EFTA01452619

CBIyr Price History P31.40:31.63 1: 31.37 col 6,44.5 4$ Save As 98 Actions 9b Table Line Chart" allaillill IT 5, in seario'soid. 101 hand ICC US I. ' 35.90 -.90 .H 4 .. 9:24 ' 23,471 9 Saved Last Nice 35.90 T High on 01/14/14 37.91 ÷ Average 30.3176 - 1 Low on 06/24/13 24.19 :35.90 36.21. 7. 3 36.16 36.16 35.80 i. a1 846,425 fi ctions 07 Edo:. ti Tamil thus Ourt -' UniningigganniFI Mari M. ec.int,o'Stxtiv • event 0 ■ 5MAVG (13) 0.41M Ill Volume 22670 4,....... - i....................Xsadd.....aMialr4m...6-4.waaahuse...............issilliet......444or......4*...,......marm,A liar ' Jun ' Sep Dec 2013 2014 4 WEI -30 .9c 23.48 ►20 SH 40.'4 Used with permission of Bloomberg Finance LP 4ii:i.0 ins %),cce •Irth 'hernatz:c asst MaliAtca tel. pick We Minute eswerage of 5 altanative asset managers (the 'Ails") with Buys no Rbekstosie (RX). Carlyle Group (CO). & Oaktive Capital (OAK) & / Inkl oiling; re Apollo Global Algal (Al'( & KKR & Co (KKR). Overall. those Alai arc wcIlptuitioned amid favorable cyclical tailwinds & strong secular dynamics. whik vaNaliau =min IninalVe. We favor the more-diversificd Alts paissusing less earnings variability & good distributable earnings (DE) growth profiles for 2014- 2015. this dynamic. favors RX & CO over APO& KKR for now. in our view. & wu sec 4Q earnings as a positive catalyst ape a better 19i *ultra for nett 1.2 pan. We also like OAK', more-uaditional inset manager business pmfile. CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0 109766 CONFIDENTIAL PROT1 PROT0