Growth and Transition Strategy Update

Asset 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

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