Growth and Transition Strategy Update

2 Enable wealth and asset manager CIOs to build and customize managed models with iShares and BlackRock ETFs A majority of iShares ETF flows are now from managed models, especially third party managed models U.S. iShares flows from managed models (%)¹ 33% 2020 >50% 2022 Wealth models (home office & advisor-driven) & asset manager models BlackRock managed models Note: For footnoted information, refer to slide 55. BlackRock Managed models are growing and our breadth of ETFs are playing an expanded role in portfolios U.S. managed >$9.0T model industry size ($T)² $4.2T 2022 >2x U.S. managed model industry invested in ETFs 2027E U.S. managed model industry invested in mutual funds, SMAs & other investments 50

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