#1BlackRock Investing to deliver shareholder value IRH1221U/M-1946957-1/20 Gary Shedlin Chief Financial Officer December 7, 2021#2IRH1221U/M-1946957-1/20 Forward-looking Statements 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 report, 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) any failure to effectively manage conflicts of interest; (16) damage to BlackRock's reputation; (17) 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; (18) the ability to attract and retain highly talented professionals; (19) fluctuations in the carrying value of BlackRock's economic investments; (20) 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; (21) BlackRock's success in negotiating distribution arrangements and maintaining distribution channels for its products; (22) the failure by a key vendor of BlackRock to fulfill its obligations to the Company; (23) operational, technological and regulatory risks associated with BlackRock's major technology partnerships; (24) any disruption to the operations of third parties whose functions are integral to BlackRock's exchange-traded funds ("ETF") platform; (25) 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 (26) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions. BlackRock's Annual Report on Form 10-K and BlackRock's subsequent filings with the SEC, accessible on the SEC's website at www.sec.gov and on BlackRock's website at www.blackrock.com, discuss these factors in more detail and identify additional factors that can affect forward-looking statements. The information contained on the Company's website is not a part of this presentation, and therefore, is not incorporated herein by reference. BlackRock reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"); however, management believes evaluating the Company's ongoing operating results may be enhanced if investors have additional non-GAAP financial measures. Management reviews non-GAAP financial measures to assess ongoing operations and considers them to be helpful, for both management and investors, in evaluating BlackRock's financial performance over time. Management also uses non-GAAP financial measures as a benchmark to compare its performance with other companies and to enhance the comparability of this information for the reporting periods presented. Non-GAAP measures may pose limitations because they do not include all of BlackRock's revenue and expense. BlackRock's management does not advocate that investors consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Non- GAAP measures may not be comparable to other similarly titled measures of other companies. 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 in the appendix to this presentation, as well as BlackRock's other periodic reports which are available on BlackRock's website at www.blackrock.com. The information provided on our website is not part of this presentation, and therefore, is not incorporated herein by reference. Management uses both GAAP and non-GAAP financial measures in evaluating BlackRock's financial performance. Adjustments to GAAP financial measures include certain items management deems nonrecurring or that occur infrequently, transactions that ultimately will not impact BlackRock's book value or certain tax items that do not impact cash flow. BlackRock 2#3We have a longstanding framework for delivering shareholder value BlackRock Organic growth Operating + leverage + Capital management EPS growth IRH1221U/M-1946957-1/20 3#4Consistent organic growth drives value 2022 Organic asset growth vs P/E regression¹ 2022E Cash P/E 23x 20x 17x 14x 11x 8x B U Organic asset growth² BLK 6% BLK organic base fee growth 5x (5%) 0% 5% 10% 2022E Organic Asset Growth Note: For footnoted information, refer to slides 14-15. BlackRock IRH1221U/M-1946957-1/20 5% 1% 1% 0% BLK (6%) (6%) B C D E Traditional Asset Manager Peers Represents the average of BlackRock's 5 largest US publicly traded asset manager peers. 