#1April 14, 2023 BlackRock. Q1 2023 Earnings Earnings Release Supplement#2Client Type Institutional 57% Retail 10% ETFs 33% AUM A broadly diversified business across clients, products and geographies BlackRock. Institutional 30% Retail 29% ETFs 41% Base Fees Assets Under Management of $9.09 trillion at March 31, 2023 Q1 2023 Base Fees and Securities Lending Revenue of $3.5 billion Style Product Type Active 27% Index 32% ETFs 33% Cash 8% AUM Active 46% Index 7% ETFs 41% Cash 6% Base Fees Equity 52% Fixed Income 29% Multi-asset 8% Alternatives 3% Cash 8% AUM Equity 51% Fixed Income 24% Multi-asset 8% Alternatives 11% Cash 6% Base Fees Base fees include investment advisory, administration fees and securities lending revenue. Base Fees and AUM by region data is based on client domicile. Americas 67% EMEA 25% Region Asia-Pacific 8% AUM Americas 65% EMEA 29% Asia-Pacific 6% Base Fees 1#38% 14% $172 $39 $133 13% 7% $68 13% 13% $81 $23 $60 Long-term $(2) 6% Q1 Q3 Q2 2021 2021 2021 12% $75 $75 $98 $(12) $(10) Total BlackRock $58 6% 11% $212 $44 $169 $(1) Q4 2021 12% 11% $104 5% 8% Cash $87 $114 $(27) 10% 5% $56 5% 9% $52 4% $90 $21 $17 $146 $69 $65 $(40) $(9) Q1 Q3 Q2 2022 2022 2022 ETFs Q1 Q1 Q2 Q3 Q4 Q2 2021 2021 2021 2021 2022 2022 2% Advisory 8% $22 Net flows ($ in billions) Q3 2022 3% 0% $114 $(32) Q4 2022 7% $90 3% 0% $110 $8 $103 Q1 2023 6% $22 Q4 Q1 2022 2023 18% $37 Q1 2021 2% $11 $17 16% 16% $21 Q2 2021 1% $43 $23 $(80) 0% Retail Long-term 12% $26 $(8) $22 Institutional Active 1% $84 8% $(10) $(15) Q3 Q4 Q1 Q2 Q3 Q4 2021 2021 2022 2022 2022 2022 Institutional Long-term $(40) $10 2% 4% $31 $16 3% 2% $(5) $21 $5 (2)% (3)% 4% 4% Institutional Index $71 $76 $(23) $(5) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2021 2021 2021 2022 2022 2022 2022 LTM organic base fee growth rate (%) LTM organic asset growth rate (%) LTM organic asset growth rate measures rolling last twelve months net flows over beginning of period assets. LTM organic base fee growth rate is calculated by dividing net new base fees earned on net asset inflows for the LTM period by the base fee run-rate at the beginning of the period. BlackRock. $- Q1 2023 5% $9 $72 Q1 2023 2#4Operating Income and Margin, as adjusted 45.8% $1,599 46.9% 47.6% $2,016 $2,025 46.6% $2,107 BlackRock. Profitability ($ in millions, except per share data) 44.2% 43.7% Q1 Q2 Q3 Q4 2021 2021 2021 2021 2022 $1,822 Operating Income, as adjusted $1,727 42.0% 41.2% 40.4% $1,585 $1,577 $1,511 Q1 Q2 Q3 Q4 Q1 2022 2022 2022 2023 Operating Margin, as adjusted $8.04 Net Income and EPS, as adjusted $10.45 $1,614 $1,240 $11.34 $1,750 $10.68 $1,650 $9.52 $1,462 Q1 Q2 Q3 Q4 Q1 2021 2021 2021 2021 2022 Net Income, as adjusted $7.36 $1,122 $9.55 $1,451 $8.93 $1,356 $7.93 EPS, as adjusted $1,200 Q2 Q3 Q4 Q1 2022 2022 2022 2023 For further information and reconciliations to GAAP, see page 10 of this earnings release supplement, notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current earnings release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks. Beginning in the first quarter of 2023, the Company updated its definitions of operating income, as adjusted, operating margin, as adjusted, non-operating income (expense), as adjusted, and net income attributable to BlackRock, Inc. as adjusted, to exclude the compensation expense related to the market valuation changes on certain deferred cash compensation plans, and the related gain (loss) on the economic hedge of these deferred cash compensation plans. 3#5Share repurchases and weighted-average diluted shares 154.3 154.4 154.3 154.6 $300 $300 $300 $300 Capital management (amounts in millions, except per share data) Share repurchases(1) 153.5 BlackRock. 