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. $ Q1 $ 3 $ 1,375 $ 1,440 $ 1,396 $ 1,246 $ (16) $ (5) Q2 (21) $ 2018 1,378 $ 1,443 $ 1,400 3 3 (24) $ (5) Q3 (29) $ 4 7 33 $ 13 $ 1,089 $ 1,073 $1,216 $ 46 $ $ 1,310 (2) Q4 $ 1,092 $ 1,080 $ 1,214 $ 64 (72) (72) 927 48 975 $ Q1 $ $ 125 $ $ 1,233 $ 1,278 $ 1,502 $ 1,538 Q2 (7) 2019 118 $ 1,233 $ 1,278 $ 1,502 $ 1,538 57 $ Q3 (10) 47 $ Q4 (42) $ (42) $ 96 (33) 63 $ 1,053 $ 1,003 $ 1,119 $ 1,301 8 2020 Q1 $ 684 589 $ 1,273 $ $ (71) 57 $ (14) 806 226 $ 1,053 $ 1,003 $ 1,119 $ 1,309 $ 1,032 Non-GAAP adjustments include amounts related to the Charitable Contribution, restructuring charge, PNC LTIP funding obligations and noncash income tax matters, as applicable. 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. 10

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