#1BlackRock Investor Day 2021 IRH0621U/M-1675207-1/171#2IRH0621U/M-1675207-1/171 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 expressions. 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) a pandemic or health crisis, including the COVID-19 pandemic, and its continued impact on financial institutions, the global economy or capital markets, as well as BlackRock's products, clients, vendors and employees, and BlackRock's results of operations, the full extent of which may be unknown; (2) the introduction, withdrawal, success and timing of business initiatives and strategies; (3) 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"); (4) the relative and absolute investment performance of BlackRock's investment products; (5) BlackRock's ability to develop new products and services that address client preferences; (6) the impact of increased competition; (7) the impact of future acquisitions or divestitures; (8) BlackRock's ability to integrate acquired businesses successfully; (9) the unfavorable resolution of legal proceedings; (10) the extent and timing of any share repurchases; (11) the impact, extent and timing of technological changes and the adequacy of intellectual property, information and cyber security protection; (12) attempts to circumvent BlackRock's operational control environment or the potential for human error in connection with BlackRock's operational systems; (13) the impact of legislative and regulatory actions and reforms and regulatory, supervisory or enforcement actions of government agencies relating to BlackRock; (14) changes in law and policy and uncertainty pending any such changes; (15) any failure to effectively manage conflicts of interest; (16) damage to BlackRock's reputation; (17) terrorist activities, civil unrest, international hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (18) the ability to attract and retain highly talented professionals; (19) fluctuations in the carrying value of BlackRock's economic investments; (20) 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; (21) BlackRock's success in negotiating distribution arrangements and maintaining distribution channels for its products; (22) the failure by a key vendor of BlackRock to fulfill its obligations to the Company; (23) operational, technological and regulatory risks associated with BlackRock's major technology partnerships; (24) any disruption to the operations of third parties whose functions are integral to BlackRock's exchange-traded funds ("ETF") platform; (25) 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 (26) the impact of problems at other financial institutions or the failure or negative performance of products at 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 inaccordance 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 a re 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 incorporat ed herein by reference. Important Notes As indicated in this presentation, certain financial information for 2012 to 2015 reflects accounting guidance prior to the a doption 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. BlackRock 2#3BlackRock BlackRock Investor Day 2021 Listening to and delivering for clients: Our strategy Rob Goldstein Mark Wiedman IRH0621U/M-1675207-1/171 Chief Operating Officer & Head of BlackRock Solutions Head of International and of Corporate Strategy#4IRH0621U/M-1675207-1/171 Everything we offer clients is in the context of the whole portfolio 01 We start with the client 02 We deliver as 1BLK 03 We operate with excellence and provide scale benefits to clients W 04 Clients S We evolve with clients, leading them to trust us with more of their portfolio BlackRock E 4#5We offer a spectrum of capabilities from individual building blocks to fully customized solutions Building blocks Fixed Income ETFs Active Equity SMAS AladdinⓇ OCIO Models BlackRock Tax Multi- asset Cash Whole portfolios IRH0621U/M-1675207-1/171 ETFs Active Equity Cash Fixed Income Factors Tax Aladdin SMAS Factors rivate Markets Models Private Markets OCIO Multi- asset 5#6Our strategy starts by understanding clients' needs Client trends 1 From products to whole portfolios 2 3 4 IRH0621U/M-1675207-1/171 Power shifting to those closest to end client Value for money, pressure on operating efficiency Data and analytics are paramount Investment drivers 5 Sustainable investing 6 Search for yield amid unprecedented liquidity New opportunities 7 Opening of China 8 Global retirement gap BlackRock 6#7IRH0621U/M-1675207-1/171 Our strategy serves clients over the long-term Lead as whole portfolio ¿ advisor Drive growth engines Be the global leader in sustainable; Markets Private Alpha at the heart ¡Sha SharesⓇ e investing 1 Whole portfolios 2 End client 3 Value for money 4 Data and analytics BlackRock AladdinⓇ China 5 Sustainable investing 6 Search for yield 7 China 8 Retirement 7#8IRH0621U/M-1675207-1/171 Asset management revenue remains highly fragmented Sales & Trading² 13% Asset Management¹ Revenue share of top firm in each industry: 3% 3% 8% Clients' Whole Portfolios 58% 89% 42% Cloud Computing³ 31% 32% BlackRock #2-5 The rest Top 5 The rest Top 5 Note: For footnoted information, refer to slide 13. BlackRock 69% The rest 8#9IRH0621U/M-1675207-1/171 Clients are entrusting us with more of their portfolios Organic revenue growth, 2020¹ Growth Engines 18% BlackRock Private Markets 9% Industry¹ 12% Technology2 7% 7% ETFs3 8% Traditional 6% Active (1)% Whole Portfolios (as products, e.g., OCIO, models etc.) 10% 1% 28% Cash 16% 7% vs. 3% BLK organic growth vs. industry¹ 57% of our top clients have >3 BLK products (up 8 points since 2016)4 Note: BlackRock technology growth represents Annual Contract Value (ACV). 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 (5) in the supplemental information on page 10 of BlackRock's first quarter 2021 earnings release for more information on ACV. For footnoted information, refer to slide 13. BlackRock 9#10IRH0621U/M-1675207-1/171 Our scale and culture ultimately benefit clients and shareholders Operating scale and benefits for clients Lead as a a whole portfolio growth advisor Be the global leader in sustainable i Drive Private Markets engines Alpha at the heart able investing ¡Shares® China BlackRock AladdinⓇ Our culture 10#11Growth, efficiency and operating excellence 20121 2018 IRH0621U/M-1675207-1/171 Today² +58% +50% $3.8T $6.0T $9.0T $390M 10,500 Note: For footnoted information, refer to slide 13. BlackRock +101%* +45% $785M AUM $1.1B Tech Services Revenue +42% +11% 14,900 16,500 Employees 11#12Our culture: the BlackRock principles 1. We are a fiduciary to our clients 2. 3. We are One BlackRock We are passionate about performance We take emotional ● ownership 4. 5. We are committed to a better future Note: For footnoted information, refer to slide 13. BlackRock IRH0621U/M-1675207-1/171 35 million U.S. retirement savers invest in our products through their defined contribution plans¹ Our current portfolio of over 270 solar and wind projects has provided approximately 20,000 jobs 1,2 In 2020, BlackRock deployed more than $23B of new capital into over 1,000 companies in Europe alone³ 12 2#13End notes These notes refer to the financial metrics and/or defined term presented on: Slide 8 - Asset management revenue remains highly fragmented Sources: Public filings and company websites, McKinsey. As of 2020. Sources: S&P Global Market Intelligence, McKinsey. As of 2019. 1. 2. 3. Sources: Synergy Research Group, Canalys. As of 2020. IRH0621U/M-1675207-1/171 Slide 9 Clients are entrusting us with more of their portfolios 1. 2. 3. 4. Industry represents the asset management industry. Industry sources: Simfund, Broadridge, Spence Johnson, HFR, Preqin, iMoney Net, Bloomberg, Markit, P&I, Cerulli and BlackRock estimates. BLK technology growth represents Annual Contract Value (ACV). Industry tech growth represents 2020 YoY total revenue growth for 10 fintech peers. Comprises Index ETFs, i.e., Equity ETFs, Fixed Income ETFs, and Alts/Other ETFs. Excluded Active ETFs and Inverse/Leveraged ETFs. Based on BLK Internal data on our top 500 firm clients. Slide 11 Growth, efficiency and operating excellence 1. 2. 2012 technology services revenue 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. Reflects assets under management as of 3/31/2021, technology services revenue for 2020 and employees as of 12/31/20. Slide 12 Our culture: the BlackRock principles 1. 2. 3. Source: BlackRock as of 12/31/2020 Jobs provided are estimated using Political Economy Research Institute, University of Massachusetts Amherst, Green Growth, "A U.S. Program for Controlling Climate Change and Expanding Job Opportunities." Source: BlackRock BlackRock 13 13#14BlackRock BlackRock Investor Day 2021 Decades of growth ahead in ETFs and index investing Salim Ramji Global Head of iShares® and Index Investments IRH0621U/M-1675207-1/171#15BlackRock's global ETF and index investing business $3.2T $6.0T Index AUM¹ $2.8T ETF organic growth and revenue $240B 1Q21 LTM net new business2 $525M 1Q21 LTM net new base fees² ETFs Institutional index, sub-advisory and index mutual funds $4.8B 2020 Revenue Note: For footnoted information, refer to slides 30-31. BlackRock 13% 14% 5% IRH0621U/M-1675207-1/171 Organic asset growth³ Organic base fee growth4 Year-over- year growth 15#16IRH0621U/M-1675207-1/171 BlackRock's global ETF business delivered nearly as much revenue growth as the next three ETF issuers combined Net New Base Fees ($M) - 1Q21 LTM¹ ETF Issuer A Note: For footnoted information, refer to slides 30-31. BlackRock Innovation We launched >170 ETFs in last three years that generated over 20% of our organic revenue growth in last 12 months ■Core Equity ■Strategic ■Precision $525 ETF Issuer B ETF Issuer C BlackRock 16#17IRH0621U/M-1675207-1/171 We believe there are decades of growth ahead for ETFs ETFs have significant room to grow ETF penetration of the total equity and bond market and by client segment is still very low. We expect generational shifts to unlock new growth BlackRock's ETF business is different We believe our product breadth, client reach and investment engine are different and have generated differentiated and diversified revenue growth We are investing for the future We are investing in innovation - in our ability to manage scale and complexity across our investment engine and to connect it to the rest of the ETF and indexing ecosystem BlackRock 1 2 3 17#18ETFs have significant room to grow ETF industry AUM penetration¹ By market 3% of total global market IRH0621U/M-1675207-1/171 By region 5% of total U.S. market By client 1% of total asset managers globally 5% of global equity market 1% of global bond market 2% of total EMEA market 1% of total APAC market 11% of fee-based wealth globally Note: For footnoted information, refer to slides 30-31. BlackRock 18#19Generational shifts are propelling ETF growth 3G IRH0621U/M-1675207-1/171 5G Convergence: ETFs part of fabric of capital markets Innovation: ETFs wrap all 4G kinds of public investments BlackRock buys BGI: Index AND Active builds a better portfolio 2G First ETFs launch: Making indexing more global and convenient 1G First index product launches: Index VS Active 1970's Note: For illustrative purposes only BlackRock 1980's 1990's 2000's 2010's 2020's 2030 - 19 9#20We expect industry ETF AUM to reach $15T by 2025 Global ETF AUM ($T)¹ $1 2010 Note: For footnoted information, refer to slides 30-31. BlackRock $8 IRH0621U/M-1675207-1/171 $15 2020 2025 20 0#21BlackRock's global ETF business is different Offering 1,100+ ETFs wrapping all kinds of investments iShares® core equity iShares fixed income iShares sustainable iShares factors iShares thematics iShares precision BlackRock active ETFs IRH0621U/M-1675207-1/171 Serving over 30 million clients globally Self-directed & retirement platforms Wealth managers Active asset managers Insurance Pensions BlackRock and third party managed models Official institutions Investment engine that manages complexity at scale with precision >1,000 benchmarks Custom/self- indexing ETF market quality Precision tracking BlackRock Ecosystem integration 21#22We have delivered differentiated revenue