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BlackRock’s 2020Carbon FootprintBlackRock, Inc. Operational FootprintOur StrategyBuilding better futures through sound environmentalmanagement is important to our stakeholders, includingour employees, clients, and shareholders, and key tosecuring our future. This long-term vision comes to lifein our commitment to saving, protecting, and restoringour natural environment – and we do this, together, bybetter managing our resources in the operations of ourbusiness and promoting environmental conservation inour communities.Reduce emissions Target: Reduce emissions per employee by 45% by2020 Progress: 44% emissions reduction per employeeachieved as of year-end 2019Increase renewable energy Target: 100% renewable energy globally by 2020 Progress: 100% renewable energy as of June 2020 3In operating our business, BlackRock pursues asustainability strategy that seeks to decouple companygrowth from our impact on the environment, whileincreasing the efficiency and resiliency of ouroperations. Finding innovative ways to power ourbusiness with renewable energy, lower our emissionsand reduce waste, among other efforts, reduces ourenvironmental impact.Offset & reduce travel-related emissions Target: Offset 100% of travel-related emissions by2020 Progress: 100% of travel-related emissions offsetsince 20172 Target: Reduce air travel per employee by 20% by2020Today, BlackRock’s operations are carbon neutral. Thisachievement includes Scope 1, Scope 2, and Scope 3employee business travel, serviced offices 1 and colocated data center emissions. We have achieved thismilestone by employing energy efficiency strategies,achieving our 100% renewable energy goal, andoffsetting emissions we could not otherwise eliminate. 2Energy-efficient buildings & offices Our corporate design standards track closely togreen certifications criteria in order to meet best-inclass sustainable building standards.Headcount Growth v. Electricity ConsumptionRevenue Growth v. Greenhouse GasEmissions (GHG)30,000131225,000111020,0002014 2015 2016 2017 2018 2019RevenueScope 1 & Scope 2 GHG 0,0001675,0001470,0001265,00010Electricity (MWh)14Headcount (Thousands)35,000Metric Tons of C02eRevenue ( Billions)15 Progress: Reduced by 21% as of year-end 201960,0002014 2015 2016 2017 2018 2019HeadcountTotal Electricity ConsumedNote that per employee electricity consumption declinedbetween 2017 and 2019. See page 3.Note: Targets are using a 2014 baseline. “By 2020” targets indicate that the target achievement date is within the year 2020.All data is as of December 31, 2019. Except where otherwise noted.

Our ApproachElectricityWe have set emissions reduction targets for our globaloperations and data centers that we have been striving toachieve in 2020. These targets reflect our commitment toreducing the impact of our operations on the environment.In support of our commitment to transparency, BlackRockhas been a respondent to the CDP Climate Change surveysince 2013. We obtain third-party verification for ourScopes 1 and 2 emissions, as well as for our Scope 3business travel, employee shuttles, fuel- and energyrelated activities (FERA) and waste GHG emissions dataand collection process.Business TravelFor the year-ended 2019 and years prior, travel was asignificant source of carbon emissions for BlackRock. Since2017 we have elected to offset 100% of our travel-relatedemissions. 2 We have also reduced air travel per employee by21% as of year-end 2019. We attribute this reduction, inpart, to our ongoing investment in our video conferencingcapabilities, helping to make remote meetings botheffective and practical. In 2020, the investments we havemade in technology proved beneficial to BlackRock’sresilience during the COVID-19 pandemic (see SustainingBlackRock Through COVID-19 for more information) andwill also serve to reduce emissions from employee businesstravel. We are evaluating the implications for ourenvironmental sustainability strategy going forward.Electricity is also a large source of our carbon emissions.Since we began tracking electricity use in 2014, ourelectricity consumption has decreased by 1% despite a15% expansion in square footage and a 40% increase inheadcount. We accomplished this through theconsolidation of our data centers, retrofitting for LEDlighting, redesigning our office space use and adjusting ourheating, ventilation, and air conditioning (HVAC) systems tomore closely