#1January 12, 2024 BlackRock. Q4 2023 Earnings Earnings Release Supplement#2Client Type Institutional 56% Retail 9% ETFs 35% AUM A broadly diversified business across clients, products and geographies BlackRock Institutional 32% Retail 28% ETFs 40% Base Fees Assets Under Management of $10.0 trillion at December 31, 2023 Q4 2023 Base Fees and Securities Lending Revenue of $3.6 billion Style Product Type Active 26% Index 31% ETFs 35% Cash 8% AUM Active 45% Index 8% ETFs 40% Cash 7% Base Fees Equity 52% Fixed Income 28% Multi-asset 9% Alternatives 3% Cash 8% AUM Equity 49% Fixed Income 24% Multi-asset 8% Alternatives 12% Cash 7% Base Fees Base fees include investment advisory, administration fees and securities lending revenue. Base Fees and AUM by region data is based on client domicile. Americas 67% EMEA 25% Region Asia-Pacific 8% AUM Americas 64% EMEA 30% Asia-Pacific 6% Base Fees 1#36% 11% $212 $44 $169 $(1) 11% 5% $104 8% $87 $114 10% 5% $56 5% Long-term BlackRock Total BlackRock $65 $(27) $(40) $(32) ($9) Q3 Q4 Q1 Q2 2021 2022 2022 2022 9% 4% $52 2% 3% $90 $21 $17 $146 $69 8% 0% $22 Cash $114 7% 3% $90 0% $110 $103 6% 4% $22 0% $80 $23 $57 Advisory $(13) Q4 Q1 Q2 Q3 2022 2023 2023 2023 ETFs 7% $48 Q4 Q2 Q3 Q4 Q1 Q2 Q1 2021 2022 2022 2022 2022 2023 2023 Net flows ($ in billions) 4% 1% $3 $15 7% $29 Q3 2023 3% 1% $96 $33 $63 Q4 2023 6% $88 Q4 2023 12% $22 1% Q4 Q1 2021 2022 $84 $(40) 8% Q4 2021 $10 2% 4% $31 $16 3% Retail Long-term $21 $5 2% (2)% (3)% Q1 Q2 2022 2022 $(5) Institutional Active $(10) $(15) Q2 Q3 Q4 Q1 Q2 Q3 2022 2022 2022 2023 2023 2023 Institutional Long-term 4% $71 4% $76 $0.3 $(23) $(5) 5% (2)% (2)% $9 $4 $72 5% Institutional Index $(4) $9 $(4) 3% $(1) $(36) Q3 Q4 Q1 Q2 Q3 2022 2022 2023 2023 2023 LTM organic base fee growth rate (%) LTM organic asset growth rate (%) 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. Totals may not add due to rounding. (1)% $(9) Q4 2023 1% $8 $(24) Q4 2023 2#4Operating Income and Margin, as adjusted 46.6 $2,107 44.2% 43.7% $1,822 $1,727 42.0% BlackRock Profitability ($ in millions, except per share data) 41.2% Q4 Q1 Q2 Q3 Q4 2021 2022 2022 2022 2022 $1,585 $1,577 Operating Income, as adjusted 40.4% $1,511 42.5% 42.3% 41.6% $1,675 $1,691 $1,716 Q1 Q2 Q3 Q4 2023 2023 2023 2023 Operating Margin, as adjusted $10.68 $1,650 Net Income and EPS, as adjusted $9.52 $1,462 $7.36 $1,122 $9.55 $1,451 $8.93 $1,356 Q4 Q1 Q2 Q3 Q4 2021 2022 2022 2022 2022 Net Income, as adjusted $7.93 $9.28 $1,200 $10.91 $1,399 $1,642 $9.66 EPS, as adjusted $1,451 Q1 Q2 Q3 Q4 2023 2023 2023 2023 For further information and reconciliations to GAAP, see page 13 of this earnings release supplement, notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current earnings release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks. Beginning in the first quarter of 2023, the Company updated its definitions of operating income, as adjusted, operating margin, as adjusted, nonoperating income (expense), as adjusted, and net income attributable to BlackRock, Inc. as adjusted, to exclude the compensation expense related to the market valuation changes on certain deferred cash compensation plans, and the related gain (loss) on the economic hedge of these deferred cash compensation plans. 3#5154.6 $300 Share repurchases and weighted-average diluted shares 153.5 152.5 $500 $500 152.0 151.8 151.3 $375 Q4 Q1 Q2 Q3 2021 2022 2022 2022 BlackRock Capital management (amounts in millions, except per share data) Share repurchases (1) $500 150.7 150.5 150.2 $375 $375 $375 $375 Q4 Q1 Q2 Q3 Q4 2022 2023 2023 2023 2023 Weighted-average diluted shares $4.13 (1) Amounts above exclude repurchases of employee tax withholdings related to employee stock transactions. Dividends per share $4.88 $4.88 $4.88 $4.88 $5.00 $5.00 $5.00 $5.00 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2022 2022 2022 2022 2023 2023 2023 2023 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 Barclays U.S. Aggregate Bond Index Foreign Exchange Rates Major market