EFTA01452597

28 January 2014 Brokers. Asset Managers & Exchanges Alternative Asset Manager Initiation [Figure 39: APO Real Estate Segment Income Statement Forecast ØMS ST,. TEN 2Ni Pee rotoras: Actatory &Irani-action fen Iran altirs 1,33226mint Is from 61124S Øh6 2110int 830260 Sine Itoinattiotes Toni 'runt Ousress revenue 2012 1013 2013 3013 4.2132 2013E 10148 2/314E 30146 401 Corned Wend Income: unmated gam (bnes) Roland gara TOW aulta ~tat 3COM, Total Ronno• E63/.c Carom:14ton 11 benolts arAy-based cony Saint tone & tootles Pica 63239 a. pente unrtaind prole shorn; wens* ~WM prolaborrp «pinto Tesal picit shortie topers* TKNfYafa Coop TOlalConpt Binges Total non.ccop ~es Total 1261•63•11 Other Loma* (bro). Geer ncorrets 005681244.14) nconase (IvAnIk• 341310.1) 524 garoAosseci rorm rwesalent *Cairo ware (tes) from coup method reetsbreota Todl Other Income (1330) Non.conlrollng rte4ost Oret« &enerok Not roos. Sow, Caron rtpcm 4ee 084.4d8 07 463 • 470 104 47 15 621 10 7 233 67 75 • 142 ▪ 432 242 724 13 10 23 eel 11 13 10 136 132 134 133 147 14$ 114 143 36 (6 4) 3.3 62 03 02 09 (6 2) 33 52 16.6 33 14.7 134 25 22 31 30 67 67 89 106 03 (4 5) 11 21 05 06 05 0.6 (39) 2.3 21 100 50 ¶43 156 7.3 60 7.1 7.3 17.1 110 214 229 1.1 03 0.8 06 (0.1) 03 0.8 0.8 1.0 1.1 1.0 1.6 (0.7) I1.6/ 13.1) r r 34 535 66.9 2.7 05 3.2 660 10 .6 329 93.3) IB 1.3 449 27.7 720 P. 3.0 2.3 63 (7.3) 10 10 10 10 129 129 130 128 10 20 30 139 ISO ISO 169 90 68 3.7 66 67 67 67 67 156 155 154 152 236 305 31.3 32.1 30 30 30 30 76 82 90 91 36 35 35 34 27 27 27 27 33 62 6.1 6.1 167 174 161 157 74 73 72 73 242 24.7 254 KO 08 09 09 01 08 09 09 01 1.7 1.7 1.8 12 7.2 7.3 23 7.9 30143 2015E 2016 41 43 45 516 506 424 60 30 3.0 6t7 601 4.9 35 1 33.7 6.3 267 267 40 .0 617 603 4.3 123.5 118.5 96.2 120 100 WO 343 307 24.9 140 135 19.9 ID 7 107 247 24.1 19.9 710 616 54.9 29.2 295 29.2 100.2 IAA 34.1 36 37 39 36 37 39 7.1 2.5 71 . . 30.3 31A 21.9 Deutsche Bank Securities Inc. Page 39 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0109725 CONFIDENTIAL SDNY_GM_00255909 EFTA01452597