BlackRock Results Presentation Deck

$2,124 Q4 2018 50% 18% $14 1% $18 10% Amortization Distribution of intangible & servicing assets costs 21% Quarterly expense, as adjusted ($ in millions) $21 ■ Employee comp. & benefits Q4 2019 compared to Q4 2018 $315 Direct fund expense Distribution & servicing costs Direct fund expense General & administration Amortization of intangible assets $66 G&A $196 $2,439 Employee comp. & benefits Percentage Change Q4 2019 Employee comp. & benefits Distribution & servicing costs Direct fund expense General & administration Amortization of intangible assets Total Q3 2019 Q4 2019 compared to Q3 2019 $249 $2,190 $1 $6 $11 IC! Year-over-Year Sequential 19% 9% 4% 3% 9% 3% 15% 34% 93% 4% 15% 11% Amortization of intangible assets Direct fund expense $101 $130 comp. Distribution Employee & servicing & benefits costs $2,439 G&A Q4 2019 Fourth quarter of 2018 expense, as adjusted, includes non-GAAP adjustments related to a restructuring charge of $60 million and PNC LTIP funding obligation of $4 million. For further information, see the item included under Non-GAAP expense adjustments on page 12 of this earnings release supplement and note (1) in the current earnings release. BlackRock. 8

View entire presentation