#1BlackRock Ⓡ Investor Day 2023#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 Black Rock'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 expression. 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. BlackRock has previously disclosed risk factors in its Securities and Exchange Commission ("SEC") reports. These risk factors and those identified elsewhere in this report, among others, could cause actual results to differ materially from forward-looking statements or historical performance and include: (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) BlackRock's ability to develop new products and services that address client preferences; (5) the impact of increased competition; (6) the impact of future acquisitions or divestitures; (7) BlackRock's ability to integrate acquired businesses successfully; (8) the unfavorable resolution of legal proceedings; (9) the extent and timing of any share repurchases; (10) the impact, extent and timing of technological changes and the adequacy of intellectual property, data, information and cybersecurity protection; (11) attempts to circumvent BlackRock's operational control environment or the potential for human error in connection with BlackRock's operational systems; (12) the impact of legislative and regulatory actions and reforms, regulatory, supervisory or enforcement actions of government agencies and governmental scrutiny relating to BlackRock; (13) changes in law and policy and uncertainty pending any such changes; (14) any failure to effectively manage conflicts of interest; (15) damage to BlackRock's reputation; (16) geopolitical unrest, terrorist activities, civil or international hostilities, including the war between Russia and Ukraine, and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (17) a pandemic or health crisis, and related impact on BlackRock's business, operations and financial condition; (18) climate-related risks to BlackRock's business, products, operations and clients; (19) the ability to attract, train and retain highly qualified and diverse professionals; (20) fluctuations in the carrying value of BlackRock's economic investments; (21) 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 to clients and, generally, the tax position of the Company; (22) BlackRock's success in negotiating distribution arrangements and maintaining distribution channels for its products; (23) the failure by key third-party providers of BlackRock to fulfill their obligations to the Company; (24) operational, technological and regulatory risks associated with BlackRock's major technology partnerships; (25) any disruption to the operations of third parties whose functions are integral to BlackRock's exchange-traded funds ("ETFs") platform; (26) 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 (27) the impact of problems, instability or failure of other financial institutions or the failure or negative performance of products offered by other financial institutions. BlackRock's Annual Report on Form 10-K 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. The information contained on the Company's website is not a part of this presentation, and therefore, is not incorporated herein by reference. BlackRock reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"); however, management believes evaluating the Company's ongoing operating results may be enhanced if investors have additional non-GAAP financial measures. Management reviews non-GAAP financial measures to assess ongoing operations and considers them to be helpful, for both management and investors, in evaluating BlackRock's financial performance over time. Management also uses non-GAAP financial measures as a benchmark to compare its performance with other companies and to enhance the comparability of this information for the reporting periods presented. Non-GAAP measures may pose limitations because they do not include all of BlackRock's revenue and expense. BlackRock's management does not advocate that investors consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Non-GAAP measures may not be comparable to other similarly titled measures of other companies. This presentation also includes non-GAAP financial measures. You can find our presentations on the most directly comparable GAAP financial measures calculated in accordance with GAAP and our reconciliations in the appendix to this presentation, as well as BlackRock's other periodic reports which are available on BlackRock's website at www.blackrock.com. The information provided on our website is not part of this presentation, and therefore, is not incorporated herein by reference. Important Notes As indicated in this presentation, certain financial information for 2012 to 2015 reflects accounting guidance prior to the adoption of the new revenue recognition standard. For further information, refer to Note 2, Significant Accounting Policies, in the consolidated financial statements in our 2018 Form 10-K. Beginning in the first quarter of 2022, BlackRock updated its definitions of operating income, as adjusted, operating margin, as adjusted, and net income attributable to BlackRock, Inc., as adjusted. Information from 2018-2022 reflects the updated definitions. Information for 2012-2017 does not reflect the updated definitions. Please note this presentation includes footnotes. For footnoted information, including end notes regarding non-GAAP and other relevant information and reconciliation to GAAP, please open the full presentation PDF on BlackRock's website at www.blackrock.com. BlackRock 2#3BlackRock Martin Small Chief Financial Officer and Global Head of Corporate Strategy Strategy: Delivering platforms for performance to clients Investor Day 2023#4Our strategy is serving clients with excellence Who we serve¹ How we serve them Wealth management Pension plans Insurance companies $9.1T "Units of Trust" Governments & official institutions Asset managers Corporate treasurers Foundations, endowments & family offices Note: For footnoted information, refer to slide 10. 40 million People using iShares ETFs2 35 million Americans with retirement assets managed by BLK4 1,300+ ETFs offered with 85+ new ETFs launched in 20226 >$50 billion Invested across private markets in last two years³ 130,000+ Aladdin users 5 400+ Leading insurers rely on our product and services? BlackRock 4#5We are a platform for performance Delivering strong investment performance Providing scale across asset management & technology Translating our efficiency to savings for our clients ılı Active AUM above peer 81% median or benchmark for 5-yr period¹ 9,000 Private markets deals reviewed in 20223 25% 165 4- and 5-star active funds² 3,000 Risk factors monitored by Aladdin Note: For footnoted information, refer to slide 10. Past performance is not indicative of future results. BlackRock $ Savings in fixed income execution costs vs. market average5 Saved for iShares investors $600M through fee reductions since 20156 5#6BlackRock's “cloud-like” platforms fuel value for clients Trends with asset owners match industrial change driving “on-prem" to "cloud" • Access innovation & scale Cloud computing spend to grow ~1.5x vs. traditional IT from 2019 to 2025E Spend on cloud computing2 • Faster deployment • Cost restructuring & efficiencies Spend on traditional IT² 30% • Improve business agility • Enhance resilience • Positive network effects One BlackRock - Platform Use Cases 2019 ✓ EM exposures instantly access 24 countries1 iShares ✓ Derivatives replacement, reduce collateral management costs Model Portfolios Institutional ✓ Use scale of BLK trading, research, portfolio management & investment servicing Outsourcing ✓ Cost variabilization & efficiency Note: For footnoted information, refer to slide 11. BlackRock 41% 51% 2022 2025E ✓ Models-based advisors grow faster (vs. rep as PM, brokerage) ✓ Reduce costs of maintaining in-house CIO staff ✓ Move to unified tech stack Aladdin ✓ Positive network effects ✓ Opportunity for client margin premium 6#7Our strategy continues to deliver $400B+ NNB generated from mega-mandates¹ in last 3 years $82B in private markets gross fundraising since 20212 4. Lead as whole portfolio - 3. Be the global Private advisor leader in sustainable 2. Drive growth Markets 1. Alpha at the heart ETFs investing 12% 3-year technology revenue CAGR³ Note: For footnoted information, refer to slide 11. BlackRock AladdinⓇ $100B+ AUM transition investing platformª $1.1B in 3-year ETF NNBF - more than the next three ETF issuers combined 5 8% 3-year Active average organic asset growth driven by whole portfolio solutions6 7#8Bring strategy to life via access, expertise, and service Platform 4. Lead Expertise s whole portfolio a Drive advisor Be the global leader in sustainable i 3. 2. Markets Private growth 1. Alpha at the heart AladdinⓇ inable investing ETFs Service Markets, portfolios & advisory Excellent performance, in investments & operations BlackRock Access Sourcing, breadth & new markets 8#9Asset management revenue remains highly fragmented Asset Management¹ Revenue share of top firm in each industry: 3% 7% Clients' Whole Portfolios 90% 3% Investment Banking2 8% Cloud Computing³ 33% 69% 26% 31% 0 74% BlackRock #2-5 The rest Top 5 The rest Top 5 Note: For footnoted information, refer to slide 11. BlackRock The rest 9#10End notes These notes refer to the financial metrics and/or defined term presented on: Slide 4- Our strategy is serving clients with excellence 1. 2. 3. 4. AUM as of 3/31/2023. Client split as of FY2022. Data as of 12/31/2022. Source: Broadridge, Extra ETF, AMF, Le Monde, Wisdom Tree, Finanzas, Italian Association of Asset Managers. The 40 million figure estimates the number of individual investors in iShares ETFs from platform data across United States, European Union, United Kingdom, Canada, and Japan from the aforementioned sources. U.S. iShares investors estimated based on an empirical analysis of aggregate brokerage accounts in the U.S. that hold iShares ETFs at the ticker level, and BlackRock estimates. Refers to capital deployed from 1/1/2021 to 12/31/2022 in private markets strategies. Data as of 12/31/2021. The overall number of Americans is calculated based on estimates of participants in BlackRock's Defined Contribution (DC) and Defined Benefit (DB) plan clients. The Defined Contribution number is estimated based on data from FERS as well as BrightScope for active participants across 401(k) and 403(b). Defined Contribution includes plans with over $100M+ in assets where participants have access to one or more BlackRock funds; some may not be invested with BlackRock. The Defined Benefit number is estimated based on data from public filings and Pension & Investments for the total number of participants across the 20 largest U.S. Defined Benefit plans that are not also Defined Contribution clients of BlackRock. 5. Data as of May 2023. 599 6. Data as of 12/31/2022. 7. Data as of 3/31/2023. Slide 5 We are a platform for performance 1. 2. Source: BlackRock. Represents all active AUM for the 5-year period ending 3/31/2023. Please see appendix of this presentation for performance notes. Past performance is not indicative of future results. Please refer to page 12 of first quarter 2023 earnings release for performance disclosure detail. Source: Morningstar Fund data as of 3/31/2023. Includes all BLK global active mutual funds (385 total). % AUM is calculated out of BLK funds that have any star rating, and does not include the AUM of non-rated funds as of 3/31/2023. Morningstar rates funds from one to five stars based on how well they've performed (after adjusting for risk) in comparison to similar funds. Within each Morningstar Category, the top 10% of funds receive five stars, the next 22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star. Funds are rated for up to three time periods- three-, five-, and 10 years-and these ratings are combined to produce an overall rating. Funds with less than three years of history are not rated. Ratings are objective, based entirely on a mathematical evaluation of past performance. They're a useful tool for identifying funds worthy of further research, but shouldn't be considered buy or sell recommendations. 3. Source: BlackRock. Figures for 2022. 345 4. Source: BlackRock. Figures for 2022. 5. Source: BlackRock analysis of all Fixed Income High Yield and Investment Grade Credit, FX, and Equity trades excluding derivatives for 2022 as of 12/31/2022. BlackRock Execution Cost is the average difference between: the actual price achieved on the trade and the benchmark price. For Equity and FX, benchmark price is the market price, based on exchange data at the time when the PM submitted the order. For Fixed Income, benchmark price is the previous day's closing price. The Market Half Spread (or Expected Cost) is an estimate of the average execution cost of a market participant. For Fixed Income, Market Half Spread is estimated quarterly for each sector and maturity bucket based on a consensus opinion of BlackRock traders as well as a set of over 10 broker dealers. For FX, brokers provide Market Half Spread quarterly on a consensus basis for each currency pair and size range. For Equity, BlackRock calculates Market Expected Cost using an average of multiple independent broker models. Subject to change. 6. BlackRock as of December 2022. Cumulative cost-savings figure is calculated by taking the difference between the previous fund expense ratio and the new fund expense ratio from 2015 through December 2022, multiplied by the fund assets under management at the time of the fund reduction. Methodology does not account for compounding savings over time. BlackRock 10#11End notes These notes refer to the financial metrics and/or defined term presented on: Slide 6 BlackRock's "cloud-like" platforms fuel value for clients 1. 2. iShares exposures accounted for coming from total countries listed in MSCI EM Index as of May 2023. MSCI EM Index accounts for large and mid-cap representation across 24 emerging markets (EM) countries. Source: Gartner. Slide 7 Our strategy continues to deliver 1. Represent last three years ending 3/31/2023. Mega mandates reflect client outsourcing assignments greater than $5 billion in assets. 2. Gross fundraise figures from 1/1/2021 through 3/31/2023. 234 3. BLK Form 10-Ks for respective years. 3-year CAGR represents 12/31/2019 to 12/31/2022. 4. Data as of 3/31/2023. 