#1October 13, 2020 BlackRock. Q3 2020 Earnings Earnings Release Supplement#2Institutional 60% Retail 10% lient Type iShares ETFs 30% AUM A broadly diversified business across clients, products and geographies BlackRock. Institutional 33% Retail 29% iShares ETFs 38% Base Fees Assets Under Management of $7.81 trillion at September 30, 2020 Q3 2020 Total Base Fees of $3.225 billion Style Product Type Active 27% Index 35% iShares ETFs 30% Cash 8% AUM Note: Base Fees and AUM by region data is based on client domicile. Active 47% Index 9% iShares ETFs 38% Cash 6% Base Fees Equity 48% Fixed Income 33% Multi-asset 8% Alternatives 3% Cash 8% AUM Equity 47% Fixed Income 28% Multi-asset 9% Alternatives 10% Cash 6% Base Fees Americas 66% EMEA 27% Region Asia-Pacific 7% AUM Americas 65% EMEA 29% Asia-Pacific 6% Base Fees 1#33% 3% $11 ($3) Q3 2018 9% 2% $34 2% ($15) $50 $6 $44 Q4 2018 10% $81 2% 1% $65 $6 $59 Long-term Q1 2019 9% Total BlackRock $31 4% 2% $151 $26 $125 10% 5% $36 3% $84 $32 $52 10% 7% Cash 5% Q2 Q3 Q4 2019 2019 2019 iShares ETFs $42 $129 $30 $99 11% $75 Q3 Q1 Q2 Q3 Q4 Q4 2018 2018 2019 2019 2019 2019 6% 4% $141 $35 $53 ($19) Advisory Q1 2020 9% $14 Q1 2020 Net flows ($ in billions) 5% 5% $100 $24 $62 Q2 2020 9% $51 Q2 2020 6% 7% $129 $28 $98 Q3 2020 9% $41 Q3 2020 $3 6% $2 Q3 2018 0% $(1) $(24) Q3 2018 3% $(3) Q4 2018 (2)% 0% $(8) $(1) Retail Long-term 0% $2 $14 $15 (1)% 2% Institutional Active $14 0% $73 $7 Q1 Q2 Q3 Q4 Q1 2019 2019 2019 2019 2020 $(27) Q4 Q1 Q2 2018 2019 2019 Institutional Long-term 3% 3% $8 $(4) $8 Q3 2019 2% 4% $(2) $1 $15 2% 4% $16 0% Institutional Index Q2 Q3 2020 2020 6% $20 $3 0% $7 $30 $(2) $(29) $(8) Q4 Q1 Q2 Q3 2019 2020 2020 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 44.2% 43.5% $1,400 $1,310 Q3 Q4 2018 41.9% $1,233 43.1% BlackRock. $1,278 Q1 Q2 Q3 2018 2019 2019 2019 Profitability ($ in millions, except per share data) 46.0% Operating Income, as adjusted $1,502 $1,538 43.5% 43.7% 41.7% $1,406 $1,273 47.0% $1,757 Q4 Q1 Q2 Q3 2019 2020 2020 2020 Operating Margin, as adjusted $7.52 $1,214 Q3 2018 Net Income and EPS, as adjusted $6.08 $975 $6.61 $6.41 $1,053 $7.15 $1,003 $1,119 $8.34 Net Income, as adjusted $1,309 $7.85 $6.60 $1,032 $1,214 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2018 2019 2019 2019 2019 2020 2020 2020 EPS, as adjusted $9.22 $1,418 For further information and reconciliations between GAAP and as adjusted, see page 9 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#5161.4 160.5 159.3 $500 Share repurchases and weighted average diluted shares $525 Sha Capital management (amounts in millions, except per share data) 156.4 156.4 156.9 156.4 $1,566 (1) BlackRock. $0 $0 Q3 Q4 Q1 Q2 Q3 Q4 2018 2018 2019 2019 2019 repurchases $100 $400 154.7 153.7 (2) $1,113 $0 Q1 Q2 Q3 2019 2020 2020 2020 Weighted average diluted shares $3.13 $3.13 Q3 Q4 2018 2018 (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 Q1 Q2 Q3 Q4 Q2 Q3 Q1 2019 2019 2019 2019 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 9/30/2019 6/30/2020 9/30/2020 2,977 2,180 133 156 1,001 3,524 2,221 1.23 1.09 3,100 2,202 120 158 995 3,104 2,362 1.24 1.12 3,363 2,367 120 170 1,082 3,165 2,376 1.29 1.17 % Change 9/30/20 vs. 6/30/2020 9/30/2019 8% 7% - % 8% 9% 2% 6% 1% 4% 4% 13% 9% (10)% 9% 8% (10)% 6% 7% 5% 7% Q3 2019 2,958 2,169 129 157 1,014 3,558 2,201 1.23 1.11 Average Q2 2020 Q3 2020 2,930 2,073 115 149 930 2,959 2,335 1.24 1.10 3,319 2,348 122 169 1,084 3,265 2,382 1.29 1.17 % Change Q3 2020 vs. Q2 2020 Q3 2019 13% 13% 6% 13% 17% 10% 11% 2% 4% 6% 12% 8% (5)% 8% 7% (8)% 6% 8% 5% 5% 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$3,692 Q3 2019 1% 7% 6% $411 12% BlackRock. $242 