#1January 13, 2023 BlackRock. Q4 2022 Earnings Earnings Release Supplement#2Client Type Institutional 56% Retail 10% ETFs 34% AUM A broadly diversified business across clients, products and geographies BlackRock. Institutional 31% Retail 30% ETFs 39% Base Fees Assets Under Management of $8.6 trillion at December 31, 2022 Q4 2022 Base Fees and Securities Lending Revenue of $3.4 billion Style Product Type Active 27% Index 31% ETFs 34% Cash 8% AUM Active 46% Index 8% ETFs 39% Cash 7% Base Fees Equity 51% Fixed Income 30% Multi-asset 8% Alternatives 3% Cash 8% AUM Equity 49% Fixed Income 24% Multi-asset 9% Alternatives 11% Cash 7% Base Fees Base fees include investment advisory, administration fees and securities lending revenue. Base Fees and AUM by region data is based on client domicile. Americas 67% EMEA 25% Region Asia-Pacific 8% AUM Americas 65% EMEA 29% Asia-Pacific 6% Base Fees 1#35% 7% $2 $9 $116 $172 $127 $39 8% 8% $79 Long-term $133 7% 14% 13% 13% 11% 13% $68 $81 $23 $60 $(2) Total BlackRock Q4 Q1 Q2 Q3 2020 2021 2021 2021 12% 6% $75 $75 $98 $(12) $(10) 12% 6% $58 Cash $212 $44 $169 $(1) 11% 5% $104 8% $87 $114 $(27) 10% $56 5% Q4 Q4 Q1 Q2 Q3 Q1 2020 2021 2021 2021 2021 2022 5% Advisory $90 $21 $69 9% $(40) $(9) Q3 Q4 Q4 Q1 Q2 2021 2022 2022 2022 2022 ETFs $52 Net flows ($ in billions) Q2 2022 4% 2% $17 $65 8% 3% $22 0% $114 $146 $(32) 7% $90 Q3 Q4 2022 2022 10% $35 $37 Q4 2020 0% $1 $1 18% Q4 2020 Q1 2021 2% 16% $11 $17 Q2 2021 $21 $23 1% Retail Long-term $43 16% 12% $(80) Institutional Active Q1 Q2 2021 2021 Institutional Long-term 0% $22 $26 $(8) 1% 8% Q3 Q4 Q1 Q2 Q3 2021 2021 2022 2022 2022 $84 $10 $(40) 2% 4% $(10) $31 $16 3% 2% $(5) Institutional Index $21 $5 4% $(23) Q3 Q4 Q1 Q2 Q3 2021 2021 2022 2022 2022 (2)% $71 $76 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. $(15) Q4 2022 4% $(5) Q4 2022 2#4Operating Income and Margin, as adjusted 47.3% $1,877 45.8% $1,599 46.9% 47.6% $2,016 $2,025 BlackRock. Profitability ($ in millions, except per share data) 46.6% $2,107 Operating Income, as adjusted 44.2% 43.7% $1,822 $1,727 42.0% 41.2% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2021 2021 2021 2022 2022 2022 2022 $1,585 $1,577 Operating Margin, as adjusted $10.32 $1,595 Net Income and EPS, as adjusted $10.45 $8.04 $1,240 $1,614 $11.34 $1,750 $10.68 $1,650 Net Income, as adjusted $9.52 $1,462 Q4 Q1 Q2 Q3 Q4 Q1 2020 2021 2021 2021 2021 2022 $7.36 $1,122 $9.55 $1,451 $8.93 EPS, as adjusted $1,356 Q2 Q3 Q4 2022 2022 2022 For further information and reconciliations to GAAP, see page 13 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#5Share repurchases and weighted-average diluted shares 154.5 154.3 154.4 154.3 154.6 Capital management (amounts in millions, except per share data) $300 $300 $300 $300 $0 Q4 Q1 Q2 Q3 2020 2021 2021 2021 Share repurchases(1) BlackRock. 153.5 152.5 152.0 151.8 $500 $500 $375 $500 Q4 Q1 Q2 Q3 Q4 2021 2022 2022 2022 2022 Weighted-average diluted shares $3.63 (1) Amounts above exclude repurchases of employee tax withholdings related to employee stock transactions. Dividends per share $4.13 $4.13 $4.13 $4.13 Q4 Q1 Q2 Q3 Q4 2020 2021 2021 2021 2021 $4.88 $4.88 $4.88 $4.88 Q1 Q2 Q3 Q4 2022 2022 2022 2022 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 Barclays U.S. Aggregate Bond Index Foreign Exchange Rates Major market indices and exchange rates GBP to USD EUR to USD BlackRock. Spot 12/31/2021 9/30/2022 12/31/2022 4,766 3,232 162 193 1,232 4,793 2,355 1.35 1.14 3,586 2,379 130 139 876 4,487 2,011 1.12 0.98 3,840 2,603 143 156 956 5,253 2,049 1.21 1.07 % Change 12/31/22 vs. 9/30/2022 12/31/2021 7% 9% 10% 12% 9% 17% 8% 2% 8% 9% (19)% (19)% (12)% (19)% (22)% 10% (18)% (13)% (10)% (6)% Q4 2021 4,605 3,157 157 196 1,252 4,672 2,353 1.35 1.14 Average Q3 2022 3,977 2,640 141 156 975 4,763 2,108 1.18 1.01 Q4 2022 3,855 2,578 141 148 919 5,108 2,030 1.17 1.02 % Change Q4 2022 vs. Q3 2022 Q4 2021 (3)% (2)% -% (5)% (6)% 7% (2)% (4)% (1)% 