#1July 17, 2020 BlackRock. Q2 2020 Earnings Earnings Release Supplement#2Institutional 60% Retail 10% lient Type iShares ETFs 30% AUM A broadly diversified business across clients, products and geographies BlackRock. Institutional 35% Retail 28% iShares ETFs 37% Base Fees Assets Under Management of $7.32 trillion at June 30, 2020 Q2 2020 Total Base Fees of $2.966 billion Style Product Type Active 27% Index 35% iShares ETFs 30% Cash 8% AUM Note: Base Fees and AUM by region data is based on client domicile. Active 46% Index 10% iShares ETFs 37% Cash 7% Base Fees Equity 48% Fixed Income 33% Multi-asset 8% Alternatives 3% Cash 8% AUM Equity 46% Fixed Income 29% Multi-asset 9% Alternatives 9% Cash 7% Base Fees Americas 66% EMEA 27% Region Asia-Pacific 7% AUM Americas 66% EMEA 28% Asia-Pacific 6% Base Fees 1#35% 5% $20 $14 $6 10% 3% $18 3% $11 Q2 2018 2018 ($3) Q3 9% $34 2% 2% $50 $6 $44 ($15) Long-term Q4 2018 10% Total BlackRock $81 2% 1% $65 $6 $59 9% 4% $31 2% $151 $26 $125 Cash 10% 5% Q1 Q2 Q3 2019 2019 2019 iShares ETFs 3% $36 $84 $32 $52 10% $42 Q2 Q4 Q1 Q2 Q3 Q3 2018 2018 2018 2019 2019 2019 7% 5% $129 $30 $99 Advisory Q4 2019 11% $75 Q4 2019 Net flows ($ in billions) 6% 4% $35 $53 ($19) Q1 2020 9% $14 Q1 2020 5% 5% $100 $24 $62 Q2 2020 9% $51 $14 Q2 2020 7% $5 1% 6% Q2 Q3 2018 2018 $5 $(14) $2 0% $(1) 3% $(24) Retail Long-term 0% Institutional Active (2)% (1)% $(8) $14 $15 0% $(27) Q1 Q2 Q3 Q4 2018 2018 2018 2019 $2 $(1) $(3) $(2) Q2 Q3 Q4 Q1 Q2 Q4 Q1 2018 2019 2019 2019 2019 2020 2020 Institutional Long-term 2% $14 $73 0% Q2 2019 $7 3% 3% $8 $8 $(4) 4% 2% Institutional Index $1 $15 2% 4% $16 0% $3 $(2) $(29) $(8) Q3 Q4 Q1 Q2 2019 2019 2020 2020 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 (ex. securities lending) 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. 2#4Operating Income and Margin, as adjusted 45.2% 44.2% 43.5% $1,443 $1,400 $1,310 41.9% $1,233 BlackRock. Profitability ($ in millions, except per share data) 43.1% Q2 Q3 Q4 Q1 Q2 2018 2018 2018 2019 2019 $1,278 Operating Income, as adjusted 46.0% $1,502 43.5% $1,538 41.7% $1,273 43.7% $1,406 Q2 Q3 Q4 Q1 2019 2019 2020 2020 Operating Margin, as adjusted $6.66 $1,080 Net Income and EPS, as adjusted $7.52 $1,214 $6.08 $6.61 $6.41 $975 Q2 Q2 Q3 Q4 Q1 2018 2018 2018 2019 2019 $8.34 Net Income, as adjusted $7.15 $1,309 $1,119 $1,053 $1,032 $1,003 mold $6.60 $7.85 EPS, as adjusted $1,214 Q3 Q4 Q1 Q2 2019 2019 2020 2020 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#5$300 162.2 161.4 160.5 159.3 Q2 2018 Share repurchases and weighted average diluted shares $500 Sha $525 Q3 Q4 Q1 2018 2018 2019 Capital management (amounts in millions, except per share data) BlackRock. $1,566 repurchases 156.4 156.4 156.9 156.4 154.7 (1) $0 Q2 2019 $100 $400 $1,113 $0 Q3 Q4 Q1 Q2 2019 2019 2020 2020 (2) Weighted average diluted shares $2.88 (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. Q2 Q3 2018 Dividends per share $3.13 $3.13 $3.30 $3.30 $3.30 $3.30 Q4 Q1 Q2 Q3 2018 2018 2019 2019 2019 Dividends $3.63 $3.63 Q4 Q1 Q2 2019 2020 2020 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 6/30/2019 3/31/2020 6/30/2020 2,942 2,178 130 160 1,055 3,756 2,172 1.27 1.14 2,585 1,853 107 137 849 2,583 2,295 1.24 1.10 3,100 2,202 120 158 995 3,104 2,362 1.24 1.12 % Change 6/30/20 vs. 3/31/2020 6/30/2019 20% 19% 12% 15% 17% 20% 14% 3% -% 2% 5% 1% (8)% (1)% (6)% (17)% (3)% 9% (2)% (2)% Q2 2019 2,882 2,136 129 158 1,045 3,654 2,125 1.29 1.12 Average Q1 2020 Q2 2020 3,068 2,214 130 159 1,030 3,312 2,267 1.28 1.10 2,930 2,073 115 149 930 2,959 2,335 1.24 1.10 % Change Q2 2020 vs. Q1 2020 Q2 2019 (4)% (6)% (12)% (6)% (10)% (11)% (8)% 3% (3)% -% 2% (3)% (11)% (6)% (11)% (19)% (7)% 10% (4)% (2)% 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$3,524 Q2 2019 1% 7% 8% $60 3% 6% BlackRock. 