#1January 14, 2021 BlackRock. Q4 2020 Earnings Earnings Release Supplement#2Client Type Institutional 59% Retail 10% iShares ETFs 31% AUM A broadly diversified business across clients, products and geographies BlackRock. Institutional 32% Retail 30% iShares ETFs 38% Base Fees Assets Under Management of $8.68 trillion at December 31, 2020 Q4 2020 Total Base Fees of $3.393 billion Style Product Type Active 26% Index 35% iShares ETFs 31% Cash 8% AUM Active 48% Index 8% iShares ETFs 38% Cash 6% Base Fees Equity 51% Fixed Income 30% Multi-asset 8% Alternatives 3% Cash 8% AUM Equity 48% Fixed Income 27% Multi-asset 9% Alternatives 10% Cash 6% Base Fees Americas 65% Note: Base fees include investment advisory, administration fees and securities lending revenue. Base Fees and AUM by region data is based on client domicile. EMEA 28% Region Asia-Pacific 7% AUM Americas 65% EMEA 29% Asia-Pacific 6% Base Fees 1#32% 2% $50 $6 $44 Q4 2018 10% $81 2% 1% $65 $6 $59 Q1 2019 9% $31 4% 2% $125 Q2 2019 Long-term $151 $26 10% Total BlackRock $36 5% 3% $84 $32 $52 7% 5% $42 $129 $30 Cash $99 10% 11% 6% 4% $75 $14 Q3 Q4 Q1 2019 2019 2020 iShares ETFs $35 $53 ($19) 9% $14 Q4 Q3 Q4 Q1 Q2 Q1 2018 2019 2019 2019 2019 2020 5% 5% $100 $3 $24 Advisory $62 Q2 2020 9% $51 Net flows ($ in billions) 6% 7% $129 $28 $98 Q3 2020 9% $41 Q2 Q3 2020 2020 5% 7% $127 $9 $116 Q4 2020 8% $79 Q4 2020 $2 3% $(3) Q4 2018 (2)% $(8) $(27) Q4 2018 0% (1)% 0% $2 $14 $15 2% Retail Long-term $14 0% $73 $7 Institutional Active 3% $8 $(4) 3% $(1) $(2) Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 2019 2019 2019 2020 2020 2020 2020 Institutional Long-term Q1 Q2 Q3 2019 2019 2019 $8 4% $1 $15 2% Q4 2019 4% 2% $16 0% 6% $20 11 $(2) $3 $(29) $(8) 0% Institutional Index $7 $30 10% Q1 Q2 Q3 2020 2020 2020 $35 0% $1 $1 Q4 2020 LTM organic base fee growth rate (%) LTM organic asset growth rate (%) Note: LTM organic asset growth rate measures rolling last twelve months net flows over beginning of period assets. LTM organic base fee (ex. securities lending) 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. 2#4Operating Income and Margin, as adjusted 43.5% $1,310 Q4 2018 41.9% $1,233 43.1% $1,278 46.0% BlackRock. $1,502 Profitability ($ in millions, except per share data) 43.5% Q1 Q2 Q3 Q4 2019 2019 2019 2019 $1,538 Operating Income, as adjusted 41.7% $1,273 43.7% $1,406 47.0% $1,757 46.6% $1,848 Q1 Q2 Q3 Q4 2020 2020 2020 2020 Operating Margin, as adjusted $6.08 Net Income and EPS, as adjusted $975 الابلسة $6.61 $6.41 $1,053 $7.15 Q4 Q1 2018 2019 $1,003 $8.34 $1,309 $1,119 $6.60 Net Income, as adjusted $7.85 $9.22 $1,032 $1,214 $1,418 $10.18 $1,573 Q3 Q4 Q1 Q2 Q3 Q4 Q2 2019 2019 2019 2020 2020 2020 2020 EPS, as adjusted For further information and reconciliations between GAAP and as adjusted, see page 12 of this earnings release supplement, notes (1) through (4) in the current earnings release as well as previously filed Form 10-Ks, 10-Qs and 8-Ks. 3#5160.5 159.3 $525 Q4 2018 Share repurchases and weighted average diluted shares 156.4 156.4 156.9 156.4 154.7 153.7 154.5 $1,566(1) $100 $0 Q1 Q2 Q3 2019 2019 2019 Share repurchases Capital management (amounts in millions, except per share data) BlackRock. $400 (2) $1,113 $0 $0 $0 Q4 Q1 Q2 Q3 Q4 2019 2020 2020 2020 2020 Weighted average diluted shares $3.13 (1) Amount includes a $1.3 billion private transaction that closed on March 25, 2019. (2) Amount includes a $1.1 billion repurchase from PNC that closed on May 15, 2020. Amounts above exclude repurchases of employee tax withholdings related to employee stock transactions. Dividends per share $3.30 $3.30 $3.30 $3.30 $3.63 $3.63 $3.63 $3.63 Q2 Q3 Q4 Q4 Q1 Q1 Q2 Q3 Q4 2018 2019 2019 2019 2019 2020 2020 2020 2020 Dividends 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 Major market indices and exchange rates Barclays U.S. Aggregate Bond Index Foreign Exchange Rates GBP to USD EUR to USD BlackRock. Spot 12/31/2019 9/30/2020 12/31/2020 3,231 2,358 140 171 1,115 3,855 2,225 1.33 1.12 3,363 2,367 120 170 1,082 3,165 2,376 1.29 1.17 3,756 2,690 132 200 1,291 3,853 2,392 1.36 1.23 % Change 12/31/20 vs. 9/30/2020 12/31/2019 12% 14% 10% 18% 19% 22% 15% 1% 5% 5% 16% 14% (6)% 17% 16% -% 15% 8% 2% 10% Q4 2019 3,086 2,260 135 164 1,051 3,645 2,221 1.29 1.11 Average Q3 2020 Q4 2020 3,319 2,348 122 169 1,084 3,265 2,382 1.29 1.17 3,558 2,525 126 185 1,190 3,497 2,378 1.32 1.19 % Change Q4 2020 vs. Q3 2020 Q4 2019 7% 8% 3% 9% 10% 7% 8% -% 2% 2% 15% 12% (7)% 13% 13% (4)% 11% 7% 2% 7% 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 market impact 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$3,977 Q4 2019 1% 7% 7% $342 9% BlackRock. 