Growth and Transition Strategy Update

ETF & Index Investing at BlackRock is a scale growth platform to access an expanding world of investments ETF A differentiated ETF & Index business Efficient access for tens of millions • of people • Breadth of high quality investments • Leading organic revenue growth, driven by strategic segments BlackRock Multiple trillion-dollar growth opportunities Scale investment "engine" enabling innovation • • Triple ETF assets in digital wealth worldwide Generate a majority of ETF flows through managed models Triple fixed income ETF assets by unlocking client use cases • Leading performance & customization at scale Diversity of service providers & operating leverage Innovative access to new markets and investments 53

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