Investor

Day 2023
Forward–looking Statements
This presentation, and other statements that BlackRock may make, may contain forward–looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to BlackRock’s future financial or business
performance, strategies or expectations. Forward looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,”
“estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” and similar expression.
BlackRock cautions that forward–looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward–looking statements speak only as of the date they are made, and BlackRock assumes
no duty to and does not undertake to update forward–looking statements. Actual results could differ materially from those anticipated in forward–looking statements and future results could differ materially from historical performance.
BlackRock has previously disclosed risk factors in its Securities and Exchange Commission (“SEC”) reports. These risk factors and those identified elsewhere in this report, among others, could cause actual results to differ materially from
forward–looking statements or historical performance and include: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) changes and volatility in political, economic or industry conditions, the
interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for products or services or in the value of assets under management (“AUM”); (3) the relative and absolute
investment performance of BlackRock’s investment products; (4) BlackRock’s ability to develop new products and services that address client preferences; (5) the impact of increased competition; (6) the impact of future acquisitions or
divestitures; (7) BlackRock’s ability to integrate acquired businesses successfully; (8) the unfavorable resolution of legal proceedings; (9) the extent and timing of any share repurchases; (10) the impact, extent and timing of technological
changes and the adequacy of intellectual property, data, information and cybersecurity protection; (11) attempts to circumvent BlackRock’s operational control environment or the potential for human error in connection with BlackRock’s
operational systems; (12) the impact of legislative and regulatory actions and reforms, regulatory, supervisory or enforcement actions of government agencies and governmental scrutiny relating to BlackRock; (13) changes in law and
policy and uncertainty pending any such changes; (14) any failure to effectively manage conflicts of interest; (15) damage to BlackRock’s reputation; (16) geopolitical unrest, terrorist activities, civil or international hostilities, including
the war between Russia and Ukraine, and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (17) a pandemic or health crisis, and related
impact on BlackRock’s business, operations and financial condition; (18) climate–related risks to BlackRock's business, products, operations and clients; (19) the ability to attract, train and retain highly qualified and diverse
professionals; (20) fluctuations in the carrying value of BlackRock’s economic investments; (21) the impact of changes to tax legislation, including income, payroll and transaction taxes, and taxation on products or transactions, which
could affect the value proposition to clients and, generally, the tax position of the Company; (22) BlackRock’s success in negotiating distribution arrangements and maintaining distribution channels for its products; (23) the failure by key
third–party providers of BlackRock to fulfill their obligations to the Company; (24) operational, technological and regulatory risks associated with BlackRock’s major technology partnerships; (25) any disruption to the operations of third
parties whose functions are integral to BlackRock’s exchange–traded funds (“ETFs”) platform; (26) the impact of BlackRock electing to provide support to its products from time to time and any potential liabilities related to securities
lending or other indemnification obligations; and (27) the impact of problems, instability or failure of other financial institutions or the failure or negative performance of products offered by other financial institutions.
BlackRock’s Annual Report on Form 10–K and BlackRock’s subsequent filings with the SEC, accessible on the SEC’s website at www.sec.gov and on BlackRock’s website at www.blackrock.com, discuss these factors in more detail and
identify additional factors that can affect forward–looking statements. The information contained on the Company’s website is not a part of this presentation, and therefore, is not incorporated herein by reference.
BlackRock reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP”); however, management believes evaluating the Company’s ongoing operating results may be enhanced if
investors have additional non–GAAP financial measures. Management reviews non–GAAP financial measures to assess ongoing operations and considers them to be helpful, for both management and investors, in evaluating
BlackRock’s financial performance over time. Management also uses non–GAAP financial measures as a benchmark to compare its performance with other companies and to enhance the comparability of this information for the
reporting periods presented. Non–GAAP measures may pose limitations because they do not include all of BlackRock’s revenue and expense. BlackRock’s management does not advocate that investors consider such non–GAAP financial
measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Non–GAAP measures may not be comparable to other similarly titled measures of other companies.
This presentation also includes non–GAAP financial measures. You can find our presentations on the most directly comparable GAAP financial measures calculated in accordance with GAAP and our reconciliations in the
appendix to this presentation, as well as BlackRock’s other periodic reports which are available on BlackRock’s website at www.blackrock.com. The information provided on our website is not part of this presentation, and
therefore, is not incorporated herein by reference.

Important Notes
As indicated in this presentation, certain financial information for 2012 to 2015 reflects accounting guidance prior to the adoption of the new revenue recognition standard. For further information, refer to Note 2, Significant Accounting
Policies, in the consolidated financial statements in our 2018 Form 10–K. Beginning in the first quarter of 2022, BlackRock updated its definitions of operating income, as adjusted, operating margin, as adjusted, and net income
attributable to BlackRock, Inc., as adjusted. Information from 2018–2022 reflects the updated definitions. Information for 2012–2017 does not reflect the updated definitions.
Please note this presentation includes footnotes. For footnoted information, including end notes regarding non–GAAP and other relevant information and reconciliation to GAAP, please open the full presentation PDF on BlackRock’s
website at www.blackrock.com.

2
 Martin Small
Chief Financial Officer and Global Head of Corporate Strategy

Strategy: Delivering
platforms for performance
to clients
Investor
Day 2023
Our strategy is serving clients with excellence
Who we serve1 How we serve them

40 million >$50 billion

People using iShares ETFs2 Invested across private
markets in last two years3
$9.1T
“Units of Trust”
35 million 130,000+
Americans with retirement Aladdin users5
assets managed by BLK4
 Wealth management
 Pension plans


Insurance companies
Governments & official institutions
1,300+ 400+
 Asset managers
 Corporate treasurers ETFs offered with 85+ new Leading insurers rely on
 Foundations, endowments & family offices ETFs launched in 20226 our product and services7
Note: For footnoted information, refer to slide 10.

4
We are a platform for performance

Delivering strong Providing scale across Translating our

investment asset management & efficiency
performance technology to savings
for our clients

Active AUM above peer Savings in fixed income

Private markets deals
81% median or benchmark for
5–yr period1
9,000 reviewed in 20223 25% execution costs vs. market
average5

Saved for iShares investors

165 4– and 5–star active funds2 3,000 Risk factors monitored
by Aladdin4 $600M through fee reductions
since 20156

Note: For footnoted information, refer to slide 10. Past performance is not indicative of future results.

5
BlackRock’s “cloud–like” platforms fuel value for clients

Trends with asset owners match industrial Cloud computing spend to grow ~1.5x vs.
change driving “on–prem” to “cloud” traditional IT from 2019 to 2025E
 Spend on cloud computing2
• Access innovation & scale  Spend on traditional IT2
• Faster deployment
30% 41% 51%
• Cost restructuring & efficiencies
• Improve business agility
• Enhance resilience
• Positive network effects

One BlackRock – Platform Use Cases 2019 2022 2025E

✓ EM exposures instantly access 24 countries1 ✓ Models–based advisors grow faster (vs. rep as
Model PM, brokerage)
iShares ✓ Derivatives replacement, reduce collateral Portfolios
management costs ✓ Reduce costs of maintaining in–house CIO staff

✓ Use scale of BLK trading, research, portfolio ✓ Move to unified tech stack
Institutional management & investment servicing
Outsourcing
Aladdin ✓ Positive network effects
✓ Cost variabilization & efficiency ✓ Opportunity for client margin premium

Note: For footnoted information, refer to slide 11.

6
Our strategy continues to deliver

$400B+ NNB generated from $100B+ AUM transition

mega–mandates1 in last 3 years investing platform4

$1.1B in 3–year ETF NNBF –

$82B in private markets more than the next three ETF
gross fundraising since 20212 issuers combined5
1. Alpha
at the
heart
8% 3–year Active average
12% 3–year organic asset growth driven
technology revenue CAGR3 by whole portfolio solutions6

Note: For footnoted information, refer to slide 11.

7
Bring strategy to life via access, expertise, and service

Markets, portfolios & advisory

1. Alpha
at the
Excellent performance, in
heart investments & operations

Sourcing, breadth & new markets

8
Asset management revenue remains highly fragmented

Asset Management1
Revenue share of top
3% Investment Banking2
8% Cloud Computing3
33%
firm in each industry:

3%
7%
26%
31%

Clients’
Whole
Portfolios
69%
74%

90%

 BlackRock  #2–5  The rest  Top 5  The rest  Top 5  The rest

Note: For footnoted information, refer to slide 11.

9
End notes
These notes refer to the financial metrics and/or defined term presented on:

Slide 4 – Our strategy is serving clients with excellence

1. AUM as of 3/31/2023. Client split as of FY2022.
2. Data as of 12/31/2022. Source: Broadridge, ExtraETF, AMF, Le Monde, Wisdom Tree, Finanzas, Italian Association of Asset Managers. The 40 million figure estimates the number of individual investors in iShares ETFs from
platform data across United States, European Union, United Kingdom, Canada, and Japan from the aforementioned sources. U.S. iShares investors estimated based on an empirical analysis of aggregate brokerage accounts in
the U.S. that hold iShares ETFs at the ticker level, and BlackRock estimates.
3. Refers to capital deployed from 1/1/2021 to 12/31/2022 in private markets strategies.
4. Data as of 12/31/2021. The overall number of Americans is calculated based on estimates of participants in BlackRock’s Defined Contribution (DC) and Defined Benefit (DB) plan clients. The Defined Contribution number is
estimated based on data from FERS as well as BrightScope for active participants across 401(k) and 403(b). Defined Contribution includes plans with over $100M+ in assets where participants have access to one or more
BlackRock funds; some may not be invested with BlackRock. The Defined Benefit number is estimated based on data from public filings and Pension & Investments for the total number of participants across the 20 largest U.S.
Defined Benefit plans that are not also Defined Contribution clients of BlackRock.
5. Data as of May 2023.
6. Data as of 12/31/2022.
7. Data as of 3/31/2023.

Slide 5 – We are a platform for performance

1. Source: BlackRock. Represents all active AUM for the 5–year period ending 3/31/2023. Please see appendix of this presentation for performance notes. Past performance is not indicative of future results. Please refer to page 12
of first quarter 2023 earnings release for performance disclosure detail.
2. Source: Morningstar Fund data as of 3/31/2023. Includes all BLK global active mutual funds (385 total). % AUM is calculated out of BLK funds that have any star rating, and does not include the AUM of non–rated funds as of
3/31/2023. Morningstar rates funds from one to five stars based on how well they’ve performed (after adjusting for risk) in comparison to similar funds. Within each Morningstar Category, the top 10% of funds receive five stars,
the next 22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star. Funds are rated for up to three time periods— three–, five–, and 10 years—and these ratings are combined to
produce an overall rating. Funds with less than three years of history are not rated. Ratings are objective, based entirely on a mathematical evaluation of past performance. They’re a useful tool for identifying funds worthy of
further research, but shouldn’t be considered buy or sell recommendations.
3. Source: BlackRock. Figures for 2022.
4. Source: BlackRock. Figures for 2022.
5. Source: BlackRock analysis of all Fixed Income High Yield and Investment Grade Credit, FX, and Equity trades excluding derivatives for 2022 as of 12/31/2022. BlackRock Execution Cost is the average difference between: the
actual price achieved on the trade and the benchmark price. For Equity and FX, benchmark price is the market price ,based on exchange data at the time when the PM submitted the order. For Fixed Income, benchmark price is the
previous day’s closing price. The Market Half Spread (or Expected Cost) is an estimate of the average execution cost of a market participant. For Fixed Income, Market Half Spread is estimated quarterly for each sector and
maturity bucket based on a consensus opinion of BlackRock traders as well as a set of over 10 broker dealers. For FX, brokers provide Market Half Spread quarterly on a consensus basis for each currency pair and size range. For
Equity, BlackRock calculates Market Expected Cost using an average of multiple independent broker models. Subject to change.
6. BlackRock as of December 2022. Cumulative cost–savings figure is calculated by taking the difference between the previous fund expense ratio and the new fund expense ratio from 2015 through December 2022, multiplied by
the fund assets under management at the time of the fund reduction. Methodology does not account for compounding savings over time.

10
End notes
These notes refer to the financial metrics and/or defined term presented on:

Slide 6 – BlackRock’s "cloud–like" platforms fuel value for clients

1. iShares exposures accounted for coming from total countries listed in MSCI EM Index as of May 2023. MSCI EM Index accounts for large and mid–cap representation across 24 emerging markets (EM) countries.
2. Source: Gartner.

Slide 7 – Our strategy continues to deliver

1. Represent last three years ending 3/31/2023. Mega mandates reflect client outsourcing assignments greater than $5 billion in assets.​
2. Gross fundraise figures from 1/1/2021 through 3/31/2023.
3. BLK Form 10–Ks for respective years. 3–year CAGR represents 12/31/2019 to 12/31/2022.
4. Data as of 3/31/2023.
5. Source: BlackRock, Bloomberg, covers the period from 4/1/2020 to 3/31/2023. Net new base fees represents annualized base fee revenue earned on net asset inflows.
6. Represents last three years ending 3/31/2023. Organic asset growth rate calculated by dividing net asset inflows over beginning of period assets.

Slide 9 – Asset management revenue remains highly fragmented

1. Source: Company filings for public peers with revenue data as of 12/31/2022. Private peers data based on AUM from websites with BlackRock estimate of average fee rate to calculate revenue. Total asset management industry
2022 revenue estimate from McKinsey Performance Lens.
2. Source: Dealogic. Investment banking revenue with data for year ending 12/31/2022.
3. Source: Synergy Research Group. Cloud provider revenue market share for year ending 12/31/2022.