Performance Base fees fees ex. sec lending 70% Q3 2020 compared to Q3 2019 $677 4% $23 Technology services revenue Base fees ex. securities lending Securities lending Performance fees Technology services revenue Distribution fees Advisory and other revenue Quarterly revenue ($ in millions) $18 $3 Distribution Securities fees lending $(20) Advisory and other revenue $4,369 Q3 2020 Percentage Change Base fees ex. securities lending Securities lending Performance fees Technology services revenue Distribution fees Advisory and other revenue Total $3,648 Q2 2020 $420 Performance fees Q3 2020 compared to Q2 2020 $721 $316 Base fees ex. sec lending Year-over-Year $35 9% 2% 340% 9% 7% (32)% 18% $4 Sequential $3 11% (27)% 375% 1% 14% 8% 20% $(57) $4,369 Distribution Technology Advisory and Securities Q3 2020 fees services other revenue lending revenue 6#8$2,980 Q3 2019 $66 Alts Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) Q3 2020 compared to Q3 2019 $66 $46 BlackRock. $45 $245 $15 $8 Active iShares Cash Non-ETF iShares EQ ETFs FI FI ETFs EQ $2 $1 Active FI $(4) $3,225 Multi- Non-ETF Q3 2020 Asset EQ $2,966 $88 Q3 2020 compared to Q2 2020 $76 Q2 2020 iShares Active ETFs EQ EQ $43 Alts $36 $259 $34 $19 $(7) iShares Active Multi- FI ETFs FI Asset $(14) $(16) $3,225 Cash Non-ETF Non-ETF Q3 2020 EQ FI 7#9$2,190 Q3 2019 54% $(4) G&A (1) 1% 17% $(1) BlackRock. 10% 18% $18 Amortization Direct fund of intangible expense assets Quarterly expense, as adjusted ($ in millions) Q3 2020 compared to Q3 2019 $422 ■ Employee comp. & benefits $29 Distribution & servicing costs Distribution & servicing costs Direct fund expense General & administration Amortization of intangible assets $83 Product launch costs and comissions $297 $2,612 Percentage Change Employee Q3 2020 comp. & benefits (1) Employee comp. & benefits Distribution & servicing costs Direct fund expense General & administration Amortization of intangible assets Total Q2 2020 (1) Amounts exclude product launch costs and commissions incurred in Q3 2020, which are presented separately. $2,242 $(7) $11 $27 ¶¶ Year-over-Year Sequential 27% 22% 7% 6% 8% 4% 20% 19% -% G&A (1) Direct fund expense (4)% Q3 2020 compared to Q2 2020 $370 19% Distribution & servicing costs 17% $83 Product launch costs and commissions $256 Employee comp. & benefits (1) $2,612 Q3 2020 8#10Operating Income GAAP Non-GAAP expense adjustments As Adjusted Nonoperating Income (Expense) GAAP Reconciliation between GAAP and as adjusted ($ in millions) Non-GAAP adjustments As Adjusted Net Income GAAP Non-GAAP adjustments As Adjusted BlackRock. $ Q3 $ 1,396 $ 1,246 $ 2018 $ 1,400 $ 4 33 $ 13 46 $ Q4 $ 1,310 1,216 $ (2) 64 (72) (72) 927 48 $1,214 $ 975 Q1 $ $ 1,233 $ 1,278 $ $ 125 $ Q2 (7) 2019 $ 1,233 $ 1,278 $ 1,502 $ 1,538 118 $ 57 $ (10) 47 $ Q3 $ 1,053 $ 1,003 $ 1,502 $ 1,538 (42) $ Q4 (42) $ $ 1,053 $ 1,003 $ 1,119 $ (33) 96 $ 63 1,301 8 $ 1,119 $ 1,309 $ Q1 $ 589 $ 1,273 $ 1,406 $ 1,757 2020 684 $ 1,406 $ 1,757 Q2 57 (71) $ 357 $ 224 Q3 226 (188) (14) $ 169 $ (153) 71 806 $ 1,214 $ 1,364 54 $ 1,032 $ 1,214 $ 1,418 Non-GAAP adjustments include amounts related to the charitable contribution of BlackRock's remaining 20% stake in PennyMac Financial Services, Inc., 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. 9#11Important 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 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, 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 9 of this earnings release supplement, our current earnings release dated October 13, 2020, and BlackRock's other periodic reports, which are available on BlackRock's website at www.blackrock.com. BlackRock. 10