indices and exchange rates GBP to USD EUR to USD BlackRock Spot 12/31/2022 9/30/2023 12/31/2023 3,840 2,603 143 156 956 5,253 2,049 1.21 1.07 4,288 2,853 151 157 953 5,250 2,024 1.22 1.06 4,770 3,169 161 169 1,024 5,430 2,162 1.27 1.10 % Change 12/31/2023 vs. 9/30/2023 12/31/2022 11% 11% 7% 8% 7% 3% 11% 7% 4% 4% 24% 22% 13% 8% 7% 3% 15% 6% 5% 3% Q4 2022 3,855 2,578 141 148 919 5,108 2,030 1.17 1.02 Average Q3 2023 4,459 2,965 154 163 992 5,254 2,067 1.27 1.09 Q4 2023 4,471 2,957 153 159 964 5,183 2,061 1.24 1.08 % Change Q4 2023 vs. Q3 2023 Q4 2022 -% -% (1)% (2)% (3)% (1)% (2)% _% (2)% (1)% 16% 15% 9% 7% 5% 1% 9% 2% 6% 6% Source: Bloomberg (1) Revenue weighted composite index is 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 performance 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$4,337 Q4 2022 1% 7% 8% $188 74% 7% 3% BlackRock Q4 2023 compared to Q4 2022 $294 $83 Quarterly revenue ($ in millions) $26 Base fees Securities lending revenue Performance fee Technology services revenue Distribution fees Advisory and other revenue $18 $(10) $(11) $4,631 Base fees Performance Technology Securities Advisory Distribution Q4 2023 fees services lending and other fees revenue revenue revenue Percentage Change Base fees Securities lending revenue Performance fees Technology services revenue Distribution fees Advisory and other revenue Total $4,522 $241 $(10) Year-over-Year Sequential (2)% (6)% 344% Q3 2023 Performance Securities Fees lending revenue 6% 13% 36% 7% (4)% (23)% 7% Q4 2023 compared to Q3 2023 $109 (7)% (6)% (23)% 2% $(10) $(18) $(28) $(66) Advisory Distribution Technology and other fees services revenue revenue Base Fees $4,631 Q4 2023#8$3,399 $81 Q4 2022 ETFs EQ Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) Q4 2023 compared to Q4 2022 $206 $42 Alts BlackRock $28 $24 $13 $6 $6 $6 $3,605 ETFs Non-ETF Cash Active Active Multi- Q4 2023 FI EQ FI Asset EQ Q4 2023 compared to Q3 2023 $(76) $3,681 $13 $6 $(3) $(4) $(8) $(9) $(11) $(26) Q3 2023 Alts Cash Non-ETF ETFs Non-ETF Multi- EQ FI FI Asset Active Active FI EQ $(34) $3,605 ETFs Q4 2023 EQ 7#9$2,760 Q4 2022 51% $(6) 17% Product launch costs 11% $5 21% Quarterly expense, as adjusted ($ in millions) $43 Q4 2023 compared to Q4 2022 $155 ■ Employee comp. & benefits Distribution Direct fund & servicing expense costs Distribution & servicing costs Direct fund expense General & administration $49 Employee comp. & benefits $64 G&A expense (1) $2,915 Q4 2023 (1) Amounts exclude product launch costs in Q4 2022, which are presented separately. Percentage Change Employee comp. & benefits Distribution & servicing costs Direct fund expense Product launch costs General & administration (1) Total $2,831 Q3 2023 Q4 2023 compared to Q3 2023 $84 $(36) Direct fund expense $(24) Year-over-Year Sequential 3% 4% 1% 16% (5)% (10)% -% 16% (100)% 11% 6% 3% Distribution & servicing costs $56 Employee comp. & benefits $88 G&A expense $2,915 Q4 2023 For further information and reconciliations to GAAP, see page 13 of this earnings release supplement, notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current earnings release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks. BlackRock 8#101% 7% $17,873 2022 8% 3% 4% BlackRock 77% $121 Technology services revenue Base fees Securities lending revenue ■ Performance fees Technology services revenue Distribution fees ■Advisory and other revenue $76 Full year revenue ($ in millions) Securities lending revenue $40 Percentage Change Base fees Performance fees 2023 compared to 2022 $(14) Securities lending revenue Performance fees Technology services revenue Distribution fees Advisory and other revenue Total $(4) Advisory and other revenue $(119) Distribution fees Year-over-Year $(128) Base Fees (1)% 13% 8% 9% (9)% (2)% -% $17,859 2023 9#11Full year investment advisory, administration fees and securities lending revenue ($ in millions) $14,451 2022 BlackRock $108 ETFs FI $73 ETFs EQ $56 Alts 2023 compared to 2022 $(52) $45 Cash $32 Non-ETF EQ $(43) Non-ETF