Investing in Strategic Growth Drivers and Accelerators

IRH0621U/M-1675207-1/171 BlackRock is investing through pricing to grow revenue and clients Invest 1.5-2.5% of ETF revenue annually in price changes Our pricing framework: Our pricing strategy is resulting in long-term revenue growth Impact of price investments, 2015-2020 ($M)¹: $800 Low Growth High Low Invest for market growth & leadership $600 $400 $200 Price $0 High sensitivity ($200) ($400) ($600) Price investment Incremental revenue since price changes Note: Pricing Framework for illustrative purposes only. For footnoted information, refer to slides 30-31. BlackRock 26

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