Growth and Transition Strategy Update

Organic 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

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