BlackRock ECONOMIC

Target: BlackRock, Inc.

Evidence cut-off: 25 October 2026.

Scope: Commercial operations, Israeli investments, financing arrangements, corporate acquisitions, and potential economic relationships involving Israeli settlements and occupied territories.

Supply Chain & Sourcing Relationships

Direct suppliers and sourcing

BlackRock describes its primary businesses as investment management, investment technology, financial data, and related client services. Its Israeli business markets investment products and financial solutions to institutional and individual investors.^{1, 2}

Agricultural sourcing: no public evidence identified of BlackRock directly purchasing agricultural products from Mehadrin, Hadiklaim, Galilee Export, Agrexco successors, or other Israeli agricultural exporters.

Product categories: no public evidence identified of BlackRock purchasing or distributing Israeli dates, citrus, avocados, herbs, potatoes, or other agricultural products for resale.

Importer of record: no public evidence identified of an Israeli-origin goods-importing subsidiary, joint venture, or dedicated importer-of-record structure associated with BlackRock.

Seasonal sourcing: no public evidence identified of recurring December–April procurement or other seasonal procurement arrangements involving Israeli agricultural suppliers.

Third-party sourcing: no public evidence identified of Israeli-origin consumer products reaching BlackRock-operated retail shelves through distributors, resellers, private-label brands, or white-label arrangements.

Commercial intermediaries and distribution

BlackRock’s Israeli website identifies institutional clients, financial intermediaries, and individual investors as markets for its financial products. Its disclosures acknowledge relationships with third-party product managers and state that BlackRock can receive fees from investment products purchased by Israeli investors.^{2, 3}

Financial-services supply chain: BlackRock’s acquisition of Kreos Capital, completed in August 2023, added a growth-debt manager that financed technology and healthcare businesses in Europe and Israel. BlackRock disclosed that Kreos had committed more than €5.2 billion across over 750 transactions before acquisition.^{4, 5}

BlackRock’s continuing Kreos Capital platform describes technology and healthcare financing, including cybersecurity, semiconductors, software, financial technology, and medical businesses. The platform identifies more than 830 completed deals and over $7 billion committed, with the displayed operational figures attributed to the third quarter of 2025.⁶

Named Israeli borrowers and settlement-facing intermediaries: no public evidence identified establishing that a specific current Kreos borrower supplies an Israeli settlement, the IDF, or the Israeli Ministry of Defence.

Settlement distribution or branch network: no public evidence identified of BlackRock-operated distribution facilities or retail branches within Israeli settlements.

Product Origin, Labeling & Regulatory Compliance

Settlement-origin products

BlackRock’s documented products include investment-management services and financial instruments, including the iShares MSCI Israel ETF, which seeks exposure to Israeli equities.^{7, 8}

Agricultural settlement-origin products: no public evidence identified of goods sold by BlackRock and labeled “Produce of Israel” that originated in the West Bank, East Jerusalem, Jordan Valley, or Golan Heights.

Consumer-goods origin labeling: no public evidence identified of BlackRock being subject to an agricultural country-of-origin labeling investigation.

Regulatory compliance

BlackRock’s Israeli website states that BlackRock Investment Management (UK) Limited is not licensed under Israel’s investment-advice legislation to provide the regulated portfolio-management and advisory services described in its disclosure. It also identifies the management fees BlackRock earns through investment products marketed to Israeli investors.³

Settlement-product labeling enforcement: no public evidence identified of DEFRA, customs, consumer-protection, or other regulatory enforcement action against BlackRock involving mislabeled settlement-origin consumer goods.

Corporate policy on occupied-territory sourcing: no public evidence identified of a publicly documented BlackRock policy specifically addressing the country-of-origin labeling of physical products manufactured in Israeli settlements.

Investment-product geographic classification: BlackRock’s March 2026 iShares MSCI Israel ETF fact sheet describes the fund as providing targeted exposure to companies in Israel. This product description establishes the investment mandate but does not identify the locations of each issuer’s factories, branches, land holdings, or other underlying assets.⁹

Settlement-origin investment restrictions: no public evidence identified establishing a BlackRock-wide policy excluding every company operating in Israeli settlements from every BlackRock-managed investment fund.

