BlackRock Results Presentation Deck

Operating 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. $ $ 2018 $ Q4 $ 1,310 $ 1,246 $ (72) 64 (72) 927 48 975 $ $ Q1 $ 1,233 125 $ (7) $ 1,233 $ 1,278 $ 1,502 $ 118 Q2 $ 1,278 2019 $ 57 (10) 47 Q3 $ 1,502 $ 1,538 $ $ (42) $ Q4 (42) $ 1,538 (33) 63 $ 1,053 $ 1,003 $ 1,119 $ 1,301 8 $ $ 1,053 $ 1,003 $ 1,119 $ 1,309 Q1 $ 589 96 $ (71) $ 357 $ 224 $ 319 Q2 2020 684 $ 1,406 $ 1,757 $ 1,848 57 $ 1,273 $ 1,406 $ 1,757 $ 1,848 Q3 226 (188) (14) $ 169 $ Q4 (153) (192) 71 $ 127 806 $ 1,214 $ 1,364 $ 1,548 54 25 $ 1,032 $ 1,214 $ 1,418 $ 1,573 Non-GAAP adjustments include amounts related to the Charitable Contribution, restructuring charge, PNC LTIP funding obligations and noncash income tax matters, as applicable. 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

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