Growth and Transition Strategy Update

Leading fixed income franchise with significant room to grow Fixed income net inflows ($B) $264 $79 $158 ETFs - Active Institutional Active - Retail Non-ETF Index $230 $250 2018 2019 2020 2021 2022 Industry: 1% 7% 5% 7% (2)% Organic asset growth¹ BlackRock: 4% 14% 7% 9% 9% Organic asset growth Market share1,2 37% 24% 16% 17% >100% Note: For footnoted information, refer to slide 87. BlackRock 82 32

View entire presentation