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Chart 11: Where do you think we are in the overall Real Estate cycle? 50% 40% 30% 20% 10% 0% Early innings with limited areas = Middle innings with a few —_Late innings with growing areas of concern pockets of concern of concern Source: BofA Merrill Lynch Global Research Investors like the growth, superior performance, & distributions When asked “What is the most attractive aspect of investing in an alternative asset manager?” investors like both attractive growth & superior performance and high dividends/distributions (both at 35%). Investors also like the long term locked up capital (18%), while low valuations and wide moats were less important (both at 6%). Chart 12: What is the most attractive aspect of investing in an alternative asset manager? 40% 35% 30% 29% 20% 15% 10% 5% 0% Attractive organic High Wide moats for Long term locked up Low valuations growth & superior —dividends/distributions established firms capital performance for shareholders Source: BofA Merrill Lynch Global Research Despite moderating distributions of late, most expect flat to higher in ‘17 When asked “Where do you think distributions for the industry will be in 2017 vs. 20162” investors expect roughly flat or up 5-15% (both at 37%), followed by down 5- 15% (21%). Few investors expect distributions to change more than 15% year-over- year. BankofAmerica <2” 8 2016 Future of Financials Conference | 17 November 2016 Merrill Lynch HOUSE_OVERSIGHT_014322