#1BlackRock Investor Day 2021 IRH0621U/M-1675207-1/171#2IRH0621U/M-1675207-1/171 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. Important Notes As indicated in this presentation, certain financial information for 2012 to 2015 reflects accounting guidance prior to the adoption of the new revenue recognition standard. For further information, refer to Note 2, Significant Accounting Policies, in the consolidated financial statements in our 2018 Form 10-K. BlackRock 2#3BlackRock A BlackRock Investor Day 2021 Listening to and delivering for clients: Our strategy Rob Goldstein Chief Operating Officer & Head of BlackRock Solutions IRH0621U/M-1675207-1/171 Mark Wiedman Head of International and of Corporate Strategy#4Everything we offer clients is in the context of the whole portfolio 01 We start with the client BlackRock 02 We deliver as 1BLK 03 We operate with excellence and provide scale benefits to clients W IRH0621U/M-1675207-1/171 Clients S 04 We evolve with clients, leading them to trust us with more of their portfolio E 4#5We offer a spectrum of capabilities from individual building blocks to fully customized solutions Building blocks ETFs AladdinⓇ Models Active Equity BlackRock. OCIO Multi- asset Fixed Income SMAS Tax Cash Factors Private Markets Whole portfolios ETFs Factors Models Active Equity Tax Private Markets Cash Aladdin OCIO IRH0621U/M-1675207-1/171 Fixed Income SMAS Multi- asset 5#6Our strategy starts by understanding clients' needs Client trends Investment drivers New opportunities BlackRock 1 2 3 4 5 6 7 From products to whole portfolios Power shifting to those closest to end client Value for money, pressure on operating efficiency Data and analytics are paramount Sustainable investing IRH0621U/M-1675207-1/171 Search for yield amid unprecedented liquidity Opening of China 8 Global retirement gap 6#7Our strategy serves clients over the long-term BlackRock. Lead as whole portfolio advisor Drive growth engines Be the global leader in sustainable investing Markets Private Alpha at the heart AladdinⓇ ¡Shares China 1 Whole portfolios 2 3 5 6 7 IRH0621U/M-1675207-1/171 End client Value for money Data and analytics Sustainable investing Search for yield China 8 Retirement 7#8Asset management revenue remains highly fragmented Asset Management¹ Revenue share of top firm in each industry: 3% 89% 3% 8% Clients' Whole Portfolios BlackRock BlackRock #2-5 The rest Note: For footnoted information, refer to slide 13. Sales & Trading² 58% 13% Top 5 42% The rest Cloud Computing³ 31% IRH0621U/M-1675207-1/171 32% Top 5 69% The rest 8#9Clients are entrusting us with more of their portfolios Organic revenue growth, 2020¹ Growth Engines Private Markets Technology² ETFs 3 Traditional Active Whole Portfolios (as products, e.g., OCIO, models etc.) Cash 18% 9% 12% 7% 7% 8% 6% (1)% 10% 1% 28% 16% Industry¹ IRH0621U/M-1675207-1/171 BlackRock 7% vs. 3% BLK organic growth vs. industry¹ 57% of our top clients have >3 BLK products (up 8 points since 2016)4 Note: BlackRock technology growth represents Annual Contract Value (ACV). 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 (5) in the supplemental information on page 10 of BlackRock's first quarter 2021 earnings release for more information on ACV. For footnoted information, refer to slide 13. BlackRock. 9#10Our scale and culture ultimately benefit clients and shareholders BlackRock. Operating scale and benefits for clients a whole portfolio Lead as a I leader in sustainable investing Be the global Drive growth engines Markets Private ¡Shares® Alpha at the heart Aladdin® advisor Our culture IRH0621U/M-1675207-1/171 China 10#11Growth, efficiency and operating excellence 2012¹ $3.8T $390M 10,500 Note: For footnoted information, refer to slide 13. BlackRock +58% 1 +101% ¹ +42% 2018 $6.0T $785M 14,900 +50% +45% +11% IRH0621U/M-1675207-1/171 Today² $9.0T AUM $1.1B Tech Services Revenue 16,500 Employees 11#12Our culture: the BlackRock principles 1. 2. 3. 4. We are a fiduciary to our clients 5. We are One BlackRock We are passionate about performance We take emotional ● ownership We are committed to a better future Note: For footnoted information, refer to slide 13. BlackRock IRH0621U/M-1675207-1/171 35 million U.S. retirement savers invest in our products through their defined contribution plans¹ Our current portfolio of over 270 solar and wind projects has provided approximately 20,000 jobs ¹,2 In 2020, BlackRock deployed more than $23B of new capital into over 1,000 companies in Europe alone³ 12#13End notes These notes refer to the financial metrics and/or defined term presented on: Slide 8 - Asset management revenue remains highly fragmented 1. Sources: Public filings and company websites, McKinsey. As of 2020. 2. Sources: S&P Global Market Intelligence, McKinsey. As of 2019. 3. Sources: Synergy Research Group, Canalys. As of 2020. Slide 9 - Clients are entrusting us with more of their portfolios 1. Industry represents the asset management industry. Industry sources: Simfund, Broadridge, Spence Johnson, HFR, Preqin, iMoney Net, Bloomberg, Markit, P&I, Cerulli and BlackRock estimates. 2. 3. 4. IRH0621U/M-1675207-1/171 BLK technology growth represents Annual Contract Value (ACV). Industry tech growth represents 2020 YoY total revenue growth for 10 fintech peers. Comprises Index ETFs, i.e., Equity ETFs, Fixed Income ETFs, and Alts/Other ETFs. Excluded Active ETFs and Inverse/Leveraged ETFs. Based on BLK Internal data on our top 500 firm clients. Slide 11 Growth, efficiency and operating excellence 1. 