growth 2018 2019 2020 1Q21 LTM BlackRock ETF Organic Growth¹ 10% 11% 8% 13% AUM 3% 6% 7% 14% Base Fee Net New Base Fees ($M)² $151 Note: For footnoted information, refer to slides 30-31. BlackRock $229 $335 $525 Core Equity³ $0.9T @ 8bps 7% 3-year organic base fee growth Strategic³ $1T @ 20bps 16% 3-year organic base fee growth Precision³ $1T @ 33bps 4% 3-year organic base fee growth IRH0621U/M-1675207-1/171 Fixed Income Sustainable > Factors Thematics 22 2#23IRH0621U/M-1675207-1/171 Managed model portfolios are important to ETF growth ETFs are a key ingredient in the $4T U.S. model portfolio market which is set to more than double to $10T in the next five years 1,2,3 Our goal is for more than half of our U.S. ETF flows to come from managed models $0.1T BlackRock Models $0.3T Asset Manager Models $1T Wealth Manager Models ~33% >50% >$2T Advisor-Customized Models Note: For footnoted information, refer to slides 30-31. BlackRock 20204 Goal 23#24BlackRock's sustainable ETFs and index funds are expanding the market for sustainable investing BlackRock sustainable AUM in ETFs and index mutual funds ($B)¹ Index Mutual Funds ETFs $129 Expanded product offering to >150 $11 $4 $7 2018 12x Note: For footnoted information, refer to slides 30-31. BlackRock IRH0621U/M-1675207-1/171 $30 - Customized ETF product lines - baseline screens, broad, thematic, impact – aligned to client portfolio journeys - $99 Active sustainable ETFs with proprietary analytics 1021 24#25IRH0621U/M-1675207-1/171 As barriers come down, millions of investors are adopting ETFs globally ETF flows from U.S. RIAs increased as commission barriers fell away, and our share remained strong ETF-based retirement savings plans are building an investing culture in Germany Number of Germans contributing to ETF saving plans²: Pre- commission-free¹ 60% 620K >3x 2M Post- commission-free¹ 2017 2020 Note: For footnoted information, refer to slides 30-31. BlackRock 25 5#26IRH0621U/M-1675207-1/171 BlackRock is investing through pricing to grow revenue and clients Invest 1.5-2.5% of ETF revenue annually in price changes Our pricing framework: Our pricing strategy is resulting in long-term revenue growth Impact of price investments, 2015-2020 ($M)¹: $800 Low Growth High Low Invest for market growth & leadership $600 $400 $200 Price $0 High sensitivity ($200) ($400) ($600) Price investment Incremental revenue since price changes Note: Pricing Framework for illustrative purposes only. For footnoted information, refer to slides 30-31. BlackRock 26#27IRH0621U/M-1675207-1/171 More institutional investors are using fixed income ETFs BlackRock global fixed income ETF AUM ($B) >50% $428 2018 $668 Note: For footnoted information, refer to slides 30-31. BlackRock 1Q21 80% of global asset managers and insurance firms use fixed income ETFs ¹ 27 7#28Managing complexity at scale and with precision IRH0621U/M-1675207-1/171 Our ETFs delivered under extreme stress conditions in 2020 Greater usage Lower trading costs Price discovery Tight tracking Efficient market making 29% increase in iSharesⓇ ETF trading volume (U.S. and Europe)¹ 45% tighter spreads for iShares ETFs than competitors in the U.S.; 29% in Europe¹ Our U.S. fixed income ETFs traded hundreds of times more than their underlying bonds² On average, U.S. iShares equity ETFs tracked their benchmarks more closely than their peers¹ Over two dozen different APs created and redeemed iShares ETFs in Europe and the U.S. We are integrating deeply into the ETF ecosystem to maintain high market quality and increase scale Market makers & authorized participants Index providers ETFs built into AladdinⓇ and third party trading workflows BlackRock's ETF and index engine Custom analytics and self-indexing Trading venues ETF servicing Note: For footnoted information, refer to slides 30-31. BlackRock 28#29There are decades of growth ahead ETFs have significant room to grow BlackRock BlackRock's ETF business is different IRH0621U/M-1675207-1/171 We are investing for the future 9 29#30End notes IRH0621U/M-1675207-1/171 These notes refer to the financial metrics and/or defined term presented on: Slide 15 - BlackRock's ETF and index investing business 1. 2. 3. 4. AUM as of 3/31/21. LTM "Last Twelve Months" represents last twelve months ending 3/31/21. Net new business represents net asset inflows and net new base fees represents net new base fees earned on net asset inflows. Organic asset growth rate calculated by dividing net asset inflows over beginning of period assets. 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. Slide 16 - BlackRock's global ETF business delivered nearly as much revenue growth as the next three ETF issuers combined 1. Source: Bloomberg and BlackRock Slide 18 ETFs have significant room to grow 1. Sources: Global and regional Equity market size from World Federation of Exchanges Database as of 12/31/19. Global and regional bond market size from Bank of International Settlements (BIS) as of 12/31/19. ETF AUM as of 3/31/21 per Markit, Bloomberg. Client penetration rates, sources: McKinsey, Cerulli and BLK estimates. Slide 20 We expect industry ETF AUM to reach $15T by 2025 Sources: Bloomberg for ETF industry AUM. 1. 2025 scenario calculations based on proprietary BlackRock estimates, as of March 31, 2021. Slide 22 We have delivered differentiated revenue growth 1. Organic asset growth rate calculated by dividing net asset inflows over beginning of period assets. Organic base fee growth rate calculated by dividing net new base fees earned on net asset inflows for each of the respective periods by the base fee run-rate at the beginning of period. Net New Base Fees represents net new base fees earned on net asset inflows. 2. 3. AUM of 3/31/21 and fee rates represent average annualized effective fee rate as of 1Q21 Slide 23 - Managed model portfolios are important to ETF growth BlackRock model AUM figures include both ETF and non-ETF positions. Source: AUM figures for asset manager, wealth manager and Advisor-Customized models from Cerulli as of 12/31/20. Model portfolio growth per Broadridge reported through https://www.wsj.com/articles/model-portfolios-surging-as-advisers-seek-quick-ways-to-invest-client-money- 1. 2. 3. 4. Source: BlackRock from 1/1/20 to 12/31/20 11607091645. Slide 24 BlackRock's sustainable ETFs and index funds are expanding the market for sustainable investing 1. Source: BlackRock. 2018 AUM figures as of 12/31/2018 and 1Q21 AUM figures as of 3/31/21 Slide 25-As barriers come down, millions of investors are adopting ETFs globally 1. 2. Source: Share of RIA flows into our BlackRock ETFs are based on BlackRock internal data. BlackRock as of 3/31/21. Pre commission-free represents 2017 to Q3 2019; Post commission-free represents Q4 2019 to Feb 2021. Source: extra ETF as of 02/10/21. BlackRock 30 30#31End notes IRH0621U/M-1675207-1/171 Slide 26 - BlackRock is investing through pricing to grow revenue and clients 1. Price investment is calculated by taking the difference between the previous fund expense ratio and the new fund expense ratio from 2015 through 2020, multiplied by fund assets under management at the time of the price reduction. Incremental revenue since price changes is the difference between run-rate revenue at the time of price cut (fund assets under management multiplied by new fund expense ratio) and 2020 year-end run-rate revenue (12/31/20 fund assets under management multiplied by current fund expense ratio). Slide 27 - More institutional investors are using fixed income ETFs 1. Fixed income holdings, as of 12/31/20, based on 13F filings and additional BLK internal data for EMEA and APAC regions. List of global top asset managers from ADV ratings (https://www.advratings.com/top-asset-management-firms). Slide 28 - Managing complexity at scale and with precision 1. 2. Source: Bloomberg. Usage percent increase as of 12/31/20. Tighter spreads range 12/31/2019 vs 12/31/20. Tracking vs ETF industry peers as of 02/28/21. Source: Bloomberg and BlackRock for full year 2020. There can be no assurance an active trading market for shares of an ETF will develop or be maintained. BlackRock 31#32BlackRock BlackRock Investor Day 2021 Building tomorrow's alternatives platform Edwin Conway Global Head of BlackRock Alternative Investors IRH0621U/M-1675207-1/171#33BlackRock is a top 5 alternatives manager¹ Dry powder $92B $28B $100B $297B alternatives client assets² Illiquid Liquid credit Organic growth and revenue $47B 1Q21 LTM net new business³ 24% IRH0621U/M-1675207-1/171 Organic asset growth4 $299M 25% Organic base fee growth 5 $76B 1Q21 LTM net new base fees³ $2.4B 2020 Revenue6 Hedge funds and hedge fund solutions Committed capital Client assets have grown at a 13% CAGR over the past 5 years Note: For footnoted information, refer to slide 45. BlackRock Year-over- 49% year growth 33#34Well positioned for future revenue growth Committed capital ($B) $28B committed capital¹ ~$190M future annual base fees 2 and additional carry potential Note: For footnoted information, refer to slide 45. BlackRock Gross carried interest balance ($M)³ $293 $219 $152 $584 $483 IRH0621U/M-1675207-1/171 $748 2016 2017 2018 2019 2020 1Q21 34#35IRH0621U/M-1675207-1/171 Alternatives industry continues to expand as investors globally increase their allocations BlackRock has significant room to grow 81% of investors plan to increase allocation to alternatives² Alternatives expected to grow to $17T by 2025² 2% 1% 2% market share 10% CAGR 16% 26% $10.7T of client assets¹ 8% CAGR $7.4T Note: For footnoted information, refer to slide 45. BlackRock 55% Will increase significantly Will increase Will stay the same Will decrease Will decrease significantly $17.2T 2015 2020 2025 35#36As clients actively consolidate managers, BlackRock is well positioned as a multi-alternatives provider BlackRock 36 6 IRHO621U/M-1675207-1/171#37IRH0621U/M-1675207-1/171 Strong fundraising momentum continues across platform Gross fundraising ($B)¹ ~$100B raised from clients over the last 5 years $10 $23 $20 $18 Target $25 $100B+ gross fundraise over the next 3 years 2016 2017 2018 2019 2020 2021 2022 2023 14 strategies over $1B 7x growth since 2016 Note: For footnoted information, refer to slide 45. BlackRock 98 clients with $500M+ in alternative commitments 60% growth since 2016 100+ clients invested in multiple alternative strategies 37#38Debt Equity Return Comprehensive equity and debt solutions across our alternatives platform Solutions across the risk/return spectrum Return Income Driven & Infrastructure Growth Driven Growth Equity Co-investments & Secondaries Core Real Estate Renewable Power Value-add Infrastructure Value-add Real Estate Buyout Investment Grade Infrastructure Debt Opportunistic Credit Mezzanine Real Estate Debt Direct Lending High Yield Infrastructure Debt Note: For illustrative purposes only. There are no guarantees the segment return range will be met in any given investment in future. BlackRock Risk 38 Risk IRH0621U/M-1675207-1/171#39BlackRock is well positioned as clients look for true partnership in their alternatives managers BlackRock An integrated whole-portfolio view Managing private and public market assets on one platform Transparency and technology Bringing eFront and AladdinⓇ together Sourcing and underwriting Access to high-quality opportunities A higher standard of alignment Strategies developed with investor goals in mind IRH0621U/M-1675207-1/171 39#40IRH0621U/M-1675207-1/171 Looking ahead: investing in strategic growth drivers and accelerators Growth drivers Credit Infrastructure For illustrative purposes only BlackRock Growth accelerators Wealth APAC Sustainability 4 40#41Our leading global credit platform provides solutions across the full spectrum of credit investing BlackRock's Global Credit Platform Private Credit Liquid Credit $500 $448 $368 $23 $18 $333 $328 Revenue ($M)¹ $16 $4 $13 $96 $100 Client assets ($B)² $3 $74 $65 $68 $66 2016 2017 2018 2019 2020 1Q21 Note: For footnoted information, refer to slide 45. BlackRock IRH0621U/M-1675207-1/171 3rd industry ranking³ $123B client assets as of 1Q212 $500M 2020 revenue¹ 41#42IRH0621U/M-1675207-1/171 We are building a premier infrastructure platform to meet increasing client demand BlackRock Global Infrastructure Platform $172 $161 Infrastructure Debt, Equity & Solutions 7th industry ranking³ $94 $34 $33 $67 $26 $23 $29 Revenue ($M)¹ $18 $34B client assets as of 1Q212 $9 Client assets ($B)² 2016 2017 2018 2019 2020 1Q21 Note: For footnoted information, refer to slide 45. BlackRock $172M 2020 revenue¹ 42#43IRH0621U/M-1675207-1/171 Supercharging our growth by staying ahead of key trends We aim to further accelerate our growth by: 1 Making alternatives less alternative in Wealth 2 Delivering the best of BlackRockin APAC How we will differentiate ourselves • Product innovation • Technology-enabled • Global partnerships, locally executed BlackRock 3 Positioning for the future with Sustainability • Localize • Scalability • Expertise Integrating ESG in: • How we invest • How we grow How we are recognized 43#44BlackRock is making alternatives less alternative IRH0621U/M-1675207-1/171 Focusing on high-quality opportunities, the whole Investing in strategic growth areas: infrastructure portfolio and better and credit Doubling down on growth accelerators: wealth, APAC and sustainability technology We believe double-digit growth in asset and revenue across our alternatives platform is here to stay BlackRock 44#45End notes These notes refer to the financial metrics and/or defined term presented on: Slide 33 BlackRock is a top 5 alternatives manager 1. By client assets as of March 31, 2021. Source: peer public filings. IRH0621U/M-1675207-1/171 2. 