Growth and Transition Strategy Update

BlackRock model growth outpacing the industry, with additional channels to drive growth U.S. Model Portfolio Solutions Industry¹ BLK outpaced the industry 4x Organic CAGR (2019-2021) U.S. Advisor Segments and Model Outsourcing2 Traditional model buyers 17% 7% 5% increasingly 20% saturated 67% % of assets that are outsourced models 10% Home Office Advisor Industry Model Industry 3rd-Party Model BLK Models 0% Industry 5% 7% 9% Note: For footnoted information, refer to slide 76. BlackRock Broker Dealers 11% 13% RIA 15% 17% Industry AUM Growth Rate 70

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