EFTA01452648

28 January 2014 Brokers. Asset Managers & Exchanges Alternative Asset Manager Initiation Key Operating Metrics {Figure 40. BX Firm-wide Re Operating Metrics Forecasts INCOMESTATEMENT 2012 1013 2013 3013 4013E 2013E 10146 2014E 3014E 4014E 2014E 2010E 2016E/ KEY METRICS Badc: Ellectwe tax tale on B Book yak* get iiII Tanga» book value oei 59 Cvartuton 90 unit Datreartcel goyeut rat* 22% $751 $17 ' $072 77.0% 1.6% $755 $556 $030 882% 22% $7135 $589 $023 835% 23% 5815 $07 $023 890% 25% $861 $654 $047 886% 22% 502 9955 3121 870% 25% 3883 $677 $05 909% 25% $918 $714 $092 875% 25% 5964 $761 $049 880% 25% 11019 $817 $063 700% 25% 31020 $818 $195 37% 29% 51184 $900 $246 84.5% 2.5% 1125 $1091 $258 800% Profits %Illy: Econcox ne4 naorre (DB pee um $177 5055 5062 IOW $084 $258 $060 $084 $084 $101 $309 1324 $279 DatrOutode Earrings Re per unt $0.93 $0.34 $0.28 $0.20 $0,53 $140 $0.44 $048 50 57 $083 $233 12.91 $2.96 Fedarebbod 549024 (FRe peg um 5053 5011 5013 5014 5014 $033 5017 $019 $018 $017 $071 $05 $1 CO 901TDA 1307 7 437 7 4178 378 7 6683 1 9005 571.4 6174 723.1 1.0232 2.0351 3.504.6 3109.2 FR000545 700 3 137 7 106 4 1760 180 3 671 1 203.8 2397 232.7 238.1 9054 15127.8 1,54.0 ME rtargin (pretax) 29.2% 24.3% 292% 27.6% 254% 287% 5 3% 315% 315% 277% 300% 93.6% 33.8% &Gnaw men rear (palm) 93.2% 507% 502% 53A% 531% 51.9% 507% 508% 530% 525% 51,9% 51.3% 50.8% Base cony tali, 48,3% 530% 509% 503% 513% 51.3% 492% 49.7% 48.3% 501% 49A% 49.5% 43.9% ~we carp tabu 322% 3%7% 399% 30.9% 400% 382% 400% 40.3% 403% 403% 403% 4.1% 40.2% Taal Bono r410 38.014 402% 41,4% 365% 391% 39 .4% 396% 40.4% 39.8% 404% 40,1% 40.8% 39.0% SalanaShn: EDP Awed 13865 5 13,981 7 14.193 3 14103 5 114%2 11468 2 11840.6 19225.5 16 8271 17504.1 17504.1 18.4040 19143.4 EOPTargati Assets 115533 110325 119387 12.5220 13.1055 13105 5 13.4%.6 13.534 1425.7 14.718.3 14.7183 10.134.5 17.4103 EOPLang. Xern Debt 1.6350 1,8760 1,6350 18350 1,0350 1,8350 1035.0 1,0350 1.035.0 1835.0 19350 1,6350 18350 EOPGauty (Anvers 0645 8.l787 0.8321 19804 9.3252 9,8548 9,8548 10105.4 10515.0 110451 11.879.4 11879.4 13.354 14.7528 EOPTareade Gaut). 8.1788 93529 97227 8.9508 7,4921 7.4921 7.754.8 81759 8.717.7 9.383.8 9.3838 11.0709 12.5281 Cash pa unit $063 5071 $058 5078 $085 was $090 $094 $099 $104 $104 $124 5143 DeWEEITDA ' 15 094 10x 114 Oft'. 0A 07x 0 Tx 084 044 05 054 054 Ego.501.54% 61.2% 018% ea» CO% 83.7% 63.7% 638% 848% 664% 30% 03.6% 72.5% 75.1% Return co 905 (00e 23.5% 298% 320% 27.8% 398% 298% 930% 264% 354% 405% 303% 27.13% 21.7% Ram on Tangt5 Gaudy (ROTE) 323% 40.7% 431% 37.2% 528% 391% 957% 967% 452% 510% 378% 335% 25.8% Key Fun& mental Drivere Asses urger Wit (Av40 210221 218.211 229.572 248.084 55.895 208505 278.849 291.406 304A95 317528 3171213 358922 301.95 de4/4509 A vIA (FPAu5 187.1380 170,950 170.336 188.050 130.502 196.502 203.774 210.971 218.720 227.430 227.430 259.898 287.842 Net gamest° Ault 17,934 900 1541 2,911, 3.308 12.793 4,648 4.918 5090 9.070 19,341 12861 42(11 AuM «gone gacvnh rate (annual:rod) r 10.8% 19% 102% 50% 5 4% ' 61% 71% 71% 69% 61% 7.2% 41% 1.2% Net Bows to aPA51 .1,714 .2.032 .22 3411 771 .040 2191 1.9% 2,232 2.948 9.277 12117 9.471 FPA5laganc gioNth rate ("elate) ' .1.3% .4.9% .01% 0.8% 1 (t% ' .06% 45% 38% 12% 53% 4.7% 5.3% 38% Avg 1.1grrt fee ram an FAXAA 089% 0.9916 098% 0941ó 0.92% 095% 098% 095% 094% 094% 096% 094% 094% Canntled coca (44049 5440/05 15.815 1940 3,756 3538 450 13,515 4.491 4.307 3,833 3.359 15.901 12339 10.758 Gum tealamons 12559 8032 9598 13741 13.720 2956 9972 7226 8.257 9.316 31.773 42508 48578 54415 C40011 On. ~05 31.211 31905 33.215 33.022 40.570 40970 40.885 41.041 41271 42.372 42.372 45289 46.289 Sane 50~ rapes at 04~4 Mt Deutsche Bank Securities Inc. Pa ge 43 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0109810 CONFIDENTIAL SDNY_GM_00255994 EFTA01452648