#1BLACKROCK INVESTOR DAY 2014#2Forward-looking statements This presentation, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to BlackRock's future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as "trend," "potential," "opportunity," "pipeline," "believe," "comfortable," "expect," "anticipate," "current," "intention," "estimate," "position," "assume," "outlook," "continue,” “remain,” “maintain,” “sustain," "seek," "achieve," and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may" and similar expressions. BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. In addition to risk factors previously disclosed in BlackRock's Securities and Exchange Commission ("SEC") reports and those identified elsewhere, in this presentation, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for products or services or in the value of assets under management ("AUM"); (3) the relative and absolute investment performance of BlackRock's investment products; (4) the impact of increased competition; (5) the impact of future acquisitions or divestitures; (6) the unfavorable resolution of legal proceedings; (7) the extent and timing of any share repurchases; (8) the impact, extent and timing of technological changes and the adequacy of intellectual property, information and cyber security protection; (9) the impact of legislative and regulatory actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to BlackRock or The PNC Financial Services Group, Inc. ("PNC"); (10) terrorist activities, international hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (11) the ability to attract and retain highly talented professionals; (12) fluctuations in the carrying value of BlackRock's economic investments; (13) the impact of changes to tax legislation, including income, payroll and transaction taxes, and taxation on products or transactions, which could affect the value proposition clients and, generally, the tax position of the Company; (14) BlackRock's success in maintaining the distribution of its products; (15) the impact of BlackRock electing to provide support to its products from time to time and any potential liabilities related to securities lending or other indemnification obligations; and (16) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions. BlackRock's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and BlackRock's subsequent filings with the SEC, accessible on the SEC's website at www.sec.gov and on BlackRock's website at www.blackrock.com, discuss these factors in more detail and identify additional factors that can affect forward-looking statements. BLACKROCK 2#3BlackRock Investor Day 2014 ROBERT S. KAPITO President#4BlackRock Investor Day 2014 BLACKROCK Focus on talent Client-centric approach, differentiation and execution will drive growth 4#5Focus on Talent BLACKROCK Deliberate effort to build a deep bench of senior leaders Continuously map leaders to new roles Broaden horizons of leaders to maximize impact 5#6Investment performance Active Fixed Income & Active Equity 1-Year 70% 3-Year 75% 5-Year 73% Index Fixed Income & Index Equity 1-Year 96% 3-Year 98% 5-Year 96% Note: Data as of 3/31/14. Active Fixed Income & Active Equity performance reflects % of assets above benchmark or peer median for the 1-,3- and 5-year periods. Index Fixed Income & Index Equity include ETFs and represents % of assets above or within risk tolerance levels. Past performance is not indicative of future returns. BLACKROCK 6#7Active performance update % of assets above benchmark/ peer median over 3-year period 100% 50% 0% % of Assets above Benchmark or Peer Median for 3-Year Period Active Fixed Income 87% Scientific Active Equity 95% Fundamental Active Equity BLACKROCK performance data. Past performance is not indicative of future returns. 43% Note: Data as of 3/31/14. Size of bubbles represents total AUM managed by BlackRock in representative asset classes. Not all AUM is captured in 7#8Active performance update % of assets above benchmark/ peer median over 3-year period 100% 50% 0% % of Assets above Benchmark or Peer Median for 3-Year Period Active Fixed Income 87% Scientific Active Equity 95% Fundamental Active Equity BLACKROCK performance data. Past performance is not indicative of future returns. 43% International Fundamental Active Equity 61% 23% US Fundamental Active Equity Note: Data as of 3/31/14. Size of bubbles represents total AUM managed by BlackRock in representative asset classes. Not all AUM is captured in 8#9Active performance update % of assets above benchmark/ peer median over 3-year period 100% 50% % of Assets above Benchmark or Peer Median for 3-Year Period 0% Active Fixed Income 87% Scientific Active Equity 95% Fundamental Active Equity 1-Year BLACKROCK performance data. Past performance is not indicative of future returns. 