73% $180 3% Q4 2020 compared to Q4 2019 $501 $44 Quarterly revenue ($ in millions) Base fees ex. securities lending Securities lending ■ Performance fees Technology services revenue Distribution fees Advisory and other revenue $31 $(38) Base fees Performance Distribution Technology Securities fees ex. sec fees services lending lending revenue $(58) $4,478 Advisory and Q4 2020 other revenue Percentage Change Base fees ex. securities lending Securities lending Performance fees Technology services revenue Distribution fees Advisory and other revenue Total $4,369 Q3 2020 $190 $26 Q4 2020 compared to Q3 2020 $109 Base fees Distribution ex. sec fees lending Year-over-Year $23 12% (22)% 75% 11% 16% (55)% 13% $5 Sequential $(22) 6% (14)% (21)% 8% 9% 12% 2% $(113) $4,478 Technology Advisory and Securities Performance Q4 2020 services other revenue lending fees revenue 6#8$3,089 $98 Q4 2019 Active EQ Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) Q4 2020 compared to Q4 2019 $72 Alts BlackRock. $44 $42 $304 $26 iShares iShares Cash ETFs FI ETFs EQ $23 Active FI $15 $(3) $(13) $3,393 Multi- Non-ETF Non-ETF Q4 2020 Asset EQ FI $3,225 $68 Q4 2020 compared to Q3 2020 $44 $29 $22 Q3 2020 iShares Active Alts Multi- ETFs EQ EQ Asset $168 $16 $5 $(4) $(5) $(7) $3,393 Active iShares Non-ETF Non-ETF Cash Q4 2020 ETFs FI FI FI EQ 7#9$2,439 Q4 2019 51% $(41) G&A 1% 19% BlackRock. $(2) 11% Amortization of intangible assets 18% Quarterly expense, as adjusted ($ in millions) Q4 2020 compared to Q4 2019 $191 $38 ■ Employee comp. & benefits Distribution & servicing costs Direct fund expense Direct fund expense General & administration Amortization of intangible assets $67 Distribution & servicing costs $129 Employee comp. & benefits $2,630 Q4 2020 Percentage Change Employee comp. & benefits Distribution & servicing costs Direct fund expense General & administration Amortization of intangible assets Total $2,612 Q3 2020 (1) Amounts exclude product launch costs and commissions incurred in Q3 2020, which are presented separately. $(83) Q4 2020 compared to Q3 2020 $18 Product launch costs and commissions $(67) Year-over-Year Sequential 11% (5)% 15% 11% 16% 10% (8)% 3% (7)% -% 8% Employee comp. & benefits (1) $26 Direct fund expense $49 1% Distribution & servicing costs $93 G&A (1) $2,630 Q4 2020 8#101% 7% 7% $14,539 2019 BlackRock. 7% 4% 74% $827 Base fees ex. sec lending Full year revenue ($ in millions) ■Base fees ex. securities lending Securities lending Performance fees Technology services revenue Distribution fees ■Advisory and other revenue $654 Performance fees $165 Technology Percentage Change services revenue 2020 compared to 2019 $1,666 Base fees ex. securities lending Securities lending Performance fees Technology services revenue Distribution fees Advisory and other revenue Total $62 $35 Year-over-Year $(77) Distribution fees Securities lending Advisory and other revenue 7% 6% 145% 17% 6% (29)% 11% $16,205 2020 9#11Full year investment advisory, $11,777 2019 BlackRock. $238 Alts and securities lending revenue ($ in millions) 2020 compared to 2019 $183 Active EQ $172 Cash $156 iShares ETFs FI $862 $58 administration fees Non-ETF FI $39 Active FI $15 $4 Multi-Asset iShares ETFs EQ $(3) Non-ETF EQ $12,639 2020 10#1251% $8,988 2019 1% 18% 11% 19% $9 Amortization of intangible assets Full year expense, as adjusted ($ in millions) ■ Employee comp. & benefits Distribution & servicing costs Direct fund expense General & administration Amortization of intangible assets $11 G&A (1) $85 Direct fund expense Percentage Change 2020 compared to 2019 $933 $111 Employee comp. & benefits Distribution & servicing costs Total Direct fund expense General & administration Amortization of intangible assets Product launch costs and comissions $150 Distribution & servicing costs $567 Year-over-Year 13% 9% 9% 7% 9% 10% Employee comp & benefits (1) $9,921 2020 (1) Amounts exclude product launch costs and commissions incurred in 2020 and 2019, which are presented separately above. 