11
 Rob Goldstein
Chief Operating Officer

Platform as a Service

Investor
Day 2023
We are a platform for scale…
The only “Platform as a Service” (PaaS)
in asset management One BlackRock
Investment teams Client segments

Fundamental Fundamental Real Decarb &

Fundamental High Fundamental
Fixed Equities Secondaries
Transition
FixedIncome
Income Alpha Estate
Equities Americas Institutional
Enables clients to grow and
expand over time while Private
Private
Municipals Event
Infrastructure Decarb
Equity&
remaining within the Municipals Private Credit
Credit Driven Transition
Partners
BlackRock Ecosystem EMEA Wealth

Financial High
Financial Systematic Private Equity
Secondaries
Institutions Systematic Infrastructure
Alpha
Institutions Partners

Combining the “pieces of

the puzzle” enables unique Liability–
Liability– Multi–
Multi– Event
Real Cash
Cash
Asia–Pacific Retirement
Driven
Driven Asset
Asset Driven
Estate Management
Management
product innovation
& Index Financial Markets Advisory
Aladdin – the “language of
portfolios” – as the core
Markets & trading Investment operations Corporate operations
foundation provides
operating leverage

13
…with the unique ability to service clients no matter their requirements

Access Expertise
19,500 Service
employees1
Asset classes across the
Whole Portfolio 1BLK: Seamless connectivity
25% 33% across businesses
are corporate are tech and
and business data
operations professionals2
Investment strategies spanning
professionals2
global markets Investment platform that
shares insights globally

Index Active Cash

16% 26%
dedicated to client
Unified, scaled markets and
are investment
Public Private Technology relationships2 professionals2
operations functions
Markets Markets Tools

Dedicated capital markets function 30+ 60+ 100+ Industry–leading financial

countries BLK languages advisory capabilities
to unlock unique deal flow
globally3 offices3 spoken3

Note: For footnoted information, refer to slide 20.

14
The BlackRock Ecosystem in action
Client Case Study: Insurance Company1

2017 2020 2023

New Client Aladdin Risk implemented for the whole portfolio Entire portfolio managed end–to–end on the
Aladdin Enterprise platform, including eFront
Advisory: Started investment and insurance
$1B infrastructure
advisory discussions $28B of core fixed income allocations
debt mandate
$3B of investment grade private placements

BLK AUM
BLK AUM
$1B
BLK AUM $32B+
$1B

Client Client Client

AUM AUM AUM
~$55B ~$65B ~$55B

Note: For footnoted information, refer to slide 20.

15
Combining capabilities unlocks innovation across investment strategies
Investments Case Study: Private Equity Partners + BlackRock Systematic Investing

Leveraging BlackRock’s Systematic Model to identify and catalyze private equity investments

Evolution of private data science

Private Equity Partners1
PE / VC
195 $46B 20+ Machine Learning
Big Data
Investment In client Years of
professionals commitments history Macro Themes
Flows
Earnings Quality
Analyst Sentiment
Fundamental Value

1985 1990 1995 2000 2005 2010 2015 2017 Today

BlackRock Systematic Investing2

220+ $224B 35+ Research driven process elevates investment insight using cutting edge technology
Person team In client Years of Natural language processing (NLP): NLP can assist users with the collection of reporting data for
assets history quarterly reporting documents3

Machine Learning (ML): ML can be used to help managers source transactions and enhance
existing due diligence processes, transforming unstructured data into organized knowledge4

Note: For footnoted information, refer to slide 20.

16
Unlocking operating leverage through Aladdin
Technology Case Study: Aladdin–izing Alternatives

Acquired Aladdin Community

• “Whole Portfolio” is expanding the Aladdin pipeline –
What’s coming
40% of new Aladdin clients leverage eFront1
in 2019 to bring
• Insight data business has grown from ~$6M to ~$30M Next generation Private
private markets Credit solution
into Aladdin ACV and models over 12,000 funds and 141,000
underlying assets2
New solutions for Asset
Servicers: eFront Provider

BlackRock Enriched private markets

analytics
• Monitoring assets across private equity businesses
• Centralized deal management across all private
markets More and more private
markets fund operations at
• 2.25M transactions booked on eFront3 BLK on eFront
• 1000+ eFront users4

Note: For footnoted information, refer to slide 20.

17
Clients are consolidating to trusted providers, with room to grow

Market share of asset management industry AUM, % 1 Market share (revenue) of industry, %

3%

7%
$75T $108T
80% 76% Rest of
industry
U.S.
Asset Credit 43%
Management2 Card
57% Issuers3

90%

BlackRock #2-5 The rest Top 5 The rest

16%
13% Top 5
Revenue share
7% BLK 8%
2016 2022
of top firm in
each industry:
3% 15%

Note: For footnoted information, refer to slide 20.

18
The PaaS value proposition is resonating with clients more and more

Asset managers have historically been We start with the client, always –
designed around their skills as opposed to the their needs are our north star
needs of the client

The BLK Model

We work together
as One BlackRock
No firm has been able to offer the “whole
portfolio”
We operate with excellence, passing
scale benefits through to our clients

Individual relationships with several providers We evolve with our clients, leading them
are expensive from a client perspective to trust us with more of their portfolio

Our platform goal is to make it “better, faster, and cheaper” for the client to expand within the BLK ecosystem

68% of our 25 largest clients have

increased their BLK wallet ~20 >$5B whole–portfolio
outsourcing mega mandates = $400B+ in NNB1
share in the last five years1 won by BLK since 20191

Note: For footnoted information, refer to slide 20.

19
End notes
These notes refer to the financial metrics and/or defined term presented on:

Slide 14 – …with the unique ability to service clients no matter their requirements
1. BlackRock 1Q23 10–Q filing.
2. BlackRock as of 3/31/23.
3. BlackRock 2022 Annual Report.

Slide 15 – The BlackRock Ecosystem in action

1. BlackRock as of 3/31/23.

Slide 16 – Combining capabilities unlocks innovation across investment strategies

1. BlackRock as of 3/31/23. Represents cumulative commitments raised since inception.
2. BlackRock as of 3/31/23.
3. eFront – “AI2 : Alternative Investments Meet Artificial Intelligence.”
4. eFront – “AI2 : Alternative Investments Meet Artificial Intelligence.”

Slide 17 – Unlocking operating leverage through Aladdin

1. BlackRock as of 3/31/23.
2. BlackRock, reflects ACV growth from acquisition close to 3/31/23. Underlying assets defined as portfolio companies and properties.
3. BlackRock as of 3/31/23.
4. BlackRock as of 3/31/23.

Slide 18 – Clients are consolidating to trusted providers, with room to grow

1. Source: 2022 asset management industry total AUM is forecasted scenario data from McKinsey Performance Lens.
2. Source: Company filings for public peers with revenue data as of 12/31/2022. Private peers data based on AUM from websites with BlackRock estimate of average fee rate to calculate revenue.
Total asset management industry 2022 revenue estimate from McKinsey Performance Lens.
3. Source: IBISWorld Credit Card Issuing Industry Report, 2022.

Slide 19 – The PaaS value proposition is resonating with clients more and more
1. BlackRock as of 3/31/23.

20
 Stephen Cohen
Head of Europe, Middle East and Africa

Outsourcing:
A scale engine for our clients

Investor
Day 2023
BlackRock’s outsourcing platform

Mega mandates2 organic growth

$114B

$200B+
$252B

$719B
1Q23 LTM net new business2

$400B+
Outsourcing AUM1

$73B
3–year net new business2

$280B

 Outsourced CIO
 EMEA & APAC Wealth Solutions
$500B+
5–year net new business2
 Insurance1
 Managed Models

Note: For footnoted information, refer to slide 29.

22
The investment management industry is seeing rapid and
multi–dimensional transformation…

Regulatory change Competitive pressure Challenging macro

environment

Portfolio of the future Scalable growth Focus on core

strengths

23
… changing the needs of our clients

Regulatory change Competitive pressure Challenging macro

environment

Portfolio of the future Scalable growth Focus on core

strengths

Clients are looking to scaled asset managers to provide a whole platform of

investment management and technology services

24
Whole portfolio Global whole portfolio solutions market1
AUM ($T)
outsourcing is
growing faster $5.3
than the CAGR

industry 16%

$2.9

2017 2022
Note: For footnoted information, refer to slide 29.

25
BlackRock is well–positioned for growth in outsourcing through
our global scale, broad investment platform and technology

Global Scale Diversity and Technology Local Trusted

Breadth of Presence and Execution
Platform Talent

Delivering outsourcing solutions to clients

26
Clients are entrusting us with their portfolios in every region

Asia–Pacific

U.S., Canada & LatAm

Wealth Managers
Corporate Pensions

State Pensions
Insurance Companies
Corporate Pensions Europe, Middle East & Africa

Endowments
Family Offices
Wealth Managers Insurance Companies
Asset Managers
Corporate Pensions Family Offices
Private Banks
Pensions Consolidator Charities

27
BlackRock is driving investment management and
technology transformation for our clients

Driving Creating Expanding into Support our

innovation enhanced value new markets clients’ long–term
for our clients growth
Combining And a scalable Across regions and By delivering scale and
investment and platform for client types service, we grow as
technology BlackRock clients grow

28
End notes
These notes refer to the financial metrics and/or defined term presented on:

Slide 22 – BlackRock’s outsourcing platform

1. AUM as of 3/31/23. Insurance assets represent AUM associated with insurance mandates greater than $5B in assets.
2. Mega mandates reflect client outsourcing assignments greater than $5B over last for 1, 3 and 5 year periods ending 3/31/23.

Slide 25 – Whole portfolio outsourcing is growing faster than the industry

1. Sources: Cerulli for Wealth SMAs, as of Q2 2022; P&I for OCIO, as of 1Q22; Morningstar for U.S. unaffiliated models, as of Q1 2022. Does not include Wealth Solutions due to lack of data
availability.

29
 Sudhir Nair
Global Head of Aladdin

Innovating Aladdin®
for the future
Investor
Day 2023
BlackRock’s Aladdin® technology solves for key aspects of the
investment process
Technology revenue

$1.4B
For institutional investors

Aladdin Enterprise Aladdin Risk Aladdin Climate

2022 revenue1
eFront Aladdin Accounting Aladdin Studio

For wealth managers 12%

3–year revenue CAGR2
Aladdin Wealth

For asset servicers

Aladdin Provider
98%
3–year average client retention3

Note: For footnoted information, refer to slide 41.

31
Industry dynamics are reshaping the investment landscape

End Investors
Demand custom–tailored portfolios at high value for money

Wealth Managers & Distributors

Serve end clients with a high–quality value proposition

Investment Managers
Need technology to operate horizontally and efficiently

Technology & Data Providers

Deliver solutions that are integrated and cost–effective

32
BlackRock delivers
differentiated growth
through technology innovation

Expanding the Pursuing new Creating a Enabling

suite of capabilities client segments platform with 3rd technology
party partners transformations
BlackRock delivers
differentiated growth
through technology innovation
Expanding the
suite of capabilities
Expanding the Pursuing new Creating a Enabling
suite of capabilities + End–to–end capabilities
client segments platform with 3rd technology
+ Multi–asset party partners transformations

+ Sustainability
BlackRock delivers
differentiated growth
through technology innovation
Pursuing new
client segments
Expanding the Pursuing new Creating a Enabling
U.S. → Global
suite of capabilities client segments platform with 3rd technology
party partners
Public markets → Private markets transformations
Institutional → Wealth
BlackRock delivers
differentiated growth
through technology innovation
Creating a platform with
3rd party partners
Expanding the TechnologyPursuing new
Asset servicing Creating
Strategic a Enabling
suite of capabilities partners client segments
network investments
platform with 3rd technology
party partners
1 transformations

Note: For footnoted information, refer to slide 41.

 Aladdin® is a high–quality, fast–growing technology business
that fuels BlackRock's growth
Technology services revenues1 ($B)

15%
$1.4B
CAGR ACV2 in 2022
$1.4
$1.3
$1.1
$1.0
$0.8
11% 17
3–Year ACV New large client
CAGR3 wins4 in 2022

2018 2019 2020 2021 2022

Note: For footnoted information, refer to slide 41. Annual Contract Value (ACV) represents forward–looking recurring subscription fees under client contracts for the next twelve months at the end of a respective quarter, assuming all client contracts that
come up for renewal are renewed. ACV excludes nonrecurring fees such as implementation and consulting fees.

37
 The market opportunity for Aladdin® continues to grow
~$12.5B addressable market1: Aladdin® Platform:

~11% of market captured

~$6B
Smaller Of ~$12.5B addressable market
institutions
Market share increasing
~$5B By continuously investing in our platform and
Large institutional & solving for client needs
wealth managers
Continued growth expected
From winning new clients, expanding to
~$1.4B adjacent markets and creating a network of
ecosystem partners

Note: For footnoted information, refer to slide 41.

38
Our strategy targets the needs of the future investor

Enabling a Empowering our Opening Aladdin® Leading in

Whole Portfolio clients through sustainability
ecosystem data

Investing in our engineering talent

Leveraging new technology

39
We are delivering on our mission to make Aladdin®
the language of portfolios

BlackRock is Aladdin® is Technology Low to mid–teen

leading through interwoven into revenues are long–term
innovation BlackRock’s diversified growth target
strategy

40
 End notes
These notes refer to the financial metrics and/or defined term presented on:

Slide 31 – BlackRock’s Aladdin® technology solves for key aspects of the investment process
1. Technology services revenue per BLK 2022 Form 10–K filing. Revenue as of 12/31/2022.
2. BLK Form 10–K filings for respective years. 3–year CAGR represents 2019–2022.
3. Client retention represents annual contract value 'ACV' at the beginning of the year less client attrition during the year, divided by ACV at the beginning of the year. ACV represents forward–looking
recurring subscription fees under client contracts for the next twelve months at the end of a respective quarter, assuming all client contracts that come up for renewal are renewed. ACV excludes
nonrecurring fees such as implementation and consulting fees. Management believes ACV is an effective metric for reviewing BlackRock’s technology services’ ongoing contribution to its operating
results and provides comparability of this information among reporting periods while also providing a useful supplemental metric for both management and investors of BlackRock’s growth in
technology services revenue over time, as it is linked to the net new business in technology services. ACV represents forward–looking, annualized estimated value of the recurring subscription fees
under client contracts, assuming all client contracts that come up for renewal are renewed, unless we received a notice of termination, even though such notice may not be effective until a later date.
ACV also includes the annualized estimated value of new sales, for existing and new clients, when we execute client contracts, even though the recurring fees may not be effective until a later date and
excludes nonrecurring fees such as implementation and consulting fees.

