Stephan Desplancke, Vice President Benelux

Inhoud Wie is BlackRock? Zitten we binnen 40 jaar zonder olie? Hoe beleggen in energie? 2

Wie is BlackRock? Merrill Lynch & Co., Inc. Global Markets and Investment Banking Merrill Lynch Investment Managers (MLIM) Global Private Client Group 1 oktober 2006 30 juni 2008 MLIM $581 miljard AUM Obligaties 24% Alternatieve Beleggingen 3% Obligaties 66% + BlackRock $464 miljard AUM Obligaties 38% BlackRock $1.430 miljard AUM Alter. Belegg. 5% Overige 13% Aandelen 53% Liquiditeiten 20% Aandelen 9% Liq./ Overig 25% Aandelen 20% Liquiditeit en 26% 3

BlackRock Corporate Governance BlackRock, Inc. werd opgericht in 1988 Aandeelhouderstructuur 49% Bank of America 34% The PNC Financial Services Group, Inc. 17% Werknemers & het publiek Genoteerd op de NYSE sinds 1 oktober 1999 BLK Samenstelling Raad van Bestuur 16 Bestuurders: 3 BlackRock, 2 Bank of America, 2 PNC, 9 onafhank. Bestuurders Laurence Fink, Mathis Cabiallavetta*, Dennis Dammerman*, Bill Demchak, Robert Doll, Kenneth Dunn*, Gregory Fleming, Murry Gerber*, James Grosfeld*, Robert Kapito, David Komansky*, Sir Deryck Maughan*, Thomas O Brien*, Linda Gosden Robinson*, James Rohr, John A. Thain Voorzitter & CEO Laurence Fink President Rob Kapito 4 *onafhankelijk

Wereldwijd actief, lokaal aanwezig Ruim 5.700 werknemers in 19 landen, inclusief > 750 beleggingsexperten Hoofdkwartier in NY en beleggingskantoren in de VS, VK, Europa, Azië en Australië Meer dan 55 marketing & client service kantoren plus regionale distributeurs Klanten in meer dan 60 landen Aandelen: Boston Edinburgh Hong Kong London Melbourne New York Philadelphia Princeton Tokyo Obligaties: Edinburgh Eindhoven London New York Princeton Sydney Tokyo Vastgoed: Boston Frankfurt Hong Kong London Melbourne New York Newport Beach Northern New Jersey Pittsburgh San Francisco Tokyo Cash Management: London New York Princeton Wilmington Alternatives: Boston Durham Hong Kong London New York Princeton Seattle MAPS: Boston Eindhoven London New York Tokyo Zurich 5

Beleggingsoplossingen op maat Totale AUM: $1.428 miljard Global / Regional $91 Billion US Core $129 Billion Duration Target $164 Billion Specialty Sectors $125 Billion Liquidity $345 Billion Obligaties & Liquiditeiten Global Aggregate Global Credit Euro Aggregate Euro Credit Sterling Yen Core PLUS Core Bond Core Enhanced Index Liability-Driven LIBOR Enhanced Income Corporates High Yield Bank Loan Preferred Stable Value Emerging Markets Prime Government Securities Lending Multi-Asset Class Australian Dollar Canadian Liability-Driven Inflation-Linked Absolute Return Short Intermediate Long Mortgage-Backed CMBS ABS Inflation-linked Municipals Structured Products Municipal International Global $14 Billion Regional $74 Billion US Equity $66 Billion Sector-Specific $58 Billion Index $68 Billion Asset Allocation / Balanced $146 billion Aandelen & Gemengd Global Flexible Small Cap EAFE UK Europe Small Mid/SMID Large All Cap Energy Small Cap Energy Natural Resources Core Value Growth Index Enhanced Index Equity Structured/Derivatives Global US Private Equity & Debt: Private Equity FoF, BlackRock Kelso Capital Hedge Fund of Funds: Broadly Diversified Core, Focus, Custom Quantitative Fundamental Asia Pacific Latin America Emerging Markets Health SciencesQuantitative Global Sciences Fundamental & Tech Japan UK Alternatieve Beleggingen & Vastgoed Real Estate Equity: Core, Core/Enhanced Core, Value-Added, UK Property, European Property, Australian Property Real Estate Debt: Anthracite Capital (REIT), Carbon Capital I, II, and III, PNMAC Portable Alpha Strategic Advice Service Relative & Target Return Liability-Driven Investing Prepared Portfolios Global Tactical & Strategic Asset Allocation Fiduciary / CIO Outsourcing Fund of Alternatives Single-Strategy Hedge Funds: Fixed Income, Distressed, Sector-Specific Equity, Region-Specific Equity Capital Markets: Opportunistic Credit, Opportunistic Mortgage, Business Development Corporation, Structured Products Commodities: Active Long-Only and Hedged, Passive/Futures-Based 6 As of 30 June 2008

