#1October 13, 2021 BlackRock. Q3 2021 Earnings Earnings Release Supplement#2Client Type Institutional 57% Retail 11% ETFs 32% A broadly diversified business across clients, products and geographies AUM BlackRock. Institutional 27% Retail 33% ETFs 40% Assets Under Management of $9.5 trillion at September 30, 2021 Q3 2021 Base Fees and Securities Lending Revenue of $3.943 billion Style Product Type Active 26% Index 34% ETFs 32% Cash 8% Active 49% AUM Index 8% ETFs 40% Cash 3% Equity 52% Fixed Income 29% Multi-asset 8% Alternatives 3% Cash 8% Equity 53% AUM Fixed Income 25% Multi-asset 9% Base Fees and Sec. Lending Base Fees and Sec. Lending Cash 3% 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. Alternatives 10% Americas 66% EMEA 27% Region Asia-Pacific 7% AUM Americas 63% EMEA 31% Asia-Pacific 6% Base Fees and Sec. Lending 1#35% 3% $84 $32 $52 10% 7% $42 5% $129 $30 $99 11% $75 6% $1 4% Long-term $14 $35 $53 ($19) Total BlackRock 9% 5% Q3 Q4 Q1 Q2 2019 2019 2020 2020 $14 5% $100 $24 $62 $3 9% $51 6% 7% $129 $28 $98 Cash 9% 5% 7% $41 $127 $9 $116 8% 8% $79 14% Q3 Q4 Q1 2020 2020 2021 ETFs $172 $39 Advisory $133 $68 Net flows ($ in billions) 7% Q2 Q3 Q4 Q3 Q4 Q1 Q1 2019 2019 2020 2020 2020 2020 2021 13% $81 $23 $60 $(2) Q2 2021 6% $75 13% $75 13% 12% 12% $98 ($12) $(10) Q3 2021 $58 Q3 Q2 2021 2021 0% $7 3% 3% Q3 Q4 2019 2019 $8 $(4) $8 4% 2% 2% Retail Long-term 4% $1 $15 $(2) $(29) $16 0% Institutional Active $(2) Q1 Q2 Q3 Q4 Q1 2020 2020 2020 2020 2021 Institutional Long-term $3 6% $(8) $20 0% $7 $30 10% 18% 16% 16% Q3 Q4 Q1 Q2 Q3 2019 2019 2020 2020 2020 $35 $37 0% 2% $1 $1 $21 $11 $17 Q2 2021 Institutional Index 1% $43 $(80) $23 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. Q3 2021 0% $26 $(8) Q1 Q2 Q3 Q4 2020 2021 2021 2021 2#4Operating Income and Margin, as adjusted 46.0% 43.5% $1,502 41.7% 43.7% Profitability ($ in millions, except per share data) 47.0% 46.6% BlackRock. $1,848 $1,757 $1,545 $1,538 $1,406 $1,273 millil Operating Income, as adjusted 44.4% 44.9% 45.8% $1,931 $1,946 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2019 2019 2020 2020 2020 2020 2021 2021 2021 Operating Margin, as adjusted $7.15 $1,119 Net Income and EPS, as adjusted $8.34 $1,309 $6.60 $1,032 $7.85 $9.22 $1,214 Q3 Q4 Q1 Q2 2019 2019 2020 2020 $10.18 $1,418 Net Income, as adjusted $1,573 $7.77 $10.03 $1,199 $1,549 Q3 Q4 Q1 Q2 2020 2020 2021 2021 EPS, as adjusted 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. $10.95 $1,690 Q3 2021 3#5$100 Share repurchases and weighted-average diluted shares 156.4 156.9 156.4 154.7 153.7 154.5 154.3 154.4 154.3 Capital management (amounts in millions, except per share data) $400 $1,113 Share repurchases BlackRock. (1) $0 Q3 Q4 Q1 Q2 2019 2019 2020 2020 2020 $300 $300 $300 $0 $0 Q3 Q4 Q1 Q2 Q3 2020 2021 2021 2021 Weighted-average diluted shares $3.30 $3.30 Q3 2019 (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. Dividends per share $3.63 $3.63 $3.63 $3.63 $4.13 $4.13 $4.13 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2019 2020 2020 2020 2020 2021 2021 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 ay (1) BLK Equity Index 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 9/30/2020 6/30/2021 9/30/2021 3,363 2,367 120 170 1,082 3,165 2,376 1.29 1.17 4,298 3,017 150 208 1,375 4,605 2,354 1.38 1.19 4,308 3,007 151 197 1,253 4,472 2,355 1.35 1.16 % Change 9/30/21 vs. 6/30/2021 9/30/2020 0% 0% 1% (5)% (9)% (3)% (3)% 0% (2)% (3)% 28% 27% 26% 16% 16% 41% 24% (1)% 5% (1)% Q3 2020 3,319 2,382 Average Q2 2021 2,348 122 169 2,954 147 207 1,084 1,351 3,265 4,618 1.29 1.17 4,181 2,334 1.40 1.21 Q3 2021 4,422 3,087 154 201 1,295 4,527 2,372 1.38 1.18 % Change Q3 2021 vs. Q2 2021 6% 5% 5% (3)% (4)% (2)% 2% 2% (1)% (2)% Q3 2020 33% 31% 26% 19% 19% 39% 27% 0% 7% 1% 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$4,369 Q3 2020 1% 8% 6% $719 7% 3% BlackRock. 