BlackRock Investor Day 2021

End notes IRH0621U/M-1675207-1/171 Slide 26 - BlackRock is investing through pricing to grow revenue and clients 1. Price investment is calculated by taking the difference between the previous fund expense ratio and the new fund expense ratio from 2015 through 2020, multiplied by fund assets under management at the time of the price reduction. Incremental revenue since price changes is the difference between run-rate revenue at the time of price cut (fund assets under management multiplied by new fund expense ratio) and 2020 year-end run-rate revenue (12/31/20 fund assets under management multiplied by current fund expense ratio). Slide 27 - More institutional investors are using fixed income ETFs 1. Fixed income holdings, as of 12/31/20, based on 13F filings and additional BLK internal data for EMEA and APAC regions. List of global top asset managers from ADV ratings (https://www.advratings.com/top-asset-management-firms). Slide 28 - Managing complexity at scale and with precision 1. 2. Source: Bloomberg. Usage percent increase as of 12/31/20. Tighter spreads range 12/31/2019 vs 12/31/20. Tracking vs ETF industry peers as of 02/28/21. Source: Bloomberg and BlackRock for full year 2020. There can be no assurance an active trading market for shares of an ETF will develop or be maintained. BlackRock 31

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