Investor Presentation

January 12, 2024

Acquisition of
Global Infrastructure
Partners (GIP)
Forward looking statements
This presentation, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act,
with respect to BlackRock’s future financial or business performance, strategies or expectations, including the anticipated timing, consummation and expected benefits of the
proposed GIP transaction. Forward looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,”
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others, could cause actual results to differ materially from forward-looking statements or historical performance and include: (1) the introduction, withdrawal, success and timing
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investment products; (4) BlackRock’s ability to develop new products and services that address client preferences; (5) the impact of increased competition; (6) the impact of future
acquisitions or divestitures, including the acquisition of GIP (the “GIP Transaction”); (7) BlackRock’s ability to integrate acquired businesses successfully, including the GIP
Transaction; (8) risks related to the GIP Transaction, including the expected closing date of the GIP Transaction, the possibility that the GIP Transaction does not close, including,
but not limited to, due to the failure to satisfy the closing conditions, the possibility that expected synergies and value creation from the GIP Transaction will not be realized, or will
not be realized within the expected time period, and impacts to business and operational relationships related to disruptions from the GIP Transaction; (9) the unfavorable
resolution of legal proceedings; (10) the extent and timing of any share repurchases; (11) the impact, extent and timing of technological changes and the adequacy of intellectual
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regulatory, supervisory or enforcement actions of government agencies and governmental scrutiny relating to BlackRock; (15) changes in law and policy and uncertainty pending
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A transformational opportunity
BlackRock to acquire GIP for $3B cash and approximately 12M BlackRock shares

Strategic Creates a world-leading infrastructure private markets manager1

expansion in • Highly complementary platforms with over $150 billion in pro-forma client assets2
fast-growing • Industry leader in whole portfolio infrastructure equity, debt & third-party solutions
infrastructure • Triples BlackRock’s existing infra client assets, creating scale benefits & access to GIP’s industry-leading
market business improvement process2
• Combined platform to create significant source of future base fee growth

Talent, Premier infrastructure investment team globally

alignment • GIP founders to lead overall combined infrastructure platform
and retention • ~75% of total transaction consideration paid in BLK stock to optimize long-term shareholder alignment
• Significant retention from existing GIP carry, owned 100% by GIP employees
• Additional ~$650 million retention pool for GIP employees funded directly from transaction proceeds
• Bayo Ogunlesi, GIP founder, Chairman & CEO, to join BlackRock Board of Directors following closing of
transaction3

Attractive Accretive to BLK organic growth, adjusted EPS & operating margin in first
financial full year4
transaction • Acquired business adds $400+ million of post-tax annual FRE at margins greater than 50%5
• Nearly doubles pro-forma private markets management fees to over $1.5 billion6
• Estimated 15% IRR, well in excess of cost of capital7
• Implied acquisition multiple of ~25-29x 2024E P/FRE excluding $650 million retention pool & future
carry – in-line with premium private markets franchises now valued at 25-35x P/FRE8

Note: For footnoted information, refer to slide 11.

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Infrastructure is forecasted to be one of the fastest-growing
segments of private markets
Industry infrastructure AUM1 $75T global infrastructure funding need2
2022-2040 cumulative infrastructure investment & needs, $T

Investment 40
16%
CAGR 2,541 Needs
10%
CAGR 23
1,190
729
7 5

2017 2022 2027 Energy Telecom Transport Water

& digital

Clients allocating more to infra in new market regime3 Infrastructure fares well in inflationary environments4
High growth / high inflation
Private Debt 43% 39% 18%
17% 16% 15%

20-year total returns (ann’d)

Infrastructure 37% 45% 18%
0%
Private Equity 28% 57% 15%
Global Direct Global Direct Global Equities Global Fixed
Infrastructure Real Estate Income
Hedge Funds 22% 50% 28%

Venture Capital 22% 43% 35% 23% Low growth / high inflation

Real Estate 18% 52% 30% 8% 8%

2%
More capital Same amount of capital Less capital
Global Direct Global Direct Global Equities Global Fixed
Infrastructure Real Estate Income
Note: For footnoted information, refer to slide 11.

