BlackRock Results Presentation Deck

Operating 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

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