BlackRock Results Presentation Deck

$2,437 Q1 2020 49% $(62) G&A (1) 18% 1% $9 11% 21% Quarterly expense, as adjusted ($ in millions) $43 ■ Employee comp. & benefits Q1 2021 compared to Q1 2020 $416 $60 Distribution & servicing costs Amortization Direct fund Distribution of intangible expense & servicing assets costs Direct fund expense General & administration Amortization of intangible assets $98 Product launch costs and comissions $268 $2,853 Employee Q1 2021 comp. & benefits (1) Percentage Change Employee comp. & benefits Distribution & servicing costs Direct fund expense General & administration Amortization of intangible assets Total $2,630 $(67) Q4 2020 Q1 2021 compared to Q4 2020 $223 G&A (1) $7 Year-over-Year Sequential 24% 5% -% 13% 16% 6% 36% 17% Amortization of intangible assets. $37 Direct fund expense $61 13% 23% 26% 8% Employee comp. & benefits (1) $185 Product launch costs and comissions. $2,853 Q1 2021 (1) Amounts exclude product launch costs and commissions incurred in Q1 2020 and Q1 2021, which are presented separately. First quarter 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 the item included under Non-GAAP expense adjustments on page 9 of this earnings release supplement and note (1) in the current earnings release. BlackRock. 8

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