BlackRock Investor Day 2021

End notes IRH0621U/M-1675207-1/171 These notes refer to the financial metrics and/or defined term presented on: Slide 123 Successful execution of our financial framework 1. 2. 3. Organic asset growth rate is calculated by dividing net asset inflows over beginning of period assets. 5% reflects average over the 5-year period. Organic base fee growth rate is calculated by dividing net new base fees earned on net asset inflows by the base fee run-rate at the beginning of the period. 5% reflects average over the 5-year period. Operating leverage represents "operating margin, as adjusted". 2015 operating leverage information reflects accounting standards 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. Slide 124 Organic asset growth higher and less volatile than peers 1. Organic asset growth and standard deviation represents quarterly organic asset growth rates from 12/31/15 - 12/31/20. Organic base fee growth for BlackRock represents quarterly organic base fee growth rates from 12/31/15 - 12/31/20. Peer organic asset growth rates from public filings. Industry organic asset growth sourced from Simfund, Broadridge Fundfile, Bloomberg and eVestment and excludes Fund of Funds and Money Market Funds. Slide 125 Diversification supports 5% organic base fee growth target 1. 2. 3. 4. 5. Includes securities lending and represents % of total BLK base fee and securities lending revenue for full year 2020. Organic base fee growth rate is calculated by dividing net new base fees earned on net asset inflows for the respective periods by the base fee run-rate at the beginning of the period. 1Q21 is annualized. Represents average of 2017, 2018, 2019, 2020 and 1Q21 annualized. Average may differ from information on slide due to rounding. Traditional active includes all active strategies excluding illiquid alternatives. Slide 126 1. 2. Effective fee rate has been impacted by the macro environment Fee rate represents investment advisory, administration fees and securities lending revenue earned on total average AUM. Total average AUM for 1Q20 and 1Q21 are calculated as the 4-point average of the month-end spot AUM amounts. 1Q20 and 1Q21 fee rates are annualized. Beta represents market impact on total AUM. FX represents FX impact on total AUM. Slide 127 Proven ability to leverage scale for clients & shareholders 1. 2015 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. Slide 128 1. 2. 3. 4. Driving expense leverage across the firm Core G&A represents G&A as adjusted less Non-Core G&A. 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. Net revenue represents revenue used for operating margin measurement. Represents impact of certain deferred compensation programs, which have mark-to-market impact based on firm's financials results. 2015 information reflect 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. Slide 129 G&A investments are concentrated in technology & data 1. 2. 3. Core G&A represents G&A as adjusted less Non-core G&A. 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. 2015 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. Other includes marketing and promotional, occupancy and office related, professional services, communications and other G&A expense. BlackRock 140

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