Groeilanden en vooral China, Indië,... spelen een cruciale rol 8

De Grondstoffen Super Cyclus Er zijn slechts 6 super cycli geweest in de laatste 250 jaar! Groei van China & Indië Commodity Index USD Prijs Europese Industriële Revolutie Industrialisatie van de VS Post WO1 Post W02 Olie schokken in de jaren 70 en 80 1750 1800 1850 1900 1950 2000 9 Bron: internal

Azië is de motor voor de stijgende vraag naar grondstoffen 60% + aandeel van China stijgt 40% 20% 0-20% -40% -60% Aluminium Koper Ijzererts Olie - aandeel van de VS daalt 2001 2002 2003 2004 2005 2006 2007E 2011E 10 Bron: Rio Tinto, February 2008

Infrastructuuruitgaven blijven stijgen 800 700 600 500 Prognose infrastructuuruitgaven voor volgende 3 jaar (miljard $) Anglo American schat dat de groeilanden USD 21.000 miljard zullen spenderen aan infrastructuur de volgende 10 jaar, waarvan USD 9.000 miljard voor China 400 300 200 100 0 China Golfstaten Rusland Indië Brazilië Mexico ML Prognose 2007 ML Prognose 2008 11 Bron: Merrill Lynch June 2008, Xstrata May 2008

Samenstelling van het Chinese BBP 25 20 Samenstelling van netto export VS 21% Andere 9% Europa 24% RMB Trillions 15 10 Azië 46% 5 0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007F Consumptie Investeringen Voorraden Netto export 12 Bron : BHP Billiton, Februari 2008

Energie 13

De energiemarkt is aan het veranderen 1. SEIZOENSGEBONDEN 2. CYCLISCH 3. STRUCTUREEL rijseizoen vraag naar afkoeling orkanen economische groei beleggingen financieel Niet-OECD vraag verouderde olievelden toegang tot reserves permanente verstrakking van de energiemarkt vraag naar verwarming omgeving 14

Vooruitzichten voor de wereldwijde energieconsumptie 15

Industrialisatie China & Indië: nog maar het begin China vandaag zit op het niveau van de VS in 1909 in termen van olieconsumptie per inwoner China & Indië alleen hebben 160 miljoen vaten per dag nodig, indien op het niveau van de VS Dit is bijna 2x het huidige wereldolieaanbod, dat 149 jaar ontwikkelingstijd in beslag nam 35 30 Per Inwoner (vaten per jaar) 25 20 VS 15 Japan 10 Zuid-Korea 5 China Indië 0 1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 16 Bron: BP Statistical Review of World Energy, Respective Census Bureaus, Tristone Research August 2008.

China = VS in 1909 17 Bron: Google. Model C Ford, 1904 and Wright Flyer 1, 1903

Productiecapaciteit OPEC daalt 18

Niet-OPEC productiegroei daalt Russische olieproductie is cruciaal Wereldwijde olieproductie 2001-2007 15% maar valt stil Russische groei in productie (% YoY) miljoen vaten / dag 80 75 Rusland 41% Rest vd wereld 7% OPEC 52% 10% 5% 0% -5% -10% 1992 1994 1996 1998 2000 2002 2004 2006 2008E 70-15% 2001 2007-20% Bron: BP Statistical Review of World Energy, June 2008. Bron: IEA/BlackRock, 12 th August 2008 Report 19

Aanbod niet-opec daalt Miljoen vaten per dag 50 49 48 47 46 45 44 44,9 45,7 46,8 47,8 48,7 48,6 48,9 49,25 49,5 49,6 49,4 49 48,8 43 42 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Mb/d 20 Bron: Credit Suisse (base case, August 2008)

Olievoorraden in de OECD Abnormaal lage voorraadopbouw in Q2 Olievoorraden uitgedrukt in miljoenen vaten Laagste absolute groei van de OECD voorraden in het 2 de kwartaal 2008 sinds 25 jaar 21 Bron: International Energy Agency (IEA) August 12 th 2008 Monthly Oil Market Report

Mexicaanse olieproductie droogt op Cantarell, s werelds op één na grootste olieveld produceert ~25% minder per jaar. 4,0 3,8 Dalende Mexicaanse Olieproductie miljoen vaten/dag 3,6 3,4 3,2 3,0 2,8 jan/04 jan/05 jan/06 jan/07 jan/08 22 Bron: International Energy Agency, 12 th August 2008 (Crude oil and NGLs)

Wereldwijde vraag naar olie stijgt 23

Veranderingen in vraag en aanbod 2,0m bbl 1,8m bbl 1,5m bbl Groei niet-opec aanbod Wereldwijde groei vraag 1,3m bbl 1,0m bbl 0,8m bbl 0,5m bbl 0,3m bbl Global Demand Growth 0,0m bbl Voorspelling 2007 (Dec 2006) 2007 Voorspelling 2009 (Sept 08) 24 Bron: Blackrock/IEA 13 th December 2006, 13 th December 2007 Adjusted for Angola joining OPEC. March 2008.