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Global Infrastructure Partners overview

Leading global infrastructure manager with strong track record and reputation for
operational excellence; $45 billion returned to investors through successful exits1
Largest independent infrastructure manager2, with $100+ billion in client assets across equity and debt supported
by approximately 400 employees3

Highly-differentiated deal origination through proprietary sourcing and distinct, high-volume deal flow

Leading investment, business improvement and business support teams with established track record of
delivering deep operational enhancements and investment performance
40+ portfolio companies have generated over $75 billion in annual revenue and employ approximately 115,000
people3

Consistently profitable business with $400+ million in 2024E post-tax FRE and 50%+ FRE margins4

Highly diversified infrastructure investment Proprietary sourcing of blue-chip deals6

platform – complementary to BlackRock
Unrealized value of investments across sectors5
Australian airport

Energy $33B
Asia renewables platform
Transport $32B

Global water / waste provider

Digital $6B

Water /
$3B U.S. data center platform
Waste

Note: For footnoted information, refer to slide 11.

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BlackRock’s existing infrastructure platform

Key highlights

Platform • 200+ investment professionals

overview2
• $240M+ revenue in 2023
$9B $21B • 300+ clients globally
• 46% of commitments over $250 million

$50B+ Leading • Infrastructure Debt

infrastructure • Diversified Infrastructure
client assets1 franchises
• Climate Infrastructure
• Infrastructure Solutions
• Decarbonization Partners
$21B

Select • Gigapower partnership with AT&T

deals3
 Equity & Securities • Waratah Super Battery
 Debt
• Jupiter Power
 Solutions
• Carbon capture JV with Occidental

Note: For footnoted information, refer to slide 11.

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Combination creates second-largest global infrastructure
private markets business
Significant scaled infrastructure platform1… …creates #2 private markets infra manager
Infrastructure
Infrastructure Rank Asset manager client assets ($B)3
#14 #3
#1 Competitor #1 243
by client assets2 by client assets2

Combined BLK &

#2 150+
GIP platform

#3 Competitor #3 136
$50B+ $100B+

#4 Competitor #4 75

#5 Competitor #5 66

#6 Competitor #6 65

Client #7 Competitor #7 64
Assets
$150B+ 64
#8 Competitor #8

#9 Competitor #9 61

 Equity & Securities  Debt  Solutions

#10 Competitor #10 56
Note: For footnoted information, refer to slide 12.

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Opportunities for significant value creation via growth

Proprietary • Brings together deep network of relationships with global corporates and public sectors
origination • Strong track records across both firms in originating differentiated, landmark transactions

Scaled
• Significant platform across equity, debt & solutions
capital base

• Significant AUM scale supports larger average deal sizes

Larger
transactions • Market demands higher levels of private capital to build critical infrastructure and fund
shortfalls arising out of public deficits

• Combined platform is pro-forma #1 in fundraising over last 15 years1; opportunity to deepen

Capital client relationships, grow future flagship programs & innovate new investment solutions
formation
• Limited LP overlap (approximately 5% in infrastructure, based on number of LPs)2

• Creates leading multi-asset class, whole portfolio infra investments platform, with BlackRock
Strong infra debt & third-party solutions complementing GIP infra equity and debt franchises
business fit • Complementary investment expertise in infra equity - GIP acumen in transport/digital and
BlackRock innovation in decarbonization & interconnected insights in energy/renewables

Fixed cost • Not a primary rationale for transaction, but opportunities via eFront technology & operating
scale leverage of BlackRock to drive margin expansion over time

Note: For footnoted information, refer to slide 12.

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Compelling value for BlackRock shareholders
Consideration1 • $3 billion of cash delivered at closing, funded by incremental debt
• BlackRock is currently rated AA- with S&P2 and Aa3 with Moody’s2
• This transaction is not expected to meaningfully change its leverage profile
• Approximately 12 million shares of BlackRock common stock
• ~7 million shares delivered at closing with 2-year lockup3
• ~5 million shares paid in ~5 years based on achievement of certain performance milestones

Indicative
valuation • Nominal value of ~$12.55 billion (including deferred shares and $650 million of retention)
• Acquired business adds $400 million+ of 2024E post-tax, margin-accretive FRE4
• Implied acquisition multiple of ~25-29x 2024E P/FRE excluding $650 million retention pool and
future carry – in-line with premium private markets franchises now trading at 25-35x P/FRE5

Retention
• GIP owners/employees will retain carry in existing funds, a significant source of long-term value
• ~$650 million of retention, to be funded out of transaction consideration
• ~60% of carried interest on future funds to be shared with combined infrastructure team

Note: For footnoted information, refer to slide 12.

