high degree of manager
discretion over investment strategies. Active quantitative portfolios employ a model-driven strategy that is created by BlackRock
and require a lower level of manager discretion.
BlackRock's institutional active AUM totaled $831.3 billion, or 26% of long-term AUM, at December 31, 2011 and was
diversified by product, with 60% in fixed income, 16% in multi-asset class, 15% in equity and 9% in alternatives. Americas
clients accounted for 56% of institutional active AUM, with an additional 32% and 12% of AUM managed for clients in EMEA
and Asia-Pacific, respectively. In 2011, we earned $1.8 billion of base fees from institutional active strategies, representing 24%
of long-term base fees.
Institutional Index
BlackRock utilizes an index or passive approach for both equity portfolios and fixed income products. Index and
enhanced index equity products are most heavily constrained, and apply rigorous processes in order to replicate the performance
of the related index, while minimizing the effect of trading and other costs on investment returns. Index and enhanced index fixed
income products are designed to replicate the performance of the related market index. A rigorous investment and portfolio
construction process is used to ensure minimal tracking error, while seeking to limit transaction costs.
At December 31, 2011, BlackRock managed $1.350 trillion of institutional index AUM, with 64% in equity, 35% in
fixed income and the remaining 1% split between multi-asset class and alternatives products. In 2011, we earned $0.7 billion of
base fees from institutional index offerings. Institutional index AUM is diversified globally, with 47%, 37% and 16% managed
for clients in the Americas, EMEA and Asia-Pacific, respectively. While institutional index comprises 43% of long-term AUM, it
represents only 10% of long-term base fees.
Retail/HNW
BlackRock serves retail and high net worth investors globally through separate accounts, open-end and closed-end
funds, unit trusts and private investment funds. Retail and high net worth investors are served principally through intermediaries,
including broker-dealers, banks, trust companies, insurance companies and independent financial advisors. Clients invest
primarily in mutual funds, with the remainder invested in private investment funds and separately managed accounts. The vast
majority of long-term AUM is invested in active products, although this is partially inflated by the fact that iShares is shown as a
separate client type, since we do not identify all of the underlying investors. The client base is also diversified geographically,
with our regional footprints reflecting strong relationships with intermediaries and an established ability to deliver our global
investment expertise in funds and other products tailored to local regulations and requirements.

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At December 31, 2011, long-term assets managed for retail and high net worth investors totaled $363.4 billion and
represented 12% of long-term AUM, down 3%, or $10.6 billion, versus year-end 2010. The product mix is well diversified, with
43% of long-term AUM in equities, 32% in fixed income, 23% in multi-asset class and 2% in alternatives. In 2011, we earned
$2.7 billion of base fees on retail and high net worth AUM, comprising 36% of long-term base fees. The client base is also
diversified geographically, with 73% of long-term AUM managed for investors based in the Americas and the remaining 27%
managed for international clients.
iShares
iShares is the leading ETP provider in the world and offers the most diverse product set in the industry with 504 ETPs
at year-end 2011, which served the broadest client base, covering 25 countries on five continents including North America, South
America, Europe, Asia and Australia. The market for ETPs continues to grow globally, with investor preference driven to varying
degrees by performance (as measured by tracking error, which is the difference between net returns on the ETP and the
corresponding index), liquidity (bid-ask spread), tax-efficiency, transparency and client service.
iShares also introduced 45 new ETPs during 2011, maintaining our dual commitment to innovation and responsible
product structuring. Our broad product range offers investors a precise, transparent and low-cost way to tap market returns and
gain access to a full range of asset classes and global markets that have been difficult or expensive for many investors to access,
as well as the liquidity required to make adjustments to their exposures quickly and cost-efficiently. We continue to look for
opportunities to further diversify product offerings in key strategic focus areas.
At year-end 2011, iShares AUM of $593.4 billion represented 19% of long-term AUM and included $419.7 billion, or
71%, in equity offerings, $153.8 billion, or 26%, in fixed income ETPs and $19.9 billion, or 3%, in multi-asset class and
alternative investments. iShares offerings were diversified geographically with 75% of AUM listed in the United States and the
remaining 25% listed internationally. In 2011, iShares generated $2.3 billion of revenue, or 30%, of long-term base fees.
Cash Management and Securities Lending
BlackRock offers a wide variety of cash management mandates to clients worldwide. We believe our leadership
position reflects both a conservative investment philosophy and an array of choices available to investors. Products include
money market funds and customized separate accounts in both taxable and tax-exempt strategies in multiple currencies, including
U.S. dollar, Euro or British pound. The acquisition of BGI significantly enhanced our growing non-U.S. cash management
platform. We manage portfolios for individuals, corporate and municipal treasurers, and bank, hospital and university operating
funds. BlackRock is committed to a conservative investment style that emphasizes quality, liquidity, and superior client service
through market cycles. Our disciplined approach is closely tied to rigorous credit risk management. Cash management AUM
decreased 9% to $254.7 billion at year-end 2011, generating $0.4 billion of base fees.
The cash management team also invests the cash we receive as collateral for securities on loan in other portfolios.
Securities lending, which is offered as a potential source of incremental returns on long-term portfolios, is managed by a
dedicated team, supported by quantitative analysis, proprietary technology and disciplined risk management. Fees for securities
lending can be structured as a share of earnings and/or a percentage of the value of the cash collateral. The value of the securities
on loan and the revenue earned is captured in the corresponding asset class being managed. The value of the collateral is not
included in AUM.
BlackRock Solutions and Advisory
BlackRock provides a variety of risk management, investment analytic and investment system and advisory services
under the BlackRock Solutions brand name to financial institutions, pension funds, asset