152.5 $500 $500 152.0 151.8 151.3 $375 $500 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2021 2021 2021 2022 2022 2022 2022 2023 $375 Weighted-average diluted shares Dividends per share $4.13 $4.13 $4.13 $4.13 (1) Amounts above exclude repurchases of employee tax withholdings related to employee stock transactions. $4.88 $4.88 $4.88 $4.88 Q1 Q2 Q3 Q4 Q1 2021 2021 2021 2021 2022 $5.00 Q2 Q3 Q4 Q1 2022 2022 2022 2023 4#6Equity Indices Domestic S&P 500 Global MSCI Barra World Index MSCI Europe Index MSCI AC Asia Pacific Index MSCI Emerging Markets Index S&P Global Natural Resources BLK Equity Index(1) Fixed Income Index Barclays U.S. Aggregate Bond Index Foreign Exchange Rates Major market indices and exchange rates GBP to USD EUR to USD BlackRock. Spot 3/31/2022 12/31/2022 3/31/2023 4,530 3,053 152 180 1,142 5,588 2,215 1.31 1.11 3,840 2,603 143 156 956 5,253 2,049 1.21 1.07 4,109 2,791 154 162 990 5,274 2,109 1.23 1.08 % Change 3/31/23 vs. 12/31/2022 3/31/2022 7% 7% 8% 4% 4% -% 5% 3% 2% 1% (9)% (9)% 1% (10)% (13)% (6)% (7)% (5)% (6)% (3)% Q1 2022 4,465 3,032 154 185 1,187 5,197 2,273 1.34 1.12 Average Q4 2022 3,855 2,578 141 148 919 5,108 2,030 1.17 1.02 Q1 2023 3,999 2,729 152 162 997 5,389 2,087 1.22 1.07 % Change Q1 2023 vs. Q4 2022 Q1 2022 4% 6% 8% 9% 8% 6% 7% 3% 4% 5% (10)% (10)% (1)% (12)% (16)% 4% (8)% (8)% (9)% (4)% Source: Bloomberg (1) Revenue weighted composite index calculated by BlackRock to approximate the impact of market fluctuations on BlackRock's equity base fees. The index is derived from publicly available market indices that represent applicable AUM benchmarks for each equity portfolio, as selected by BlackRock. The performance information for each equity portfolio used to calculate the index may be substantially different from that shown. Index does not include portfolios that do not have an applicable market index. Index does not reflect BlackRock's investment performance, and is not indicative of past or future results. 5#7$4,699 1% 8% 8% 1% 4% 78% $29 $(1) $(19) BlackRock. Quarterly revenue ($ in millions) Base fees Securities lending revenue ■ Performance fees Q1 2023 compared to Q1 2022 $(456) Technology services revenue Distribution fees Advisory and other revenue $(43) $(62) $(360) Q1 2022 Securities Technology Advisory and Performance Distribution Base fees services other revenue fees fees revenue lending revenue $4,243 Q1 2023 Percentage Change Base fees Securities lending revenue Performance fees Technology services revenue Distribution fees Advisory and other revenue Total $4,337 Q4 2022 $75 Base Fees Q1 2023 compared to Q4 2022 $(94) $28 Year-over-Year Sequential (10)% 2% 21% (44)% 20% (76)% (4)% -% 2% $5 (16)% (41)% (10)% (37)% (2)% $(13) $(16) $(173) $4,243 Securities Distribution Technology Advisory and Performance Q1 2023 lending services other revenue Fees fees revenue revenue 6#8$3,833 Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) Q1 2023 compared to Q1 2022 $(331) $39 $6 $(10) $(10) $(31) $(63) Q1 2022 Cash ETFs Non-ETF Alts Non-ETF Multi- FI EQ FI Asset BlackRock. $(66) Active FI $(80) ETFs EQ $(116) $3,502 Active Q1 2023 EQ $3,399 Q4 2022 $57 ETFs EQ Q1 2023 compared to Q4 2022 $103 $22 $18 $12 $6 Active Non-ETF ETFs EQ EQ FI Active FI $3 $2 $1 Multi- Non-ETF Alts Asset FI $(18) $3,502 Cash Q1 2023 7#9$2,877 Q1 2022 51% $(89) 18% Employee comp. & benefits 12% 19% Quarterly expense, as adjusted ($ in millions) $(69) Q1 2023 compared to Q1 2022 $(145) $(14) Employee comp. & benefits Direct fund expense Distribution & servicing costs Direct fund expense General & administration $27 Distribution & servicing costs (1) Amounts exclude product launch costs in Q4 2022, which are presented separately. G&A expense $2,732 Q1 2023 Percentage Change Employee comp. & benefits Distribution & servicing costs Direct fund expense Product launch costs General & administration (1) Total $2,760 Q4 2022 Q1 2023 compared to Q4 2022 $(28) $(48) G&A expense (1) $(22) Employee comp. & benefits $(6) Year-over-Year Sequential (6)% (2)% (12)% (4)% -% 6% 2% 15% (100)% (9)% (5)% (1)% Production launch costs $8 Distribution & servicing costs $40 Direct fund expense $2,732 Q1 2023 For further information and reconciliations to GAAP, see page 10 of this earnings release supplement, notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current earnings release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks. BlackRock. 8#10Illiquid alternatives: Alternative solutions Private equity Alternatives client assets ($ in billions, as of March 31, 2023) Opportunistic & credit strategies Real assets: Real estate Infrastructure Real assets subtotal Total illiquid alternatives Liquid alternatives Total illiquid and liquid alternatives Memo: Liquid credit Total illiquid and liquid alternatives and liquid credit Client Assets $12 38 29 30 46 76 155 81 $236 $84 $320 Fee Paying AUM $7 30 26 29 31 60 123 80 $203 $84 $287 Non-Fee Paying Commitments $5 8 3 1 15 16 32 1 $33 $33 Definitions: Client Assets: Alternatives assets at BlackRock across AUM and non-fee paying committed capital Fee Paying AUM: Assets reported in BlackRock's AUM. Includes both invested capital and committed capital that is fee-paying in its commitment stage Non-Fee Paying Commitments: Uninvested commitments, which are currently non-fee paying and are not included in AUM. These commitments are expected to generate fees and will be counted in AUM and flows as the capital is deployed over time Liquid Alternatives: Includes hedge funds and hedge fund solutions (funds of funds) Liquid Credit: Active liquid credit strategies (such as high yield, bank loans, and collateralized loans) managed by BlackRock Alternative Investors and included in fixed income AUM BlackRock. 9#11Operating Income GAAP Non-GAAP expense adjustments As Adjusted Nonoperating Income (Expense) GAAP Non-GAAP adjustments As Adjusted Net Income Reconciliation between GAAP and as adjusted ($ in millions) GAAP Non-GAAP adjustments As Adjusted BlackRock. Q1 $ 1,545 $ 54 Q2 (74) 2021 $ 1,599 $ 2,016 85 41 $ 1,931 $ 1,935 $ 2,039 46 $ 270 $ 336 $ (169) Q3 $ (28) $ 101 $ 90 236 $ 2,025 $ 2,107 (72) 264 $ Q4 69 68 $ 1,240 $1,614 $ 1,750 $ 1,199 $1,378 $ 1,681 $ 1,643 71 11 82 7 Q1 $ 1,764 $ 58 $ (138) $ 73 $ (65) $ $ 1,822 $ 1,727 $ 1,436 $ Q2 26 2022 1,668 59 (347) $ 114 (233) $ Q3 45 1,526 $ 1,585 59 165 $ 45 210 1,077 $ 1,406 45 Q4 1,427 150 1,577 (48) $ 1,259 $ 177 $ 97 2023 225 $ 116 $1,650 $ 1,462 $ 1,122 $ 1,451 $ 1,356 Q1 $ 1,438 73 $ 1,511 (29) 87 $ 1,157 43 $ 1,200 Beginning in the first quarter of 2023, the Company updated its definition of operating income, as adjusted, operating margin, as adjusted, non-operating income (expense), as adjusted, to exclude the compensation expense related to the market valuation changes on certain deferred cash compensation plans, and the related gain (loss) on the economic hedge of these deferred cash compensation plans. Non-GAAP adjustments include amounts related to (i) net impact of compensation expense and hedge (gain) loss on deferred cash compensation plans, (ii) amortization of intangible assets, (iii) acquisition-related compensation costs, (iv) contingent consideration fair value adjustments, (v) Lease costs - New York, (vi) net income (loss) attributable to noncontrolling interests, (vii) a restructuring charge and (viii) noncash income tax matters, as applicable. For further information and reconciliation between