3. 4. 5. +56 6. Client assets include $268B AUM and $28B committed capital as of 3/31/21. Illiquid client assets include alternative solutions, private equity solutions, opportunistic and private credit, Long Term Private Capital, real estate and infrastructure. Committed capital refers to client assets that currently do not earn fees and are not counted in AUM. Liquid credit reflects $100B of AUM across credit strategies reported under fixed income in BlackRock's form 10-K and 10-Q. AUM excludes $69B of currency and commodities AUM, primarily ETFs. The client asset subtotals do not add up to $297B due to rounding. LTM "Last Twelve Months" represents last twelve months ending 3/31/21. Net New Business represents net asset inflows and Net New Base Fees represents net new base fees earned on net asset inflows. Organic asset growth rate calculated by dividing net asset inflows over beginning of period assets. 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. Includes base fees, securities lending revenue and performance fees. Slide 34 Well positioned for future revenue growth 1. As of 3/31/21. 2. 3. Based on fee rates as of 3/31/21. Past fee rates and future assumptions may not be indicative of future results. Future base fees expected to materialize as we deploy committed capital. Reflects gross deferred carried interest liability as disclosed in BlackRock form 10-Ks and 10-Q for the applicable time period. Slide 35 Alternatives industry continues to expand as investors globally increase their allocations 1. 2. Source: Preqin and HFR, 12/31/20 Source: Preqin Future of Alternatives 2025: Includes private equity, private debt, real estate, infrastructure, natural resources, and hedge funds. Survey results from the Preqin Investor Survey, August 2020. Slide 37 - Strong fundraising momentum continues across platform 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. Slide 41 Our leading global credit platform provides solutions across the full spectrum of credit investing 1. 2. 3. Revenue represents base fees, securities lending and performance fees for each of the respective full year time periods. Client assets include AUM and committed capital. Industry ranking is based on client assets as of 12/31/20 and is sourced from peer public filings. Slide 42 We are building a premier infrastructure platform to meet increasing client demand 1. 2. 3. Revenue represents base fees and performance fees for each of the respective full year time periods. Client assets include AUM and committed capital. Industry ranking is based on client assets as of 6/30/20 and is sourced from the July/August issue of IPE Real Assets. BlackRock 45 45#46BlackRock BlackRock Investor Day 2021 AladdinⓇ: Shaping the future Sudhir Nair Global Head of the Aladdin Business IRH0621U/M-1675207-1/171#47BlackRock's technology platform IRH0621U/M-1675207-1/171 A diverse range of solutions for various client types Technology revenue For institutional investors Aladdin Enterprise Aladdin Risk Aladdin Climate eFrontⓇ Aladdin Accounting Aladdin Studio For asset servicers Aladdin Provider For wealth managers Aladdin Wealth $1.1B 2020 Revenue 17% Revenue growth in 2020 12% Annual Contract Value (ACV) growth in 2020 Note: ACV represents forward-looking recurring subscription fees under client contracts for the next twelve months at the end of a respective quarter, assuming all client contracts that come up for renewal are renewed. ACV excludes nonrecurring fees such as implementation and consulting fees. See note (5) in the supplemental information on page 10 of BlackRock's first quarter 2021 earnings release for more information on ACV. BlackRock 47#48IRH0621U/M-1675207-1/171 We have delivered strong, consistent revenue growth and expanded our client base Technology services revenue ($M) ¹ Countries generating revenue Number of clients² 950 $588 $1,139 18% CAGR $974 $785 $657 18 50 AladdinⓇ eFrontⓇ 682 180 268 2016 2017 2018 2019 2020 2016 2020 2016 2020 Note: For footnoted information, refer to slide 60. BlackRock 48#49IRH0621U/M-1675207-1/171 Our mission: to make AladdinⓇ the language of all portfolios Enable clarity at every point in the investment process Drive scale and ecosystem connectivity Help achieve better outcomes for investors In pursuit of this goal, we are leveraging our user-provider model to understand market trends and evolve Aladdin to meet client needs BlackRock 49#50IRH0621U/M-1675207-1/171 AladdinⓇ transforms our clients' investment ecosystems and delivers scale benefits with flexibility One client's transformation on the Aladdin platform Separate business units with different systems and processes Single, integrated operating model No central source of data Consolidated book of record across every portfolio and asset class Siloed risk management function BlackRock Enterprise view of risk across the entire organization 50 50#51We have significant opportunity for future growth ~$10B addressable market¹: AladdinⓇ Platform: IRH0621U/M-1675207-1/171 Other: $1B Small asset managers and owners Newer Areas: $4B Mid-sized asset managers and owners, alts investors Captured-11% share of ~$10B addressable market Increasing our share by continuously investing in our platform and innovating ahead of client needs Close to Core: $2B Wealth managers Core: $2B Investment and risk systems for the largest asset managers and asset owners Aladdin by BlackRock ~$1B Note: For footnoted information, refer to slide 60. BlackRock Expanding into adjacent addressable markets, such as alternatives, sustainability and data-as-a-service 51#52We are constantly investing in our platform IRH0621U/M-1675207-1/171 Talent . 67% growth of dedicated AladdinⓇ talent since 2016¹ • Tailored talent strategy for . technologists & engineers ~4,500 technologists across the firm¹ Infrastructure Migrating technical infrastructure to Microsoft Azure cloud • Open access to Aladdin APIs and developer tools Acquisitions & strategic partnerships Including: ЄeFront C CLARITY AI Note: For footnoted information, refer to slide 60. BlackRock ENVESTNET 52 2#53BlackRock Focused on the needs of the investor of the future Whole portfolio solutions Sustainability at the center of portfolios Integrated data ecosystem Holistic advice in wealth management Flexibility without sacrificing scale 53 IRH0621U/M-1675207-1/171#54Future investor needs Whole portfolio solutions IRH0621U/M-1675207-1/171 Sustainability at the center of portfolios Flexibility without sacrificing scale The combined power of AladdinⓇ and eFrontⓇ Managing public and private market assets in the same portfolio End-to-end solution that streamlines workflows across the investment process, including accounting Integrated data ecosystem Holistic advice in wealth management BlackRock 54 4#55Future investor needs Whole portfolio solutions IRH0621U/M-1675207-1/171 Sustainability at the center of portfolios Flexibility without Quantifies climate risk as an investment risk Climate-adjusted analytics incorporated into portfolio construction Access to over 2,000 leading ESG metrics sacrificing scale Integrated data ecosystem Holistic advice in wealth management BlackRock 5 55#56Future investor needs Whole portfolio solutions IRH0621U/M-1675207-1/171 Sustainability at the center of portfolios Flexibility without sacrificing scale Open access and interoperable platform through APIs, allowing clients to build on top of AladdinⓇ to create the perfect fit Benefit from the scale of the Aladdin platform Aladdin Provider supports seamless integration with 8 of the largest asset servicers Integrated data ecosystem Holistic advice in wealth management BlackRock 56 56#57Future investor needs Whole portfolio solutions Sustainability at the center of portfolios IRH0621U/M-1675207-1/171 Scalable access to data - today's data is tomorrow's alpha AladdinⓇ + non- Aladdin data in one language on one platform Representative data sets: Managed data-as- a-service solution Position Data Flexibility without sacrificing scale Analytics Data Accounting Data Integrated data ecosystem Trade Data Specialty Data Investment Research Holistic advice in wealth management BlackRock Proprietary Signal Data Private Markets Data Aladdin data Non-Aladdin data 57#58Future investor needs Whole portfolio solutions Sustainability at the center of portfolios Flexibility without sacrificing scale Integrated data ecosystem Holistic advice in wealth management BlackRock IRH0621U/M-1675207-1/171 Deep content to power personalized advice for individual client goals End-to-end SMA technology Make AladdinⓇ core to the wealth operating system Cash Advisory Trust Aladdin Brokerage by BlackRock Discretionary Retirement Mass Affluent Upper Affluent High Net Worth Ultra High Net Worth Family Offices 58#59IRH0621U/M-1675207-1/171 Our mission: to make AladdinⓇ the language of all portfolios Evolving and investing in the Aladdin platform Driving long-term scalable growth Whole portfolio solutions Sustainability at the center of portfolios Flexibility without sacrificing scale Integrated data ecosystem Holistic advice in wealth management BlackRock Continue to deliver low to mid-teens revenue growth 59#60End notes These notes refer to the financial metrics and/or defined term presented on: Slide 48 We have delivered strong, consistent revenue growth and expanded our client base 1. 