Investing to Deliver Shareholder Value

Consistent organic growth drives value 2022 Organic asset growth vs P/E regression¹ 2022E Cash P/E 23x 20x 17x 14x 11x 8x B U Organic asset growth² BLK 6% BLK organic base fee growth 5x (5%) 0% 5% 10% 2022E Organic Asset Growth Note: For footnoted information, refer to slides 14-15. BlackRock IRH1221U/M-1946957-1/20 5% 1% 1% 0% BLK (6%) (6%) B C D E Traditional Asset Manager Peers Represents the average of BlackRock's 5 largest US publicly traded asset manager peers. 4

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