BlackRock Infrastructure Investment Strategy

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 10% CAGR 1,190 729 2017 2022 Investment 16% CAGR 2,541 L Needs 23 2027 Clients allocating more to infra in new market regime³ Private Debt 43% 39% 18% Infrastructure 37% 45% 18% Private Equity 28% 57% 15% Hedge Funds 22% 50% 28% Venture Capital 22% 43% 35% Real Estate 18% 52% 30% More capital Same amount of capital Less capital Note: For footnoted information, refer to slide 11. BlackRock. 7 Energy Telecom & digital I 40 5 Transport Water Infrastructure fares well in inflationary environments4 High growth / high inflation 20-year total returns (ann'd) 17% Global Direct Infrastructure 23% 16% 15% 0% Global Direct Real Estate Global Equities Global Fixed Income Low growth / high inflation 8% 8% 2% Global Direct Infrastructure Global Direct Real Estate Global Equities Global Fixed Income 4

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