Slide 36 – Creating a platform with 3rd party partners

1. Subject to customary regulatory and closing conditions. Minority investment in Avaloq expected to close in 2Q 2023.

Slide 37 – Aladdin® is a high-quality, fast–growing technology business that fuels BlackRock's growth
1. BLK Form 10–K filings for the period 2018–2022.
2. ACV represents forward–looking recurring subscription fees under client contracts for the next twelve months at the end of a respective quarter, assuming all client contracts that come up for
renewal are renewed. ACV excludes nonrecurring fees such as implementation and consulting fees. See note on slide 37 for more information on ACV.
3. Represents CAGR for 2019–2022. See note on slide 37 for more information on ACV.
4. Large clients represent new mandates over $1 million annual subscription revenues signed in 2022.

Slide 38 – The market opportunity for Aladdin® continues to grow

1. McKinsey and P&I data as of year–end 2022 and internal BlackRock estimates.

41
 Salim Ramji
Global Head of iShares and Index Investments

A scale growth platform to access

an expanding world of investments

Investor
Day 2023
ETF & Index Investing at BlackRock is a scale growth platform

ETF organic asset and revenue growth

$719B 10%
3–year average ETF
organic asset growth3

$2.9T
$5.9T
ETF & Index AUM1 $3.1T
3–year ETF net new business2

$1.1B
3–year ETF organic revenue growth2
8%
3–year average ETF
organic revenue growth4

$5.7B
FY 2022 ETF revenue5
8%
3–year compounded
annual ETF growth rate

 Institutional Separate Accounts, Index Mutual Funds & Sub–Advisory

$6.8B
 ETFs

FY 2022 Total ETF & Index revenue5

Note: For footnoted information, refer to slide 54.

43
BlackRock’s ETF & Index Investing platform is differentiated
P

iShares ETFs are used by 40 million people globally1 Over 1,300 ETF choices to access a world of investments2

iShares Fixed Income ETFs

Individual investors through digital wealth platforms
iShares Factor ETFs
Wealth managers primarily through model portfolios iShares Thematic ETFs

iShares Sustainable and Transition ETFs

Asset managers through active use cases of ETFs
iShares Core ETFs
Asset owners: insurers, official institutions and pensions iShares Precision ETFs

BlackRock Alpha–Seeking ETFs

BlackRock and third–party managed model portfolios

A scaled ETF & Index Investing “engine” that delivers performance, customization, and scale

ETF technology access to Custom/direct indexing, Leading ETF quality & Algos & automation Shift to multiple ETF
more investments active risk, voting choice tracking performance across trading processes servicers & providers

Note: For footnoted information, refer to slide 54.

44
iShares generated high single–digit organic revenue growth,
driven by strategic product segments
iShares ETF product segments:
$3.1T
18 bps
$5.7B $1.1B 8%
Strategic ETF segments organic
revenue
Enabling clients to efficiently access: growth 5
• An expanding universe of Fixed Income exposures 17 bps
37% 35%
• Sources of return from active risk benchmarks
(Factor, Sustainable/Transition, Thematic)
60%
14%
Core equity ETFs 15%
8 bps
• Serves buy–and–hold clients with low cost ETFs
33%
• Grows assets and revenues

13% 7%
Precision ETFs 50%
31 bps
• Targeted, liquid exposures for tactical allocators 30% 27%
Market–driven growth
4%
•

1 2 3 4
AUM Effective Revenue 3Y organic
fee rate revenue growth
Note: For footnoted information, refer to slide 54.

45
iShares generated over $1.1 billion in organic revenue growth, more
than the next three ETF issuers combined
3 year organic revenue growth ($M)1
$1,108
 Strategic ETF segments
Fixed Income, Factor,
Sustainable/Transition,
Thematic

 Core Equity ETFs

 Precision ETFs

$462
$279 $296 $314 $318

ETF Issuer #6 ETF Issuer #5 ETF Issuer #4 ETF Issuer #3 ETF Issuer #2 iShares ETFs

Index Index Leveraged Active Index

Note: For footnoted information, refer to slide 54.

46
We expect the ETF industry to grow to $25T of AUM by 2030

Industry trends driving ETF adoption Projected ETF industry AUM ($T)4  Fixed Income ETFs  Equity ETFs

Digital wealth: $17T market growing 15% as

ETFs become the preferred vehicle1 $25T
6
Model portfolios: $4.2T market growing
16% with ETFs expanding share in wealth2 $15T
3
$10T
Fixed income: ETFs modernizing the bond
2 19
market with more clients seeking efficiency
$5T 12
1 8
Technology: ETFs unlocking access to an 4
expanding world of active & index investing
2018 1Q23 2025P 2030P
<1% fixed income <2% fixed income <3% fixed income <5% fixed income
ETFs still a small % of global capital markets3
<3% equities <7% equities <9% equities <10% equities

Note: For footnoted information, refer to slide 54.

47
BlackRock’s platform improves clients’ access to investments and
unlocks multiple trillion–dollar growth opportunities

01 02 03
Increase investment Enable wealth and Modernize the bond
access for tens of millions asset manager CIOs to market by unlocking
of people by making build and customize client use cases for
iShares central on managed models with fixed income ETFs
digital wealth platforms. iShares and BlackRock to generate returns
ETFs. more efficiently.

Triple ETF assets in digital Generate a majority of ETF Triple fixed income ETF assets
wealth to $1T by 20301 flows through models1 to $2.5T by 20301

Note: For footnoted information, refer to slide 54.

48
1
Increase investment access for tens of millions of people by
making iShares central on digital wealth platforms

Digital wealth is a global growth channel Triple ETF assets in digital wealth to $1T by 2030
Global iShares ETF AUM
on digital wealth platforms ($T)1
Tens of millions of people use iShares
ETFs on digital wealth platforms globally $1.0T

3x
iShares is growing adoption through
commission–free trading globally
$0.7T

Millions of iShares ETF savings plans are

being adopted across Europe $0.35T

$0.2T
iShares is investing in greater awareness
with the mass affluent

2018 2022 2027T 2030T

Note: For footnoted information, refer to slide 55.

49
2
Enable wealth and asset manager CIOs to build and customize
managed models with iShares and BlackRock ETFs

A majority of iShares ETF flows are now from managed Managed models are growing and our breadth of ETFs
models, especially third party managed models are playing an expanded role in portfolios
U.S. iShares flows from U.S. managed
managed models (%)1 model industry size ($T)2
>$9.0T

>50% >2x

33% $4.2T

2020 2022 2022 2027E

 Wealth models (home office & advisor–driven) & asset manager models  U.S. managed model industry invested in ETFs
 BlackRock managed models  U.S. managed model industry invested in mutual funds, SMAs & other investments

Note: For footnoted information, refer to slide 55.

50
 3
Modernize the bond market by unlocking client use cases for
fixed income ETFs to generate returns more efficiently

Unique features of iShares are unlocking active client use cases Triple fixed income ETF assets to $2.5T by 2030
Global iShares fixed income
ETF AUM ($T)6
Choice: ~500 ETFs tracking slices of 9 of 10 $2.5T
the global bond market1 largest asset
managers use
iShares fixed 3x
income ETFs3
Liquidity: 8 of the top 10 most liquid
fixed income ETFs are iShares2 6 of 10 $1.6T
largest U.S.
Insurance
companies use
Access: lower trading costs vs. iShares fixed
income ETFs4 $0.8T
underlying bond trading
43 $0.4T
Official institutions,
including 21 central
Performance: active processes to banks use iShares
generate tracking and liquidity fixed income ETFs5

2018 1Q23 2027T 2030T

Note: For footnoted information, refer to slide 55.

51
BlackRock’s investment “engine” delivers performance and
customization at scale and innovative access to new markets

BlackRock’s ETF & Index Investing “engine”

Our investment “engine” enables performance and customization at scale

ETF technology access to Custom / direct indexing, Leading ETF quality & Algos & automation Shift to multiple ETF
more investments active risk, voting choice tracking performance across trading processes servicers & providers
>1,000 benchmarks tracked Custom/direct indexing: ~$150B2 Exchange bid–ask spreads are Systems–driven, rules–based Adds scale, diversification &
across countries, sectors & Active risk benchmarks: $1.1T3 half the industry average in approach enables scale & increased operating leverage
asset classes1 Voting choice: $2.2T4 Europe & the U.S.5 customization for BlackRock

Our platform enables innovative access to new markets and growth opportunities

Expansion of
ETF technology for active Tokenization as a new More efficient access to Market modernization &
custom / direct indexing
& outcome strategies investment wrapper digital & alternatives ETF on–ramps
& active risk

Note: For footnoted information, refer to slide 55.

52
ETF & Index Investing at BlackRock is a scale growth platform to
access an expanding world of investments

A differentiated Multiple trillion–dollar Scale investment “engine”

ETF & Index business growth opportunities enabling innovation

• Efficient access for tens of millions • Triple ETF assets in digital wealth • Leading performance &
of people worldwide customization at scale
• Breadth of high quality • Generate a majority of ETF flows • Diversity of service providers &
investments through managed models operating leverage
• Leading organic revenue growth, • Triple fixed income ETF assets by • Innovative access to new markets
driven by strategic segments unlocking client use cases and investments

53
End notes
These notes refer to the financial metrics and/or defined term presented on:

Slide 43 – ETF & Index Investing at BlackRock is a scale growth platform

1. Source: BlackRock, as of March 31, 2023.
2. Source: BlackRock, as of March 31, 2023. Net new business (NNB) represents net asset inflows and organic revenue growth represents net new base fees (NNBF) earned on net asset inflows.
3. Source: BlackRock, as of March 31, 2023. Organic asset growth rate calculated by dividing net new business (NNB) over beginning of period AUM and averaging annual growth rates over the thirty–six month period.
4. Source: BlackRock, as of March 31, 2023. Organic revenue growth rate calculated by dividing net new base fees (NNBF) earned on net new business (NNB) by the base fee run–rate at the beginning of period and averaging annual
growth rates over the thirty–six month period.
5. Revenue includes base fees and from securities lending revenue.

Slide 44 – BlackRock’s ETF & Index Investing platform is differentiated

1. The nearly 40 million figure estimates the number of individual investors that are using iShares ETFs. Sources:
• United States: Sources: Broadridge Financial Solutions, as of March 31, 2023. BlackRock estimate, as of March 31, 2023. Approximately 33 million people use iShares based on a ticker–level analysis of unique, anonymized
individual brokerage account numbers that hold at least one iShares ETF and have an account balance greater than $0.
• Europe: Sources: ExtraETF, as of March 2022: “2026 ETF Savings Plans Market: How Retail Investors Invest in ETFs.” BlackRock estimate, as of March 31, 2023. Approximately 50% of iShares clients in Europe invest in iShares
ETFs through savings plans.
2. Source: BlackRock, as of March 31, 2023.

Slide 45 – iShares generated high single–digit organic revenue growth, driven by strategic product segments
1. Source: BlackRock, Bloomberg, as of March 31, 2023.
2. Source: BlackRock, as of March 31, 2023. Effective fee rate represents the annualized effective fee rate, defined as run–rate base fees: individual product NAVs multiplied by individual product TER, aggregated and divided by total
segment assets under management.
3. Source: BlackRock, Bloomberg, as of March 31, 2023. Run–rate revenue represents the base fee run–rate at the beginning of period.
4. Source: BlackRock, for the thirty–six month period between April 1, 2020 and March 31, 2023. Organic revenue growth represents net new base fees (NNBF) earned on net asset inflows.
5. Source: BlackRock, as of March 31, 2023. Three year organic revenue growth rate calculated by dividing net new base fees earned on net asset inflows by the base fee run–rate at the beginning of period and averaging over the three
year period.

Slide 46 – iShares generated over $1.1 billion in organic revenue growth, more than the next three ETF issuers combined
1. Source: BlackRock, Bloomberg. Organic revenue growth represents annualized base fee revenue earned on net asset inflows. Data covers the period between April 1, 2020 to March 31, 2023.

Slide 47 – We expect the ETF industry to grow to $25T of AUM by 2030

1. Source: BlackRock, as of March 31, 2023.
2. Sources: Broadridge Global Advisory Services, as of May 31, 2023: “U.S. advisor sold asset management: this time it’s personal”. BlackRock, as of March 31, 2023: “A Model Moment for Asset Managers”. Managed model portfolio
market sizing includes both ETF and non–ETF allocations within managed models.
3. Source: SIFMA Capital Markets Factbook, as of December 31, 2022. Figures represent the equity and bond market sizes globally.
4. Source: BlackRock, as of March 31, 2023. Estimates include 2025 and 2030 scenario calculations based on proprietary research. Subject to change. The figures are for illustrative purposes only and there is no guarantee the projections
will come to pass.

Slide 48 – BlackRock’s platform improves clients’ access to investments and unlocks multiple trillion–dollar growth opportunities
1. 2030 represents target. Multi–trillion dollar growth opportunities described are for illustrative purposes only and are subject to change. There is no guarantee the figures will occur in the time periods described.

