28 January 2014 Brokers, Asset Managers & Exchanges Alternative Asset Manager Initiation [Figure 26: DB Sum of the Parts Valuation Analysis for CG Fee-related Earrings. Balance sheet value at 3013 Atlertax Feel/sea Earnings (2014E) $162 Finc pal nvestrrents $903 per unit $0 52 Accrued cagy 51.535 Assigned Fwd RE 165x Total BV 52.438 Value per tire $8.57 Assonod BV mutple 1.25x Value 53.048 Carted rawest earnings per unit $979 twisted capital • dry powder at 3013 591.164 Assured ACC 2 Ox Total SCPValue 536 16 Carry rate 20% avers pace $3604 Oxrp rale 40% SCPvs current pce 03% twestment Wigan (Y(5) 60 Value 510 940 Vitt avg units 2014 311 3 FV 55542 FY per we 517 8t Son Dann ewe {Figure 27: DB Sum of the Pans Valuation Analysis for KKR Fee. reefed Earrings Balance sneet value at 3013 Attertax Fee-reisted Earnings (2014E) $412 FYincpal nvestments 54.987 per Ln4 SO 58 Accrued carry 5971 Assigned Fwd RE 165x Total BV 55.958 Value per uni1 S9 56 Assigned 8V mulple 125x Value 57.447 Carried Merest camas per unit $1048 Wasted capital • dry powder at 3013 566.804 ASSUmee MCC 2 Ox Total SOP Value $25 74 Carry rate 20% Currert pee 524 56 Oxrp rate 40% SOPys current yxce 48% hot:raiment Widen (yrs) 60 Value 58016 Vitd avg units 2014 710 9 Pv 54.061 Pc, per tell $571 Same pass. to* iFigure 28: DB Sum of the Parts Valuation Analysis for OAK Fee-rated exangs Alleftax Fee-reared Earnings (2014E) per unit AssIgned Fwd RE Vake per uni $67 $045 165x (Seance Sheet value at 3013 Pene pal nvestmentS Accrued carry Total BV ASSOned BV twice Value 51,112 51,306 $2,418 1 25x 53.022 ar. Caged Merest ea t was per unit 520 35 boasted captal • dry powder at 3013 547.058 Assumed MCC 2 Or Total SOP Value 547 47 Crary rate 20% Current once 558 88 Caro rate 40% SCPvs current pnce • 194% nvestmeni rtreon (yrs) 60 Value $6755 VrtO avg units 2014 148 5 Ps/ 52.