#1BLACKROCK® Goldman Sachs Financial Services Conference Gary Shedlin, CFO December 9, 2014 Results presented on an "as adjusted" basis, unless otherwise noted#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. In addition to risk factors previously disclosed in BlackRock's Securities and Exchange Commission ("SEC") reports and those identified elsewhere, in this presentation, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (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 ("AUM"); (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 impact of legislative and regulatory actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to BlackRock or The PNC Financial Services Group, Inc. ("PNC"); (10) 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; (11) the ability to attract and retain highly talented professionals; (12) fluctuations in the carrying value of BlackRock's economic investments; (13) 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; (14) BlackRock's success in maintaining the distribution of its products; (15) 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 (16) 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 Black Rock's website at www.blackrock.com, discuss these factors in more detail and identify additional factors that can affect forward-looking statements. BLACKROCK® 2#3A diversified business across geographies, client types, styles and products Broadly diversified business across geographies, client types, styles and products with $4.5tn in AUM & $8.3bn in YTD Revenue as of September 2014 Industry-leader in advice-driven solutions, risk management and innovation 31% Region 8% 5% 56% ■US ■Americas ex-US ■ EMEA ■Asia-Pac BLACKROCK® 23% 12% Client 65% ■ Institutional ■ Retail iShares 23% Style 43% ■Active ■ Index iShares Note: Charts above reflect long-term AUM as of 9/30/2014 which excludes Cash Management & Advisory AUM. 34% 32% Product 9% 3% 56% ■ Equity Fixed Income Multi-Asset Alternatives 3#4Executing on drivers of shareholder value BLACKROCK® Organic Growth 5% annualized long-term organic AUM growth target Organic revenue growth exceeding organic AUM growth ● ● Operating Leverage Investing back into the business Scale driving margin expansion Capital Management $750mm of YTD share repurchases 18% 5-year dividend CAGR ● ● ● Double Digit EPS Growth • 25% YTD 2014 15% CAGR 2010-2013 4#5Platform delivering strong and consistent results Long-Term Organic AUM Growth (¹) Adjusted EPS Growth (1) (1) Mean (1) 3.4% BLK 23.5% (0.7%) 3.9% 18.2% 2.3% 13.0% (2.0%) A B C D 6.7% DE F 21.9%21.3% (0.1%) 29.4% 26.8% Standard Deviation(1) 1.3% 3.5% 4.0% 3.9% 4.1% 8.4% BLK A B C D E F 6.2% 9.6% 9.7% 5.5% 1 31.7% 3.2% 13.9% 25.2% BLK A B C D E F BLK A B C D E F Represents the average of publicly-traded traditional asset management peers and excludes BLK. Mean and standard deviation of growth rates over last 8 quarters. EPS growth represents quarterly YoY growth from 4Q12-3Q14 (inclusive). Long-term organic AUM growth represents quarterly annualized organic growth from 4Q12 - 3Q14 (inclusive). BLACKROCK® Note: Average results for the last 8 quarters for BLK and its 7 largest US publicly traded traditional peers. For further information and reconciliation between GAAP and as adjusted, see notes (1) through (5) in the current earnings release as well as previously filed Form 10-Ks, 10-Qs and 8-Ks. 5#6Organic base fee growth outpacing organic asset growth 3Q14 Financials by Client Type $4.2 trillion 65% 23% 12% AUM ■ Institutional 2x $2.4 billion 30% iShares 35% 35% Base Fees ■ Retail Organic AUM & Base Fee Growth 1.9% 1.2% 2011(¹) 6.2% (0.1%) 2012 (2) 5.5% Note: AUM and base fees for long-term assets only which do not include cash management and advisory AUM. AUM as of 9/30/14. (1) Includes