Investment, Capital & Financial Exposure

Israeli equities and fund-level investment exposure

BlackRock operates the iShares MSCI Israel ETF, ticker EIS, which began trading in March 2008 and remained an active BlackRock-managed product in 2026.^{7, 9}

The March 2026 official fund fact sheet identified the following among its largest holdings: Bank Leumi, 8.79%; Bank Hapoalim, 7.58%; Teva Pharmaceutical Industries, 6.90%; Check Point Software Technologies, 5.34%; Elbit Systems, 4.20%; Israel Discount Bank, 3.62%; and Mizrahi Tefahot Bank, 3.06%. The holdings and weights represent the dated fund portfolio rather than direct proprietary shareholdings by BlackRock, Inc.⁹

A separately published portfolio display for EIS identified continuing positions in Israeli banks, Elbit Systems, Teva, Tower Semiconductor, Phoenix Financial, NICE, and other Israeli issuers in October 2026. Portfolio weights and market values change over time.¹⁰

BlackRock’s September 2026 product information attributed approximately 35.95% of the ETF’s market value to financial companies, 19.50% to information technology, 11.53% to healthcare, and 9.79% to industrial companies.⁷

Israeli defence-company exposure

Elbit Systems was included among the iShares MSCI Israel ETF’s leading securities holdings in the March 2026 BlackRock fact sheet. Its reported portfolio weight was 4.20% on that fact sheet’s holdings observation date.⁹

The United Nations Special Rapporteur’s 2025 report A/HRC/59/23 identifies BlackRock and Vanguard as major investors in weapons manufacturers associated with Israel’s military operations. The report’s discussion is an assessment of investment relationships and does not establish that BlackRock operates the underlying manufacturers.¹¹

Israeli sovereign debt

Paragraph 74 of A/HRC/59/23 reports approximately $68 million in Israeli treasury-bond purchases attributed to BlackRock and discusses these purchases in the context of Israeli government financing during 2024–2025.¹¹

The UN document does not, in the material examined, identify a specific BlackRock corporate treasury account, investment mandate, beneficial fund owner, or full holdings schedule underlying the $68 million amount.¹¹

Israel’s February 2025 sovereign-bond offering document filed with the US Securities and Exchange Commission identifies BofA Securities, Citigroup Global Markets, Deutsche Bank, Goldman Sachs, and J.P. Morgan Securities among the underwriting institutions. BlackRock is not named as an underwriter in that disclosed syndicate.¹²

Development Corporation for Israel / Israel Bonds sales agency: no public evidence identified of BlackRock serving as an authorised retail sales agent of the Development Corporation for Israel.

Direct sovereign-debt underwriting: no public evidence identified establishing that BlackRock directly underwrote or lead-arranged the Israeli sovereign-bond offerings examined.

Kreos Capital acquisition

On 8 June 2023, BlackRock announced an agreement to acquire full control of Kreos Capital, a London-headquartered private-debt manager serving European and Israeli growth companies.⁴

BlackRock confirmed completion on 2 August 2023. Its announcement identified a 45-person investment team entering BlackRock’s European private-debt platform and described Kreos as a financing provider to technology and healthcare companies across Europe and Israel.⁵

Kreos’ current BlackRock-hosted business page confirms that the employees transferred into BlackRock’s private-markets platform and continued the growth-debt investment strategy.⁶

Acquisition consideration: no public evidence identified in the acquisition announcements examined establishing the purchase price paid for Kreos.

Israeli subsidiaries acquired with Kreos: no public evidence identified establishing the identity, incorporation, or percentage ownership of a separately controlled Israeli company acquired through the transaction.

Israeli manufacturing associated with Kreos: no public evidence identified of manufacturing facilities owned by Kreos in Israel.

Atlas Invest

On 21 January 2026, CTech reported that BlackRock led a $25 million financing round for Atlas Invest, a financial-technology company developing an AI-assisted commercial real-estate lending platform.¹³

The reported $25 million represents the financing round, not a verified amount invested individually by BlackRock.¹³

Ownership percentage and controlling rights: no public evidence identified establishing BlackRock’s voting percentage, board-control rights, or majority ownership of Atlas Invest.

Settlement-financing nexus: no public evidence identified establishing that Atlas Invest’s reported BlackRock financing was designated for property within Israeli settlements.

Artlist

On 11 December 2025, CTech reported discussions concerning a possible BlackRock investment in Israeli creative-technology company Artlist. The report described potential investment discussions without confirming a completed acquisition or investment.¹⁴

Completed Artlist transaction: no public evidence identified.

