EFTA Document EFTA01452586

28 January 2014 Brokers. Asset Managers & Exchanges Alternative Assot Manager Initiation Figures 20-22 shows the results of this valuation analysis. Figure 20 shows the absolute and relative forward P/Es (on next 12 months forecast EPS) historically over the last 12 months and last two years for the each of the Alts, as well as for the S&P 500 and the median traditional asset manager (15 largest publicly traded asset management stocks). It also shows the current P/E on 2014 ENI Consensus