2. Includes the impact of eFront. Joint AladdinⓇ & eFront clients are included within the Aladdin category only, to avoid double counting. Slide 51 - We have significant opportunity for future growth 1. Source: McKinsey estimates as of year-end 2019 and internal BlackRock estimates. Slide 52-We are constantly investing in our platform 1. As of year-end 2020. Includes the impact of eFront. IRH0621U/M-1675207-1/171 BlackRock 60#61BlackRock BlackRock Investor Day 2021 Durable alpha: Delivered Rich Kushel Head of the Portfolio Management Group IRH0621U/M-1675207-1/171#62BlackRock active strategies Positioned to generate durable alpha for clients over the long-term $661B $171B $444B $2.3T Active AUM¹ $1,021B Organic growth and revenue $156B 1Q21 LTM net new business² $705M 1Q21 LTM net new base fees² $7.0B Equity Fixed Income Multi-asset Alternatives 2020 Revenue5 Note: For footnoted information, refer to slides 75-76. BlackRock 9% 15% 18% IRH0621U/M-1675207-1/171 Organic asset growth³ Organic base fee growth4 Year-over- year growth 62#63IRH0621U/M-1675207-1/171 Active strategies have delivered strong growth and make up a large share of BlackRock's revenue BlackRock active AUM¹ ($T) BlackRock active revenue¹($B) % of BlackRock AUM ~25% % of BlackRock revenue ~50% $1.7 $555B 2017 Note: For footnoted information, refer to slides 75-76. BlackRock $2.3 $5.8 $7.0 $1.2B 2020 2017 2020 63#64BlackRock is outpacing industry growth in active Growing faster relative to the industry¹,2 7% 5% 4% 2% 1% 2% 0% 0% 0% (1)% 9% IRH0621U/M-1675207-1/171 Net new base fees are accelerating³ ($M) ($152) $167 $110 $27 $374 $705 2016 2017 2018 2019 2020 1Q21 2016 2017 2018 2019 2020 1Q21 LTM LTM BlackRock organic asset growth Industry organic asset growth Note: For footnoted information, refer to slides 75-76. BlackRock BlackRock net new base fees ($M) 64#65IRH0621U/M-1675207-1/171 BlackRock's market share has significant room to run Industry active AUM ($T) and BlackRock share 1,2 BlackRock AUM market share: BlackRock Industry ex-BlackRock Note: For footnoted information, refer to slides 75-76. BlackRock 2.7% 3.0% $76 $56 2016 2020 65#66Strong relative performance across entire platform IRH0621U/M-1675207-1/171 Differentiated long-term performance % of assets above benchmark or peer median for the 5-year period as of 3/31/211 Growing line-up of 5-star active funds² March 2016 March 2021 84% 95% Equity 10 31 87% Fixed Income 15 17 Multi-Asset & Alternatives 5 13 Fundamental Equity Systematic Equity Taxable Fixed Income Note: For footnoted information, refer to slides 75-76. Past performance is not indicative of future results BlackRock 66#67BlackRock active strategies are delivering durable alpha¹ IRH0621U/M-1675207-1/171 7.86% of cumulative alpha gross of fees over 5 years or 5.43% net of fees² $49B of cumulative outperformance net of fees over 5 years as compared to the relative benchmark³ 3.2x For every dollar paid in fees, clients received 3.2x in alpha on a gross cumulative basis, or 2.2x on a net basis, over 5 years4 BlackRock Past performance is not indicative of future results and should not be the sole factor of consideration when selecting a product or strategy. For footnoted information, refer to slides 75-76. 67 19#68IRH0621U/M-1675207-1/171 We expect active management to serve an increasingly important role in investor portfolios We see opportunities arising from: We see active management being used in new ways to address: Volatility Increasingly volatile markets, combined with the pandemic accelerating structural trends, create inefficiencies and greater dispersion across and within sectors. Diversification An expansive set of active tools across markets, geographies and styles can now help address both diversification goals and low returns to beta. Sustainability ESG alignment of business practices can propel company growth and drive alpha generation, or expose potential risks. Access Idiosyncratic and bespoke investment opportunities can play a larger role in alpha generation as more companies seek financing in private capital markets. BlackRock 68#69Our people and our culture of continuous innovation positions us to continue delivering durable alpha IRH0621U/M-1675207-1/171 Differentiated insight generation Diverse backgrounds, market expertise and collaborative intelligence enable our investors to generate unique investment insights Leadership in sustainability Empowering better investment decisions by viewing sustainable investing as a long-term - and increasingly important - driver of returns Advanced data analytics & technology Turning data generation into research insights - designing distinctive ways to drive alpha Leveraging our breadth & reach Increasing the capacity of our investment teams and enabling informed risk taking with reduced transaction costs BlackRock 69#70Differentiated insight generation IRH0621U/M-1675207-1/171 Our investors leverage their deep market knowledge and our collaborative intelligence to generate meaningful investment ideas across multiple disciplines. 400+ investors attend the Daily Global Meeting every day to debate investment views 120+ portfolio managers, strategists and executives debate the outlook for the economy during our BII Forum Note: For additional information, refer to slides 75-76. BlackRock 510+ research analysts sharing insights globally across the firm 1,300+ active investment professionals across different asset classes Average tenure of 8+ years 70 70#71Leadership in sustainability Dedicated sustainability research teams partner with investors and researchers to understand material sustainability risks and opportunities. Proprietary climate data including climate aware capital market assumptions, physical climate risk modeling, and ESG analytics accessible through Aladdin Climate. 3,500+ engagements with ~2,100 companies on ESG issues Note: For additional information, refer to slides 75-76. BlackRock IRH0621U/M-1675207-1/171 100% ESG Integration across ~5,600 strategies $54B dedicated Active Sustainable AUM 71#72Advanced data analytics & technology 100+ alternative data sets integrated into our research platform 1,900+ developers and product managers dedicated to AladdinⓇ 3,000+ risk factors monitored by Aladdin Note: For additional information, refer to slides 75-76. BlackRock IRH0621U/M-1675207-1/171 TBCH y Data Raw inputs useful for making decisions: prices, ratings, shipping info, transcripts, geolocation, texts Analytics Data transformed into information: risk analytics, liquidity scores, default probabilities, factor exposures Informed risk-taking Research and analytics help investors identify opportunities and support portfolio construction 72#73Leveraging our breadth & reach IRH0621U/M-1675207-1/171 We increase the capacity of our investment teams with dedicated capital markets and trading platforms. Liquid/ Public 5,227 $178B investments made deployed in primary issuance¹ Note: For additional information, refer to slides 75-76. BlackRock Illiquid/ Private ~2,100 $4B opportunities sourced deployed² $88.5T Notional Traded³ 84,000 trades per day4 73#74IRH0621U/M-1675207-1/171 Well positioned to meet client demand for alpha over the long-term Differentiated drivers of platform alpha Informed risk taking approach Commitment to evolving ahead of clients' needs Ability to generate durable alpha for clients and differentiated organic asset and base fee growth for shareholders over the long-term BlackRock 74#75End notes IRH0621U/M-1675207-1/171 These notes refer to the financial metrics and/or defined term presented on: Slide 62 - BlackRock active strategies 1. 2. 3. 4. 3 4 5 AUM as of 3/31/21. LTM "Last Twelve Months" represents last twelve months ending 3/31/21. Net new business represents net asset inflows and Net new base fees represents net new base fees earned on net asset inflows. Organic asset growth rate calculated by dividing net asset inflows over beginning of period assets. 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. Revenue includes base, securities lending and performance fees. Slide 63 - Active strategies have delivered strong growth and make up a large share of BlackRock's revenue 1. Active includes all BlackRock active strategies across equity, fixed income, multi-asset and alternatives. Revenue includes base, securities lending and performance fees. Slide 64 BlackRock is outpacing industry growth in active 1. 2. 3. Industry flows include Simfund for US Mutual Funds, Broadridge for Non-US Mutual Funds and Institutional Strategies, Cerulli for US Retail SMAs and HFR for Global Hedge Funds. BlackRock active includes all active strategies across equity, fixed income, multi-asset and alternatives. 1Q21 LTM represents last twelve months time period from 4/1/2020 through 3/31/2021. NNBF represents net new base fees earned on net asset inflows. Active includes all BlackRock active strategies across equity, fixed income, multi-asset and alternatives. Slide 65 - BlackRock's market share has significant room to run 1. 2. Industry AUM data from McKinsey as of 12/31/2019. 2020 Industry data is estimated based upon McKinsey forecast. BlackRock AUM is actual AUM as of 12/31/2020. Slide 66 - Strong relative performance across entire platform 1. 2. Source of performance information is BlackRock's first quarter 2021 earnings releases. Please see appendix of this presentation for performance notes. Past performance is not indicative of future results. Please refer to page 11 of first quarter 2021 earnings release for performance disclosure detail. Source: Morningstar as of 3/31/21. Represents number of Morningstar 5-star rated active mutual funds and closed-end globally. Slide 67 - BlackRock active strategies are delivering durable alpha Source: BlackRock. Data as of 31 December 2020. The "net-of-fees" performance figures reflect the deduction of actual investment advisory fees, and may include other fees that clients incur in the management of their investment advisory account that are paid directly from the account, such as custody and legal fees. The performance metric does not include accounts terminated prior to 12/31/20. Past performance is not indicative of future results and should not be thesole factor of consideration when selecting a product or strategy. Note: Over 5 years represents time period from 2016-2020. Performance data represents information for BlackRock's active equity, fixed income, multi- asset and liquid alternative strategies. 1. 2. 3. 4. Our alpha-seeking active equity, fixed income, multi-asset and liquid alternative universe is comprised of $1.255T in assets. Cumulative alpha represents fund's alpha dollar performance above benchmark return gross of fees and net of fees over average AUM during the 5 year period ending 12/31/20. Cumulative outperformance represents fund's dollar performance above the applicable benchmark return, net of fees. Alpha generated as a multiple of fees represents fund's dollar performance above benchmark return, gross and net of fees as a multiple of fees generated by the funds. Slide 70 Differentiated insight generation Source: BlackRock. Data as of March 31, 2021. BlackRock 75 75#76End notes IRH0621U/M-1675207-1/171 Slide 71 Leadership in sustainability Source: BlackRock. Engagements from January 1, 2020 - December 31, 2020. AUM Data as of 3/31/2021. Strategies include active and advisory mandates Slide 72 - Advanced data analytics & technology Source: BlackRock Solutions. Data as of December 31, 2020. Slide 73 - Leveraging our breadth and reach Source: BlackRock. Includes data from January 1, 2020 through December 31, 2020. 1. 2. Includes data from January 1, 2020 through December 31, 2020; statistics include pre-IPO data. 3. Notional traded from 1/1/2020 through 12/31/2020; Inclusive of internal crossing opportunities. Notional traded excludes futures and trade count represents number of allocations. 