55% 43% Fundamental Active Equity 3-Year US Fundamental Active Equity 1-Year 47% US Fundamental Active Equity 3-Year Note: Data as of 3/31/14. Size of bubbles represents total AUM managed by BlackRock in representative asset classes. Not all AUM is captured in 23% 9#10Last year, we focused on growth drivers by organization Institutional Growth in specialty client businesses ▶ Deepening existing relationships ▸ Continually building on solutions-oriented approach BlackRock Solutions Expansion of Aladdin's multi-asset capabilities Global adoption of Aladdin BLACKROCK Retail Evolve product set Enhance distribution Deliver the firm Alpha & Beta People, product, process focus to enhance performance in alpha ▸ Differentiating beta at BlackRock Combined power of alpha and beta on a single platform iShares US market share growth Global market expansion Fixed income market growth Innovation in ETF usage Acquisitions for product and market access Finance Organic growth Operating leverage Capital management 10#11Today's Agenda BLACKROCK Sustainable Differentiation Retail Outcomes & Institutional Solutions Driving Market Leadership in Alternative Investments iShares: Growth Beyond $1 Trillion Retirement: Addressing the Longevity Challenge Global Reach Technology's Impact on Asset Management Delivering Shareholder Value Closing Remarks Q&A 11#12Important Notes This document contains general information only and does not take into account an individual's financial circumstances. An assessment should be made as to whether the information is appropriate in individual circumstances and consideration should be given to talking to a professional adviser before making an investment decision. The opinions expressed are as of June 2014 and may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by BlackRock, Inc. and/or its subsidiaries (together, "BlackRock") to be reliable, are not necessarily all inclusive and are not guaranteed as to accuracy. There is no guarantee that any forecasts made will come to pass. Past performance is no guarantee of future results. Reliance upon information in this material is at the sole discretion of the reader. No part of this document may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written consent of BlackRock. BlackRock® is a registered trademark of BlackRock, Inc. All other trademarks are the property of their respective owners. © 2014 BlackRock, Inc. All rights reserved. IR-0003 BLACKROCK 12#13BLACKROCK®#14Sustainable Differentiation SALIM RAMJI Global Head of Corporate Strategy RICH KUSHEL Chief Product Officer#15Trusted to manage more money for investors than any other firm BLACKROCK® BLACKROCK Source: P&I Research Center; Top 25 asset managers by AUM as of 12/31/13. (1) Defined as privately held asset managers or asset management subsidiaries of other public or private firms. Public Non-public/Captive(1) 15#16Asset management remains highly fragmented and BlackRock has significant room to grow BLACKROCK Global Financial Assets: $225tn Global Managed Assets: $62tn BLACKROCKⓇ 16#17Key client trends account for more than 100% of all industry flows BLACKROCK Investor appetite for index/ETFs Broad adoption of alternatives Unconstrained fixed income Shift to outcomes & solutions Focus on income Longevity and retirement Evolution of emerging markets BlackRock's strategy is to lead in each of these growth areas across the industry 17#18Across each trend, we are either the leader today or positioned to grow share Industry AUM CAGR '11-'13 Leader Share BLK Share BLK Position BLACKROCK® $8.3 Index 24% 30% 30% Leader in growing market $7.2 Alternatives 11% 4% 2% Global Market AUM ($tn) $0.5 Unconstrained Fixed Income 30% 14% 5% Expanding share as a top 10 provider in a growing market $5.6 Outcomes & Solutions 12% 7% 7% Leader in growing market $2.4 Income 21% 6% 3% $15.9 Retirement 13% 11% 4% Expanding share as a top 10 provider in a growing market $2.5 Emerging Markets 14% 7% 7% Leader in growing market Note: AUM and market share data represent industry estimates, may include AUM classified in more than one trend and may differ from BlackRock reported financials. 18#19BlackRock is a top 10 firm in a winner-take-all flow environment Index/ETFs Alternatives Unconstrained FI Outcomes & Solutions Income Retirement Emerging Markets BLACKROCK Market Share of '11-'13 Flows BLK Top 10 Flows BLK Top 10 AUM Top 10 Players 23% 56% 40% 47% 87% 79% 75% 19#20Executing on our growth strategy requires a truly client-centric approach Index/ETFs Alternatives Unconstrained FI Outcomes & Solutions Income Retirement Emerging Markets BLACKROCK Global Retail Global Institutional 20#21BlackRock is differentiated in the asset management industry WE ARE A FIDUCIARY TO OUR CLIENTS. WE ARE ONE BLACKROCK. BLACKROCK® Investment performance Global reach Active and index across asset classes Differentiated client relationships Aladdin: Risk management and technology WE ARE PASSIONATE ABOUT PERFORMANCE. WE ARE INNOVATORS. 