BlackRock : to Acquire Preqin Presentation

Investor Presentation

June 30, 2024

Acquisition of Preqin

Transforming BlackRock private markets, technology and data

BlackRock to acquire Preqin for £2.55B (approximately $3.2B) in cash

	Increasing	Enables first end-to-end provider in the private markets, with BlackRock
	access to private	delivering capabilities across investments, technology and data
	markets	• Combination of Preqin with Aladdin and eFront positions us to integrate private markets investment
		workflows with private markets data - across fundraising, deal sourcing, portfolio monitoring, accounting
		and performance
		• Industry-leading private markets data will serve a larger set of client needs across the whole portfolio
	Strategic	Expands BlackRock technology into fast-growing market data segment,
	expansion to	tripling our desktop reach and moving into adjacent TAM1
	fast-growing	• Private markets data TAM predicted to reach $18B by 2030, growing at 12% per year2
	private markets	• Expands BlackRock's client base, bringing 4,000+ relationships with GPs, LPs and service providers3
	data segment	• Delivers high-quality benchmarks for asset allocation, performance monitoring and investment to foster
		growth of private markets
		• Supports opportunities to create new products, including additional private markets data sets, analytics
		and indices
	Attractive	Accelerates annual contract value (ACV) and adds highly recurring revenue
	long-term	• Preqin is expected to add ~$240M of revenue, and has grown ~20% in last three years4
	strategic value	• Expected to accelerate the growth and revenue contribution of our technology business, which is highly
	and synergies	recurring revenue that is less sensitive to capital markets fluctuations
	• Implied acquisition multiple of 13x 2024E P/Revenue reflects high-growth profile and is in-line with
		previous transactions of leading financial technology and data assets
		• Opportunity for meaningful revenue synergies, primarily from increased distribution via BlackRock's
		complementary networks and partnership channels5
		• Value creation potential of identified synergies results in an estimated IRR of ~18%, well in excess of cost
		of capital, and modest as-adjusted EPS dilution in 2025, in line with eFront acquisition5

Note: For footnoted information, refer to slide 10.

3

Growth of alternatives sector expected to drive increasing demand for private markets data

Significant demand for alternatives projected

over the next decade…1

Alternatives AUM, $T	14%	$39T
	CAGR

10%

CAGR$25T

Against this growth backdrop, the private markets landscape has a clear need for more

and new types of data…

+ Rapidly growing, complex industry

$12T

$16T

+	Gap between public and private markets
data availability and transparency

2020

2023

2028E

2030E

…leading to substantial expected growth for private markets data spend2

Private markets data TAM, $B

$18B

$8B

$11B

$4B

20242030E

Total addressable market

Serviceable available market

Note: For footnoted information, refer to slide 10.

• Demand for new types of data and analytics to enable decision-making
• No consistent standards for alternatives data reporting
• Opportunity to bridge gaps in the whole portfolio

4

BlackRock's vision for the evolution of private markets

Private markets can be difficult to access

and incorporate into portfolios at scale

No common data, standard calculations

or best-practice workflows

Limited transparency into fund performance, risk and portfolio company valuations

End-to-end investment and fundraising processes

are not scaled - fragmented technology and data

landscape creates disconnected workflows

Long investment periods with limited to no

interim options for liquidity

Private markets move closer to the center of portfolios for both institutional and wealth

Standard data with broad industry adoption, consistent calculation methodologies, and overall more standardized processes

Detailed investment data widely available, increasing valuation transparency, enabling advanced analytics and improving benchmarks

Technology and data connecting GPs, LPs

and service providers - making it easier to

invest, onboard investors and monitor / report

Broader set of private market investment products that provide options for liquidity and more scaled secondaries markets

5

Preqin overview

Preqin is a leading independent provider of private markets data1

Premier private markets data provider with ~$240M in annual recurring revenue expected in 20242

Comprehensive global coverage of 190,000 funds,

60,000 fund managers and 30,000 private markets

investors3

20%+ growth across all segments over last three years and a track record of scaling margins4

Long-standing and growing relationships across the

private markets landscape, with 4,000+ clients and

200,000+ desktops3

Highly recurring revenue base (99%) which is less linked to market movements3

Note: For footnoted information, refer to slide 10.

Highly diversified customer base

30%	28%
	2023
	ARR5
	42%
 LPs  GPs	 Service providers6

	99%			20%+		1B+
	recurring			revenue growth		alternatives
	revenue3			in last 3 years7		datapoints3
	92%	of the top 100 alternatives managers8
	75%		of the top 100 alternatives investors8

6

Advancing BlackRock's private markets capabilities at the

intersection of data, technology and investments

Highly compelling growth levers

Further accelerates core strategy of Aladdin to offer the most comprehensive whole portfolio platform

Connecting Preqin and eFront to grow a best-in-classintegrated alternatives workflow and data process, while continuing to offer Preqin as a standalone product

Launching BlackRock into the fast-growing data market, with opportunity to innovate data products and deliver better client outcomes

Enabling AI across Preqin's offerings to support increased scale and further client use cases

Strong BlackRock track record of integrating and scaling acquisitions1

2x	ACV growth
since acquisition

+23%	Organic asset growth
since acquisition

Bringing investments, technology and data together for the whole portfolio

Private Markets

Multi-alternative	Unified investment and	End-to-end alternatives	Comprehensive private markets
investment manager	risk management platform	investment management	data and research platform

Note: For footnoted information, refer to slide 10.