4. Average activity for 2020. BlackRock 76#77BlackRock BlackRock Investor Day 2021 IRH0621U/M-1675207-1/171 Powering the financial advisor portfolio of the future Martin Small Head of U.S. Wealth Advisory#78BlackRock U.S. Wealth Advisory Strong track record as trusted advisor to financial advisors Organic growth and revenue $0.5T $0.1T $2.2T USWA AUM¹ $1.6T $176B 1Q21 LTM net new business² $475M 1Q21 LTM net new base fees² IRH0621U/M-1675207-1/171 Organic 12% asset growth³ 14% Organic base fee growth4 $4.1B Year-over- 10% year growth ETFs Active Non-ETF index 2020 Revenue5 Note: For footnoted information, refer to slide 85. BlackRock 78#79We are the #2 wealth-focused asset manager¹ 45+ offerings generated $1B+ in net new business in 2020 #1 in mutual funds, SMAS and closed-end funds net new business in 2020¹ #1 in fixed income and sustainable ETFs net new business in 2020¹ -15% of industry advisors logged into Advisor Center in 2020 (80% return users)² $750M+ in cumulative net new base fees from 2016 to 2020 Note: For footnoted information, refer to slide 85. BlackRock ETF IRH0621U/M-1675207-1/171 79#80A leading distribution franchise for U.S. wealth intermediaries with significant room to grow share $32T U.S. Wealth industry AUM ($T)¹ IRH0621U/M-1675207-1/171 $8.7 $8.6 $6.8 $4.7 $3.6 Wire Independent RIA Private bank Direct Industry: 5-year CAGR¹ 5% 6% 11% 5% 11% BlackRock: LTM organic 7% 18% 22% 10% 12% asset growth² Market share¹ 6% 5% 6% 8% 2% Note: For footnoted information, refer to slide 85. BlackRock 80#81IRH0621U/M-1675207-1/171 Strong growth in key product categories fueled by structural adoption of fee-based & managed products 01 By 2030, U.S. household wealth will grow to $140T, financial assets will make up 45% of total 1 02 Across U.S. households, ~70% of investable assets are consistently invested in managed products² ■Total financial assets ■Total U.S. household wealth $87T $35T 03 2015 $140T $64T 2030 ■Managed products 69% Banking & other assets 72% ■Individual securities 71% 19% 17% 17% 12% 11% 12% 2015 2017 2019 Half of all retail wealth assets are fee-based, up from a third in 20153 04 BLK leading in high growth areas (ETFS /SMAs), positioned for share growth in MFs & Alts ~30% 2015 Note: For footnoted information, refer to slide 85. BlackRock ~50% Vehicle ETFs BLK industry market share4 BLK LTM org. asset growth 5 ~20% 10% Active (MFSMA / Models) ~3% 12% Alts 2019 ~3% 14% (Illiquid + CEFs) 81#82IRH0621U/M-1675207-1/171 Majority of net new client money is flowing into more efficient managed product structures Percentage of net new industry client money allocated to the following categories (4Q20)¹ BlackRock's advantages 50% • ETFs iShares is the largest global ETF provider • Efficient portfolio building blocks • Growth of ETF models • #1 retail wealth MF Clean-share provider year-to-date³ mutual funds² • Performance powering share gains 15% 14% 11% . SMAS • 6% 4% ETFs Clean-share mutual funds² SMAS Traditional mutual funds Long-dated private equity Private equity Insurance products Note: For footnoted information, refer to slide 85. BlackRock #2 Industry SMA provider4 - Aperio an industry leaderin tax-managed equity SMA Democratizing private market access through more efficient vehicles • Innovated public/private closed-end vehicle, $11B raised in the last 2 years 5 82 878#83IRH0621U/M-1675207-1/171 Accelerating adoption of managed products through model portfolios The industry model marketplace is set to more than double to $10T over the next five years¹ +2.5x ~$10T ENVESTNET Managed accounts via Envestnet Fund Strategist Portfolios ("Models"): BlackRock growth in proprietary managed & third-party managed models ~$66B in AUM at Envestnet² ~$4T 2020E 2025E $20B net new business over the past 18 months2 ~65% of revenue driven by BLK placement in third-party models³ Note: Through a holding company subsidiary, BlackRock, Inc. ("BlackRock") owns a non-controlling interest in Envestnet's parent company, Envestnet, Inc. (NYSE: ENV). For footnoted information, refer to slide 85. BlackRock 83#84IRH0621U/M-1675207-1/171 From 60/40 to 50/30/20: Powering the advisor portfolio of the future Well positioned with comprehensive investment solutions and capabilities 30% 20% bonds private markets 50% public equities Tax- managed Personalized Digitally- enabled Supported by the power of our platform and scaled distribution technology aperio iShares BlackRock Aladdin. BlackRock by BlackRock ADVISOR CENTER by BlackRock 84 -#85End notes IRH0621U/M-1675207-1/171 These notes refer to the financial metrics and/or defined term presented on: Slide 78 - BlackRock U.S. Wealth Advisory 1. AUM as of 3/31/21. 2. LTM "Last Twelve Months" represents last twelve months ending 3/31/21. 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. Includes base fees, securities lending revenue and performance fees. Slide 79 - We are the #2 wealth-focused asset manager 1. Source: Simfund, based on 2020 net flows. 2. BlackRock & Cerulli "Advisor Metrics" 2020. Slide 80 A leading distribution franchise for U.S. wealth intermediaries with significant room to grow share 1. Source: Cerulli "Intermediary Distribution" & "Private Banks & Trust". 5-year CAGR represents 2014-2019. Market share based on AUM as of 12/31/19. 2. BLK LTM organic asset growth for last twelve months ending 3/31/21. Slide 81 -Strong growth in key product categories fueled by structural adoption of fee-based & managed products 1. Deloitte "The Future of Wealth in the United States" (2015). 2. Cerulli "Retail Investor" 2020. 3. McKinsey "The State of Retail Wealth Management 2020". 4. As of 12/31/19 and based on AUM shares. Source: McKinsey estimates and BlackRock. 5. LTM organic asset growth for twelve months ending 3/31/21. Slide 82 -Majority of net new client money flowing into more efficient managed product structures 1. Credit Suisse "Retail Broker Survey" (Q4 2020). 2. Clean-shares refer to mutual fund shares with no sales load or 12b-1 fees. 3. Source: Simfund and based on net flows. Year-to-date through 3/31/21. 4. Source: Cerulli "Managed Accounts" 1Q2021 and based on AUM. 5. Source: BlackRock. Last two years represents 2Q19 to 1Q21. Slide 83 - Accelerating adoption of managed products through model portfolios Note: BLK Proprietary managed model & third-party model AUM and NNB per Envestnet. 1. Broadridge reported through https://www.wsj.com/articles/model-portfolios-surging-as-advisers-seek-quick-ways-to-invest-client-money-11607091645. 2. AUM as of 3/31/21 and net new business through 3/31/21. 3. Revenue estimates for 2020 based on AUM and expense ratios. BlackRock 85#86BlackRock BlackRock Investor Day 2021 Powering the portfolios of the future in EMEA Stephen Cohen Head of Europe, Middle East and Africa IRH0621U/M-1675207-1/171#87BlackRock in EMEA $593B $2.4T Organic growth and revenue $577B $153B 1Q21 LTM net new business¹ 9% $150B EMEA AUM¹ $507M 17% 1Q21 LTM net new base fees¹ $1,073B $4.9B 2020 Revenue iShares® Active Non-ETFindex Cash Note: For footnoted information, refer to slide 94. BlackRock IRH0621U/M-1675207-1/171 Organic asset growth² Organic base fee growth³ Year-over- 19% year growth 87#88Deepening our local presence ~5,300 employees 25 Dublin cities Clients in 72 countries 38% EMEA AUM 5% by region 57% United Kingdom Europe Middle East and Africa Note: For additional information, refer to slide 94. BlackRock Edinburgh London Brussels Copenhagen Stockholm Amsterdam Jersey Eindhoven Munich Vienna Madrid Paris Geneva Budapest Milan Frankfurt Belgrade Zurich Tel-Aviv Lux Athens Cape Town IRH0621U/M-1675207-1/171 Riyadh Dubai 88#89EMEA is undergoing a multi-year transformation as major forces disrupt the industry BlackRock IRH0621U/M-1675207-1/171 Zero rates Regulatory change Localization Digitization Sustainability 89#90Embedding sustainability EMEA's transformation has three significant implications Servicing clients efficiently and digitally Re-thinking investment propositions and technology BlackRock IRH0621U/M-1675207-1/171 90#91IRH0621U/M-1675207-1/171 Clients want a strategic partner who understands their purpose and financial goals BlackRock is delivering: Investments Consulting Delivering specialist expertise to help clients evolve their portfolios Developing investment solutions and model portfolios to meet unique goals Structuring Leveraging our scale and platform to create bespoke and flexible structures Technology Enabling business and portfolio evolution via AladdinⓇ Activation Supporting new propositions through educational content and marketing Sustainability BlackRock | iShares by BlackRock Aladdin | eFront by BlackRock a part of BlackRock Note: For additional information, refer to slide 94. BlackRock 91#92IRH0621U/M-1675207-1/171 Creating enduring partnerships Client challenge • . • Netherlands: Retail Bank Margin pressure Delivering customisation without increasing operating model risk Rising expectations around ESG • UK: Pension Schemes Evolving expertise required for future direction of portfolios • Complexity of internal management • Increased regulatory burden Solution Outcome . • • Consulting BLK Consulting BLK Investments Client BLK Investments BLK Structuring BLK Technology BLK Activation Client BLK Structuring Client Technology Client Activation Client Tax-efficient proposition ESG criteria aligned with Sustainability Policy Informed investment decisions through daily risk analytics Market opportunity $11T Note: For footnoted information, refer to slide 94. BlackRock European Wealth market¹ • • Investment proposals designed to meet targets with full ESG integration Bespoke servicing model to meet complex needs of Trustee $275B UK OCIO market² 92#93IRH0621U/M-1675207-1/171 Leveraging our global scale and local strengths to deliver whole portfolio solutions to clients in EMEA Global scale Diversity and Technology Local presence BlackRock breadth of platform and talent 93#94End notes IRH0621U/M-1675207-1/171 These notes refer to the financial metrics and/or defined term presented on: Slide 87 BlackRock in EMEA AUM as of 3/31/2021. LTM "Last Twelve Months" represents last twelve months ending 3/31/21. Net New Business represents net asset inflows and Net New Base Fees represents net new base fees earned on net asset inflows. 1. 2. Organic asset growth rate calculated by dividing net asset inflows over beginning of period assets. 3. 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. Slide 88 Deepening our local presence 1. AUM and Headcount as of 3/31/2021. Slide 89 EMEA is undergoing a multi-year transformation as major forces disrupt the industry Sources: Brokerage account statistics sourced from: https://www.wealthadviser.co/2021/05/13/300237/diy-investing-booms-20-cent-annual-growth-customer-numbers and https://www.ft.com/content/dd3cf99a-ff71-44d4-831c-Oedac79d3104 alongside feedback from BlackRock Investment Platforms; Sustainability search data: Google "Search Interest" https://trends.google.com/trends/explore?q=sustainability&geo=GB Slide 91 - Clients want a strategic partner who understands their purpose and financial goals Sources: Alternatives market data from McKinsey Cube, Preqin, Broadridge, Spence Johnson. Model Market Data based on BlackRock estimates from existing market data; ETF market data from EXTRA ETF Research: ETF-RETAIL-MARKTREPORT (April 2021). Slide 92 - Creating enduring partnerships 1. 2. Total addressable market from McKinsey and BlackRock estimates as of year-end 2019. UK OCIO Data from Isio Fiduciary Management Survey: https://www.isio.com/media/1269/fm-survey-2020-results-report.pdf BlackRock 94#95BlackRock BlackRock Investor Day 2021 China: Positioning for one of the biggest growth opportunities Rachel Lord Chair and Head of Asia Pacific IRH0621U/M-1675207-1/171#96BlackRock in Asia Pacific Positioning for long-term opportunities in fast growing markets $375B -$800B APAC AUM¹ $224B $8B $163B Organic growth and revenue $92B 1Q21 LTM net new business² $106M 1Q21 LTM net new base fees² $1.6B 2020 Revenue ¡Shares Active Non-ETF index Cash Note: For footnoted information, refer to slide 101. BlackRock 17% IRH0621U/M-1675207-1/171 Organic asset growth³ 12% Organic base fee growth4 Year-over- 12% year growth 96 96#97Our local presence ~1,600 APAC region employees¹ ~1,800 ¡Hub employees¹ 58% APAC AUM by region 28% 14% Australia Japan Asia ex-Japan ~70% of APAC AUM Note: For footnoted information, refer to slide 101. BlackRock Gurgaon Mumbai Beijing Seoul Shanghai IRH0621U/M-1675207-1/171 Taipei Hong Kong Bengaluru Singapore Tokyo Brisbane Melbourne Sydney 97#98The China opportunity IRH0621U/M-1675207-1/171 China is too big to miss Global share of China in various categories¹ 19% 40% of global flows are projected to come from China Share of China in global net flows between 2020-20243 China's opening is a watershed moment for global managers Largest asset management markets ($T)4 $47 5% 7% 11% 16% 36% 24% China Rest of APAC $17 40% $9 $8 $5 Rest of World Global Global World GDP Population equities² bonds² exports (USD) US EU5 China6 UK Japan Note: For footnoted information, refer to slide 101. BlackRock 98#99IRH0621U/M-1675207-1/171 Our China strategy: We have an immediate opportunity to help global clients invest in China Global investor AUM held in China funds ($B)¹ BlackRock's positioning with global clients² Industry Active MF Industry ETF & Index MF $275 2Y average organic growth Overall China AUM #1 Manager 11% Market share $176 $206 $141 +18% $125 $99 +6% $69 $42 $51 2018 2019 2020 Note: For footnoted information, refer to slide 101. BlackRock China ETF AUM #1 Manager 36% Market share 99#100IRH0621U/M-1675207-1/171 Our China strategy: We have a long-term opportunity to build a global champion in the $9T onshore market¹ Wealth Management Company JV with China Construction Bank and Temasek Providing wealth solutions to the emerging middle class Fund Management Company Developing onshore China products for investors Pension opportunities Innovating in retirement products to meet needs of aging population Note: For footnoted information, refer to slide 101. BlackRock 100#101End notes IRH0621U/M-1675207-1/171 These notes refer to the financial metrics and/or defined term presented on: Slide 96 - BlackRock in Asia Pacific Note: Asia Pacific figures for AUM, net new business, net new base fees, revenue and organic growth include figures for APAC clients invested in US and European listed iShares ETFs 1. 