28 January 2014 Brokers. Asset Managers & Exchanges Alternative Asset Manager Initiation Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst about the subject issuers and the securities of those issuers. In addition, the undersigned lead analyst has not and will not receive any compensation for providing a specific recommendation or view in this report. Brian Bedell Historical recommendations end target price: The Blackstone Group (BX N) (as of 1/27/2014) 35 00 30 00 25 00 8 E 20 03 lso --Nr'"\a, 2 10 03 500 000 Ja 12 Art 12 Jul 12 Oct 12 Api 13 Jul 13 Oct 13 Previous Recommendations Strong Buy Buy Market Perform Underperform Not Rated Suspended Rating Current Recommendations Buy Hold Sell Not Rated Suspended Rating 'New Recommendation Structure as of September 9.2002 I. 02/01/2012: Upgrade to Buy. Target Price Change USD19.00 3. 07/13/2012: Buy. Target Price Change USD16.00 2. 04/20/2012: Buy. Target Price Change USD17.00 4. 08/03/2012: No Recommendation, Target Price Change USD0.00 Historical recommendations and target price: Apollo Global Management (APO.N) (as of 1/27/2014) 40 00 35.00 30 00 8 25 03 4 20 00 co 15 00 10 00 500 000 Art 12 JO 12 Oct 12 avni Ja 12 Aix 13 Jul 13 Oct 13 I 07/13/2012: Buy. Target Price Change USD16.00 Previous Recommendations Strong Buy Buy Market Perform Underperform Not Rated Suspended Rating Current Recommendations Buy Hold Sell Not Rated Suspended Rating 'Now Recommendation Structure as of September 9.2002 2. 08/03/2012: No Recommendation. Target Price Change USD0.00 Pago 70 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0109837 CONFIDENTIAL SDNY_GM_00256021 EFTA01452663