54
End notes
These notes refer to the financial metrics and/or defined term presented on:

Slide 49 – Increase investment access for tens of millions of people by making iShares central on digital wealth platforms
1. Source: BlackRock, as of March 31, 2023. 2027T and 2030T are targets. Estimates include 2027 and 2030 scenario calculations based on proprietary research. Growth opportunities described are for illustrative purposes only and are
subject to change. There is no guarantee the figures will occur in the time periods described.

Slide 50 – Enable wealth and asset manager CIOs to build and customize managed models with iShares and BlackRock ETFs
1. Third–party flows include wealth models, including advisor–driven models created by financial advisors, e.g., Rep as PM and RIAs and home office models created by centralized, in–house investment teams at wealth managers. Third–
party flows also include models managed by other asset managers that distribute models through wealth managers. Source: BlackRock, iShares Global Business Intelligence, as of March 31, 2023.
2. $4.2T U.S. model portfolio industry size includes: $2.1T of advisor–driven models; $1.6T of home–office models; $415B third–party asset manager models; and $114B of BlackRock–managed models, primarily captured in BlackRock
Retail and ETF AUM. Growth opportunities described are for illustrative purposes only and are subject to change. Sources:
• Wealth models. Advisor–driven: Broadridge Global Advisory Services, as of May 2023: “U.S. advisor sold asset management: this time it’s personal”. Home office models: Cerulli, as of December 2022: “U.S. Asset Allocation Model
Portfolios 2022: Model Customization and Tax Optimization”, as of December 31, 2022.
• Third–party asset manager models. “U.S. Asset Allocation Model Portfolios 2022: Model Customization and Tax Optimization”, as of December 31, 2022.
• BlackRock managed models. BlackRock, as of March 31, 2023.

Slide 51 – Modernize the bond market by unlocking client use cases for fixed income ETFs to generate returns more efficiently
1. Source: BlackRock, as of March 31, 2023.
2. Source: Bloomberg, for the period between January 1, 2022 and December 31, 2022. BigXYT, for the period between January 1, 2022 and December 31, 2022.
3. Source: BlackRock, as of December 31, 2022. Analysis of SEC 13–F filings for U.S. domiciled asset managers and BlackRock analysis of self–reported holdings by asset managers in Europe and Asia. Top 10 global asset managers
determined by Pensions & Investments.
4. Source: BlackRock, S&P Global Intelligence and Bloomberg, as of December 31, 2022. Analysis of filings with the National Association of Insurance Commissioners (NAIC) and the Securities and Exchange Commission (SEC).
5. Source: BlackRock, as of March 31, 2023. Estimate based on client engagements, as of March 31, 2023.
6. Source: BlackRock, estimates as of March 31, 2023. 2027T and 2030T are targets. Growth opportunities described are for illustrative purposes only and are subject to change. There is no guarantee the figures will occur in the time
periods described.

Slide 52 – BlackRock’s investment “engine” delivers performance and customization at scale and innovative access to new markets
1. Source: BlackRock, iShares Global Business Intelligence, as of March 31, 2023.
2. Source: BlackRock, Aperio, as of March 31, 2023. ~$150B in custom/direct indexing includes AUM managed in index equity SMAs by Aperio for wealth management clients and in custom/direct indexing mandates. All client transitions
to custom/direct indexing have been funded.
3. Source: BlackRock, as of March 31, 2023. $1.1T of ETFs managed against active risk benchmarks include: factor–based investment strategies that target specific drivers of return (growth, value, momentum, and minimum volatility
indexes); sustainable strategies that encompass exclusionary screens, optimization or various metrics that tilt toward a client’s unique ESG objective; thematic benchmarks that aim to capture long–term secular trends; capped indexes
that include modified market cap–weighted, optimized country or optimized sector benchmarks; additional indexes with alt–weighted methodologies (e.g., equal–weighted).
4. Source: BlackRock, as of March 31, 2023. $2.2T includes client funds participating in BlackRock Voting Choice. Assets include index equity assets held in multi–asset fund of funds strategies. Certain institutional pooled funds that
implement Systematic Active Equity (SAE) strategies are also eligible for BlackRock Voting Choice but are not displayed in the chart. Eligible SAE institutional pooled funds and separate accounts amount to $102B in eligible Voting
Choice assets.
5. Source: BlackRock, as of March 31, 2023. Exchange bid–ask spreads defined as ETF trading costs as compared to the industry average in both Europe and the United States.

55
 Rachel Lord
Chair and Head of APAC

Growth beyond the U.S.

Building BlackRock in local markets

Investor
Day 2023
BlackRock’s international platform

Non–U.S. organic growth and revenue

$428B
$133B

$628B
3–year avg.
organic
$927B 7% asset growth3
$463B
3–year net new business2

$3.5T
$1.0B
3–year Avg.
non–US Organic base
$245B client assets1 6% fee growth5
3–year net new base fees4
$130B

$8.3B
 Americas ex–U.S.
$1,138B 3–year
 UK CAGR7
 Europe ex–UK 4%
 Middle East & Africa 2022 Revenue6
 Asia ex–Japan
 Japan
 Australasia

Note: For footnoted information, refer to slide 63.

57
 We have deep local presence

Strong Regional Connectivity1

Americas ex-US UK Europe ex–UK Middle East & Asia ex–Japan Japan Australasia
Africa
$400B+ AUM $900B+ AUM $1.1T+ AUM $100B+ AUM $200B+ AUM $400B+ AUM $100B+ AUM
~400 employees ~3,700 employees ~2,300 employees 50+ employees 3,700+ employees ~400+ employees ~200+ employees

Note: For footnoted information, refer to slide 63.

58
How we drive growth and create value for our clients
and shareholders
Outpacing the broader industry Powered by our localized approach and global platform
3–Year Organic Asset Growth, 2020–20221 (%)

6%

Localized approach Global platform

4%
✓ Investing strengths ✓ Global investment capabilities
✓ Market expertise ✓ Global client specialization
✓ Client relationships ✓ Operational and risk platform
✓ Client service ✓ Technology
✓ Country leaders ✓ Insights and thought leadership

BlackRock Industry
(excluding U.S.) (excluding U.S.)

Note: For footnoted information, refer to slide 63.

59
Opportunity in developed local markets

Growth in local markets driven by key …with non–U.S. markets continuing to

strategic focus areas… drive market share gains
BlackRock1 Industry2
Global & Local Private Markets
ETFs $191B AUM $4.4T AUM
Germany
+10% org. growth +4% org. growth

Outsourcing and Technology

Asset Allocation $463B AUM $5.4T AUM
Japan
+15% org. growth +8% org. growth

Wealth
Distribution Australia & $133B AUM $2.2T AUM
New Zealand +15% org. growth +4% org. growth

Note: For footnoted information, refer to slide 63.

60
Opportunity in fast–growing local markets

Embedded local asset manager Partnering in infrastructure Building offshore presence Positioning for the future

Mexico Saudi Arabia India China

How we differentiate ourselves

• Diverse platform across local • Decades–old institutional • Driving investment in public • Building our presence in a
and international ETFs, mutual business, with local team and private markets growing market for retirement
funds, private markets, and established in 2019 • Leading international investor products
risk management technology • Newly established in Indian public markets • Expanding local reach
infrastructure platform with through JV and wholly–owned
strong pipeline for future domestic businesses
investment

530+ $15B+ $6.8B+ +9.5%

BlackRock ETFs and mutual investment in natural of Indian exposures for projected growth of China
funds locally distributed1 gas pipelines global investors2 asset management industry
through 20303

Note: For footnoted information, refer to slide 63.

61
We see regional industry trends as strong tailwinds for
BlackRock to consolidate share

EMEA APAC
Sustainable Portfolio Regional Manager
investing customization investing consolidation
Sustainable products Significant growth in Increasingly localized Clients increasingly
driving a tectonic shift in customized portfolios and product offering focusing on fewer partners
capital OCIO amid cost pressures

Government Digital revolution Global and local Growth of

policy in wealth insights wealth markets
Ambitious government New generation of individual Combining macro thought Emergence of digital
agendas, but fragmented savers moving into leadership with regional distribution products in
regulation investment products knowledge growing markets

62
End notes
These notes refer to the financial metrics and/or defined term presented on:
Slide 57 – BlackRock’s international platform
1. AUM as of 3/31/23. AUM refers to client assets in each region.
2. Represents last 3 years ending 3/31/23. Net new business represents net asset inflows.
3. Represents last 3 years ending 3/31/23. Organic asset growth rate calculated by dividing net asset inflows over beginning of period assets.
4. Represents last 3 years ending 12/31/22. Net new base fees represents net new base fees earned on net asset inflows.
5. Organic base fee growth rate calculated by dividing net new base fees earned on net asset inflows by the base fee run–rate at the beginning of period.
6. Revenue includes base, securities lending and performance fees.
7. 3–year CAGR represents 2020–2022.

Slide 58 – We have deep local presence

1. Data as of 3/31/23. AUM refers to client assets in each region.

Slide 59 – How we drive growth and create value for our clients and shareholders
1. Source: Broadridge for industry data. Represents last 3 years ending 12/31/22. Organic asset growth rate calculated by dividing net asset inflows over beginning of period assets.

Slide 60 – Opportunity in developed local markets

1. AUM as of 3/31/23. Organic growth reflects organic asset growth over the last 3 years (2020–2022) to align with industry data.
2. Source: BVI, Japan Investment Advisers Association; The Investment Trusts Association Japan, Rainmaker, RBNZ, and BlackRock FMA for industry data. AUM as of 3/31/23. Organic growth reflects
organic asset growth over the last 3 years (2020–2022) due to data availability.

Slide 61 – Opportunity in fast–growing local markets

1. Source: BlackRock. Data as of 4/30/23.
2. Source: BlackRock. Data as of 12/31/22.
3. Source: CICC estimates as of August 2022.

63
 Rich Kushel
Head of the Portfolio Management Group

Active for the portfolio

of the future
Investor
Day 2023
BlackRock active strategies

Organic growth and revenue

$207B
$411B

$570B
3–year net new business2
8%
3–year average
organic asset growth3

$2.5T
$1.1B
$758B
(2)%
Active AUM1 3–year average organic
base fee growth4
3–year net new base fees2
7%

$1,099B

$7.3B
2022 Base and Performance Fees5
(15)
%
7%
3–year CAGR6

 Equity  Fixed Income  Multi–asset  Alternatives

Note: For footnoted information, refer to slide 76.

65
BlackRock is growing faster than the industry, and has
significant room to grow share

BlackRock and industry active organic asset growth1 BlackRock active market share2
$2,606
$2,474
$2,251 $2,317
12% 12%
$1,947

7%

5% 5%
4%
2% 3.1% 3.2%
2.9% 3.0%
1%

2019 2020 2021 2022 1Q23

(1%)
2019 2020 2021 2022 1Q23 BlackRock Active AUM ($B) % Market Share
Ann'd
BlackRock Organic Growth Industry Organic Growth

Note: For
Note: For footnoted
footnotedinformation, refer
information, to slide
refer 76. 76.
to slide

66
Strong relative performance across active platform

Differentiated long–term performance Strong lineup of 4– and 5–star active mutual funds2
% of assets above benchmark or peer median for the 5–year period1

# Funds % of AUM

73 60%
90% Equity
90% 90%
83% 81%
78%
71%
66%
64%

45 59%
Fixed
Income

47 57%
Multi–Asset &
Alternatives

Fundamental Equity Systematic Equity Taxable Fixed Income

3/31/2018 3/31/2020 3/31/2023

Note: ForFor
Note: footnoted
footnotedinformation, refertotoslides
information, refer slide76.
76.Past
Pastperformance
performance is not
is not indicative
indicative of future
of future resultsresults.

67
BlackRock’s whole portfolio business is delivering outcomes for
clients, and unlocking new channels for delivering active
BlackRock Outsourced CIO AUM ($B) BlackRock–Managed Models ($B)1 EMEA & APAC Wealth Solutions AUM ($B)

22% 33% $114 174% $73

CAGR $252
CAGR CAGR

$110
$34

$1

2018 1Q23 2018 1Q23 2018 1Q23

BlackRock OCIO AUM ($B) BlackRock-Managed Model AUM ($B) BlackRock Int'l Wealth AUM ($B)

Note: For footnoted information, refer to slide 76.

68
Accelerating demand for whole portfolio solutions
and model portfolios
Outsourced CIO and U.S. Wealth SMA Industry ($T)1 U.S. Model Adoption and Addressable Market ($T)2

2022 industry estimates

$5.1
13% CAGR >$9.0T 5–year expected growth
CAGR (2017–2022):

U.S. Wealth SMAs

2.3
11%
$2.9 >2x

1.4
Outsourced CIO $4.2
2.7 $2.1
15% $1.6
1.4
$0.4

2017 2022 Potential Advisor Driven Home Office Third-Party

Opportunity

Note: ForFor
Note: footnoted
footnotedinformation, refertotoslides
information, refer slide76.
76.

69
BlackRock model growth outpacing the industry, with
additional channels to drive growth
\

U.S. Model Portfolio Solutions Industry1 U.S. Advisor Segments and Model Outsourcing2
BLK outpaced the industry 4x

Traditional
Organic CAGR model buyers
(2019–2021)
increasingly
20% saturated Broker
Dealers
67% % of assets
that are
outsourced
models

10%
Home
Office
17%

5% 7%
RIA
Advisor Industry Model Industry 3rd-Party Model BLK Models 0%
Industry 5% 7% 9% 11% 13% 15% 17%
Industry AUM Growth Rate
Note: For footnoted information, refer to slide 76.