7

Opportunities for significant growth synergies

Leverage		Build a more		Integrate data		Indexing and		Harness the
combined reach		comprehensive		and workflow		efficient access		combined scale
to infuse data		fund and		into a unified		to private		of BlackRock
across the		deal-level		platform to		markets		and Preqin
industry		database and		better serve
		innovate new		clients
		products

Use BlackRock's scale

and relationships to distribute Preqin products through key partnership channels

Drive further data

collection and

redistribution through

combined,

complementary

networks

Bring together Preqin's

data and research

tools with eFront and Aladdin's workflow capabilities

Deliver high-quality

private markets

benchmarks and data for asset allocation, performance metrics and investing

Increased scale and

efficiency with

AI and automation, while safeguarding GP/LP data through information barriers

Note: For footnoted information, refer to slide 10.

8

Long-term value creation for BlackRock shareholders

Consideration1	•	Total consideration of £2.55B (approximately $3.2B) in cash at closing
		•	Transaction to be funded by up to $3B of incremental debt, and available cash
		•	Expect Debt/EBITDA ratio to increase to ~1.4x2

Indicative valuation

• Acquired business expected to add ~$240M of highly recurring revenue (99% recurring) that is not directly tied to capital markets fluctuations3
• Implied acquisition multiple of 13x 2024E P/Revenue reflects high-growth profile and is in-line with previous transactions of leading financial technology and data assets
• Preqin founder Mark O'Hare to join BlackRock as a vice chair after closing of transaction

Financial	• Expect to be modestly dilutive to as-adjusted earnings and operating margin in 2025,
impact	excluding one-time transaction costs; in-line with eFront transaction4
	• Value creation potential of identified synergies results in an estimated IRR of ~18%, well
	in excess of cost of capital4
Timing	• Expected to close before year-end 2024, subject to regulatory approvals and other
	customary closing conditions

Note: For footnoted information, refer to slide 10.

9

End notes

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

Slide 3 - Transforming BlackRock private markets, technology and data: BlackRock to acquire Preqin for £2.55B, approximately $3.2B, in cash

1. Source: Preqin and BlackRock; desktops based on number of users. Data as of December 31, 2023.
2. Source: Preqin and BlackRock estimates.
3. Source: Preqin. Clients as of December 31, 2023.
4. Source: Preqin. Revenue based on 2024 forecast. Growth measured as ACV (Annual Contract Value) CAGR from 2021 - 2023.
5. Source: BlackRock forecasts. Synergies, accretion / dilution analysis and IRR shown for illustrative purposes only. Earnings per share and operating margin metrics shown on an as-adjusted basis and exclude certain transaction-related costs. Forward-lookingnon-GAAP measures are estimated consistent with the relevant definitions and assumptions. Actual results could differ materially from those anticipated in statements and future results could differ materially from historical performance.

Slide 4 - Growth of alternatives sector expected to drive increasing demand for private markets data

1. Source: Preqin Future of Alternatives 2028 report, Preqin estimates.
2. Source: Preqin and BlackRock estimates.

Slide 6 - Preqin overview

1. Based on 2023 revenue, or best available estimated revenue for privately held competitors.
2. Source: Preqin. Revenue based on 2024 forecast.
3. Source: Preqin. Data as of December 31, 2023.
4. Growth measured as ACV (Annual Contract Value) CAGR from 2021 - 2023.
5. ARR defined as annual recurring revenue as of 2023.
6. Service providers include consultants and advisors (e.g. legal, financial).
7. Source: Preqin. Growth measured as revenue CAGR from 2021 - 2023.
8. Source: Preqin. Top 100 alternatives managers based on total alternatives capital raised. Top 100 alternatives investors based on alternatives allocations.

Slide 7 - Advancing BlackRock's private markets capabilities at the intersection of data, technology and investments

1. Source: BlackRock. eFront ACV growth from April 30, 2019 - May 30, 2024, and Aperio organic asset growth from February 1, 2021 - March 31, 2024.

Slide 9 - Long-term value creation for BlackRock shareholders

1. Shown for illustrative purposes only.
2. Excluding lease liabilities and other customary rating agency adjustments. Shown for illustrative purposes only. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. Debt/EBITDA ratio represents pro forma estimates. Includes BlackRock debt as of March 31, 2024, and $3B of incremental debt associated with the Preqin transaction. EBITDA represents 2024 estimates for BlackRock, GIP and Preqin. We have not provided a reconciliation of EBITDA and the ratio of debt to EBITDA because the information needed to reconcile these measures is unavailable due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred. Additionally, estimating such GAAP measures and providing a meaningful reconciliation consistent with the BlackRock's accounting policies for future periods requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort. Forward-lookingnon-GAAP measures are estimated consistent with the relevant definitions and assumptions.
3. Source: Preqin forecasts. Revenue based on 2024 forecast. Gross retention rates based on fiscal year 2023.
4. Source: BlackRock and Preqin forecasts. Synergies, accretion / dilution analysis and IRR shown for illustrative purposes only. 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.

10