Other acquisitions and financial-technology assets

BlackRock’s March 2025 SEC-filed announcement confirms completion of its acquisition of Preqin, a private-markets data provider, and describes integration with its Aladdin and eFront technology businesses.¹⁵

BlackRock’s eFront business profile confirms that eFront was acquired in 2019 and subsequently operated within BlackRock Solutions. The profile describes its principal business as software and investment-data technology.¹⁶

Israeli origin of Preqin or eFront: no public evidence identified establishing either business as an Israeli-founded manufacturing or operating company.

Additional controlled Israeli operating acquisitions: no public evidence identified in the reviewed disclosures.

Israeli R&D and innovation investment

BlackRock’s Israeli business page describes its worldwide investment-technology activities and Aladdin risk-management technology while promoting its investment services to Israeli clients.²

Israeli-owned R&D facility or accelerator: no public evidence identified of a specific BlackRock-owned Israeli research laboratory, development centre, accelerator, or dedicated technology-campus investment.

Israeli technology investment: The reported January 2026 Atlas Invest financing establishes a named Israeli technology-related investment relationship, although the investment’s controlling rights and final beneficial ownership remain unverified.¹³

Settlement-related portfolio exposure

The March 2026 EIS holdings include Israeli banking institutions and other companies whose securities are held within the fund. The fund documentation establishes the securities positions but does not identify the individual settlement-related activities, customers, or loan portfolios of each issuer.⁹

Direct loans to OHCHR-listed companies: no public evidence identified establishing a specific BlackRock balance-sheet loan or individually documented financing facility to an OHCHR-listed settlement enterprise.

Insurance underwriting: no public evidence identified of BlackRock itself underwriting Israeli military, state, or settlement insurance liabilities.

Post-19 July 2024 and post-November 2024 activity

BlackRock continued offering the Israeli equity ETF in September–October 2026, after both reference dates.^{7, 10}

The January 2026 Atlas Invest investment was reported after both reference dates.¹³

BlackRock’s continuing Kreos Capital page describes an active growth-debt strategy acquired in 2023, including its established European and Israeli lending market.⁶

The UN’s 2025 report identifies Israeli sovereign-bond investment exposure in its discussion of Israel’s 2024–2025 financing activities.¹¹

Kreos Capital acquisition consideration: BlackRock’s 2024 Annual Report, published in 2025, discloses that total consideration for its August 2023 acquisition of Kreos Capital was approximately $250 million, including contingent consideration. The disclosure appears in Note 3, Acquisitions, under “Kreos Capital” on page F-20 of the Form 10-K (PDF page 67). BlackRock states that separate pro forma financial information was omitted because the acquisition’s effects were not material to its historical consolidated financial statements. The $250 million figure represents total transaction consideration, including contingent consideration, rather than necessarily the cash paid at closing. The report does not separately quantify the contingent component or establish the final amount ultimately paid. This resolves the previously unidentified acquisition-consideration figure.¹⁷

Directly reported beneficial ownership of Israeli technology equities: BlackRock’s Schedule 13G/A filed with the SEC on 29 July 2026 identifies beneficial ownership of 2,160,776 ordinary shares of Nova Ltd., representing 6.8% of the company’s outstanding shares, with 30 June 2026 specified as the triggering event date. Nova’s principal executive offices are identified as 5 David Fikes Street, Rehovot, Israel. BlackRock reported sole voting or voting-direction authority over 2,092,580 shares and sole disposition or disposition-direction authority over 2,160,776 shares, with no shared voting or dispositive authority reported. The filing attributes reportable beneficial ownership to specified BlackRock business units and subsidiaries or affiliates, expressly excluding units whose holdings are separately reportable under applicable SEC guidance.¹⁸

Distinction between investment-management authority and underlying economic ownership: Item 6 of BlackRock’s 29 July 2026 Schedule 13G/A explains that various persons possess rights to receive dividends or proceeds from sales of Nova shares and that no individual person’s economic interest exceeds 5% of Nova’s outstanding common shares. Consequently, the reported 6.8% beneficial ownership establishes BlackRock’s aggregate reportable investment-management, voting and disposition authority; it does not establish that BlackRock, Inc. owns the entire economic interest through proprietary corporate capital. BlackRock also certified that the reported securities were acquired and held in the ordinary course of business, without the purpose or effect of changing or influencing Nova’s control, subject to the certification’s stated qualification. This provides a separately documented Israeli-company investment relationship outside the existing ETF holdings discussion.¹⁸

