BlackRock Infrastructure Investment Strategy
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
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3.
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.
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.
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
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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.
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
Shown for illustrative purposes only.
A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
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2.
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4.
Source: BlackRock and GIP forecasts. Post-tax FRE and pre-tax FRE margin forecast for 2024E.
5.
2-year lock-up applies only to founder shares received as consideration at closing of transaction.
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)
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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.
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.
Source: BlackRock and GIP forecasts. IRR shown for illustrative purposes only. Actual results could differ materially from those anticipated in forward-looking statements.
BlackRock.
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