BlackRock Investor Conference Presentation Deck

ETF industry growth outlook Historic ETF Industry Growth Organic growth rate: 14% 13% 2014 13% 2015 18% $633 $376 $330 $349 $312 mili 2016 10% 2017 2018 1 YTD' Industry Net New Business ($bn) '14-'18 Avg: 13% ETF Industry AUM Projection $5tn 2018 Source: Markit, Bloomberg as of August 31, 2018 1 Year-to-date (YTD) through 8/31/18. Organic growth rate represents 8 months annualized. ETF Industry AUM projection for illustrative purposes only. Scenario calculations based on proprietary BlackRock estimates, May 2018. BLACKROCK® CAGR %: 20% 13-15% 10% Hot $12tn Warm $9-10tn Cool $7tn Industry hit $5tn (1/22/18) 2019E 2020E 2021E 2022E 2023E BI10918U-599462-1868978 12

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