Investing in Strategic Growth Drivers and Accelerators

Consistent 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

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