correlate to occupancy.Renewable EnergyRenewable energy has zero carbon emissions, whichenables us to reduce our energy-related emissions. We havemade it a priority to not only become more energy efficient,but also to ensure that the energy we purchase comes fromclean sources wherever possible. Our support for cleanenergy goes hand in hand with reducing our carbonfootprint and BlackRock’s position as one of the world’slargest investors in renewable energy assets. By increasingthe efficiency of our operations and buying both renewablepower and environmental attribute credits where we do nothave operational control to procure our own energy, we haveachieved our 100% renewable energy goal to match 100%of our global electricity use with renewable energy.Progress Towards Select 2020 GoalsCategorya.b.c.GoalsProgressto Date a2020 Goal bEmissionsReduce facility location-based GHG emissions(electricity, stationary combustion, andrefrigerants) per full-time employee44%45%Renewable EnergyMatch same amount of renewable electricity (inMWh) as the electricity that our global operations,including data centers consume annually100%100%ElectricityReduce absolute global electricity consumption1%18%Air TravelReduce air travel per employee21%20%PaperReduce global paper consumption44%25% cWasteIncrease global waste diversion from landfill48%75% cAs of December 31, 2019 unless otherwise noted2020 goals are using a 2014 baseline unless otherwise notedUses a 2017 baseline2

Data Centersand standard double-sided print settings on all copiers.Data centers are integral to supporting our operationsglobally. We have worked to make our data centers amongthe most efficient in the industry by designing, building andoperating them to maximize efficient use of energy, waterand materials4. In addition, our data centers are powered byhydro-power.WastePaperIn 2017, we set a 2020 paper reduction target of 25%which we achieved and have now surpassed. Since webegan tracking paper in October 2017, we have reducedpaper use by 44% as of December 2019. We attribute thisreduction to a heightening of awareness, swipe technologyBlackRock began tracking waste in 2017. We facechallenges from local waste practices in some cities inwhich we operate that have limited or no waste diversionpractices. Additionally, as primarily a tenant in multi-tenantbuildings, we are reliant on data provided by landlords’waste haulers, which is typically less rigorous than ourpreferred standards. Nonetheless, employees areencouraged to use less and recycle more through training,signage and office-wide “Green Team” initiatives. We alsocarefully consider what products are brought into ouroffices. As of year-end 2019, we have reported a 48%diversion rate of waste from landfills.Environmental Indications201420152016201720182019% .02.4(33%)Total Electricity Consumed ricity Consumed per Emploee(MWh per e ( millions ) aHeadcount (average Full-Time Employees &Contingent Workers) bGreenhouse Gas (GHG) EmissionsScope 1 GHG Emissions c(metric tons of CO2e)Scope 2 GHG Emissions d(metric tons of CO2e)Total Scope 1 & Scope 2 GHG Emissions(metric tons of CO2e)Total Scope 1 & Scope 2 GHG Emissions perRevenue(metric tons of CO2e per 1 million in revenue)Facilities CO2e per Employee e(metrics tons of CO2e per employee)Scope 3 Business Travel(metrics tons of CO2e)Scope 3 Business Travel per Employee(metrics tons of CO2e per employee)Electricitya.b.c.d.e.f.2015 information reflects accounting standards prior to the adoption of the new revenue recognition standard. 2016 to 2019information reflects the adoption of the new revenue recognition standard. For further information, refer to Note 2, Signifi cantAccounting Policies, in the consolidated financial statements in our 2019 Form 10-K.Headcount figures include all full-time employees and contingent workers. We take track headcount monthly and at year end takethe average across 12 months to more accurately reflect office occupancy. These figures differ from what is reported in our F orm10-K filing, which shows the total number of employees excluding contingent workers.Includes natural gas, distillate fuel, private aviation and refrigerants.Location-based method.Facilities CO2e includes location-based electricity, distillate fuel, natural gas, private aviation and refrigerants.Percentage change versus 2014. Calculations are using exact figures, so percentage change calculations using the roundedfigures above may not tie.3