EFTA01452643.pdf

28 January 2014 Brokers, Asset Managers & Exchanges Alternative Asset Manager Initiation Key Operating Metrics iFiguto 36. APO Firrn•wide Key Operating Metrics Forecasts INCOME STATES 911' 7012 1013 2013 3013 4.213E1 0 1014E 2014E 3014E 40144- 29T4nITECIOTIa) KEYMETRICS e.g.: Bloke tax rate on B 9.7% 64% 180% 140% 110% 117% 14.0% 14.0% 14.0% 14.0% 14.0% 14.0% 14.0% Bock valor pit tot $403 $547 $539 $548 55 54 3556 $62 55.69 55 74 55.79 $6.79 55 86 $594 Tongbe book yak% pet um' $4.12 $502 $4.97 $5.09 $5.14 3.15 $5.22 $5.28 35.33 115.33 35.38 $6.44 $5.52 CastrtOlon pAr 664 $1.94 $057 $132 3101 sow 33 70 30.75 50.77 $079 30.75 $3.06 $2.56 $213 Clartoos POc9A ra9 106 2% 962% 951% 1000% 970% 970% 96.0% 960% 950% 95.0% 95.0% 950% 950% Profitability: Room% net 'mom (91) par wit $382 1189 $050 3114 1012 3.55 $0.61 $0 66 50.65 $0.59 $250 5232 3240 U1mbOstb Bump (DB pot unt $184 $059 $139 5101 3083 fl ea 50.79 $0.81 $0 83 0179 12.22 1270 $224 Feoreeted ounces (FRE) per um% 30 43 $013 50 17 $012 $021 $0.63 30.26 SO 29 30.30 10.27 $1 13 3102 31.16 EMMA 8279 2608 5820 4170 3623 16221 3552 3638 372 1 351 5 1.4425 1.2407 1.0775 FRE (pretix) 2229 660 $9 1 629 1116 396 144 2 150 1 1573 1318 590.4 631.9 606.6 FRE rimon Beets) 27.1% 294% 361% 2636 35.5% 327% 425% 417% 45.3% 39.0% 42.7% 40.8% 43.4% %colors% IFICOMI 011er (max) 525% 575% 456% 511% 511% 527% 513% 525%. 531% 495% 516% 50.7% 51.8% Base carp rate 41.3% 398% 34.5% 413% 40.7% 396% 37.1% 353% 34.2% 37.2% 35.9% 37.2% 35.6% ranks comp OW 403% 379% 479% 447% 400% 416% 400% 400% 400% 400% 40 0% 40 0% 40.1% Taalcony rate 390% 373% 403% 434% 386% 399% 363 34.5% 338% 354% 349% 352% 33.6% Balance Street: EOP As$04 4260 4 4.9308 41811 5.0091 5.0592 50502 5.1098 5.1009 5 212 5 5,946 6254 6 5,3173 5,3714 EOP I%nose Ass3 4,0627 4.7648 4,6174 4.8566 49041 4 31 1 4.9511 6,0027 5 0527 5,1012 5,1032 6,1543 6,95.3 BOP long-bumDM 737 8 737 7 7283 728 3 7366 7356 742 9 7503 7578 7654 7654 773.1 7608 COP 614Y (Porrnott 03490 1.8050 2.1435 2.1220 2.1628 2,1845 2 184 5 22063 22264 2 250 7 2,2732 2,2732 nas 9 2,3189 BOP Tarot. 0700 1,6182 1.%35 1,9583 2.0093 2.0194 2094 2.0497 2.0702 2.0509 2.1118 2111.6 2,132.9 2,1542 Cosh OS tot $241 5229 3306 32 88 52 91 32.92 32.95 52,99 53.02 $3.05 $3.05 3306 $312 DablACINIIDA r 03 Oh 03x 04x 0 6x ' 0.5% 0.64 Obi 0.54 0.5x 05x 06c 07x Equty/Asosts 423% 434% 444% 432% 432% 432% 43.2% 432% 43.2% 43.2% 432% 432% 43.2% %Conon EOM l%'3Z1 ' 1190% 1524% 372% 960% 588%' 859% 449% 460%. 446% 409% 44 0% 39.7% 40.5% %ban on Tariel, %quay (FOIE) ' 1380% 1878% 404% 1068% 63 3% ' 934% 479% 495% 483% 440% 474% 428% 436% Nay Fundamental Or!net AS1ell un0er 11911 (AuI 111919 112152 111148 111,465 163 810 162810 163.147 163 772 164.384 166053 165.053 179,649 203.0'26 Fsa pay ng Atm (Bow) (11,93A 81,663 79,293 79,143 19.256 129258 129,433 129.631 129.862 130.095 30.005 138.549 152.966 Net IBA e WSW 18,192 -2,549 -906 -2337 4 362 -1.440 -2.725 -2.660 .2.574 .2610 -10451 2.406 11.560 AuMoiganic rowvi rite (annualzoI) ' 242% 4 3% -32% -83% 156% .13% 4.6% 45% -8.1% 40% -6 4% 1.6% 6.4% Nal lbw s b FPAuld 22.513 .202 asss 8,348 svie 10.526 .782 .767 -753 -739 .3.042 1.577 7.248 190.31organt grow 0 rate (amisakfOS) r 367% -10% .174% 418% 287% 126% -2.5% -24% -2.3% -2.3% -24% 1.2% 5.2% Avg Mr tee (re on APAu14 ' 076% DV% 084% 083% 0.74% 061% 0.74% 0.74% 074% 074% 074% 078% 080% Oolontled costal (39431.9100961) 4.35 1.882 567 605 839 3.33 1.32 1.292 1292 1.292 5,167 5.167 1799 Goss motoptons 10.855 3,396 7,185 6.265 4,39 3.726 4.33 4.282 4.211 4 144 16.993 10.535 5 840 Uncalled capes (dry corolcil '1,905 9.769 16,105 18.267 26.232 26.232 25.227 26.239 26,257 26 312 26.673 22.663 20.853 Son ca on% moo•• And 0woch• 3* Page 36 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0109803 CONFIDENTIAL SDNY_GM_00255987 EFTA01452643