70
Custom Model Solutions (CMS): differentiated outcome–
oriented capabilities through mass customization

$23B
Scaled Q1 2023 AUM
infrastructure
through
Aladdin
$8B
Custom NNB in 2022 and Q1 2023
models
Strong RIA BlackRock
relationships building
blocks $15M
NNBF in 2022 and Q1 2023

71
 Expanding custom model offerings to grow share
with RIA clients

Typical RIA Custom Model Solutions Client1:

Asset Breakdown

Qualified Taxable Illiquid & other

Over $5M
(20%)
% of each RIA
$2M–$5M firm assets
(16%)  Difficult to reach 26%
(UHNW, Illiquids)
Account
size
 Whole portfolio expanded reach 38%
$500K – $2M (with Aperio, Munis, tax)
(51%)

 Current CMS reach 36%

Below $500K
(13%)

Note: For footnoted information, refer to slide 76.

72
We win in whole portfolios by managing complexity for our
clients, leveraging our technology to scale

Scalable
Strategic, robust, performant
Manager Investment solutions
research tools

Flexible
Easily extendable and designed for
varying client use–cases

Models Client
infrastructure reporting
Integrated
Scaled across our Aladdin platform

73
Combining our investment solutions with asset allocation
expertise to deliver investment outcomes for clients

World–class investment building

blocks designed to meet evolving
client needs

Active Equities

Portfolio Active Fixed Income

construction & Multi–Asset

asset allocation Private Markets
expertise iShares & Index

Cash Management

74
Well positioned to meet evolving client demand for active over
the long–term

Delivering Unlocking new Effectively

traditional active markets to deliver managing
strategies through alpha in innovative complexity and
whole portfolios ways for clients delivering alpha
at scale through
technology

Ability to generate durable alpha for clients and differentiated organic

asset and base fee growth for shareholders over the long–term

75
End notes
These notes refer to the financial metrics and/or defined term presented on:

Slide 65 – BlackRock active strategies

1. AUM as of 3/31/23.
2. Represents last three years ending 3/31/23. Net new business represents net asset inflows and Net new base fees represents net new base fees earned on net asset inflows.
3. Represents last three years ending 3/31/23. Organic asset growth rate calculated by dividing net asset inflows over beginning of period assets.
4. Represents last three years ending 3/31/23. Organic base fee growth rate calculated by dividing net new base fees earned on net asset inflows by the base fee run–rate at the beginning of period.
5. Revenue includes base, securities lending and performance fees.
6. 3–year CAGR represents compounded annual growth rate for the three years ending 2022.

Slide 66 – BlackRock is growing faster than the industry, and has significant room to grow share
1. Source: Simfund for U.S. MFs, Broadridge for non–U.S. MFs and Institutional, Bloomberg for ETFs, HFR for Hedge Funds and Preqin for Illiquid Alts. BlackRock 1Q23 organic growth is annualized.
2. Source: McKinsey Performance Lens, as of YE 2021. 2022 Industry AUM per McKinsey estimates.

Slide 67 – Strong relative performance across active platform

1. Source of performance information is BlackRock’s first quarter 2023, first quarter 2020 and first quarter 2018 earnings releases. Please see appendix of this presentation for performance notes. Past performance
is not indicative of future results. Please refer to page 12 of first quarter 2023 earnings release for performance disclosure detail.
2. Source: Morningstar Fund data as of 3/31/2023. Includes all BLK global active mutual funds. % AUM is calculated out of BLK funds that have any star rating, and does not include the AUM of non–rated funds as
of 3/31/2023. Morningstar rates funds from one to five stars based on how well they’ve performed (after adjusting for risk) in comparison to similar funds. Within each Morningstar Category, the top 10% of funds
receive five stars, the next 22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star. Funds are rated for up to three time periods— three–, five–, and 10 years—
and these ratings are combined to produce an overall rating. Funds with less than three years of history are not rated. Ratings are objective, based entirely on a mathematical evaluation of past performance.
They’re a useful tool for identifying funds worthy of further research, but shouldn’t be considered buy or sell recommendations.

Slide 68 – BlackRock’s whole portfolio business is delivering outcomes for clients, and unlocking new channels for delivering active
1. AUM in BlackRock managed models is primarily captured in BlackRock ETF and Retail AUM; underlying assets are in BlackRock ETFs and mutual funds.

Slide 69 – Accelerating demand for whole portfolio solutions and model portfolios
1. Sources: Cerulli for Wealth SMAs, as of Q2 2022; P&I for OCIO, as of Q1 2022. Excludes Affiliated Wealth Solutions due to lack of data availability.
2. Source: Broadridge Advisory Services, 2023.

Slide 70 – BlackRock model growth outpacing the industry, with additional channels to drive growth
1. Source: Cerulli 2021 U.S. Asset Allocation Model Portfolios.
2. Sources: Cerulli “The State of U.S. Retail and Institutional Asset Management 2022” and Cerulli “U.S. Asset Allocation Model Portfolios 2022”.

Slide 72 – Expanding custom model offerings to grow share with RIA clients
1. Source: Cerulli; BlackRock estimates.

76
 Rick Rieder
Chief Investment Officer of Global Fixed Income

Built on Bonds

Investor
Day 2023
BlackRock fixed income
Fixed Income organic growth and revenue

$727B 3–year average organic

$2.7T
$1.1T 10% asset growth3
3–year net new business2

$1.6T Fixed Income AUM1

$576M
3–year net new base fees2
(2)%
6%
3–year average organic
base fee growth4

$3.5B
 Active Fixed Income
 ETF & Non–ETF Index Fixed Income
(15)%
3–year CAGR6

$683B $30B 2022 Base and Performance Fees5

2%

Cash Management AUM Private Credit Client AUM

$3.4T across fixed income, cash, and

private credit
Note: For footnoted information, refer to slide 87.

78
Platform delivers fixed income solutions…

Technology and
Insights risk management

BlackRock
Fixed
Income Breadth and
Market access diversity of platform

Delivering Liquidity Core Allocations Returns & Income

investment
Tier liquidity in cash allocations Access yield and equity Seek higher returns by targeting
outcomes for to diversify and enhance yield diversification through broad less liquid and opportunistic
clients’ needs profile and flexible exposures exposures

79
… and scale benefits to clients

8400+ 25%
01 Proprietary deal sourcing for unique and
bespoke investment opportunities
primary market
sourcing
savings in
execution costs
opportunities compared to
annually1 market average2

02 Strength of access to and execution of deal flow

unlocked by of our vast global counterparty network 2x Average fill rates
pro–rata allocations3

$87B 6600
03 Deeper liquidity, lower trading costs through our of capital invested fixed income
in primary issuance1 trades each day1
market reach and pricing expertise

Note: For footnoted information, refer to slide 87.

80
Active platform is backed by strong long–term investment
performance and award–winning investment teams

Long–term performance1 Strong line–up of 4– and 5–star active 12 Fixed Income Funds awarded Gold
% of taxable fixed income assets above benchmark or bond funds2 medals by Morningstar2
peer median as of 3/31/23

March 2023
90% 90% • Strategic Income Opportunities Fund
• Total Return Fund
77% 4– & 5–star fixed
income funds 45 •
•
Strategic Global Bond Fund
Global Allocation Fund
• BGF Fixed Income Global Opportunities Fund
• Euro Bond Fund
4– & 5–star fixed
income
AUM (%)
59% •
•
Sustainable Euro Bond Fund
Euro Corporate Fund
• Sustainable Euro Corporate Fund
• Sustainable Fixed Income Strategies Fund
1 Year 3 Year 5 Year
• High Yield Bond Fund
• BGF USD High Yield Bond Fund

Note: For footnoted information, refer to slide 87. Past performance is not indicative of future results.

81
Leading fixed income franchise with significant room to grow

Fixed income net inflows ($B)  ETFs  Active – Institutional  Active – Retail  Non–ETF Index

$264 $250
$230

$158
$79

2018 2019 2020 2021 2022

Industry:
Organic asset growth1 1% 7% 5% 7% (2)%

BlackRock:
Organic asset growth 4% 14% 7% 9% 9%

Market share1,2 37% 24% 16% 17% >100%

Note: For footnoted information, refer to slide 87.

82
A historic evolution of the capital stack and return
opportunities in Fixed Income…
The size of capital markets generally resembles a funnel, until But for over 2 decades now, investors have been rewarded for taking on more volatility as the returns have very much been
you get to the large equity base1 concentrated down towards the bottom (the deep end of the pool)
2 3

0.1%
1.1%
$3,217

$1,464
$3,573
$1,378

And of course, that makes sense as at pretty much any time over the last 15 years, the Yield But today, it’s a very different picture in which more risk does not necessarily equate to higher reward… 3
profile looked something like this…4

0.1%
0.3%

Note: For footnoted information, refer to slide 87. Index definitions are found on slide 88. Index returns are shown for illustrative purposes only. It is not possible to invest directly in an index. Past performance is not indicative of future results.

83
… and as opposed to the past 10 years, returns come with dispersion and volatility making
active management of these yields a valuable part of a total Fixed Income allocation…
The range of yields available across major Fixed Income asset classes has more than doubled in the last 18 months alone1
Fixed Income Yields: May 2023 Fixed Income Yields: Dec 2021
9% 9%
8% 8%
7% 7%
6%
Yield (%)

6%

Yield (%)
5% 5%
4% 4%
3% 3%
2% 2%
1% 1%
0% 0%

The HY Index, with 2011 members, is an incredible illustration of how an index Across 10 major global Fixed Income asset classes, owning the best returning asset and selling
average cannot fully describe the dispersion (and opportunity) within1 the worst has created increasingly large alpha – in 2019, there was virtually no differentiation!1

30%
25%
Half the index trades below 300 or above 800… 20%
…while the index trades at 460bps (along with 5% 15%

Return (%)
of the constituents) 10%
5%
0%
-5%
-10%
-15%
2015 2016 2017 2018 2019 2020 2021 2022

Return: Long Best less Short Worst Asset US Agg Return

bps
Note: For footnoted information, refer to slide 87. Index definitions are found on slide 88. Index returns are shown for illustrative purposes only. It is not possible to invest directly in an index. Forecasts are based on estimates and assumptions. There
is no guarantee that they will be achieved. Past performance is not indicative of future results.

84
 Multiple tools are now available to provide return, diversification,
and stability to complement a broad investment portfolio…
EUR IG EUR HY 1
US HY BB Mexico 2Y
Significance Date US 3m Yield US 10Y Yield US IG 3Y Yield 1-3Y Yield BB Yield Brazil 2Y Yield
(FX Hedged) Yield (FX Hedged) Yield
Today 6/9/2023 5.24 3.74 5.58 6.35 8.57 8.48 10.26 10.94
*1 year ago (Q1 22) 3/31/2022 0.48 2.34 3.19 2.33 6.01 5.81 8.31 12.16
*End of 2021 12/31/2021 0.03 1.51 1.45 0.76 4.21 3.63 7.21 11.10
*End of 2020 12/31/2020 0.06 0.91 0.73 0.76 4.18 3.73 4.37 4.34
*End of 2019 12/31/2019 1.54 1.92 2.20 2.31 5.19 4.72 6.74 4.92
*Peak 2018 stress 12/24/2018 2.37 2.74 3.62 3.62 8.07 7.93 8.59 7.80
*End of 2017 12/31/2017 1.38 2.41 2.51 2.29 5.72 4.76 7.59 7.78
*Feb 2016 peak stress 2/15/2016 0.28 1.75 2.32 1.78 9.98 6.92 3.90 15.16
*China de-val 8/24/2015 0.02 2.00 1.81 1.21 7.56 5.10 4.26 14.02
*End of 2014 12/31/2014 0.04 2.17 1.83 0.87 5.03 4.02 3.56 13.08
*End of 2013 12/31/2013 0.07 3.03 1.33 1.17 4.62 3.82 3.70 12.17
*End of 2012 12/31/2012 0.04 1.76 1.26 1.77 4.69 5.63 4.71 7.75
Average
Average2010-2022
2010-2022 0.62
0.62 2.25
2.25 2.06
2.06 2.21
2.21 5.98
5.98 5.80
5.80 5.65
5.65
5.65 9.94
9.94
9.94
2
As illustrated above, it has FX-Hedged Carry on
1
A 2020 similar portfolio depicts the contrast…
been a pretty rare point in Sample Portfolio as of 6/09/23 % MV
Yield Yield FX-
time over the past 15 years Hedged
FX-
Carry on
Portfolio
when ‘small ball’ or high US 6m 5.36% 5.36% 25% Yield
Yieldon
Carry
Hedged Portfolio
quality, large chunks of CP 9-12m 5.75% 5.75% 15% Yield
Yield
C+E %
short duration assets and MBS 30 5.50% 5.50% 10% US Bills (Cash) 0.15% 0.15% 25%
C+E %
high levels of liquidity US IG 3Y 5.58% 5.58% 15% US MBS 30
Bills (Cash) 1.56%
0.15% 1.56%
0.15% 5%
25%
threw off so much income… Euro IG 3-5Y 6.28% 6.17% 15% US
MBSIG 10Y
30 2.31%
1.56% 3.18%
1.56% 20%
5%
US High Yield BB 7.06% 7.06% 5% Euro
US IGIG 10Y
3-5Y 2.94%
2.31% 3.32%
3.18% 10%
20%
Euro
EuroIGIG7-10Y
3-5Y 3.16%
2.94% 3.34%
3.32% 10%
10%
Euro High Yield BB 8.49% 8.49% 10% US High
Euro IGYield
7-10YBB 5.09%
3.16% 5.09%
3.34% 5%
10%
Mexico 2Y Unhedged 10.25% 9.17% 3% Euro HighYield
US High YieldBB
BB 5.46%
5.09% 5.46%
5.09% 10%
5%
Brazil 2Y Unhedged 10.94% 9.58% 2% EuroHigh
Euro HighYield
YieldBB
B 7.88%
5.46% 7.88%
5.46% 5%
10%
EuroEMBI
High BBYield B 5.86%
7.88% 5.86%
7.88% 5%
5%
Mexico 2Y Unhedged
EMBI BB 4.61%
5.86% 4.61%
5.86% 5%
5%
Portfolio Carry 6.2%
Mexico 2Y Unhedged 4.61% 4.61% 5%
Portfolio Yield 2.9%
Portfolio Vol (Last 3m) 2.0% Portfolio
Portfolio Carry
Yield 3.1%
2.9%
Portfolio Vol (Long Term) 1.7% PortfolioCarry
Portfolio Vol 3.3%
3.1%
Portfolio Vol 3.3%
Note: For footnoted information, refer to slide 87. Index definitions are found on slide 88. * FX–Hedged Yield = Index Yield + 3M forward exchange rate (given the asset is non–USD denominated). ** Carry = FX Hedged Yield + Yield Roll + Spread.
Index returns are shown for illustrative purposes only. It is not possible to invest directly in an index. Past performance is not indicative of future results.

