#1April 16, 2020 BlackRock. Q1 2020 Earnings Earnings Release Supplement#2Institutional 61% Retail 10% lient Type iShares ETFs 29% AUM A broadly diversified business across clients, products and geographies BlackRock. Institutional 33% Retail 29% iShares ETFs 38% Base Fees Assets Under Management of $6.47 trillion at March 31, 2020 Q1 2020 Total Base Fees of $3.055 billion Style Product Type Active 27% Index 35% iShares ETFs 29% Cash 9% AUM Note: Base Fees and AUM by region data is based on client domicile. Active 47% Index 9% iShares ETFs 38% Cash 6% Base Fees Equity 45% Fixed Income 35% Multi-asset 8% Alternatives 3% Cash 9% AUM Equity 46% Fixed Income 28% Multi-asset 10% Alternatives 10% Cash 6% Base Fees Americas 66% EMEA 27% Region Asia-Pacific 7% AUM Americas 66% EMEA 28% Asia-Pacific 6% Base Fees 1#37% 7% $57 $2 $55 Q1 2018 15% 5% 5% $20 $14 $6 Q2 2018 10% 3% 3% BlackRock. $1 $11 Total BlackRock Long-term ($3) Q3 2018 9% 2% $35 $34 --- $18 2% ($15) $50 $6 $44 10% 2% $81 1% $65 $6 $59 9% 4% Cash 2% Q4 2018 Q1 Q2 2019 2019 iShares ETFs $31 $151 $26 $125 10% $36 5% 3% $84 $32 $52 Q3 2019 Advisory 10% Net flows ($ in billions) $42 7% 5% $129 $30 $99 Q4 2019 11% $75 Q3 Q4 2019 2019 6% 4% $35 $53 ($19) Q1 2020 9% $14 $1 7% $17 2% 7% Q1 Q2 2018 2018 $10 $(7) Q1 2018 $5 1% 6% $5 $(14) $2 Retail Long-term Institutional Active $(1) $(24) Q3 Q4 Q1 Q2 Q1 Q2 2018 2018 2018 2018 2019 2019 Q1 2020 LTM organic asset growth rate (%) LTM organic base fee growth rate (%) Note: LTM organic asset growth rate measures rolling last twelve months net flows over beginning of period assets. 3% Q2 Q3 2018 2018 0% (2)% (1)% 2% 0% $(8) $(1) $(27) Q4 2018 $(2) $(3) Q1 Q2 Q3 Q4 Q1 Q3 Q4 2018 2018 2019 2019 2019 2019 2020 Institutional Long-term 0% $14 $15 $2 Q1 2019 0% $14 $7 $73 3% 3% Institutional Index $8 $8 $(4) 4% 2% $1 $15 2% $(2) $(29) Q2 Q3 Q4 Q1 2019 2019 2019 2020 2#4Operating Income and Margin, as adjusted 44.1% $1,378 45.2% 44.2% 43.5% $1,443 $1,400 $1,310 BlackRock. Profitability ($ in millions, except per share data) 41.9% Q1 Q2 Q3 Q4 Q1 2018 2018 2018 2018 2019 $1,233 Operating Income, as adjusted 43.1% $1,278 46.0% $1,502 43.5% $1,538 41.7% $1,273 Q2 Q3 Q4 Q1 2019 2019 2019 2020 Operating Margin, as adjusted Net Income and EPS, as adjusted $6.70 $6.66 $1,092 $1,080 $7.52 $1,214 $6.08 $975 $6.61 $6.41 $1,053 $7.15 Net Income, as adjusted $1,003 $1,119 $8.34 $1,309 Q1 Q2 Q1 Q2 Q3 Q4 Q3 Q4 Q1 2018 2018 2018 2018 2019 2019 2019 2019 2020 EPS, as adjusted $6.60 $1,032 For further information and reconciliations between GAAP and as adjusted, see page 10 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$335 162.9 162.2 161.4 160.5 Q1 2018 Share repurchases and weighted average diluted shares $300 Q2 Q3 2018 2018 Sha $500 Capital management (amounts in millions, except per share data) BlackRock. $525 Q4 2018 repurchases 159.3 156.4 156.4 156.9 156.4 $1,566 (1) Q1 2019 $100 $400 $0 $0 Q2 Q3 Q4 Q1 2019 2019 2019 2020 Weighted average diluted shares $2.88 $2.88 (1) Amount includes the impact of a $1.3 billion private transaction that closed on March 25, 2019. Amounts above exclude repurchases of employee tax withholdings related to employee stock transactions. Dividends per share $3.13 $3.13 $3.30 $3.30 $3.30 $3.30 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2018 2018 2018 2018 2019 2019 2019 2019 2020 $3.63 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 3/31/2019 12/31/2019 3/31/2020 2,834 2,108 128 160 1,058 3,716 2,107 1.30 1.12 3,231 2,358 140 171 1,115 3,855 2,225 1.33 1.12 2,585 1,853 107 137 849 2,583 2,295 1.24 1.10 % Change 3/31/20 vs. 12/31/2019 3/31/2019 (20)% (21)% (24)% (20)% (24)% (33)% (23)% 3% (7)% (2)% (9)% (12)% (16)% (14)% (20)% (30)% (18)% 9% (5)% (2)% Q1 2019 2,718 2,035 123 156 1,033 3,604 2,068 1.30 1.14 Average Q4 2019 Q1 2020 3,086 2,260 135 164 1,051 3,645 2,221 1.29 1.11 3,068 2,214 130 159 1,030 3,312 2,267 1.28 1.10 % Change Q1 2020 vs. Q4 2019 Q1 2019 (1)% (2)% (4)% (3)% (2)% (9)% (3)% 2% (1)% (1)% 13% 9% 6% 2% - % (8)% 5% 10% (2)% (4)% 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$3,346 Q1 2019 2% 7% 7% $240 Base fees ex. sec lending 1% 4% BlackRock. Q1 2020 compared to Q1 2019 $364 79% $70 $15 Quarterly revenue ($ in millions) Base