2. 3. 4. AUM as of 3/31/21. LTM represents last twelve months ending 3/31/21. NNB represents net asset inflows and NNBF represents net new base fees earned on net asset inflows. Organic asset growth rate calculated by dividing net asset inflows over beginning of period assets. 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. Slide 97 Our local presence 1. Data as of year-end 2020, includes FT & PT employees. Slide 98 The China opportunity Source: McKinsey Performance Lens, Deloitte/Casey Quirk publication, BII publications. 1. 2. 3. 4. 5. 6. BlackRock Investment Institute, as of April 2020. Bloomberg Barclays Global Aggregate Index and MSCI ACWI equity index used as proxies for global bonds and equities respectively. Casey Quirk Global Demand Model, projected net flows of externally managed assets. McKinsey Performance Lens externally managed assets as of year-end 2019. EU includes Austria, France, Germany, Italy, Netherlands, Spain, Belgium, Ireland, Luxembourg, Portugal, Czech Republic, Hungary, Poland, Slovakia, Denmark, Finland and Sweden. Includes additional $1.6T in NAV-based Wealth Management Products addressable through the Wealth Management License, China Banking Association, as of year- end 2019. Slide 99 Our China Strategy: We have an immediate opportunity to help global clients invest in China Source: Broadridge. 1. 2. 3. Source: Broadridge. China MFS & ETFs sold in international fund markets, as of year-end 2020. Overall China AUM rank and market share based on active & index mutual funds and ETFs Last twelve month AUM growth for BlackRock's global clients investing in China from 12/31/19 to 12/31/20. ~20% market share represents share of flows for full year 2020 based on Broadridge. Slide 100 Our China Strategy: We have a long-term opportunity to build a global champion in the $9T onshore market 1. $9T onshore market as of 12/31/19. Sources: McKinsey and China Banking Association BlackRock 101#102BlackRock BlackRock Investor Day 2021 Building more inclusive, resilient retirement solutions Mark McCombe Chief Client Officer IRH0621U/M-1675207-1/171#103IRH0621U/M-1675207-1/171 The global retirement crisis is accelerating The $70T global retirement savings gap is expected to balloon to $400T by 2050¹ Global aging 2.1B Population over 65 will increase from 600M today to 2.1B in 2050¹ Lack of access 48% With nearly half of global workers in the informal sector, 48% of retirement age people do not receive a pension¹ Persistent low- growth environment 3-5% Equities are expected to perform ~5% below historic averages; bond returns expected to be 3% lower¹ 2015 Note: For footnoted information, refer to slide 110. BlackRock 2050 Precarious short-term savings 40% of people lack enough savings to cover a $400 emergency expense² Inadequate savings rates 10-15% Contributions to DC plans typically significantly lower than the recommended 10-15% target¹ High degree of individual responsibility 50% DC plans now account for slightly over half of global pension assets¹ 103#104IRH0621U/M-1675207-1/171 Defined contribution plans have become the primary workplace retirement offering Defined benefit Defined benefit plans are a $15T market, but have been in secular decline since the 1990s Fortune 500 defined benefit pension plans¹ Number of plans: Defined contribution Defined contribution plans are also a $15T market (2/3 in the U.S.), but are one of the fastest growing parts of the retirement industry Fortune 500 defined contribution plans¹ Number of plans: 283 1999 156 2009 Note: For footnoted information, refer to slide 110. BlackRock 70 202 343 430 2019 1999 2009 2019 104#105BlackRock's retirement platform $1,600B IRH0621U/M-1675207-1/171 A leader in the retirement industry 13% $126B We have 13% market share in the U.S. defined contribution investment only (DCIO) market² $3.0T retirement AUM¹ $1,283B Defined contribution Defined benefit Other pension funds #1 40M We are the largest defined contribution investment only provider in the U.S.2 We serve over 72,000 DC plans (including 60% of the Fortune 100)- ultimately reaching more than 40M people³ Note: For footnoted information, refer to slide 110. BlackRock 105#106IRH0621U/M-1675207-1/171 Long history of innovation in global retirement solutions 27 years of target date experience BlackRock's Global Target Date Footprint 100+ dedicated retirement professionals Canada 2007 United States 1993 $343B in target date client assets 1 Mexico 2017 #1 provider of custom target date funds² Funded Markets to watch Chile Brazil United Kingdom 1997 Sweden 2016 Pan-Europe Netherlands Germany France LifePath is available in multiple implementations Index Note: For footnoted information, refer to slide 110. BlackRock China South Korea 2020 Japan 2017 Taiwan 2018 Singapore Dynamic ESG Income Custom Models Australia Local market 106#107IRH0621U/M-1675207-1/171 Opportunities for innovation that will drive future growth for BlackRock 1 China 2 Sustainability By 2050, 330M Chinese people will be 65 or older. China is also facing a contracting labor force and underfunded state pensions.1 Our ability to help address the challenge of retirement for millions of people in China is a significant long term growth opportunity for BlackRock. Demand for ESG solutions in retirement products will continue to grow. We are rapidly expanding our LifePathⓇ ESG footprint. Today, 53% of our UK LifePath AUM is ESG screened or optimized versus 17% in 2019. Note: For footnoted information, refer to slide 110. BlackRock 107#1083 LifePath Paycheck™ IRH0621U/M-1675207-1/171 An investment solution that provides a paycheck throughout retirement Designed to be provided through employers' defined contribution plans Target date strategy that includes an allocation to innovative annuity contracts MyLifePath About Investments. Contribution Initiate Income ABOUT LIFETIME INCOME Lifetime Income lets you retire from work, not from a paycheck. Combines an investment solution with an integrated digital experience What is it? Lifetime Income helps you pay for essential retirement expenses. This is income you can receive as scheduled payments for the rest of your life by purchasing an individual annuity from a designated. insurance company. About your annuity → Digital experience is designed to provide education about retirement and facilitate the participant's interaction with insurers What does it cover? Note: Screenshots are conceptual, for illustrative purposes only, and subject to change. The Life Path Paycheck™M ("LPP") strategy and the MyLife Path™ digital experience ("MyLife Path" or "MLP") do not currently exist; the purpose of these materials is to inform the final stages of strategy and MLP development. There are no guarantees that any future strategy or MLP would have the features described herein. Participation by Brighthouse Financial and Equitable in delivering BlackRock's investment solution is subject to certain approvals, including regulatory approval of their respective annuity products. The proposed strategy and MLP features are not final and can change without notice. BlackRock does not offer insurance products or provide any financial guarantee with respect thereto BlackRock 108#109IRH0621U/M-1675207-1/171 BlackRock is working to build a better retirement for all Leveraging the scale and breadth of BlackRock's global platform to develop innovative retirement solutions and stay ahead of clients' evolving needs Helping build a robust retirement investment ecosystem in China Bringing our leadership in sustainability to the retirement market Providing a solution that delivers lifetime income in retirement with a robust digital experience BlackRock 109#110End notes IRH0621U/M-1675207-1/171 These notes refer to the financial metrics and/or defined term presented on: Slide 103 The global retirement crisis is accelerating 1. Source: World Economic Forum White Paper: "We'll Live to 100 - How Can We Afford It?" 2. Report on the Economic Well-Being of U.S. Households in 2017, Board of Governors of the Federal Reserve System, May 2018. Slide 104 Defined contribution plans have become the primary workplace retirement offering 1. Source: Willis Towers Watson, Retirement Offerings in the Fortune 500: A Retrospective, 2018. Slide 105 BlackRock's retirement platform 1. AUM as of 3/31/21. Other pension funds represents AUM that is not categorized as defined benefit or defined contribution. 2. Source: BlackRock, 2020 Pensions & Investments Money Manager Survey. Ranking is by AUM as of 12/31/2019. 3. Source: BlackRock. Slide 106 Long history of innovation in global retirement solutions 1. As of March 31, 2021. Includes assets under advisement of co-manufactured target date fund products where BlackRock provides the glidepath, asset allocation, or underlying fund management. Glidepath refers to a formula that defines the asset allocation of a target -date fund. 2. 2020 Pensions & Investments Money Manager Survey. Slide 107 Opportunities for innovation that will drive future growth for BlackRock 1. Source: Time, China's Aging Population Is A Major Threat to Its Future, 2019. BlackRock 110#111BlackRock BlackRock Investor Day 2021 IRH0621U/M-1675207-1/171 Positioning BlackRock to lead in sustainable investing Paul Bodnar Global Head of Sustainable Investing#112BlackRock sustainable investment strategies A spectrum of sustainable investing choices for clients $145B $54B $353B Sustainable AUM¹ $55B $99B Active ETFs Non-ETF index Cash Organic growth and revenue $54B 1Q21 LTM net new business² 50% IRH0621U/M-1675207-1/171 Organic asset growth² $204M Organic base fee growth³ 158% 1Q21 LTM net new base fees³ $251M Year-over- 132% year growth 2020 Revenue4 21% of BlackRock's 2020 net new base fees came from sustainable strategies - up from 10% in 2019 Note: For footnoted information, refer to slide 120. BlackRock 112#113IRH0621U/M-1675207-1/171 Growth in sustainable investment strategies outpaced the industry in 2020 2020 organic asset growth 3% 27% 64% Industry total mutual funds & ETFs 1 Industry sustainable mutual funds & ETFs 1 BlackRock sustainable investment strategies² Note: For footnoted information, refer to slide 120. BlackRock 113#114IRH0621U/M-1675207-1/171 BlackRock's sustainable AUM growth was diversified across asset classes, client types and regions $68B of sustainable net new business in 2020 By asset class By investment style By region Multi-asset Cash $1B $5B Fixed Cash $5B Active income Alternatives Non-ETF Index $8B $9B Americas $6B $2B APAC $2B $22B BlackRock Equity $54B ETFs $46B EMEA $44B 114#115IRH0621U/M-1675207-1/171 BlackRock well-positioned to help clients invest sustainably We are committed to making sustainability our standard for investing ESG integration Integration of ESG insights and data into 100% of active and advisory investment processes and portfolio construction. Comprehensive sustainable investment solutions Extensive platformencompassing index and active funds across all asset classes, designed to help clients meet their sustainability and financial objectives. BlackRock Data analytics & technology Aladdin helps investors and clients to understand and manage portfolio risk by making 2,000 leading ESG metrics available Integrated asset management + technology approach ESG research & insights Dedicated sustainable research team focuses on the link between ESG and financial materiality, producing insights that drive firm investment processes. Company engagement Fundamental investors and Investment Stewardship team engage with companies we investin on sustainability- related issues that impact long-term financial performance Transparency & reporting We want clients and investors to better understand the sustainability risks of their investments. We publicly provide this information on both sustainable and non-ESG focused strategies. 