BlackRock Results Presentation Deck

Reconciliation of 2020 U.S. GAAP operating income and operating margin to operating income and operating margin, as adjusted Year Ended December 31, 2020 (in millions), (unaudited) Operating income, GAAP basis Non-GAAP expense adjustments: Amortization of intangible assets Acquisition-related compensation costs Contingent consideration fair value adjustments Charitable Contribution Operating income, as adjusted (1) Product launch costs and commissions Operating income used for operating margin measurement Revenue, GAAP basis Non-GAAP adjustments: Distribution fees Investment advisory fees Revenue used for operating margin measurement Operating margin, GAAP basis Operating margin, as adjusted (1) BlackRock. Recast for Updated Non-GAAP Previously Adjustments Reported 684 $ $ $ $ $ See note (1) on pages 7-8 for more information on as adjusted items. March 31 25 12 25 589 1,335 87 1,422 $ 3,710 $ (276) (169) 3,265 18.4% 43.6% $ 589 1,273 87 1,360 $ 3,710 $ (276) (169) 3,265 18.4% 41.7% $ June 30 Recast Recast Recast for Updated for Updated for Updated Non-GAAP Previously Non-GAAP Previously Non-GAAP Previously Adjustments Reported Adjustments Reported Adjustments Reported 684 $ 1,406 $ 1,406 $ 1,757 $ 1,757 $ 1,848 $ 1,848 $ 5,695 $ 5,695 27 (3) (2) 1,428 1,428 $ 3,648 $ (253) (176) Three Months Ended 3,219 38.5% 44.4% $ 1,406 1,406 3,648 (253) (176) 3,219 38.5% 43.7% Recast for Updated Non-GAAP Previously Adjustments Reported $ September 30 $ $ 27 9 1,793 83 1,876 $ 4,369 $ (288) (168) 3,913 40.2% 48.0% $ 1,757 83 1,840 $ 4,369 $ December 31 (288) (168) 3,913 $ 40.2% 47.0% 27 2 1,877 2 1,879 $ 4,478 $ (314) (191) 3,973 41.3% 47.3% $ 1,848 2 1,850 $ 4,478 $ (314) (191) Year Ended December 31 3,973 41.3% 46.6% 106 20 23 589 6,433 172 6,284 172 6,605 $ 6,456 16,205 $ 16,205 (1,131) (704) 589 (1,131) (704) $ 14,370 $ 14,370 35.1% 35.1% 46.0% 44.9% 5

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