BlackRock Results Presentation Deck

$2,439 Q4 2019 51% $(41) G&A 1% 19% BlackRock. $(2) 11% Amortization of intangible assets 18% Quarterly expense, as adjusted ($ in millions) Q4 2020 compared to Q4 2019 $191 $38 ■ Employee comp. & benefits Distribution & servicing costs Direct fund expense Direct fund expense General & administration Amortization of intangible assets $67 Distribution & servicing costs $129 Employee comp. & benefits $2,630 Q4 2020 Percentage Change Employee comp. & benefits Distribution & servicing costs Direct fund expense General & administration Amortization of intangible assets Total $2,612 Q3 2020 (1) Amounts exclude product launch costs and commissions incurred in Q3 2020, which are presented separately. $(83) Q4 2020 compared to Q3 2020 $18 Product launch costs and commissions $(67) Year-over-Year Sequential 11% (5)% 15% 11% 16% 10% (8)% 3% (7)% -% 8% Employee comp. & benefits (1) $26 Direct fund expense $49 1% Distribution & servicing costs $93 G&A (1) $2,630 Q4 2020 8

View entire presentation