EFTA Document EFTA01452593

28 January 2014 Brokers. Asset Managers & Exchanges Alternative Assot Manager Initiation We do not see this on the horizon for at least the next 12-18 months, given our expectation that realizations will continue to improve sequentially on a quarterly basis well into 2015, albeit lumpy from quarter-to-quarter. The situation with APO will be a good test for this, as we expect their largest funds to exhaust most of their embedded realized gains over the next several quarters, and the next