75% $113 Q3 2021 compared to Q3 2020 $681 Quarterly revenue ($ in millions) $38 ■Base fees Securities lending revenue ■ Performance fees Technology services revenue Distribution fees Advisory and other revenue $(1) $(1) $(187) $5,050 Base fees Distribution Technology Securities Advisory and Performance Q3 2021 lending other revenue fees fees services revenue Percentage Change Base fees Securities lending revenue Performance fees Technology services revenue Distribution fees Advisory and other revenue Total $4,820 Q2 2021 $174 $32 Year-over-Year $12 Q3 2021 compared to Q2 2021 $230 23% $5 (1)% (35)% 13% 39% (2)% 16% Sequential $4 $3 5% 9% 1% 1% 9% 8% 5% Base fees Distribution Securities Performance Technology Advisory and services other revenue fees lending fees revenue revenue $5,050 Q3 2021 6#8$3,225 $332 Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) Q3 2021 compared to Q3 2020 $217 $80 BlackRock. $63 $718 $61 $43 $8 $7 $(93) Q3 2020 ETFs Active Multi- Active Alts Non-ETF Non-ETF ETFs EQ EQ Asset FI EQ FI FI $3,943 ] Yield-related fee waivers $(126) Cash Q3 2021 $3,757 $56 Q3 2021 compared to Q2 2021 $33 $25 Q2 2021 ETFs Active Multi- EQ EQ Asset $186 $20 $16 $12 Cash Active Alts FI $10 ETFs FI $9 $5 $3,943 Non-ETF Non-ETF Q3 2021 EQ FI 7#9$2,612 50% $129 Q3 2020 Distribution 1% 19% $123 G&A & servicing expense (1) costs 11% 19% Quarterly expense, as adjusted ($ in millions) $116 Q3 2021 compared to Q3 2020 $492 $97 Employee comp. & benefits Employee Direct fund comp. expense & benefits (1) Distribution & servicing costs Direct fund expense General & administration expense Amortization of intangible assets $16 $11 $3,104 Product Amortization Q3 2021 launch of intangible assets costs and comissions Percentage Change Employee comp & benefits Distribution & servicing costs Direct fund expense General and administration Amortization of intangible assets Total $2,889 Q2 2021 $99 Q3 2021 compared to Q2 2021 $215 Product launch costs and comissions $62 Distribution & servicing costs $43 Year-over-Year G&A expense (1) $34 8% 28% 38% 30% 41% 19% Direct fund expense $1 Sequential $(24) (1)% 12% 11% 30% 3% 7% Amortization Employee of intangible comp. & benefits (1) assets $3,108 Q3 2021 (1) Amounts exclude product launch costs and commissions incurred in Q3 2021 and Q3 2020, which are presented separately. Q3 2021 expense, as adjusted, excludes expense of $11 million related to the lease of office space for its future headquarters located at 50 Hudson Yards in New York ("Lease cost - Hudson Yards"). For further information, see the item included under Non-GAAP expense adjustments on page 9 of this earnings release supplement and note (1) in the current earnings release. BlackRock. 8#10Operating Income GAAP Non-GAAP expense adjustments Reconciliation between GAAP and as adjusted ($ in millions) As Adjusted Nonoperating Income (Expense) GAAP Non-GAAP adjustments As Adjusted Net Income GAAP Non-GAAP adjustments As Adjusted Q3 2019 $ 1,502 $ 1,538 $ Q4 $ 1,502 $ 1,538 $ (42) $ $ (42) $ 96 (33) 63 $ 1,119 $ 1,301 8 $ 1,119 $ 1,309 $ $ Q1 $ 684 $ 1,273 $ 589 (71) $ 57 (14) $ Q2 226 2020 $ 1,406 $ 1,757 $ 1,848 $ 1,545 1,406 $ 1,757 $ Q3 357 $ 224 $ (188) 169 $ 806 $ 1,214 $ (153) 71 $ Q4 54 1,848 319 (192) 127 1,364 $ 1,548 25 $ 1,032 $ 1,214 $ 1,418 $ 1,573 Q1 $ 1,545 $ $ 46 (74) $ (28) $ 2021 Q2 1,931 $ 1,935 Q3 1,931 $ 1,946 (169) 270 $ 336 101 $ 11 171 (72) 264 $ 1,199 $ 1,378 $ 1,681 9 $ 1,199 $ 1,549 $ 1,690 Non-GAAP adjustments include amounts related to the Lease cost - Hudson Yards, 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 October 13, 2021, and BlackRock's other periodic reports, which are available on BlackRock's website at www.blackrock.com. BlackRock. 10