#1January 15, 2020 BlackRock. Q4 2019 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 33% Retail 28% iShares ETFs 39% Base Fees Assets Under Management of $7.43 trillion at December 31, 2019 Q4 2019 Total Base Fees of $3.089 billion Style Product Type Active 27% Index 36% iShares ETFs 30% Cash 7% AUM Note: Base Fees and AUM by region data is based on client domicile. Active 46% Index 9% iShares ETFs 39% Cash 6% Base Fees Equity 52% Fixed Income 31% Multi-asset 8% Alternatives 2% Cash 7% AUM Equity 47% Fixed Income 28% Multi-asset 10% Alternatives 9% 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% $81 Q4 2017 6% $55 7% $55 Q1 2018 19% 15% $35 4% BlackRock. 4% $14 Q2 2018 10% $18 Total long-term 3% 3% $11 2% 9% 2% $34 $44 Q3 Q4 Q1 2018 2018 2019 2% iShares ETFs 10% 1% $81 $59 9% Long-term net flows ($ in billions) $31 4% 2% $125 Q2 2019 10% $36 5% Q2 2019 3% $52 Q3 2019 $42 6% 5% Q3 2019 $99 10% 11% Q4 2019 $75 6% $11 Q4 2017 2% $12 $2 7% Q4 2017 $17 2% 7% Q1 Q2 2018 2018 $5 $10 $(7) Q4 Q2 Q3 Q4 Q1 Q1 2017 2018 2018 2018 2018 2019 Q4 2019 Q1 Q2 2018 2018 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. 1% $5 $(14) 6% $2 Institutional Active 0% Retail 3% $(3) Q3 Q4 2018 2018 Institutional Q3 2018 (2)% $(1) $(8) $(24) 0% $(27) Q4 2018 $(1) Q1 2019 (1)% 0% $14 $15 $2 2% 0% $7 $73 Q2 Q3 Q4 2019 2019 2019 Institutional Index $14 3% $8 3% $(4) $8 4% $1 $15 Q1 Q2 Q3 Q4 2019 2019 2019 2019 2#4Operating Income and Margin, as adjusted 44.7% 44.1% $1,488 $1,378 45.2% $1,443 BlackRock. Profitability ($ in millions, except per share data) 44.2% 43.5% $1,400 $1,310 Operating Income, as adjusted 41.9% $1,233 43.1% $1,278 46.0% $1,502 43.5% Q3 Q4 Q2 Q3 Q4 Q4 Q1 Q2 Q1 2017 2018 2018 2018 2018 2019 2019 2019 2019 $1,538 Operating Margin, as adjusted $6.19 $1,013 Net Income and EPS, as adjusted $6.70 $6.66 $7.52 $1,092 $1,080 $1,214 $6.08 $975 $6.61 Net Income, as adjusted $6.41 $1,053 $7.15 $1,003 $1,119 $8.34 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 2017 2018 2018 2018 2018 2019 2019 2019 2019 EPS, as adjusted $1,309 For further information and reconciliations between GAAP and as adjusted, see page 12 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. 3#5$275 163.8 162.9 162.2 161.4 160.5 159.3 156.4 Q4 2017 Share repurchases and weighted average diluted shares $335 Sha Capital management (amounts in millions, except per share data) $300 Q1 Q2 Q3 2018 2018 2018 BlackRock. $500 repurchases $525 Q4 2018 $1,566 (1) 156.4 156.9 $100 $0 Q1 Q2 Q3 2019 2019 2019 $0 Q4 2019 Weighted average diluted shares $2.50 Q4 2017 (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 $2.88 $2.88 $3.13 $3.13 $3.30 $3.30 $3.30 $3.30 Q1 Q2 Q3 Q4 Q2 Q3 Q4 Q1 2018 2018 2018 2018 2019 2019 2019 2019 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 12/31/2018 9/30/2019 12/31/2019 2,507 1,884 114 147 966 3,311 2,047 1.28 1.15 2,977 2,180 133 156 1,001 3,524 2,221 1.23 1.09 3,231 2,358 140 171 1,115 3,855 2,225 1.33 1.12 % Change 12/31/19 vs. 9/30/2019 12/31/2018 Q4 2018 9% 8% 5% 10% 11% 9% 10% -% 8% 3% 29% 25% 23% 16% 15% 16% 22% 9% 4% (3)% 2,693 2,010 120 152 978 3,580 2,011 1.29 1.14 Average Q3 2019 Q4 2019 2,958 2,169 129 157 1,014 3,558 2,201 1.23 1.11 3,086 2,260 135 164 1,051 3,645 2,221 1.29 1.11 % Change Q4 2019 vs. Q3 2019 Q4 2018 4% 4% 5% 4% 4% 2% 4% 1% 5% -% 15% 12% 13% 8% 7% 2% 10% 10% -% (3)% 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$3,434 Q4 2018 3% 7% 7% $270 Base fees ex. sec lending 6% BlackRock. 