Investing in Strategic Growth Drivers and Accelerators

Driving expense leverage across the firm Core general & administration ("G&A”) expense/net revenue 1,2 IRH0621U/M-1675207-1/171 Compensation, as adjusted / net revenue² 12.4% (130) bps 11.1% 36.3% (170) bps 35.1% 34.6% ex-MTM3 20154 2020 20154 2020 Note: For further information and reconciliation between GAAP and as adjusted, 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 128

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