5. 6. Source: BlackRock, Bloomberg, covers the period from 4/1/2020 to 3/31/2023. Net new base fees represents annualized base fee revenue earned on net asset inflows. Represents last three years ending 3/31/2023. Organic asset growth rate calculated by dividing net asset inflows over beginning of period assets. Slide 9 - Asset management revenue remains highly fragmented 1. 23 Source: Company filings for public peers with revenue data as of 12/31/2022. Private peers data based on AUM from websites with BlackRock estimate of average fee rate to calculate revenue. Total asset management industry 2022 revenue estimate from McKinsey Performance Lens. Source: Dealogic. Investment banking revenue with data for year ending 12/31/2022. Source: Synergy Research Group. Cloud provider revenue market share for year ending 12/31/2022. BlackRock 11#12BlackRock Platform as a Service Investor Day 2023 Rob Goldstein Chief Operating Officer#13We are a platform for scale... The only "Platform as a Service" (PaaS) in asset management Investment teams Fundamental Fixed Income One BlackRock Client segments Fundamental Equities Real Estate Decarb & Transition Americas Institutional Enables clients to grow and expand over time while remaining within the BlackRock Ecosystem Municipals Private Credit Infrastructure Private Equity Partners EMEA Wealth Financial Institutions Systematic High Alpha Secondaries Combining the "pieces of the puzzle" enables unique product innovation Aladdin - the "language of portfolios" - as the core foundation provides operating leverage BlackRock Liability- Driven Multi- Asset Event Driven Cash Management Asia-Pacific Retirement iShares & Index by BlackRock Financial Markets Advisory Markets & trading Investment operations Corporate operations Aladdin by BlackRock 13#14...with the unique ability to service clients no matter their requirements Access Asset classes across the Whole Portfolio Investment strategies spanning global markets Expertise 25% are corporate and business operations professionals² 19,500 employees 1 33% are tech and data professionals² Service 1BLK: Seamless connectivity across businesses Investment platform that shares insights globally Index Active Cash 16% Public Markets Private Markets Technology Tools dedicated to client relationships² 26% are investment professionals² Unified, scaled markets and operations functions 30+ 60+ Dedicated capital markets function to unlock unique deal flow countries globally3 BLK offices³ 100+ languages spoken³ Note: For footnoted information, refer to slide 20. BlackRock Industry-leading financial advisory capabilities 14#15The BlackRock Ecosystem in action Client Case Study: Insurance Company¹ 2017 New Client $1B infrastructure debt mandate Client AUM ~$55B + 2020 Aladdin Risk implemented for the whole portfolio Advisory: Started investment and insurance advisory discussions + 2023 Entire portfolio managed end-to-end on the Aladdin Enterprise platform, including eFront $28B of core fixed income allocations $3B of investment grade private placements BLK AUM $1B Client AUM ~$65B BLK AUM $1B Client AUM ~$55B Note: For footnoted information, refer to slide 20. Aladdin Risk Aladdin Enterprise BlackRock BLK AUM $32B+ 15#16Combining capabilities unlocks innovation across investment strategies Investments Case Study: Private Equity Partners + BlackRock Systematic Investing Leveraging BlackRock's Systematic Model to identify and catalyze private equity investments Private Equity Partners¹ Evolution of private data science 195 Investment professionals $46B 20+ In client commitments Years of history + BlackRock Systematic Investing² 220+ $224B 35+ Person team In client assets Years of history Note: For footnoted information, refer to slide 20. BlackRock PE / VC Machine Learning Big Data Macro Themes Flows Earnings Quality Analyst Sentiment Fundamental Value 1985 1990 1995 2000 2005 2010 2015 2017 Today Research driven process elevates investment insight using cutting edge technology Natural language processing (NLP): NLP can assist users with the collection of reporting data for quarterly reporting documents³ Machine Learning (ML): ML can be used to help managers source transactions and enhance existing due diligence processes, transforming unstructured data into organized knowledge4 16#17Unlocking operating leverage through Aladdin Technology Case Study: Aladdin-izing Alternatives Acquired EeFront in 2019 to bring private markets into Aladdin Aladdin Community • • "Whole Portfolio" is expanding the Aladdin pipeline - 40% of new Aladdin clients leverage eFront¹ Insight data business has grown from ~$6M to ~$30M ACV and models over 12,000 funds and 141,000 underlying assets² What's coming Next generation Private Credit solution Note: For footnoted information, refer to slide 20. BlackRock New solutions for Asset Servicers: eFront Provider BlackRock • Monitoring assets across private equity businesses Centralized deal management across all private markets 2.25M transactions booked on eFront³ Enriched private markets analytics More and more private markets fund operations at BLK on eFront • 1000+ eFront users 4 17#18Clients are consolidating to trusted providers, with room to grow Market share of asset management industry AUM, % 1 Market share (revenue) of industry, % $75T $108T 80% 76% Rest of industry 16% 13% Top 5 7% 2016 BLK 8% 2022 Note: For footnoted information, refer to slide 20. BlackRock 3% 7% Asset Management² 57% U.S. Credit Card Issuers3 43% 90% ■ BlackRock Revenue share of top firm in each industry: ■ #2-5 ■The rest ■ Top 5 ■The rest 3% 15% 18#19The PaaS value proposition is resonating with clients more and more Asset managers have historically been designed around their skills as opposed to the needs of the client No firm has been able to offer the "whole portfolio" Individual relationships with several providers are expensive from a client perspective The BLK Model We start with the client, always - their needs are our north star We work together as One BlackRock We operate with excellence, passing scale benefits through to our clients We evolve with our clients, leading them to trust us with more of their portfolio Our platform goal is to make it "better, faster, and cheaper" for the client to expand within the BLK ecosystem 68% of our 25 largest clients have increased their BLK wallet share in the last five years¹ ~20 >$5B whole-portfolio outsourcing mega mandates won by BLK since 20191 Note: For footnoted information, refer to slide 20. BlackRock $400B+ in NNB1 19 0#20End notes These notes refer to the financial metrics and/or defined term presented on: Slide 14 ...with the unique ability to service clients no matter their requirements BlackRock 1Q23 10-Q filing. 1. 2. BlackRock as of 3/31/23. 3. BlackRock 2022 Annual Report. Slide 15 The BlackRock Ecosystem in action 1. BlackRock as of 3/31/23. Slide 16 Combining capabilities unlocks innovation across investment strategies 1. 2. BlackRock as of 3/31/23. Represents cumulative commitments raised since inception. BlackRock as of 3/31/23. 3. eFront "A12: Alternative Investments Meet Artificial Intelligence." + 4. eFront - "A12: Alternative Investments Meet Artificial Intelligence." Slide 17 Unlocking operating leverage through Aladdin BlackRock as of 3/31/23. BlackRock, reflects ACV growth from acquisition close to 3/31/23. Underlying assets defined as portfolio companies and properties. 1. 2. 3. BlackRock as of 3/31/23. 4. BlackRock as of 3/31/23. Slide 18 Clients are consolidating to trusted providers, with room to grow 1. 2. 3. Source: 2022 asset management industry total AUM is forecasted scenario data from McKinsey Performance Lens. Source: Company filings for public peers with revenue data as of 12/31/2022. Private peers data based on AUM from websites with BlackRock estimate of average fee rate to calculate revenue. Total asset management industry 2022 revenue estimate from McKinsey Performance Lens. Source: IBISWorld Credit Card Issuing Industry Report, 2022. Slide 19 - The PaaS value proposition is resonating with clients more and more BlackRock as of 3/31/23. 1. BlackRock 20 20#21Stephen Cohen Head of Europe, Middle East and Africa BlackRock Outsourcing: A scale engine for our clients Investor Day 2023#22BlackRock's outsourcing platform Mega mandates² organic growth $114B $719B Outsourcing AUM¹ $280B Outsourced CIO EMEA & APAC Wealth Solutions Insurance¹ Managed Models Note: For footnoted information, refer to slide 29. BlackRock $252B $73B $200B+ 1Q23 LTM net new business² $400B+ 3-year net new business² $500B+ 5-year net new business² 22#23The investment management industry is seeing rapid and multi-dimensional transformation... BlackRock Regulatory change Competitive pressure Challenging macro environment Portfolio of the future Scalable growth Focus on core strengths 23#24... changing the needs of our clients BlackRock Regulatory change III Competitive pressure Challenging macro environment Portfolio of the future Scalable growth Focus on core strengths Clients are looking to scaled asset managers to provide a whole platform of investment management and technology services 24#25Whole portfolio outsourcing is growing faster than the industry Global whole portfolio solutions market¹ AUM ($T) CAGR $2.9 16% $5.3 Note: For footnoted information, refer to slide 29. BlackRock 2017 2022 25#26BlackRock is well-positioned for growth in outsourcing through our global scale, broad investment platform and technology Global Scale Diversity and Breadth of Technology Platform Local Presence and Talent Trusted Execution BlackRock BlackRock Delivering outsourcing solutions to clients iShares Aladdin by BlackRock by BlackRock EeFront a part of BlackRock 26 6#27Clients are entrusting us with their portfolios in every region U.S., Canada & LatAm 00 State Pensions Insurance Companies Corporate Pensions Endowments Family Offices Asset Managers Private Banks Europe, Middle East & Africa +000000000 Wealth Managers Corporate Pensions Pensions Consolidator Insurance Companies Family Offices Charities BlackRock Asia-Pacific Wealth Managers Corporate Pensions 27#28BlackRock is driving investment management and technology transformation for our clients Driving innovation Combining investment and technology Creating enhanced value for our clients And a scalable platform for BlackRock Expanding into new markets Across regions and client types Support our clients' long-term growth By delivering scale and service, we grow as clients grow BlackRock 28#29End notes These notes refer to the financial metrics and/or defined term presented on: Slide 22 BlackRock's outsourcing platform 1. AUM as of 3/31/23. Insurance assets represent AUM associated with insurance mandates greater than $5B in assets. 2. Mega mandates reflect client outsourcing assignments greater than $5B over last for 1, 3 and 5 year periods ending 3/31/23. Slide 25-Whole portfolio outsourcing is growing faster than the industry 1. Sources: Cerulli for Wealth SMAs, as of Q2 2022; P&I for OCIO, as of 1Q22; Morningstar for U.S. unaffiliated models, as of Q1 2022. Does not include Wealth Solutions due to lack of data availability. BlackRock 29#30BlackRock Innovating AladdinⓇ for the future R Investor Day 2023 Sudhir Nair Global Head of Aladdin#31BlackRock's AladdinⓇ technology solves for key aspects of the investment process Technology revenue For institutional investors $1.4B Aladdin Enterprise Aladdin Risk Aladdin Climate 2022 revenue¹ eFrontⓇ Aladdin Accounting Aladdin Studio For wealth managers Aladdin Wealth For asset servicers Aladdin Provider Note: For footnoted information, refer to slide 41. BlackRock 12% 3-year revenue CAGR² 98% 3-year average client retention³ 31#32Industry dynamics are reshaping the investment landscape End Investors Demand custom-tailored portfolios at high value for money Wealth Managers & Distributors Serve end clients with a high-quality value proposition Investment Managers Need technology to operate horizontally and efficiently Technology & Data Providers Deliver solutions that are integrated and cost-effective BlackRock 32#33BlackRock delivers differentiated growth through technology innovation + Expanding the + Pursuing new suite of capabilities client segments + Creating a platform with 3rd party partners + Enabling technology transformations#34BlackRock delivers differentiated growth through techr x Expanding the suite of capabiliti Expanding the suite of capabilities + End-to-end capabilities + Multi-asset + Sustainability ✓ + Enabling technology transformations#35BlackRock delivers differentiated growth through techr + Expanding the suite of capabiliti Pursuing new client segments > > > U.S. → Global Public markets →Private markets Institutional → Wealth ✓ + Enabling technology transformations#36BlackRock delivers differentiated growth through tech + Expanding the suite of capabiliti Creating a platform with 3rd party partners Technology partners Azure snowflake coinbase Asset servicing network Aladdin Provider Strategic investments avaloq 1 ENVESTNET CLARITY AI Note: For footnoted information, refer to slide 41. ✓ + Enabling technology transformations#37AladdinⓇ is a high-quality, fast-growing technology business that fuels BlackRock's growth Technology services revenues¹ ($B) $0.8 $1.0 2018 2019 15% CAGR $1.4 $1.3 $1.1 2020 2021 2022 $1.4B ACV2 in 2022 11% 17 3-Year ACV CAGR³ New large client wins4 in 2022 Note: For footnoted information, refer to slide 41. Annual Contract Value (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 as implementation and consulting fees. BlackRock 37#38The market opportunity for AladdinⓇ continues to grow ~$12.5B addressable market¹: ~$6B Smaller institutions AladdinⓇ Platform: ~11% of market captured Of $12.5B addressable market ~$5B Large institutional & wealth managers Aladdin by BlackRock ~$1.4B Market share increasing By continuously investing in our platform and solving for client needs Continued growth expected From winning new clients, expanding to adjacent markets and creating a network of ecosystem partners Note: For footnoted information, refer to slide 41. BlackRock 38#39Our strategy targets the needs of the future investor Enabling a Whole Portfolio Empowering our clients through Opening AladdinⓇ Leading in sustainability ecosystem data BlackRock Investing in our engineering talent Leveraging new technology 39#40We are delivering on our mission to make AladdinⓇ the language of portfolios BlackRock is leading through innovation BlackRock AladdinⓇ is Technology interwoven into BlackRock's strategy revenues are diversified Low to mid-teen long-term growth target 40 40#41End notes These notes refer to the financial metrics and/or defined term presented on: 1. 