EFTA01452599

28 January 2014 Brokers. Asset Managers & Exchanges Alternative Assot Manager Initiation [Figure 44: BX Credit Segment Income Statement Forecasts INCOME STATEMENT 2012 1013 2013 3013 8013E 2013E 1018E 2018E 301E 8018E Rano Minecoteort 6.04601Y R144. Nei Bess IMnossriml Fen 343 914 1019 1019 1037 3989 1660 1066 1113 1141 6.0Aomy Fees 00 00 00 00 00 00 0.0 1.0 20 3.0 liansacton par Fees.MI 409 44 90 71 90 29 9.0 90 90 9.0 Fe 0150101101 Fn Offsets .50 .16 -IS .26 -18 .75 -18 .16 .is .11 Total IMmeemeni sod ndottcry Fees NS 3511 942 1094 1064 1109 4208 113 2 1168 1206 124 3 PcMcnrorco Fan' Roalial Gond tent 525 855 369 37 364 161 4 80.0 800 SOO BOO Rwitzia Downes Fen 1924 79 299 222 1140 1740 16 .2 379 197 153.6 tive017400rnsi lams! 1820 -188 138 309 202 512 -39.6 -429 -469 -502 llrealtrM licenty0F446 .382 499 156 93 -380 368 72.8 Wei 788 -512 7401Polcmunco Fen 3687 124 5 963 711 1326 4235 131.5 1318 131 5 132.2 woacen11xdre (loss) Amite! 156 3.3 0.9 05 59 108 IA 14 1.1 1.3 uireineite 46 1.1 44 •10 20 64 36 42 46 53 Total rivestired Imam Doss} 204 44 63 -05 78 170 54 66 67 66 Meet Immo 8 Oimeni Rennie 93 45 41 53 56 195 47 48 49 50 Ore -12 18 -1 -04 .04 00 -03 -03 -0 3 -0 3 Total Revenue 771.4 2285 2130 1810 2565 1. Y02 254.5 2547 262.4 207.9 Evens. ComemeDor Ccomincolon lierlainni) Fee 03cpenillan 1621 455 559 533 565 211 3 t66 578 597 63.4 Thio/24:1Cornicl 303 473 200 16 145 835 320 320 320 30 Rolazol hantes fen 1039 38 14.2 107 456 742 7.3 151 79 614 threolzed Caned Mereol 976 -102 6.1 192 81 232 • 15 e -172 -13.8 -23.1 d 118 8 4111 ticimae Fees 463 236 117 03 .152 335 3.1 227 315 Teal RrIcenvince faa Oxicxemcfoo 1865 685 520 318 530 2014 52.6 527 528 529 Total Ccowsoirm 4 Benoit 3686 1100 1060 861 1096 4127 1032 1106 1123 1163 Oiler Combine Dperses 846 210 230 235 270 943 24.3 231 242 30.3 74441601m44 041 131.0 131.0 10415 1345 507.0 1334 1336 136.5 148.1 Economic Income sane Corny RNs — Once* Sr* 3253 fits fi20 73.3 1190 373.7 121.1 1261 125.1 121.3 201E 2016E 201 4400 4678 479 2 6.0 30 30 360 490 368 -72 -98 -78 018 5100 513 2 3200 174 5 218 2 2294 1136 2167 .1795 -649 .999 157.2 1704 542 5270 3936 3892 56 4.5 97 17.7 180 746 33 226 243 195 210 27 -1 1 -1I -12 10435 MO MI 375 2f01 2'.66 1260 898 873 91.8 45 4 66.7 -71.8 -26.0 i 399 Cii 632 21.7 2106 157.8 155.7 4433 4176 4123 1018 1039 115 4 560.1 527.5 527.1 4(0.4 4105 420.5 Deutsche Bank Securities Inc. Pago 47 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0109733 CONFIDENTIAL SDNY_GM_00255917 EFTA01452599