1% (16)% (18)% (10)% (24)% (27)% 9% (21)% (14)% (13)% (11)% 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#7$5,106 1% 7% 8% $14 5% 3% 76% BlackRock. Quarterly revenue ($ in millions) Base fees Securities lending revenue ■ Performance fees Q4 2022 compared to Q4 2021 $(769) Technology services revenue Distribution fees Advisory and other revenue $3 $(16) $(97) $(101) $(572) Q4 2021 Technology Securities Advisory and Distribution Performance Base fees services lending other revenue fees fees revenue revenue $4,337 Q4 2022 Percentage Change Base fees Securities lending revenue Performance fees Technology services revenue Distribution fees Advisory and other revenue Total $4,311 Q4 2022 compared to Q3 2022 $26 $146 $15 Year-over-Year Sequential (15)% (3)% (14)% 178% 4% 2% (31)% 4% (24)% (3)% (27)% 23% (15)% 1% $8 Q3 2022 Performance Technology Fees $(11) $(23) $(109) Advisory and Distribution Securities Base Fees services other revenue fees lending revenue revenue $4,337 Q4 2022 6#8$3,968 Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) Q4 2021 Cash Q4 2022 compared to Q4 2021 $(569) $102 $2 Alts BlackRock. $(25) $(31) $(36) $(80) $(98) ETFs Non-ETF Non-ETF Multi- Active FI EQ FI Asset FI $(201) ETFs EQ $(202) $3,399 Active Q4 2022 EQ $3,531 $7 Q3 2022 ETFs FI Q4 2022 compared to Q3 2022 $(132) $1 $(6) $(8) $(16) $(20) $(23) $(25) $(42) $3,399 Alts Non-ETF Cash FI Active Non-ETF Multi- Active ETFs Q4 2022 FI EQ Asset EQ EQ 7#9$2,999 Q4 2021 52% $(123) 18% Employee comp. & benefits $(90) 10% Distribution & servicing costs 20% Quarterly expense, as adjusted ($ in millions) Q4 2022 compared to Q4 2021 $(239) $(44) Employee comp. & benefits Direct fund expense Distribution & servicing costs Direct fund expense General & administration $6 Product launch costs $12 G&A expense (1) $2,760 Q4 2022 Percentage Change Employee comp. & benefits Distribution & servicing costs Direct fund expense Product launch costs General & administration (1) Total $2,726 $(43) Q3 2022 Q4 2022 compared to Q3 2022 $34 Direct fund expense $(39) Distribution & servicing costs $6 Year-over-Year Sequential (8)% 7% (15)% (7)% (14)% (14)% Production launch costs 2% (8)% $20 G&A expense (1) $90 Employee comp. & benefits 4% 1% $2,760 Q4 2022 (1) Amounts exclude product launch costs in Q4 2022, which are presented separately. Q4 2022 expense, as adjusted, excludes a restructuring charge of $91 million. Q4 2022, Q4 2021 and Q3 2022 expense, as adjusted, exclude expenses related to (i) amortization of intangible assets of $37 million, $38 million and $38 million, respectively; (ii) acquisition-related compensation costs of $6 million, $12 million and $5 million, respectively; (iii) contingent consideration fair value adjustments of $1 million, $1 million and $1 million, respectively; and (iv) Lease cost - Hudson Yards of $15 million, $17 million and $15 million, respectively. For further information, see reconciliations to GAAP on page 13 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#101% 8% 8% 3% 3% $19,374 2021 BlackRock. 77% $83 Technology services revenue Base fees Securities lending revenue Performance fees Technology services revenue Distribution fees Advisory and other revenue $44 Full year revenue ($ in millions) Securities lending revenue $(6) Percentage Change Base fees Advisory and other revenue 2022 compared to 2021 $(1,501) Securities lending revenue Performance fees Technology services revenue Distribution fees Advisory and other revenue Total $(140) Distribution fees $(629) Performance fees Year-over-Year $(853) Base Fees (6)% 8% (55)% 6% (9)% (4)% (8)% $17,873 2022 9#11Full year investment advisory, administration fees and securities lending revenue ($ in millions) $15,260 2021 BlackRock. $394 Cash $77 Alts $(60) Non-ETF EQ 2022 compared to 2021 $(809) $(75) Non-ETF FI $(79) ETFs FI $(115) Multi- Asset $(214) Active FI $(313) ETFs EQ $(424) Active EQ $14,451 2022 10#1250% $11,627 2021 20% 11% 19% $(288) Full year