EFTA01452586

28 January 2014 Brokers. Asset Managers & Exchanges Alternative Assot Manager Initiation Figures 20-22 shows the results of this valuation analysis. Figure 20 shows the absolute and relative forward P/Es (on next 12 months forecast EPS) historically over the last 12 months and last two years for the each of the Alts, as well as for the S&P 500 and the median traditional asset manager (15 largest publicly traded asset management stocks). It also shows the current P/E on 2014 ENI Consensus estimates. We then assign target premiums or discounts for each of the Alts vs. their relative P/Es over the last 12 months to derive our target relative P/Es (the last two columns of Figure 20). [Figure 20' DB Target Forward Relative PIE Derivation for the Alts Absolute PEon t1TM al PR vs. UP 500 Historical Avg Pia L714 Last 2 Yrs LTA Last 2 Yrs AFO 9lx 744 62% 53% wt 94x 884 64% 64% CG 10 24 NIA 70% WA KKR 88i 804 60% 58% OAK 10 94 N/A 74% WA Median AN Mgrs 9.4x 8.0x 84% 58% Median Asset Mgrs 16.4x 17.31 111% 125% 58P 500 14.7x 13.9x Median Alts vs. Asst Mgrs 4.9x 4.31 -47% 47% Settee Theme", Au...reef Oettioln Sent Current RE on •14 Current Re! PIE Rel PiE LTA Target Pre miCtscr Target Re I PiE 106x 62% 62% 15% 77% 10 44 66% 64% 25% 89% 11 44 74% 70% 15% 85% 97x 64% 60% 20% 80% 123x 80% 74% 10% 84% 10.6x 18.4x 15.34 Figure 21 converts these target relative P/Es into absolute P/Es and price targets. The valuation analysis in both tables show that we expect the Alts to trade at median P/E of 12-13x on 2015 DE, a year from now - which implies achieving a relative PE of -85% of the S&P 500, or said differently, a 15% discount to the S&P 500 PIE - vs. their current discount of 30% (i.e. the 69% value shown in Figure 20). Compared with the traditional asset managers, this implies improving the Alts' P/E discount to traditional managers to about 23%, given the traditional are currently trading at a 7% premium to the S&P 500 vs. our 26% forecast discount for the Alts. However, this implies a static relative PIE for the traditional asset managers, which may not be the case (though the asset managers had modest relative P/E contraction over the last two years. Figure 217 DB PiE..based Price Target Derivation for the Alts Alt Manager APO $382 5322 $270 77% 11 54 $3101 $3220 .37% 95% 58% 9)( S140 $233 5291 89% 13 34 53859 $3113 240% 63% 302% CO $211 $284 $3.38 ea% 12 64 542 70 $3604 185% 62% 246% 10(14 $201 $199 $2.09 80% 11 94 $2490 $2456 14% 65% 78% OAK $570 $5 14 $540 84% 126x 567 94 55888 154% 64% 218% Median Forecast CE per unit 2013E 2014E 2015E Target Relative PE on 2015E Alts Tweet PE in 12 Mths on 2015E 12-Month Fair Value Estimate 64% 20% 84% 107% 111% .38% 47% .23% Current Fmk Yoko, Distribution Potential Price vs. Current Vivid ROI to PT SSP500 &Seat RE(current SPX) S8P500 CPS est TOW Yew Target UP 500 PE (On 2015E in 12rrOni) $104 Seem ThortionAniwneatetery Stet $110 1631 $36 2.0% Current $110 150x $42 23% In 12 Mths 84% 5125 143x $47 SPX PE 1 790 1.863 149 Deutsche Bank Securities Inc. 12.61 15.4% 6.4% 21.8% Page 21 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SONY-0109707 CONFIDENTIAL SDNY_GM_00255891 EFTA01452586