#1Barclays Global Financial Services Conference Tom Wojcik, Global Head of Investor Relations & Corporate Development and Head of Americas Strategy September 12, 2018 BLACKROCK® BI10918U-599462-1868978#2Forward-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 presentation, among others, could cause actual results to differ materially from forward-looking statements or historical performance and include: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) 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; (3) the relative and absolute investment performance of BlackRock's investment products; (4) the impact of increased competition; (5) the impact of future acquisitions or divestitures; (6) the unfavorable resolution of legal proceedings; (7) the extent and timing of any share repurchases; (8) the impact, extent and timing of technological changes and the adequacy of intellectual property, information and cyber security protection; (9) the potential for human error in connection with BlackRock's operational systems; (10) the impact of legislative and regulatory actions and reforms and regulatory, supervisory or enforcement actions of government agencies relating to BlackRock or The PNC Financial Services Group, Inc.; (11) changes in law and policy and uncertainty pending any such changes; (12) 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; (13) the ability to attract and retain highly talented professionals; (14) fluctuations in the carrying value of BlackRock's economic investments; (15) 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; (16) BlackRock's success in negotiating distribution arrangements and maintaining distribution channels for its products; (17) the failure by a key vendor of BlackRock to fulfill its obligations to the Company; (18) any disruption to the operations of third parties whose functions are integral to BlackRock's ETF platform; (19) 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 (20) 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, Quarterly Reports on Form 10-Q 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. 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 and BlackRock's other periodic reports Important Note As indicated in this presentation, certain financial information reflects previously reported amounts and does not reflect the recast related to the adoption of the new revenue recognition standard. For further information, refer to the Current Report on Form 8-K furnished on March 22, 2018 as well as previously filed Form 10-Ks. BLACKROCK® BI10918U-599462-1868978 2#3Globally integrated investment management and technology business BLACKROCK $6.3T of AUM 84 offices 71 cities Asset Manager Brog Clients Technology Partner 44.1% 2017 Op. Margin, as adj. 30 countries 4k+ BLK funds 30k+ $13.6B 2017 Revenue Aladdin users Source: Public filings and internal BlackRock data. All figures as of 6/30/18 unless otherwise noted. Information above reflects recast related to the adoption of new revenue recognition standard. For further information, refer to the Current Report on Form 8-K furnished on March 22, 2018 as well as previously filed Form 10-K. For reconciliation between GAAP and as adjusted, see the previously filed Forms 10-K, 10-Q and 8-K and the appendix of this presentation BLACKROCK® 31.8mm trades in 2017 BI10918U-599462-1868978 3#4Diversified business across clients, products, styles and geographies $6.3 trillion total AUM mix: Client Type 28% 10% 62% Institutional Retail iShares ETFs Note: Charts above reflect AUM of $6.3tn as of 6/30/18. AUM by region data is based on client domicile. BLACKROCK® Product 2% 7% 8% 30% ■ Equity ■Multi-Asset Cash 53% Fixed Income Alternatives 28% Style 7% 27% 38% ■Active Index iShares ETFs Cash Region 27% 7% 66% Americas EMEA APAC BI10918U-599462-1868978 4#5Shareholder value framework BLACKROCK® + II Organic Growth Operating Leverage + EPS Growth Capital Management BI10918U-599462-1868978 5#6Results over the last 5 years Organic Growth 4% organic asset growth 5% organic base fee growth 6/30/136/30/18 Operating Leverage 41.2% 6/30/12 - 6/30/13 +360 BPS 44.8% 6/30/17 - 6/30/18 Capital Management $5.5 billion repurchased (6%) share count reduction Note: Organic asset growth rate calculated by dividing net asset inflows over beginning of period assets. Organic base fee growth rate calculated by dividing net new base fees earned on net asset inflows by the base fee run-rate at the beginning of the period. Operating leverage is "operating margin, as adjusted" 6/30/136/30/18 6/20/12-6/20/13 operating leverage information does not reflect the recast related to the adoption of the new revenue recognition standard. 6/30/17 - 6/30/18 operating leverage information reflects recast related to the adoption of new revenue recognition standard. For further information, refer to the Current Report on Form 8-K furnished on March 22, 2018 as well as previously filed Form 10-K. For reconciliation between GAAP and as adjusted, see the previously filed Forms 10-K, 10-Q and 8-K and the appendix of this presentation. BLACKROCK* BI10918U-599462-1868978 6#7Structural trends are impacting the asset management industry and changing client needs Trends 1| 2| 3| 4| 5| ‒‒‒ BLACKROCK® Technology Regulatory change Client focus on product value propositions Low return expectations Emerging Asia Client Needs Technology-based enterprise risk management and analytics capabilities Customization and a high-touch relationship built on empathy and trust Efficient product building blocks to drive asset allocation Higher yield / return alternatives including infrastructure, real estate and long-term