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managers, foundations, consultants, mutual fund sponsors, real estate investment trusts and government agencies worldwide. The
BRS proprietary technology platform, Aladdin®, serves as the investment system for BlackRock and a growing number of
sophisticated institutional investors. BRS also uses Aladdin to support risk management, advisory services, including long-term
liquidation advisory mandates (reported as advisory AUM) and a wide range of global clients, such as valuation of illiquid
assets, portfolio restructuring, workouts and dispositions. BRS further offers comprehensive risk reporting capabilities via the
Green Package® and risk management advisory services, interactive fixed income analytics through our web-based calculator,
AnSer®, middle and back office outsourcing services and investment accounting.
Clients have retained BRS for a variety of financial markets advisory engagements, such as valuation and risk
assessment of illiquid assets, portfolio restructuring, workouts and dispositions of distressed assets and financial and balance
sheet strategies. In the face of increasing regulatory scrutiny, clients have increased their focus on risk management, and demand
for BRS services continues to be robust. Growth has been well balanced across Aladdin, risk management and financial markets
advisory services.
Fees for BRS and advisory services may be structured as a fixed rate, percentages of various attributes of advisory
AUM or value of positions on the Aladdin platform, performance fees based on contractual thresholds, or a combination of the
foregoing. At year-end, BRS served 166 clients, including banks, insurance companies, official institutions, pension funds, asset
managers and other institutional investors across North America, Europe, Asia and Australia, generating $0.5 billion of revenues.
Transition Management Services
We also offer transition management services, involving the temporary oversight of a client's assets as they transition
from one manager to another or from one strategy to another. We provide a comprehensive service that includes project
management and implementation based on achieving best execution consistent with the client's risk management tolerances. We
use state-of-the-art tools and work closely with BlackRock's global trading research team to manage four dimensions of risk
throughout the transition: exposure, execution, process and operational risk. The average transition assignment is executed within
three weeks, although the duration can be longer or shorter depending on the size, complexity and liquidity of the related assets.
These portfolios are not included in AUM unless BlackRock has been retained to manage the assets after the transition phase.
AUM and Revenue by Client Type

AUM and Revenue by Client Type ($ in millions)

Three Months Ended
Year Ended

March 31, 2012

December 31, 2011

Effective
Effective

AUM

Revenue
1
bps2
AUM

Revenue1
bps2
Institutional Active

$ 859,036 $
457 21

$ 831,276 $ 1,828 22

Retail/HNW

387,497

657

70

363,358

2,723

71

iShares

671,656

594

38

593,356

2,258

37

Institutional Index

1,426,318 180

5

1,349,956 704

5

Long-term

3,344,507 1,888

23

3,137,946 7,513

23

Cash management

241,929

89

14

254,665

383

15

Advisory

97,651

123

N/A

120,070

510

N/A

Total

$3,684,087 $ 2,100 23

$3,512,681 $ 8,406 23

N/A--Not applicable

1
Includes investment advisory, administration fees, securities lending, BRS and advisory revenues; excludes performance
fees, distribution fees, and other revenue.
2
Effective bps calculated using average AUM based on month-end data for first quarter 2012; full year 2011 effective bps
based on quarterly average AUM; advisory AUM and revenues excluded.

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