EFTA01452658

28 January 2014 Brokers, Asset Managers & Exchanges Alternative Asset Manager Initiation Key Operating Metrics iFigure 5 i. F.KI9 Firm-wide '.ey Operating Metrics Forecasts INCOME SEAT U ENE --- Wf 101$ 2013 3013 4013E- Wig' 10143 20146 3014E 401JE 2014E 2115E 20I6E KEY METRICS &talc: Etfec% e tat me cn El 4.6% 31% 93% 19% 4.0% aen 40% 40% 40% 40% 40% 4,0% 40% 806 vent. pet on(' $987 3989 39.85 11007 310 20 310.20 310 33 $1045 $1066 31067 $10.67 310 78 11092 1064sO tto:4( vdte per um( Ds? tkr" per UN 1124 30 27 3043 3023 IOW 31.32 30 37 3039 3040 3044 $1.58 11.75 3183 Ets70.0on piescut moo 601% 661% 767% 656% 565% isse% 799% 811% 785% 795% 797% 643% 63.4% Profit* bully: ECcraic rtt =acne (ENi per ung 3290 9385 10.18 $014 10 96 12.67 30 56 3053 3059 3006 S2 33 $233 3232 Dsa bd.". Cornngs (CE)per 'all 3206 3041 30.66 3036 1068 12.01 3046 3048 3060 1056 31.99 3209 3219 Fee-rat" teenngs Into per unt 3031 3010 30.12 3013 30 10 $0.4* 30.13 3015 30 13 34117 93.58 1061 9363 EBITCA 15237 3019 4338 2634 1367 1.672.8 363.1 374 2 3950 Q85 1.5015 111305 1.702.4 FR2(0.901 319.6 68.0 962 1060 968 309.0 1122 1210 1093 1394 480.7 4996 5124 FRE moron (0643 i 36.8% 398% 4154 366% 363% 316% 39.5% 406% 335% 412% 400% 398% 39.4% Eccnomc income niter oretax) 63.3% 67.4% 468% 664% 83.8% 636% 60.1% 53.7% 56.2% 664% 662% 576% 54.0% ease Carp redo 33.1% 34.0% 340% 336% 350% 34.1% 37.1% 375% 37.8% 372% 374% 378% 37.4% hcenIke carp rello 40,6% 40.4% 39.1% 466% 400% 402% 40.0% 400% 40.0% 40.0% 400% 400% 366% roblcanUr.tp 29.6%. 26.4% 354% 262% 267% 220% 31.2% 371% 352% 359% 352% 325% 30.3% Balance Sheet EC0456-% 7997 8120 6.169 8.615 8.0:47 5.60) 8686 8.773 8.801 6949 8.949 ACO9 9.129 EC° tangtre Ane EOP tong-tent C40: 000 1.070 1.000 1.030 1.010 1.010 1.020 1.030 1.041 1.061 1.051 1.022 1.072 EC° 65.ity (Par6ets' OS r7i r 6.957 7,068 6299 7.208 7.2130 7.280 7.363 7.426 7.503 7.575 7.575 7,661 7.726 EC01aogt.t Equcy esso rter tn1 32.19 6281 1279 $2615 92.69 32.69 32 72 9276 3278 $281 328t 1284 12203 0"171111T" 03X 086 De< 09f 09‘" 05x 074 074 07a Ott 0 076 0.1% EQ.ossAssots 094 OH. 036 05. 0.81 0.8x 086 011. 081 084 0Bz 0.86 016 Return on 8042 I ROE1 0.0% 353% 75% 339% 377% 00% 22.1% 20.5% 224% 241% 21.9% 21.6% 21.3% Retum on Ten9be 0346(6075) Key Finds mental DrIstr4 A‘ " 17 Irda 1.717 (AoMi 75.528 78253 83501 90.169 91261 92881 93.503 95.365 96.551 97.792 97.792 101,743 106.418 Repoyno ALAI ( "%MIA 50.846 02464 57.955 73.612 75.967 75957 78.396 00.907 så.208 85582 85582 89.137 91182 Netlitsts MAIN 13 (13) 4978 4349 1,612 10.833 1542 1.585 1,005 1.038 6.176 5755 3,472 4w1A agent StOir 01 Ma (60944760 ' 0.0% 4).1% 255% 207% 13 7% ' 142% 6.8% 6.8% 42% 43% 56% 36% 3.4% Net law 4 lo FP4o31 8,510 1.116 6058 6.193 2203 14,574 2279 2.352 2.140 2.335 1975 3,314 2547 1:6141.14<sanic 6046 rate (amoebic.* ' 18.3% 7." 339% 303% 12.2% 12.0% 106% 106% 11.6% 4.0% 29% Avg Iken let rate On FPAuAl 0.87% 1.01% 101% 097% 097% 0.99% ate% 0.99% cite% ow% 094% 0.96% 097% Comm" "anal (up" «ploy") 3,811 763 1.685 2132 3.011 7,591 21164 2231 1,616 1,818 1352 3,669 3.145 Chas reeketkns 9.587 1.960 2924 1954 2907 9,754 3.045 3.094 3.763 3.791 13693 16.517 Pan kiritated crater lay ira• ~I 16.072 16207 21,364 22.718 22321 22321 21,516 21.404 22070 22648 22644 24 813 27,520 Mum Cove, ~al 0•41•0116 BIM Pago 60 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0109827 CONFIDENTIAL SDNY_GM_00256011 EFTA01452658