21#22Strategic Product Management acts as connective tissue for the firm BLACKROCK Client Businesses Investment Teams Strategic Product Management Strategy Business Operations 22#23Strategic Product Management Rich Kushel#24Five elements for product strategy success BLACKROCK Element 1 Element 2 Element 3 Element 4 Element 5 Forward-looking Strategy Innovation & Incubation Scalability Disciplined New Product Process Alignment 24#25Forward-looking strategic view to develop and support product pipeline Investment and Market Trends Index/ETFs Select Examples: BLACKROCK Alternatives '40 Act Retail Alternatives Credit Products Client Needs Organic Growth Drivers Outcome Investing New Products Unconstrained Fixed Income Asia and Europe Real Estate Emerging Markets Allocation Income Strategic Initiatives Retirement Retirement Asian Products for Domestic Investors Emerging Markets Long Horizon Strategic Beta 25#26Innovating differentiated products drives growth 1 2 3 4 5 BLACKROCK Key Steps of Innovation Idea Harvesting Assessment & Prioritization Project Management & Incubation Product Launch & Campaign Product Management & Evolution Recent Launches BLACKROCK® GLOBAL MULTI-ASSET INCOME FUND BLACKROCK® Fixed Income Balanced Risk CORI by BLACKROCK с 26#27Innovation & Incubation: Cost of Retirement Income (CORITM) Case Study What was the situation we faced? Longevity is an enduring theme... ~$6.6 trillion Gap in retirement vs. savings BLACKROCK 77% of people would increase savings if they knew how savings translate into income 50% of people don't know their retirement need Individuals struggle with the transition period in retirement 20s Accumulation 30s 40s 50s Typically equate retirement savings with accumulating wealth Pre- retirement Sources: Center for Retirement Research, BlackRock Investor Pulse survey, 2013 BlackRock Retirement survey. 60s ? Early Retirement / Decumulation 70s 80s + Savings viewed in the context of cash flows & longevity 27#28Scale and financial stability allows us to invest significantly in our products Using seed capital to bring products to market more quickly We are seeding new strategies... Gross Seed Activity (¹) $mm $173 2010 BLACKROCK® $325 2011 $596 2012 (1) Includes recycled amounts. $750 2013 ...which is generating strong flows Fund Seeded (Redeemed) Strategic Income Opportunities (SIO) Feb 2010 (Jun 2010) Global Long/ Short Credit Oct 2011 (Jul 2012) Multi Asset Income (MAI) Nov 2011 (Mar 2012) Seed Investment $35mm $40mm $30mm Current AUM $16bn $6bn $7bn 28#29Creating and distributing more quality products and achieving scale faster # of Products Blockbuster products ($50mm+ revenue) 20 15 10 5 BLACKROCK® 12 4 1 5 2 2010 18 2 7 4 1 2013 Age 20+ years 16-20 years 11-15 years 6-10 years 0-5 years # of Products Products with $1bn+ in annual net flows 30 25 20 15 10 5 15 iShares 6 Mutual Funds 2010 22 6 2011 20 5 2012 27 16 43 products with > $1bn in net flows in 2013 2013 29#30Product rationalization to continuously improve the competitiveness of our product set Product rationalization simplifies our product offering, creates capacity, and enhances margin Rationalization Scorecard 300 250 773 funds TPIL closed or in 200 closure pipeline 150 106 100 50 350 300 250 200 150 100 50 BLACKROCK 325 Americas Closed 342 EMEA Pending Closure APAC Scheduled Average Revenue per Fund $277 $124 2013 New Funds $180 $51 2014E Closed Funds Note: As of 3/31/13. Closed funds are funds liquidated and legally closed. Mergers not included. Closed fund revenue is fund revenue generated over 12 months. New fund defined as a commingled portfolio with an inception date within the past 12 months. 2014 New fund revenue is annualized. 30#31Gaining recognition as a leader in product development FundFire: BlackRock Has Top Product Development Process: Survey April 11, 2014 "BlackRock's revamped approach to deploying new offerings has resonated with product development executives, according to a peer group survey conducted by FundFire. When asked which firm does the most impressive job of rolling out new products, three-quarters of the survey's dozen respondents chose BlackRock." BLACKROCK 31#32Important Notes This document contains general information only and does not take into account an individual's financial circumstances. An assessment should be made as to whether the information is appropriate in individual circumstances and consideration should be given to talking to a professional adviser before making an investment decision. The opinions expressed are as of June 2014 and may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by BlackRock, Inc. and/or its subsidiaries (together, "BlackRock") to be reliable, are not necessarily all inclusive and are not guaranteed as to accuracy. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. No part of this document may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written consent of BlackRock. BlackRock® is a registered trademark of BlackRock, Inc. All other trademarks are the property of their respective owners. © 2014 BlackRock, Inc. All rights reserved. IR-0004 BLACKROCK 32#33BLACKROCK®#34Retail Outcomes & Institutional Solutions ROB FAIRBAIRN Global Head of Retail & iShares ROB GOLDSTEIN Chief Operating Officer#35BlackRock's approach to Outcomes & Solutions Retail Outcomes Institutional Solutions BLACKROCK® ▸ Target outcome-oriented investment goals, typically delivered through mutual funds, ETFs or models ► Leverage platform breadth, analytical and risk management capabilities to provide customized investment solutions 35#36Platform differentiation drives unique ability to create outcomes and solutions for clients Strategic Products Equities Mutual Funds BLACKROCK® Americas Fixed Income Active & Index/ETFs iShares Multi-Asset Alternatives EMEA CTFs Cash Management BlackRock Solutions: Aladdin & Advisory SMAS APAC Strategic Themes 36#37Framework for Retail Outcomes BLACKROCK Component Strategies Model Portfolios Packaged Outcomes Examples: iShares Core Target Income Model Multi-Asset Income Diversified Income 37#38Component Strategies – Case Study: iShares Core Start with the essentials Access major asset classes and go global with just 3 iShares® ETFs: Next customize your core Tailor your exposure with just 7 more iShares ETFs BLACKROCK® IXUS ITOT IVV INTL. STOCKS IEFA INTL. STOCKS IEMG INTL. STOCKS US STOCKS iShares Core ETFs IJH US STOCKS US STOCKS IJR US STOCKS AGG US BONDS ILTB US BONDS ISTB US BONDS IXUS ITOT AGG INTL. STOCKS US STOCKS Then capture opportunities iShares offers you over 275 ETFs to customize and build portfolios to an investor's unique needs IXUS ITOT IVV US STOCKS MINIMIZE VOLATILITY INTL. STOCKS IEFA INTL. STOCKS IEMG INTL. STOCKS US STOCKS iShares Core ETFs IJH US STOCKS IJR US STOCKS US BONDS DIVERSIFY FOR SEEK INCOME AGG ILTB US BONDS ISTB US BONDE GROWTH 38#39Packaged Outcomes 1. Risk Multi-Asset Capabilities BLACKROCK® — Case Study: Multi-Asset Income BlackRock Multi-Asset Income 2. Yield 3. Total Return Tactical Strategy for Income Objectives Leveraging BlackRock's Global Investment Resources Best of BlackRock Dynamic, unique outcome that addresses the need for income while delivering capital stability Risk Management Note: Please refer to page 49 for additional disclosures on fund risks. 39#40Packaged Outcomes Case Study: BlackRock Diversified Income Portfolio BLACKROCK Multi-Asset Capabilities Best of BlackRock Risk Management BLACKROCK * Distribution BlackRock Diversified Income Portfolio 1. Risk 2. Yield 3. Total Return 40#41BlackRock's ability to blend active and index for better investor outcomes Example: US Retail Approach to Portfolio Construction Advice THREE-YEAR NET SALES 2011-2013 Industry Flows: $660 BILLION -$280 BILLION BLACKROCK $650 BILLION Outcome-Oriented Active Strategies Traditional Style-Box Mutual Funds Efficient ETFs/Index Funds 41#42Delivering Solutions to Institutional Investors Rob Goldstein#43What is driving Institutional demand for Solutions? BLACKROCK Multi-Asset Solutions LDI Alternative Solutions OCIO Risk Advisory and Analytics Aladdin 43#44BlackRock is uniquely positioned to deliver solutions Our solutions mindset has been the core foundation for all client relationships Client-centric approach: Fiduciary BLACKROCK Performance culture Investment performance Global reach Active and index across asset classes Differentiated client relationships Aladdin: Risk management and technology Deliver the firm: One BlackRock Focus on innovation 44#45Leveraging analytics to sell investment strategies "How do we diversify fixed income risk without increasing correlation with equities?” Large Endowment Client Need Diversify fixed income risks - Feeling of overweight interest rate risk ► Concern that diversifying strategies would be correlated with equities — Inconsistent with objective of fixed income allocation BLACKROCK® Note: Please refer to page 50 for additional disclosures on fund risks. Our Approach & Solution Modeled entire portfolio through Aladdin Extensive scenario analysis ► Client invested $200mm into SIO ▸ Discussion underway for ongoing Aladdin risk reporting 45#46Ability to couple industry-specific expertise with broad Alts platform "Help me find incremental spread over my life insurance liabilities" Client Need Incremental Spread ► Core bond diversification ► Access to alternative deal flow ▶ Continued awareness of insurance