73% Q4 2019 compared to Q4 2018 $543 $139 4% $71 Performance Technology fees services revenue Base fees ex. securities lending Securities lending Performance fees Technology services revenue Distribution fees Advisory and other revenue Quarterly revenue ($ in millions) $40 Securities lending $24 $(1) $3,977 Advisory and Distribution Q4 2019 other revenue fees Percentage Change Base fees ex. securities lending Securities lending Performance fees Technology services revenue Distribution fees Advisory and other revenue Total $3,692 Q3 2019 $118 Performance fees Q4 2019 compared to Q3 2019 $285 $90 Year-over-Year Base fees ex. sec lending $43 10% 31% 139% 35% 0% 30% 16% Advisory and other revenue Sequential $19 $15 3% 13% 98% 6% 0% 69% 8% Securities Technology lending services revenue $3,977 Q4 2019 6#8$2,779 $79 Quarterly investment advisory, administration fees and securities lending revenue ($ in millions) Q4 2019 compared to Q4 2018 $64 Q4 2018 iShares Alts ETFs EQ BlackRock. $53 $26 9 $310 $25 $19 $18 $17 $9 $3,089 iShares Cash Active Non-ETF Active Non-ETF Multi- Q4 2019 ETFs FI EQ EQ FI Asset FI $2,980 $34 Q4 2019 compared to Q3 2019 $23 $14 $12 $109 $12 $8 $7 $4 $(5) $3,089 Q3 2019 iShares Alts Non-ETF Active Cash Multi- iShares Non-ETF Active Q4 2019 ETFs EQ Asset ETFs FI EQ FI EQ FI 7#9$2,124 Q4 2018 50% 18% $14 1% $18 10% Amortization Distribution of intangible & servicing assets costs 21% Quarterly expense, as adjusted ($ in millions) $21 ■ Employee comp. & benefits Q4 2019 compared to Q4 2018 $315 Direct fund expense Distribution & servicing costs Direct fund expense General & administration Amortization of intangible assets $66 G&A $196 $2,439 Employee comp. & benefits Percentage Change Q4 2019 Employee comp. & benefits Distribution & servicing costs Direct fund expense General & administration Amortization of intangible assets Total Q3 2019 Q4 2019 compared to Q3 2019 $249 $2,190 $1 $6 $11 IC! Year-over-Year Sequential 19% 9% 4% 3% 9% 3% 15% 34% 93% 4% 15% 11% Amortization of intangible assets Direct fund expense $101 $130 comp. Distribution Employee & servicing & benefits costs $2,439 G&A Q4 2019 Fourth quarter of 2018 expense, as adjusted, includes non-GAAP adjustments related to a restructuring charge of $60 million and PNC LTIP funding obligation of $4 million. For further information, see the item included under Non-GAAP expense adjustments on page 12 of this earnings release supplement and note (1) in the current earnings release. BlackRock. 8#102% 7% 7% $14,198 2018 BlackRock. 3% 4% 77% $234 Base fees ex. sec lending Full year revenue ($ in millions) ■Base fees ex. securities lending Securities lending ■Performance fees Technology services revenue Distribution fees ■Advisory and other revenue $189 Technology services revenue $38 Percentage Change Performance fees Base fees ex. securities lending 2019 compared to 2018 $341 Securities lending Performance fees Technology services revenue Distribution fees Advisory and other revenue Total $(10) Securities lending $(24) Year-over-Year $(86) Advisory and other Distribution fees revenue 2% (2)% 9% 24% (7)% (8)% 2% $14,539 2019 9#11Full year investment advisory, $11,553 2018 BlackRock. $179 Alts and securities lending revenue ($ in millions) 2019 compared to 2018 $138 iShares ETFs FI $78 Active FI $18 Non-ETF FI $224 $11 administration fees Cash $(18) Non-ETF EQ $(28) $(54) Multi-Asset iShares ETFs EQ $(100) Active EQ $11,777 2019 10#1249% $8,667 2018 19% 1% 11% 20% $(20) Direct fund expense Full year expense, as adjusted ($ in millions) ■ Employee comp. & benefits Distribution & servicing costs Direct fund expense General & administration Amortization of intangible assets $10 Distribution & servicing costs $47 Amortization of intangible assets Percentage Change $48 Employee comp. & benefits Distribution & servicing costs 2019 compared to 2018 $321 Direct fund expense General & administration Product launch costs and comissions Amortization of intangible assets Total $73 G&A (1) $163 Year-over-Year 4% 1% (2)% 7% 94% 4% Employee comp & benefits (1) $8,988 2019 (1) Amounts exclude product launch costs and commissions incurred in 2019 and 2018, which are presented separately above. 