#1April 15, 2021 BlackRock. Q1 2021 Earnings Earnings Release Supplement#2Client Type Institutional 58% Retail 11% ETFs 31% A broadly diversified business across clients, products and geographies AUM BlackRock. Institutional 29% Retail 32% ETFs 39% Assets Under Management of $9.01 trillion at March 31, 2021 Q1 2021 Base Fees and Securities Lending Revenue of $3.592 billion Style Product Type Active 26% Index 35% ETFs 31% Cash 8% Active 48% AUM Index 9% ETFs 39% Cash 4% Equity 52% Fixed Income 29% Multi-asset 8% Alternatives 3% Cash 8% Equity AUM 51% Fixed Income 26% Multi-asset 9% Alternatives 10% Cash 4% Base Fees and Sec. Lending Base Fees and Sec. Lending Base Fees and 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 64% EMEA 30% Asia-Pacific 6% Base Fees and Sec. Lending 1#32% 1% $65 $6 $59 9% 4% $31 2% $151 $26 $125 5% 3% $36 Q1 Q2 Q3 2019 2019 2019 $84 $32 $52 Long-term Total BlackRock 7% $42 5% $129 $30 $99 $1 10% 10% 11% Q4 2019 $75 6% 4% $35 Cash $141 $53 ($19) 9% Q1 2020 ETFs 5% $14 5% $100 $3 $24 $62 9% $51 6% Q1 Q1 Q2 Q3 Q4 Q2 2019 2019 2019 2019 2020 2020 7% $98 Advisory Q2 Q3 Q4 2020 2020 2020 9% Net flows ($ in billions) 5% $41 7% $172 $129 $127 $39 $2, $28 $9 Q3 2020 $116 8% 8% $79 14% $133 Q1 2021 13% $68 Q4 Q1 2020 2021 0% $(1) Q1 2019 (1)% $14 $15 Q1 2019 0% $2 Q2 2019 2% $14 0% $73 $7 3% Retail Long-term 3% $8 Institutional Active $8 $(4) 4% 2% $(2) Q3 Q4 Q1 Q2 Q3 2019 2019 2020 2020 2020 Institutional Long-term $1 $15 4% 2% $16 0% 6% $20 $3 0% 10% $7 $30 $35 Institutional Index 0% Q1 Q4 2020 2021 $(2) $(29) $(8) Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2019 2019 2020 2020 2020 2020 $1 $1 18% 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. $37 2% $11 $17 Q1 2021 2#4Operating Income and Margin, as adjusted 41.9% $1,233 43.1% $1,278 46.0% $1,502 43.5% BlackRock. $1,538 Profitability ($ in millions, except per share data) 41.7% $1,273 Operating Income, as adjusted 43.7% $1,406 47.0% $1,757 46.6% $1,848 44.4% Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 2019 2019 2019 2019 2020 2020 2020 2020 2021 $1,545 Operating Margin, as adjusted Net Income and EPS, as adjusted $6.61 $6.41 $1,053 $1,003 $7.15 $1,119 $8.34 $1,309 $6.60 $1,032 01 Q2 Q3 04 Q1 2019 2019 2019 2019 2020 Net Income, as adjusted $7.85 $1,214 $9.22 $10.18 $1,573 $1,418 EPS, as adjusted $7.77 $1,199 Q2 Q3 Q4 Q1 2020 2020 2020 2021 For further information and reconciliations between GAAP and as adjusted, see page 9 of this earnings release supplement, notes (1) through (4) in the current earnings release as well as previously filed Form 10-Ks, 10-Qs and 8-Ks. 3#5159.3 Share repurchases and weighted-average diluted shares 156.4 156.4 156.9 156.4 154.7 153.7 154.5 154.3 $1,566 (1) $100 Capital management (amounts in millions, except per share data) (2) $1,113 ..…... $400 $300 $0 $0 $0 BlackRock. $0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 2019 2019 2019 2020 2020 2020 2020 2021 Share repurchases Weighted-average diluted shares $3.30 $3.30 $3.30 $3.30 Q1 2019 (1) Amount includes a $1.3 billion private transaction that closed on March 25, 2019. (2) 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. Dividends per share $3.63 $3.63 $3.63 $3.63 $4.13 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 2019 2019 2020 2020 2020 2020 2021 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 3/31/2020 12/31/2020 3/31/2021 2,585 1,853 107 137 849 2,583 2,295 1.24 1.10 3,756 2,690 132 200 1,291 3,853 2,392 1.36 1.23 3,973 2,812 142 204 1,316 4,300 2,311 1.38 1.17 % Change 3/31/21 vs. 12/31/2020 3/31/2020 6% 5% 8% 2% 2% 12% 4% (3)% 1% (5)% 54% 52% 33% 49% 55% 66% 40% 1% 11% 6% Q1 2020 3,068 2,214 130 159 1,030 3,312 2,267 1.28 1.10 Average Q4 2020 Q1 2021 3,558 2,525 126 185 1,190 3,497 2,378 1.32 1.19 3,864 2,764 137 210 1,363 4,200 2,349 1.38 1.21 % Change Q1 2021 vs. Q4 2020 Q1 2020 9% 9% 9% 14% 15% 20% 12% (1)% 5% 2% 26% 25% 5% 32% 32% 27% 23% 4% 8% 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$3,710 Q1 2020 1% 8% 7% $568 3% 3% BlackRock. 