85
Diversity and connectivity of our fixed income platform
positions us to deliver outcomes for clients and grow our share

We invest across the full spectrum We share insights globally We see the full opportunity set
Creating a mosaic of market activity Collaborating across sectors, Providing investors with a fulsome toolkit to
geographies and teams achieve the investment outcomes they need

Active1 Private Credit1 Index & ETFs1 Cash1

$1.1T $30B $1.6T $683B
Diversified platform seeking Patient capital that seeks higher Fixed income index franchise Optimization liquidity
to offer attractive risk–adjusted returns by targeting less liquid across ETFs, pooled vehicles and strategies which seek to
returns through fundamental, and opportunistic exposures SMAs preserve capital and
systematic and credit strategies enhance yield

Note: For footnoted information, refer to slide 87.

86
End notes
These notes refer to the financial metrics and/or defined term presented on:

Slide 78 – BlackRock fixed income

1. AUM as of 3/31/23.
2. Represents last 36 months ending 3/31/23. Net new business represents net asset inflows and Net new base fees represents net new base fees earned on net asset inflows.
3. Organic asset growth rate calculated by dividing net asset inflows over beginning of period assets.
4. Organic base fee growth rate calculated by dividing net new base fees earned on net asset inflows by the base fee run–rate at the beginning of period.
5. Revenue includes base, securities lending and performance fees.
6. 3–year CAGR represents 2020–2022.

Slide 80 – … and scale benefits to clients

1. Source: BlackRock Capital Markets; Annual figures as of 2022.
2. Execution cost is the average difference between the actual price achieved on the trade and the previous day’s closing price. Average savings estimated as the difference between BlackRock execution
cost and market half spread, an estimate of the average execution cost of a market participant. Market half spread is estimated quarterly for each sector and maturity bucket based on a consensus
opinion of BlackRock traders and a set of over 10 broker dealers.
3. Source: BlackRock Capital Markets; represents 2022 average fill rate vs. pro–rata allocation for Investment Grade Credit.

Slide 81 – Active platform is backed by strong long–term investment performance and award–winning investment teams
1. Source of performance information is BlackRock’s first quarter 2023 earnings releases. Please see appendix of this presentation for performance notes. Past performance is not indicative of future
results. Please refer to page 12 of first quarter 2023 earnings release for performance disclosure detail.
2. Source: Morningstar Fund data as of 3/31/2023. Includes all BLK global active fixed income mutual funds. % AUM is calculated out of BLK active fixed income mutual funds that have any star rating,
and does not include the AUM of non–rated funds as of 3/31/2023.

Slide 82 – Leading fixed income franchise with significant room to grow

1. Source: Simfund for U.S. MFs, Broadridge for non–U.S. MFs and Global Institutional, Bloomberg for ETFs.
2. Based on industry and BlackRock fixed income net flows for each of the respective periods.

Slide 83 – A historic evolution of the capital stack and return opportunities in Fixed Income…
1. Source: Federal Reserve as of 12/31/2022 and CBO, as of 5/12/2023.
2. Source: Bloomberg as of 5/26/2023.
3. Source: Bloomberg as of 5/24/2023.
4. Source: Bloomberg as of 5/28/2013.

Slide 84 –… and as opposed to the past 10 years, returns come with dispersion and volatility making active management of these yields a valuable part of a total Fixed Income allocation…
1. Source: Bloomberg as of 5/26/2023.

Slide 85 –Multiple tools are now available to provide return, diversification, and stability to complement a broad investment portfolio…
1. Source: Bloomberg as of 5/22/2023.
2. Source: Bloomberg as of 12/31/2022.

Slide 86 – Diversity and connectivity of our fixed income platform enables us to deliver outcomes for clients and grow our share
1. AUM as of 3/31/23.

87
Indices
1–3Y IG = Bloomberg US Corporate 1–3 Yr Index US 10Y = US Generic Govt 10 Yr

AAA CMBS = Bloomberg CMBS Investment Grade: AAA Total Return Index US 3m = US Generic Govt 3 Mth

ABS = Bloomberg US Agg ABS Index US 6m = US Generic Govt 6 Mth

Brazil 2Y = Brazil Government Generic Bond 2 Year US Agency = Bloomberg US Agg Agency Index
US Aggregate = Bloomberg US Aggregate Index
CMBS = Bloomberg US Agg CMBS Index
US HY = Bloomberg US Corporate High Yield Index
Deposits + MMF = Bloomberg US Treasury Bills: 1–3 Months
US IG 10Y = JP Morgan JULI 10 Yr Index
EMBI BB = JP Morgan EMBI Diversified Credit BB Index
US IG 3Y = JP Morgan JULI 3 Yr Index
EUR HY B = Bloomberg Euro HY B Rating Only Index
US Long Corp = Bloomberg US Long Credit Index
EUR HY BB = Bloomberg Euro HY BB Rating Only Index
US MBS = Bloomberg US MBS Index
EUR IG 1–3Y= Bloomberg Euro–Aggregate: Corporate –– 1–3 Year TR CHF Index
US Securitized = Bloomberg US Securitized: MBS/ABS/CMBS Index
EUR IG 3–5Y = Bloomberg Euro–Aggregate: Corporate –– 3–5 Year TR CHF Index
US Treasury = Bloomberg US Treasury Index
EUR IG 7–10Y = Bloomberg Euro–Aggregate: Corporate –– 7–10 Year TR CHF Index
US CMBS Aggregate = Bloomberg CMBS Investment Grade Index
European Agg= Bloomberg Pan–European Aggregate Index US Corp BB = Bloomberg Ba US High Yield Index
Global Agg = Bloomberg Global–Aggregate Index

Global Emerging Markets = Bloomberg EM Hard Currency Aggregate Index

IG = Bloomberg US Corporate Index

Japan Agg = Bloomberg Japanese Aggregate Index

MBS = Bloomberg US MBS Index

MBS 30 = Bloomberg US MBS 30 Yr

Mexico 2y = Mexico Generic 2 Year

Munis = Bloomberg Municipal Bond Index

S&P = S&P 500 Index

Treasury (1–3Y) = Bloomberg US Agg 1–3 Year

88
 Edwin Conway
Global Head of Equity Private Markets

Private Markets:
Essential building blocks of the modern portfolio

Investor
Day 2023
BlackRock alternatives

Organic growth and revenue

$83B
$156B
$102B
3–year gross fundraise2
12%
3–year average
organic asset growth3

$320B
alternatives
client assets1 $412M
3–year net new base fees3
10%
3–year average organic
base fee growth4

$2.2B
$81B
3–year CAGR6
12%
 Private markets7 2022 Revenue5
 Hedge funds and hedge fund solutions
 Liquid credit

Note: For footnoted information, refer to slide 99.

90
We have designed a private markets platform that seeks to
deliver outperformance and investment outcomes for clients

BlackRock Private Markets

$156B client assets

$46B $38B $30B $30B $12B

Infrastructure Private equity Real estate Private credit Multi-alternatives

Note: For footnoted information, refer to slide 99.

91
Our Private Markets platform has delivered double-digit
growth in client assets and revenue

Private markets client assets ($B)1 Private markets revenue ($M)1

+16%
+26%
CAGR
CAGR
$1,037
$152 $156
$138 $876
296
14%
$110 $660 208
$98 $624
$83 83
136
$418
70 741 $222
668
577
488 21
348
201

2018 2019 2020 2021 2022 1Q23 2018 2019 2020 2021 2022 1Q23

Base Fees Performance Fees

Note: For footnoted information, refer to slide 99.

92
Well positioned for future revenue growth

Committed capital ($M) Gross carried interest balance ($M)3 Ongoing fundraising and deployment

$33B +40%
$1,458
Multi–alternatives
platform providing:
committed but not yet CAGR
deployed capital1 Access to high quality
opportunities

Improved transparency
$260M $483

future annual base fees2 An integrated view

and additional carry potential

2019 1Q23

Target doubling private markets revenue in 5 years

Note: For footnoted information, refer to slide 99.

93
Industry AUM is expanding as investors continue to increase
allocations to private markets
X

Investor asset allocations to private alternatives1 Private markets industry assets

expected to grow to $18T by 20272 2021 – 2027E CAGR

Institutions Wealth +13%

Expected 2025 Allocations Infrastructure

28–30%
$18

26–28%
+12%
+11%
CAGR Private credit
20–22%

18–20% 8
16–18%
15–17%
+15%
$9
+10%
13–15% CAGR
11–13% Private equity
$4 4
8–10%

4–5%
3–5%
+8%
2–3%
Real estate
Endow. SWF DB Insurers UHNW HNW 2015 2021 2027E
Note: For footnoted information, refer to slide 99.

94
Our flagship franchises are steadily scaling

Fundraising on track to meet 2021 investor day target ($B)1 Successfully scaling successor funds ($B)2

$82B $7.5
$7.0
Raised
$5 $5

$3
$2
$1
$1

Fund I Fund II Fund III Fund IV

Investor Day 2021 Targets

$100B+ 3–year gross fundraise target from ’21–’23  Diversified Infrastructure  Climate Infrastructure

Note: For footnoted information, refer to slide 99.

95
Our differentiated deal flow1 in private markets is a key driver
of performance and our value proposition to clients
We tap into the broader BlackRock X

ecosystem to drive fund performance and Sample BlackRock private markets deals3
help our clients meet their objectives with
whole portfolio solutions Sponsor Traveloka
Connectivity Private credit

Structuring Virgin Voyages

Capabilities Private credit

~9,000 Corporate
Partnerships
Gigapower – BLK Infra + AT&T
Infrastructure

~5%
Deals reviewed in
20222 Scale Platform Waratah Super Battery
Deployment Infrastructure
Deals invested2
Additional Summit Companies
Value Creation Private equity

Note: For footnoted information, refer to slide 99.

96
These differentiated capabilities continue to translate into long–
term investment performance, driving outcomes for clients
Net IRR of select flagship strategies, most recent vintages

Long Term Private Capital Diversified Infrastructure Climate Infrastructure

(private equity flagship)

31.6% 13.5% 11.1%

Long Term BlackRock Global Global Renewable
Private Capital Infrastructure Fund III Power Fund III

Note: This slide depicts the performance since inception of the predecessor vehicles for flagship BlackRock Alternatives strategies which may be broadly marketed, and as such is a non–representative subset of the larger universe of
strategies managed. This excludes funds that are too early to have meaningful performance. Past performance is not indicative of future results. Diversified infrastructure and Climate Infrastructure are predecessor funds, Long term
private capital is open ended and represents current performance. Past performance is not indicative of future results.

97
Our strategy
Positioned to lead the industry in constructing whole portfolios
across public and private markets on behalf of clients

Evolving to drive better investment outcomes for

Whole Portfolio Partnership clients
Multi–Alternatives Grounded in solving client
Solutions needs

Integrated view of underlying Deliver alpha generating private market

drivers of risk & return across investment strategies to clients at scale
public and private markets
Leverage new structures and partnerships
to provide alternatives to wealth clients

Access & Capital Technology

Markets Be the leading transition capital private
Aladdin and eFront deliver
markets provider
Wide and deep industry investment insights drawn
footprint to source and from public and private
underwrite transactions, and markets data
deliver outperformance Build whole portfolio client solutions

98
End notes
These notes refer to the financial metrics and/or defined term presented on:

Slide 90 – BlackRock alternatives

1. Client Assets figures as of 3/31/23. Client assets includes AUM and non–fee paying committed capital. Committed capital are non–fee paying and are not included in AUM. These commitments are expected to generate fees and will
be counted in AUM and flows as the capital is deployed over time.
2. Represents last three years ending 12/31/22. Gross fundraising includes assets counted in net inflows and committed capital. Committed capital that earns fees during the commitment stage is included in net flows and AUM.
Fundraising data includes alternative solutions, hedge fund solutions, private equity solutions, opportunistic and private credit, Long Term Private Capital, real estate and infrastructure.
3. Represents last three years ending 3/31/23. Organic asset growth rate calculated by dividing net asset inflows over beginning of period assets.
4. Represents last three years ending 3/31/23. Organic base fee growth rate calculated by dividing net new base fees earned on net asset inflows by the base fee run–rate at the beginning of period.
5. Revenue includes base, securities lending and performance fees.
6. 3–year CAGR represents compounded annual growth rate for three years ending in 2022.
7. Private Markets represents illiquid alternatives.

Slide 91 – We have designed a private markets platform that seeks to deliver outperformance and investment outcomes for clients
Note: Client assets figures as of 3/31/23. Client assets includes AUM and non–fee paying committed capital.

Slide 92 – Our Private Markets platform has delivered double digit growth in client assets and revenue
1. Source: BlackRock as of 3/31/23.

Slide 93 – Well positioned for future revenue growth

1. Committed capital as of 3/31/23. Committed capital are non–fee paying and are not included in AUM. These commitments are expected to generate fees and will be counted in AUM and flows as the capital is deployed over time.
2. Based on fee rates as of 3/31/23. Past fee rates and future assumptions may not be indicative of future results. Future base fees expected to materialize as we deploy committed capital.
3. Reflects gross deferred carried interest liability as disclosed in BlackRock Form 10–Ks and 10–Q for the applicable time period.

