Growth and Transition Strategy Update
End notes
These notes refer to the financial metrics and/or defined term presented on:
Slide 43 - ETF & Index Investing at BlackRock is a scale growth platform
1. Source: BlackRock, as of March 31, 2023.
2. Source: BlackRock, as of March 31, 2023. Net new business (NNB) represents net asset inflows and organic revenue growth represents net new base fees (NNBF) earned on net asset inflows.
3. Source: BlackRock, as of March 31, 2023. Organic asset growth rate calculated by dividing net new business (NNB) over beginning of period AUM and averaging annual growth rates over the thirty-six month period.
4. Source: BlackRock, as of March 31, 2023. Organic revenue growth rate calculated by dividing net new base fees (NNBF) earned on net new business (NNB) by the base fee run-rate at the beginning of period and averaging annual
growth rates over the thirty-six month period.
5. Revenue includes base fees and from securities lending revenue.
Slide 44 BlackRock's ETF & Index Investing platform is differentiated
1. The nearly 40 million figure estimates the number of individual investors that are using iShares ETFs. Sources:
United States: Sources: Broadridge Financial Solutions, as of March 31, 2023. BlackRock estimate, as of March 31, 2023. Approximately 33 million people use iShares based on a ticker-level analysis of unique, anonymized
individual brokerage account numbers that hold at least one iShares ETF and have an account balance greater than $0.
Europe: Sources: Extra ETF, as of March 2022: "2026 ETF Savings Plans Market: How Retail Investors Invest in ETFs." BlackRock estimate, as of March 31, 2023. Approximately 50% of iShares clients in Europe invest in iShares
ETFs through savings plans.
2. Source: BlackRock, as of March 31, 2023.
Slide 45 - iShares generated high single-digit organic revenue growth, driven by strategic product segments
1. Source: BlackRock, Bloomberg, as of March 31, 2023.
2. Source: BlackRock, as of March 31, 2023. Effective fee rate represents the annualized effective fee rate, defined as run-rate base fees: individual product NAVS multiplied by individual product TER, aggregated and divided by total
segment assets under management.
3. Source: BlackRock, Bloomberg, as of March 31, 2023. Run-rate revenue represents the base fee run-rate at the beginning of period.
4. Source: BlackRock, for the thirty-six month period between April 1, 2020 and March 31, 2023. Organic revenue growth represents net new base fees (NNBF) earned on net asset inflows.
5. Source: BlackRock, as of March 31, 2023. Three year organic revenue growth rate calculated by dividing net new base fees earned on net asset inflows by the base fee run-rate at the beginning of period and averaging over the three
year period.
Slide 46 - iShares generated over $1.1 billion in organic revenue growth, more than the next three ETF issuers combined
1. Source: BlackRock, Bloomberg. Organic revenue growth represents annualized base fee revenue earned on net asset inflows. Data covers the period between April 1, 2020 to March 31, 2023.
Slide 47 - We expect the ETF industry to grow to $25T of AUM by 2030
1. Source: BlackRock, as of March 31, 2023.
2. Sources: Broadridge Global Advisory Services, as of May 31, 2023: "U.S. advisor sold asset management: this time it's personal". BlackRock, as of March 31, 2023: "A Model Moment for Asset Managers". Managed model portfolio
market sizing includes both ETF and non-ETF allocations within managed models.
3. Source: SIFMA Capital Markets Factbook, as of December 31, 2022. Figures represent the equity and bond market sizes globally.
4. Source: BlackRock, as of March 31, 2023. Estimates include 2025 and 2030 scenario calculations based on proprietary research. Subject to change. The figures are for illustrative purposes only and there is no guarantee the projections
will come to pass.
Slide 48 BlackRock's platform improves clients' access to investments and unlocks multiple trillion-dollar growth opportunities
1. 2030 represents target. Multi-trillion dollar growth opportunities described are for illustrative purposes only and are subject to change. There is no guarantee the figures will occur in the time periods described.
BlackRock
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