115#116BlackRock's net zero commitment Potential negative impact to economic 25% growth from unchecked greenhouse gas emissions over the next two decades 1 Note: For footnoted information, refer to slide 120. BlackRock IRH0621U/M-1675207-1/171 BlackRock believes that the climate transition creates not just risk but a historic investment opportunity With the world moving to net zero, BlackRock can best serve our clients by helping them be at the forefront of that transition Measurement and Transparency + Investment Management + Stewardship 116#117IRH0621U/M-1675207-1/171 BlackRock's scaled platform enables us to offer clients more choice across the sustainability spectrum $353B Sustainable AUM¹ $13B $49B 250+ strategies Impact 20+ strategies Generate positive, measurable E and S impact alongside a financial return² $133B Thematic 25+ strategies Seek to capitalize on long-term industry or societal trends through specific E, S or G themes $159B Broad 155+ strategies Positive, explicit ESG objective BlackRock sustainable strategies Note: For footnoted information, refer to slide 120. Baseline Screens³ 50+ strategies Exclude controversial activities, as defined by Baseline Screens³ BlackRock 117#118Investing in Aladdin Climate to help clients be more climate-aware 01 Enterprise level 02 climate risk oversight including aggregate portfolio climate reporting and tracking Climate-based portfolio modelling including optimization, what-if analysis, and compliance rules Climate Adjusted Value (CAV) Adjusted market price at which an asset should be valued at based on embedded climaterisk Note: For illustrative purposes only. BlackRock Portfolio Climate Risks -2.7% Climate Adjusted Value IRH0621U/M-1675207-1/171 5.8 Climate Adjusted Value Score X 03 Climate-based security selection including visibility into granular physical exposures and programmatic access to climate analytics Climate Adjusted Value Score The normalized CAV fora particular security compared to a relevant peer set on a scale of 1-10 118#119Investing in sustainability for Black Rock's future IRH0621U/M-1675207-1/171 Rigorous understanding of how sustainability relates to investment returns More data and better technology to measure and analyze sustainability risks and opportunities Ability to evolve and adapt ahead of change BlackRock is well-positioned to continue generating differentiated growth and capturing share as clients re-position their portfolios to be more sustainable BlackRock 119#120End notes IRH0621U/M-1675207-1/171 These notes refer to the financial metrics and/or defined term presented on: Slide 112 BlackRock sustainable investment strategies 1. 2. 3. 4. As of 3/31/21. Represents dedicated sustainable investments, including: 1) strategies with an explicit ESG objective which may include a targeted quantifiable ESG outcome ("Broad ESG"); 2) strategies that capitalize on long-term transformative industry or societal trends through pursuit of specific E, S or G themes ("Thematic"); 3) strategies where investments are made with the intention to generate positive measurable social and environmental impact alongside financial return ("Impact") and; 4) screened strategies that incorporate BlackRock's baseline screens ("Dedicated Screened"). BlackRock's definition of impact investments is in line with the International Finance Corporation's Operating Principles for Impact Management. Net new business represents net asset inflows. LTM net new business represents net new business over last twelve months ending 3/31/21. Organic asset growth rate calculated by dividing net asset inflows over beginning of period assets. Net new base fees represents net new base fees earned on net asset inflows. LTM net new base fees represents net new base fees over last twelve months ending 3/31/21. 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. Revenue includes base fees, securities lending and performance fees. Slide 113 Growth in sustainable investment strategies outpaced the industry in 2020 1. 2. Industry represents the asset management industry. Sources: Simfund, Morningstar "Sustainable Investment - Overall" for US MFs; Broadridge "RI- Screened", "RI - Embedded" for Non-US MFs, iShares Global Business Intelligence "Sust.", "Sustainability related" for global ETFs; data as of Mar 2021. Excludes FoFs and closed- end funds. US Sustainable Money Market funds not included in Morningstar's flagging methodology. Represents dedicated sustainable investments, including: 1) strategies with an explicit ESG objective which may include a targeted quantifiable ESG outcome ("Broad ESG"); 2) strategies that capitalize on long-term transformative industry or societal trends through pursuit of specific E, S or G themes ("Thematic"); 3) strategies where investments are made with the intention to generate positive measurable social and environmental impact alongside financial return ("Impact") and; 4) screened strategies that incorporate BlackRock's baseline screens ("Dedicated Screened"). BlackRock's definition of impact investments is in line with the International Finance Corporation's Operating Principles for Impact Management. Slide 115 BlackRock well-positioned to help clients invest sustainably Source: BlackRock, as of March 31, 2021. Slide 116 BlackRock's net zero commitment 1. Sources: BlackRock Investment Institute, with data from Refinitiv Datastream and Bloomberg, February 2021. Slide 117 BlackRock's scaled platform enables us to offer clients more choice across the sustainability spectrum 1. 2. 3. Figures as of 3/31/21. Represents dedicated sustainable investments, including: 1) strategies with an explicit ESG objective which may include a targeted quantifiable ESG outcome ("Broad ESG"); 2) strategies that capitalize on long-term transformative industry or societal trends through pursuit of specific E, S or G themes ("Thematic"); 3) strategies where investments are made with the intention to generate positive measurable social and environmental impact alongside financial return ("Impact") and; 4) screened strategies that incorporate BlackRock's baseline screens ("Dedicated Screened"). BlackRock's definition of impact investments is in line with the International Finance Corporation's Operating Principles for Impact Management. Investment process must adhere to the Operating Principles for Impact Management per The Impact Principles. There are two sets of BSI Baseline Screens, EMEA (more stringent) and Global Ex-EMEA, which avoid exposure to certain companies or sectors that pose reputational risks or violate the end investor's values. Controversial is defined by client preferences and mandates. BlackRock 120#121BlackRock BlackRock Investor Day 2021 Investing to deliver shareholder value Gary Shedlin Chief Financial Officer IRH0621U/M-1675207-1/171#122A simple framework for shareholder value BlackRock Organic growth + Operating + Capital leverage management EPS growth IRH0621U/M-1675207-1/171 122#123Successful execution of our financial framework Organic growth 5% organic asset growth¹ 5% organic base fee growth² 1/1/16 - 12/31/20 IRH0621U/M-1675207-1/171 Operating leverage³ 42.9% 44.9% Capital management $7.1 billion shares repurchased (8)% share count reduction $8.72 $14.52 +200 bps 2015 2020 11% CAGR 2015 Dividend 2020 Dividend Note: Operating Leverage 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 146-147. For footnoted information, refer to slides 140-141. BlackRock 123#124IRH0621U/M-1675207-1/171 Organic asset growth higher and less volatile than peers Organic asset growth¹ 5% BLK organic base fee growth 5% 3% 1% (0)% (4)% 1% 5% 5% (7)% A B C D E F G Standard deviation¹ 8% 6% 5% 5% .4% 4% 3% 2% BLK Industry Traditional asset manager peers Captive peers BLK Represents the average of BlackRock's 5 largest US publicly traded asset management peers and 2 captive asset managers Note: For footnoted information, refer to slides 140-141. BlackRock A B C D E F G Captive peers Traditional asset manager peers 124#125IRH0621U/M-1675207-1/171 Diversification supports 5% organic base fee growth target Organic base fee growth trend² 2017 2018 2019 2020 1Q213 Average4 Total firm +7% +2% +5% +7% +14% +7% % of BLK total base fees¹ Illiquid 5% alternatives 11% 18% 27% 18% 28% 20% ETFs 38% 14% 3% 6% 7% 10% 8% Traditional 42% 2% (1)% 1% 6% 19% 6% active 5 Cash 6% 14% 1% 24% 28% (10)% 11% Non-ETF index 9% 2% 2% 5% (1)% 4% 2% Note: For footnoted information, refer to slides 140-141. BlackRock 125#126Effective fee rate has been impacted by the macro environment 17.2 0.5 basis points (0.1) (0.4) (0.3) (0.3) (0.2) 1Q20 Effective Organic growth Pricing investments Cash waivers Seclending Beta/FX² Leap year day count 1 fee rate BlackRock Note: For footnoted information, refer to slides 140-141. BlackRock Macro IRH0621U/M-1675207-1/171 16.4 basis points 1Q21 Effective fee rate 1 126#127IRH0621U/M-1675207-1/171 Proven ability to leverage scale for clients & shareholders +200 bps 44.9% 44.1% 44.3% 43.8% 43.7% 42.9% +12% CAGR $33.82 $26.93 $28.48 $22.49 $19.60 $19.27 20151 2016 EPS, as adjusted 2017 2018 2019 2020 Operating margin, as adjusted Note: For further information and reconciliation between GAAP and as adjusted, see the previously filed Form 10-Ks, 8-Ks, earnings releases and the presentation appendix on slides 146-147. For footnoted information, refer to slides 140-141. BlackRock 127#128Driving expense leverage across the firm Core general & administration ("G&A”) expense/net revenue 1,2 IRH0621U/M-1675207-1/171 Compensation, as adjusted / net revenue² 12.4% (130) bps 11.1% 36.3% (170) bps 35.1% 34.6% ex-MTM3 20154 2020 20154 2020 Note: For further information and reconciliation between GAAP and as adjusted, see the previously filed Form 10-Ks, 8-Ks, earnings releases and the presentation appendix on slides 146-147. For footnoted information, refer to slides 140-141. BlackRock 128#129IRH0621U/M-1675207-1/171 G&A investments are concentrated in technology & data G&A expense, as adjusted ($M) Core G&A¹ Non-core G&A¹ AUM ($T) 2015-2020 Core G&A CAGR¹,2 $8.7 +13% CAGR $4.6 $1,876 $276 0% +11% $1,380 (1)% Technology & data Other³ $1,361 +3% CAGR $1,600 20152 2020 Note: For further information and reconciliation between GAAP and as adjusted, see the previously filed Form 10-Ks, 8-Ks, earnings releases and the presentation appendix on slides 146-147. For footnoted information, refer to slides 140-141. BlackRock 129#130Consistent capital management policy Prioritization of cash use Organic business investments G&A Headcount Cash payout & payout ratio 1,2 (Figures in $B) IRH0621U/M-1675207-1/171 75%³ 84% 84% 84% Seed & co-Invest 76% 56% $3.6 $3.8 $3.8 $2.7 $2.8 Tactical acquisitions & strategic minority investments Dividends Share repurchases Note: For footnoted information, refer to slides 140-141. BlackRock 2016 2017 2018 2019 2020 Dividends & share repurchases Payout ratio 130#131Our first priority remains to invest in our business Organic Human capital Technology & data Inorganic Strategic minority investments Tactical acquisitions Brand Seed & co-investments BlackRock IRH0621U/M-1675207-1/171 131#132Effectively using our balance sheet to support future growth Revenue from seeded & co-invested funds ($B)¹ $0.8 $2.5² +207% $3.1 Portfolio value ($B)¹ Economic seed Co-investment, including +121% unfunded commitments $1.6 $1.4 $0.6 $1.5 $0.8 2015 2020 Note: For footnoted information, refer to slides 140-141. BlackRock IRH0621U/M-1675207-1/171 132#133IRH0621U/M-1675207-1/171 Inorganic investments accelerate organic growth and support strategic initiatives Tactical acquisitions Technology ЄeFront CACHEMATRIX® NEX Treasury FutureAdvisorⓇ Alternatives FIRST RESERVE Energy Infrastructure TCP TENNENBAUM CAPITAL PARTNERS Infraestructura Institucional BLACKROCK KELSO CAPITAL Global distribution Whole portfolio citibanamex Asset Management aperio Strategic minority investments Ⓒ CLARITY AI iCapital NETWORK