Slide 94 – Industry AUM is expanding as investors continue to increase allocations to private markets
1. Source: Oliver Wyman: Allocations as of 2020. https://www.oliverwyman.com/our–expertise/insights/2021/jun/competing–for–growth.html.
2. Source: Preqin “The Future of Alternatives in 2027” Report. Private Markets include Total Alternatives excluding Hedge funds.

Slide 95 – Our flagship franchises are steadily scaling

1. Gross Fundraise figures from 1/1/21 through 3/31/23.
2. Fund targets are not guaranteed and subject to change. Diversified and Climate Infrastructure funds I through III are closed.

Slide 96 – Our differentiated deal flow in private markets is a key driver of performance and our value proposition to clients
1. Differentiated deal flows refers to deal sourcing that is proprietary or part of a limited investor process.
2. Source: BlackRock. Figures for 2022.
3. Deal examples reflect recent, publicly known investments across H2 2022 and Q1 2023 corresponding with the relevant BlackRock capability. Deal examples are not indicative of all sourced or funded deals.

99
 Dickon Pinner
Head of Transition Capital

Jessica Tan
Head of Sustainable and Transition Solutions

Transition Investing:
Unlocking new markets for clients

Investor
Day 2023
The transition to a low–carbon economy will transform
economies, sectors, and business models…

Technology Consumer preferences Policy

79% 40% >$470B

Reduction in battery costs Electric vehicle share of U.S. pledged
over the past decade1 global passenger vehicle transition funding3
sales by 20302

~€635B
EU pledged climate
funding3

Note: For footnoted information, refer to slide 111.

101
…and we expect the transition to spur significant capital
investment

2015 - 2021 2023 - 2050

$2.3 Trillion $3.5 - 4 Trillion

invested per year on average in energy invested per year on average through 2050,
supply and demand, increasing to…1 across high and low carbon2

Note: For footnoted information, refer to slide 111.

102
The transition requires connecting sources of capital to
investible transition opportunities globally

Sources of capital Uses of capital

Financial world BlackRock Physical world

Enablers and facilitators

103
This presents opportunities – and challenges – across the
corporate lifecycle

Transition Transition Transition Transition

Launch Scale–up Infrastructure Public Markets

Venture Capital & Private Equity Core, Core+, and Index & Active
Growth Equity Value–Add Equity
Direct Lending High Yield &
Venture Debt Infrastructure Debt Investment Grade

Note: Not an exhaustive list of financing instruments available in each of these categories.

104
Our approach to transition investing builds on our history
of delivering investment outcomes for clients

A 35–year track–record Consistent approach across platform

Anticipating client needs

Client Choice Performance
Managing investment risk We start with the client We seek the best risk–
adjusted returns within the
mandates clients give us
Investing for the long–term

Building investor–centric analytics

Research
We underpin our work with research, data, and analytics
Working across the whole portfolio

Opening new markets

105
Our $100B+ transition platform spans asset classes

BlackRock Transition Investing1

Index Active Private Markets

$50B $40B $17B

Whole portfolio advisory

Proprietary research, technology, & analytics

Corporate network & sourcing capabilities

Note: For footnoted information, refer to slide 111.

106
BlackRock’s options across index and active allow clients to
invest in the transition to a low–carbon economy based on their
investment objectives
Index Active
Broad Paris Aligned Benchmark Low Carbon Transition Readiness
strategies Climate Transition Benchmark

Targeted Self–Driving EV and Tech Future of Transport

strategies Green Bonds Circular Economy
Clean Energy Sustainable Energy

Note: Not an exhaustive list of products available in each of these categories.

107
We have a diversified private markets platform –
with more in the pipeline

Private Decarbonization Partners

Late venture capital / early-stage growth equity investments that
Markets advance decarbonization solutions

Our teams

Climate Infrastructure
Renewable power generation assets, transition–enabling infrastructure, and
climate–related investments in emerging markets

Diversified Infrastructure
Capitalizing on decarbonization, decentralization, and digitalization

108
BlackRock provides clients with Americas1
CO2 Capture
Battery Storage

access to global transition Renewable Natural Gas

Hydrogen/Carbon Black

investment opportunities Solar PV

Waste Management

Gas & Blue Hydrogen

EMEA1 Transmission & Battery
Storage

EV Charging

LNG Carriers

Onshore Wind

Offshore Wind
APAC1
Solar PV

Renewables Portfolio

Battery Storage

Pipeline
Note: For footnoted information, refer to slide 111.

109
Our whole portfolio transition platform helps our clients
navigate and invest in the transition to a low-carbon economy

Service Access Expertise Deliver as

One BlackRock

110
End notes
All $ figures in this presentation are given in USD.

These notes refer to the financial metrics and/or defined term presented on:

Slide 101 – The transition to a low-carbon economy will transform economies, sectors, and business models…
1. BloombergNEF, Top 10 Energy Storage Trends in 2023.
2. BloombergNEF, Electric Vehicle Outlook 2022. This figure reflects the report’s Economic Transition Scenario.
3. BII, Rocky Mountain Institute, and European Commission, December 2022.

Slide 102 – …and we expect the transition to spur significant capital investment
1. International Energy Agency, World Energy Investment 2023.
2. BlackRock Investment Institute Transition Scenario, June 2023.

Slide 106 – Our $100B+ transition platform spans asset classes

1. Transition AUM: Private market funds and transition deals and public market portfolios whose principal strategy either through portfolio objective or investment selection focuses on preparing for,
being aligned to, benefitting from and/or contributing to the transition to a low carbon economy. Some transition projects may be in funds that also invest in non–transition assets. Investments are
made by BlackRock’s funds, and it is generally not possible to invest directly into a single project.

Slide 109 – BlackRock provides clients with access to global transition investment opportunities
1. BlackRock, March 2023. The selected highlighted investments illustrate various BlackRock Investment Teams' capabilities across various sectors and markets.

111
 Mark Wiedman
Head of the Global Client Business

Bringing it together for

clients
Investor
Day 2023
What we deliver to clients

Institutions Wealth
(~46% of revenue)1 (~54% of revenue)1

Defined benefit Platform as a service Wealth managers

Defined contribution Outsourcing iShares Private banks

Asset managers Aladdin Independent advisors

Private markets
Insurers Units of trust Retail banks

Sovereign wealth funds Bonds Custom models Brokers

Active
Central banks

Family offices Transition

Whole portfolios Digital platforms /
Individual investors

Foundations & endowments

Corporate treasurers

Note: For footnoted information, refer to slide 118.

113
Look deeper . . .

Portfolio reset From products

amid regime to whole
change portfolios

Data and
analytics
What clients want
Customization

Do more with fewer

Thirst for
Professionalization private markets

Client Investments and…

Portfolio counsel
trends •
• Commercial advice and help
Yield and cash Rising rates
and inflation • Technology
• Operating efficiency
Sustainable
Rise of the investing /
digital investor transition to low
carbon economy
A more intimate relationship
Margin
Outsourcing pressure

114
Our mission: deepening partnerships with our clients across
investment and commercial needs

Product Portfolio
provider constructor

Strategic Business
consultant co–builder

115
Global strategy, locally delivered

Bringing One BlackRock together Where the magic happens1

Note: For footnoted information, refer to slide 118.

116
How we grow with clients – our 5% ambition

2023–2027
2019–2022
(projected/
(average)
target)

Industry organic asset growth1,2,3 3% 3%

Industry organic base fee revenue

4% 3%
growth1,2,3

BlackRock organic base fee revenue

5% 5%
growth1,4 Target

BlackRock share of industry base

2.8% 3.1%
fee revenues1,4 Target

Note: For footnoted information, refer to slide 118. Past performance not indicative of future results.

117
End notes
These notes refer to the financial metrics and/or defined term presented on:

Slide 113 – What we deliver to clients

1. Revenue as of fiscal year 2022. Revenue includes base, securities lending and performance fees.

Slide 116 – Global strategy, locally delivered

1. Source: BlackRock. Office locations as of 12/31/2022.

Slide 117 – How we grow with clients – our 5% ambition

1. Industry & BlackRock representative of Long–Term mandates only.
2. Industry Sources (2019–2022): Simfund for U.S. MFs, Broadridge for non–U.S. MFs and global Institutional; GBI for global ETFs, HFR for global HFs, Cerulli for Wealth SMAs, Preqin for Illiquid Alts.
3. Industry Sources (Projection): Estimates based on McKinsey. Excludes beta.
4. BlackRock (Target): Assumes 5% organic base fee growth from 2023–2027. Excludes beta. Share of industry target assumes industry base fee organic growth from 2023-2027 of 3%, see note 3 above. Target figures are subject
to risks and there is no guarantee that such growth rates will be achieved in the time periods described.

118
 Martin Small
Chief Financial Officer and Global Head of Corporate Strategy

Driving value for our

shareholders
Investor
Day 2023
We have a longstanding framework for delivering
shareholder value

Organic growth

Operating Capital
leverage management

EPS growth

120
Successful execution of our financial framework

Organic growth Operating margin (as adj.) Capital management

$7.9 billion shares repurchased
(7)% share count reduction
46.8%
in 2021 $19.52
44.1% Primarily
5% 5% 2022 beta
organic asset organic base 42.8% impact
growth1 fee growth2 $10.00

10%
CAGR

1/1/18 – 12/31/22 20173 2022 2017 2022

Average… Average Dividend Average Dividend

Note: Represents as adjusted operating margin. 2017 operating margin, as adjusted, does not reflect the updated definition effective beginning in 1Q22. Periods subsequent to 2017 reflect the updated definition of operating margin, as
adjusted. For reconciliation between GAAP and as adjusted, see the previously filed Forms 10–K, 10–Q and 8–K and the appendix to this presentation on slide 137. For footnoted information, refer to slide 135.

121
Organic asset growth higher and less volatile than peers

Organic asset growth1 Standard deviation1

9%
5% BLK organic
base fee growth
7% 6% 7%
5% 5%
5%
5%
4% 4%
3%
1%
1%

(1%)

(5%)
(6%)

A B C D E F G A B C D E F G

BLK Traditional Asset Manager Peers Captive Peers BLK Traditional Asset Manager Peers Captive Peers

Represents the 5–year average of BlackRock’s 5 largest U.S. publicly traded asset management peers and 2 captive asset managers
Note: For footnoted information, refer to slide 135.

122
Diversified platform supports 5% organic base fee growth target

7% 3–Year Average BlackRock Organic Base Fee Growth2

Effective Fee 17 8 31 27 67 12 4
Rates (bps)1

19%
14%
12%

3–Year 7%
Avg Organic 6%
Base Fee Growth 4% 6%
Rates2 Strategic Core 1%
Equity Precision

ETFs Active ex–Illiquid Alts4 Illiquid Cash Non– Tech5

Alts ETF Index (FY 2022)

% Contribution 35% 38% 6% 5% 8% 8%

to 2022 Revenue3

Note: For footnoted information, refer to slide 135.

123
Our ability to meet client needs across a variety of market
environments continues to scale our AUM

9%
CAGR
$9.1T

Net inflows ($B) $540

$429 $391
$367
$307 $2.9T
$3.8T $120
$194 $150 $202
$124 $110 increase from
net inflows

Market / FX movements ($B)

$1,025 $856
$770 $752
$386
$134 $220 $385
$2.2T
appreciation
($159) from
($464) markets/FX

($1,722)
12/31/12 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1Q23 3/31/23

124
Differentiated organic growth and margin over the long–term,
with near–term results impacted by historic market headwinds
20121 2021 2022

$3.8T AUM
+163% (14)%
$2.5T of net inflows $10.0T $307B of net inflows $8.6T

$9.3B Revenue

+109%
1
$19.4B (8)% $17.9B

40.4% Margin as adj.

+640bps1 46.8% (400)bps 42.8%

Note: Represents as adjusted operating margin. For reconciliation between GAAP and as adjusted, see the previously filed Forms 10–K, 10–Q and 8–K and the appendix to this presentation on slides 137.
For footnoted information, refer to slides 135.

125
Consistent capital management policy to invest first and then
return cash to shareholders
Prioritization of cash use Cash payout & payout ratio1,2
(Figures in $B)

Organic business investments 94%

84% 84% 76%
100%

6
63%
G&A Headcount Seed & Co–invest
5
$4.9 50%

4 $3.6 $3.8 $3.8 $3.7

0%

Tactical acquisitions &

3
strategic minority investments (50%)

(100%)

Dividends 1

0 (150%)

2018 2019 2020 2021 2022

Share repurchases
Dividends and share repurchases Payout ratio

Note: For footnoted information, refer to slide 135.

126
Using our balance sheet to support profitable growth

Seed1 Co–invest1

Revenues from seeded funds ($B) Revenues from co–invested funds ($B)

$0.9 $1.8 $0.2 $0.82

Seed portfolio ($B)

26% Co–investment portfolio ($B), including
25%
IRR on unfunded commitments IRR on
shareholder shareholder
$2.6
$2.3 capital capital
$1.9

$0.7

2017 2022 2017 2022

Note: For footnoted information, refer to slide 135.

127
 Increasing co–investment portfolio as private markets scales,
delivering revenue growth and profitability for shareholders

Scaling private markets Carry increasingly contributing to revenue Significant potential performance fees
Private markets gross fundraise1 ($B) Carry performance fees ($M) Gross carried interest balance2 ($M)

45 $42 $1,458
44
43
42
41
40
39
38
37 $35
36 $263
35
34
33
32
31
30
29
28
27
26 $25
25
24
$23
23
22
21
$159
20
19
18
17
16 $483
15
14
13
12
11 $75
10
9
8 $49
7
6
5
4
3
2
1
0
2019 2020 2021 2022 2019 2020 2021 2022 2019 1Q23

Note: For footnoted information, refer to slide 136.

