28 January 2014 Brokers, Asset Managers & Exchanges Alternative Asset Manager Initiation Key Operating Metrics iFigure 5 i. F.KI9 Firm-wide '.ey Operating Metrics Forecasts INCOME SEAT U ENE --- Wf 101$ 2013 3013 4013E- Wig' 10143 20146 3014E 401JE 2014E 2115E 20I6E KEY METRICS &talc: Etfec% e tat me cn El 4.6% 31% 93% 19% 4.0% aen 40% 40% 40% 40% 40% 4,0% 40% 806 vent. pet on(' $987 3989 39.85 11007 310 20 310.20 310 33 $1045 $1066 31067 $10.67 310 78 11092 1064sO tto:4( vdte per um( Ds? tkr" per UN 1124 30 27 3043 3023 IOW 31.32 30 37 3039 3040 3044 $1.58 11.75 3183 Ets70.0on piescut moo 601% 661% 767% 656% 565% isse% 799% 811% 785% 795% 797% 643% 63.4% Profit* bully: ECcraic rtt =acne (ENi per ung 3290 9385 10.18 $014 10 96 12.67 30 56 3053 3059 3006 S2 33 $233 3232 Dsa bd.". Cornngs (CE)per 'all 3206 3041 30.66 3036 1068 12.01 3046 3048 3060 1056 31.99 3209 3219 Fee-rat" teenngs Into per unt 3031 3010 30.12 3013 30 10 $0.4* 30.13 3015 30 13 34117 93.58 1061 9363 EBITCA 15237 3019 4338 2634 1367 1.672.8 363.1 374 2 3950 Q85 1.5015 111305 1.702.4 FR2(0.901 319.6 68.0 962 1060 968 309.0 1122 1210 1093 1394 480.7 4996 5124 FRE moron (0643 i 36.8% 398% 4154 366% 363% 316% 39.5% 406% 335% 412% 400% 398% 39.4% Eccnomc income niter oretax) 63.3% 67.4% 468% 664% 83.8% 636% 60.1% 53.7% 56.2% 664% 662% 576% 54.0% ease Carp redo 33.1% 34.0% 340% 336% 350% 34.1% 37.1% 375% 37.8% 372% 374% 378% 37.4% hcenIke carp rello 40,6% 40.4% 39.1% 466% 400% 402% 40.0% 400% 40.0% 40.0% 400% 400% 366% roblcanUr.tp 29.6%. 26.4% 354% 262% 267% 220% 31.2% 371% 352% 359% 352% 325% 30.3% Balance Sheet EC0456-% 7997 8120 6.169 8.615 8.0:47 5.60) 8686 8.773 8.801 6949 8.949 ACO9 9.129 EC° tangtre Ane EOP tong-tent C40: 000 1.070 1.000 1.030 1.010 1.010 1.020