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. 2017 Q4 $ 1,485 3 $ 1,488 $ 2,295 (1,282) $ 1,013 1 $ (16) $ Q1 $ 3 $ $ 1,375 $ 1,440 $ 1,396 $ 1,246 (5) Q2 (21) $ 2018 $ 1,378 $ 1,443 $ 1,400 $ 1,310 3 3 (24) $ (5) Q3 (29) $ 4 7 33 $ 13 1,089 $ 1,073 $ 1,216 $ 46 $ (2) Q4 $ 1,092 $ 1,080 $ 1,214 $ 64 (72) (72) 927 48 975 Q1 $ 125 $ $ Q2 $ 1,233 $ 1,278 $ 1,502 $ 1,538 (7) 2019 $ 1,233 $ 1,278 $ 1,502 $ 1,538 118 $ Q3 57 $ (42) $ (10) 47 $ Q4 (42) $ 96 (33) 63 $ 1,053 $ 1,003 $ 1,119 $ 1,301 8 $ 1,053 $ 1,003 $ 1,119 $ 1,309 Non-GAAP adjustments include amounts related to a restructuring charge, PNC LTIP funding obligations and noncash income tax matters, as applicable. The fourth quarter of 2017 includes a non-GAAP adjustment of $1.3 billion related to the Tax Cuts and Jobs Act. 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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