expense, as adjusted ($ in millions) Employee comp & benefits (1) ■ Employee comp. & benefits Distribution & servicing costs Direct fund expense General & Administration $(278) Product launch costs and comissions $(87) Percentage Change 2022 compared to 2021 $(465) Direct fund expense Employee comp. & benefits(¹) Distribution & servicing costs Direct fund expense Product launch costs and commissions General & administration (1) Total $(21) Distribution & servicing costs $209 G&A expense (1) Year-over-Year (5)% (1)% (7)% (98)% 11% (4)% $11,162 2022 (1) Amounts exclude product launch costs and commissions incurred in 2022 and 2021, which are presented separately above. 2022 expense, as adjusted, excludes a restructuring charge of $91 million. 2022 and 2021 expense, as adjusted, exclude expenses related to (i) amortization of intangible assets of $151 million and $147 million, respectively; (ii) acquisition-related compensation costs of $24 million and $88 million, respectively; (iii) contingent consideration fair value adjustments of $3 million and $34 million, respectively; and (iv) Lease cost - Hudson Yards of $57 million and $28 million, respectively. For further information, see reconciliations to GAAP on page 13 of this earnings release supplement and note (1) to the condensed consolidated statements of income and supplemental information in the current earnings release. BlackRock. 11#13Illiquid alternatives: Alternative solutions Private equity Alternatives client assets ($ in billions, as of December 31, 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 $12 36 29 29 46 75 152 80 $232 $86 $318 Fee Paying AUM $7 28 25 28 30 58 118 80 $198 $86 $284 Non-Fee Paying Commitments $5 8 + 1 16 17 34 $34 $34 Definitions: Client Assets: Alternatives assets at BlackRock across AUM and non-fee paying committed capital Fee Paying AUM: Assets reported in BlackRock's AUM. Includes both invested capital and committed capital that is fee-paying in its commitment stage Non-Fee Paying Commitments: Uninvested commitments, which are currently non-fee paying and are not included in AUM. These commitments are expected to generate fees and will be counted in AUM and flows as the capital is deployed over time Liquid Alternatives: Includes hedge funds and hedge fund solutions (funds of funds) Liquid Credit: Active liquid credit strategies (such as high yield, bank loans, and collateralized loans) managed by BlackRock Alternative Investors and included in fixed income AUM BlackRock. 12#14Operating Income GAAP Non-GAAP expense adjustments Reconciliation between GAAP and as adjusted ($ in millions) As Adjusted Nonoperating Income (Expense) GAAP Non-GAAP adjustments As Adjusted Net Income GAAP Non-GAAP adjustments As Adjusted BlackRock. 2020 $ 1,848 $ Q4 $ 29 319 $ 1,877 $ 1,599 (192) 127 $ 1,548 47 $ $ 1,595 $ Q1 $ 1,545 54 (74) $ 1,199 Q2 (28) $ 41 2021 $1,931 $ 1,935 $ 2,039 85 46 $ 270 $ 336 $ $ 2,016 $ 2,025 Q3 (169) 90 $1,378 $ 236 (72) 101 $ 264 $ Q4 $ 2,107 69 68 71 11 82 1,681 $ 1,643 7 $ 1,240 $ 1,614 $ 1,750 $ 1,650 Q1 $ 1,764 58 $ (138) $ 73 $ (65) $ $ 1,436 Q2 $ 1,668 $ 26 2022 $ 1,822 $ 1,727 $ 1,585 59 (347) $ 114 (233) $ Q3 1,526 45 59 165 45 210 $ 1,077 $ 1,406 45 $ $ Q4 LA 1,427 $ 1,577 150 225 (48) 177 $ 1,259 97 $ 1,462 $ 1,122 $ 1,451 $ 1,356 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) a restructuring charge (ii) amortization of intangible assets, (iii) acquisition-related compensation costs, (iv) contingent consideration fair value adjustments, (v) 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. 13#15Important 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 war 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-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 13 of this earnings release supplement, our current earnings release dated January 13, 2023, and BlackRock's other periodic reports, which are available on BlackRock's website at www.blackrock.com. BlackRock. 14