BlackRock Investor Conference Presentation Deck

Higher Growth Lower Growth Diversification supports 5% organic base fee growth target Total Firm Illiquid Alternatives iShares Traditional 2014 +6% -3% 7% 5% 2015 +6% 15% 7% 6% 2016 +1% 4% 7% -3% 2017 9/30/18 YTD Average +7% 11% 14% 2% +2% 17% 1% 1% +5% 9% 7% IR1218U-683415-2109255 2% Note: Organic base fee growth rate calculated by dividing net new base fees earned on net asset inflows for the respective periods by the base fee run-rate at the beginning of the period. 9/30/18 YTD presents annualized organic base fee growth. Averages may differ from above due to rounding. Traditional denotes all long-term asset classes excluding illiquid alternatives and iShares. 11

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