ABOUT INVESTING

1. BLACK ROCK INVESTMENTING COMPANY PRAVThis ITE LIMITED.

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BlackRock, Inc. Is an American multi-national investment
company based in New York City. Founded in 1988, initially as a risk
management and fixed income institutional asset manager, BlackRock
is the world’s largest asset manager, with US$10 trillion in assets
under management as of January 2022.[3] BlackRock operates
globally with 70 offices in 30 countries, and clients in 100
countries.[4] Along with Vanguard and State Street, BlackRock is
considered to be one of the Big Three index fund managers that
dominate corporate America.
INTRODUCTION ABOUT BLACK ROCK
BlackRock
BlackRock is one of the world’s leading providers of investment, advisory and risk management solutions.

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BlackRock offers a range of solutions — from rigorous fundamental and quantitative active management approaches aimed at
maximizing outperformance to highly efficient indexing strategies designed to gain broad exposure to the world’s capital
markets. Our clients can access our investment solutions through a variety of product structures, including individual and
institutional separate accounts, mutual funds and other pooled investment vehicles, and the industry-leading iShares® ETFs.
The foundation of BlackRock’s business is our belief that our clients’ needs are of paramount importance. Our commitment to
investment excellence is anchored in a shared culture that always places a client’s interests first, from individual investors to the
world’s largest institutions. We act always as a fiduciary for our clients, never trading as a principal on our own behalf.
BlackRock’s investment approach is based on our conviction that we can combine our market insights, our global reach and
scale, our proprietary technology, our culture of information sharing and our unwavering focus on risk management into an
ability to deliver performance in all market environments. BlackRock is committed to providing a broad set of investment
solutions for our clients, striving to achieve the best balance between risk and opportunity.
BlackRock is a truly global firm that combines the benefits of worldwide reach with local service and relationships. We manage
assets for clients in North and South America, Europe, Asia, Australia, the Middle East and Africa. Our client base includes
corporate, public, union and industry pension plans; governments; insurance companies; third-party mutual funds; endowments;
foundations; charities; corporations; official institutions; sovereign wealth funds; banks; financial professionals; and individuals
worldwide.

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BlackRock’s assets under management span across equity, fixed income, cash management, alternative investment, real estate
and advisory strategies. Through BlackRock Solutions® — the natural evolution of our long-standing investment in developing
sophisticated and highly integrated systems — we offer risk management, strategic advisory and enterprise investment system
services to a broad base of clients.
Our firm’s ownership structure is designed to maintain the independence we believe is necessary to retain our commitments to
client focus and investment excellence. BlackRock, Inc. (NYSE: BLK) has no single majority stockholder and has a majority of
independent directors.
Organic growth
Operating
leverage
Capital
management
EPS growth

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Consistent organic growth drives value
2022 Organic asset growth vs P/E regression1
2022E Organic Asset Growth
Organic asset growth2
A B C D E
BLK Traditional Asset Manager Peers
Represents the average of BlackRock’s 5 largest US publicly traded asset manager
peers.
Note: For footnoted information, refer to slides 14-15.

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Outperformance is a result of our diversified platform
Effective Fee
1
27
Rates (bps)
22%
Index
% Contribution to
2020 Revenue3 32% 43% 4% 5% 8% 8%

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Note: For footnoted information, refer to slides 14-15.
Our strategy is guided by clients’ needs and our investments are
paying off

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Active
 80%+ of active fixed income and
equity AUM above benchmark or peer
median over5-yrs6
 78% of US active mutual fund AUM in
Morningstar 4 & 5 star funds
 15% organic base fee growth YTD
Sustainability
 $434B of AUM
 Driving 20% of long-term net new
base fees YTD
Whole Portfolio
 $200B+ Outsourced CIO AUM
 Significant OCIO wins in 2021
China
 Fully licensed FMC and WMC
 $1.4B raised from initial product
launches
Note: For illustrative purposes only. ACV represents forward-looking recurring subscription fees under client contracts for the next twelve months at the end of a respective
quarter, assuming all client contracts that come up for renewal are renewed. ACV excludes nonrecurring fees such a s implementation and consulting fees. See note (4 ) in the
supplemental information on page 13 of BlackRock’s third quarter 2021 earnings release for more information on ACV. For footnoted information, refer to slides 14-15.