company sensitivities: capital, income, impairments, regulatory BLACKROCK - Life Insurance Company Our Approach & Solution Customized multi-alternative solution Blend of opportunistic and illiquid assets Real assets Private debt Special situations / co-investments Mezzanine & Direct Lending Specialized reporting 46#47Fiduciary and outsourced CIO solution "We are looking to outsource the decision-making process and for the ability to source inflation-linked income assets" Client Need Source secure income assets for inflation-linked returns with a premium Governance to assess and implement illiquid opportunities ▸ Fiduciary / outsourced-CIO decision- making solution BLACKROCK - UK Pension Manager - Our Approach & Solution Strong governance framework to screen and implement investments ► Ability to source variety of investments with inflation-linked characteristics and return premium ► Portfolio construction capabilities and external manager selection 47#48Significant cross-selling opportunities 1 2 Client Need "We need everything on one platform” - Pension Fund Enhanced transparency and control over the investment process Buy-in insurance risk transfer ▸ Requirement for Trustees to maintain control / oversight of collateral assets BLACKROCK "We'd like to pursue risk transfer opportunities" - UK Corporate Pension Our Approach & Solution Risk and exposure reporting across internally and externally managed portfolios ▸ Full Aladdin platform to support internal investment process across asset classes Designed monitoring service leveraging assets Allowed BlackRock to maintain ongoing service relationship 48#49Important Notes The fund Multi-Asset Income (MAI) is actively managed and its characteristics will vary. Holdings shown should not be deemed as a recommendation to buy or sell securities. Fund of funds is subject to the risks associated with the underlying BlackRock funds in which it invests. Stock and bond values fluctuate in price so the value of your investment can go down depending on market conditions. International investing involves special risks including, but not limited to currency fluctuations, illiquidity and volatility. These risks may be heightened for investments in emerging markets. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. Asset allocation strategies do not assure profit and do not protect against loss. Non-diversification of investments means that more assets are potentially invested in fewer securities than if investments were diversified, so risk is increased because each investment has a greater effect on performance. The fund may use derivatives to hedge its investments or to seek to enhance returns. Derivatives entail risks relating to liquidity, leverage and credit that may reduce returns and increase volatility. Non- investment-grade debt securities (high-yield/junk bonds)may be subject to greater market fluctuations, risk of default or loss of income and principal than higher-rated securities. BLACKROCK 49#50Important Notes The fund Strategic Income Opportunities (SIO) is actively managed and its characteristics will vary. Bond values fluctuate in price so the value of your investment can go down depending on market conditions. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. Principal of mortgage- or asset-backed securities normally may be prepaid at any time, reducing the yield and market value of those securities. Obligations of US gov't agencies are supported by varying degrees of credit but generally are not backed by the full faith and credit of the US gov't. The fund may use derivatives to hedge its investments or to seek to enhance returns. Derivatives entail risks relating to liquidity, leverage and credit that may reduce returns and increase volatility. International investing involves special risks including, but not limited to currency fluctuations, illiquidity and volatility. These risks may be heightened for investments in emerging markets. Non-investment-grade debt securities (high-yield/junk bonds)may be subject to greater market fluctuations, risk of default or loss of income and principal than higher-rated securities. Short-selling entails special risks. If the fund makes short sales in securities that increase in value, the fund will lose value. Any loss on short positions may or may not be offset by investing short-sale proceeds in other investments. You should consider the investment objectives, risks, charges and expenses of the fund carefully before investing. The prospectus and, if available, the summary prospectus contain this and other information about the fund and are available, along with information on other BlackRock funds, by calling 800-882-0052 or from your financial professional. The prospectus should be read carefully before investing. BLACKROCK 50