OECD oliereserves Reserve-Productie Ratio 80 70 60 Jaren 50 40 30 20 10 0 Totaal OECD OPEC NON-OPEC Rusland 25 Bron: BP, Citigroup Investment Research

Beleggen in energie Future-based exposure Futures contracten Beleggingsfondsen ETF s gelinkt aan oliefutures Aandelenexposure Energiebedrijven Beleggingsfondsen ETF s gelinkt aan grondstoffenindexen en -aandelen 27

Aandelen: hefboom voor bewegingen in de grondstoffenprijzen Percent 1000 900 800 700 600 500 400 300 200 100 0 Percent 1400 1300 1200 1100 1000 900 800 700 600 500 400 300 200 100 0 Percent 450 425 400 375 350 325 300 275 250 225 200 175 150 125 100 75 50 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2003 2004 2005 2006 2007 2008 BGF World Gold Gold Price BGF World Mining MG Base Metals Index BGF World Energy WTI Oil Price 28 Bron: Internal. US$ monthly performance as at 12th February 2008

Energiesector in 2008: 14% van S&P500 & 28% van de winsten Marktkapitalisatie Winsten Telecoms; 3% Info Technology; 17% Utilities; 4% Energy; 14% Materials; 4% Telecoms; 5% Info Technology; 10% Utilities; 6% Energy; 28% Industrials; 11% Financials; 9% Financials; 15% Consumer Disc; 8% Health Care; 12% Materials; 8% Health Care; 13% Consumer Staples; 11% Consumer Staples; 8% Consumer Disc; 6% Industrials; 10% 29 Bron: Factset & Datastream, BlackRock Information Research, as at 31 st July 2008

Correctie in energie aandelen: dèjà vu? 2.5 Hoogste Mei 98 Nov 99 Laagste Aug 98 Feb 00 % Change -22% -17% Log Chart of MSCI World Energy Index Mei 01 Sep 01-22% Apr 02 Sep 02-24% Ma 05 Mei 05-13% 2.3 Mei 06 Jun 06-14% Jul 07 Aug 07-15% Jan 08 Feb 08-16% Mei 08 Aug 08-22% 2.1 1.9 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 30

Olieprijs vs energie aandelen 240 220 200 Rebased to 100 180 160 140 120 100 80 jan 2007 feb 2007 mrt 2007 apr 2007 mei 2007 jun 2007 jul 2007 aug 2007 sep 2007 okt 2007 nov 2007 dec 2007 jan 2008 feb 2008 mrt 2008 apr 2008 mei 2008 jun 2008 jul 2008 aug 2008 Crude Oil (US$ WTI) MSCI World Energy Index (US$) 31 Bron: Datastream. Weekly data as at 25th August 2008.

Gemiddelde olieprijs vs. geïndexeerde upstream kapitaalkost Olieprijs is meer gestegen dan de toename in kostinflatie, wat leidt tot margevermeerdering 400 350 300 250 200 150 100 50 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 Gemid. Jaarlijkse Olieprijs WTI in USD HIS/CERA Upstream Capital Cost Index 32 Bron: BlackRock/DataStream/CERA May 14 th 2008.

Overzicht van de olie- en gassector OIL EXPLORATION & APPRAISAL GAS DEVELOPMENT DEVELOPMENT PRODUCTION DISCOVERY UPSTREAM PRODUCTION MIDSTREAM MIDSTREAM LNG Tanker Gas Pipeline LNG Tanker Gas Pipeline DOWN STREAM GAS & POWER GTL Plant Marketing Refinery LNG Terminal Local Gas Utility 33

Voorbeelden Geïntegreerde oliemaatschappijen BP, Petrobras, Exxon Mobil, Chevron, Royal Dutch Shell Uitrusting & Diensten Schlumberger Halliburton Drilling & Exploratie Transocean Statoilhydro Raffinage & Marketing Valero Energy Marathon Oil Sasol 34

Beleggen in grondstoffen bij BlackRock Grondstoffenfondsen BGF World Mining Fund BGF World Gold Fund BGF World Energy Fund BGF New Energy Fund

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