private capital Asset exposure to rapidly growing global markets and access to market insights BI10918U-599462-1868978 7#8Focus on investing in areas of future growth Establish strong market position in highest growth areas iShares Ⓡ BLACKROCK® Factors Illiquid Alternatives and Credit Retirement Emerging Asia Extending our value proposition by leveraging our scale and technology to deliver value for clients Aladdin Ⓡ Distribution Technology Portfolio Construction & Asset Allocation Operational Efficiencies Data & Al BI10918U-599462-1868978 8#9Inorganic investments accelerate growth and support strategic initiatives Tactical acquisitions BLACKROCK KELSO CAPITAL -2 Infraestructura Institucional FutureAdvisor Ⓡ BLACKROCK® BofA Global Capital Management FIRST RESERVE Energy Infrastructure CACHEMATRIX Ⓡ citibanamex Asset Management TCP TENNENBAUM CAPITAL PARTNERS Strategic minority investments Note: Citibanamex asset management acquisition is expected to close in the second half of 2018. iCapital NETWORK ℗ scalable .CAPITAL acorns BI10918U-599462-1868978 9#10Current investor focus areas BLACKROCK® |||| ШО Impact of beta and FX divergence ETF industry growth outlook iShares pricing framework Aladdin and technology strategy BI10918U-599462-1868978 10#11Impact of beta and FX divergence Impact of beta divergence on BlackRock Performance from 3/31/18 15% 10% 5% 0% -5% -10% -15% - +10% +0% mm.10% -10% 3/31/18 4/30/18 5/31/18 6/30/18 7/31/18 8/31/18 - S&P 500 -MSCI EM (USD) -BLK Equity Index ¹ Equity AUM and Base fee weightings BLK Equity Benchmark US World Other Subtotal 25 bps Europe Emerging Markets Asia Commodities Subtotal > 25 bps Total Equity % of EQ Avg. AUM 50% 26% 7% 84% 6% 7% 3% 1% 16% 100% 2Q'18 % of EQ Base Fees 33% 21% 7% 62% 13% 13% 9% 4% 38% 100% Eff. 2 Bps ² 12 14 17 13 39 35 50 85 42 18 Market Perf ³ 3 Since 3/31/18 10% 5% (3%) (10%) (4%) 2% Note: Market performance as of August 31, 2018 in USD 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. 2 Effective basis points calculated by dividing base fees including securities lending by average AUM 3 Equity benchmark market performance since 3/31/18 for US, World, Europe, Emerging Markets, Asia and Commodities represents performance in USD for S&P 500, MSCI World, MSCI Europe, MSCI EM, MSCI AC Asia and S&P Global Natural Resources, respectively BLACKROCK® BI10918U-599462-1868978 11#12ETF industry growth outlook Historic ETF Industry Growth Organic growth rate: 14% 13% 2014 13% 2015 18% $633 $376 $330 $349 $312 mili 2016 10% 2017 2018 1 YTD' Industry Net New Business ($bn) '14-'18 Avg: 13% ETF Industry AUM Projection $5tn 2018 Source: Markit, Bloomberg as of August 31, 2018 1 Year-to-date (YTD) through 8/31/18. Organic growth rate represents 8 months annualized. ETF Industry AUM projection for illustrative purposes only. Scenario calculations based on proprietary BlackRock estimates, May 2018. BLACKROCK® CAGR %: 20% 13-15% 10% Hot $12tn Warm $9-10tn Cool $7tn Industry hit $5tn (1/22/18) 2019E 2020E 2021E 2022E 2023E BI10918U-599462-1868978 12#13iShares pricing framework BLACKROCK Low For illustrative purposes only Growth High Low Invest to lead future market ~10% of iShares revenue High Price Sensitivity BI10918U-599462-1868978 13#14Aladdin and technology strategy Technology ecosystem strategically positions BlackRock for growth BLACKROCK® Technology-Enabled Revenue Scaled distribution Alpha generation Product innovation Customized holistic solutions Direct Technology Revenue aladdin by BLACKROCK® aladdin' wealth aladdin Provider CACHEMATRIX Ⓡ FutureAdvisor BI10918U-599462-1868978 14#15BlackRock's long-term growth strategy is centered on meeting client needs BLACKROCK® Asset Manager BLACKROCK Clients Technology Partner BI10918U-599462-1868978 15#16Reconciliation between GAAP and as adjusted ($in millions) Operating Income GAAP Non-GAAP expense adjustments As Adjusted Closed-end fund launch costs and commissions Operating income used for operating margin measurement Revenue GAAP 2 Non-GAAP adjustments ² Revenue used for operating margin measurement Operating margin, GAAP basis Operating margin, as adjusted basis. 6/30/12 - 6/30/13 $3,638 182 3,820 43 3,863 9,790 (406) 9,384 37.2% 41.2% 6/30/17 - 6/30/18 $5,689 13 5,702 12 5,714 14,460 (1,699) 12,761 39.3% 44.8% 2017 $5,254 15 5,269 5,269 13,600 (1,663) 11,937 38.6% 44.1% Information above for 6/30/12 - 6/30/13 reflects previously reported amounts and does not reflect the adoption of the new revenue recognition standard. Information above for 6/30/17 - 6/30/18 and 2017 reflect recast related to the adoption of new revenue recognition standard. See the Company's Current Report on Form 8-K furnished on March 22, 2018 for 2017 and 2016 recast amounts due to the adoption of new revenue recognition accounting guidance. 1 Non-GAAP expense adjustments include the PNC LTIP funding obligation, UK lease exit costs, contribution to STIFs, compensation expense related to appreciation on deferred compensation plans. 2 Non-GAAP adjustments include distribution and servicing costs and amortization of deferred sales commissions. BLACKROCK* BI10918U-599462-1868978 16#17Important Notes The opinions expressed herein are as of September 2018 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. The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock"). ©2018 BlackRock, Inc. All rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, BUILD ON BLACKROCK, ALADDIN, ISHARES, IBONDS, IRETIRE, LIFEPATH, SO WHAT DO I DO WITH MY MONEY, INVESTING FOR A NEW WORLD, BUILT FOR THESE TIMES, Future Advisor, Cachematrix, 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® BI10918U-599462-1868978 17