paraphrase Under Mr. Fink's leadership (CEO), BlackRock generated annual total net inflows of $289 billion during a year of rapid change and significant portfolio de-risking, representing organic asset growth of 3% and organic base fee growth of 1%, which contributed to BlackRock reaching $10 trillion AUM by year-end. Despite the negative impact of significant market declines in 2022 on entry-rate AUM and revenue, BlackRock delivered flat revenue, 2% decline in operating income, as adjusted, and 7% increase in earnings per share, as adjusted. BlackRock continued to invest in long-term growth initiatives, talent, and a number of strategic inorganic growth opportunities while still returning $4.5 billion in capital to shareholders in 2023 through dividends and share repurchases vs. $4.1 billion annual average from 2020-2022. BlackRock generated differentiated organic growth and financial results, leading to stock price outperformance and P/E multiple premium versus Traditional Peers and the S&P 500 Financials Index