2. 3. 23 Slide 31 - BlackRock's AladdinⓇ technology solves for key aspects of the investment process Technology services revenue per BLK 2022 Form 10-K filing. Revenue as of 12/31/2022. BLK Form 10-K filings for respective years. 3-year CAGR represents 2019-2022. Client retention represents annual contract value 'ACV' at the beginning of the year less client attrition during the year, divided by ACV at the beginning of the year. 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 as implementation and consulting fees. Management believes ACV is an effective metric for reviewing BlackRock's technology services' ongoing contribution to its operating results and provides comparability of this information among reporting periods while also providing a useful supplemental metric for both management and investors of BlackRock's growth in technology services revenue over time, as it is linked to the net new business in technology services. ACV represents forward-looking, annualized estimated value of the recurring subscription fees under client contracts, assuming all client contracts that come up for renewal are renewed, unless we received a notice of termination, even though such notice may not be effective until a later date. ACV also includes the annualized estimated value of new sales, for existing and new clients, when we execute client contracts, even though the recurring fees may not be effective until a later date and excludes nonrecurring fees such as implementation and consulting fees. Slide 36 Creating a platform with 3rd party partners 1. Subject to customary regulatory and closing conditions. Minority investment in Avaloq expected to close in 2Q 2023. Slide 37 - Aladdin® is a high-quality, fast-growing technology business that fuels BlackRock's growth 1. 2. 3. BLK Form 10-K filings for the period 2018-2022. 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 as implementation and consulting fees. See note on slide 37 for more information on ACV. Represents CAGR for 2019-2022. See note on slide 37 for more information on ACV. 4. Large clients represent new mandates over $1 million annual subscription revenues signed in 2022. Slide 38 - The market opportunity for AladdinⓇ continues to grow 1. McKinsey and P&I data as of year-end 2022 and internal BlackRock estimates. BlackRock 41#42Salim Ramji Global Head of iShares and Index Investments BlackRock A scale growth platform to access an expanding world of investments Investor Day 2023#43ETF & Index Investing at BlackRock is a scale growth platform ETF organic asset and revenue growth $719B 3-year average ETF 10% organic asset growth³ $2.9T $5.9T 3-year ETF net new business² $3.1T ETF & Index AUM¹ $1.1B 3-year ETF organic revenue growth² 3-year average ETF 8% organic revenue growth4 $5.7B 8% 3-year compounded annual ETF growth rate FY 2022 ETF revenue5 Institutional Separate Accounts, Index Mutual Funds & Sub-Advisory ETFs Note: For footnoted information, refer to slide 54. BlackRock $6.8B FY 2022 Total ETF & Index revenue5 43#44BlackRock's ETF & Index Investing platform is differentiated iShares ETFs are used by 40 million people globally¹ Individual investors through digital wealth platforms Wealth managers primarily through model portfolios Asset managers through active use cases of ETFs Asset owners: insurers, official institutions and pensions Over 1,300 ETF choices to access a world of investments² iShares Fixed Income ETFs iShares Factor ETFs iShares Thematic ETFs iShares Sustainable and Transition ETFs iShares Core ETFs iShares Precision ETFs BlackRock Alpha-Seeking ETFs BlackRock and third-party managed model portfolios A scaled ETF & Index Investing “engine” that delivers performance, customization, and scale ETF technology access to more investments Custom/direct indexing, active risk, voting choice Leading ETF quality & tracking performance Algos & automation across trading processes Shift to multiple ETF servicers & providers Note: For footnoted information, refer to slide 54. BlackRock 44#45iShares generated high single-digit organic revenue growth, driven by strategic product segments iShares ETF product segments: Strategic ETF segments . Enabling clients to efficiently access: An expanding universe of Fixed Income exposures Sources of return from active risk benchmarks (Factor, Sustainable/Transition, Thematic) 18 bps $3.1T- $5.7B $1.1B 8% organic revenue growth 5 17 bps 37% 35% 60% 14% Core equity ETFs 15% 8 bps Serves buy-and-hold clients with low cost ETFs 33% Grows assets and revenues 13% 7% Precision ETFs 50% 31 bps . • Targeted, liquid exposures for tactical allocators Market-driven growth 30% 27% 4% Note: For footnoted information, refer to slide 54. BlackRock 1 AUM 2 Effective Revenue fee rate 3 4 3Y organic revenue growth 45#46iShares generated over $1.1 billion in organic revenue growth, more than the next three ETF issuers combined 3 year organic revenue growth ($M)¹ $462 $279 $296 $314 $318 $1,108 Strategic ETF segments Fixed Income, Factor, Sustainable/Transition, Thematic Core Equity ETFs ETF Issuer #6 ETF Issuer #5 ETF Issuer #4 ETF Issuer #3 ETF Issuer #2 iShares ETFs Index Index Leveraged Active Index Note: For footnoted information, refer to slide 54. BlackRock Precision ETFs 465#47We expect the ETF industry to grow to $25T of AUM by 2030 Industry trends driving ETF adoption Digital wealth: $17T market growing 15% as ETFs become the preferred vehicle¹ Projected ETF industry AUM ($T)4 Fixed Income ETFs Equity ETFs $25T 6 Model portfolios: $4.2T market growing 16% with ETFs expanding share in wealth2 $15T 3 $10T Fixed income: ETFs modernizing the bond market with more clients seeking efficiency 19 2 $5T 12 8 Technology: ETFs unlocking access to an expanding world of active & index investing 2018 1Q23 2025P 2030P ETFs still a small % of global capital markets³ <1% fixed income <3% equities <2% fixed income <7% equities <3% fixed income <9% equities <5% fixed income <10% equities Note: For footnoted information, refer to slide 54. BlackRock 47#48BlackRock's platform improves clients' access to investments and unlocks multiple trillion-dollar growth opportunities 01 Increase investment access for tens of millions of people by making iShares central on digital wealth platforms. 02 Enable wealth and asset manager CIOs to build and customize managed models with iShares and BlackRock ETFs. 03 Modernize the bond market by unlocking client use cases for fixed income ETFs to generate returns more efficiently. Triple ETF assets in digital wealth to $1T by 2030¹ Generate a majority of ETF flows through models¹ Triple fixed income ETF assets to $2.5T by 2030¹ Note: For footnoted information, refer to slide 54. BlackRock 48#491 Increase investment access for tens of millions of people by making iShares central on digital wealth platforms Digital wealth is a global growth channel Tens of millions of people use iShares ETFs on digital wealth platforms globally Triple ETF assets in digital wealth to $1T by 2030 Global iShares ETF AUM on digital wealth platforms ($T)¹ iShares is growing adoption through commission-free trading globally Millions of iShares ETF savings plans are being adopted across Europe iShares is investing in greater awareness with the mass affluent Note: For footnoted information, refer to slide 55. BlackRock $0.35T $0.2T 3x $0.7T $1.0T 2018 2022 2027T 2030T 49#502 Enable wealth and asset manager CIOs to build and customize managed models with iShares and BlackRock ETFs A majority of iShares ETF flows are now from managed models, especially third party managed models U.S. iShares flows from managed models (%)¹ 33% 2020 >50% 2022 Wealth models (home office & advisor-driven) & asset manager models BlackRock managed models Note: For footnoted information, refer to slide 55. BlackRock Managed models are growing and our breadth of ETFs are playing an expanded role in portfolios U.S. managed >$9.0T model industry size ($T)² $4.2T 2022 >2x U.S. managed model industry invested in ETFs 2027E U.S. managed model industry invested in mutual funds, SMAs & other investments 50#513 Modernize the bond market by unlocking client use cases for fixed income ETFs to generate returns more efficiently Unique features of iShares are unlocking active client use cases Choice: ~500 ETFs tracking slices of the global bond market¹ Liquidity: 8 of the top 10 most liquid fixed income ETFs are iShares² Access: lower trading costs vs. underlying bond trading 9 of 10 largest asset managers use iShares fixed income ETFs3 6 of 10 largest U.S. Insurance companies use iShares fixed Triple fixed income ETF assets to $2.5T by 2030 Global iShares fixed income ETF AUM ($T)6 3x $1.6T $2.5T Performance: active processes to generate tracking and liquidity Note: For footnoted information, refer to slide 55. BlackRock income ETFs4 $0.8T 43 $0.4T Official institutions, including 21 central banks use iShares fixed income ETFs5 2018 1Q23 2027T 2030T 51#52BlackRock's investment “engine” delivers performance and customization at scale and innovative access to new markets ETF technology access to more investments >1,000 benchmarks tracked across countries, sectors & asset classes¹ BlackRock's ETF & Index Investing "engine" Our investment “engine” enables performance and customization at scale Custom / direct indexing, active risk, voting choice Custom/direct indexing: ~$150B2 Active risk benchmarks: $1.1T3 Voting choice: $2.2T4 Leading ETF quality & tracking performance Exchange bid-ask spreads are half the industry average in Europe & the U.S.5 Algos & automation across trading processes Systems-driven, rules-based approach enables scale & customization Shift to multiple ETF servicers & providers Adds scale, diversification & increased operating leverage for BlackRock Our platform enables innovative access to new markets and growth opportunities Expansion of custom / direct indexing & active risk Tokenization as a new investment wrapper More efficient access to digital & alternatives Market modernization & ETF on-ramps ETF technology for active & outcome strategies Note: For footnoted information, refer to slide 55. BlackRock 52 32#53ETF & Index Investing at BlackRock is a scale growth platform to access an expanding world of investments ETF A differentiated ETF & Index business Efficient access for tens of millions • of people • Breadth of high quality investments • Leading organic revenue growth, driven by strategic segments BlackRock Multiple trillion-dollar growth opportunities Scale investment "engine" enabling innovation • • Triple ETF assets in digital wealth worldwide Generate a majority of ETF flows through managed models Triple fixed income ETF assets by unlocking client use cases • Leading performance & customization at scale Diversity of service providers & operating leverage Innovative access to new markets and investments 53#54End notes These notes refer to the financial metrics and/or defined term presented on: Slide 43 - ETF & Index Investing at BlackRock is a scale growth platform 1. Source: BlackRock, as of March 31, 2023. 2. Source: BlackRock, as of March 31, 2023. Net new business (NNB) represents net asset inflows and organic revenue growth represents net new base fees (NNBF) earned on net asset inflows. 3. Source: BlackRock, as of March 31, 2023. Organic asset growth rate calculated by dividing net new business (NNB) over beginning of period AUM and averaging annual growth rates over the thirty-six month period. 4. Source: BlackRock, as of March 31, 2023. Organic revenue growth rate calculated by dividing net new base fees (NNBF) earned on net new business (NNB) by the base fee run-rate at the beginning of period and averaging annual growth rates over the thirty-six month period. 5. Revenue includes base fees and from securities lending revenue. Slide 44 BlackRock's ETF & Index Investing platform is differentiated 1. The nearly 40 million figure estimates the number of individual investors that are using iShares ETFs. Sources: United States: Sources: Broadridge Financial Solutions, as of March 31, 2023. BlackRock estimate, as of March 31, 2023. Approximately 33 million people use iShares based on a ticker-level analysis of unique, anonymized individual brokerage account numbers that hold at least one iShares ETF and have an account balance greater than $0. Europe: Sources: Extra ETF, as of March 2022: "2026 ETF Savings Plans Market: How Retail Investors Invest in ETFs." BlackRock estimate, as of March 31, 2023. Approximately 50% of iShares clients in Europe invest in iShares ETFs through savings plans. 2. Source: BlackRock, as of March 31, 2023. Slide 45 - iShares generated high single-digit organic revenue growth, driven by strategic product segments 1. Source: BlackRock, Bloomberg, as of March 31, 2023. 2. Source: BlackRock, as of March 31, 2023. Effective fee rate represents the annualized effective fee rate, defined as run-rate base fees: individual product NAVS multiplied by individual product TER, aggregated and divided by total segment assets under management. 3. Source: BlackRock, Bloomberg, as of March 31, 2023. Run-rate revenue represents the base fee run-rate at the beginning of period. 4. Source: BlackRock, for the thirty-six month period between April 1, 2020 and March 31, 2023. Organic revenue growth represents net new base fees (NNBF) earned on net asset inflows. 5. Source: BlackRock, as of March 31, 2023. Three year organic revenue growth rate calculated by dividing net new base fees earned on net asset inflows by the base fee run-rate at the beginning of period and averaging over the three year period. Slide 46 - iShares generated over $1.1 billion in organic revenue growth, more than the next three ETF issuers combined 1. Source: BlackRock, Bloomberg. Organic revenue growth represents annualized base fee revenue earned on net asset inflows. Data covers the period between April 1, 2020 to March 31, 2023. Slide 47 - We expect the ETF industry to grow to $25T of AUM by 2030 1. Source: BlackRock, as of March 31, 2023. 