BlackRock Investor Day 2021

Reconciliation between GAAP and as adjusted (1) Revenue: Revenue, GAAP basis Non-GAAP adjustments: Distribution fees Investment advisory fees Revenue used for operating margin measurement Compensation Expense - (3) 2015 2020 $11,401 $16,205 (55) (1,131) (402) (704) $10,944 $14,370 GAAP $4,005 $5,041 Non-GAAP adjustments: PNC LTIP funding obligation (30) Compensation expense related to appreciation (depreciation) on deferred compensation plans (1) Compensation expense, as adjusted $3,974 $5,041 Compensation expense, as adjusted / Net Revenue 36.3% 35.1% General and Adminstrative (G&A) Expense G&A expense, GAAP basis Charitable Contribution G&A expense, as adjusted Non-Core G&A (2) $1,380 $2,465 (589) $1,380 $1,876 19 276 Core G&A $1,361 $1,600 G&A Expense, as adjusted / Net Revenue 12.4% 11.1% IRH0621U/M-1675207-1/171 (1) For further information and reconciliation between GAAP and non-GAAP measures, see notes (1) through (4) in our earnings release for the year ended December 31, 2020 as well as previously filed Form 10-Ks and 8-Ks. (2) Non-Core G&A includes product launch costs, transaction costs and contingent consideration fair value adjustments related to acquisitions, FX remeasurement expense, fixed asset impairment charge, certain one-time legal items and COVID-19 related costs (3) Information reflects accounting guidance prior to the adoption of the new revenue recognition standard. For further information, refer to Note 2, Significant Accounting Policies, in the consolidated financial statements in our 2018 Form 10-K. BlackRock 147

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