BGI merger-related outflows. (2) Includes the impact of two single client low-fee institutional index fixed income outflows in 2012. BLACKROCK® 3.4% 2013 5.8% 3.5% LTM ■ Organic AUM Growth Organic Base Fee Growth 6#7Increased FX and market volatility FX impact Performance vs. USD 5% 0% BLACKROCK® -5% -10% -15% Dec Jan Feb Mar Apr May Jun GBP S&P 500 FTSE 100 MSCI World MSCIEM S&P Global Nat Res S&P Commodities Note: Market data as of December 5, 2014. -EUR - 6/30 Dec. 5 Spot vs. 9/30 Spot 5.2% 1.8 4.3 1.4 (6.2) (17.1) AUM impact: ($89bn) 4Q'14 average markets below spot and average 3Q'14 levels 4th QTD Avg. vs. 9/30 Spot Jul Aug Sep Oct Nov -JPY 9/30 1.2% (1.3) 0.1 (0.1) (4.2) (7.5) 7#8Divergent global market performance impacting base fees and blended fee rates Beta divergence accelerated in 2H14 Performance from 12/31/13 15% 10% 5% 0% BLACKROCK® -5% -10% BLK Equity Benchmark US World Other Subtotal < 25 bps Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov -BLK Equity dex -S&P Note: Market data as of December 5, 2014 Beta divergence impact on BLK equity base fees Europe Emerging Markets Asia Natural Resources Subtotal >25 bps MA wman % of EQ Avg. AUM 48% 26 8 82% 7 6 4 1 18% 100% 3Q'14 % of EQ Base Fees 33% 19 8 60% 13 14 6/30 8 5 40% 100% Eff. BPS(1) 15 16 24 16 41 48 46 95 48 22 A vs. 4Q'14 Entry Rate AUM (2) 9/30 (0)% (2) (3) (1)% (8) (3) (1) (9) (5)% (2)% (3) Fees (0)% (2) (3) (1)% (8) (3) (1) (9) (5)% (3)% Negative beta skew toward higher fee products - driving outsized impact on base fees Total Equity 1 Effective basis points calculated by dividing base fees including securities lending by average AUM 2 Difference between average 3Q'14 AUM and entry rate 4Q'14 spot AUM 3 Difference between actual 3Q'14 base fees and run rate base fees calculated by multiplying effective bps by 4Q'14 entry rate spot AUM 8#9Diverse global platform continues to deliver consistent growth LTM Organic AUM Growth LTM organic asset growth rate (%) (1%) ($43) 0% $47 $4.00 1% $39 $5.50 2% Dividends CAGR 18% $6.00 $12 4% $25 $6.72 3% $41 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q4 2012 2012 2013 2013 2013 2013 2014 2014 2010 2011 2012 2013 2014 Actual Actual Actual Actual Ann'd 3% Avg BLK $7.72 Stock Price: $27 Consistent and Predictable Capital Management Share Repurchase 4% $38 $270 $1.0b 2013 Actual 4% $29 BLACKROCK previously filed Form 10-Ks, 10-Qs and 8-Ks. Q3 2014 $311 $250 mm $750 mm 3Q'14 YTD Positive Operating Leverage Adjusted Operating Margin 39.3% EPS, as adjusted 39.7% Double Digit Earnings Growth $10.94 2010 2011 2012 2013 Full Year Full Year Full Year Full Year CAGR 15% 40.4% $11.85 $13.68 41.4% $16.58 25% $11.67 42.7% L__ Expected 4Q'14 Note: For further information and reconciliation between GAAP and as adjusted, see notes (1) through (5) in the current earnings release as well as 2014 9/30 YTD $14.53 2010 2011 2012 2013 2013 2014 Full Year Full Year Full Year Full Year 9/30 YTD 9/30 YTD 9#10Important Notes This document contains general information only and does not take into account an individual's financial circumstances. 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. The opinions expressed are as of September 2014 and may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by BlackRock, Inc. and/or its subsidiaries (together, "BlackRock") to be reliable, are not necessarily all inclusive and are not guaranteed as to accuracy. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. No part of this document may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written consent of BlackRock. BlackRock® is a registered trademark of BlackRock, Inc. All other trademarks are the property of their respective owners. © 2014 Black Rock, Inc. All rights reserved. IR-0010. BLACKROCK® 10