EFTA01452603.pdf

28 January 2014 Brokers. Asset Managers & Exchanges Alternative Asset Manager Initiation Key Operating Metrics i Figure 46: CG Firm-wide Key Operating Metrics Forecasts INCOME STATEMENT 2012 1013 2013 3013 4013E 2013E 1014E 2014E 3014E 4014E 2014E 2016E 2016E KEY METRICS a e: Ellectve lac fete on 8 145% 18,9% 20.9% 17.8% 110% 19.0% 170% 17.5% 17.5% 20.0% 181% 16.0% 160% Beek valor pet unt $807 56 21 $629 3650 5653 36.53 $602 5670 56 80 $889 38.88 57 24 17 82 Thittes took vas per unit $391 64.14 54.31 5466 5467 $4.85 3465 3163 5482 $4 59 54.57 54411 3455 OsuOurico per unt S112 50 16 30.18 50 16 $120 $1.83 $0.16 50.16 30 16 $1.74 5222 $2.70 $297 OstribuSon payout ratio 569% 34.2% 304% 495% 165.0% 62.2% 227% 219% 214% 2650% 78.2% 80.0% 800% Prolnabllify: Economc nor neon (03) per unt $204 $102 $0 39 $051 $093 $2.64 $062 5085 $071 $071 $270 $260 $284 DertrOutsbN Smogs (OE) pet old 5200 $050 $0.58 30 32 $073 $2.11 $070 $0 73 30 75 $0 66 $284 $338 33 72 Fee.rektted evongs (FREI per wit 5041 5008 50.06 5008 30.09 10.31 $0.10 50.12 50 15 50.15 5052 $0.58 $077 &MA 7298 183 2 150,8 122.7 277.2 7039 245 5 255.7 2638 285 2 1.030.3 1.1002 1.275.3 flRE (Pretax) 189.5 362 26.4 401 353 1410 456 562 85.3 648 2309 2439 335.4 FRE moron (pretax) 157% 132% 85% 128% 11.8% 11.6% 13.7% 161% 184% 17.6% 165% 15.4% 185% Economc ncome margn (testa) 380% 46.2% 307% 316% 42.7% 392% 380% 389% 402% 39.9% 39.3% 38.0% 385% Base ccerp raw 588% 58.5% 531% 538% 54.8% 54.6% 536% 524% 512% 525% 52.4% 54.8% 544% lumbar coop rato 473% 40.0% 478% 513% 40.0% 43.3% 400% 400% 400% 40.0% 400% 40.0% 400% Taal COM fat 50 6% 44 7% 497% 524% 45.2% 47.4% 454% 450% 444% 45.0% 44.9% 484% 472% Balimo• Sine: EOP Assets 4.6060 5.1325 5175.2 5.9410 6.047.6 6.0476 6.3383 6.643.5 6664.0 7.3005 7.3005 8.7137 9.476.9 EOPTontobls Assets 4.1155 4,4824 4.550.6 53607 5.461.5 54615 57229 5907 3 8.165.5 85880 6.5680 7.8568 8545.1 EOP LeapterrnDebt 00 NS 2 8962 898.2 898.2 898 2 888.2 8982 898.2 898 2 895 2 ele 2 898.2 EOPEquty (Partneri.' Opts, 1.6927 1.9498 1,991.2 2048 7 20507 2050 7 2.0700 20104 2,1126 2134 7 2.1317 2.2235 2.309.5 EOPTangible eludf 1.201 6 1.2997 1393.8 1.4684 1.4646 1.46.8 1.4548 1.444.2 1431.1 14223 1.4=3 1.3686 1377.6 Cash per und $184 $182 $1.81 $272 $278 $2.77 $293 $309 $325 $3.43 $341 $4.15 $458 CretvElfl 00r IN 12x 18x 081. 12x Othr 094 OStx OS. OW 08. 07x Gluey/Assn 304% 380% 3898 345% 33.9% 33.9% 327% 315% 303% 20.2% 29.2% 25.5% 244% Return on and3 (Rite 332% 16.0% 63% 79% 14.2% 43.0% 94% 06% 106% 10.4% 393% 39.9% 372% Return on TanOtte WAY (ROTE) 523% 25.6% 92% 113% 19.9% 81.1% 132% 140% 154% 15.5% 591% 64.9% 624% Key FundamentalDriver Assets under 'Apt (AuMI 170.158 176.313 180.448 185.024 200.067 200.087 212 293 224.842 236,351 249.385 249.355 295.274 343.976 Poe-pays g Audi IFF6039 123121 122.904 132.024 137.924 143.042 143.042 147.335 151.891 158.396 161.746 161.748 178.714 197.346 Net &ors lc, AuM -8 601 1033 .279 .742 .1.493 -1304 3.356 3741 6331 4.435 14,264 13.438 13198 AuM organs rya, rats (annuatod) 2.0% .00% -16% -3 1% ' .08% 68% 59% 59% 7.4% 71% 5.4% 45% Nat lbws to FFIkuM .5293 139 8,462 8049 1 379 14020 3,447 3.280 3.306 4.213 14,339 15.189 18868 FPAuMceganc gr.:moth FM (annulated) 0.5% 270% 122% 40% ' 11.4% 98% 69% $ 0% 106 10.0% 9.4% 03% Avg Ron fee rate co FPAuld r 077% 079% 070% 081% 082%' 074% 082% 0.82% 082% 082% 078% 080% 085% COMIT20:1captal(cared cleptwocl) 11.731 6.702 1.640 2.030 4,001 14 373 3,323 3.423 3.529 3.740 14.015 12626 13.713 Gross resitirons 23,528 5.599 5./71 4.713 5.633 21.715 3.721 3.952 4.169 4.407 16.339 20.351 20.738 Unsalted rapts1(thy pewdet) 43934 48.198 49.015 51.147 52.273 52273 52.952 51665 54.523 55.621 55.621 60944 64,592 Sand Co-4,ov reports nor OrrubdIr &int Page 52 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0109738 CONFIDENTIAL SDNY_GM_00255922 EFTA01452603