BlackRock Results Presentation Deck

$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

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