UN report A/HRC/59/23 - primary-document date verification: The United Nations’ official English-language record of A/HRC/59/23, From economy of occupation to economy of genocide, bears the distribution date 2 July 2025 on its cover, marked “Distr.: General”. An earlier advance unedited version was dated 16 June 2025, explaining the differing June and July references. The authoritative published document therefore confirms the July 2025 identification in Digital and corrects the June 2025 date recorded in Economic End Note 11. The substantive Economic findings concerning BlackRock’s investment relationships and the approximately $68 million in Israeli treasury-bond purchases attributed to BlackRock remain unaffected by this bibliographic correction.^{19, 20}

Kreos Capital acquisition - primary financial-disclosure verification: BlackRock’s SEC-filed 2024 Form 10-K, Note 3, “Acquisitions”, explicitly reports that total consideration for its August 2023 acquisition of Kreos Capital was approximately $250 million, including contingent consideration. BlackRock’s 2023 Form 10-K independently reports the same amount. These primary disclosures confirm the approximately $250 million figure already recorded in Economic under “Post-19 July 2024 and post-November 2024 activity” and correct the earlier “Acquisition consideration: no public evidence identified” statement under “Kreos Capital acquisition”. They also establish that the $400 million figure appearing in Digital End Note 22’s cited title should not be presented as BlackRock’s verified acquisition consideration. The disclosed $250 million is total consideration including a contingent component; the reviewed disclosures do not separately establish the precise cash payment at closing, the contingent component’s individual value, or the final amount ultimately paid.^{21, 22}

September 2026 EIS sector allocations - observation-date verification: The four reported sector allocations of 35.95% Financials, 19.50% Information Technology, 11.53% Health Care and 9.79% Industrials correspond to an iShares MSCI Israel ETF sector-exposure listing explicitly dated 28 September 2026 in search-indexed fund information. The underlying iShares product page is dynamic: when opened during this verification, it displayed updated figures dated 21 October 2026 (35.87%, 18.29%, 11.90% and 10.16%, respectively). An independently accessible, fixed historical copy of the 28 September figures was not established. The September figures therefore have a specifically identified observation date and an attributable official fund-product source, but the retrieved indexed record does not constitute a permanently preserved contemporaneous disclosure. The existing citation to the December 2025 archive cannot substantiate those September 2026 allocations.^{23, 7}

December 2025 archive - source-date correction: The Wayback Machine capture identified by the existing audit citation was recorded on 13 December 2025 at 01:37:23 UTC. Its archived iShares MSCI Israel ETF page identifies 11 December 2025 as the sector-exposure observation date, separately from the archive capture date. The accessible archived text contains the heading “Exposure Breakdowns”, the 11 December date and the label ”% of Market Value”, but its sector table does not expose individual sector names or percentages. Consequently, no December 2025 sector-allocation percentages can be independently established from the accessible captured content. The archive does establish contemporaneous fund information, including NAV of $110.03 as of 12 December 2025 and 112 portfolio holdings as of 11 December 2025. It does not establish sector allocations for September 2026.⁷

Operational Presence & Market Activity

Israeli physical footprint

BlackRock’s corporate office directory lists its Tel Aviv office at 94 Yigal Alon Street, Alon 1 Tower, 20th Floor, Tel Aviv 6783139.²⁴

BlackRock’s Israel-facing corporate website states that the company has operated in Israel since 2016 and identifies Anath Levin as Country Head Israel.²

Office status: The office continues to appear in BlackRock’s corporate directory in October 2026.²⁴

West Bank, East Jerusalem, or Golan office: no public evidence identified of a BlackRock-operated office within an Israeli settlement.

Workforce

The Israeli business page identifies local executive leadership, including Anath Levin, and states that BlackRock serves institutional and individual clients in the Israeli market.²

Israeli employee count: no public evidence identified establishing a reliable standalone number of BlackRock employees based in Israel.

Kreos workforce: BlackRock reported that the acquired Kreos team comprised 45 London-based employees at the time of its 2023 acquisition announcement.^{4, 5}

Regulatory registration

BlackRock’s Israeli disclosures identify BlackRock Investment Management (UK) Limited as a relevant entity marketing foreign investment products and explain its regulatory position under Israeli investment-advice legislation.³

Israeli corporate tax number: no public evidence identified establishing the Israeli tax-registration number of a BlackRock-controlled local employing entity.

Preferred Technology Enterprise status: no public evidence identified.

Tax payments: no public evidence identified specifying BlackRock’s annual Israeli corporate income tax, payroll tax, or other direct tax payments.

