HOUSE_OVERSIGHT_025578.jpg

Morgan Stanley | sesearcs NORTH AMERICA INSIGHT ~~ Appendix B: Valuation of Alternative Managers - What@in the Price? Exhibit 48: Exhibit 49: Covered Alternative Asset managers NTM Relative P/E Covered Alternative Asset managers NTM Absolute P/E Alts NTM P/E Ratios Relative to Trad. AMs and S&P Alts P/E Ratios 500 20.0% Alts NTM P/E Relative to Trad. ——-Alts NTM P/E Relative to S&P 500 eee. Alts Avg. FY1 P/E ——-Alts Avg. FY2 P/E ——Alts Avg. NTM P/E 10.0% 25x 9 0.0% . r r r r r r r r r r r r r r 20x -10.0% Relative to -20.0% Trad. ,- 27% 15x FY PIE, 730.0% Relative to 10x NTM PIE, -40.0% = S&P,- 45% 10.1x r. 5x FY2 P/E, -50.0% : f 10.1x 60.0% Ox ; T 1 1 T 1 T T T r r r r r r ere3reseesees Fee ees & erraaneneses FT © HW © © ER > ys Ss y» ys» y» y» > ys > y» > Y oY FY FY FY FY YF FY TY FY FY FY FY ¥ FT > > > >a F DP FSF FP F DB SF DB SP BD DB 2822823238283 283828 2 ess FS SRE R HFEF SESE B Source: Company Data, Thomson Reuters, Morgan Stanley Research estimates Source: Company Data, Thomson Reuters, Morgan Stanley Research estimates HOUSE_OVERSIGHT_025578