Growth and Transition Strategy Update

Consistent capital management policy to invest first and then return cash to shareholders Prioritization of cash use Organic business investments G&A Headcount Seed & Co-invest Tactical acquisitions & strategic minority investments Dividends Share repurchases Note: For footnoted information, refer to slide 135. BlackRock Cash payout & payout ratio¹,2 (Figures in $B) 94% 84% 84% 76% 63% $4.9 $3.6 $3.8 $3.8 $3.7 2018 2019 2020 2021 Dividends and share repurchases 2022 Payout ratio 126

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