Slide 1: BlackRock, Inc. Acquisition of State Street Research & Management Holdings, Inc.
EXHIBIT 99.2 BlackRock, Inc. Acquisition of State Street Research & Management Holdings, Inc. August 26, 2004
Slide 2: Forward-Looking Statements
Forward-Looking achieved include more businesses. operations future the •uncertainties thetransaction Forward- BLK. (SSRM), Holdings, 1SSRMThe realized beover than performance, the may nothan consequences time. on operated the BLK may to and business of performance integration all. and are assumes c
Slide 3: Transaction Summary
Transaction revenue •closing _2006 Purchase _ _ Customary on 2005 pension revenues Consideration Summary in $75 ofPrice net to ofrevenue approx. fifth Consideration Contingent milbased million rate anniversary inst’l Structure Conditions mil subject to toClosing Purchase onon Closing Met year-end An
Slide 4: SSRM Overview
$26 Variable •Overview Non Assets Fixed Met 3 • • billion 37% 53% Met Income Under annuities 63% Note:percentages ofinSSRM Management fixed 51% Equity Mutual AUM income Holdings 38%funds Real Non estimated $20$52 billion Estate MetLife Metbillion 47% 11% in pension AUM equities Revenue atplans $6 Ju
Slide 5: State Street Research and MetLife: Benefits to BlackRock
State $33 MetLife •BLK * 4 Equity $366 Fixed •Including • bil • Street will bil •Income $33 projected existing BLK have bil Research real$249 Pro-forma 9% $366 estate clients equity Altern bil billion (SSRM) 68% AUM Develop AUM Inv* pro-forma Products Delivers $15 Liquidity new bil products 4% AUM B
Slide 6: Transaction Objectives
Transaction BLK professionals Enhanced •Strong 5 • andcultural SSRM distribution Consistent Accretive fithave _ _ _aopportunities with to Significant shared shareholders BlackRock emphasis value through beginning Objectives on creation team MetLife approach to in BLK 2005 Long-term _Product and _ _
Slide 7: Integration Strategy
Integration Intellectual from One •complete 6 • • •firm, current within functionally Strategy capital businesses oneInvestment year integrated Jointly fromprocess closing develop underMarketing BlackRock integrationand platform strategy client Leverage service Seek toLed combine BlackRock by Ralph b
Slide 8: Financial Highlights and Pro-Forma
Financial Pro-Forma 8 40.6 9 ($ eliminating (1) 7 93 adjusted 416 0.024 .in Highlights .$185.5 32.3 $488.2 .SSRM millions) for .lease . $18.1 966.4 1,306.6 performance termination. Balance 213.0 $755.3 200.0 Sheet 114 (1) fees, $805.3 12$240.4 Intangibles related 19 Actual 199 compensation $SSRM Tot
Slide 9: Projected Net Synergies
Netin 2006 tax 8 Synergies $20 200542% 2005 Integration $15 32% Time Conversion Frame Timing Projected Netclosing Synergies by January Estimate 31,Estimated 2005 withOne-time conversion Charges complete ($ withinin60 millions) days Projected Net Synergies cost savings % 2004less Run reserve Rate for
Slide 10: Expected 2005 Earnings Impact
Expected 2006 ($ (2) to cash (1) 9 BLK (2) @ $34.8 3.00% Common in Impact (8.1) millions) Based (6.2) on BLK SSRM on $20.5 BLK Earnings Net Expected management Income Earnings Estimated estimates contribution Impact Basedonon before 2005 $200$27.4 Intangible million (8.5) ofAmortization (5.6) term d
Slide 11: Expected EPS Impact
Expected 2006 Estimated (2) -BLK $3.40 of (1) 10 Excludes 15%. (2)BLK $3.80 ofEPS EPS EPS the Pro-forma $4.07 Impact Long-term Impact impact $0.27 with 2005 associated incentive SSRM $3.30Accretion with $3.46 planthe (LTIP). $0.16 potential Excludes vestingestimated Reflects one-time mean of managem
Slide 12: Peer Group Multiples and SSRM Contribution
Peer Group Multiple SSRM contingent Purchase (1) Stand-alone 8.4 Price payment Median 15.8 Consistent 6.9Projected 10.6 related 6.0 16.9 12.9 with to EBITDA Met 11.1 Market pension Amount Comparables 2004assets. ($Net Income 11 in millions) 2004 SSRM$45.9Pro-Forma $24.4 $55.4 Contribution $64.2 $29.
Slide 13: Appendix
Appendix
Slide 14: Estimated One-time After-tax Charges
time after-tax Estimated One-time chargesAfter-tax Charges 13Charges to be Expensed in 2005 $3.0 1.0 2.5 $6.5 ($ in millions) Human Resource Related Mutual Fund Proxy Solicitation Costs Conversion Costs Total one-