FI $(80) Active FI $(96) Multi- Asset $(147) Active EQ $14,399 2023 10#1251% $11,162 2022 18% 12% 19% $(128) Full year expense, as adjusted ($ in millions) Distribution & servicing costs Employee comp. & benefits Distribution & servicing costs Direct fund expense General & Administration $(6) Product launch costs (1) Amounts exclude product launch costs in 2022, which are presented separately. $48 Percentage Change 2023 compared to 2022 $104 Employee comp & benefits Employee comp. & benefits Distribution & servicing costs Direct fund expense Product launch costs General & administration (1) Total $85 G&A expense (1) $105 Direct fund expense Year-over-Year 1% (6)% 9% (100)% 4% 1% $11,266 2023 For further information and reconciliations to GAAP, see page 13 of this earnings release supplement, notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current earnings release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks. BlackRock 11#13Illiquid alternatives: Alternative solutions Private equity Alternatives client assets ($ in billions, as of December 31, 2023) Opportunistic & credit strategies Real assets: Real estate Infrastructure Real assets subtotal Total illiquid alternatives Liquid alternatives Total illiquid and liquid alternatives Memo: Liquid credit Total illiquid and liquid alternatives and liquid credit BlackRock Client Assets $13 42 34 28 51 79 168 75 $243 $84 $327 Fee Paying AUM $7 35 31 28 36 64 137 74 $211 $84 $295 Non-Fee Paying Commitments $6 7 3 15 15 31 1 $32 $32 Definitions: Client Assets: Alternatives assets at BlackRock across AUM and non-fee paying committed capital Fee Paying AUM: Assets reported in BlackRock's AUM. Includes both invested capital and committed capital that is fee-paying in its commitment stage Non-Fee Paying Commitments: Uninvested commitments, which are currently non-fee paying and are not included in AUM. These commitments are expected to generate fees and will be counted in AUM and flows as the capital is deployed over time Liquid Alternatives: Includes hedge funds and hedge fund solutions (funds of funds) Liquid Credit: Active liquid credit strategies (such as high yield, bank loans, and collateralized loans) included in fixed income AUM Totals may not add due to rounding. 12#14Operating Income GAAP Non-GAAP expense adjustments As Adjusted Nonoperating Income (Expense) GAAP Reconciliation between GAAP and as adjusted ($ in millions) Non-GAAP adjustments As Adjusted Net Income GAAP Non-GAAP adjustments As Adjusted 2021 $ 2,039 $ Q4 $ $ 2,107 68 71 11 82 $1,643 7 Q1 $ 58 $ 1,764 $ 1,668 $ 1,526 (138) $ 73 Q2 $ (65) $ 2022 $ 1,822 $ 1,727 $ 1,585 26 59 (347) $ 114 (233) $ $ 1,436 $ 1,077 $ Q3 45 59 45 1,406 Q4 $ 1,427 165 $ 225 210 $ 45 150 $ 1,577 (48) 177 $ 1,259 97 $ 1,650 $ 1,462 $ 1,122 $ 1,451 $ 1,356 $ 1,438 $ Q1 $ 1,511 $ $ 73 (29) 116 $ $ 1,157 $ 87 $ 43 Q2 2023 1,615 $ 60 1,675 251 $ (73) $ 178 $ 1,366 33 $ Q3 1,637 54 13 1,691 $ 1,716 Q4 $ 1,585 171 $ 342 1,604 38 131 184 $ 199 $ 1,200 $ 1,399 $ 1,642 $ (143) $ 1,375 76 1,451 Beginning in the first quarter of 2023, the Company updated its definition of operating income, as adjusted, operating margin, as adjusted, nonoperating income (expense), as adjusted, and net income, as adjusted, to exclude the compensation expense related to the market valuation changes on certain deferred cash compensation plans, and the related gain (loss) on the economic hedge of these deferred cash compensation plans. Non-GAAP adjustments include amounts related to (i) net impact of compensation expense and hedge (gain) loss on deferred cash compensation plans, (ii) amortization of intangible assets, (iii) acquisition-related compensation costs, (iv) acquisition-related transaction costs, (v) contingent consideration fair value adjustments, (vi) Lease costs - New York, (vii) net income (loss) attributable to noncontrolling interests, (viii) a reduction of indemnification asset, (ix) a restructuring charge and (x) noncash income tax matters, as applicable. For