2. Sources: Broadridge Global Advisory Services, as of May 31, 2023: "U.S. advisor sold asset management: this time it's personal". BlackRock, as of March 31, 2023: "A Model Moment for Asset Managers". Managed model portfolio market sizing includes both ETF and non-ETF allocations within managed models. 3. Source: SIFMA Capital Markets Factbook, as of December 31, 2022. Figures represent the equity and bond market sizes globally. 4. Source: BlackRock, as of March 31, 2023. Estimates include 2025 and 2030 scenario calculations based on proprietary research. Subject to change. The figures are for illustrative purposes only and there is no guarantee the projections will come to pass. Slide 48 BlackRock's platform improves clients' access to investments and unlocks multiple trillion-dollar growth opportunities 1. 2030 represents target. Multi-trillion dollar growth opportunities described are for illustrative purposes only and are subject to change. There is no guarantee the figures will occur in the time periods described. BlackRock 54#55End notes These notes refer to the financial metrics and/or defined term presented on: Slide 49 - Increase investment access for tens of millions of people by making iShares central on digital wealth platforms 1. Source: BlackRock, as of March 31, 2023. 2027T and 2030T are targets. Estimates include 2027 and 2030 scenario calculations based on proprietary research. Growth opportunities described are for illustrative purposes only and are subject to change. There is no guarantee the figures will occur in the time periods described. Slide 50 Enable wealth and asset manager CIOs to build and customize managed models with iShares and BlackRock ETFs 1. Third-party flows include wealth models, including advisor-driven models created by financial advisors, e.g., Rep as PM and RIAS and home office models created by centralized, in-house investment teams at wealth managers. Third- party flows also include models managed by other asset managers that distribute models through wealth managers. Source: BlackRock, iShares Global Business Intelligence, as of March 31, 2023. 2. $4.2T U.S. model portfolio industry size includes: $2.1T of advisor-driven models; $1.6T of home-office models; $415B third-party asset manager models; and $114B of BlackRock-managed models, primarily captured in BlackRock Retail and ETF AUM. Growth opportunities described are for illustrative purposes only and are subject to change. Sources: . Wealth models. Advisor-driven: Broadridge Global Advisory Services, as of May 2023: "U.S. advisor sold asset management: this time it's personal". Home office models: Cerulli, as of December 2022: "U.S. Asset Allocation Model Portfolios 2022: Model Customization and Tax Optimization", as of December 31, 2022. Third-party asset manager models. "U.S. Asset Allocation Model Portfolios 2022: Model Customization and Tax Optimization", as of December 31, 2022. BlackRock managed models. BlackRock, as of March 31, 2023. Slide 51 - Modernize the bond market by unlocking client use cases for fixed income ETFs to generate returns more efficiently 1. Source: BlackRock, as of March 31, 2023. 2. Source: Bloomberg, for the period between January 1, 2022 and December 31, 2022. BigXYT, for the period between January 1, 2022 and December 31, 2022. 3. Source: BlackRock, as of December 31, 2022. Analysis of SEC 13-F filings for U.S. domiciled asset managers and BlackRock analysis of self-reported holdings by asset managers in Europe and Asia. Top 10 global asset managers determined by Pensions & Investments. 4. Source: BlackRock, S&P Global Intelligence and Bloomberg, as of December 31, 2022. Analysis of filings with the National Association of Insurance Commissioners (NAIC) and the Securities and Exchange Commission (SEC). 5. Source: BlackRock, as of March 31, 2023. Estimate based on client engagements, as of March 31, 2023. 6. Source: BlackRock, estimates as of March 31, 2023. 2027T and 2030T are targets. Growth opportunities described are for illustrative purposes only and are subject to change. There is no guarantee the figures will occur in the time periods described. Slide 52 - BlackRock's investment "engine" delivers performance and customization at scale and innovative access to new markets 1. Source: BlackRock, iShares Global Business Intelligence, as of March 31, 2023. 2. Source: BlackRock, Aperio, as of March 31, 2023. ~$150B in custom/direct indexing includes AUM managed in index equity SMAs by Aperio for wealth management clients and in custom/direct indexing mandates. All client transitions to custom/direct indexing have been funded. 3. Source: BlackRock, as of March 31, 2023. $1.1T of ETFs managed against active risk benchmarks include: factor-based investment strategies that target specific drivers of return (growth, value, momentum, and minimum volatility indexes); sustainable strategies that encompass exclusionary screens, optimization or various metrics that tilt toward a client's unique ESG objective; thematic benchmarks that aim to capture long-term secular trends; capped indexes that include modified market cap-weighted, optimized country or optimized sector benchmarks; additional indexes with alt-weighted methodologies (e.g., equal-weighted). 4. Source: BlackRock, as of March 31, 2023. $2.2T includes client funds participating in BlackRock Voting Choice. Assets include index equity assets held in multi-asset fund of funds strategies. Certain institutional pooled funds that implement Systematic Active Equity (SAE) strategies are also eligible for BlackRock Voting Choice but are not displayed in the chart. Eligible SAE institutional pooled funds and separate accounts amount to $102B in eligible Voting Choice assets. 5. Source: BlackRock, as of March 31, 2023. Exchange bid-ask spreads defined as ETF trading costs as compared to the industry average in both Europe and the United States. BlackRock 55#56Rachel Lord Chair and Head of APAC BlackRock Growth beyond the U.S. Building BlackRock in local markets Investor Day 2023#57BlackRock's international platform $463B $428B $133B $3.5T non-US $245B client assets¹ $130B Americas ex-U.S. UK Europe ex-UK Middle East & Africa Asia ex-Japan Japan Australasia Note: For footnoted information, refer to slide 63. BlackRock $1,138B $927B Non-U.S. organic growth and revenue $628B 3-year net new business² $1.0B 3-year net new base fees4 $8.3B 2022 Revenue6 3-year avg. organic 7% asset growth³ 3-year Avg. Organic base 6% fee growth 5 4% 3-year CAGR7 57#58We have deep local presence Strong Regional Connectivity¹ Americas ex-US UK $400B+ AUM ~400 employees Europe ex-UK Middle East & Africa Asia ex-Japan $900B+ AUM ~3,700 employees $1.1T+ AUM ~2,300 employees Note: For footnoted information, refer to slide 63. BlackRock Japan Australasia $100B+ AUM 50+ employees $200B+ AUM 3,700+ employees $400B+ AUM ~400+ employees $100B+ AUM ~200+ employees 58#59How we drive growth and create value for our clients and shareholders Outpacing the broader industry Powered by our localized approach and global platform 3-Year Organic Asset Growth, 2020-2022¹ (%) 6% 4% BlackRock (excluding U.S.) Industry (excluding U.S.) Note: For footnoted information, refer to slide 63. BlackRock Localized approach ✓ Investing strengths ✓ Market expertise ✓ Client relationships ✓ Client service ✓ Country leaders Global platform ✓ Global investment capabilities ✓ Global client specialization ✓ Operational and risk platform ✓ Technology ✓ Insights and thought leadership 59#60Opportunity in developed local markets Growth in local markets driven by key strategic focus areas... ...with non-U.S. markets continuing to drive market share gains Global & Local ETFs ETF Private Markets BlackRock¹ Industry² $191B AUM $4.4T AUM Germany +10% org.growth +4% org.growth Outsourcing and Technology Asset Allocation $463B AUM Japan +15% org.growth $5.4T AUM +8% org. growth Wealth Distribution Note: For footnoted information, refer to slide 63. BlackRock Australia & $133B AUM $2.2T AUM * New Zealand +15% org.growth +4% org. growth 60#61Opportunity in fast-growing local markets Embedded local asset manager Mexico Partnering in infrastructure Building offshore presence Saudi Arabia India Positioning for the future China How we differentiate ourselves • Diverse platform across local and international ETFs, mutual funds, private markets, and risk management technology 530+ BlackRock ETFs and mutual funds locally distributed 1 • Decades-old institutional business, with local team established in 2019 • Newly established infrastructure platform with strong pipeline for future investment $15B+ investment in natural gas pipelines • Driving investment in public and private markets • Building our presence in a . Leading international investor in Indian public markets growing market for retirement products • Expanding local reach. through JV and wholly-owned domestic businesses $6.8B+ of Indian exposures for global investors2 +9.5% projected growth of China asset management industry through 20303 Note: For footnoted information, refer to slide 63. BlackRock 61#62We see regional industry trends as strong tailwinds for BlackRock to consolidate share Sustainable investing Sustainable products driving a tectonic shift in capital EMEA Portfolio customization Significant growth in customized portfolios and OCIO APAC Regional investing Increasingly localized product offering Manager consolidation Clients increasingly focusing on fewer partners amid cost pressures Government policy Ambitious government agendas, but fragmented regulation Digital revolution in wealth New generation of individual savers moving into investment products Global and local insights Combining macro thought leadership with regional knowledge Growth of wealth markets Emergence of digital distribution products in growing markets BlackRock 62 32#63End notes These notes refer to the financial metrics and/or defined term presented on: Slide 57 - BlackRock's international platform 1. AUM as of 3/31/23. AUM refers to client assets in each region. 2. Represents last 3 years ending 3/31/23. Net new business represents net asset inflows. 34567 3. Represents last 3 years ending 3/31/23. Organic asset growth rate calculated by dividing net asset inflows over beginning of period assets. 4. Represents last 3 years ending 12/31/22. Net new base fees represents net new base fees earned on net asset inflows. 5. 6. Organic base fee growth rate calculated by dividing net new base fees earned on net asset inflows by the base fee run-rate at the beginning of period. Revenue includes base, securities lending and performance fees. 7. 3-year CAGR represents 2020-2022. Slide 58 We have deep local presence 1. Data as of 3/31/23. AUM refers to client assets in each region. Slide 59 - How we drive growth and create value for our clients and shareholders 1. Source: Broadridge for industry data. Represents last 3 years ending 12/31/22. Organic asset growth rate calculated by dividing net asset inflows over beginning of period assets. Slide 60- Opportunity in developed local markets 1. 2. AUM as of 3/31/23. Organic growth reflects organic asset growth over the last 3 years (2020-2022) to align with industry data. Source: BVI, Japan Investment Advisers Association; The Investment Trusts Association Japan, Rainmaker, RBNZ, and BlackRock FMA for industry data. AUM as of 3/31/23. Organic growth reflects organic asset growth over the last 3 years (2020-2022) due to data availability. Slide 61 Opportunity in fast-growing local markets 1. 23 Source: BlackRock. Data as of 4/30/23. 2. Source: BlackRock. Data as of 12/31/22. 3. Source: CICC estimates as of August 2022. BlackRock 63#64Rich Kushel Head of the Portfolio Management Group BlackRock Active for the portfolio of the future Investor Day 2023#65BlackRock active strategies $758B $207B $411B Organic growth and revenue $570B 3-year net new business² 3-year average 8% organic asset growth³ $1.1B 7% 3-year average organic base fee growth4 3-year net new base fees² $1,099B $2.5T Active AUM¹ $7.3B 3-year CAGR6 7% 2022 Base and Performance Fees 5 Equity Fixed Income Multi-asset Alternatives Note: For footnoted information, refer to slide 76. BlackRock 65 55#66BlackRock is growing faster than the industry, and has significant room to grow share BlackRock and industry active organic asset growth¹ 12% 7% 5% 5% 4% 2% 1% BlackRock active market share² $2,606 $2,474 $2,317 12% $2,251 $1,947 2.9% 3.0% 3.1% 3.2% 2019 2019 2020 (1%) 2021 2022 1Q23 Ann'd BlackRock Organic Growth ♦ Industry Organic Growth Note: For footnoted information, refer to slide 76. BlackRock 2020 2021 BlackRock Active AUM ($B) 2022 1Q23 % Market Share 66#67Strong relative performance across active platform Differentiated long-term performance % of assets above benchmark or peer median for the 5-year period¹ 90% 83% 81% 78% 66% 64% Strong lineup of 4- and 5-star active mutual funds² 90% 90% Equity 71% Fundamental Equity Systematic Equity Taxable Fixed Income 3/31/2018 3/31/2020 3/31/2023 Note: For footnoted information, refer to slide 76. Past performance is not indicative of future results. BlackRock # Funds % of AUM 73 60% Fixed Income 45 59% Multi-Asset & Alternatives 47 57% 67#68BlackRock's whole portfolio business is delivering outcomes for clients, and unlocking new channels for delivering active BlackRock Outsourced CIO AUM ($B) BlackRock-Managed Models ($B)¹ EMEA & APAC Wealth Solutions AUM ($B) $110 2018 22% CAGR $252 1Q23 BlackRock OCIO AUM ($B) Note: For footnoted information, refer to slide 76. BlackRock $34 2018 33% $114 CAGR 1Q23 $1 2018 174% CAGR $73 1Q23 BlackRock-Managed Model AUM ($B) ■ BlackRock Int'l Wealth AUM ($B) 68 88#69Accelerating demand for whole portfolio solutions and model portfolios Outsourced CIO and U.S. Wealth SMA Industry ($T)¹ U.S. Model Adoption and Addressable Market ($T)² $2.9 $5.1 13% CAGR CAGR (2017-2022): 2.3 U.S. Wealth SMAs 11% >$9.0T >2x 2022 industry estimates 5-year expected growth 1.4 $4.2 2.7 Outsourced CIO 15% $2.1 $1.6 1.4 $0.4 2017 2022 Potential Opportunity Advisor Driven Home Office Third-Party Note: For footnoted information, refer to slide 76. BlackRock 69#70BlackRock model growth outpacing the industry, with additional channels to drive growth U.S. Model Portfolio Solutions Industry¹ BLK outpaced the industry 4x Organic CAGR (2019-2021) U.S. Advisor Segments and Model Outsourcing2 Traditional model buyers 17% 7% 5% increasingly 20% saturated 67% % of assets that are outsourced models 10% Home Office