BlackRock Investor Conference Presentation Deck

Structural tailwinds will drive continued ETF growth Hot $12tn All-to-all networked trading ETFs as alpha tools Fee-based wealth management Value for money $5tn 2018 Industry hit $5tn (1/22/18) 2019 2020 2021 2022 For illustrative purposes only. Scenario calculations based on proprietary BlackRock estimates, May 2018. Sources for Jan 2018 industry figures: Markit, Bloomberg. 20% Warm 13-15% $9-10tn IR1218U-683415-2109255 10% 2023 Cool $7tn Industry AUM 13

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