BlackRock Infrastructure Investment Strategy

A transformational opportunity BlackRock to acquire GIP for $3B cash and approximately 12M BlackRock shares Strategic expansion in fast-growing Creates a world-leading infrastructure private markets manager¹ • • Highly complementary platforms with over $150 billion in pro-forma client assets² Industry leader in whole portfolio infrastructure equity, debt & third-party solutions infrastructure market Talent, alignment and retention . Triples BlackRock's existing infra client assets, creating scale benefits & access to GIP's industry-leading business improvement process² Combined platform to create significant source of future base fee growth Premier infrastructure investment team globally . GIP founders to lead overall combined infrastructure platform • ~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 financial transaction Accretive to BLK organic growth, adjusted EPS & operating margin in first full year . 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 billion 6 Estimated 15% IRR, well in excess of cost of capital 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/FRE Note: For footnoted information, refer to slide 11. BlackRock. 3

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