Market positioning

BlackRock characterises its Israeli operation as a local investment-management business serving institutions, financial professionals, nonprofit organisations, and individual savers. Its Israeli website confirms operations dating from 2016.²

The company markets investment funds and financial solutions to investors in Israel, while its disclosures identify investment-product management fees as a source of income from Israeli clients.³

Government contracts: no public evidence identified establishing a named, quantified BlackRock investment-management contract with the Israeli government or an Israeli ministry.

IDF or Ministry of Defence technology contracts: no public evidence identified establishing that Aladdin, Preqin, eFront, or a BlackRock-controlled technology business was directly contracted to provide technology to the IDF.

Reservist-pay policies: no public evidence identified specifying BlackRock’s salary-continuation or paid-leave arrangements for employees undertaking Israeli military reserve service.

Charitable matching

Specific military-related beneficiaries: no public evidence identified demonstrating that a particular Israeli military-support organisation or settlement organisation was eligible for BlackRock employee donation matching.

Changes to matching eligibility: no public evidence identified establishing a documented removal or restoration of such an organisation’s eligibility.

Corporate Structure & Foundational Ties

Founding and incorporation

BlackRock’s Israeli corporate profile states that BlackRock was founded in 1988 by Laurence Fink and seven other partners and completed its initial public offering on the New York Stock Exchange in October 1999.²⁵

BlackRock’s 2026 proxy statement identifies Laurence D. Fink as its Chairman and Chief Executive Officer and describes his role since its establishment.²⁶

BlackRock is a US publicly traded investment-management company, rather than an Israeli-founded entity.^{25, 26}

Israeli-Nexus Floor factual indicators

Founded in Israel: No. BlackRock’s corporate history identifies an American founding in 1988.²⁵

Headquarters or principal management in Israel: No. Its documented corporate governance and global headquarters structure are centred in the United States, with a separate office in Tel Aviv.^{24, 26}

Israeli tax residency or PTE designation: no public evidence identified.

Beneficial control by Israeli capital: no public evidence identified establishing Israeli majority ownership or a controlling Israeli shareholder.

Israeli operational presence: Confirmed since 2016.²

Israeli financial-market participation: Confirmed through investment services and BlackRock-managed Israeli securities products.^{3, 7}

Parent company and shareholders

BlackRock’s 2026 proxy statement provides a beneficial-ownership table and details the holdings of its directors and executive officers. The reported aggregate beneficial ownership of its directors and executive officers was approximately 1.92% of common stock in that proxy table.²⁷

The same proxy identifies Adebayo Ogunlesi as a director with approximately 1.16% of common stock beneficially owned, according to the applicable reporting assumptions.²⁷

Israeli state controlling interest: no public evidence identified.

Israeli government-appointed directors: no public evidence identified.

Israeli special voting rights or golden share: no public evidence identified.

Controlled operating businesses

BlackRock acquired full control of Kreos Capital in 2023. The business had an established history of lending to European and Israeli technology and healthcare companies.^{4, 5}

BlackRock acquired eFront in 2019 and completed the Preqin acquisition in March 2025. These businesses operate in investment technology and financial data.^{15, 16}

Israeli-controlled operating-company register: no public evidence identified permitting a complete enumeration of all Israeli-incorporated subsidiaries held directly or indirectly by BlackRock.

Israeli manufacturing subsidiary: no public evidence identified.

Defence manufacturing subsidiary in Israel: no public evidence identified.

State or military governance mechanisms: no public evidence identified of BlackRock charter provisions, golden shares, or governance restrictions tying its corporate mission to Israeli state or military policy.

Founders, executives, and controlling principals

BlackRock’s proxy identifies Laurence Fink as Chairman and Chief Executive Officer and lists the current director nominees, including their professional experience and governance responsibilities.²⁶

The proxy also discloses Susan Wagner and other directors’ beneficial holdings in BlackRock securities.²⁷

Personal Israeli company investments: no public evidence identified establishing a specific material personal or family-office investment in an Israeli operating company by Laurence Fink or another named controlling principal that can be attributed to BlackRock under the requested research methodology.

Settlement-organisation directorships: no public evidence identified establishing that a named current BlackRock director holds a governance position in an Israeli settlement-operating organisation.

Current group attribution

The Kreos acquisition forms part of BlackRock’s private-markets business, while eFront and Preqin form part of its investment-technology and data businesses.^{6, 15, 16}

Israeli group revenue and subsidiary breakdown: no public evidence identified providing a complete separately reported Israeli legal-entity consolidation or ownership schedule.

