EFTA01452632

28 January 2014 Brokers. Asset Managers & Exchanges Alternative Asset Manager Initiation the large Vllb fund at the time. Still, we expect OAK's revenue growth to be modestly stronger, and the high proportion of fee income in the mix (at over 50%) will remain a long-term positive, helping to support a valuation closer to traditional asset managers. 'Figure 14: OAK - DB forecasts for El by segment & revenue by type Plug Segments kriestrren1Marrl Segments West/Toni Mgnt Pretax Economic Income (B) CAGR 2012-16E 2012 2013E 2014E 2016E 2016E 4717 $1,011 $704 $753 Pretax B Business Mix $805 29% Average 2012-16E 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Segments Fees Curled Interest & ncentkes Rincipald other imam Total Segments Fees uiod Naos' b hcentierts Rime's'6 other imam Twat Revenues by Type 2012 2013E 2014E 2016E 4461 5171 51.380 $956 $192 51.883 $611 $72 $1.492 $853 $74 $1,581 $889 $82 $1.677 CAGR 2012.16E 49% 10.6% -16.9% SA% Revenue Mix by Type Average 2012.16E 54.2% 39.1% 54.2% 54.0% 54.0% 51.1% 33.4% 598% 41.0% 41.3% 41.1% 41.5% 124% 10.2% 4.8% 4.7% 4.9% 7A% 100.0% 1009% 100.0% 100.0% 100.0% 103.0% so,rw came", nscesenecrasen. are Deutsche Bank Securities Inc. Page 17 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00255968 DB-SONY-0109784 EFTA01452632