GAAP and as adjusted, see notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current earnings release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks. 10#12Important notes This presentation, 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” and 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. BlackRock has previously disclosed risk factors in its Securities and Exchange Commission ("SEC") reports. These risk factors and those identified elsewhere in this earnings release, among others, could cause actual results to differ materially from forward-looking statements or historical performance and include: (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 ("AUM"); (3) the relative and absolute investment performance of BlackRock's investment products; (4) BlackRock's ability to develop new products and services that address client preferences; (5) the impact of increased competition; (6) the impact of future acquisitions or divestitures; (7) BlackRock's ability to integrate acquired businesses successfully; (8) the unfavorable resolution of legal proceedings; (9) the extent and timing of any share repurchases; (10) the impact, extent and timing of technological changes and the adequacy of intellectual property, data, information and cybersecurity protection; (11) attempts to circumvent BlackRock's operational control environment or the potential for human error in connection with BlackRock's operational systems; (12) the impact of legislative and regulatory actions and reforms, regulatory, supervisory or enforcement actions of government agencies and governmental scrutiny relating to BlackRock; (13) changes in law and policy and uncertainty pending any such changes; (14) any failure to effectively manage conflicts of interest; (15) damage to BlackRock's reputation; (16) geopolitical unrest, terrorist activities, civil or international hostilities, including the war between Russia and Ukraine, and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (17) a pandemic or health crisis, and related impact on BlackRock's business, operations and financial condition; (18) climate-related risks to BlackRock's business, products, operations and clients; (19) the ability to attract, train and retain highly qualified and diverse professionals; (20) fluctuations in the carrying value of BlackRock's economic investments; (21) 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 the Company; (22) BlackRock's success in negotiating distribution arrangements and maintaining distribution channels for its products; (23) the failure by key third-party providers of BlackRock to fulfill their obligations to the Company; (24) operational, technological and regulatory risks associated with BlackRock's major technology partnerships; (25) any disruption to the operations of third parties whose functions are integral to BlackRock's exchange-traded funds ("ETF") platform; (26) the impact of BlackRock electing to provide support to its products from time to time and any potential liabilities related to securities lending or other indemnification obligations; and (27) the impact of problems, instability or failure of other financial institutions or the failure or negative performance of products offered by other financial institutions. This presentation also includes non-GAAP financial measures. You can find our presentations on the most directly comparable GAAP financial measures calculated in accordance with GAAP and our reconciliations on page 10 of this earnings release supplement, our current earnings release dated April 14, 2023, and BlackRock's other periodic reports, which are available on BlackRock's website at www.blackrock.com. BlackRock. 11