EFTA Document EFTA01452583

28 January 2014 Brokers, Asset Managers & Exchanges Alternative Asset Manager Initiation For KKR (Figure 13) we expect a relatively steady El and revenue profile over time, though with likely more volatility along the way upon market ups & downs, given the high portion of El from capital markets (mostly the firm's principal investments in funds on its balance sheet). We also see stronger growth in the public markets segment aided by growth initiatives and the likelihood for realizations