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Clients are entrusting us with more of their portfolios
9/30 YTD organic base fee growth: BlackRock vs Industry

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Note: Organic growth rates are annualized. For footnoted information, refer to slides 14-15.
We are widening our competitive moat

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Note: For footnoted information, refer to slides 14-15.
We are also delivering operating leverage
Operating
Margin, as
adjusted 2016 9/30/21

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LTM
Note: Operating margin, as adjusted is a non-GAAP measure. For further information and reconciliation between GAAP and as adjusted operating margin, see the previously filed
Form 10-Ks, 10-Qs, 8-Ks and the presentation appendix on slides 17-18.
Compensation expense reflects our strong performance
Compensation, as adjusted / Net revenue1 Compensation expense drivers3

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Operating leverage from scale and expense
discipline
• Technology and automation
• Role optimization
• Re-footprinting roles to iHubs
• Incentive compensation aligned with
shareholder interests
Growth in performance-based compensation
• Momentum in alternatives and strong alpha
generation driving performance fees
• Significant deferrals of direct incentives into
underlying funds
• BlackRock Performance Incentive Plan (BPIP)
outperforming 100% payout
Note: Compensation, as adjusted and Net Revenue are non-GAAP measures. For further
information and reconciliation between GAAP and as adjusted operating margin, see the
previously filed Form 10-Ks,
10-Qs, 8-Ks and the presentation appendix on slides 17-18. For footnoted information, refer to slides 14-15
Memo:
M&A related
retention 0.3% 0.5% 0.2%
YTD
0.6%

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G&A investments support our growth engines and reflect our
operational excellence
G&A expense, as adjusted / Net revenue1
13.7%
13.1% 13.1% 13.0%
Memo:
OCIO subadvisory
pass-through 0.4% 0.3% 0.3% 0.6%
Core G&A drivers
Tech, data and other portfolio services
• Aladdin cloud migration
• Market data for investment processes,
including sustainability
• Tech investments to enhance productivity
• Portfolio services expense linked to growth
in our Outsourced CIO business 10.6%
(160 bps (“gross-up” in revenue) reduction)
Other Core G&A

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• Marketing & promo (incl. T&E)
• Office-related
• Professional fees
Note: G&A expense, as adjusted and Net Revenue are non-GAAP measures. For further information and reconciliation between GAAP and as adjusted operating margin, see the
previously filed Form 10-Ks, 10Qs, 8-Ks and the presentation appendix on slides 17-18. For footnoted information, refer to slides 14-15.
Commitment to invest first and then return cash to shareholders

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Capital management strategy Key drivers1
• Headcount to support strategic growth areas
• Approximately $3.5B in seed and coinvestments2
• Hudson Yards headquarters
• Over $4B invested through acquisitions and minority
investments since 2012
• Focused primarily in technology, alternatives, global
distribution and whole portfolio
• 12% dividend growth CAGR since 2012
• Continue to target a dividend payout ratio of
40-50%
• Repurchased over $11B in shares since
2012, representing a 20% IRR
Note: For footnoted information, refer to slides 14-15

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Continuing to invest to drive long-term shareholder value

