EFTA Document EFTA01452661

28 January 2014 Brokers. Asset Managers & Exchanges Alternative Assot Manager Initiation Investment Thesis Outlook Buy-rated Oaktree is a leading credit-focused alternative asset manager, with a contrarian and value-driven investment style that has delivered attractive risk- adjusted returns over time and enabled strong fundraising. We see the following positive catalysts for OAK units over the next 12 months: 1) an acceleration in AuM growth after stagnant AuM over much of the past 3 ye