EFTA01452649

28 January 2014 Brokers. Asset Managers & Exchanges Alternative Assot Manager Initiation [Figure 42: BX Real Estate Segment Income Statement Forecasts INCOME STATEMENT 2012 1013 2013 3013 4013E 2013E 1014E 2014E 3014E 1014E Reverme Mmetterrent and A& say Fees. Net Base Management Fees 561.3 1383 1370 1367 138.3 5484 149.6 1115 158.7 1592 Advisat Fees 0.0 GO 0.0 00 00 00 0.0 10 20 30 Transaton War Fees. Na 85.7 9.1 19,0 192 20.7 68.1 17.4 17.4 152 lao oral lhaspenem Fee Offsets -28.8 -73 43 -24 -5.2 1' -212 .35 35 -3.0 -26 Tool Manegernent arcl Atkinson Fes. NM 605.4 1102 149.7 1535 151.9 I. 5913 163.5 1614 170.9 1726 Ft ef canna Fees Rated Carted Haw 185.1 888 1435 939 1150 ' 4211 161.0 1880 211.0 3827 Rasped aware F444. 25.7 31 311 37 138 r 51 7 1.8 19 1.9 120 1.194913•41 cans Imam 536 280 1 2030 340 4 257 6 r 11300 1351 1220 106.9 2926 Unmated licensee Fees 4.1 24 .323 25 .8.3 r .357 55 56 58 .40 Total Performance Fete hirearrent Income ((am) B744 354 3 402 3 4405 3781 r 15752 303.4 3158 327.7 683 3 Patted 48.3 95 186 09 377 687 193 151 124 143 Uwealzecl 90.9 803 33.8 577 37.7 1883 392 453 Cr 8 571 Taal Poem/rent Inca* (Loos) 138.2 698 *2 586 75.4 2530 586 604 62.2 71.3 h111444 haan.8 Cwdend Rein 144 43 44 61 64 211 54 55 56 57 Caen 09 41 .03 21 21 38 a 18 I 16 Total Revenue • 1134.3 5015 605.3 660.8 613.9 r 24481 5325 551.4 5660 9141.6 EOSIN Orcentaton Ccapensaton 271.1 606 736 753 759 2145 801 808 00.3 629 Performance Fee Ccopensacon Reared Caned karat 62.4 259 550 369 46.0 1658 51.4 744 844 145 1 Ratted Ircerave Ras 111 7 157 19 55 249 07 08 06 48 Unmakzed Goad Interest 185.5 891 78.8 993 1010 3700 541 488 48 117 0 Unrealized hoc-Nam Fees 43.8 1.0 -163 06 3.3 .180 22 23 23 -18 Total Rinfornance Fee thripeneatimi 203.4 117.7 1330 1408 151.2 5427 121.4 1262 131.1 2463 Tool Cormienselfon 8 Malts 5111 187.1 206.8 218 1 Z7.2 8373 201,5 207,0 211 4 3482 *nen Cpratr9 Spades 123 7 265 276 306 367 173 4 331 31.4 R2 102 Total Sponse; 6262 2151 211.4 2168 2639 r 960.7 231.5 235.6 2416 3014 &onomle acorn. esti 352.9 370.9 414.0 39.9 r 1,487.8 218.0 3130 324.4 5262 20140 2013E 2otee' 0181 6580 661.4 80 30 3.0 630 335 224 -128 -4.1 -4,5 675.3 8751 682.3 920 7 15759 1,2533 17.1 39 10.7 666 .6 665 -1194 120 158 2.7 11099 1.681 2 1.1171 611 437 591 191 4 1748 177,3 2525 2185 236.4 223 241 260 65 68 7.0 25686 2101.0 2,090.1 324 1 337 7 341.2 3583 6304 WI .3 71 16 4.3 2635 It 2 .47.8 52 63 1.1 010 672.5 459,0 968 1 1,0102 0:001 1389 1179 1567 1105.0 1158.0 9661 1461.6 1.447.9 1.142.3 Deutsche Bank Securities Inc. Page 45 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0109812 CONFIDENTIAL SDNY_GM_00255996 EFTA01452649