Named Israeli-incorporated subsidiary: BlackRock’s Exhibit 21.1, accompanying its Form 10-K for the financial year ended 31 December 2025, identifies “Kreos Capital Israel Ltd.” with its jurisdiction of incorporation explicitly recorded as “Israel”. The exhibit states that its schedule covers direct and indirect subsidiaries of BlackRock, Inc. as of 31 December 2025. Kreos Capital Israel Ltd. appears alongside Kreos Capital Management (UK) Limited and Kreos Capital Management Limited, incorporated in the United Kingdom and Jersey respectively. This establishes a named Israeli-incorporated entity within BlackRock’s consolidated corporate structure, filling the previously identified subsidiary-name evidence gap. The exhibit does not distinguish whether Kreos Capital Israel Ltd. is held directly or indirectly, disclose its individual ownership percentage, or establish its date of incorporation or specific operational functions. Its inclusion confirms subsidiary status at the reporting date but does not independently establish when it entered BlackRock’s group or whether it was acquired as part of the August 2023 transaction. The exhibit also expressly states that certain nonsignificant subsidiaries are omitted, so it is not an exhaustive register.²⁸

Profit Repatriation & Economic Contribution

Israeli-market revenue

BlackRock’s Israel-facing disclosures state that the company receives management fees from funds purchased by Israeli investors and may obtain financial benefits from investment products managed through relevant third-party arrangements.³

Israel-specific annual revenue: no public evidence identified specifying BlackRock’s revenue attributable to clients domiciled in Israel.

Israeli operating profit: no public evidence identified.

Tax and profit flows

BlackRock’s Israeli disclosures connect Israeli investor demand to funds managed by BlackRock Investment Management (UK) Limited. They establish a fee-generating commercial connection between Israeli investors and a UK BlackRock entity.³

Exact profit repatriation: no public evidence identified specifying annual dividends, royalties, management-service charges, or other intra-group payments transferred from an Israeli BlackRock entity to a foreign parent.

Israeli subsidiary dividend distributions: no public evidence identified.

Israeli fiscal contribution: no public evidence identified specifying Israeli corporate tax payments attributable to BlackRock’s local activities.

Financial-sector economic contribution

The iShares MSCI Israel ETF provides capital-market exposure to listed Israeli companies, including financial institutions, technology businesses, pharmaceuticals, and defence-related industry. The March 2026 portfolio included substantial positions in Bank Leumi, Bank Hapoalim, Israel Discount Bank, Mizrahi Tefahot Bank, and Elbit Systems.⁹

The ETF’s March 2026 fact sheet reported a 0.59% expense ratio, representing the stated annual fund expense measure rather than BlackRock’s Israeli-market revenue.⁹

BlackRock’s September 2026 Israeli equity ETF disclosures identified financial companies as the portfolio’s largest sector allocation, approximately 35.95% by market value.⁷

Growth-debt financing contribution

BlackRock’s Kreos acquisition incorporated a business that had committed over €5.2 billion across more than 750 transactions involving European and Israeli growth companies before its acquisition.⁴

The current BlackRock Kreos platform describes continued growth-debt financing, including investments in technology and healthcare businesses.⁶

Israeli share of Kreos lending: no public evidence identified specifying the current total value of outstanding loans to Israeli borrowers.

Israeli share of portfolio investment fees: no public evidence identified.

Government-financing contribution

The UN Special Rapporteur’s 2025 report attributes approximately $68 million in Israeli government-bond purchases to BlackRock. The report does not establish the proportion represented by BlackRock’s own proprietary capital rather than investment funds managed for clients.¹¹

Israeli sovereign-bond underwriting fees: no public evidence identified of underwriting fees paid to BlackRock in the February 2025 sovereign-bond issuance examined; BlackRock was not listed among that issuance’s named underwriters.¹²

Economic ecosystem role

BlackRock’s Israeli business page describes a continuing local investment-management presence since 2016, including products offered to individuals and institutional investors.²

The completed Kreos acquisition added an established provider of growth and venture debt to Israeli and European technology and healthcare companies.⁵

The January 2026 Atlas Invest financing provides an additional reported example of participation in an Israeli-founded financial-technology business.¹³

Official designation as critical Israeli infrastructure: no public evidence identified.

Government designation as a strategic national financial institution: no public evidence identified.

Quantified total contribution to Israeli GDP, employment, or tax revenue: no public evidence identified.