Growth and Transition Strategy Update

Clients are consolidating to trusted providers, with room to grow Market share of asset management industry AUM, % 1 Market share (revenue) of industry, % $75T $108T 80% 76% Rest of industry 16% 13% Top 5 7% 2016 BLK 8% 2022 Note: For footnoted information, refer to slide 20. BlackRock 3% 7% Asset Management² 57% U.S. Credit Card Issuers3 43% 90% ■ BlackRock Revenue share of top firm in each industry: ■ #2-5 ■The rest ■ Top 5 ■The rest 3% 15% 18

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