EFTA01452632.pdf

28 January 2014 Brokers. Asset Managers & Exchanges Alternative Asset Manager Initiation the large Vllb fund at the time. Still, we expect OAK's revenue growth to be modestly stronger, and the high proportion of fee income in the mix (at over 50%) will remain a long-term positive, helping to support a valuation closer to traditional asset managers. 'Figure 14: OAK - DB forecasts for El by segment & revenue by type Plug Pretax Economic Income (B) CAGR Segments 2012 2013E 2014E 2016E 2016E 2012-16E kriestrren1Marrl 4717 $1,011 $704 $753 $805 29% Average Segments Pretax B Business Mix 2012-16E West/Toni Mgnt 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Revenues by Type CAGR Segments 2012 2013E 2014E 2016E 2012.16E Fees 49% Curled Interest & ncentkes 4461 $956 $611 $853 $889 10.6% Rincipald other imam 5171 $192 $72 $74 $82 -16.9% Total 51.380 51.883 $1.492 $1,581 $1.677 SA% Average Segments Revenue Mix by Type 2012.16E Fees 54.2% 39.1% 54.2% 54.0% 54.0% 51.1% uiod Naos' b hcentierts 33.4% 598% 41.0% 41.3% 41.1% 41.5% Rime's'6 other imam 124% 10.2% 4.8% 4.7% 4.9% 7A% Twat 100.0% 1009% 100.0% 100.0% 100.0% 103.0% so,rw came",nscesenecrasen. are Deutsche Bank Securities Inc. Page 17 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SONY-0109784 CONFIDENTIAL SDNY_GM_00255968 EFTA01452632