EFTA01452615

28 January 2014 Brokers. Asset Managers & Exchanges Alternative Asset Manager Initiation !Historical recommendations and target price: Oaktree Capital Group (OAK.N) (as of 1/27/2014) 70 00 6000 50 00 40 00 B 3000 • CO 20 00 10 00 000 AJ‘l\eLJ.,:f Apr 12 Jul 12 Oct 12 Jan 13 DateApr 13 J,J 13 00113 Jan 14 Previous Recommendations Strong Buy Buy Market Perform Underperform Not Rated Suspended Rating Current Recommendations Buy Hold Sell Not Rated Suspended Rating 'New Recommendation Structure as of September 9.2002 I 05/22/2012: Upgrade to Hold. Target Price Change USD42.00 2. 08/03/2012: No Recommendation, Target Price Change USD0.00 Equity rating t Buy: Based on a current 12- month view of total share-holder return (TSR = percentage change in share price from current price to projected target price plus pro-jected dividend yield ) , we recommend that investors buy the stock. Sell: Based on a current 12-month view of total share- holder return, we recommend that investors sell the stock Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either a Buy or Sell. Notes: 1. Newly issued research recommendations and target prices always supersede previously published research. 2. Ratings definitions prior to 27 January, 2007 were: Buy: Expected total return (including dividends) of 10% or more over a 12-month period Hold: Expected total return (including dividends) between -10% and 10% over a 12- month period Sell: Expected total return (including dividends) of -10% or worse over a 12-month period Page 72 Equity rating dispersion and banking relationships 0:0 a 27D 11:0 0 13% . L. 43% 2943% au Hit So SOrronsCnocd am WEtrionalitiocratip NddiAmsrisonUioras Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0109758 CONFIDENTIAL SDNY_GM_00255942 EFTA01452615