#1January 14, 2022 BlackRock. Q4 2021 Earnings Earnings Release Supplement#2Client Type Institutional 57% Retail 10% ETFs 33% A broadly diversified business across clients, products and geographies AUM BlackRock. Institutional 27% Retail 33% ETFs 40% Assets Under Management of $10 trillion at December 31, 2021 Q4 2021 Base Fees and Securities Lending Revenue of $3.968 billion Style Product Type Active 26% Index 33% ETFs 33% Cash 8% Active 49% AUM Index 8% ETFs 40% Cash 3% Equity 53% Fixed Income 28% 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 67% EMEA 26% Region Asia-Pacific 7% AUM Americas 63% EMEA 31% Asia-Pacific 6% Base Fees and Sec. Lending 1#37% 5% $129 $30 $99 11% $1 $75 6% 4% $14 $35 Q4 Q1 2019 2020 $53 T($19) 9% $14 5% 5% $100 $24 $62 Long-term Total BlackRock 9% 6% $51 7% $129 $3. $2 $28 $98 9% 5% $41 7% $81 $133 $23 $60 $(2) Q2 Q3 Q4 Q1 Q2 2020 2020 2020 2021 2021 ETFs 8% Cash $172 $127 $39 $9 $116 8% 14% $79 7% 13% $68 Net flows ($ in billions) Advisory $75 6% Q3 Q4 Q1 Q4 Q1 Q2 Q2 2019 2020 2020 2020 2020 2021 2021 13% 13% 12% 12% $75 6% $58 11% $212 $44 $98 $(1) ($12) $(10) Q3 Q4 2021 2021 $169 11% $104 Q3 Q4 2021 2021 3% $8 Q4 2019 4% $1 $15 2% $(2) Q1 2020 2% 4% $16 0% Retail Long-term 6% $3 $(2) $(29) $(8) $20 0% Institutional Active Q2 Q3 Q4 Q1 Q2 2020 2020 2020 2021 2021 Institutional Long-term 10% 18% $7 $30 $35 $37 0% $1 $1 2% 16% $21 $11 $17 1% $43 16% 12% $(80) $23 $22 Institutional Index Q3 2021 0% $26 $(8) Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2019 2020 2020 2020 2020 2021 2021 2021 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 2021 1% $84 $(40) Q4 2021 2#4Operating Income and Margin, as adjusted 43.5% $1,538 41.7% Q4 2019 $1,273 43.7% $1,406 اللباس 47.0% 46.6% BlackRock. Profitability ($ in millions, except per share data) $1,757 Q1 Q2 Q3 Q4 2020 2020 2020 2020 $1,848 Operating Income, as adjusted 44.4% 44.9% 45.8% 45.5% $1,931 $1,946 $1,545 $2,056 01 Q2 Q3 2021 2021 2021 Q4 2021 Operating Margin, as adjusted $8.34 $1,309 Net Income and EPS, as adjusted $6.60 $1,032 $7.85 $9.22 $1,214 $10.18 $1,418 $1,573 Q4 Q1 Q2 Q3 Q4 2019 2020 2020 2020 2020 Net Income, as adjusted $7.77 $10.03 $1,199 Q1 2021 $1,549 $10.95 $1,690 $10.42 EPS, as adjusted $1,611 Q2 03 Q4 2021 2021 2021 For further information and reconciliations to GAAP, see page 12 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. 3#5156.9 Share repurchases and weighted-average diluted shares 156.4 $400 154.7 (1) $1,113 BlackRock. Capital management (amounts in millions, except per share data) Share repurchases 153.7 $0 $0 $0 Q4 Q1 Q2 Q3 Q4 2019 2020 2020 2020 2020 154.5 154.3 154.4 154.3 154.6 $300 $300 $300 $300 Q1 Q2 Q3 Q4 2021 2021 2021 2021 Weighted-average diluted shares $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. Dividends per share $3.63 $3.63 $3.63 $3.63 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2020 2020 2020 2020 2021 2021 2021 2021 $4.13 $4.13 $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 (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 12/31/2020 9/30/2021 12/31/2021 3,756 2,690 132 200 1,291 3,853 2,392 1.36 1.23 4,308 3,007 151 197 1,253 4,472 2,355 1.35 1.16 4,766 3,232 162 193 1,232 4,793 2,355 1.35 1.14 % Change 12/31/21 vs. 9/30/2021 12/31/2020 11% 7% 7% (2)% (2)% 7% 5% 0% 0% (2)% 27% 20% 23% (4)% (5)% 24% 13% (2)% (1)% (7)% Q4 2020 3,558 2,525 126 185 1,190 3,497 2,378 1.32 1.19 Average Q3 2021 Q4 2021 4,422 3,087 154 201 1,295 4,527 2,372 1.38 1.18 4,605 3,157 157 196 1,252 4,672 2,353 1.35 1.14 % Change Q4 2021 vs. Q3 2021 4% 2% 2% (2)% (3)% 3% 1% (1)% (2)% (3)% Q4 2020 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. 