BlackRock Investor Conference Presentation Deck

Organic base fee growth outpacing organic asset growth 3Q14 Financials by Client Type $4.2 trillion 65% 23% 12% AUM ■ Institutional 2x $2.4 billion 30% iShares 35% 35% Base Fees ■ Retail Organic AUM & Base Fee Growth 1.9% 1.2% 2011(¹) 6.2% (0.1%) 2012 (2) 5.5% Note: AUM and base fees for long-term assets only which do not include cash management and advisory AUM. AUM as of 9/30/14. (1) Includes BGI merger-related outflows. (2) Includes the impact of two single client low-fee institutional index fixed income outflows in 2012. BLACKROCK® 3.4% 2013 5.8% 3.5% LTM ■ Organic AUM Growth Organic Base Fee Growth 6

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