EFTA Document EFTA01452596

28 January 2014 Brokers. Asset Managers & Exchanges Alternative Asset Manager Initiation [Figure 38: APO Credit Sege lent Income Statement Forecast INCOME STATOISIT 2012 1013 2013 3013 6012E 20131 10149 2016E 3016E 40111 64.4 newest A6. ay 8 troneecta, fees 1/orn 41840es 276 218 220 233 419 1000 424 428 49.2 436 Illinagersot Ism from ittroies 299 7 44 4 934 870 089 4007 1385 1415 144 4 1459 Cants Memel (stied (mns 'hornet's*. 378 9.0 10.1 91 100 382 110 111 112 124 Idol mil banns rennue 3651 115.2 1124 119 4 1908 347 9 191.9 1954 1989 2019 Carnal Mono Orton*: Uweelze0 gun (bests) 3011 73.2 (558) 110 3) 135 5) 131 4) 1M.S/ (3191 (34 4) 1370, Rested cons 1799 51.5 102 1 106 667 325 20 .0 600 600 400 Wel carried ne(414 mcr 4410 124 7 433 94 5 31 2 2917 305 261 256 230 Tad Annie 11461 239.9 16511 211.9 242.0 201.6 222.4 2213 724.5 2240 Gene Corpensecn 4 Wells Ecuty4:osed Con, 270 69 7 9 50 275 50 7.0 60 60 Solpy. bows banns doll inert* usenet/ 1226 34.3 320 *7 807 1867 830 61.4 50.8 667 0valve:is/oft Amens supense 754 165 (1551 315 (14 21 21 3 01.6) (128) (1351 11481 Reare0 >o/1 shwas expense 001 22.0 393 34.6 267 1226 2.0 24 0 240 2310 Tom peo11 Owing (ace* 1555 305 23.8 69.3 125 144 1 122 112 102 92 itcenihre n544019 • 74441Corro Senells 305 3 79.3 629 114 9 512 315 3 83.2 796 769 839 Welnon-carp incomes 141 1 384 38.2 II 4 130 1310 38.7 4011 384 443 Told esenoes 4$1.4 II2.7 101.1 1493 1242 492.3 111.9 1353 114.5 1162 Other Mean* gots): Ore ocornolost WW1 toSt4M4) 150 45 40 153 77 31 5 80 44 60 97 Omer ScomAcot Inceneve tr.mnem) 02 25 26 53 27 28 30 33 16:4 ganelbssol Iran mister* emotes (I 1) 40 0.71 (7 11 (36) 02 41 11 8) 09 0.4 it Mccrre(1314) 044(140AYmIM001n** 99 481 69 64 67 018 268 71 75 7.8 86 Toll 04160 Income Ilossl 209 15.4 4.$ 17.4 13A 61.1 16.1 1511 29.1 /2.7 143ncalroIng Merest (87) 0.5) 1321 (281 (2.0) 01 51 (2.0) 120) (tot 0.0) Pales CcenemIc *I Imams 4430 134.1 MA 79.2 10113 351.0 114.6 1244 181 115.4 Same Coopiny moats era Onacite Solt 2016E 2015E 2011114 122.0 )4 4 36.1 570 3 644 3 733.0 457 Lao 50.4 768 0 726 7 419.5 (11271 11121) (88) 2400 2000 130.9 107 3 879 12.0 9353 514.11 9416 29.0 320 32.0 250.7 2441 283.0 (5311 (44 40 127) 900 800 52.4 429 352 496 K2 6 311 3 344.7 11343 1560 113.9 446.9 487.3 9165 351 386 40.5 118 130 13.6 07 1.0 1.1 310 341 306 71.5 116.1 91.1 (8 01 140) IRO) 479.0 4269 518.1 Page 38 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0109724 CONFIDENTIAL SDNY_GM_00255908 EFTA01452596