29% 25% 25% 6% 5% 34% 20% (1)% 2% (4)% 5#7$4,478 Q4 2020 1% 8% 7% $570 6% 3% BlackRock. 75% $97 Q4 2021 compared to Q4 2020 $628 $34 Quarterly revenue ($ in millions) ■Base fees Securities lending revenue ■ Performance fees Technology services revenue Distribution fees Advisory and other revenue $12 $5 $(90) $5,106 Base fees Distribution Technology Advisory and Securities. Performance Q4 2021 fees services other revenue lending fees revenue revenue Percentage Change Base fees Securities lending revenue Performance fees Technology services revenue Distribution fees Advisory and other revenue Total $5,050 Q3 2021 $41 $19 Year-over-Year Sequential 1% Q4 2021 compared to Q3 2021 $56 $18 17% 4% (21)% 11% 31% 26% 14% (11)% (5)% 6% 2% 44% 1% $10 $(16) $(16) $5,106 Base fees Technology Advisory and Distribution Performance Securities services other revenue fees fees lending revenue revenue Q4 2021 6#8$3,393 $274 Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) Q4 2021 compared to Q4 2020 $179 $62 BlackRock. $46 $575 $37 $31 $12 $6 $(72) Yield-related fee waivers $(105) Q4 2020 ETFs Active Multi- Active Alts Non-ETF Non-ETF ETFs EQ EQ Asset EQ FI FI FI $3,968 $3,943 Cash Q4 2021 Q4 2021 compared to Q3 2021 $10 $14 Q3 2021 Cash ETFs EQ $6 Active EQ $5 $25 Alts $4 ETFs FI $4 $(1) Multi- Asset $(17) $3,968 Active Non-ETF Q4 2021 EQ FI 7#9$2,630 Q4 2020 52% $11 1% 19% BlackRock. $36 Amortization Direct fund of intangible expense assets 10% 18% Quarterly expense, as adjusted ($ in millions) $73 Q4 2021 compared to Q4 2020 $420 Employee comp. & benefits G&A expense Distribution & servicing costs Direct fund expense General & administration expense Amortization of intangible assets $82 Distribution & servicing costs $218 $3,050 Employee comp. & benefits Q4 2021 Percentage Change Employee comp & benefits (1) Distribution & servicing costs Direct fund expense Product launch costs and commissions General and administration (1) Amortization of intangible assets Total $3,104 $(99) Q3 2021 Product launch costs and comissions $(35) Q4 2021 compared to Q3 2021 $(54) Direct fund expense Year-over-Year $2 16% 16% 13% Distribution & servicing costs 15% 41% 16% $35 Sequential 2% 0% (10)% (100)% 9% 0% (2)% Employee comp. & benefits (1) $43 G&A expense (1) $3,050 Q4 2021 (1) Amounts exclude product launch costs and commissions incurred in Q3 2021, which are presented separately. Q4 2021 and Q3 2021 expense, as adjusted, excludes expenses of $17 million and $11 million, respectively, 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 reconciliations to GAAP on page 12 of this earnings release supplement and note (1) to the condensed consolidated statements of income and supplemental information in the current earnings release. 8#101% 8% 7% $16,205 2020 BlackRock. 