Advisor Industry Model Industry 3rd-Party Model BLK Models 0% Industry 5% 7% 9% Note: For footnoted information, refer to slide 76. BlackRock Broker Dealers 11% 13% RIA 15% 17% Industry AUM Growth Rate 70#71Custom Model Solutions (CMS): differentiated outcome- oriented capabilities through mass customization Scaled infrastructure through $23B Q1 2023 AUM BlackRock Aladdin Custom models Strong RIA relationships BlackRock building blocks $8B NNB in 2022 and Q1 2023 $15M NNBF in 2022 and Q1 2023 71#72Expanding custom model offerings to grow share with RIA clients Typical RIA Custom Model Solutions Client¹: Asset Breakdown Account size Over $5M (20%) $2M-$5M (16%) $500K $2M (51%) Below $500K (13%) Qualified Note: For footnoted information, refer to slide 76. BlackRock Taxable Illiquid & other % of each RIA firm assets 26% Difficult to reach (UHNW, Illiquids) Whole portfolio expanded reach 38% (with Aperio, Munis, tax) O Current CMS reach + 36% 72#73We win in whole portfolios by managing complexity for our clients, leveraging our technology to scale Scalable Manager research Investment tools Strategic, robust, performant solutions Models infrastructure Client reporting BlackRock Flexible Easily extendable and designed for varying client use-cases Integrated Scaled across our Aladdin platform 73#74Combining our investment solutions with asset allocation expertise to deliver investment outcomes for clients World-class investment building blocks designed to meet evolving client needs Portfolio construction & asset allocation expertise BlackRock + Active Equities Active Fixed Income Multi-Asset Private Markets iShares & Index Cash Management 74#75Well positioned to meet evolving client demand for active over the long-term Delivering traditional active strategies through whole portfolios Unlocking new markets to deliver alpha in innovative ways for clients Effectively managing complexity and delivering alpha at scale through technology Ability to generate durable alpha for clients and differentiated organic asset and base fee growth for shareholders over the long-term BlackRock 75#76End notes These notes refer to the financial metrics and/or defined term presented on: Slide 65 BlackRock active strategies 1. AUM as of 3/31/23. 2. 3. 4. 5. 6. Represents last three years ending 3/31/23. Net new business represents net asset inflows and Net new base fees represents net new base fees earned on net asset inflows. Represents last three years ending 3/31/23. Organic asset growth rate calculated by dividing net asset inflows over beginning of period assets. Represents last three years ending 3/31/23. Organic base fee growth rate calculated by dividing net new base fees earned on net asset inflows by the base fee run-rate at the beginning of period. Revenue includes base, securities lending and performance fees. 3-year CAGR represents compounded annual growth rate for the three years ending 2022. Slide 66 - BlackRock is growing faster than the industry, and has significant room to grow share 1. 2. Source: Simfund for U.S. MFs, Broadridge for non-U.S. MFS and Institutional, Bloomberg for ETFs, HFR for Hedge Funds and Preqin for Illiquid Alts. BlackRock 1Q23 organic growth is annualized. Source: McKinsey Performance Lens, as of YE 2021. 2022 Industry AUM per McKinsey estimates. Slide 67 - Strong relative performance across active platform 1. 2. Source of performance information is BlackRock's first quarter 2023, first quarter 2020 and first quarter 2018 earnings releases. Please see appendix of this presentation for performance notes. Past performance is not indicative of future results. Please refer to page 12 of first quarter 2023 earnings release for performance disclosure detail. Source: Morningstar Fund data as of 3/31/2023. Includes all BLK global active mutual funds. % AUM is calculated out of BLK funds that have any star rating, and does not include the AUM of non-rated funds as of 3/31/2023. Morningstar rates funds from one to five stars based on how well they've performed (after adjusting for risk) in comparison to similar funds. Within each Morningstar Category, the top 10% of funds receive five stars, the next 22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star. Funds are rated for up to three time periods- three-, five-, and 10 years- and these ratings are combined to produce an overall rating. Funds with less than three years of history are not rated. Ratings are objective, based entirely on a mathematical evaluation of past performance. They're a useful tool for identifying funds worthy of further research, but shouldn't be considered buy or sell recommendations. Slide 68 - BlackRock's whole portfolio business is delivering outcomes for clients, and unlocking new channels for delivering active 1. AUM in BlackRock managed models is primarily captured in BlackRock ETF and Retail AUM; underlying assets are in BlackRock ETFs and mutual funds. Slide 69 - Accelerating demand for whole portfolio solutions and model portfolios 1. 2. Sources: Cerulli for Wealth SMAs, as of Q2 2022; P&I for OCIO, as of Q1 2022. Excludes Affiliated Wealth Solutions due to lack of data availability. Source: Broadridge Advisory Services, 2023. Slide 70 BlackRock model growth outpacing the industry, with additional channels to drive growth 1. 2. Source: Cerulli 2021 U.S. Asset Allocation Model Portfolios. Sources: Cerulli "The State of U.S. Retail and Institutional Asset Management 2022" and Cerulli "U.S. Asset Allocation Model Portfolios 2022". Slide 72 Expanding custom model offerings to grow share with RIA clients 1. Source: Cerulli; BlackRock estimates. BlackRock 76#77BlackRock Built on Bonds Investor Day 2023 Rick Rieder Chief Investment Officer of Global Fixed Income#78BlackRock fixed income Fixed Income organic growth and revenue $2.7T $1.6T Fixed Income AUM¹ $1.1T Active Fixed Income ETF & Non-ETF Index Fixed Income $683B Cash Management AUM $3.4T $30B Private Credit Client AUM across fixed income, cash, and private credit Note: For footnoted information, refer to slide 87. BlackRock $727B 3-year net new business² $576M 3-year net new base fees² $3.5B 2022 Base and Performance Fees 5 10% 3-year average organic asset growth³ 6% 3-year average organic base fee growth4 3-year CAGR6 2% 78#79Platform delivers fixed income solutions... Insights Technology and risk management BlackRock Fixed Income Breadth and Market access diversity of platform Delivering investment outcomes for clients' needs Liquidity Tier liquidity in cash allocations to diversify and enhance yield profile Core Allocations Access yield and equity diversification through broad and flexible exposures Returns & Income Seek higher returns by targeting less liquid and opportunistic exposures BlackRock 79#80... and scale benefits to clients 01 Proprietary deal sourcing for unique and ཟུ སྤུ 3 bespoke investment opportunities Strength of access to and execution of deal flow unlocked by of our vast global counterparty network 8400+ primary market sourcing opportunities annually¹ 2x 25% savings in execution costs compared to market average² Average fill rates pro-rata allocations3 Deeper liquidity, lower trading costs through our market reach and pricing expertise $87B of capital invested in primary issuance¹ 6600 fixed income trades each day¹ Note: For footnoted information, refer to slide 87. BlackRock 80#81Active platform is backed by strong long-term investment performance and award-winning investment teams Long-term performance¹ % of taxable fixed income assets above benchmark or peer median as of 3/31/23 Strong line-up of 4- and 5-star active bond funds² 90% 90% March 2023 • 12 Fixed Income Funds awarded Gold medals by Morningstar² MORNINGSTAR Gold Strategic Income Opportunities Fund • Total Return Fund 77% 4- & 5-star fixed income funds 45 • Strategic Global Bond Fund 4- & 5-star fixed income AUM (%) 59% 1 Year 3 Year 5 Year • Global Allocation Fund • BGF Fixed Income Global Opportunities Fund • Euro Bond Fund • Sustainable Euro Bond Fund • Euro Corporate Fund • Sustainable Euro Corporate Fund • Sustainable Fixed Income Strategies Fund • High Yield Bond Fund • BGF USD High Yield Bond Fund Note: For footnoted information, refer to slide 87. Past performance is not indicative of future results. BlackRock 81#82Leading fixed income franchise with significant room to grow Fixed income net inflows ($B) $264 $79 $158 ETFs - Active Institutional Active - Retail Non-ETF Index $230 $250 2018 2019 2020 2021 2022 Industry: 1% 7% 5% 7% (2)% Organic asset growth¹ BlackRock: 4% 14% 7% 9% 9% Organic asset growth Market share1,2 37% 24% 16% 17% >100% Note: For footnoted information, refer to slide 87. BlackRock 82 32#83A historic evolution of the capital stack and return opportunities in Fixed Income... The size of capital markets generally resembles a funnel, until you get to the large equity base¹ Size of the Capital Stack ($B) Deposits MMF Treasury (1-3Y) Muni MBS IG ABS CMBS HY S&P $22,710 $18,617 $3,217 $11,718 厘 $6,855 $1,464 $3,573 $1,378 $35,806 But for over 2 decades now, investors have been rewarded for taking on more volatility as the returns have very much been concentrated down towards the bottom (the deep end of the pool) Historical Volatility (20Y Avg) 2 Historical Returns (20Y Avg) ³ 3 Deposits MMF 0.1% Treasury (1-3Y) 1.1% MBS 2.8% Deposits + MMF Treasury (1-3Y) Munis 1.2% 2.2% 4.0% Muni 2.5% MBS 3.3% IG 5.2% IG 4.7% ABS 2.2% ABS 3.0% CMBS 4.6% CMBS 4.6% HY S&P 4.0% 17.0% HY S&P 7.9% 10.0% And of course, that makes sense as at pretty much any time over the last 15 years, the Yield profile looked something like this...4 Yields in May 2013 Deposits MMF 0.1% Treasury (1-3Y) 0.3% Muni 2.2% MBS 2.8% IG ABS 2.9% 1.0% CMBS 1.8% HY S&P 5.4% 6.8% But today, it's a very different picture in which more risk does not necessarily equate to higher reward...3 Deposits MMF Treasury (1-3Y) Muni MBS IG ABS CMBS HY S&P Current Yields 4.3% 4.6% 3.7% 4.8% 5.5% 5.3% 5.5% 8.9% 5.3% Note: For footnoted information, refer to slide 87. Index definitions are found on slide 88. Index returns are shown for illustrative purposes only. It is not possible to invest directly in an index. Past performance is not indicative of future results. BlackRock 83#849% 8% 7% 6% 5% 4% 3% Yield (%) and as opposed to the past 10 years, returns come with dispersion and volatility making active management of these yields a valuable part of a total Fixed Income allocation... The range of yields available across major Fixed Income asset classes has more than doubled in the last 18 months alone¹ Fixed Income Yields: May 2023 2% 1% 0% Japan Agg European Agg Global Agg US Treasury US Agency US Aggregate US MBS US Securitized AAA CMBS US Credit 1-3Y IG US CMBS Aggregate US Long Corp US Corp BBB US Corp BB Global Emerging... US HY Yield (%) 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% Fixed Income Yields: Dec 2021 Japan Agg European Agg 1-3Y IG US Agency US Treasury Global Agg US Aggregate AAA CMBS US CMBS Aggregate 900 800 797 700 Constituents 600 The HY Index, with 2011 members, is an incredible illustration of how an index average cannot fully describe the dispersion (and opportunity) within¹ HY Index Constituents by Spread Bucket Half the index trades below 300 or above 800... ...while the index trades at 460bps (along with 5% of the constituents) 25% 20% 500 400 Return (%) 15% 10% 5% 0% 300 270 219 -5% 200 171 128 -10% 97 84 100 73 69 42 36 25 -15% 0 2015 (300, 350] (400, 450] (500, 550] (600, 650] (700, 750] > 800 ≤ 300 (350, 400] (450, 500] (550, 600] (650, 700] (750, 800] bps BlackRock US Securitized US MBS US Credit US Corp BBB US Long Corp US Corp BB Global Emerging... US HY Across 10 major global Fixed Income asset classes, owning the best returning asset and selling the worst has created increasingly large alpha - in 2019, there was virtually no differentiation!¹ 30% 2016 2017 Note: For footnoted information, refer to slide 87. Index definitions are found on slide 88. Index returns are shown for illustrative purposes only. It is not possible to invest directly in an index. Forecasts are based on estimates and assumptions. There is no guarantee that they will be achieved. Past performance is not indicative of future results. 2018 Return: Long Best less Short Worst Asset 2019 2020 2021 2022 ■US Agg Return 84#85Date 6/9/2023 5.24 Multiple tools are now available to provide return, diversification, and stability to complement a broad investment portfolio... Significance Today EUR HY US 3m Yield US 10Y Yield US IG 3Y Yield EUR IG 1-3Y Yield (FX Hedged) 1 US HY BB BB Yield Yield (FX Hedged) Mexico 2Y Yield Brazil 2Y Yield 3.74 5.58 6.35 8.57 8.48 10.26 10.94 *1 year ago (Q1 22) 3/31/2022 0.48 2.34 3.19 2.33 6.01 5.81 8.31 12.16 *End of 2021 12/31/2021 0.03 1.51 1.45 0.76 4.21 3.63 7.21 11.10 *End of 2020 12/31/2020 0.06 0.91 0.73 0.76 4.18 3.73 4.37 4.34 *End of 2019 12/31/2019 1.54 1.92 2.20 2.31 5.19 4.72 6.74 4.92 *Peak 2018 stress 12/24/2018 2.37 2.74 3.62 3.62 8.07 7.93 8.59 7.80 *End of 2017 12/31/2017 1.38 2.41 2.51 2.29 5.72 4.76 7.59 7.78 *Feb 2016 peak stress 2/15/2016 0.28 1.75 2.32 1.78 9.98 6.92 3.90 15.16 *China de-val 8/24/2015 0.02 2.00 1.81 1.21 7.56 5.10 4.26 14.02 *End of 2014 12/31/2014 0.04 2.17 1.83 0.87 5.03 4.02 3.56 13.08 *End of 2013 12/31/2013 0.07 3.03 1.33 1.17 4.62 3.82 3.70 12.17 *End of 2012 12/31/2012 0.04 1.76 1.26 1.77 4.69 5.63 4.71 7.75 Average 2010-2022 0.62 2.25 2.06 2.21 5.98 5.80 5.65 9.94 As illustrated above, it has been a pretty rare point in time over the past 15 years when 'small ball' or high quality, large chunks of short duration assets and high levels of liquidity threw off so much income... 