#1October 13, 2022 BlackRock. Q3 2022 Earnings Earnings Release Supplement#2Institutional 57% Retail 10% ETFs 33% lient Type AUM A broadly diversified business across clients, products and geographies BlackRock. Institutional 32% Retail 29% ETFs 39% Assets Under Management of $7.96 trillion at September 30, 2022 Q3 2022 Base Fees and Securities Lending Revenue of $3.53 billion Style Product Type Base Fees Active 27% Index 31% ETFs 33% Active 46% Index 8% ETFs 39% Cash 7% Equity 50% Base Fees Fixed Income 30% Multi-asset 8% Alternatives 3% Cash 9% Cash 9% AUM Base fees include investment advisory, administration fees and securities lending revenue. Base Fees and AUM by region data is based on client domicile. Equity 50% AUM Fixed Income 24% Multi-asset 9% Alternatives 10% Cash 7% Base Fees Americas 68% EMEA 24% Region Asia-Pacific 8% AUM Americas 66% EMEA 28% Asia-Pacific 6% Base Fees 1#3$3 6% 7% $129 $28 $98 Q3 2020 9% $41 5% 7% $127 $2$9 $116 8% 8% $79 14% $172 $39 Q4 Q1 2020 2021 $133 Long-term 13% Total BlackRock $68 7% 13% $81 $23 $60 $(2) Q2 2021 12% $75 6% 13% 11% $75 Cash $98 $(12) $(10) Q3 2021 ETFs 12% 6% $58 $212 $44 $169 5% $104 8% Q3 Q4 Q2 Q3 Q4 Q1 2020 2020 2021 2021 2021 2021 $87 $114 $(27) 11% 10% Advisory $56 Net flows ($ in billions) 5% $(1) Q4 Q1 Q2 2021 2022 2022 Q1 2022 5% $90 $21 $69 9% $52 Q2 2022 4% 2% $17 $65 $(40) $(9) Q3 2022 8% $22 Q3 2022 6% $20 Q3 2020 0% $7 $30 Q3 2020 10% 18% $35 Q4 2020 0% $37 $1 $1 2% Retail Long-term 16% $11 $17 $21 Q4 Q1 2020 2021 Institutional Active 1% Q1 Q2 Q3 Q4 Q1 2021 2021 2021 2021 2022 16% Institutional Long-term $43 $23 $(80) 12% 0% $22 $26 $(8) 1% 8% $10 $84 $(40) 2% 4% Institutional Index $31 $16 3% $(10) Q2 Q3 2022 2022 $21 $5 2% $(5) 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. BlackRock. 4% $71 $(23) Q2 Q3 Q4 Q1 Q2 Q3 2021 2021 2021 2022 2022 2022 2#4Operating Income and Margin, as adjusted 48.0% $1,793 47.3% $1,877 45.8% 46.9% $1,599 BlackRock. Q3 Q4 Q1 Q2 2020 2020 2021 2021 47.6% $2,016 $2,025 Operating Income, as adjusted Profitability ($ in millions, except per share data) Q3 2021 46.6% $2,107 44.2% 43.7% $1,822 $1,727 42.0% $1,585 Q4 Q1 Q2 Q3 2021 2022 2022 2022 Operating Margin, as adjusted $9.41 Net Income and EPS, as adjusted $10.32 $1,446 $1,595 $10.45 $8.04 $11.34 Q3 Q4 Q2 Q3 Q1 2020 2020 2021 2021 2021 $10.68 Net Income, as adjusted $9.52 $1,750 $1,650 $7.36 $1,614 $1,462 $1,240 AllM $1,122 $9.55 EPS, as adjust $1,451 Q4 Q1 Q2 Q3 2021 2022 2022 2022 For further information and reconciliations to GAAP, see page 10 of this earnings release supplement, notes (1) and (2) 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 2022, BlackRock updated the definitions of operating income, as adjusted, operating margin, as adjusted, and net income attributable to BlackRock, Inc., as adjusted. Such measures have been recast for 2021 and 2020 to reflect the inclusion of such new adjustments. For further information, refer to the Current Report on Form 8-K furnished on April 13, 2022. 3#5153.7 $0 Q3 2020 Share repurchases and weighted-average diluted shares 154.5 154.3 154.4 154.3 $0 Q4 Q1 Q2 2020 2021 2021 Sha Capital management (amounts in millions, except per share data) BlackRock. $300 $300 $300 $300 repurchases 154.6 153.5 152.5 $500 $500 152.0 $375 Q3 Q4 Q1 Q2 Q3 2021 2021 2022 2022 2022 Weighted-average diluted shares $3.63 $3.63 Q3 Q4 2020 2020 Amounts above exclude repurchases of employee tax withholdings related to employee stock transactions. Dividends per share $4.13 $4.13 $4.13 $4.13 Q1 2021 $4.88 $4.88 $4.88 Q2 Q3 Q4 Q1 Q2 Q3 2021 2021 2021 2022 2022 2022 4#6Equity Indices Domestic S&P 500 Global MSCI Barra World Index MSCI Europe Index MS CI 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 9/30/2021 6/30/2022 9/30/2022 4,308 3,007 151 197 1,253 4,472 2,355 1.35 1.16 3,785 2,546 137 158 1,001 4,710 2,103 1.22 1.05 3,586 