Investing in Strategic Growth Drivers and Accelerators

IRH0621U/M-1675207-1/171 BlackRock has delivered differentiated organic base fee growth across various market environments S&P 500 returns 30% 11% (1)% 10% 19% (6)% 29% 16% Organic base fee growth¹ 6% 5% 6% 1% 7% Avg: 5% 7% 5% 2% 2013 2014 2015 2016 2017 2018 2019 2020 YoY as adj. margin 100 150 0 90 30 20 (60) 120 change (bps)² Note: For further information and reconciliation between GAAP and as adjusted operating margin, see the previously filed Form 10-Ks, 8-Ks, earnings releases and the presentation appendix on slides 146- 147. For footnoted information, refer to slides 140-141. BlackRock 138

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