further information and reconciliation between GAAP and as adjusted, see notes (1) through (3) to the condensed consolidated statements of income and supplemental information in the current earnings release, as well as previously filed Form 10-Ks, 10-Qs and 8-Ks. BlackRock 13#15Important 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 ("SEC") 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) 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 AUM; (3) the relative and absolute investment performance of BlackRock's investment products; (4) BlackRock's ability to develop new products and services that address client preferences; (5) the impact of increased competition; (6) the impact of future acquisitions or divestitures, including the acquisition of Global Infrastructure Partners (the "GIP Transaction"); (7) BlackRock's ability to integrate acquired businesses successfully, including the GIP Transaction; (8) risks related to the GIP Transaction, including the expected closing date of the GIP Transaction, the possibility that the GIP Transaction does not close, including, but not limited to, due to the failure to satisfy the closing conditions, the possibility that expected synergies and value creation from the GIP Transaction will not be realized, or will not be realized within the expected time period, and impacts to business and operational relationships related to disruptions from the GIP Transaction; (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, data, information and cybersecurity protection; (12) the failure to effectively manage the development and use of Al; (13) attempts to circumvent BlackRock's operational control environment or the potential for human error in connection with BlackRock's operational systems; (14) the impact of legislative and regulatory actions and reforms, regulatory, supervisory or enforcement actions of government agencies and governmental scrutiny relating to BlackRock; (15) changes in law and policy and uncertainty pending any such changes; (16) any failure to effectively manage conflicts of interest; (17) damage to BlackRock's reputation; (18) increasing focus from stakeholders regarding ESG matters; (19) geopolitical unrest, terrorist activities, civil or international hostilities, and other events outside BlackRock's control, including wars, natural disasters and health crises, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (20) climate-related risks to BlackRock's business, products, operations and clients; (21) the ability to attract, train and retain highly qualified and diverse professionals; (22) fluctuations in the carrying value of BlackRock's economic investments; (23) the impact of changes to tax legislation, including income, payroll and transaction taxes, and taxation on products, which could affect the value proposition to clients and, generally, the tax position of the Company; (24) BlackRock's success in negotiating distribution arrangements and maintaining distribution channels for its products; (25) the failure by key third-party providers of BlackRock to fulfill their obligations to the Company; (26) operational, technological and regulatory risks associated with BlackRock's major technology partnerships; (27) any disruption to the operations of third parties whose functions are integral to BlackRock's ETF platform; (28) 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 (29) the impact of problems, instability or failure of other financial institutions or the failure or negative performance of products offered by other financial institutions. This presentation also includes non-GAAP financial measures. You can find our presentations on the mos directly comparable GAAP financial measures calculated in accordance with GAAP and our reconciliations on page 13 of this earnings release supplement, our current earnings release dated January 12, 2024, and BlackRock's other periodic reports, which are available on BlackRock's website at www.blackrock.com. BlackRock 14