1 2 Sample Portfolio as of 6/09/23 FX-Hedged Yield Carry on % MV A 2020 similar portfolio depicts the contrast... Yield US 6m 5.36% 5.36% 25% CP 9-12m MBS 30 US IG 3Y 5.75% 5.75% 15% FX- Hedged Yield Carry on Yield Portfolio 5.50% 5.50% 10% C+E % 5.58% 5.58% 15% US Bills (Cash) 0.15% 0.15% 25% Euro IG 3-5Y 6.28% 6.17% 15% MBS 30 1.56% 1.56% 5% US High Yield BB 7.06% 7.06% 5% Euro High Yield BB 8.49% 8.49% 10% Mexico 2Y Unhedged 10.25% 9.17% 3% US IG 10Y Euro IG 3-5Y Euro IG 7-10Y US High Yield BB 2.31% 3.18% 20% 2.94% 3.32% 10% 3.16% 3.34% 10% 5.09% 5.09% 5% Brazil 2Y Unhedged 10.94% 9.58% 2% Portfolio Carry Portfolio Vol (Last 3m) 6.2% Euro High Yield BB Euro High Yield B EMBI BB Mexico 2Y Unhedged 5.46% 5.46% 10% 7.88% 7.88% 5% 5.86% 5.86% 5% 4.61% 4.61% 5% Portfolio Vol (Long Term) 2.0% 1.7% Note: For footnoted information, refer to slide 87. Index definitions are found on slide 88. * FX-Hedged Yield = Index Yield + 3M forward exchange rate (given the asset is non-USD denominated). ** Carry = FX Hedged Yield + Yield Roll + Spread. Index returns are shown for illustrative purposes only. It is not possible to invest directly in an index. Past performance is not indicative of future results. Portfolio Carry Portfolio Vol 3.1% 3.3% BlackRock 85#86Diversity and connectivity of our fixed income platform positions us to deliver outcomes for clients and grow our share We invest across the full spectrum Creating a mosaic of market activity We share insights globally Collaborating across sectors, geographies and teams We see the full opportunity set Providing investors with a fulsome toolkit to achieve the investment outcomes they need Active¹ $1.1T Diversified platform seeking to offer attractive risk-adjusted returns through fundamental, systematic and credit strategies Private Credit¹ $30B Patient capital that seeks higher returns by targeting less liquid and opportunistic exposures Index & ETFs¹ $1.6T Fixed income index franchise across ETFs, pooled vehicles and SMAS Cash¹ $683B Optimization liquidity strategies which seek to preserve capital and enhance vield Note: For footnoted information, refer to slide 87. BlackRock 86 986#87End notes These notes refer to the financial metrics and/or defined term presented on: Slide 78 BlackRock fixed income Represents last 36 months ending 3/31/23. Net new business represents net asset inflows and Net new base fees represents net new base fees earned on net asset inflows. 1. AUM as of 3/31/23. 2. 3. Organic asset growth rate calculated by dividing net asset inflows over beginning of period assets. 4. 5. Revenue includes base, securities lending and performance fees. 6. 3-year CAGR represents 2020-2022. Organic base fee growth rate calculated by dividing net new base fees earned on net asset inflows by the base fee run-rate at the beginning of period. Slide 80 ... and scale benefits to clients 1. 2. 3. Source: BlackRock Capital Markets; Annual figures as of 2022. Execution cost is the average difference between the actual price achieved on the trade and the previous day's closing price. Average savings estimated as the difference between BlackRock execution cost and market half spread, an estimate of the average execution cost of a market participant. Market half spread is estimated quarterly for each sector and maturity bucket based on a consensus opinion of BlackRock traders and a set of over 10 broker dealers. Source: BlackRock Capital Markets; represents 2022 average fill rate vs. pro-rata allocation for Investment Grade Credit. Slide 81 - Active platform is backed by strong long-term investment performance and award-winning investment teams 1. 2. Source of performance information is BlackRock's first quarter 2023 earnings releases. Please see appendix of this presentation for performance notes. Past performance is not indicative of future results. Please refer to page 12 of first quarter 2023 earnings release for performance disclosure detail. Source: Morningstar Fund data as of 3/31/2023. Includes all BLK global active fixed income mutual funds. % AUM is calculated out of BLK active fixed income mutual funds that have any star rating, and does not include the AUM of non-rated funds as of 3/31/2023. Slide 82 - Leading fixed income franchise with significant room to grow Source: Simfund for U.S. MFs, Broadridge for non-U.S. MFS and Global Institutional, Bloomberg for ETFs. 1. 2. Based on industry and BlackRock fixed income net flows for each of the respective periods. Slide 83 A historic evolution of the capital stack and return opportunities in Fixed Income... 1. Source: Federal Reserve as of 12/31/2022 and CBO, as of 5/12/2023. 2. Source: Bloomberg as of 5/26/2023. 3. Source: Bloomberg as of 5/24/2023. 4. Source: Bloomberg as of 5/28/2013. Slide 84... and as opposed to the past 10 years, returns come with dispersion and volatility making active management of these yields a valuable part of a total Fixed Income allocation... 1. Source: Bloomberg as of 5/26/2023. Slide 85-Multiple tools are now available to provide return, diversification, and stability to complement a broad investment portfolio... 1. Source: Bloomberg as of 5/22/2023. 2. Source: Bloomberg as of 12/31/2022. Slide 86 - Diversity and connectivity of our fixed income platform enables us to deliver outcomes for clients and grow our share AUM as of 3/31/23. 1. BlackRock 87#88Indices 1-3Y IG - Bloomberg US Corporate 1-3 Yr Index AAA CMBS = Bloomberg CMBS Investment Grade: AAA Total Return Index ABS Bloomberg US Agg ABS Index Brazil 2Y = Brazil Government Generic Bond 2 Year CMBS = Bloomberg US Agg CMBS Index Deposits + MMF = Bloomberg US Treasury Bills: 1-3 Months EMBI BB = JP Morgan EMBI Diversified Credit BB Index EUR HY B = Bloomberg Euro HY B Rating Only Index EUR HY BB = Bloomberg Euro HY BB Rating Only Index EUR IG 1-3Y= Bloomberg Euro-Aggregate: Corporate 1-3 Year TR CHF Index EUR IG 3-5Y = Bloomberg Euro-Aggregate: Corporate -- 3-5 Year TR CHF Index EUR IG 7-10Y = Bloomberg Euro-Aggregate: Corporate- - 7-10 Year TR CHF Index European Agg=- Bloomberg Pan-European Aggregate Index = Global Agg - Bloomberg Global-Aggregate Index Global Emerging Markets = Bloomberg EM Hard Currency Aggregate Index IG - Bloomberg US Corporate Index Japan Agg - Bloomberg Japanese Aggregate Index MBS = Bloomberg US MBS Index = MBS 30 - Bloomberg US MBS 30 Yr Mexico 2y = Mexico Generic 2 Year = Munis - Bloomberg Municipal Bond Index S&P=S&P 500 Index Treasury (1-3Y) = Bloomberg US Agg 1-3 Year US 10Y = US Generic Govt 10 Yr US 3m US Generic Govt 3 Mth US 6m = US Generic Govt 6 Mth = US Agency - Bloomberg US Agg Agency Index US Aggregate = Bloomberg US Aggregate Index US HY = Bloomberg US Corporate High Yield Index US IG 10Y = JP Morgan JULI 10 Yr Index US IG 3Y = JP Morgan JULI 3 Yr Index = US Long Corp - Bloomberg US Long Credit Index US MBS = Bloomberg US MBS Index US Securitized - Bloomberg US Securitized: MBS/ABS/CMBS Index US Treasury = Bloomberg US Treasury Index US CMBS Aggregate = Bloomberg CMBS Investment Grade Index US Corp BB = Bloomberg Ba US High Yield Index BlackRock 88#89Edwin Conway Global Head of Equity Private Markets BlackRock Private Markets: Essential building blocks of the modern portfolio Investor Day 2023#90BlackRock alternatives $83B $320B alternatives client assets¹ Organic growth and revenue $102B 3-year average 12% organic asset growth³ $156B 3-year gross fundraise² $412M 3-year net new base fees³ Private markets? $81B Hedge funds and hedge fund solutions Liquid credit $2.2B 2022 Revenue5 Note: For footnoted information, refer to slide 99. BlackRock 10% 3-year average organic base fee growth4 3-year CAGR6 12% 90#91We have designed a private markets platform that seeks to deliver outperformance and investment outcomes for clients BlackRock. BlackRock Private Markets $156B client assets $30B $30B $46B $38B Infrastructure Private equity Real estate Private credit Note: For footnoted information, refer to slide 99. BlackRock $12B Multi-alternatives 91#92Our Private Markets platform has delivered double-digit growth in client assets and revenue Private markets client assets ($B)¹ +16% CAGR I I I | Private markets revenue ($M)¹ +26% CAGR $1,037 $876 296 I $660 208 $624 I I 83 I 136 | $418 I 70 | 741 668 $222 I 577 I 488 21 I 348 201 2022 1Q23 $152 $156 $138 $110 $98 $83 2018 2019 2020 2021 2022 1Q23 2018 2019 2020 2021 Base Fees Performance Fees Note: For footnoted information, refer to slide 99. BlackRock 22 92#93Well positioned for future revenue growth Committed capital ($M) Gross carried interest balance ($M)³ Ongoing fundraising and deployment $33B committed but not yet deployed capital¹ + $483 $260M future annual base fees² and additional carry potential Note: For footnoted information, refer to slide 99. BlackRock 2019 $1,458 +40% CAGR 1Q23 + Target doubling private markets revenue in 5 years Multi-alternatives platform providing: Access to high quality opportunities Improved transparency An integrated view 93#94Industry AUM is expanding as investors continue to increase allocations to private markets Investor asset allocations to private alternatives¹ Institutions LEJL J Expected 2025 Allocations | 28-30% ! 26-28% Endow. | 20-22% | 18-20% I 16-18% SWF 13-15% Wealth 15-17% 11-13% Private markets industry assets expected to grow to $18T by 20272 2021 2027E CAGR - +13% Infrastructure $9 +15% CAGR $4 8-10% +12% CAGR $18 +11% 4-5% 2-3% 3-5% DB Insurers UHNW HNW 2015 2021 2027E Note: For footnoted information, refer to slide 99. BlackRock Private credit +10% Private equity +8% Real estate 94#95Our flagship franchises are steadily scaling Fundraising on track to meet 2021 investor day target ($B)¹ Successfully scaling successor funds ($B)² $82B Raised Investor Day 2021 $100B+ 3-year gross fundraise target from '21–’23 Note: For footnoted information, refer to slide 99. BlackRock $3 $2 $1 $1 $5 $5 $7.5 $7.0 Fund I Fund II Fund III Fund IV Targets Diversified Infrastructure Climate Infrastructure 95#96Our differentiated deal flow¹ in private markets is a key driver of performance and our value proposition to clients We tap into the broader BlackRock ecosystem to drive fund performance and help our clients meet their objectives with whole portfolio solutions Sample BlackRock private markets deals³ Traveloka Private credit Sponsor Connectivity Structuring Virgin Voyages Capabilities Private credit ~9,000 Deals reviewed in 20222 ~5% Deals invested² Corporate Partnerships Scale Platform Deployment Additional Value Creation Gigapower - BLK Infra + AT&T Infrastructure Waratah Super Battery Infrastructure Summit Companies Private equity Note: For footnoted information, refer to slide 99. BlackRock 96#97These differentiated capabilities continue to translate into long- term investment performance, driving outcomes for clients Net IRR of select flagship strategies, most recent vintages Long Term Private Capital (private equity flagship) Diversified Infrastructure Climate Infrastructure 31.6% Long Term Private Capital 13.5% BlackRock Global Infrastructure Fund III 11.1% Global Renewable Power Fund III Note: This slide depicts the performance since inception of the predecessor vehicles for flagship BlackRock Alternatives strategies which may be broadly marketed, and as such is a non-representative subset of the larger universe of strategies managed. This excludes funds that are too early to have meaningful performance. Past performance is not indicative of future results. Diversified infrastructure and Climate Infrastructure are predecessor funds, Long term private capital is open ended and represents current performance. Past performance is not indicative of future results. BlackRock 97#98Positioned to lead the industry in constructing whole portfolios across public and private markets on behalf of clients Whole Portfolio Multi-Alternatives Solutions Integrated view of underlying drivers of risk & return across public and private markets Access & Capital Markets Wide and deep industry footprint to source and underwrite transactions, and deliver outperformance Partnership Grounded in solving client needs Evolving to drive better investment outcomes for clients Technology Aladdin and eFront deliver investment insights drawn from public and private markets data Deliver alpha generating private market investment strategies to clients at scale Leverage new structures and partnerships to provide alternatives to wealth clients Be the leading transition capital private markets provider Build whole portfolio client solutions BlackRock 98#99End notes These notes refer to the financial metrics and/or defined term presented on: Slide 90 BlackRock alternatives 1. 2. 3. 3456 Client Assets figures as of 3/31/23. Client assets includes AUM and non-fee paying committed capital. Committed capital are non-fee paying and are not included in AUM. These commitments are expected to generate fees and will be counted in AUM and flows as the capital is deployed over time. Represents last three years ending 12/31/22. Gross fundraising includes assets counted in net inflows and committed capital. Committed capital that earns fees during the commitment stage is included in net flows and AUM. Fundraising data includes alternative solutions, hedge fund solutions, private equity solutions, opportunistic and private credit, Long Term Private Capital, real estate and infrastructure. Represents last three years ending 3/31/23. Organic asset growth rate calculated by dividing net asset inflows over beginning of period assets. Represents last three years ending 3/31/23. Organic base fee growth rate calculated by dividing net new base fees earned on net asset inflows by the base fee run-rate at the beginning of period. Revenue includes base, securities lending and performance fees. 4. 5. 6. 3-year CAGR represents compounded annual growth rate for three years ending in 2022. 7. Private Markets represents illiquid alternatives. Slide 91 - We have designed a private markets platform that seeks to deliver outperformance and investment outcomes for clients Note: Client assets figures as of 3/31/23. Client assets includes AUM and non-fee paying committed capital. Slide 92 - Our Private Markets platform has delivered double digit growth in client assets and revenue Source: BlackRock as of 3/31/23. 1. Slide 93 Well positioned for future revenue growth 1. 2. 3. Committed capital as of 3/31/23. Committed capital are non-fee paying and are not included in AUM. These commitments are expected to generate fees and will be counted in AUM and flows as the capital is deployed over time. Based on fee rates as of 3/31/23. Past fee rates and future assumptions may not be indicative of future results. Future base fees expected to materialize as we deploy committed capital. Reflects gross deferred carried interest liability as disclosed in BlackRock Form 10-Ks and 10-Q for the applicable time period. Slide 94 - Industry AUM is expanding as investors continue to increase allocations to private markets 1. 2. Source: Oliver Wyman: Allocations as of 2020. https://www.oliverwyman.com/our-expertise/insights/2021/jun/competing-for-growth.html. Source: Preqin "The Future of Alternatives in 2027" Report. Private Markets include Total Alternatives excluding Hedge funds. Slide 95 - Our flagship franchises are steadily scaling 1. 