BlackRock Investor Conference Presentation Deck

Changing client needs align with higher industry projected growth rates (3%) Active Equity Lower Growth 1% Non-ETF Index 3% Active FI 3% Higher Growth 14% 13% Bundled Private Infrastructure Multi-Asset Debt 14% ETFs Total Industry IR1218U-683415-2109255 3% Source: McKinsey, Preqin and BlackRock estimates as of 12/31/17. Note: Industry data, excluding Private Debt and Infrastructure, based on McKinsey and represents projected annualized organic growth rates for 2018-2022. Private Debt and Infrastructure projected growth rates represents projected Industry assets CAGR from 2017-2023 per Preqin. 10

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