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Compelling value for BlackRock shareholders (cont’d)
Governance
• Bayo Ogunlesi, GIP founder, Chairman & CEO, to join BlackRock Board of Directors following
closing of transaction1
• Each GIP owner-seller will execute a shareholders’ agreement requiring that shares be voted in line
with recommendation of BlackRock’s Board of Directors

Financial
impact • Modestly accretive to as-adjusted EPS in first full year post-close2
• Modestly accretive to as-adjusted operating margin in first full year post-close2
• Accretive to long-term organic asset and base fee growth2
• Estimated 15% IRR, well in excess of cost of capital3

Timing • Expected to close in the third quarter of 2024, subject to customary regulatory approvals and other
closing conditions

Note: For footnoted information, refer to slide 12.

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End notes
These notes refer to the financial metrics and/or defined term presented on:

Slide 3 – A transformational opportunity: BlackRock to acquire GIP for $3B cash and approximately 12M BlackRock shares
1. Source: Preqin. Ranking based on aggregate capital raised via closed-end commingled funds over the past 15 years, including interim and final closes, as of January 9, 2024.
2. BlackRock client assets as of December 31, 2023 and GIP client assets as of September 30, 2023. Client assets include assets across AUM and non-fee-paying committed
capital for each strategy. GIP AUM includes $17 billion of non-fee-paying capital.
3. Subject to completion of customary onboarding procedures, BlackRock has agreed to appoint Bayo Ogunlesi to the Board of Directors at the next regularly scheduled board
meeting following the closing of the transaction.
4. Source: BlackRock and GIP forecasts. Metrics shown on an as-adjusted basis and exclude certain transaction-related costs.
5. Source: BlackRock and GIP forecasts. Post-tax FRE and pre-tax FRE margin forecast for 2024E.
6. Pro-forma management fees as of 2025E, first full year post-closing.
7. Source: BlackRock and GIP forecasts. IRR shown for illustrative purposes only. Actual results could differ materially from those anticipated in forward-looking statements.
8. Based on analyst price targets and 2024E FRE for selected publicly traded alternative peers as of January 9, 2024.

Slide 4 – Infrastructure is forecasted to be one of the fastest-growing segments of private markets

1. Source: McKinsey. Figures as of June 30, 2022 and include natural resources AUM.
2. Source: Global Infrastructure Hub (gihub.org), Deloitte. Infrastructure needs defined as new investment, replacement investment and spending on maintenance where the
investment will substantially extend the lifetime of an asset, but excluding land purchases. Needs determined on the basis that countries match the performance of their best
performing peers in terms of the resources they dedicate to infrastructure investment.
3. Source: Preqin investor survey as of November 2022.
4. Source: Bloomberg, Barclays (Global Fixed Income), MSCI (Global Equities), GREFI (Global Direct Real Estate), EDHEC (Infrastructure: all equity); as of June 30, 2022 (data
since 2000). High growth periods defined as when U.S. GDP > 2.5% and high inflation periods defined as when U.S. CPI > 2.5%.

Slide 5 – Global Infrastructure Partners overview

1. Source: GIP. Data reflects all realized proceeds to equity and debt strategies as of September 30, 2023. Excludes SMAs and co-investments. There can be no guarantee that
other GIP strategies will be able to exit consistent with this amount, or that any announced exits will close. Past performance is not indicative of future results.
2. Ranking via IPE Real Assets and Preqin. Ranking includes fee-paying AUM as of year-end 2022 and dry powder metrics as of most recent disclosure on January 9, 2024.
Excludes public markets assets. BlackRock client assets as of December 31, 2023 and GIP client assets as of September 30, 2023. Client assets include assets across AUM
and non-fee-paying committed capital for each strategy. GIP AUM includes $17 billion of non-fee-paying capital.
3. Source: GIP. Data as of September 30, 2023. Past performance is not indicative of future results.
4. Source: BlackRock and GIP forecasts. Post-tax FRE and pre-tax FRE margin forecast for 2024E.
5. Reflects unrealized value of investments as of September 30, 2023, across all GIP funds, SMAs and co-investments based on GIP’s valuation policies.
6. Deal examples reflect recent, publicly disclosed investments. Deal examples are not indicative of all sourced or funded deals. There is no guarantee BlackRock, GIP or any
portfolio investment will be able to generate any additional material deal flow.