fees ex. securities lending Securities lending Performance fees Technology services revenue Distribution fees Advisory and other revenue $15 $14 $10 Technology Advisory and Performance Distribution Securities services other revenue fees fees lending revenue $3,710 Q1 2020 Percentage Change Base fees ex. securities lending Securities lending Performance fees Technology services revenue Distribution fees Advisory and other revenue Total $3,977 Q4 2019 $6 Distribution fees Q1 2020 compared to Q4 2019 $(267) $(11) Year-over-Year Securities lending $(23) 9% 7% 58% 34% 5% 31% 11% Base fees ex. sec lending Sequential (1)% (7)% (83)% -% 2% (39)% (7)% $(41) $(198) Advisory and Performance other revenue fees $3,710 Q1 2020 6#8$2,805 Q1 2019 $64 Alts Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) Q1 2020 compared to Q1 2019 $39 iShares ETFs FI BlackRock. $37 Cash $32 iShares ETFs EQ $250 $24 || Active FI $23 Active EQ $17 $15 $(1) $3,055 Multi- Non-ETF Non-ETF Q1 2020 Asset EQ FI $3,089 Q4 2019 $12 Alts Q1 2020 compared to Q4 2019 $7 $1 Cash $(34) $(3) $(5) $(9) $(10) $(27) $3,055 iShares Multi- Active Non-ETF Active ETFs FI Asset EQ EQ FI iShares Q1 2020 ETFs EQ 7#9$2,113 Q1 2019 47% $10 18% 1% BlackRock. $35 Amortization Direct fund of intangible expense assets 11% 23% Quarterly expense, as adjusted ($ in millions) $41 Q1 2020 compared to Q1 2019 $324 ■ Employee comp. & benefits $70 Distribution & servicing costs Distribution Employee & servicing comp. costs & benefits (1) Direct fund expense General & administration Amortization of intangible assets $81 G&A (1) $87 $2,437 Product launch costs and comissions Percentage Change Q1 2020 Employee comp. & benefits Distribution & servicing costs Direct fund expense General & administration Amortization of intangible assets $2,439 Į[!] Q4 2019 Total $(78) Q1 2020 compared to Q4 2019 $(2) Employee comp. & benefits (1) $(46) G&A (1) Year-over-Year Sequential 7% (6)% 10% 2% 14% 13% 21% (9)% 67% (14)% $(4) 15% $7 $32 Amortization Distribution Direct fund of intangible & servicing expense assets costs -% $87 Product launch costs and commissions $2,437 Q1 2020 (1) Amounts exclude product launch costs and commissions incurred in Q1 2020, which are presented separately. First quarter 2020 expense, as adjusted, excludes a $589 million expense in connection with the charitable contribution of BlackRock 's remaining 20% stake in PennyMac Financial Services, Inc. (the "Charitable Contribution"). For further information, see the item included under Non-GAAP expense adjustments on pages 9 and 10 of this earnings release supplement and note (1) in the current earnings release. 8#10Q1 2020 Charitable Contribution Financial Impact ($ in millions) General and administration expense Operating Income Nonoperating Income: Net gain Income before income taxes Income tax benefit Net Income attributable to Blackrock, Inc. GAAP 589 (589) 122 (467) 241 (226) Non-GAAP adjustments 589 (589) 122 (467) 241 (226) As adjusted For further information on first quarter 2020 Charitable Contribution Non-GAAP adjustments, see the items included under Non-GAAP adjustments on page 10 of this earnings release supplement and notes (1) through (3) in the current earnings release. BlackRock. 9#11Operating 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. $ Q1 $ 3 $ 1,375 $ 1,440 $ 1,396 $ 1,246 $ (16) $ (5) Q2 (21) $ 2018 1,378 $ 1,443 $ 1,400 3 3 (24) $ (5) Q3 (29) $ 4 7 33 $ 13 $ 1,089 $ 1,073 $1,216 $ 46 $ $ 1,310 (2) Q4 $ 1,092 $ 1,080 $ 1,214 $ 64 (72) (72) 927 48 975 $ Q1 $ $ 125 $ $ 1,233 $ 1,278 $ 1,502 $ 1,538 Q2 (7) 2019 118 $ 1,233 $ 1,278 $ 1,502 $ 1,538 57 $ Q3 (10) 47 $ Q4 (42) $ (42) $ 96 (33) 63 $ 1,053 $ 1,003 $ 1,119 $ 1,301 8 2020 Q1 $ 684 589 $ 1,273 $ $ (71) 57 $ (14) 806 226 $ 1,053 $ 1,003 $ 1,119 $ 1,309 $ 1,032 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. 10#12Important 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 or The PNC Financial Services Group, Inc. ("PNC"); (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 10 of this earnings release supplement, our current earnings release dated April 16, 2020, and BlackRock's other periodic reports, which are available on BlackRock's website at www.blackrock.com. BlackRock. 11