Epstein Secrets

Our 1x TBV multiple represents a 0.3x discount to our median multiple for our universe. Our discount to TBV is a reflection of the earnings drag from Holdings and the fact that money centers will most likely continue to trade at a discount to regional peers. Our 11x 16E multiple is based on a sum of the par

acquisitions. Bankof America Merrill Lynch 2016 Future of Financials Conference | 17 November 2016 65 HOUSE_OVERSIGHT_014379 --- PAGE BREAK --- Citigroup Inc. (C) We use a three-factor valuation framework (P/E, P/TBV, DCF} to arrive at our $60 PO, assigning a 0.9x multiple to 2017E TBV and 11x multiple on

ional Class A shams in one or more future primary offerings. Our managing partners and contributing partners. through their partnership interests in Holdings. owned an aggregate of 65.9% of the Apollo Operating Group units as of December 31. 2011. Subject to certain procedures and restrictions (including

PI Business. On November 12. 2010. Apollo completed the acquisition of the CPI business. which was the real estate investment management business of Citigroup Inc. The CPI business had AUM of approximately 53.5 billion as of December 31. 2011. CPI is an integrated real estate investment platform with investment

ging Partners can receive other forms of compensation. Any additional consideration will be paid to them in their proportional ownership interest in Holdings. Additionally. 85% of any tax savings APO Corp. recognizes as a result of the tax receivable agreement will be paid to any exchanging or selling Man

pollo completed the acquisition of substantially all of the assets of Citi Property Investors ("CM"). the real estate investment management group of Citigroup Inc. CPI had AUM of approximately $3.6 billion as of December 31. 2010. CPI is an integrated real estate investment platform with investment professional

dditional 240.1300000 Class A shares added to the diluted earnings per share calculation. Apollo has one Class B share outstanding. which is held by Holdings. The voting power of the Class B share is reduced on a one vote per one AOG Unit basis in the event of an exchange of AOG Units for Class A shares,

stributed from SOMA. Due from Real Estate Funds In connection with the acquisition of CPI during November 2010. Apollo is contingently obligated to Citigroup Inc. based on a specified percentage of future earnings from the date of acquisition through December 31. 2012. The estimated fair value of the contingen