4#5IRH1221U/M-1946957-1/20 Outperformance is a result of our diversified platform Effective Fee Rates (bps)¹ 20 3-Year Avg Organic Base Fee Growth Rates² 18% 00 8 34 27 74 13 4 22% 18% 17% 7% 6% 2% Core 2% Strategic Equity Precision ETFs Traditional Active4 Illiquid Cash Non- Alts Tech5 ETF Index % Contribution to 2020 Revenue³ 32% 43% 4% 5% 8% 8% Note: For footnoted information, refer to slides 14-15. BlackRock 5#6IRH1221U/M-1946957-1/20 Our strategy is guided by clients' needs and our investments are paying off Lead as a whole portfolio growth Drive gr Markets advisor Be the global leader in sustainable Investing Private engines ETFs Alpha at the heart AladdinⓇ China ETFs ■ #1 share of industry net new base fees¹ #1 share of AUM in strategic categories¹ Private Markets $25B of gross fundraise YTD2 ■ ■ $30B in committed capital will drive $210M future annual base fees³ $1.4B deferred carried interest balance4 Aladdin Active 80%+ of active fixed income and equity AUM above benchmark or peer median over 5-yrs6 78% of US active mutual fund AUM in Morningstar 4 & 5 star funds 15% organic base fee growth YTD Sustainability $434B of AUM Driving 20% of long-term net new base fees YTD Whole Portfolio $200B+ Outsourced CIO AUM Significant OCIO wins in 2021 ☐ 16% ACV growth5 24 clients using Whole Portfolio View China Launched Aladdin Sustainability Fully licensed FMC and WMC $1.4B raised from initial product launches Note: For illustrative purposes only. ACV represents forward-looking recurring subscription fees under client contracts for the next twelve months at the end of a respective quarter, assuming all client contracts that come up for renewal are renewed. ACV excludes nonrecurring fees such as implementation and consulting fees. See note (4) in the supplemental information on page 13 of BlackRock's third quarter 2021 earnings release for more information on ACV. For footnoted information, refer to slides 14-15. BlackRock 6#7IRH1221U/M-1946957-1/20 Clients are entrusting us with more of their portfolios 9/30 YTD organic base fee growth: BlackRock vs Industry BLK Industry ↓ 13% 9% 21% 13% 12% 8% 16% 14% 2% 7% 43% For Sustainable: Organic Asset Growth shown 20% ETFs ¹ 1 2 4,5 Private Markets Technology Traditional Active 3 Whole Portfolio Sustainable Note: Organic growth rates are annualized. For footnoted information, refer to slides 14-15. BlackRock 7#8We are widening our competitive moat 11% 5% 7% 5% 4% BLK 3% 2% 6% 1% 3% 3% Industry 2% 2016-2018 2019 2020 2021 YTD 1 Note: For footnoted information, refer to slides 14-15. BlackRock IRH1221U/M-1946957-1/20 BLK Organic base fee growth premium vs industry 8#9We are also delivering operating leverage AUM $5.1T Employees 13,000 Operating Margin, as adjusted 43.8% 2016 +86% +38% +160bps IRH1221U/M-1946957-1/20 $9.5T As of 9/30/21 18,000 As of 9/30/21 45.4% 9/30/21 LTM Note: Operating margin, as adjusted is a non-GAAP measure. For further information and reconciliation between GAAP and as adjusted operating margin, see the previously filed Form 10-Ks, 10-Qs, 8-Ks and the presentation appendix on slides 17-18. BlackRock 9#10IRH1221U/M-1946957-1/20 Compensation expense reflects our strong performance Compensation, as adjusted / Net revenue¹ Organic base fee growth 2% Performance $0.4B fees 11% $1.2B² 31.5% (140bps reduction) Compensation expense drivers³ Operating leverage from scale and expense discipline Technology and automation • Role optimization Re-footprinting roles to iHubs • Incentive compensation aligned with shareholder interests Growth in performance-based compensation • • Momentum in alternatives and strong alpha generation driving performance fees Significant deferrals of direct incentives into underlying funds • Performance fee- 34.4% 1.5% 34.8% 2.0% 3.6% 35.1% 35.4% 3.9% based and MTM Incentive 15.7% 15.1% 13.9% 14.7% compensation Salaries & benefits 17.2% 17.7% 17.6% 16.8% 2018 2019 2020 Memo: 9/30/21 YTD • BlackRock Performance Incentive Plan (BPIP) outperforming 100% payout M&A related 0.3% 0.5% 0.2% 0.6% retention Note: Compensation, as adjusted and Net Revenue are non-GAAP measures. For further information and reconciliation between GAAP and as adjusted operating margin, see the previously filed Form 10-Ks, 10-Qs, 8-Ks and the presentation appendix on slides 17-18. For footnoted information, refer to slides 14-15 BlackRock 10#11IRH1221U/M-1946957-1/20 G&A investments support our growth engines and reflect our operational excellence G&A expense, as adjusted / Net revenue¹ Core G&A drivers 13.7% 13.1% 13.1% 13.0% 1.3% Tech, data and other portfolio services • Aladdin cloud migration Non-core G&A² 0.9% 1.9% • 2.5% Tech, data and Market data for investment processes, including sustainability other portfolio 4.0% 4.3% • services³ 4.7% 5.1% Other core G&A³ 8.2% 8.1% 6.5% 5.5% 10.6% (160 bps reduction) • Tech investments to enhance productivity Portfolio services expense linked to growth in our Outsourced CIO business ("gross-up" in revenue) Other Core G&A • Marketing & promo (incl. T&E) • Office-related 2018 2019 2020 9/30/21 YTD • Professional fees Memo: OCIO subadvisory 0.4% 0.3% 0.3% 0.6% pass-through Note: G&A expense, as adjusted and Net Revenue are non-GAAP measures. For further information and reconciliation between