EFTA Document EFTA01452634

28 January 2014 Brokers. Asset Managers & Exchanges Alternative Asset Manager Initiation Figure 16 shows we expect the strongest DE growth in 2014 for BX, followed by CG and over this realization cycle (defined loosely as 2012-16), we expect BX and CG to generate the strongest CAGRs, with OAK also growing at a double-digit pace. Figure 17 shows our forecasts on an ENI basis, which is comparable to Consensus. figure 16: DB DE Forecasts for the Alts CB Annual OE per unit estimates Alts