2. Gross Fundraise figures from 1/1/21 through 3/31/23. Fund targets are not guaranteed and subject to change. Diversified and Climate Infrastructure funds I through III are closed. Slide 96 - Our differentiated deal flow in private markets is a key driver of performance and our value proposition to clients 1. 2. 3. Differentiated deal flows refers to deal sourcing that is proprietary or part of a limited investor process. Source: BlackRock. Figures for 2022. Deal examples reflect recent, publicly known investments across H2 2022 and Q1 2023 corresponding with the relevant BlackRock capability. Deal examples are not indicative of all sourced or funded deals. BlackRock 99#100BlackRock Dickon Pinner Head of Transition Capital Jessica Tan Head of Sustainable and Transition Solutions Transition Investing: Unlocking new markets for clients Investor Day 2023#101The transition to a low-carbon economy will transform economies, sectors, and business models... Technology 79% Reduction in battery costs over the past decade¹ Consumer preferences 40% Electric vehicle share of global passenger vehicle sales by 20302 Policy >$470B U.S. pledged transition funding³ ~€635B EU pledged climate funding³ Note: For footnoted information, refer to slide 111. BlackRock 101#102...and we expect the transition to spur significant capital investment 2015-2021 2023 - 2050 $2.3 Trillion invested per year on average in energy supply and demand, increasing to...1 $3.5-4 Trillion invested per year on average through 2050, across high and low carbon² Note: For footnoted information, refer to slide 111. BlackRock 102#103The transition requires connecting sources of capital to investible transition opportunities globally BlackRock Sources of capital Financial world BlackRock Uses of capital Physical world Enablers and facilitators 103#104This presents opportunities - and challenges - across the corporate lifecycle Transition Launch Transition Scale-up Venture Capital & Growth Equity Private Equity Direct Lending Venture Debt Note: Not an exhaustive list of financing instruments available in each of these categories. BlackRock Transition Infrastructure Core, Core+, and Value-Add Equity Infrastructure Debt Transition Public Markets Index & Active High Yield & Investment Grade 104#105Our approach to transition investing builds on our history of delivering investment outcomes for clients A 35-year track-record Anticipating client needs Consistent approach across platform Managing investment risk Investing for the long-term Building investor-centric analytics Working across the whole portfolio Opening new markets Client Choice We start with the client Performance We seek the best risk- adjusted returns within the mandates clients give us Research We underpin our work with research, data, and analytics BlackRock 105#106Our $100B+ transition platform spans asset classes BlackRock Transition Investing¹ Index $50B Active $40B Private Markets $17B Note: For footnoted information, refer to slide 111. Whole portfolio advisory Proprietary research, technology, & analytics Corporate network & sourcing capabilities BlackRock 106#107BlackRock's options across index and active allow clients to invest in the transition to a low-carbon economy based on their investment objectives Index Broad Paris Aligned Benchmark strategies Climate Transition Benchmark Targeted Self-Driving EV and Tech strategies Green Bonds Clean Energy Note: Not an exhaustive list of products available in each of these categories. BlackRock Active Low Carbon Transition Readiness Future of Transport Circular Economy Sustainable Energy 107#108We have a diversified private markets platform · with more in the pipeline Private Markets Our teams Decarbonization Partners Late venture capital/early-stage growth equity investments that advance decarbonization solutions Climate Infrastructure Renewable power generation assets, transition-enabling infrastructure, and climate-related investments in emerging markets BlackRock Diversified Infrastructure Capitalizing on decarbonization, decentralization, and digitalization 108#109BlackRock provides clients with access to global transition investment opportunities Americas¹ CO2 Capture Battery Storage Renewable Natural Gas Hydrogen/Carbon Black Solar PV Note: For footnoted information, refer to slide 111. BlackRock Waste Management EMEA¹ Gas & Blue Hydrogen Transmission & Battery Storage EV Charging LNG Carriers Onshore Wind APAC¹ Offshore Wind Solar PV Renewables Portfolio Battery Storage Pipeline 109#110Our whole portfolio transition platform helps our clients navigate and invest in the transition to a low-carbon economy Service Access Expertise Deliver as One BlackRock BlackRock 110#111End notes All $ figures in this presentation are given in USD. These notes refer to the financial metrics and/or defined term presented on: Slide 101 The transition to a low-carbon economy will transform economies, sectors, and business models... Bloomberg NEF, Top 10 Energy Storage Trends in 2023. 1. 2. 3. BloombergNEF, Electric Vehicle Outlook 2022. This figure reflects the report's Economic Transition Scenario. BII, Rocky Mountain Institute, and European Commission, December 2022. Slide 102...and we expect the transition to spur significant capital investment 1. 2. International Energy Agency, World Energy Investment 2023. BlackRock Investment Institute Transition Scenario, June 2023. Slide 106 Our $100B+ transition platform spans asset classes 1. Transition AUM: Private market funds and transition deals and public market portfolios whose principal strategy either through portfolio objective or investment selection focuses on preparing for, being aligned to, benefitting from and/or contributing to the transition to a low carbon economy. Some transition projects may be in funds that also invest in non-transition assets. Investments are made by BlackRock's funds, and it is generally not possible to invest directly into a single project. Slide 109 - BlackRock provides clients with access to global transition investment opportunities 1. BlackRock, March 2023. The selected highlighted investments illustrate various BlackRock Investment Teams' capabilities across various sectors and markets. BlackRock 111#112Mark Wiedman Head of the Global Client Business BlackRock Bringing it together for clients Investor Day 2023#113What we deliver to clients Institutions (~46% of revenue)¹ Defined benefit Defined contribution Asset managers Insurers Sovereign wealth funds Central banks Family offices Foundations & endowments Platform as a service Outsourcing Aladdin Units of trust Active Transition iShares Private markets Bonds Custom models Whole portfolios Wealth (~54% of revenue)¹ Wealth managers Private banks Independent advisors Retail banks Brokers Digital platforms/ Individual investors Corporate treasurers Note: For footnoted information, refer to slide 118. BlackRock 113#114Look deeper... Portfolio reset amid regime change From products to whole portfolios Data and analytics Customization Professionalization Yield and cash Client trends Thirst for private markets Rising rates and inflation What clients want Do more with fewer Investments and... • • Portfolio counsel Commercial advice and help • Technology . Operating efficiency BlackRock Rise of the digital investor Outsourcing Margin pressure Sustainable investing / transition to low carbon economy A more intimate relationship 114#115Our mission: deepening partnerships with our clients across investment and commercial needs BlackRock Product provider Portfolio constructor Strategic consultant Business co-builder 115#116Global strategy, locally delivered Bringing One BlackRock together 4. Lead as 2. whole Drive e portfolio advisor the global leader in sustainable Markets growth inv Private 1. Alpha at the heart AladdinⓇ Note: For footnoted information, refer to slide 118. BlackRock ETFs Where the magic happens¹ 116#117How we grow with clients - our 5% ambition 2019-2022 (average) 2023-2027 (projected/ target) Industry organic asset growth 1,2,3 3% 3% Industry organic base fee revenue growth 1,2,3 4% 3% BlackRock organic base fee revenue growth 1,4 5% 5% Target BlackRock share of industry base fee revenues¹,4 2.8% 3.1% Target Note: For footnoted information, refer to slide 118. Past performance not indicative of future results. BlackRock 117#118End notes These notes refer to the financial metrics and/or defined term presented on: Slide 113 - What we deliver to clients 1. Revenue as of fiscal year 2022. Revenue includes base, securities lending and performance fees. Slide 116 Global strategy, locally delivered 1. Source: BlackRock. Office locations as of 12/31/2022. Slide 117 How we grow with clients - our 5% ambition Industry & BlackRock representative of Long-Term mandates only. Industry Sources (2019-2022): Simfund for U.S. MFS, Broadridge for non-U.S. MFs and global Institutional; GBI for global ETFs, HFR for global HFs, Cerulli for Wealth SMAs, Preqin for Illiquid Alts. 1. 2. 3. Industry Sources (Projection): Estimates based on McKinsey. Excludes beta. 4. BlackRock (Target): Assumes 5% organic base fee growth from 2023-2027. Excludes beta. Share of industry target assumes industry base fee organic growth from 2023-2027 of 3%, see note 3 above. Target figures are subject to risks and there is no guarantee that such growth rates will be achieved in the time periods described. BlackRock 118#119BlackRock Martin Small Chief Financial Officer and Global Head of Corporate Strategy Driving value for our shareholders Investor Day 2023#120We have a longstanding framework for delivering shareholder value BlackRock Organic growth + Operating leverage Capital + management EPS growth 120#121Successful execution of our financial framework Organic growth 5% organic asset growth¹ 5% organic base fee growth² 1/1/18 - 12/31/22 Operating margin (as adj.) 46.8% in 2021 44.1% 20173 Primarily 2022 beta 42.8% impact 2022 Capital management $7.9 billion shares repurchased (7)% share count reduction $10.00 2017 Dividend 10% CAGR $19.52 2022 Dividend Note: Represents as adjusted operating margin. 2017 operating margin, as adjusted, does not reflect the updated definition effective beginning in 1Q22. Periods subsequent to 2017 reflect the updated definition of operating margin, as adjusted. For reconciliation between GAAP and as adjusted, see the previously filed Forms 10-K, 10-Q and 8-K and the appendix to this presentation on slide 137. For footnoted information, refer to slide 135. BlackRock 121#122Organic asset growth higher and less volatile than peers Organic asset growth¹ 5% BLK 5% BLK organic base fee growth (1%) 1% 1% 7% 5% Standard deviation¹ 9% 6% 7% 5% 5% 4% 4% 3% (5%) (6%) A B C D E F G Traditional Asset Manager Peers Captive Peers BLK Represents the 5-year average of BlackRock's 5 largest U.S. publicly traded asset management peers and 2 captive asset managers Note: For footnoted information, refer to slide 135. BlackRock A B _ C D E Traditional Asset Manager Peers LL F G Captive Peers 122#123Diversified platform supports 5% organic base fee growth target 7% 3-Year Average BlackRock Organic Base Fee Growth² Effective Fee 17 8 31 Rates (bps)¹ 14% 27 40 67 12 19% 12% 3-Year Avg Organic Base Fee Growth 7% 6% 4% 6% Rates² Strategic Core Equity 1% Precision ETFs Active ex-Illiquid Alts4 Illiquid Cash Alts Non- ETF Index Tech5 (FY 2022) % Contribution to 2022 Revenue³ Note: For footnoted information, refer to slide 135. BlackRock 35% 38% 6% 5% 8% 8% 123#124Our ability to meet client needs across a variety of market environments continues to scale our AUM 9% CAGR Net inflows ($B) $540 $429 $367 $391 $307 $3.8T $194 $202 $120 $150 $124 $110 Market / FX movements ($B) $1,025 $770 $856 $752 $386 $385 $134 $220 ($159) ($464) ($1,722) 12/31/12 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1Q23 BlackRock $2.9T increase from net inflows $2.2T appreciation from markets/FX $9.1T 3/31/23 124#125Differentiated organic growth and margin over the long-term, with near-term results impacted by historic market headwinds 20121 2021 2022 $3.8T $9.3B 40.4% +163% $2.5T of net inflows AUM (14)% $10.0T $307B of net inflows $8.6T Revenue 1 +109% $19.4B (8)% $17.9B +640bps¹ 1 46.8% (400)bps Note: Represents as adjusted operating margin. For reconciliation between GAAP and as adjusted, see the previously filed Forms 10-K, 10-Q and 8-K and the appendix to this presentation on slides 137. For footnoted information, refer to slides 135. BlackRock Margin as adj. 42.8% 125#126Consistent capital management policy to invest first and then return cash to shareholders Prioritization of cash use Organic business investments G&A Headcount Seed & Co-invest Tactical acquisitions & strategic minority investments Dividends Share repurchases Note: For footnoted information, refer to slide 135. BlackRock Cash payout & payout ratio¹,2 (Figures in $B) 94% 84% 84% 76% 63% $4.9 $3.6 $3.8 $3.8 $3.7 2018 2019 2020 2021 Dividends and share repurchases 2022 Payout ratio 126#127Using our balance sheet to support profitable growth Seed¹ Revenues from seeded funds ($B) $0.9 $1.8 26% Seed portfolio ($B) $1.9 2017 Note: For footnoted information, refer to slide 135. BlackRock $2.3 2022 Co-invest¹ Revenues from co-invested funds ($B) $0.2 $0.82 IRR on shareholder Co-investment portfolio ($B), including unfunded commitments $2.6 capital $0.7 2017 2022 25% IRR on shareholder capital 127#128Increasing co-investment portfolio as private markets scales, delivering revenue growth and profitability for shareholders Scaling private markets Private markets gross fundraise¹ ($B) $25 $23 $42 $35 Carry increasingly contributing to revenue Carry performance fees ($M) $75 $49 $159 $263 Significant potential performance fees Gross carried interest balance² ($M) $483 $1,458 2019 2020 2021 2022 2019 2020 2021 2022 2019 1Q23 Note: For footnoted information, refer to slide 136. BlackRock 128#129Inorganic investments accelerate organic growth, support strategic initiatives, and deliver return for shareholders Tactical acquisitions Technology EeFront CACHEMATRIX® Alternatives KREOS CAPITAL¹ FIRST RESERVE Energy Infrastructure TCP TENNENBAUM CAPITAL PARTNERS Strategic minority investments h Human Interest avaloq CIRCLE SPIDERROCK ADVISORS 1 NEX Treasury Infraestructura Insti BLACKROCK KELSO