Growth and Transition Strategy Update

Using our balance sheet to support profitable growth Seed¹ Revenues from seeded funds ($B) $0.9 $1.8 26% Seed portfolio ($B) $1.9 2017 Note: For footnoted information, refer to slide 135. BlackRock $2.3 2022 Co-invest¹ Revenues from co-invested funds ($B) $0.2 $0.82 IRR on shareholder Co-investment portfolio ($B), including unfunded commitments $2.6 capital $0.7 2017 2022 25% IRR on shareholder capital 127

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