2012 technology services revenue reflects accounting guidance prior to the adoption of the new revenue recognition standard. For further information, refer to Note 2, Significant Accounting Policies, in the consolidated financial statements in our 2018 Form 10-K. 2. Reflects assets under management as of 3/31/2021, technology services revenue for 2020 and employees as of 12/31/20. 3. Slide 12 Our culture: the BlackRock principles 1. Source: BlackRock as of 12/31/2020 2. Jobs provided are estimated using Political Economy Research Institute, University of Massachusetts Amherst, Green Growth, "A U.S. Program for Controlling Climate Change and Expanding Job Opportunities." Source: BlackRock BlackRock. 13#14BlackRock A BlackRock Investor Day 2021 Decades of growth ahead in ETFs and index investing Salim Ramji Global Head of iShares® and Index Investments IRH0621U/M-1675207-1/171#15BlackRock's global ETF and index investing business $3.2T $6.0T Index AUM¹ BlackRock Note: For footnoted information, refer to slides 30-31. $2.8T ETFs Institutional index, sub-advisory and index mutual funds ETF organic growth and revenue $240B 1Q21 LTM net new business² $525M 1Q21 LTM net new base fees ² $4.8B 2020 Revenue 13% 14% IRH0621U/M-1675207-1/171 5% Organic asset growth³ Organic base fee growth4 Year-over- year growth 15#16BlackRock's global ETF business delivered nearly as much revenue growth as the next three ETF issuers combined Net New Base Fees ($M) - 1Q21 LTM¹ ETF Issuer A Note: For footnoted information, refer to slides 30-31. BlackRock Innovation We launched >170 ETFs in last three years that generated over 20% of our organic revenue growth in last 12 months ETF Issuer B Core Equity ■ Strategic ■ Precision IRH0621U/M-1675207-1/171 ETF Issuer C $525 BlackRock 16#17We believe there are decades of growth ahead for ETFs ETFs have significant room to grow ETF penetration of the total equity and bond market and by client segment is still very low. We expect generational shifts to unlock new growth BlackRock. 1 BlackRock's ETF business is different We believe our product breadth, client reach and investment engine are different and have generated differentiated and diversified revenue growth IRH0621U/M-1675207-1/171 2 We are investing for the future We are investing in innovation - in our ability to manage scale and complexity across our investment engine and to connect it to the rest of the ETF and indexing ecosystem 3 17#18ETFs have significant room to grow ETF industry AUM penetration ¹ By market 3% of total global market 5% of global equity market 1% of global bond market Note: For footnoted information, refer to slides 30-31. BlackRock By region 5% of total U.S. market 2% of total EMEA market 1% of total APAC market By client IRH0621U/M-1675207-1/171 1% of total asset managers globally 11% of fee-based wealth globally 18#19Generational shifts are propelling ETF growth 1970's 1G First index product launches: Index VS Active Note: For illustrative purposes only BlackRock 2G 1980's 1990's 3G 2000's 5G 4G 2010's First ETFs launch: Making indexing more global and convenient Convergence: ETFs part of fabric of capital markets IRH0621U/M-1675207-1/171 Innovation: ETFs wrap all kinds of public investments BlackRock buys BGI: Index AND Active builds a better portfolio 2020's 2030- 19#20We expect industry ETF AUM to reach $15T by 2025 Global ETF AUM ($T)¹ $1 BlackRock 2010 Note: For footnoted information, refer to slides 30-31. $8 2020 $15 2025 IRH0621U/M-1675207-1/171 20#21BlackRock's global ETF business is different Offering 1,100+ ETFs wrapping all kinds of investments iShares® core equity iShares fixed income iShares sustainable iShares factors iShares thematics iShares precision BlackRock active ETFs BlackRock and third party managed models >1,000 benchmarks BlackRock Serving over 30 million clients globally Self-directed & retirement platforms ETF market quality Wealth managers Active asset managers Insurance Pensions Investment engine that manages complexity at scale with precision Custom/self- indexing Precision tracking Ecosystem integration IRH0621U/M-1675207-1/171 Official institutions 21#22We have delivered differentiated revenue growth BlackRock ETF Organic Growth¹ Net New Base Fees ($M)² 2018 BlackRock 10% 3% $151 Note: For footnoted information, refer to slides 30-31. 2019 11% 6% $229 2020 8% 7% $335 1Q21 LTM 13% 14% $525 AUM Base Fee Core Equity³ $0.9T @ 8bps 7% 3-year organic base fee growth Strategic³ $1T @ 20bps 16% 3-year organic base fee growth Precision³ $1T @ 33bps 4% 3-year organic base fee growth IRH0621U/M-1675207-1/171 Fixed Income Sustainable Factors Thematics 22#23Managed model portfolios are important to ETF growth ETFs are a key ingredient in the $4T U.S. model portfolio market which is set to more than double to $10T in the next five years ¹,2,3 $0.1T BlackRock Models BlackRock $0.3T Asset Manager Models $1T Wealth Manager Models >$2T_ Advisor-Customized Models Note: For footnoted information, refer to slides 30-31. IRH0621U/M-1675207-1/171 Our goal is for more than half of our U.S. ETF flows to come from managed models ~33% 20204 >50% Goal 23