#1July 14, 2021 BlackRock. Q2 2021 Earnings Earnings Release Supplement#2Institutional 57% Retail 11% ETFs 32% lient Type AUM A broadly diversified business across clients, products and geographies BlackRock. Institutional 26% Retail 34% ETFs 40% Assets Under Management of $9.5 trillion at June 30, 2021 Q2 2021 Base Fees and Securities Lending Revenue of $3.757 billion Style Product Type Active 26% Index 34% ETFs 32% Cash 8% Active 49% AUM Index 9% ETFs 40% Cash 2% Equity 52% Fixed Income 29% Multi-asset 8% Alternatives 3% Cash 8% Equity AUM 54% Fixed Income 25% Multi-asset 9% Alternatives 10% Cash 2% Base Fees and Sec. Lending Base Fees and Base Fees and Sec. Lending Sec. Lending Note: Base fees include investment advisory and administration fees. Base fees and securities lending revenue and AUM by region data are based on client domicile. Americas 66% EMEA 27% Region Asia-Pacific 7% AUM Americas 63% EMEA 31% Asia-Pacific 6% Base Fees and Sec. Lending 1#34% 2% $151 $26 $125 Q2 2019 5% $36 3% $84 $32 $52 Q3 2019 10% 10% $42 7% 5% $129 $30 $99 Long-term Q4 2019 11% Total BlackRock $75 6% 4% $14 $35 $53 $(19) Q1 2020 9% $14 5% 5% $24 $62 $100 Cash $3 Q2 2020 9% ETFs $51 6% 7% $98 Q3 2020 9% $41 5% Q1 Q2 Q3 Q2 Q3 Q4 2019 2019 2019 2020 2020 2020 7% $129 $127 $39 $2, $28 $9 $116 Advisory $172 Q4 2020 Net flows ($ in billions) 8% 8% $79 14% $133 Q1 2021 $68 7% Q4 Q1 2020 2021 13% $81 $23 $60 13% 12% $(2) Q2 2021 $75 Q2 2021 0% $2 Q2 2019 2% $14 $73 0% $7 Q3 2019 3% 3% $8 $(4) $8 Q4 2019 Retail Long-term 4% 2% $(2) Q1 2020 2% Institutional Active $1 $15 $(2) $(29) 4% Q3 Q4 Q1 Q2 2019 2019 2019 2020 $16 Institutional Long-term 0% 6% Q2 Q3 2020 2020 $3 $(8) $20 Q2 2020 0% 10% 18% 16% $35 $7 $30 Q4 Q1 Q2 2020 2021 2021 0% $37 Institutional Index $1 $1 2% $11 $17 $21 1% $43 $(80) LTM organic base fee growth rate (%) LTM organic asset growth rate (%) Note: LTM organic asset growth rate measures rolling last twelve months net flows over beginning of period assets. LTM organic base fee growth rate is calculated by dividing net new base fees earned on net asset inflows for the LTM period by the base fee run-rate at the beginning of the period. BlackRock. Q4 Q1 Q2 Q3 2020 2020 2021 2021 2#4Operating Income and Margin, as adjusted 43.1% $1,278 46.0% 43.5% $1,502 $1,538 41.7% $1,273 BlackRock. Profitability ($ in millions, except per share data) 43.7% Q2 Q3 Q4 Q1 Q2 2019 2019 2019 2020 2020 $1,406 Operating Income, as adjusted 47.0% 46.6% $1,757 $1,848 44.4% 44.9% $1,545 $1,931 Q2 Q3 Q4 Q1 2020 2020 2021 2021 Operating Margin, as adjusted $6.41 $1,003 Net Income and EPS, as adjusted $7.15 $1,119 $8.34 $1,309 $6.60 $7.85 $1,032 $1,214 $9.22 Q2 Q3 Q4 Q1 2019 2019 2019 2020 2020 Net Income, as adjusted $1,418 $10.18 $1,573 $7.77 $1,199 Q2 Q3 Q4 Q1 Q2 2020 2020 2021 2021 EPS, as adjusted $10.03 $1,549 For further information and reconciliations between GAAP and as adjusted, see page 9 of this earnings release supplement, notes (1) through (3) in the current earnings release as well as previously filed Form 10-Ks, 10-Qs and 8-Ks. 3#5Share repurchases and weighted-average diluted shares 156.4 156.4 156.9 156.4 154.7 153.7 154.5 154.3 154.4 $0 Q2 2019 $100 Sha $400 Capital management (amounts in millions, except per share data) BlackRock. repurchases $1,113 $0 $0 $0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2019 2019 2020 2020 2020 2020 2021 2021 (1) $300 $300 Weighted-average diluted shares Dividends per share $3.30 $3.30 $3.30 (1) Amount includes a $1.1 billion repurchase from PNC that closed on May 15, 2020. Amounts above exclude repurchases of employee tax withholdings related to employee stock transactions. $3.63 $3.63 $3.63 $3.63 Q2 Q3 Q1 Q2 Q2 Q3 Q4 Q1 Q4 2019 2019 2019 2020 2020 2020 2020 2021 2021 $4.13 $4.13 Dividends 4#6Equity Indices Domestic S&P 500 Global MSCI Barra World Index MSCI Europe Index MSCI AC Asia Pacific Index MSCI Emerging Markets Index S&P Global Natural Resources BLK Equity Index(1) Fixed Income Index Major market indices and exchange rates Barclays U.S. Aggregate Bond Index Foreign Exchange Rates GBP to USD EUR to USD BlackRock. Spot 6/30/2020 3/31/2021 3,100 2,202 120 158 995 3,104 2,362 1.24 1.12 3,973 2,812 142 204 1,316 4,300 2,311 1.38 1.17 6/30/2021 4,298 3,017 150 208 1,375 4,605 2,354 1.38 1.19 % Change 6/30/21 vs. 3/31/2021 6/30/2020 8% 7% 6% 2% 4% 7% 7% 2% -% 2% 39% 37% 25% 32% 38% 48% 33% -% 11% 6% Q2 2020 2,930 2,073 115 149 930 2,959 2,335 1.24 1.10 Average Q1 2021 Q2 2021 3,864 2,764 137 210 1,363 4,200 2,349 1.38 1.21 4,181 2,954 147 207 1,351 4,618 2,334 1.40 1.21 % Change Q2 2021 vs. Q1 2021 Q2 2020 8% 7% 7% (1)% (1)% 10% 5% (1)% 1% -% 43% 42% 28% 39% 45% 56% 36% -% 13% 10% Source: Bloomberg (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. 