6% 3% 75% $2,718 Base fees Full year revenue ($ in millions) Base fees ex. securities lending Securities lending Performance fees Technology services revenue Distribution fees Advisory and other revenue $390 Distribution fees $142 Percentage Change Technology services revenue Base fees ex. securities lending Securities lending Performance fees 2021 compared to 2020 $3,169 $39 Technology services revenue Distribution fees Advisory and other revenue Total Performance fees $(23) Advisory and other revenue Year-over-Year $(97) Securities lending revenue 23% (15)% 4% 12% 34% (12)% 20% $19,374 2021 9#11Full year investment advisory, administration fees and securities lending revenue ($ in millions) $12,639 2020 BlackRock. $1,159 ETFs EQ $834 Active EQ $266 Alts 2021 compared to 2020 $2,621 $251 Multi- Asset $234 Active FI $107 Non-ETF EQ $82 ETFs FI $8 Yield-related fee waivers $(457) Non-ETF FI $(320) Cash $15,260 2021 10#1252% $9,921 2020 18% 1% 2% 11% 16% $41 Amortization of intangible assets Full year expense, as adjusted ($ in millions) ■ Employee comp. & benefits Distribution & servicing costs Direct fund expense General & Administration Product launch costs and commissions Amortization of intangible assets $112 Product launch costs and comissions $209 G&A expense (1) Percentage Change $250 2021 compared to 2020 $1,975 Employee comp. & benefits(¹) Distribution & servicing costs Direct fund expense Product launch costs and commissions General & administration (1) Amortization of intangible assets Total Direct fund expense $365 Distribution & servicing costs $998 Employee comp & benefits (1) Year-over-Year 20% 20% 24% 65% 12% 39% 20% $11,896 2021 (1) Amounts exclude product launch costs and commissions incurred in 2021 and 2020, which are presented separately above. 2021 expense, as adjusted, excludes expense of $28 million related to the Lease cost - Hudson Yards. 2020 expense, as adjusted, excludes a $589 million expense in connection with the charitable contribution of BlackRock 's remaining 20% stake in PennyMac Financial Services, Inc. (the Charitable Contribution"). For further information, see reconciliations to GAAP on page 12 of this earnings release supplement and note (1) to the condensed consolidated statements of income and supplemental information in the current earnings release. BlackRock. 11#13Operating Income GAAP Non-GAAP expense adjustments As Adjusted Nonoperating Income (Expense) GAAP Reconciliation between GAAP and as adjusted ($ in millions) Non-GAAP adjustments As Adjusted Net Income GAAP Non-GAAP adjustments As Adjusted 2019 $ 1,538 $ Q4 $ 1,538 $ 96 (33) 63 $ 1,301 8 $ 1,309 $ $ $ $ $ Q1 684 $ 589 1,273 $ (71) $ 57 (14) $ Q2 226 2020 1,406 1,406 (188) 357 $ Q3 $ 1,757 $ 1,848 $ 1,757 $ 169 $ 224 (153) 71 Q4 54 1,848 $ 319 806 $ 1,214 $ 1,364 $ 1,548 $ 1,032 $ 1,214 $ 1,418 $ (192) $ 127 $ 25 1,573 $ 1,545 $ Q1 $ 1,545 $ $ 46 $ (74) (28) $ $ 1,199 $ 2021 Q2 1,931 $ 1,935 (169) Q3 101 $ 270 $ 336 $ 1,378 $ 11 1,931 $ 1,946 $ 2,056 171 (72) 264 $ 1,681 $ 2,039 9 Q4 $ 1,199 $ 1,549 $ 1,690 17 71 11 82 $ 1,643 (32) $ 1,611 Non-GAAP adjustments include amounts related to the Lease cost - Hudson Yards, the Charitable Contribution and noncash income tax matters, as applicable. For further information and reconciliations to GAAP, see page 12 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. 12#14Important 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 12 of this earnings release supplement, our current earnings release dated January 14, 2022, and BlackRock's other periodic reports, which are available on BlackRock's website at www.blackrock.com. BlackRock. 13