EFTA Document EFTA01452646

28 January 2014 Brokers. Asset Managers & Exchanges Alternative Assot Manager Initiation Investment Thesis Outlook Buy-rated Blackstone is a leading alternative asset manager, and is well positioned to generate solid growth in distributable earnings over the next fewl years. The firm is well diversified and executing well in each of its core businesses - private equity, real estate, credit, hedge fund solutions, and advisory. We see the following positive catalysts for BX units over the