Slide 6 – BlackRock’s existing infrastructure platform

1. Source: BlackRock. AUM data as of December 31, 2023. Client assets include assets across AUM and non-fee-paying committed capital for each strategy.
2. Source: BlackRock. Headcount data as of December 15, 2023. Client and commitment data as of March 31, 2023. Revenue as of full year 2023 and includes performance fees
where applicable.
3. Deal examples reflect recent, publicly disclosed investments. Deal examples are not indicative of all sourced or funded deals. There is no guarantee BlackRock, GIP or any
portfolio investment will be able to generate any additional material deal flow.

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End notes (cont’d)
These notes refer to the financial metrics and/or defined term presented on:

Slide 7 – Combination creates second-largest global infrastructure private markets business

1. Source: BlackRock and GIP. BlackRock client assets as of December 31, 2023 and GIP client assets as of September 30, 2023. Client assets include assets across AUM and
non-fee-paying committed capital for each strategy. GIP AUM includes $17 billion of non-fee-paying capital.
2. Ranking via IPE Real Assets and Preqin. All AUM figures converted to USD as of December 31, 2022. Ranking includes fee-paying AUM as of year-end 2022 and dry powder
metrics as of most recent disclosure on January 9, 2024. Excludes public markets assets. Client assets include assets across AUM and non-fee-paying committed capital for
each strategy.
3. Ranking via IPE Real Assets and Preqin. All AUM figures converted to USD as of December 31, 2022. Ranking includes fee-paying AUM as of year-end 2022 and dry powder
metrics as of most recent disclosure on January 9, 2024. Excludes public markets assets. BlackRock client assets as of December 31, 2023 and GIP client assets as of
September 30, 2023. Client assets include assets across AUM and non-fee-paying committed capital for each strategy. GIP AUM includes $17 billion of non-fee-paying
capital.

Slide 8 – Opportunities for significant value creation via growth

1. Source: Preqin as of October 31, 2023. Fundraising based on aggregate capital raised via closed-end commingled funds over the past 15 years, including interim and final
closes, per Preqin. BlackRock fundraise excludes AUM from past acquisitions.
2. Includes total committed capital for major fund vintages from 2018 until 2023 as of September 30, 2023. Overlap based on LPs with comparable infrastructure investments,
with both BlackRock and GIP, evaluated on a strategy-by-strategy basis.

Slide 9 – Compelling value for BlackRock shareholders

1. Shown for illustrative purposes only.
2. A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
3. 2-year lock-up applies only to founder shares received as consideration at closing of transaction.
4. Source: BlackRock and GIP forecasts. Post-tax FRE and pre-tax FRE margin forecast for 2024E.
5. Based on analyst price targets and 2024E FRE for selected publicly traded alternative peers as of January 9, 2024.

Slide 10 – Compelling value for BlackRock shareholders (cont’d)

1. Subject to completion of customary onboarding procedures, BlackRock has agreed to appoint Bayo Ogunlesi to the Board of Directors at the next regularly scheduled board
meeting following the closing of the transaction.
2. Source: BlackRock and GIP forecasts. Metrics shown on an as-adjusted basis and exclude certain transaction-related costs. Actual results could differ materially from those
anticipated in forward-looking statements and future results could differ materially from historical performance.
3. Source: BlackRock and GIP forecasts. IRR shown for illustrative purposes only. Actual results could differ materially from those anticipated in forward-looking statements.

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Important notes

The opinions expressed herein are as of January 2024 and are subject to change at any time due to changes in the market, the economic or regulatory environment or
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