As dramatic as this has been, I do believe that the economy will recover steadily, in part because this
situation lacks some of the obstacles to recovery of a typical financial crisis. Central banks are moving quickly to address problems in credit markets, and governments are now acting aggressively to enact fiscal stimulus. The speed and the shape of
these policies are deeply influenced by the worlds experience during the global financial crisis in 2008. I also believe their actions are likely to be more effective and work more quickly since they are not fighting against the same
structural challenges as they were a decade ago.
That is not to say the world is without risk, nor to suggest that the market has reached its
bottom. It is impossible to know. There are also significant challenges ahead for heavily indebted businesses, and if governments are not careful in the design of their stimulus programs, the economic pain from the outbreak will fall
disproportionately on the shoulders of the most economically vulnerable individuals.
At BlackRock, we are working to keep a long-term perspective
on this crisis as we always do while helping our clients, our communities, and the countries where we work and live navigate this extraordinary and difficult environment.
The above is a condensed excerpt from Larry Finks annual Chairmans Letter to Shareholders, published on March 30, 2020. For the full
letter, please visit BlackRocks website.
IMPORTANT NOTES
OPINIONS
Opinions expressed are those of BlackRock, Inc.
as of March 2020 and are subject to change.
BLACKROCK DATA POINTS
All data reflects as-adjusted full-year 2019 results or is as of December 31, 2019, unless otherwise noted. 2019
organic growth is defined as full-year 2019 net flows divided by assets under management (AUM) for the entire firm, a particular segment or particular product as of December 31, 2018. 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 3738 of the 10-K for an
explanation of the use of Non-GAAP Financial Measures and a reconciliation to GAAP.
ADDITIONAL INFORMATION AND
WHERE TO FIND IT
BlackRock, Inc. (the Company), its directors and certain of its executive officers and employees may be deemed to be
participants in the solicitation of proxies from shareholders in connection with the Companys 2020 Annual Meeting of Shareholders (the 2020 Annual Meeting). The Company plans to file a proxy statement with the Securities and
Exchange Commission (the SEC) in connection with the solicitation of proxies for the 2020 Annual Meeting (the 2020 Proxy Statement). Additional information regarding the identity of these potential participants and their
direct or indirect interests, by security holdings or otherwise, will be set forth in the 2020 Proxy Statement and other materials to be filed with the SEC in connection with the 2020 Annual Meeting. This information can also be found in the
Companys definitive proxy statement for its 2019 Annual Meeting of Stockholders (the 2019 Proxy Statement), filed with the SEC on April 12, 2019, or the Annual Report on Form 10-K for
the year ended December 31, 2018, filed with the SEC on February 28, 2020 (the Form 10-K). To the extent holdings of the Companys securities have changed since the amounts printed
in the 2019 Proxy Statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC.
SHAREHOLDERS
ARE URGED TO READ THE 2020 PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), 2019 PROXY STATEMENT, FORM 10-K AND ANY OTHER RELEVANT DOCUMENTS THAT THE COMPANY HAS FILED OR WILL FILE WITH THE
SEC BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION.
Shareholders will be able to obtain, free of charge, copies of the 2020 Proxy Statement
(when filed), 2019 Proxy Statement, Form 10-K and any other documents filed or to be filed by the Company with the SEC in connection with the 2020 Annual Meeting at the SECs website
(http://www.sec.gov) or at the Companys website (http://www.blackrock.com) or by writing to the Companys Secretary at BlackRock, Inc., 40 East 52nd Street, New York, New York 10022.