GAAP and as adjusted operating margin, see the previously filed Form 10-Ks, 10- Qs, 8-Ks and the presentation appendix on slides 17-18. For footnoted information, refer to slides 14-15. BlackRock 11#12Commitment to invest first and then return cash to shareholders IRH1221U/M-1946957-1/20 Capital management strategy Organic business investments Headcount G&A Strategic acquisitions & minority investments Seed & Co-Invest Key drivers¹ • Headcount to support strategic growth areas • Approximately $3.5B in seed and co- investments² • Hudson Yards headquarters • Over $4B invested through acquisitions and minority investments since 2012 Focused primarily in technology, alternatives, global distribution and whole portfolio Dividends Share repurchases Note: For footnoted information, refer to slides 14-15 BlackRock • 12% dividend growth CAGR since 2012 • Continue to target a dividend payout ratio of 40-50% • Repurchased over $11B in shares since 2012, representing a 20% IRR 12 2#13IRH1221U/M-1946957-1/20 Continuing to invest to drive long-term shareholder value Note: For illustrative purposes only BlackRock Diverse, global investment capabilities Leading investment management technology Organic growth Operating leverage Capital + management EPS growth Exceptional leadership team Unmatched global scale 13 13#14End notes IRH1221U/M-1946957-1/20 These notes refer to the financial metrics and/or defined term presented on: Slide 4 Consistent organic growth drives value 1. As of 11/30/21. Cash P/E based on earnings estimates from FactSet and adjusted for intangible amortization expense from compa ny public filings. BlackRock does not provide projections for its 2022 earnings, and takes no responsibility for FactSet estimates. This is presented merely to indicate how the market values organic growth. Peer organic growth estimates represent average across Citi, Goldman Sachs, KBW and Morgan Stanley analysts and BlackRock organic growth estimates based on 2. consensus. Organic asset growth represents average of quarterly annualized organic asset growth rates from 1/1/18 - 9/30/21. Organic base fee growth for BlackRock represents quarterly annualized organic base fee growth rates from 1/1/18 - 9/30/21. Peer organic asset growth rates from public filings. Slide 5 Outperformance is a result of our diversified platform 1. 2. 345 Effective fee rate for 2020. Effective fee rate represents investment advisory, administration fees and securities lending revenue earned on total average AUM. Total average AUM 2020 is calculated as the 13-point average of the month-end spot AUM amounts. Organic base fee growth rate is calculated by dividing net new base fees earned on net asset inflows by the base fee run-rate at the beginning of the period. 3-year average organic base fee growth represents average for 2019, 2020 and 9/30/21 year-to-date annualized. Percentage revenue contribution for 2020 includes base fees, securities lending, performance fees and technology services revenue. Traditional active includes all active strategies excluding illiquid alternatives. Represents Technology Services revenue. 3-year average growth rate for 2019, 2020 and 9/30/21 year-to-date versus prior year periods. Slide 6 Our strategy is guided by clients' needs and our investments are paying off Note: Figures as of 9/30/21 unless otherwise noted 1. 2. 3. 456 Source: Bloomberg for ETF industry figures. Gross fundraising includes assets counted in net inflows and committed capital. Committed capital that earns fees prior to deployment are included in NNB and AUM. Based on committed capital and fee rates as of 9/30/21. Past fee rates and future assumptions may not be indicative of future results. Future base fees expected to materialize as we deploy committed capital. Reflects gross deferred carried interest liability as disclosed in BlackRock's form 10-Ks and 10-Qs. 4. 5. ACV growth for quarter ending 9/30/21 versus prior year period. 6. Active fixed income and equity represents Taxable Fixed Income, Fundamental Active Equity and Systematic Active Equity. Source of performance information is BlackRock's third quarter 2021 earnings releases. Past performance is not indicative of future results. Please refer to page 14 of third quarter 2021 earnings release for performance disclosure detail. Slide 7 Clients are entrusting us with more of their portfolios Note: Figures are annualized. Industry sources: Simfund, Broadridge, Spence Johnson, HFR, Preqin, iMoney Net, Bloomberg, Markit, P&I, Cerulli and BlackRock estimates. Comprises Index ETFs, i.e., Equity ETFs, Fixed Income ETFs, and Alts/Other ETFs. Excludes Active ETFs and Inverse/Leveraged ETFs. 1. 