Growth and Transition Strategy Update

Increasing co-investment portfolio as private markets scales, delivering revenue growth and profitability for shareholders Scaling private markets Private markets gross fundraise¹ ($B) $25 $23 $42 $35 Carry increasingly contributing to revenue Carry performance fees ($M) $75 $49 $159 $263 Significant potential performance fees Gross carried interest balance² ($M) $483 $1,458 2019 2020 2021 2022 2019 2020 2021 2022 2019 1Q23 Note: For footnoted information, refer to slide 136. BlackRock 128

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