Investing in Strategic Growth Drivers and Accelerators

IRH0621U/M-1675207-1/171 We believe there are decades of growth ahead for ETFs ETFs have significant room to grow ETF penetration of the total equity and bond market and by client segment is still very low. We expect generational shifts to unlock new growth BlackRock's ETF business is different We believe our product breadth, client reach and investment engine are different and have generated differentiated and diversified revenue growth We are investing for the future We are investing in innovation - in our ability to manage scale and complexity across our investment engine and to connect it to the rest of the ETF and indexing ecosystem BlackRock 1 2 3 17

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