BlackRock Investor Conference Presentation Deck

Increased FX and market volatility FX impact Performance vs. USD 5% 0% BLACKROCK® -5% -10% -15% Dec Jan Feb Mar Apr May Jun GBP S&P 500 FTSE 100 MSCI World MSCIEM S&P Global Nat Res S&P Commodities Note: Market data as of December 5, 2014. -EUR - 6/30 Dec. 5 Spot vs. 9/30 Spot 5.2% 1.8 4.3 1.4 (6.2) (17.1) AUM impact: ($89bn) 4Q'14 average markets below spot and average 3Q'14 levels 4th QTD Avg. vs. 9/30 Spot Jul Aug Sep Oct Nov -JPY 9/30 1.2% (1.3) 0.1 (0.1) (4.2) (7.5) 7

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