Letter to shareholders


Opinions expressed within the BlackRock 2016 Annual Report are those of BlackRock, Inc. as of March 2017 and are subject to change.


All data within the BlackRock 2016 Annual Report reflects as-adjusted, full-year 2016 results or as of December 31, 2016, unless otherwise noted. 2016 organic growth is defined as full year 2016 net flows divided by assets under management (AUM) for the entire firm, a particular segment or particular product as of December 31, 2015. Long-term product offerings include active and passive strategies across equity, fixed income, multi-asset and alternatives, and exclude AUM and flows from the cash management and advisory businesses.

GAAP and As-Adjusted Results

See pages 34–36 of the Financial Section of the 10-K for explanation of the use of Non-GAAP Financial Measures.

Performance Notes

Past performance is not indicative of future results. Except as specified, the performance information shown is as of December 31, 2016 and is based on preliminary data available at that time. The performance data shown reflects information for all actively and passively managed equity and fixed income accounts, including U.S. registered investment companies, European-domiciled retail funds and separate accounts for which performance data is available, including performance data for high net worth accounts available as of November 30, 2016. The performance data does not include accounts terminated prior to December 31, 2016 and accounts for which data has not yet been verified. If such accounts had been included, the performance data provided may have substantially differed from that shown. Performance comparisons shown are gross-of-fees for institutional and high net worth separate accounts, and net-of-fees for retail funds. The performance tracking shown for index accounts is based on gross-offees performance and includes all institutional accounts and all iShares funds globally using an index strategy. AUM information is based on AUM available as of December 31, 2016 for each account or fund in the asset class shown without adjustment for overlapping management of the same account or fund. Fund performance reflects the reinvestment of dividends and distributions.

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