2,379 130 139 876 4,487 2,011 1.12 0.98 9/30/22 vs. 6/30/2022 9/30/2021 (5)% (7)% (5)% (12)% (12)% (5)% (6)% (4)% (8)% (7)% (17)% (21)% (14)% (29)% (30)% 0% (24)% (15)% (17)% (16)% Q3 2021 4,422 3,087 154 201 1,295 4,527 2,372 1.38 1.18 Average Q2 2022 Q3 2022 4,104 2,766 146 166 1,055 5,365 2,131 1.26 1.06 3,977 2,640 141 156 975 4,763 2,108 1.18 1.01 Q3 2022 vs. Q2 2022 Q3 2021 (3)% (5)% (3)% (6)% (8)% (11)% (5)% (1)% (6)% (5)% (10)% (14)% (8)% (22)% (25)% 5% (18)% (11)% (14)% (14)% 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 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#71% Q3 2021 8% 8% $5,050 $18 2% 4% BlackRock. $10 Technology Securities lending services revenue revenue 77% Q3 2022 compared to Q3 2021 $(739) ■Base fees Quarterly revenue ($ in millions) Securities lending revenue ■ Performance fees Technology services revenue ■ Distribution fees ■Advisory and other revenue $(6) $(76) $(263) $(422) Advisory and Distribution Performance Base fees fees fees other revenue $4,311 Q3 2022 Percentage Change Base fees Securities lending revenue Performance fees Technology services revenue Distribution fees Advisory and other revenue Total $4,526 $6 Q2 2022 Q3 2022 compared to Q2 2022 $(215) $2 Year-over-Year (11)% 7% (76)% 6% (19)% (15)% (15)% $(4) Sequential (5)% 1% (23)% 2% (10)% (10)% (5)% $(24) $(36) $(159) Technology Securities Advisory and Performance Distribution Base fees lending other revenue fees fees services revenue revenue $4,311 Q3 2022 6#8$3,943 Q3 2021 $124 Cash Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) Q3 2022 compared to Q3 2021 $(412) $6 Alts BlackRock. $(28) $(28) $(30) $(53) ETFs Non-ETF Non-ETF Multi- FI EQ FI Asset $(83) Active FI $(149) ETFs EQ $(171) $3,531 Active Q3 2022 EQ Q3 2022 compared to Q2 2022 $(157) $3,688 $3 $2 $(7) $(11) $(15) $(17) $(25) $(40) $(47) $3,531 Q2 2022 Cash ETFs Non-ETF Non-ETF Multi- Alts Active ETFs Active Q3 2022 Asset FI EQ FI FI EQ EQ 7#9$3,025 Q3 2021 48% $(178) 20% Employee comp. & benefits (1) $(99) 12% Product launch costs and commissions 20% Quarterly expense, as adjusted ($ in millions) Q3 2022 compared to Q3 2021 $(299) $(49) ■ Employee comp. & benefits Distribution & servicing costs Distribution & servicing costs Direct fund expense General & administration $(36) Direct fund expense $63 G&A expense (1) $2,726 Q3 2022 Percentage Change Employee comp. & benefits Distribution & servicing costs Direct fund expense Product launch costs and commissions General & administration Total $2,799 Q2 2022 Q3 2022 compared to Q2 2022 $(73) $(74) Employee comp. & benefits $(36) Year-over-Year Sequential (12)% (5)% (8)% (6)% (10)% 5% (100)% -% 13% 4% (10)% (3)% Distribution & servicing costs $14 Direct fund expense $23 G&A expense $2,726 Q3 2022 (1) Amounts exclude product launch costs and commissions incurred in Q3 2021, which are presented separately. Q3 2022, Q3 2021 and Q2 2022 expense, as adjusted, exclude expenses related to (i) amortization of intangible assets of $38 million for each quarter, respectively; (ii) acquisition-related compensation costs of $5 million, $12 million and $6 million, respectively; (iii) contingent consideration fair value adjustments of $1 million, $29 million and $0 million, respectively; and (iv) Lease cost - Hudson Yards of $15 million, $11 million and $15 million, respectively. For further information, see reconciliations to GAAP on page 10 of this earnings release supplement and note (1) to the condensed consolidated statements of income and supplemental information in the current earnings release. BlackRock. 