78% $88 Base fees Q1 2021 compared to Q1 2020 $688 $64 Quarterly revenue ($ in millions) Securities lending ■ Performance fees Technology services revenue Distribution fees Advisory and other revenue $32 $(31) Base fees Performance Distribution Technology Securities fees fees services revenue $(33) $4,398 Advisory and Q1 2021 lending other revenue Percentage Change Base fees Securities lending Performance fees Technology services revenue Distribution fees Advisory and other revenue Total $4,478 Q4 2020 $203 Base fees Q1 2021 compared to Q4 2020 $(80) $26 Year-over-Year $1 20% (20)% 215% 12% 23% (52)% 19% Sequential 6% (3)% (69)% -% 8% (34)% (2)% $(4) $(16) $(290) Distribution Technology Securities fees services lending revenue $4,398 Advisory and Performance. Q1 2021 other revenue fees 6#8$3,055 $189 Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) Q1 2021 compared to Q1 2020 $178 $76 Q1 2020 ETFs Active Alts EQ EQ BlackRock. $44 Active FI $537 $36 ETFs FI $35 $13 $1 $(35) $3,592 Multi- Non-ETF Non-ETF Cash Q1 2021 Asset EQ FI $3,393 Q4 2020 $120 ETFs EQ Q1 2021 compared to Q4 2020 $75 $17 $17 $199 $11 $16 $4 $(7) Active Non-ETF Multi- Alts Active Non-ETF ETFs EQ EQ Asset FI FI FI $(54) Cash $3,592 Q1 2021 7#9$2,437 Q1 2020 49% $(62) G&A (1) 18% 1% $9 11% 21% Quarterly expense, as adjusted ($ in millions) $43 ■ Employee comp. & benefits Q1 2021 compared to Q1 2020 $416 $60 Distribution & servicing costs Amortization Direct fund Distribution of intangible expense & servicing assets costs Direct fund expense General & administration Amortization of intangible assets $98 Product launch costs and comissions $268 $2,853 Employee Q1 2021 comp. & benefits (1) Percentage Change Employee comp. & benefits Distribution & servicing costs Direct fund expense General & administration Amortization of intangible assets Total $2,630 $(67) Q4 2020 Q1 2021 compared to Q4 2020 $223 G&A (1) $7 Year-over-Year Sequential 24% 5% -% 13% 16% 6% 36% 17% Amortization of intangible assets. $37 Direct fund expense $61 13% 23% 26% 8% Employee comp. & benefits (1) $185 Product launch costs and comissions. $2,853 Q1 2021 (1) Amounts exclude product launch costs and commissions incurred in Q1 2020 and Q1 2021, which are presented separately. First quarter 2020 expense, as adjusted, excludes a $589 million expense in connection with the charitable contribution of BlackRock's remaining 20% stake in PennyMac Financial Services, Inc. (the "Charitable Contribution"). For further information, see the item included under Non-GAAP expense adjustments on page 9 of this earnings release supplement and note (1) in the current earnings release. BlackRock. 8#10Operating Income GAAP Non-GAAP expense adjustments Reconciliation between GAAP and as adjusted ($ in millions) As Adjusted Nonoperating Income (Expense) GAAP Non-GAAP adjustments As Adjusted Net Income GAAP Non-GAAP adjustments As Adjusted Q1 $ 125 $ Q2 $ 1,233 $ 1,278 $ (7) 2019 $ 1,233 $ 1,278 $ 1,502 $ 1,538 $ 118 $ 57 $ (10) 47 $ Q3 $ 1,053 $ 1,003 $ 1,502 $ (42) $ Q4 (42) $ 1,538 96 (33) 63 1,119 $ 1,301 8 $ 1,053 $ 1,003 $ 1,119 $ 1,309 $ $ $ Q1 $ 684 $ 589 (71) $ $ 1,273 $ 1,406 $ 1,757 $ 1,848 57 (14) $ Q2 2020 226 1,406 $ 1,757 $ 1,848 Q3 (188) 357 $ 224 $ 319 169 $ Q4 (153) (192) 806 $ 1,214 $ 1,364 $ 1,548 54 71 $ 127 $ 25 $ 1,032 $ 1,214 $ 1,418 $ 1,573 $ 2021 Q1 $ 1,545 1,545 46 (74) (28) $ 1,199 $ 1,199 Non-GAAP adjustments include amounts related to the Charitable Contribution 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 April 15, 2021, and BlackRock's other periodic reports, which are available on BlackRock's website at www.blackrock.com. BlackRock. 10