Growth and Transition Strategy Update

How we grow with clients - our 5% ambition 2019-2022 (average) 2023-2027 (projected/ target) Industry organic asset growth 1,2,3 3% 3% Industry organic base fee revenue growth 1,2,3 4% 3% BlackRock organic base fee revenue growth 1,4 5% 5% Target BlackRock share of industry base fee revenues¹,4 2.8% 3.1% Target Note: For footnoted information, refer to slide 118. Past performance not indicative of future results. BlackRock 117

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