8#10Illiquid alternatives: Alternative solutions Private equity Alternatives client assets ($ in billions, as of September 30, 2022) 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 Client Assets $10 36 32 29 42 71 149 81 $230 $83 $313 Fee Paying AUM $6 27 23 28 28 56 112 81 $193 $83 $276 Non-Fee Paying Commitments $4 9 9 1 14 15 37 $37 $37 Definitions: Client Assets: Alternatives assets at BlackRock across AUM and non-fee paying committed capital Fee Paying AUM: Assets reported in BlackRock's AUM. Includes both invested capital and committed capital that is fee-paying in its commitment stage Non-Fee Paying Commitments: Uninvested commitments, which are currently non-fee paying and are not included in AUM. These commitments are expected to generate fees and will be counted in AUM and flows as the capital is deployed over time Liquid Alternatives: Includes hedge funds and hedge fund solutions (funds of funds) Liquid Credit: Active liquid credit strategies (such as high yield, bank loans, and collateralized loans) managed by BlackRock Alternative Investors and included in fixed income AUM BlackRock. 9#11Operating Income GAAP Non-GAAP expense adjustments As Adjusted Nonoperating Income (Expense) GAAP Reconciliation between GAAP and as adjusted ($ in millions) Non-GAAP adjustments As Adjusted Net Income GAAP Non-GAAP adjustments As Adjusted BlackRock. Q3 $ 1,757 $ $ 2020 $ 36 $ 1,793 $ 1,877 224 $ (153) 71 Q4 $ 82 1,848 29 319 (192) 127 $ 1,364 $ 1,548 47 $ 1,446 $ 1,595 $ 1,545 Q1 $ $ 54 46 $ (74) Q2 $ 1,599 $ 2,016 $ 2,025 (28) $ 2021 41 $ 1,931 $ 1,935 $ 2,039 85 (169) Q3 101 $ $ 1,199 $ 1,378 270 $ 336 $ 90 236 (72) Q4 264 $ $ 2,107 69 68 71 11 82 $ 1,681 $ 1,643 7 $ 1,240 $ 1,614 $ 1,750 $ 1,650 Q1 $ 1,764 $ 1,668 58 $ 2022 Q2 73 59 $ 1,822 $ 1,727 $ 1,585 26 $ (138) $ (347) $ 165 Q3 114 $ 1,526 59 45 (65) $ (233) $ 210 45 $ 1,436 $ 1,077 $ 1,406 45 $ 1,462 $ 1,122 $ 1,451 Beginning in the first quarter of 2022, BlackRock updated the definitions of operating income, as adjusted, operating margin, as adjusted, and net income attributable to BlackRock, Inc., as adjusted. Such measures have been recast for 2021 and 2020 to reflect the inclusion of such new adjustments. Non-GAAP adjustments include amounts related to (i) amortization of intangible assets, (ii) acquisition- related compensation costs, (iii) contingent consideration fair value adjustments, (iv) Lease cost - Hudson Yards and (v) noncash income tax matters, as applicable. For further information and reconciliation between GAAP and as adjusted, see notes (1) and (2) in the current earnings release as well as previously filed Form 10-Ks, 10-Qs and 8-Ks. 10#12Important 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) 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, data, information and cybersecurity 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) geopolitical unrest, terrorist activities, civil or international hostilities, including the military conflict between Russia and Ukraine, and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (18) climate change-related risks to BlackRock's business, products, operations and clients; (19) the ability to attract and retain highly talented professionals; (20) fluctuations in the carrying value of BlackRock's economic investments; (21) 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; (22) BlackRock's success in negotiating distribution arrangements and maintaining distribution channels for its products; (23) the failure by key third-party providers of BlackRock to fulfill their obligations to the Company; (24) operational, technological and regulatory risks associated with BlackRock's major technology partnerships; (25) any disruption to the operations of third parties whose functions are integral to BlackRock's exchange-traded funds ("ETF") platform; (26) 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 (27) 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 10 of this earnings release supplement, our current earnings release dated October 13, 2022, and BlackRock's other periodic reports, which are available on BlackRock's website at www.blackrock.com. BlackRock. 11