BlackRock Investor Conference Presentation Deck

BlackRock has delivered strong organic base fee growth across market cycles 5% 6% 2014 4% 6% 2015 4% 1% 2016 7% 7% 2017 2% 2% 9/30/18 YTD IR1218U-683415-2109255 ■ Organic Asset Growth Organic Base Fee Growth Average Organic Base Fee Growth 5% Note: 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 the period. Average may differ from above due to rounding. 9/30/18 YTD represents annualized organic asset growth and organic base fee growth. 9

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