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' KEY METRICS 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 PO c9A 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 01 79 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