1234 2. Industry tech growth represents 9/30/21 year-to-date versus prior year period total revenue growth for 10 fintech peers. Traditional active represents all active strategies excluding illiquid alternatives. 3. 4. 5. Represents dedicated sustainable investments for BlackRock, including: 1) strategies with an explicit ESG objective which may include a targeted quantifiable ESG outcome ("Broad ESG"); 2) strategies that capitalize on long-term transformative industry or societal trends through pursuit of specific E, S or G themes ("Thematic"); 3) strategies where investments are made with the intention to generate positive measurable social and environmental impact alongside financial return ("Impact") and; 4) screened strategies that incorporate BlackRock's baseline screens ("Dedicated Screened"). BlackRock's definition of impact investments is in line with the International Finance Corporation's Operating Principles for Impact Management. Industry Sustainable organic growth for mutual funds and ETFs. Sources: Simfund, Morningstar "Sustainable Investment - Overall" for US MFS; Broadridge "RI- Screened", "RI - Embedded" for Non-US MFs, iShares Global Business Intelligence "Sust.", "Sustainability related" for global ETFs; data as of Sep 2021. Excludes FoFs and closed-end funds. US Sustainable Money Market funds not included in Morningstar's flagging methodology. BlackRock 14#15End notes These notes refer to the financial metrics and/or defined term presented on: Slide 8 We are widening our competitive moat Note: Industry sources: Simfund, Broadridge, Spence Johnson, HFR, Preqin, iMoney Net, Bloomberg, Markit, P&I, Cerulli and BlackRock estimates. 1. 2021 YTD figures through 9/30/21 are annualized. Slide 10 Compensation expense reflects our strong performance 1. 2. Net revenue represents revenue used for operating margin measurement. Reflects performance fees for last twelve month period ending 9/30/21. IRH1221U/M-1946957-1/20 3. Performance fee-based and MTM includes direct incentive and carry-related compensation primarily tied to performance fees and the mark-to-market impact on deferred compensation; Corporate bonus & long-term incentive awards includes cash and deferred compensation primarily linked to the corporate bonus pool and long-term equity retention awards, including granted under the BlackRock Performance Incentive Plan ("BPIP" - see 2021 Proxy Statement); Salaries & Benefits includes salaries, benefits and payroll taxes. Slide 11 G&A investments support our growth engines and reflect our operational excellence 1. 2. 3. Net revenue represents revenue used for operating margin measurement. Non-Core G&A includes product launch costs, transaction costs and contingent consideration fair value adjustments related to acquisitions, FX remeasurement expense, fixed asset impairment charge and certain one-time legal items and COVID-19 related costs. Core G&A represents G&A as adjusted less Non-Core G&A. Other Core G&A includes marketing and promotional, occupancy and office related, professional services, communications and other G&A expense. Technology and Data represents Core G&A less Other Core G&A. Slide 12 Commitment to invest first and then return cash to shareholders 1. 2. Since 2012 figures through 9/30/21 except for dividend CAGR, which is through 12/31/21. Seed and co-investments as of 9/30/21. BlackRock 15#16Appendix IRH1221U/M-1946957-1/20#17Reconciliation between GAAP and as adjusted (1) (Figures in $M) Operating income Operating Income, GAAP basis Non-GAAP expense adjustments: Restructuring charge 2016 9/30/21 LTM $4,565 $7,259 76 PNC LTIP funding obligation 28 Operating Income, as adjusted 4,669 7,270 Product launch costs and commissions 286 Operating income used for operating margin measurement $4,669 $7,556 Revenue Revenue, GAAP basis $12,261 $18,746 Distribution fees (1,198) (1,424) Investment advisory fees (410) (694) Revenue used for operating margin measurement $10,653 $16,628 Operating margin, GAAP basis Operating margin, as adjusted 37.2% 43.8% 38.7% 45.4% IRH1221U/M-1946957-1/20 (1) For further information and reconciliations between GAAP and non-GAAP measures, see notes (1) through (4) in our earnings release for the quarter ended September 30, 2021 as well as previously filed Form 10-Ks and 8-Ks. BlackRock 17#18Reconciliation between GAAP and as adjusted(¹) (Figures in $M) Revenue: Revenue, GAAP basis Non-GAAP adjustments: 2018 2019 2020 9/30/21 YTD $14,198 $14,539 $16,205 $14,268 (1,155) (520) Revenue used for operating margin measurement $12,523 (1,069) (616) $12,854 (1,131) (704) $14,370 (1,110) (503) $12,655 Distribution fees Investment advisory fees Compensation Expense GAAP Non-GAAP adjustments: $4,320 $4,470 $5,041 $4,484 PNC LTIP funding obligation 14 Compensation expense, as adjusted $4,306 $4,470 $5,041 $4,484 Compensation expense, as adjusted / Net Revenue 34.4% 34.8% 35.1% 35.4% General and Adminstrative (G&A) Expense G&A expense, GAAP basis $1,638 $1,758 Charitable Contribution $2,465 (589) $1,657 Lease costs - Hudson Yards (11) G&A expense, as adjusted $1,638 $1,758 $1,876 $1,646 G&A Expense, as adjusted / Net Revenue 13.1% 13.7% 13.1% 13.0% IRH1221U/M-1946957-1/20 (1) For further information and reconciliations between GAAP and non-GAAP measures, see notes (1) through (4) in our earnings release for the quarter ended September 30, 2021 as well as previously filed Form 10-Ks and 8-Ks. BlackRock 18#19Performance notes IRH1221U/M-1946957-1/20 Past performance is not indicative of future results. Except as specified, the performance information shown is as of September 30, 2021 and is based on preliminary data available at that time. The performance data shown reflects information for all actively and passively managed equity and fixed income accounts, including US registered investment companies, European domiciled retail funds and separate accounts for which performance data is available, including performance data for high net worth accounts available as of August 31, 2021. The performance data does not include accounts terminated prior to September 30, 2021 and accounts for which data has not yet been verified. If such accounts had been included, the performance data provided may have substantially differed from that shown. Performance comparisons shown are gross-of-fees for institutional and high net worth separate accounts, and net-of-fees for retail funds. The performance tracking shown for index accounts is based on gross-of-fees performance and includes all institutional accounts and all iSharesⓇ funds globally using an index strategy. AUM information is based on AUM available as of September 30, 2021 for each account or fund in the asset class shown without adjustment for overlapping management of the same account or fund. Fund performance reflects the reinvestment of dividends and distributions. Performance shown is derived from applicable benchmarks or peer median information, as selected by BlackRock, Inc. Peer media ns are based in part on data either from Lipper, Inc. or Morningstar, Inc. for each included product. BlackRock 19#20Important notes IRH1221U/M-1946957-1/20 The opinions expressed herein are as of December 2021 and are subject to change at any time due to changes in the market, the economic or regulatory environment or for other reasons. The information should not be construed as research or relied upon in making investment decisions or be used as legal advice. An assessment should be made as to whether the information is appropriate in individual circumstances and consideration should be given to talking to a professional adviser before making an investment decision. This material may contain 'forward-looking' information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. The information and opinions contained herein are derived from proprietary and non-proprietary sources deemed by BlackRock to be reliable, but are not necessarily all inclusive and are not guaranteed as to accuracy or completeness. Certain of the information presented herein is for illustrative purposes only. No part of this material may be reproduced, stored in any retrieval system or transmitted in any form or by any means, electronic, mechanical, recording or otherwise, without the prior written consent of BlackRock. This material is solely for informational purposes and does not constitute an offer or solicitation to sell or a solicitation of an offer to buy any shares of any fund (nor shall any such shares be offered or sold to any person) in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that jurisdiction. Investing involves risks including possible loss of principal The iSharesⓇ Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock"). ©2021 BlackRock, Inc. All rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, BUILD ON BLACKROCK, ALADDIN, ISHARES, IBONDS, IRET IRE, LIFEPATH, SO WHAT DO I DO WITH MY MONEY, INVESTING FOR A NEW WORLD, BUILT FOR THESE TIMES, FutureAdvisor, Cachematrix, eFront, the iShares Core Graphic, CoRI and the CORI logo are registered and unregistered trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners. BlackRock 20 20