5#7$3,648 Q2 2020 1% 8% 7% $861 Base fees 7% 3% BlackRock. 74% Q2 2021 compared to Q2 2020 $1,172 $228 ■Base fees $116 Quarterly revenue ($ in millions) Securities lending revenue ■ Performance fees Technology services revenue Distribution fees ■Advisory and other revenue $38 $(1) $(70) Performance Distribution Technology Advisory and Securities fees fees services other revenue lending revenue revenue $4,820 Q2 2021 Percentage Change Base fees Securities lending revenue Performance fees Technology services revenue Distribution fees Advisory and other revenue Total $4,398 Q1 2021 $211 Performance fees $152 Year-over-Year Q2 2021 compared to Q1 2021 $422 $29 31% (33)% 204% 14% 46% $13 (3)% 32% Sequential $10 4% 10% 164% 3% 9% 23% 10% $7 $4,820 Base fees Distribution Securities Technology Advisory and Q2 2021 services other revenue fees lending revenue revenue 6#8$2,966 $364 Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) Q2 2021 compared to Q2 2020 $260 Q2 2020 ETFs Active EQ EQ BlackRock. $92 Alts $81 Active FI $791 $74 Multi- Asset $33 $20 $(13) $(120) ETFs Non-ETF Non-ETF Cash FI EQ FI $3,757 Q2 2021 $3,592 Q1 2021 $88 Q2 2021 compared to Q1 2021 $65 $22 $165 $16 $20 ETFs Active Non-ETF Active Multi- EQ EQ EQ FI Asset $4 Alts $3 Non-ETF FI $ (1) $(52) $3,757 ETFs Cash Q2 2021 FI 7#9$2,242 Q2 2020 (1) 54% $10 Amortization of intangible assets 1% BlackRock. 18% $73 11% G&A expense 16% Q2 2021 compared to Q2 2020 $647 Quarterly expense, as adjusted ($ in millions) $74 ■ Employee comp. & benefits Distribution & servicing costs Direct fund expense Direct fund expense General & administration expense Amortization of intangible assets $94 Distribution & servicing costs $396 $2,889 Q2 2021 Percentage Change Employee comp. & benefits Distribution & servicing costs Direct fund expense General & administration expense Amortization of intangible assets Total $2,853 Q1 2021 Employee comp. & benefits Amounts exclude product launch costs and commissions incurred in Q1 2021, which are presented separately. Q2 2021 compared to Q1 2021 $36 $(185) Product launch costs and comissions $3 Year-over-Year Sequential 34% 10% 22% 4% 30% -% 19% (21)% 37% 9% 29% 1% Amortization of intangible assets $18 Distribution & servicing costs $54 G&A expense (1) $146 $2,889 Employee comp. & benefits (1) Q2 2021 8#10Operating Income GAAP Non-GAAP expense adjustments As Adjusted Reconciliation between GAAP and as adjusted ($ in millions) Nonoperating Income (Expense) GAAP Non-GAAP adjustments As Adjusted Net Income GAAP Non-GAAP adjustments As Adjusted Q2 $ $ $ 1,278 $ 1,502 $ 1,538 $ 1,278 $ 1,502 57 $ 2019 (10) Q3 47 $ Q4 $ 1,538 (42) $ (42) $ (33) 63 $ 1,003 $ 1,119 $ 1,301 8 $ $ 1,003 $ 1,119 $ 1,309 96 $ (71) $ Q1 $ 684 $ 589 57 Q2 $ 1,273 $ 1,406 $ 1,757 $ 1,848 2020 226 $ 1,406 $ 1,757 $ 1,848 Q3 (188) (14) $ 169 $ 357 $ 224 $ 319 Q4 (153) (192) 71 $ 127 806 $ 1,214 $ 1,364 $ 1,548 54 25 $ 1,032 $ 1,214 $ 1,418 $ 1,573 Q1 2021 $ 1,545 $ 1,931 $ Q2 $ 1,545 $ 1,931 $ 46 $ 270 (74) (169) (28) $ 101 $ 1,199 $ 1,378 171 $ 1,199 $ 1,549 Non-GAAP adjustments include amounts related to the charitable contribution of BlackRock's remaining 20% stake in PennyMac Financial Services, Inc. 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. BlackRock. 9#11Important Notes 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 reports. These risk factors and those identified elsewhere in this earnings release, 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; (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 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. 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 on page 9 of this earnings release supplement, our current earnings release dated July 14, 2021, and BlackRock's other periodic reports, which are available on BlackRock's website at www.blackrock.com. BlackRock. 10