BlackRock Results Presentation Deck

$2,246 Q2 2019 52% $(61) 1% Product launch costs and comissions $(23) 19% G&A (1) 11% 17% Quarterly expense, as adjusted ($ in millions) $(6) Q2 2020 compared to Q2 2019 $(4) ■ Employee comp. & benefits $2 Distribution & servicing costs Direct fund expense General & administration Amortization of intangible assets $13 Direct fund Amortization Distribution expense of intangible & servicing assets costs $71 $2,242 Employee Q2 2020 comp. & benefits (1) Percentage Change Employee comp. & benefits Distribution & servicing costs Direct fund expense General & administration Amortization of intangible assets Total $2,437 $(87) Q1 2020 Q2 2020 compared to Q1 2020 $(195) Product launch costs and commissions $(81) G&A (1) $(31) Year-over-Year Sequential 6% 1% 3% (4)% (2)% (11)% (17)% (30)% 8% 8% (8)% Direct fund expense -% $(16) $2 $18 $2,242 Distribution Amortization Employee Q2 2020 & servicing of intangible comp. & benefits (1) costs assets (1) Amounts exclude product launch costs and commissions incurred in Q2 2019 and Q1 2020, which are presented separately. First quarter 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 9 of this earnings release supplement and note (1) in the current earnings release. BlackRock. 8

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