75% Q2 2020 compared to Q2 2019 $124 $48 $41 Securities Performance Technology lending fees services revenue Quarterly revenue ($ in millions) Base fees ex. securities lending Securities lending Performance fees Technology services revenue Distribution fees Advisory and other revenue $3 $(14) Base fees ex. sec lending $(14) Advisory and Distribution other revenue fees Percentage Change Base fees ex. securities lending Securities lending Performance fees Technology services revenue Distribution fees Advisory and other revenue Total $3,710 $3,648 !! Q2 2020 Q1 2020 $71 $52 Year-over-Year Q2 2020 compared to Q1 2020 $(62) $4 -% 40% 75% 17% (5)% (26)% 4% Sequential $(23) (5)% 33% 173% 1% (8)% (39)% (2)% $(25) $(141) Performance Securities Technology Distribution Advisory and Base fees fees lending services fees other revenue ex. sec revenue lending $3,648 Q2 2020 6#8$2,903 Q2 2019 $64 Cash Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) Q2 2020 compared to Q2 2019 $36 Alts BlackRock. $31 $27 $63 $15 $(4) $(10) $(18) $(78) Non-ETF iShares Non-ETF Active FI ETFs FI EQ EQ $3,055 $2,966 1. Active FI Multi- iShares Q2 2020 Asset ETFs EQ $33 Q2 2020 compared to Q1 2020 $(89) $17 $15 $2 $(12) $(17) $(17) $(23) $(87) $2,966 Q1 2020 Cash Non-ETF Non-ETF iShares Alts Active Active Multi- iShares Q2 2020 ETFs FI Asset ETFs EQ FI EQ FI EQ 7#9$2,246 Q2 2019 52% $(61) 1% Product launch costs and comissions $(23) 19% G&A (1) 11% 17% Quarterly expense, as adjusted ($ in millions) $(6) Q2 2020 compared to Q2 2019 $(4) ■ Employee comp. & benefits $2 Distribution & servicing costs Direct fund expense General & administration Amortization of intangible assets $13 Direct fund Amortization Distribution expense of intangible & servicing assets costs $71 $2,242 Employee Q2 2020 comp. & benefits (1) Percentage Change Employee comp. & benefits Distribution & servicing costs Direct fund expense General & administration Amortization of intangible assets Total $2,437 $(87) Q1 2020 Q2 2020 compared to Q1 2020 $(195) Product launch costs and commissions $(81) G&A (1) $(31) Year-over-Year Sequential 6% 1% 3% (4)% (2)% (11)% (17)% (30)% 8% 8% (8)% Direct fund expense -% $(16) $2 $18 $2,242 Distribution Amortization Employee Q2 2020 & servicing of intangible comp. & benefits (1) costs assets (1) Amounts exclude product launch costs and commissions incurred in Q2 2019 and Q1 2020, which are presented separately. First quarter 2020 expense, as adjusted, excludes a $589 million expense in connection with the charitable contribution of BlackRock's remaining 20% stake in PennyMac Financial Services, Inc. (the "Charitable Contribution"). For further information, see the item included under Non-GAAP expense adjustments on page 9 of this earnings release supplement and note (1) in the current earnings release. BlackRock. 8#10Operating Income GAAP Non-GAAP expense adjustments As Adjusted Nonoperating Income (Expense) GAAP Reconciliation between GAAP and as adjusted ($ in millions) Non-GAAP adjustments As Adjusted Net Income GAAP Non-GAAP adjustments As Adjusted BlackRock. Q2 $ $ 1,440 $ 1,396 $ 1,246 3 $ (24) $ $ $ 1,443 $ 1,400 (5) 2018 (29) $ Q3 7 4 33 $ 13 46 $ 1,073 $1,216 $ $ 1,310 (2) Q4 $ 1,080 $ 1,214 $ 64 (72) (72) 927 48 975 Q1 $ $ $ 1,233 $ 1,278 $ 1,502 $ 1,538 125 $ Q2 $ 1,233 $ 1,278 $ 1,502 $ 1,538 (7) 2019 118 $ 57 (10) Q3 $ 47 $ Q4 (42) $ (42) $ 96 (33) 63 $ 1,053 $ 1,003 $ 1,119 $ 1,301 8 $ 1,053 $ 1,003 $ 1,119 $ 1,309 $ Q1 2020 $ 684 $ 1,406 589 $ 1,273 $ 1,406 Q2 (71) $ 357 57 $ (14) $ 169 (188) 226 806 $ 1,214 $ 1,032 $ 1,214 Non-GAAP adjustments include amounts related to the Charitable Contribution, restructuring charge, PNC LTIP funding obligations 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. 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 ("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 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, 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) terrorist activities, international hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (16) the ability to attract and retain highly talented professionals; (17) fluctuations in the carrying value of BlackRock's economic investments; (18) 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; (19) BlackRock's success in negotiating distribution arrangements and maintaining distribution channels for its products; (20) the failure by a key vendor of BlackRock to fulfill its obligations to the Company; (21) any disruption to the operations of third parties whose functions are integral to BlackRock's exchange-traded funds ("ETF") platform; (22) 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 (23) 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 July 17, 2020, and BlackRock's other periodic reports, which are available on BlackRock's website at www.blackrock.com. BlackRock. 10