2018 expense, as adjusted, includes non-GAAP adjustments related to a restructuring charge of $60 million and PNC LTIP funding obligation of $14 million. For further information, see the item included under Non-GAAP expense adjustments on page 12 of this earnings release supplement and note (1) in the current earnings release. BlackRock. 11#13Operating Income GAAP Non-GAAP expense adjustments As Adjusted Nonoperating Income (Expense) GAAP Reconciliation between GAAP and as adjusted ($ in millions) Non-GAAP adjustments As Adjusted Net Income GAAP Non-GAAP adjustments As Adjusted BlackRock. 2017 Q4 $ 1,485 3 $ 1,488 $ 2,295 (1,282) $ 1,013 1 $ (16) $ Q1 $ 3 $ $ 1,375 $ 1,440 $ 1,396 $ 1,246 (5) Q2 (21) $ 2018 $ 1,378 $ 1,443 $ 1,400 $ 1,310 3 3 (24) $ (5) Q3 (29) $ 4 7 33 $ 13 1,089 $ 1,073 $ 1,216 $ 46 $ (2) Q4 $ 1,092 $ 1,080 $ 1,214 $ 64 (72) (72) 927 48 975 Q1 $ 125 $ $ Q2 $ 1,233 $ 1,278 $ 1,502 $ 1,538 (7) 2019 $ 1,233 $ 1,278 $ 1,502 $ 1,538 118 $ Q3 57 $ (42) $ (10) 47 $ Q4 (42) $ 96 (33) 63 $ 1,053 $ 1,003 $ 1,119 $ 1,301 8 $ 1,053 $ 1,003 $ 1,119 $ 1,309 Non-GAAP adjustments include amounts related to a restructuring charge, PNC LTIP funding obligations and noncash income tax matters, as applicable. The fourth quarter of 2017 includes a non-GAAP adjustment of $1.3 billion related to the Tax Cuts and Jobs Act. 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. 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 ("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) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) 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; (3) the relative and absolute investment performance of BlackRock's investment products; (4) the impact of increased competition; (5) the impact of future acquisitions or divestitures; (6) the unfavorable resolution of legal proceedings; (7) the extent and timing of any share repurchases; (8) the impact, extent and timing of technological changes and the adequacy of intellectual property, information and cyber security protection; (9) the potential for human error in connection with BlackRock's operational systems; (10) the impact of legislative and regulatory actions and reforms and regulatory, supervisory or enforcement actions of government agencies relating to BlackRock or PNC; (11) changes in law and policy and uncertainty pending any such changes; (12) 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; (13) the ability to attract and retain highly talented professionals; (14) fluctuations in the carrying value of BlackRock's economic investments; (15) 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; (16) BlackRock's success in negotiating distribution arrangements and maintaining distribution channels for its products; (17) the failure by a key vendor of BlackRock to fulfill its obligations to the Company; (18) any disruption to the operations of third parties whose functions are integral to BlackRock's exchange-traded funds platform; (19) 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 (20) 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 15, 2020, and BlackRock's other periodic reports, which are available on BlackRock's website at www.blackrock.com. BlackRock. 13