Morgan Stanley Alternative Asset Manager Valuation Appendix – No Evident Investigative Leads

Morgan Stanley | sesearcs NORTH AMERICA INSIGHT ~~ Appendix B: Valuation of Alternative Managers - What@in the Price? Exhibit 48: Exhibit 49: Covered Alternative Asset managers NTM Relative P/E Covered Alternative Asset managers NTM Absolute P/E Alts NTM P/E Ratios Relative to Trad. AMs and S&P Alts P/E Ratios 500 20.0% Alts NTM P/E Relative to Trad. ——-Alts NTM P/E Relative to S&P 500 sede Alts Avg. FY1 P/E ———-Alts Avg. FY2 P/E ——Alts Avg. NTM P/E 10.0% 25x 9 0.0% | 1 r r 1 1 Cr r 1 1 1 r r 1 1 20x -10.0% Relative to -20.0% Trad. ,- 27% 15x FY4 PIE, 730.0% Relative to 10x NTM PIE, -40.0% ag S&P,- 45% 10.1x 9 Ver A 5x FY2 PIE, -50.0% ks 10.1x “60.0% Ox ; 1 T T 1 T r r r ; 1 1 1 Cr 1 e-re3reseeseeers Fe ee ess erraanenmses + © HW © © ER > > > > > > y~ > > > > > y» > Y oY FY Y YT FY YF FY FT FY FY FY FY ¥ > > > >a F DP F FP F DB SP DB SF BD BD 2822828282838 2838282 ess SG SSE RSSE RSE B Source: Company Data, Thomson Reuters, Morgan Stanley Research estimates Source: Company Data, Thomson Reuters, Morgan Stanley Research estimates HOUSE_OVERSIGHT_025578