2020 expense, as adjusted, excludes a $589 million expense in connection with the charitable contribution of BlackRock 's remaining 20% stake in PennyMac Financial Services, Inc. (the Charitable Contribution"). For further information, see the item included under Non-GAAP expense adjustments on page 12 of this earnings release supplement and note (1) in the current earnings release. BlackRock. 11#13Operating Income GAAP Non-GAAP expense adjustments As Adjusted Nonoperating Income (Expense) GAAP Reconciliation between GAAP and as adjusted ($ in millions) Non-GAAP adjustments As Adjusted Net Income GAAP Non-GAAP adjustments As Adjusted BlackRock. $ $ 2018 $ Q4 $ 1,310 $ 1,246 $ (72) 64 (72) 927 48 975 $ $ Q1 $ 1,233 125 $ (7) $ 1,233 $ 1,278 $ 1,502 $ 118 Q2 $ 1,278 2019 $ 57 (10) 47 Q3 $ 1,502 $ 1,538 $ $ (42) $ Q4 (42) $ 1,538 (33) 63 $ 1,053 $ 1,003 $ 1,119 $ 1,301 8 $ $ 1,053 $ 1,003 $ 1,119 $ 1,309 Q1 $ 589 96 $ (71) $ 357 $ 224 $ 319 Q2 2020 684 $ 1,406 $ 1,757 $ 1,848 57 $ 1,273 $ 1,406 $ 1,757 $ 1,848 Q3 226 (188) (14) $ 169 $ Q4 (153) (192) 71 $ 127 806 $ 1,214 $ 1,364 $ 1,548 54 25 $ 1,032 $ 1,214 $ 1,418 $ 1,573 Non-GAAP adjustments include amounts related to the Charitable Contribution, restructuring charge, PNC LTIP funding obligations and noncash income tax matters, as applicable. For further information and reconciliation between GAAP and as adjusted, see notes (1) through (3) in the current earnings release as well as previously filed Form 10-Ks, 10-Qs and 8-Ks. 12#14Important 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) a pandemic or health crisis, including the COVID-19 pandemic, and its continued impact on financial institutions, the global economy or capital markets, as well as BlackRock's products, clients, vendors and employees, and BlackRock's results of operations, the full extent of which may be unknown; (2) the introduction, withdrawal, success and timing of business initiatives and strategies; (3) 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"); (4) the relative and absolute investment performance of BlackRock's investment products; (5) BlackRock's ability to develop new products and services that address client preferences; (6) the impact of increased competition; (7) the impact of future acquisitions or divestitures; (8) BlackRock's ability to integrate acquired businesses successfully; (9) the unfavorable resolution of legal proceedings; (10) the extent and timing of any share repurchases; (11) the impact, extent and timing of technological changes and the adequacy of intellectual property, information and cyber security protection; (12) attempts to circumvent BlackRock's operational control environment or the potential for human error in connection with BlackRock's operational systems; (13) the impact of legislative and regulatory actions and reforms and regulatory, supervisory or enforcement actions of government agencies relating to BlackRock; (14) changes in law and policy and uncertainty pending any such changes; (15) terrorist activities, civil unrest, international hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (16) the ability to attract and retain highly talented professionals; (17) fluctuations in the carrying value of BlackRock's economic investments; (18) 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; (19) BlackRock's success in negotiating distribution arrangements and maintaining distribution channels for its products; (20) the failure by a key vendor of BlackRock to fulfill its obligations to the Company; (21) any disruption to the operations of third parties whose functions are integral to BlackRock's exchange-traded funds ("ETF") platform; (22) 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 (23) the impact of problems at other financial institutions or the failure or negative performance of products at 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 12 of this earnings release supplement, our current earnings release dated January 14, 2021, and BlackRock's other periodic reports, which are available on BlackRock's website at www.blackrock.com. BlackRock. 13