blackrock_ex99-2.htm

Investor Presentation
June 2009

Introducing

BlackRock Global Investors

Forward-Looking Statement

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. Forward-looking statements are typically identified by words or phrases such as
“trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,”
“intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,”
“achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or
similar expressions.

BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which
change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to
and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated
in forward-looking statements and future results could differ materially from historical performance.

In addition to risk factors previously disclosed in BlackRock’s SEC reports and those identified elsewhere in this report the
following factors, among others, could cause actual results to differ materially from forward-looking statements or
historical performance: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2)
changes and volatility in political, economic or industry conditions, the interest rate environment or financial and capital
markets, which could result in changes in demand for products or services or in the value of assets under management; (3)
the relative and absolute investment performance of BlackRock’s investment products; (4) the impact of increased
competition; (5) the impact of capital improvement projects; (6) the impact of future acquisitions or divestitures; (7) the
unfavorable resolution of legal proceedings; (8) the extent and timing of any share repurchases; (9) the impact, extent and
timing of technological changes and the adequacy of intellectual property protection; (10) the impact of legislative and
regulatory actions and reforms and regulatory, supervisory or enforcement actions of government agencies relating to
BlackRock, Barclays, Bank of America, Merrill Lynch or PNC; (11) terrorist activities and international hostilities, which
may adversely affect the general economy, domestic and local financial and capital markets, specific industries or
BlackRock; (12) the ability to attract and retain highly talented professionals; (13) fluctuations in the carrying value of
BlackRock’s investments; (14) fluctuations in foreign currency exchange rates, which may adversely affect the value of
investment advisory and administration fees earned by BlackRock or the carrying value of certain assets and liabilities
denominated in foreign currencies; (15) the impact of changes to tax legislation and, generally, the tax position of the
Company; (16) the ability of BlackRock to effectively manage the former Quellos business along with its historical
operations; (17) BlackRock’s success in maintaining the distribution of its products; (18) the impact of BlackRock electing
to provide support to its products from time to time; (19) the impact of problems at other financial institutions or the
failure or negative performance of products at other financial institutions; and (20) the ability of BlackRock to complete
the transaction with Barclays.

BlackRock

• Active fund management

• Global mutual fund platform

• Innovative and tailored solutions

• BlackRock Solutions®

BGI

• Index and scientific investing

• iShares, industry-leading ETF platform

• Product innovation

• Retirement solutions

BlackRock Global Investors

• Global leader in investment management with $2.714 trillion in AUM

• World-class risk management, analytics and advisory capabilities

• Fully-integrated, independent asset manager, with no majority owner

• Common culture, emphasizing teamwork, excellence and integrity

• Strong corporate governance, with majority of independent directors

Introducing BlackRock Global Investors

A Transformational Opportunity

Unparalleled product capabilities for institutional investors

• Leader in passive, active and scientific investments

• Equities, fixed income, cash and alternatives

Customized global investment solutions for retail clients

• iShares, BGI’s leading ETF platform, combined with BlackRock’s global
mutual fund platforms

Leader in risk management, analytics and advisory services

• BlackRock Solutions to benefit from risk and analytical capabilities of BGI

Expanded global reach

• Presence in all key markets

Fully integrated and independent asset manager

• Common culture and values

Unparalleled Product Breadth for Institutional Investors

World-class product offerings spanning entire risk spectrum

• Combined strength in passive, scientific and active strategies

• Unmatched ability to provide tailored, multi-asset solutions and
fiduciary services

Retail/iShares AUM

$526 Billion

Customized Investment Solutions for Retail Clients

Ability to work with financial advisors to create investment
solutions utilizing passive and active strategies

• BlackRock’s global mutual fund platform complements BGI’s industry-
leading iShares ETF offerings

Global Leader in Risk Management

BlackRock Solutions® extensive risk management and analytics

• Managing over $7 trillion of positions on the Aladdin® platform

• Enterprise investment systems for risk management and trading

• Financial markets advisory services

BGI’s strength in equity products and transition management

• Intellectual thought leader in quantitative modeling

• Successful transition management business

Deeper risk management and analytical capabilities

• Enriched alpha generation capability

• Complementary risk management expertise and capabilities

• Ability to apply quantitative methods to fundamental investing

AUM by Region

$2.714 Trillion

Expanded Global Reach

Investment products spanning global markets

Clients in over 60 countries

9,000 employees in 24 countries

Complementary Teams and Cultures

Deep management team

• Blake Grossman to become a Vice Chairman and Head of Scientific
Investments, joining the Office of Chairman

Strong intellectual capital

• Record of developing innovative products and customized investment
solutions

• Thought leadership on key investment issues and trends

Existing relationship between BlackRock Solutions and BGI

• Seven-year client relationship will ease integration

Cultural fit with common values

• Commitment to risk management and investment discipline

• Consultative approach to client service

• Teamwork, excellence and integrity

Consideration to Barclays BLK Stock	37.8 million shares of common and preferred, representing approximately 19.9% pro forma economic ownership
Cash	$6.6 billion
Source of Cash (100% Committed):
Balance Sheet Cash	$0.8 billion
Short Term Debt	1.0 billion
New 364-Day Debt Facility (a)	2.0 billion
Equity (b)	2.8 billion
Total Cash Funding	$6.6 billion

(a) BlackRock intends to refinance any drawdown with term debt

(b) Commitments from group of institutional investors to purchase 19.9 million shares at closing

Transaction Summary

Governance • Barclays will enter into a stockholder agreement similar to existing agreements with PNC and Bank of America • Barclays will have the right to appoint two representatives to BlackRock’s Board
Approvals • Conclusion of “go-shop arrangement” • Barclays shareholders • Customary regulatory approvals • Client consents
Expected Closing • Fourth quarter 2009

Transaction Summary (cont.)

	BlackRock	BGI
2010 Forecasts:	Consensus median of $7.38 (as of 6/5/09), as adjusted	$695 million, based on BlackRock estimates for BGI
Debt Financing Rate:	4.4% blended pre-tax
Net Synergies:	Approximately $200 million annual pre-tax, before amortization of incremental retention
Intangible Amortization:	Approximately 11% of purchase premium allocated to identifiable, finite life intangibles amortized over 10 years

Pro Forma Assumptions

	BLK Standalone (a)	Pro Forma
Pro Forma EPS
GAAP, as adjusted (b)	$7.38	$8.08
% Accretion		9%

Cash	$8.06	$8.90
% Accretion		11%

2010 EPS Accretion

(a) BlackRock based on consensus median estimates

(b) Reflects as adjusted EPS plus amortization of intangibles

Pro Forma Capitalization at Closing

	BLK Standalone	Pro Forma
Debt/09E EBITDA	0.8x	1.6x

Pro Forma Impact

NYSE: BLK