28 January 2014 Brokers. Asset Managers & Exchanges Alternative Asset Manager Initiation Key Operating Metrics {Figure 40. BX Firm-wide Re Operating Metrics Forecasts INCOMESTATEMENT 2012 1013 2013 3013 4013E 2013E 10146 2014E 3014E 4014E 2014E 2010E 2016E/ KEY METRICS Badc: Ellectwe tax tale on B Book yak* get iiII Tanga» book value oei 59 Cvartuton 90 unit Datreartcel goyeut rat* 22% $751 $17 ' $072 77.0% 1.6% $755 $556 $030 882% 22% $7135 $589 $023 835% 23% 5815 $07 $023 890% 25% $861 $654 $047 886% 22% 502 9955 3121 870% 25% 3883 $677 $05 909% 25% $918 $714 $092 875% 25% 5964 $761 $049 880% 25% 11019 $817 $063 700% 25% 31020 $818 $195 37% 29% 51184 $900 $246 84.5% 2.5% 1125 $1091 $258 800% Profits %Illy: Econcox ne4 naorre (DB pee um $177 5055 5062 IOW $084 $258 $060 $084 $084 $101 $309 1324 $279 DatrOutode Earrings Re per unt $0.93 $0.34 $0.28 $0.20 $0,53 $140 $0.44 $048 50 57 $083 $233 12.91 $2.96 Fedarebbod 549024 (FRe peg um 5053 5011 5013 5014 5014 $033 5017 $019 $018 $017 $071 $05 $1 CO 901TDA 1307 7 437 7 4178 378 7 6683 1 9005 571.4 6174 723.1 1.0232 2.0351 3.504.6 3109.2 FR000545 700 3 137 7 106 4 1760 180 3 671 1 203.8 2397 232.7 238.1 9054 15127.8 1,54.0 ME rtargin (pretax) 29.2% 24.3% 292% 27.6% 254% 287% 5 3% 315% 315% 277% 300% 93.6% 33.8% &Gnaw men rear (palm) 93.2% 507% 502% 53A% 531% 51.9% 507% 508% 530% 525% 51,9% 51.3% 50.8% Base cony tali, 48,3% 530% 509% 503% 513% 51.3% 492% 49.7% 48.3% 501% 49A% 49.5% 43.9% ~we carp tabu 322% 3%7% 399% 30.9% 400% 382% 400% 40.3% 403% 403% 403% 4.1% 40.2% Taal Bono r410 38.014 402% 41,4% 365% 391% 39 .4% 396% 40.4% 39.8% 404% 40,1% 40.8% 39.0% SalanaShn: EDP Awed 13865 5 13,981 7 14.193 3 14103 5 114%2 11468 2 11840.6 19225.5 16 8271 17504.1 17504.1 18.4040 19143.4 EOPTargati A