turns well below historical average, slower capital deployment and weaker fundraising environment; full corp. tax rate in 2018. Exhibit 1: Bull to Bear Drivers Impact ($lshare) Bun 3200 0 23 134 114 075 4 .9 Target 23.00 Pncit 22.01 ID 49) (2 ICI) (043) KO Bear 15 00 45- flow — 50) Fundra