EFTA01452615.pdf

28 January 2014 Brokers. Asset Managers & Exchanges Alternative Asset Manager Initiation !Historical recommendations and target price: Oaktree Capital Group (OAK.N) (as of 1/27/2014) 70 00 Previous Recommendations Strong Buy 6000 Buy Market Perform Underperform 50 00 Not Rated Suspended Rating 40 00 AJ‘l\eLJ.,:f Current Recommendations Buy B• 3000 Hold CO Sell 20 00 Not Rated Suspended Rating 'New Recommendation Structure 10 00 as of September 9.2002 000 Apr 12 Jul 12 Oct 12 Jan 13 Apr 13 J,J 13 00113 Jan 14 Date I 05/22/2012: Upgrade to Hold. Target Price Change USD42.00 2. 08/03/2012: No Recommendation, Target Price Change USD0.00 Equity rating t Equity rating dispersion and banking relationships Buy: Based on a current 12- month view of total share-holder return (TSR = percentage change in share price from current price to projected target price plus pro-jected dividend yield ) , we recommend that investors buy the stock. Sell: Based on a current 12-month view of total share- holder return, we recommend that investors sell the stock 0:0 a 27D 11:0 0 13% . L.43% 2943% au Hit So Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not SOrronsCnocd am WEtrionalitiocratip recommend either a Buy or Sell. Notes: NddiAmsrisonUioras 1. Newly issued research recommendations and target prices always supersede previously published research. 2. Ratings definitions prior to 27 January, 2007 were: Buy: Expected total return (including dividends) of 10% or more over a 12-month period Hold: Expected total return (including dividends) between -10% and 10% over a 12- month period Sell: Expected total return (including dividends) of -10% or worse over a 12-month period Page 72 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0109758 CONFIDENTIAL SDNY_GM_00255942 EFTA01452615