EFTA01452608

28 January 2014 Brokers. Asset Managers & Exchanges Alternative Asset Manager Initiation [Figure 52' KKR Private Markets Segment Income Statement Forecasts INCOME STATEMENT 2012 1013 2013 3018 4013E 1013E 101E 2014E 3014E 404 F to memos: Monspemini 8 inainOW *Rs lesnegerner4 lees 4239 1066 1147 1194 1264 " 4671 1316 137 3 1425 145 7 hcenWe lees 10 20 30 TOW IT TI & rent* lees lksuitrong 6 vannceon loos ttnecrog foes ' 4239 1166 056 321 114 7 289 1194 330 1264 319 487 1259 131.6 348 int 363 146 377 148.7 335 Tweak* lees 965 164 252 560 618 106 614 468 325 326 494 (3114$ (97 4) (2101 (29 5) (466) (50 2 11474) 148 I) 1399/ 133 7) (35 5 Tote) ircedormg 8 kensectal lees " 115 7 275 246 414 445 1390 481 432 38.5 36.5 TOMl14. ree*ne* skeitTelf IncontolloW: 5316 134.1 1393 18011 1701 eat 1717 111.5 161.1 194.2 Rahncicorrlo3 Monet 475 7 882 3698 815 105 6290 2350 2350 IWO 252 4 1.13.4130 carnal nen( 9170 3108 1212151 2640 3342 062 99 190 429 527 TOW 0/:46 crawl InWost 13928 300 570 3455 5237 13252 2449 254 0 3029 305.1 0844 mean*, ncsv. 06 (20) (0 2) 34 • 10 21 10 • 10' 10' 10 Total lnnetaienl ram • (loos) 1333.4 MAI 560 MO 534.7 1.327.3 245.9 255.0 3031 3011 Total Ronne* ' 1.9129 631.0 1914 5017 06.7 ' 1332.4 4216 430 48411 490.3 TWO 701al Ammo net d and 314m1 cow 4:( 12237 300 4 101 3620 4798 33714 3145 200 3068 310.0 12,priss: CarmxOnlorese cap @sperms Atocatica to NCR carry 00:4 5665 161 3 222 1399 205 5330 930 101 6 121 2 122.0 kerasernan N. MAIMS 1437 92 47 76 63 2130 132 549 570 563 TOW CCM *WM (14114003140 te440410)(44039 1W3 1706 270 107 2158 5510 1111 156 5 1752 18.3 Come non 4 beneete 1926 433 515 654 834 233.3 719 726 724 73.7 OCC*64nCy OM WON C1144901 486 114 III 134 14 7 506 132 131 135 148 Ceki opet09/9 spenses 147 3 339 340 376 461 1936 381 357 388 405 Tot4113 pones* 1,097.9 209 106 200 3410 015 232.3 277.9 3039 300.3 4/673 741940303433144/4104 ca. carry.rWate0 0491 3866 934 966 1164 1282 434 6 1212 1214 1277 1290 Mon* (kW lefOLIIIC(II to noncontroling inirysis 34 04 04 04 0.5 17 0.5 05 05 0.5 Ades Segment Emmet k 101 Income (EN) 931.7 231.7 720 1412 3511 935.1 1010 1611 101 100.1 Source Cerroirryniecefrato' Oeubetho Sent 2014E 3315E 1010E 5570 573.7 540.4 6.0 593.0 5717 540.4 147.4 1519 137T 1/3.3 943 853 1157.3) (125.5) 1115.0) *3.4 120.6 107.1 726.4 04.3 547.8 982 4 I 7221 1.1809 121.5 (1665) 030.9) 11089 1.056.6 850.0 40' 60' 80 1.1310 1.061.6 1510 1337.3 E765.9 1105.8 1.2112 1.2762 1.111.6 442.8 4222 3400 183.3 57.4 54.0 626.1 479.6 )34.1 293.6 234.6 265.5 54.7 574 01 101 1565 181.2 1.120.4 97112 WAS 494.3 4386 4858 20 2.0 2.0 714.0 776.7 03.1 Deutsche Bank Securities Inc. Pago 61 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0 109747 SDNY_GM_00255931 EFTA01452608