CAPITAL Global Distribution Whole Portfolio iCapital. scalable .CAPITAL CLARITY AI ENVESTNET citibanamex$ Asset Management aperio acorns 1. Subject to customary regulatory and closing conditions. Acquisition of Kreos Capital is expected to close in 3Q 2023, and minority investment in Avaloq expected to close in 2Q 2023. MEM BlackRock 129#130Steady dividend increases $20.00 $19.52 $16.52 $14.52 17% CAGR $13.20 $12.02 $10.00 $9.16 $8.72 $7.72 $6.72 $6.00 $5.50 $4.00 $3.12 $3.12 $2.68 $1.68 $0.80 $1.00 $1.20 2003¹ 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1Q23 Ann'd Note: For footnoted information, refer to slide 136. BlackRock 130#131Share repurchase program since 2013 171M shares outstanding 12/31/12 (13)% $13B+ repurchased Note: For footnoted information, refer to slide 136. BlackRock 150M shares outstanding 12/31/22 $428 average price per share +15% compound annual return1 131#132BlackRock has delivered differentiated organic base fee growth across various market environments... S&P 500 Returns 30% 11% (1)% 10% 19% (6)% 29% 16% 27% (19)% 6% 6% 5% Organic base fee growth¹ 1% 7% 7% 5% 2% 11% Avg: 5% 0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YoY as adj. 100 150 margin A (bps)2,3 90 90 30 150 (10) 50 80 (400) Note: 2012-2017 operating margin, as adjusted, do not reflect the updated definition effective beginning in 1Q22. Periods subsequent to 2017 reflect the updated definition of operating margin, as adjusted. For further information and reconciliation between GAAP and as adjusted operating margin, see the previously filed Form 10-Ks, 8-Ks, earnings releases and the presentation appendix on slides 137. For footnoted information, refer to slide 136. BlackRock 132#133...driving BlackRock stock outperformance over the long-term Total return to shareholders¹ 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 3/31/23 BLK S&P 500 Large-Cap Traditional Peers Note: For footnoted information, refer to slide 136. BlackRock 319% 251% 106% 133#134Capital management BlackRock will continue to invest and leverage our scale to drive long-term shareholder value Access 1BLK Platform Organic growth Operating leverage + EPS growth BlackRock Expertise Service 134#135End notes These notes refer to the financial metrics and/or defined term presented on: Slide 121 Successful execution of our financial framework 1. 2. 3. Organic asset growth rate is calculated by dividing net asset inflows over beginning of period assets. 5% reflects average over the 5-year period. 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. 5% reflects average over the 5-year period. Beginning in the first quarter of 2022, the Company updated its definition of operating income, as adjusted, operating margin, as adjusted, and net income attributable to BlackRock, Inc., as adjusted, to include adjustments related to amortization of intangible assets, other acquisition-related costs, including compensation costs for nonrecurring retention-related deferred compensation, and contingent consideration fair value adjustments incurred in connection with certain acquisitions. For further information, please see pages 37-38 of our 2022 Form 10-K. 2017 results do not reflect updated definition for operating margin, as adjusted. The company estimates that for 2017, such adjustments primarily include amortization of intangible assets and acquisition-related compensation costs of $89 million and $20 million, respectively, and that the adjustments for acquisition-related transaction costs and contingent consideration fair value adjustments are not material. Slide 122 Organic asset growth higher and less volatile than peers 1. Organic asset growth and standard deviation represents quarterly organic asset growth rates from 1/1/18 - 12/31/22. Organic base fee growth for BlackRock represents quarterly organic base fee growth rates from 1/1/18 - 12/31/22. Peer organic growth rates and standard deviation calculated from information available in public filings. Slide 123 Diversified platform supports 5% organic base fee growth target Effective fee rate for 2022. Effective fee rate represents base fees and securities lending revenue earned on total average AUM. Total average AUM 2022 is calculated as the 13-point average of the month-end spot AUM amounts. 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 LTM average organic base fee growth represents average for trailing twelve months for 1Q21, 1Q22, and 1Q23. 1. 2. 3. 4. 5. Slide 125 345 1. Percentage revenue contribution for 2022 includes base fees, securities lending, performance fees and technology services revenue. Includes all active strategies excluding illiquid alternative. Represents Technology Services Revenue. 3-year average growth rate represents CAGR for the three years ending in 2022. Differentiated organic growth and margin over the long-term, with near-term results impacted by historic market headwinds 2012 information reflects accounting guidance prior to the adoption of the new revenue recognition standard. For further information, refer to Note 2, Significant Accounting Policies, in the consolidated financial statements in our 2018 Form 10-K. Slide 126 Consistent capital management policy to invest first and then return cash to shareholders Dividend and share repurchases from BlackRock's Form 10-K for each applicable year. 1. 2. Payout ratio equals (total dividends and share repurchases)/(GAAP net income). Slide 127 Using our balance sheet to support profitable growth 1. 2. Revenues from products that have received seed or co-investments over $1M in 2009 through 2022. Revenue includes base and performance fees. Portfolio value for as of year-end for both time periods. 2022 revenue includes ~$260M of future annual base fee from $33B of committed capital. BlackRock 135#136End notes These notes refer to the financial metrics and/or defined term presented on: Slide 128 Increasing co-investment portfolio as private markets scales, delivering revenue growth and profitability for shareholders 1. 2. Gross fundraising includes assets counted in net inflows and committed capital. Committed capital that earns fees during the commitment stage is included in NNB and AUM. Fundraising data includes alternative solutions, hedge fund solutions, private equity solutions, opportunistic and private credit, Long Term Private Capital, real estate and infrastructure. Reflects gross deferred carried interest liability as disclosed in BlackRock form 10-Ks and 10-Q for the applicable time period. Slide 130 Steady dividend increases 1. 2003 dividend per share is annualized. Slide 131 Share repurchase program since 2013 1. Represents time period from 12/31/12 to 12/31/2022. Slide 132 BlackRock has delivered differentiated organic base fee growth across various market environments... 1. 2. 3. 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. 2013 to 2015 information reflects accounting guidance prior to the adoption of the new revenue recognition standard. For further information, refer to Note 2, Significant Accounting Policies, in the consolidated financial statements in our 2018 Form 10-K. 2018 to 2021 reflects recast financials for updated definition of operating income, as adjusted, operating margin, as adjusted, and net income attributable to BlackRock, Inc., as adjusted, to include adjustments related to amortization of intangible assets, other acquisition-related costs, including compensation costs for non-recurring retention-related deferred compensation, and contingent consideration fair value adjustments incurred in connection with certain acquisitions. For further information, please see pages 37-38 of our 2022 Form 10-K. Slide 133 ...driving BlackRock stock outperformance over the long-term 1. 2. Source: FactSet as of 3/31/2023. Total return assumes reinvestment of all dividends. Past performance is not indicative of future results. Note: Large-Cap Traditional Peers refers to publicly traded large-cap asset managers (AB, AMG, BEN, IVZ and TROW). BlackRock 136#137Amortization of intangible assets Acquisition-related compensation costs Acquisition-related transaction costs Contingent consideration fair value adjustments U.K. lease exit costs Lease cost - Hudson Yards Compensation expense related to appreciation Reconciliation between GAAP and as adjusted ($mm, except per share data) Operating income Operating Income, GAAP basis Non-GAAP expense adjustments: Restructuring charge 2012 1,2 1,2 2013 1,2 2014 2015 1,2 2016 2017 2 2018 2 2019 2 2 2 2020 2021 2022 2 $3,524 $3,857 $4,474 $4,664 $4,565 $5,254 $5,457 $5,551 $5,695 $7,450 $6,385 76 60 91 50 97 106 147 151 37 65 20 88 24 18 18 65 53 23 34 3 (8) 28 57 6 10 7 1 (depreciation) on deferred compensation plans Reduction of indemnification asset - 50 Charitable Contribution 124 589 Contribution to STIFS PNC LTIP funding obligation Operating Income, as adjusted Product launch costs and commissions 30 22 3,574 25 33 32 30 28 4,024 4,563 4,695 4,669 15 5,269 Operating income used for operating margin measurement 3,599 18 $4,042 11 $4,574 5 $4,700 $4,669 $5,269 14 5,701 13 $5,714 5,784 61 $5,845 6,433 172 7,747 284 6,711 6 $6,605 $8,031 $6,717 Revenue Revenue, GAAP basis Distribution fees Investment advisory fees 9,337 (71) (348) Revenue used for operating margin measurement 8,918 Operating margin, GAAP basis Operating margin, as adjusted 37.7% 40.4% $10,180 (73) (332) $9,775 37.9% 41.4% $11,081 (70) (350) $10,661 40.4% 42.9% $11,401 (55) (402) $10,944 40.9% 42.9% $12,261 (1,198) (410) $10,653 37.2% 43.8% $13,600 (1,183) (480) $11,937 38.6% 44.1% $14,198 (1,155) (520) $12,523 38.4% $14,539 $16,205 45.6% (1,069) (616) $12,854 38.2% 45.5% (1,131) (704) $14,370 35.1% 46.0% $19,374 (1,521) (679) $17,174 38.5% $17,873 (1,381) (798) $15,694 35.7% 46.8% 42.8% Note: For additional information on the non-GAAP expense adjustments and explanations on the use of non-GAAP measures, see BlackRock's Form 10-K for the applicable period. 2012 to 2015 information reflects accounting guidance prior to the adoption of the new revenue recognition standard. For further information, refer to Note 2, Significant Accounting Policies, in the consolidated financial statements in our 2018 Form 10-K. 1. 2. Beginning in the first quarter of 2022, the BlackRock updated its definition of operating income, as adjusted, operating margin, as adjusted, and net income attributable to BlackRock, Inc., as adjusted, to include adjustments related to amortization of intangible assets, other acquisition-related costs, including compensation costs for nonrecurring retention-related deferred compensation, and contingent consideration fair value adjustments incurred in connection with certain acquisitions. Information from 2018 to 2022 reflects updated definitions. 2012 to 2017 does not reflect updated definitions. For further information, please see pages 37-38 of our 2022 Form 10-K. BlackRock 137#138Important notes The opinions expressed herein are as of June 2023 and are subject to change at any time due to changes in the market, the economic or regulatory environment or for other reasons. The information should not be construed as research or relied upon in making investment decisions or be used as legal advice. 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. This material may contain 'forward-looking' information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. The information and opinions contained herein are derived from proprietary and non-proprietary sources deemed by BlackRock to be reliable, but are not necessarily all inclusive and are not guaranteed as to accuracy or completeness. Certain of the information presented herein is for illustrative purposes only. No part of this material may be reproduced, stored in any retrieval system or transmitted in any form or by any means, electronic, mechanical, recording or otherwise, without the prior written consent of BlackRock. This material is solely for informational purposes and does not constitute an offer or solicitation to sell or a solicitation of an offer to buy any shares of any fund (nor shall any such shares be offered or sold to any person) in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that jurisdiction. Investing involves risks including possible loss of principal The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock"). ©2023 BlackRock, Inc. All rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, BUILD ON BLACKROCK, ALADDIN, ISHARES, iBONDS, IRETIRE, LIFEPATH, SO WHAT DO I DO WITH MY MONEY, INVESTING FOR A NEW WORLD, BUILT FOR THESE TIMES, FutureAdvisor, Cachematrix, eFront, the iShares Core Graphic, CORI and the CORI logo are registered and unregistered trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners. © 2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Performance notes Past performance is not indicative of future results. Except as specified, the performance information shown is as of March 31, 2023 and is based on preliminary data available at that time. The performance data shown reflects information for all actively and passively managed equity and fixed income accounts, including U.S. registered investment companies, European-domiciled retail funds and separate accounts for which performance data is available, including performance data for high net worth accounts available as of February 28, 2023. The performance data does not include accounts terminated prior to March 31, 2023 and accounts for which data has not yet been verified. If such accounts had been included, the performance data provided may have substantially differed from that shown. Performance comparisons shown are gross-of-fees for institutional and high net worth separate accounts, and net-of-fees for retail funds. The performance tracking shown for index accounts is based on gross-of-fees performance and includes all institutional accounts and all iSharesⓇ funds globally using an index strategy. AUM information is based on AUM available as of March 31, 2023 for each account or fund in the asset class shown without adjustment for overlapping management of the same account or fund. Fund performance reflects the reinvestment of dividends and distributions. Performance shown is derived from applicable benchmarks or peer median information, as selected by BlackRock, Inc. Peer medians are based in part on data either from Lipper, Inc. or Morningstar, Inc. for each included product. BlackRock 138