BlackRock Results Presentation Deck

52% $9,921 2020 18% 1% 2% 11% 16% $41 Amortization of intangible assets Full year expense, as adjusted ($ in millions) ■ Employee comp. & benefits Distribution & servicing costs Direct fund expense General & Administration Product launch costs and commissions Amortization of intangible assets $112 Product launch costs and comissions $209 G&A expense (1) Percentage Change $250 2021 compared to 2020 $1,975 Employee comp. & benefits(¹) Distribution & servicing costs Direct fund expense Product launch costs and commissions General & administration (1) Amortization of intangible assets Total Direct fund expense $365 Distribution & servicing costs $998 Employee comp & benefits (1) Year-over-Year 20% 20% 24% 65% 12% 39% 20% $11,896 2021 (1) Amounts exclude product launch costs and commissions incurred in 2021 and 2020, which are presented separately above. 2021 expense, as adjusted, excludes expense of $28 million related to the Lease cost - Hudson Yards. 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 reconciliations to GAAP on page 12 of this earnings release supplement and note (1) to the condensed consolidated statements of income and supplemental information in the current earnings release. BlackRock. 11

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