128
Inorganic investments accelerate organic growth, support
strategic initiatives, and deliver return for shareholders
Tactical acquisitions Strategic minority investments
1
Technology Alternatives

Global Distribution Whole Portfolio

1. Subject to customary regulatory and closing conditions. Acquisition of Kreos Capital is expected to close in 3Q 2023, and minority investment in Avaloq expected to close in 2Q 2023.

129
Steady dividend increases

$20.00
$19.52

$16.52

$14.52
17%
$13.20
CAGR
$12.02

$10.00
$9.16
$8.72
$7.72
$6.72
$6.00
$5.50
$4.00
$3.12 $3.12
$2.68
$1.68
$0.80 $1.00 $1.20

1
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1Q23
Ann'd

Note: For footnoted information, refer to slide 136.

130
Share repurchase program since 2013

171M
shares outstanding
12/31/12
(13)%

150M
shares outstanding
12/31/22

$13B+
repurchased
$428
average price per share
+15%
compound annual return1

Note: For footnoted information, refer to slide 136.

131
BlackRock has delivered differentiated organic base fee growth
across various market environments…

S&P 500 Returns 30% 11% (1)% 10% 19% (6)% 29% 16% 27% (19)%

11% Avg: 5%

7% 7%
5% 6% 6% 5%
Organic base
fee growth1

2%
1%
0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

YoY as adj.
100 150 – 90 30 150 (10) 50 80 (400)
margin ∆ (bps)2,3

Note: 2012–2017 operating margin, as adjusted, do not reflect the updated definition effective beginning in 1Q22. Periods subsequent to 2017 reflect the updated definition of operating margin, as adjusted. For further information and
reconciliation between GAAP and as adjusted operating margin, see the previously filed Form 10–Ks, 8–Ks, earnings releases and the presentation appendix on slides 137. For footnoted information, refer to slide 136.

132
…driving BlackRock stock outperformance over the long–term

Total return to shareholders1

319%

251%

106%

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 3/31/23
2022

BLK S&P 500 Large-Cap Traditional Peers

Note: For footnoted information, refer to slide 136.

133
BlackRock will 1BLK Platform
continue to
invest and Organic growth
leverage our
scale to drive Operating Capital

Service
Access
long–term leverage management

shareholder
value EPS growth

Expertise

134
End notes
These notes refer to the financial metrics and/or defined term presented on:

Slide 121 – Successful execution of our financial framework

1. Organic asset growth rate is calculated by dividing net asset inflows over beginning of period assets. 5% reflects average over the 5–year period.
2. Organic base fee growth rate is calculated by dividing net new base fees earned on net asset inflows by the base fee run–rate at the beginning of the period. 5% reflects average over the 5–year period.
3. Beginning in the first quarter of 2022, the Company updated its definition of operating income, as adjusted, operating margin, as adjusted, and net income attributable to BlackRock, Inc., as adjusted, to include adjustments related
to amortization of intangible assets, other acquisition–related costs, including compensation costs for nonrecurring retention–related deferred compensation, and contingent consideration fair value adjustments incurred in
connection with certain acquisitions. For further information, please see pages 37–38 of our 2022 Form 10–K. 2017 results do not reflect updated definition for operating margin, as adjusted. The company estimates that for 2017,
such adjustments primarily include amortization of intangible assets and acquisition–related compensation costs of $89 million and $20 million, respectively, and that the adjustments for acquisition–related transaction costs and
contingent consideration fair value adjustments are not material.

Slide 122 – Organic asset growth higher and less volatile than peers
1. Organic asset growth and standard deviation represents quarterly organic asset growth rates from 1/1/18 – 12/31/22. Organic base fee growth for BlackRock represents quarterly organic base fee growth rates from 1/1/18 –
12/31/22. Peer organic growth rates and standard deviation calculated from information available in public filings.

Slide 123 – Diversified platform supports 5% organic base fee growth target
1. Effective fee rate for 2022. Effective fee rate represents base fees and securities lending revenue earned on total average AUM. Total average AUM 2022 is calculated as the 13–point average of the month–end spot AUM amounts.
2. Organic base fee growth rate is calculated by dividing net new base fees earned on net asset inflows by the base fee run–rate at the beginning of the period. 3–year LTM average organic base fee growth represents average for trailing
twelve months for 1Q21, 1Q22, and 1Q23.
3. Percentage revenue contribution for 2022 includes base fees, securities lending, performance fees and technology services revenue.
4. Includes all active strategies excluding illiquid alternative.
5. Represents Technology Services Revenue. 3–year average growth rate represents CAGR for the three years ending in 2022.

Slide 125 – Differentiated organic growth and margin over the long–term, with near–term results impacted by historic market headwinds
1. 2012 information reflects accounting guidance prior to the adoption of the new revenue recognition standard. For further information, refer to Note 2, Significant Accounting Policies, in the consolidated financial statements in our
2018 Form 10–K.

Slide 126 – Consistent capital management policy to invest first and then return cash to shareholders
1. Dividend and share repurchases from BlackRock’s Form 10–K for each applicable year.
2. Payout ratio equals (total dividends and share repurchases) / (GAAP net income).

Slide 127 – Using our balance sheet to support profitable growth

1. Revenues from products that have received seed or co–investments over $1M in 2009 through 2022. Revenue includes base and performance fees. Portfolio value for as of year–end for both time periods.
2. 2022 revenue includes ~$260M of future annual base fee from $33B of committed capital.

135
End notes
These notes refer to the financial metrics and/or defined term presented on:

Slide 128 – Increasing co–investment portfolio as private markets scales, delivering revenue growth and profitability for shareholders
1. Gross fundraising includes assets counted in net inflows and committed capital. Committed capital that earns fees during the commitment stage is included in NNB and AUM. Fundraising data includes alternative solutions, hedge
fund solutions, private equity solutions, opportunistic and private credit, Long Term Private Capital, real estate and infrastructure.
2. Reflects gross deferred carried interest liability as disclosed in BlackRock form 10–Ks and 10–Q for the applicable time period.

Slide 130 – Steady dividend increases

1. 2003 dividend per share is annualized.

Slide 131 – Share repurchase program since 2013

1. Represents time period from 12/31/12 to 12/31/2022.

Slide 132 – BlackRock has delivered differentiated organic base fee growth across various market environments…
1. Organic base fee growth rate is calculated by dividing net new base fees earned on net asset inflows by the base fee run–rate at the beginning of the period.
2. 2013 to 2015 information reflects accounting guidance prior to the adoption of the new revenue recognition standard. For further information, refer to Note 2, Significant Accounting Policies, in the consolidated financial statements
in our 2018 Form 10–K.
3. 2018 to 2021 reflects recast financials for updated definition of operating income, as adjusted, operating margin, as adjusted, and net income attributable to BlackRock, Inc., as adjusted, to include adjustments related to
amortization of intangible assets, other acquisition–related costs, including compensation costs for non–recurring retention–related deferred compensation, and contingent consideration fair value adjustments incurred in
connection with certain acquisitions. For further information, please see pages 37–38 of our 2022 Form 10–K.

Slide 133 – …driving BlackRock stock outperformance over the long–term

1. Source: FactSet as of 3/31/2023. Total return assumes reinvestment of all dividends. Past performance is not indicative of future results.
2. Note: Large–Cap Traditional Peers refers to publicly traded large–cap asset managers (AB, AMG, BEN, IVZ and TROW).

136
Reconciliation between GAAP and as adjusted
($mm, except per share data)
2012 1,2 2013 1,2 2014 1,2 2015 1,2 2016 2 2017 2 2018 2 2019 2 2020 2 2021 2 2022 2
Operating income
Operating Income, GAAP basis $3,524 $3,857 $4,474 $4,664 $4,565 $5,254 $5,457 $5,551 $5,695 $7,450 $6,385
Non-GAAP expense adjustments:
Restructuring charge - - - - 76 - 60 - - - 91
Amortization of intangible assets - - - - - - 50 97 106 147 151
Acquisition-related compensation costs - - - - - - 37 65 20 88 24
Acquisition-related transaction costs - - - - - - 18 18 - - -
Contingent consideration fair value adjustments - - - - - - 65 53 23 34 3
U.K. lease exit costs (8) - - - - - - - - - -
Lease cost - Hudson Yards - - - - - - - - - 28 57
Compensation expense related to appreciation
6 10 7 1 - - - - - - -
(depreciation) on deferred compensation plans
Reduction of indemnification asset - - 50 - - - - - - - -
Charitable Contribution - 124 - - - - - - 589 - -
Contribution to STIFs 30 - - - - - - - - - -
PNC LTIP funding obligation 22 33 32 30 28 15 14 - - - -
Operating Income, as adjusted 3,574 4,024 4,563 4,695 4,669 5,269 5,701 5,784 6,433 7,747 6,711
Product launch costs and commissions 25 18 11 5 - - 13 61 172 284 6
Operating income used for operating margin measurement 3,599 $4,042 $4,574 $4,700 $4,669 $5,269 $5,714 $5,845 $6,605 $8,031 $6,717
Revenue
Revenue, GAAP basis 9,337 $10,180 $11,081 $11,401 $12,261 $13,600 $14,198 $14,539 $16,205 $19,374 $17,873
Distribution fees (71) (73) (70) (55) (1,198) (1,183) (1,155) (1,069) (1,131) (1,521) (1,381)
Investment advisory fees (348) (332) (350) (402) (410) (480) (520) (616) (704) (679) (798)
Revenue used for operating margin measurement 8,918 $9,775 $10,661 $10,944 $10,653 $11,937 $12,523 $12,854 $14,370 $17,174 $15,694
Operating margin, GAAP basis 37.7% 37.9% 40.4% 40.9% 37.2% 38.6% 38.4% 38.2% 35.1% 38.5% 35.7%
Operating margin, as adjusted 40.4% 41.4% 42.9% 42.9% 43.8% 44.1% 45.6% 45.5% 46.0% 46.8% 42.8%

Note: For additional information on the non–GAAP expense adjustments and explanations on the use of non–GAAP measures, see BlackRock's Form 10–K for the applicable period.
1. 2012 to 2015 information reflects accounting guidance prior to the adoption of the new revenue recognition standard. For further information, refer to Note 2, Significant Accounting Policies, in the consolidated financial statements in our 2018
Form 10–K.
2. Beginning in the first quarter of 2022, the BlackRock updated its definition of operating income, as adjusted, operating margin, as adjusted, and net income attributable to BlackRock, Inc., as adjusted, to include adjustments related to amortization
of intangible assets, other acquisition–related costs, including compensation costs for nonrecurring retention–related deferred compensation, and contingent consideration fair value adjustments incurred in connection with certain acquisitions.
Information from 2018 to 2022 reflects updated definitions. 2012 to 2017 does not reflect updated definitions. For further information, please see pages 37–38 of our 2022 Form 10–K.

137
Important notes
The opinions expressed herein are as of June 2023 and are subject to change at any time due to changes in the market, the economic or regulatory environment or for other reasons. The information should not be construed as
research or relied upon in making investment decisions or be used as legal advice. An assessment should be made as to whether the information is appropriate in individual circumstances and consideration should be given to talking
to a professional adviser before making an investment decision. This material may contain ‘forward–looking’ information that is not purely historical in nature. Such information may include, among other things, projections and
forecasts. There is no guarantee that any forecasts made will come to pass.

The information and opinions contained herein are derived from proprietary and non–proprietary sources deemed by BlackRock to be reliable, but are not necessarily all inclusive and are not guaranteed as to accuracy or
completeness. Certain of the information presented herein is for illustrative purposes only. No part of this material may be reproduced, stored in any retrieval system or transmitted in any form or by any means, electronic, mechanical,
recording or otherwise, without the prior written consent of BlackRock.

This material is solely for informational purposes and does not constitute an offer or solicitation to sell or a solicitation of an offer to buy any shares of any fund (nor shall any such shares be offered or sold to any person) in any
jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that jurisdiction.

Investing involves risks including possible loss of principal

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
©2023 BlackRock, Inc. All rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, BUILD ON BLACKROCK, ALADDIN, iSHARES, iBONDS, iRETIRE, LIFEPATH, SO WHAT DO I DO WITH MY MONEY, INVESTING FOR A NEW WORLD,
BUILT FOR THESE TIMES, FutureAdvisor, Cachematrix, eFront, the iShares Core Graphic, CoRI and the CoRI logo are registered and unregistered trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All
other marks are the property of their respective owners.

© 2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Performance notes
Past performance is not indicative of future results. Except as specified, the performance information shown is as of March 31, 2023 and is based on preliminary data available at that time. The performance data shown reflects
information for all actively and passively managed equity and fixed income accounts, including U.S. registered investment companies, European–domiciled retail funds and separate accounts for which performance data is available,
including performance data for high net worth accounts available as of February 28, 2023. The performance data does not include accounts terminated prior to March 31, 2023 and accounts for which data has not yet been verified. If
such accounts had been included, the performance data provided may have substantially differed from that shown.

Performance comparisons shown are gross–of–fees for institutional and high net worth separate accounts, and net–of–fees for retail funds. The performance tracking shown for index accounts is based on gross–of–fees
performance and includes all institutional accounts and all iShares® funds globally using an index strategy. AUM information is based on AUM available as of March 31, 2023 for each account or fund in the asset class shown without
adjustment for overlapping management of the same account or fund. Fund performance reflects the reinvestment of dividends and distributions.

Performance shown is derived from applicable benchmarks or peer median information, as selected by BlackRock, Inc. Peer medians are based in part on data either from Lipper, Inc. or Morningstar, Inc. for each included product.

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