EFTA01452612.pdf

28 January 2014 Brokers. Asset Managers & Exchanges Alternative Asset Manager Initiation Key Operating Metrics {Figure 55. OAK Finn-wide Key Operating Metrics Forecasts iNCOMESI'ATEMENT 2012 1013 2013 3013 4013E 201 1014E 2014E 30144 4014 2014E 2019E 2016E KEY METRICS Ease: Elf cave tax rx• On AN 150% 123% 101% 15% 9.0% 91% 100% 10.0% 10.0% 100% 100% 10." 100% Beokva" pe unt $9243 $1016 $10439 $1027 $1039 510 36 51036 $1046 51055 $1068 51059 $1148 51248 Tangible bxkviaue ret unt 59.28 510.18 51069 510 27 51030 510.36 $10.93 5104 51055 51088 51059 511.48 512 48 CasUbubon per unt 5284 51.41 51 51 $0 74 $091 $4.57 $093 50.95 5093 5097 5178 $596 $418 DetrbutOn "Smut ratO 70" 787% 779% 816% 752% 802% 758% 743% 727% 71.7% 735% 738% 721% Profitability: Economc net neon (6" per um 6575 $207 51 11 5102 5190 6.00 51 02 51.12 51 17 512'0 $451 54 70 5496 Ca9rOutat" Senn" (OD rat wit 53.02 51.79 51 94 5091 $121 6.70 51.23 5128 51.25 5135 5514 5540 $580 Fee-retied "mops (FRE1 per unit 51.82 $034 5035 5033 5032 51 34 5036 5042 5048 SO" 51.70 51 82 $197 ESTOA 8169 346 5 362 0 1934 216.7 1.0606 217 7 2200 2160 2224 8761 9236 971 4 FÆ (9464e) 507 120 127 149 130 536 153 160 202 235 746 818 600 FÆ moppet (p4414x) 41 1% 349% 330% 322% 300% 325% 314% 335% 33.8% r" 328% 3376 342% Econonc ncorro rrergn (pre") 508% 588% 535% 497% 495% 529% 480% 468% 47% 4.7% 465% 469% 473% 13.44 coup WO 44 1% 508% 494% 51.5% 520% 509% 51.0% 500% 50.0% 51.011 505% 48.0% 480% hcenWe corro ntto 483% 398% 381% 402% 400% 393% 400% 40.0% 400% 400% 400% 400% 40.0% Total corrp rate 302% 378% 198% 401% 407% 394% 44% 432% 412% 43" 414% 426% 420% Balance Stint ECPAssets 2360 2.500 21378 2849 2678 2678 2.740 2.730 2.757 1785 2.785 2812 2.840 IMP Tengbb Assets 2363 2.930 2678 2649 2678 2678 2.703 2,730 2757 2.785 2,785 2812 2840 ECPlong-terrnDebt 615 8» 592 9» 588 586 586 598 586 588 588 586 588 eggigenty (Pears 4 011/444 1394 1.532 1,014 1,552 1.562 1562 1550 1,567 1.560 1.572 1,572 1,689 1,820 EOP Tangbk. 5:44Y 1.394 1,532 1,1314 1,552 1,562 1.562 1.550 1,557 1.933 1,572 1.572 1.630 1.820 Casts per unt 1804 54.58 5136 5202 5205 $2.6 5208 $211 52 14 5217 52 16 5220 52 24 0"14B11DA 8:4 04s 044 094 07x' 09 0h 0.h 0 he 0h Oh 044 064 gouty/Asada 581% 613% 93% 58 6% 534% 58.a% 574% 570% 567% 58.4% 564% 601% 641% Ramm an Ecemty (RIX> 40 8% 201% 170% 112% 116% 589% 101% 102% 100% 10.3% 403% 491% 4376 Return on Tang" &way more 438% 201% 170% 112% 116% 559% 101% 102% 100% 10.3% 403% " 1% 4.7% KeyFundamental Driven. An" uncle 16prt (A" 77,051 78001 784C0 79816, 03,072 89072 44670 46849 87.088 811.887 88.667 94,849 101,930 "nay" AuM(FPAu14 66.784 95,350 84,814 95,947 08.837 08697 74,209 74814 75.458 7(1.1187 79680 "058 60.539 Nelfron to MIA (8147) 11.8324 (4.064) 1,032 28 (4893) (113) (5851 (550) (1,224) (11130) (561) AuM«game growth rate (unpaired) .5 2% -98% -207% 54% 01%' 413% -06% 47% -25% 0.0% .1.5% -13% -06% Nat Ibt" to "ALAI 1.045 974 801 1975 1291 5041 1.237 785 800 1,355 4,176 4.02D 038 FPAu/Aotganic poem rate (snuslest) 16% 59% 48% 121% 7.7% 7.5% 73% 4.2% 42% 7,1% &I% 52% 56% Avg. Riot tee rate onrPALM 107% 1.05% 1,04% 1.03% 107% 107% 109% 1.10% 1.09% 108% 106% 1.07% 1.04% Caflad 6Wø ("Peal 44447440 6.456 1,218 934 308 930 4411 500 500 500 500 3,OOD 2000 20:0 G(066 1466281(0(141 12733 3,195 4.728 1,915 1,500 11 338 2.000 2.603 2.403 2.030 8070 8,000 7,997 Urcaled cap" (dry pen Oro 11 201 11,198 10,986 12,344 12594 125(14 12.844 13,094 13,544 13.594 13 934 14 274 11594 Sow. Cenparry Øa andD(~/ Bne Deutsche Bank Securities Inc. Page 67 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0109753 CONFIDENTIAL SDNY_GM_00255937 EFTA01452612