Epstein Secrets

3-2495; Hag Kong +852 2848-5999 Latin America +1 718 759-5444 (U.S.)-, union +44 (0)20-7425-8169: Singapore +65 68346860, Sydney +61 (0)2-9770-1505: Tokyo +81 (0)3-6836-9303. Alternalnely you may contact your imestment representatne a Maw Stanley Research* 1585 Broadway. (Attention: Research Management

ndict in the past has entered into an agreement to pride senices a has a chant relationship with the fdlowirg company. AllianoeBernstein Holdng LP.. Apollo Global Management LLC. Ares Management, LP., BlackRock Inc., Federated !mesh:es, Inc., Franldin Resources Inc., !mesa, Janis Capital Grow Inc., KKR & CO. LP.. Legg Mason

CF to estimate future carry and apply discount rate to represent volatile nature of carry; 10% haircut on accrued carry; 10% haircut on B/S assets. Apollo Global Management Upside risks include better FPAuM growth, accelerated capital deployment and better returns. Downside risks: declining valuations reduce cash earnings (few

EL ADJUSTMENT TRANSACTION PROCESSED BY AMERICAN EXPRESS -14130 05/31/19 JEFFREY E EPSTEIN EIRMSH AIRWAYS ARC US USA BRMSH AIRWAYS From: To: TOKYO NARITA APT LONDON HEATHROW AP Ticket Number: Passenger Name: Document Type SUPPORTED REFUND Carrier Class: BA Date of Departure: 05/30 -538.7

RE NEW YORK NY 314608 COMPUTER STORE 04/08/19 UNLEASHED 5706557060 73063557060 NEW YORK NY 348.66 000-0000000 04/08/19 JR Management Inc. Al Management Long Island City NY $9-36 7183927000 04/08/19 ALL TAXI MANAGEMENT ALL TAXI MANAGE 41-25 36TH STUC NY 310.56 718-361-0055 04/09/19 SEAMLSS

$12.33 $14 13.5 137 17 46 Mean (Excl. HLNE, JHG, WETF), (Market Cap, EV and AuM equals Total) (2.1) 176.0 9,804 Median (Excl. HLNE, JHG, WETF) (3.6) Apollo Global Mgmt APO Ow $36.42 $42 403 14.7 242 Ares Mgmt. ARES EW $24.70 $20 216 5.3 106 3 Blackstone Group BX OW $40 1,199 387 a Carlyle Group CG OW $33 343 174 s K

2495; Hong Kong +852 2848-5999; Latin America +1 718 754-5444 (U.S.); London +44 (0)20-7425-8169; Singapore +65 6834-6860; Sydney +61 (0)2-9770-1505; Tokyo +81 (0)3-6836-9000. Alternatively you may contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Ma

ERSIGHT_025586 --- PAGE BREAK --- Morgan Stanley | RESEARCH INDUSTRY COVERAGE: Brokers & Asset Managers COMPANY (TICKER) Michael J. Cyprys, CFA, CPA Apollo Global Management LLC (APO.N) Ares Management, L.P. (ARES.N) BlackRock Inc. (BLK.N) Charles Schwab Corp (SCHW.N) E*Trade Financial Corp (ETFC.O) Franklin Resources Inc. (