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Note: For illustrative purposes only
End notes
These notes refer to the financial metrics and/or defined term presented on:
Slide 4 - Consistent organic growth drives value
1. As of 11/30/21. Cash P/E based on earnings estimates from FactSet and adjusted for intangible amortization expense from company public filings. BlackRock does not provide projections for its
2022 earnings, and takes no responsibility for FactSet estimates. This is presented merely to indicate how the market values organic growth. Peer organic growth estimates represent average
across Citi, Goldman Sachs, KBW and Morgan Stanley analysts and BlackRock organic growth estimates based on consensus.
2. Organic asset growth represents average of quarterly annualized organic asset growth rates from 1/1/18 – 9/30/21. Organic base fee growth for BlackRock represents quarterly annualized organic
base fee growth rates from 1/1/18 – 9/30/21. Peer organic asset growth rates from public filings.
Slide 5 - Outperformance is a result of our diversified platform
1. Effective fee rate for 2020. Effective fee rate represents investment advisory, administration fees and securities lending revenue earned on total average AUM. Total average AUM 2020 is calculated
as the 13-point average of the month-end spot AUM amounts.
2. Organic base fee growth rate is calculated by dividing net new base fees earned on net asset inflows by the base fee run-rate at the beginning of the period. 3-year average organic base fee growth
represents average for 2019, 2020 and 9/30/21 year-to-date annualized.
3. Percentage revenue contribution for 2020 includes base fees, securities lending, performance fees and technology services revenue.
4. Traditional active includes all active strategies excluding illiquid alternatives.
5. Represents Technology Services revenue. 3-year average growth rate for 2019, 2020 and 9/30/21 year-to-date versus prior year periods.
Slide 6 – Our strategy is guided by clients’ needs and our investments are paying off Note: Figures
as of 9/30/21 unless otherwise noted 1. Source: Bloomberg for ETF industry figures.
2. Gross fundraising includes assets counted in net inflows and committed capital. Committed capital that earns fees prior to deployment are included in NNB and AUM.
3. Based on committed capital and fee rates as of 9/30/21. Past fee rates and future assumptions may not be indicative of future results. Future base fees expected to materialize as we deploy
committed capital.
4. Reflects gross deferred carried interest liability as disclosed in BlackRock’s form 10-Ks and 10-Qs.
5. ACV growth for quarter ending 9/30/21 versus prior year period.
6. Active fixed income and equity represents Taxable Fixed Income, Fundamental Active Equity and Systematic Active Equity. Source of performance information is BlackRock’s third quarter 2021
earnings releases. Past performance is not indicative of future results. Please refer to page 14 of third quarter 2021 earnings release for performance disclosure detail.
Slide 7 – Clients are entrusting us with more of their portfolios
Note: Figures are annualized. Industry sources: Simfund, Broadridge, Spence Johnson, HFR, Preqin, iMoneyNet, Bloomberg, Markit, P&I, Cerulli and BlackRock estimates.
1. Comprises Index ETFs, i.e., Equity ETFs, Fixed Income ETFs, and Alts/Other ETFs. Excludes Active ETFs and Inverse/Leveraged ETFs.
2. Industry tech growth represents 9/30/21 year-to-date versus prior year period total revenue growth for 10 fintech peers.
3. Traditional active represents all active strategies excluding illiquid alternatives.
4. Represents dedicated sustainable investments for BlackRock, including: 1) strategies with an explicit ESG objective which may include a targeted quantifiable ESG outcome (“Broad ESG”); 2) strategies
that capitalize on long-term transformative industry or societal trends through pursuit of specific E, S or G themes (“Thematic”); 3) strategies where investments are made with the intention to

