$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

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. (

elemundo, iVillage, Swirl, Daily Candy, and Fandango. *Eric Zinterhofer — *co-CEO, Searchlight Capital. Chm, Charter Communications. Fmr Sr Partner, Apollo Management. Boards: Central European Media Enterprises, Dish TV India. *Karl-Theodor zu Guttenberg*— fmr Minister of Defense, Germany. Fmr Minister o

n the intended recipient is prohibited. If you have received this email in error please contact the sender and delete the material from any computer. Apollo Global Management, LLC please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, an

n the intended recipient is prohibited. If you have received this email in error please contact the sender and delete the material from any computer. Apollo Global Management, LLC please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, an