Growth and Transition Strategy Update

... 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

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