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generate positive measurable social and environmental impact alongside financial return (“Impact”) and; 4) screened strategies that incorporate BlackRock’s baseline screens (“Dedicated Screened”).
BlackRock’s definition of impact investments is in line with the International Finance Corporation’s Operating Principles for Impact Management.
5. Industry Sustainable organic growth for mutual funds and ETFs. Sources: Simfund, Morningstar “Sustainable Investment – Overall” for US MFs; Broadridge “RI–
Screened”, “RI – Embedded” for Non-US MFs, iShares Global Business Intelligence “Sust.”, “Sustainability related” for global ETFs; data as of Sep 2021. Excludes FoFs and closed-end funds. US
Sustainable Money Market funds not included in Morningstar’s flagging methodology.
End notes
These notes refer to the financial metrics and/or defined term presented on:
Slide 8 - We are widening our competitive moat
Note: Industry sources: Simfund, Broadridge, Spence Johnson, HFR, Preqin, iMoneyNet , Bloomberg, Markit, P&I, Cerulli and BlackRock estimates.
1. 2021 YTD figures through 9/30/21 are annualized.
Slide 10 - Compensation expense reflects our strong performance
1. Net revenue represents revenue used for operating margin measurement.
2. Reflects performance fees for last twelve month period ending 9/30/21.
3. Performance fee-based and MTM includes direct incentive and carry-related compensation primarily tied to performance fees and the mark-to-market impact on deferred compensation; Corporate
bonus & long-term incentive awards includes cash and deferred compensation primarily linked to the corporate bonus pool and long-term equity retention awards, including granted under the
BlackRock Performance Incentive Plan (“BPIP” – see 2021 Proxy Statement); Salaries & Benefits includes salaries, benefits and payroll taxes.
Slide 11 - G&A investments support our growth engines and reflect our operational excellence 1. Net
revenue represents revenue used for operating margin measurement.
2. Non-Core G&A includes product launch costs, transaction costs and contingent consideration fair value adjustments related to acquisitions, FX remeasurement expense, fixed asset impairment
charge and certain one-time legal items and COVID-19 related costs. Core G&A represents G&A as adjusted less Non-Core G&A.
3. Other Core G&A includes marketing and promotional, occupancy and office related, professional services, communications and ot her G&A expense. Technology and Data represents Core G&A less
Other Core G&A.
Slide 12 - Commitment to invest first and then return cash to shareholders
1. Since 2012 figures through 9/30/21 except for dividend CAGR, which is through 12/31/21.
2. Seed and co-investments as of 9/30/21.

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Reconciliation between GAAP and as adjusted(1)
($mm, except per share data(Figures in $M) )
2016 9/30/21 LTM
Operating income
Operating Income, GAAP basis Non-GAAP expense adjustments:
Restructuring charge
PNC LTIP funding obligation
Operating Income, as adjusted
Product launch costs and commissions
Operating income used for operating margin measurement
Revenue
Revenue, GAAP basis $12,261 $18,746
Distribution fees (1,198) (1,424)
Investment advisory fees (410) (694)
Revenue used for operating margin measurement $10,653 $16,628
Operating margin, GAAP basis 37.2% 38.7%
Operating margin, as adjusted 43.8% 45.4%
(1) For further information and reconciliations between GAAP and non-GAAP measures, see notes (1) through (4) in our earnings release for the quarter ended September 30, 2021 as well as
previously filed Form 10-Ks and 8-Ks.
Reconciliation between GAAP and as adjusted(1)
(Figures in $M)
2018 2019 2020 9/30/21 YTD
Revenue:
$4,565 $7,259
76 -
28 -
4,669 7,270
- 286
$4,669 $7,556

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Revenue, GAAP basis
Non-GAAP adjustments:
$14,198 $14,539 $16,205 $14,268
Distribution fees (1,155) (1,069) (1,131) (1,110)
Investment advisory fees (520) (616) (704) (503)
Revenue used for operating margin measurement
Compensation Expense
$12,523 $12,854 $14,370 $12,655
GAAP
Non-GAAP adjustments:
$4,320 $4,470 $5,041 $4,484
PNC LTIP funding obligation 14 - - -
Compensation expense, as adjusted $4,306 $4,470 $5,041 $4,484
Compensation expense, as adjusted / Net Revenue
General and Adminstrative (G&A) Expense
34.4% 34.8% 35.1% 35.4%
G&A expense, GAAP basis $1,638 $1,758 $2,465 $1,657
Charitable Contribution - - (589) -
Lease costs - Hudson Yards - - - (11)
G&A expense, as adjusted $1,638 $1,758 $1,876 $1,646
G&A Expense, as adjusted / Net Revenue 13.1% 13.7% 13.1% 13.0%
(1) For further information and reconciliations between GAAP and non-GAAP measures, see notes (1) through (4) in our earnings release for the quarter ended September 30, 2021 as well as
previously filed Form 10-Ks and 8-Ks.