ENVESTNET® S scalable .CAPITAL acorns MEM embark> group BlackRock 133#134$3.8B returned to shareholders in 2020 Dividends BlackRock Consistent share repurchases IRH0621U/M-1675207-1/171 134#135Steady dividend increases $0.80 IRH0621U/M-1675207-1/171 $16.52 $14.52 $13.20 $12.02 18% CAGR $10.00 $9.16 $8.72 $7.72 $6.72 $6.00 $5.50 $4.00 $3.12 $3.12 $2.68 $1.68 $1.00 $1.20 1 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E Note: For footnoted information, refer to slides 140-141. BlackRock 135#136Consistent share repurchase program since 2013 171M shares 12/31/12 $10B+ repurchased Note: For footnoted information, refer to slides 140-141. BlackRock IRH0621U/M-1675207-1/171 (11)% 153M shares 12/31/20 $379 average price per share +21% compound annual return¹ 136#137BlackRock was purposefully built to perform in any market environment BlackRock IRHO621U/M-1675207-1/171 137#138IRH0621U/M-1675207-1/171 BlackRock has delivered differentiated organic base fee growth across various market environments S&P 500 returns 30% 11% (1)% 10% 19% (6)% 29% 16% Organic base fee growth¹ 6% 5% 6% 1% 7% Avg: 5% 7% 5% 2% 2013 2014 2015 2016 2017 2018 2019 2020 YoY as adj. margin 100 150 0 90 30 20 (60) 120 change (bps)² Note: 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 146- 147. For footnoted information, refer to slides 140-141. BlackRock 138#139BlackRock will continue to invest to drive long-term shareholder value BlackRock Diverse, global investment capabilities Leading investment management technology Organic growth Operating leverage + Capital management EPS growth Exceptional leadership team Unmatched global scale IRH0621U/M-1675207-1/171 139#140End notes IRH0621U/M-1675207-1/171 These notes refer to the financial metrics and/or defined term presented on: Slide 123 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. Operating leverage represents "operating margin, as adjusted". 2015 operating leverage information reflects accounting standards 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 124 Organic asset growth higher and less volatile than peers 1. Organic asset growth and standard deviation represents quarterly organic asset growth rates from 12/31/15 - 12/31/20. Organic base fee growth for BlackRock represents quarterly organic base fee growth rates from 12/31/15 - 12/31/20. Peer organic asset growth rates from public filings. Industry organic asset growth sourced from Simfund, Broadridge Fundfile, Bloomberg and eVestment and excludes Fund of Funds and Money Market Funds. Slide 125 Diversification supports 5% organic base fee growth target 1. 2. 3. 4. 5. Includes securities lending and represents % of total BLK base fee and securities lending revenue for full year 2020. Organic base fee growth rate is calculated by dividing net new base fees earned on net asset inflows for the respective periods by the base fee run-rate at the beginning of the period. 1Q21 is annualized. Represents average of 2017, 2018, 2019, 2020 and 1Q21 annualized. Average may differ from information on slide due to rounding. Traditional active includes all active strategies excluding illiquid alternatives. Slide 126 1. 2. Effective fee rate has been impacted by the macro environment Fee rate represents investment advisory, administration fees and securities lending revenue earned on total average AUM. Total average AUM for 1Q20 and 1Q21 are calculated as the 4-point average of the month-end spot AUM amounts. 1Q20 and 1Q21 fee rates are annualized. Beta represents market impact on total AUM. FX represents FX impact on total AUM. Slide 127 Proven ability to leverage scale for clients & shareholders 1. 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. Slide 128 1. 2. 3. 4. Driving expense leverage across the firm Core G&A represents G&A as adjusted less Non-Core G&A. Non-Core G&A includes product launch costs, transaction costs and contingent consideration fair value adjustments related to acquisitions, FX remeasurement expense, fixed asset impairment charge, certain one-time legal items and COVID-19 related costs. Net revenue represents revenue used for operating margin measurement. Represents impact of certain deferred compensation programs, which have mark-to-market impact based on firm's financials results. 2015 information reflect 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 129 G&A investments are concentrated in technology & data 1. 2. 3. Core G&A represents G&A as adjusted less Non-core G&A. Non-core G&A includes product launch costs, transaction costs and contingent consideration fair value adjustments related to acquisitions, FX remeasurement expense, fixed asset impairment charge, certain one-time legal items and COVID-19 related costs. 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. Other includes marketing and promotional, occupancy and office related, professional services, communications and other G&A expense. BlackRock 140#141End notes IRH0621U/M-1675207-1/171 Slide 130 Consistent capital management policy 1. 2. 3. Dividend and share repurchases from BlackRock's 10-K for each applicable year. Payout ratio equals (total dividends and share repurchases) / (GAAP net income). Represents Payout Ratio excluding the impact of 2017 Tax Act. Slide 132 Effectively using our balance sheet to support future growth 1. Revenues from products that have received seed or co-investments over $1m in 2009 through 2020. Portfolio value for as of year-end for both time periods. 2. 2020 revenue includes ~$190m of future annual base fee from $28bn of committed capital. Slide 135 Steady dividend increases 1. 2003 dividend per share is annualized. Represents time period from 12/31/12 to 4/30/21. Slide 136 Consistent share repurchase program since 2013 1. Slide 138 BlackRock has delivered differentiated organic base fee growth across various market environments 1. 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. 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. BlackRock 141#142BlackRock BlackRock Investor Day 2021 IRH0621U/M-1675207-1/171 Investing for the future Larry Fink Chairman and Chief Executive Officer#143Key investment areas driving future growth IRH0621U/M-1675207-1/171 Client-focused mindset to anticipate client needs Investment Platform Technology & Data New product expansion ETFs and Index Index customization Aladdin Cap. markets infrastructure Whole portfolio, including private markets APIs and developer tools Wealth tech Cloud migration Distribution Regional " Local footprints Personalization Model portfolios Alternatives Credit Wealth Infrastructure Asia Sustainability Active Private markets sourcing Insight generation Data & analytics Data-as-a-service Alternative datasets Natural language processing Al Lab Aladdin Climate Onshore products & infrastructure China " Brand recognition Research & insights Sustainability Climate aware capital market assumptions Proprietary research " Retirement income solutions Sustainability ESG data in investment process Retirement " Expand LifePath globally ESG & active LifePath ESG transparency in funds Product innovation across the entire platform Hiring the best talent and cultivating a diverse, inclusive and high-performance culture BlackRock 143#144IRHO621U/M-1675207-1/171 Investing for the future in our people and our platform to deliver long-term value for all stakeholders BlackRock 144#145Appendix IRH0621U/M-1675207-1/171#146Reconciliation between GAAP and as adjusted ($mm, except per share data) Operating income (2) (2) 2013 2014 2015(2) 2016 $3,857 $4,474 $4,664 $4,565 2017 2018 2019 IRH0621U/M-1675207-1/171 2020 Operating Income, GAAP basis Non-GAAP expense adjustments: Restructuring charge Compensation expense related to appreciation (depreciation) on deferred compensation plans Reduction of indemnification asset Charitable Contribution $5,254 $5,457 $5,551 $5,695 76 60 10 7 1 - 50 124 589 PNC LTIP funding obligation 33 32 30 Operating Income, as adjusted Product launch costs and commissions 4,024 18 4,563 4,695 28 4,669 15 5,269 11 5 14 5,531 13 5,551 61 6,284 Operating income used for operating margin measurement $4,042 $4,574 $4,700 $4,669 $5,269 $5,544 $5,612 172 $6,456 Revenue (1) Revenue, GAAP basis $10,180 Distribution fees Investment advisory fees (73) (332) Revenue used for operating margin measurement $9,775 $11,081 (70) (350) $10,661 $11,401 (55) (402) $10,944 $12,261 $13,600 $14,198 $14,539 $16,205 (1,198) (410) $10,653 (1,183) (480) $11,937 (1,155) (520) $12,523 (1,069) (1,131) (616) $12,854 (704) $14,370 Operating margin, GAAP basis 37.9% 40.4% 40.9% 37.2% 38.6% 38.4% 38.2% 35.1% Operating margin, as adjusted 41.4% 42.9% 42.9% 43.8% 44.1% 44.3% 43.7% 44.9% Net Income Net income attributable to BlackRock, Inc., GAAP basis Restructuring charge, net of tax $2,932 $3,294 $3,345 $3,168 $4,952 $4,305 $4,476 $4,932 PNC LTIP funding obligation, net of tax 23 25 22 53 19 47 11 12 Amount related to the Charitable Contribution, net of tax The 2017 Tax Act: (4) 226 Deferred tax revaluation (noncash) Deemed repatriation tax Other income tax matters (69) Net income attributable to BlackRock, Inc., as adjusted $2,882 (9) $3,310 (54) $3,313 (30) $3,210 (1,758) 477 16 $3,698 (3) $4,361 8 $4,484 79 $5,237 Diluted weighted-average common shares outstanding Diluted earnings per common share, GAAP basis Diluted earnings per common share, as adjusted 173,828,902 $16.87 $16.58 171,112,261 $19.25 $19.34 169,038,571 $19.79 $19.60 166,579,752 $19.02 $19.27 164,415,035 $30.12 $22.49 161,948,732 $26.58 $26.93 157,459,546 $28.43 $28.48 152,840,582 $31.85 $33.82 (1) For further information and reconciliation between GAAP and non-GAAP measures, see notes (1) through (4) in our earnings release for the year ended December 31, 2020 as well as previously filed Form 10-Ks and 8-Ks. (2) 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. BlackRock 146#147Reconciliation between GAAP and as adjusted (1) Revenue: Revenue, GAAP basis Non-GAAP adjustments: Distribution fees Investment advisory fees Revenue used for operating margin measurement Compensation Expense - (3) 2015 2020 $11,401 $16,205 (55) (1,131) (402) (704) $10,944 $14,370 GAAP $4,005 $5,041 Non-GAAP adjustments: PNC LTIP funding obligation (30) Compensation expense related to appreciation (depreciation) on deferred compensation plans (1) Compensation expense, as adjusted $3,974 $5,041 Compensation expense, as adjusted / Net Revenue 36.3% 35.1% General and Adminstrative (G&A) Expense G&A expense, GAAP basis Charitable Contribution G&A expense, as adjusted Non-Core G&A (2) $1,380 $2,465 (589) $1,380 $1,876 19 276 Core G&A $1,361 $1,600 G&A Expense, as adjusted / Net Revenue 12.4% 11.1% IRH0621U/M-1675207-1/171 (1) For further information and reconciliation between GAAP and non-GAAP measures, see notes (1) through (4) in our earnings release for the year ended December 31, 2020 as well as previously filed Form 10-Ks and 8-Ks. (2) Non-Core G&A includes product launch costs, transaction costs and contingent consideration fair value adjustments related to acquisitions, FX remeasurement expense, fixed asset impairment charge, certain one-time legal items and COVID-19 related costs (3) 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. BlackRock 147#148Performance notes IRH0621U/M-1675207-1/171 Past performance is not indicative of future results. Except as specified, the performance information shown is as of March 31, 2021 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 US 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, 2021. The performance data does not include accounts terminated prior to March 31, 2021 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, 2021 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 media ns are based in part on data either from Lipper, Inc. or Morningstar, Inc. for each included product BlackRock 148#149Important notes IRH0621U/M-1675207-1/171 The opinions expressed herein are as of June 2021 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"). ©2021 BlackRock, Inc. All rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, BUILD ON BLACKROCK, ALADDIN, ISHARES, iBONDS, IRET IRE, 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. BlackRock 149