Preliminary Draft – Not for Reliance; Subject to Change and Further Review Exhibit (c)(4) Project Atlas – Preliminary Oslo Valuation Materials November 2018Preliminary Draft – Not for Reliance; Subject to Change and Further Review Exhibit (c)(4) Project Atlas – Preliminary Oslo Valuation Materials November 2018

Preliminary Draft – Not for Reliance; Subject to Change and Further Review Executive Summary § Based on our preliminary analysis, we would select a transaction price in a range of $49 to $53 per Oslo unit – Consistent with market-based and intrinsic valuation methodologies – Implies a ~20% to ~30% premium to current trading levels, which is in line with precedent transactions over the last five years § Our valuation work includes analysis of trading comparables, precedent transactions, premia paid and discounted cash flows § We have relied on the research analyst estimates for Oslo and its peers and, additionally, used Management’s 2018 – 2020 forecasts, provided by Oslo on 11/14/2018 – No due diligence has been conducted to date on the management projections, and as such our views are preliminary § Key considerations include the following – Timing: historical trading levels; future expectations – Management forecast: comparison to street consensus estimates; timing and view of credit cycle – Current market (trading) valuation for the sector 2Preliminary Draft – Not for Reliance; Subject to Change and Further Review Executive Summary § Based on our preliminary analysis, we would select a transaction price in a range of $49 to $53 per Oslo unit – Consistent with market-based and intrinsic valuation methodologies – Implies a ~20% to ~30% premium to current trading levels, which is in line with precedent transactions over the last five years § Our valuation work includes analysis of trading comparables, precedent transactions, premia paid and discounted cash flows § We have relied on the research analyst estimates for Oslo and its peers and, additionally, used Management’s 2018 – 2020 forecasts, provided by Oslo on 11/14/2018 – No due diligence has been conducted to date on the management projections, and as such our views are preliminary § Key considerations include the following – Timing: historical trading levels; future expectations – Management forecast: comparison to street consensus estimates; timing and view of credit cycle – Current market (trading) valuation for the sector 2

Preliminary Draft – Not for Reliance; Subject to Change and Further Review Indicative Valuation Summary IMPLIED P / (4) 2019E ENI RANGE METHODOLOGY IMPLIED SHARE PRICE RANGE Current: $40.33 52-Week Trading Range 10.3x 12.5x $38.65 $46.80 Analyst Price Targets 9.3x 11.5x $34.90 $42.96 Discounted for one year at cost of equity of 11.7% 9.4x 12.0x Trading Comparables $35.00 $45.00 (1) Sum of the Parts 12.6x 15.0x $47.22 $56.23 Separately values FRE, incentive fees and balance sheet Berlin Methodology 10.2x 13.4x $38.00 $50.00 Trading Comparables (1) Sum of the Parts 13.5x 16.1x $50.38 $60.18 Separately values FRE, incentive fees and balance sheet DCF Analysis - Adjusted Research Model 12.3x 14.4x $46.03 $53.69 (2) 15.0x - 20.0x Term. FRE, 8.0x - 10.0x Term. Incen. Inc. Precedent Transactions 11.6x 13.7x $43.48 $51.38 11.0x - 13.0x P / 2019E DE (3) Premia Paid Analysis $49.84 $55.67 13.3x 14.9x 23.6% - 38.0% Premium $30.00 $35.00 $40.00 $45.00 $50.00 $55.00 $60.00 $65.00 Source: Company filings, Oslo management, Bloomberg, FactSet as of 11/15/2018, Wall Street research Notes: (1) Sum-of-the-parts analysis assumes balance sheet items valued at book (2) FRE WACC of 10.9%; Performance fees WACC: 16.4% (3) Based on 25th percentile to 75th percentile of precedent premiums paid 3 (4) Based on Oslo management forecasted ENI per share of $3.74 (tax-effected at assumed blended tax rate of 11.2%) Intrinsic and CoC Market-Based Valuation (excl. Control Valuation Premium) Management ConsensusPreliminary Draft – Not for Reliance; Subject to Change and Further Review Indicative Valuation Summary IMPLIED P / (4) 2019E ENI RANGE METHODOLOGY IMPLIED SHARE PRICE RANGE Current: $40.33 52-Week Trading Range 10.3x 12.5x $38.65 $46.80 Analyst Price Targets 9.3x 11.5x $34.90 $42.96 Discounted for one year at cost of equity of 11.7% 9.4x 12.0x Trading Comparables $35.00 $45.00 (1) Sum of the Parts 12.6x 15.0x $47.22 $56.23 Separately values FRE, incentive fees and balance sheet Berlin Methodology 10.2x 13.4x $38.00 $50.00 Trading Comparables (1) Sum of the Parts 13.5x 16.1x $50.38 $60.18 Separately values FRE, incentive fees and balance sheet DCF Analysis - Adjusted Research Model 12.3x 14.4x $46.03 $53.69 (2) 15.0x - 20.0x Term. FRE, 8.0x - 10.0x Term. Incen. Inc. Precedent Transactions 11.6x 13.7x $43.48 $51.38 11.0x - 13.0x P / 2019E DE (3) Premia Paid Analysis $49.84 $55.67 13.3x 14.9x 23.6% - 38.0% Premium $30.00 $35.00 $40.00 $45.00 $50.00 $55.00 $60.00 $65.00 Source: Company filings, Oslo management, Bloomberg, FactSet as of 11/15/2018, Wall Street research Notes: (1) Sum-of-the-parts analysis assumes balance sheet items valued at book (2) FRE WACC of 10.9%; Performance fees WACC: 16.4% (3) Based on 25th percentile to 75th percentile of precedent premiums paid 3 (4) Based on Oslo management forecasted ENI per share of $3.74 (tax-effected at assumed blended tax rate of 11.2%) Intrinsic and CoC Market-Based Valuation (excl. Control Valuation Premium) Management Consensus

Preliminary Draft – Not for Reliance; Subject to Change and Further Review Overview of Trading Comparables Valuation § In our trading comparables analysis we focused on a set of publicly-traded diversified alternative asset managers: Apollo, Ares, Blackstone, Carlyle and KKR – Particular focus on Ares, Blackstone and Apollo as more comparable § We have relied on equity research estimates and Management 2018 – 2020 forecasts – Management-provided forecasts for ENI and DE were adjusted for tax, to ensure consistency with consensus after-tax metrics § These multiples do not reflect a control premium § Key takeaways: – Market is valuing Oslo on a consistent basis with peers based on a current (2018) ENI basis – i.e. in the $40 / share range – Market generally not giving credit for Oslo’s stronger ENI growth expectation and future strong cash flow generation profile (particularly as expected by Management) – this would lead to values in the mid $40s to low $50s 4Preliminary Draft – Not for Reliance; Subject to Change and Further Review Overview of Trading Comparables Valuation § In our trading comparables analysis we focused on a set of publicly-traded diversified alternative asset managers: Apollo, Ares, Blackstone, Carlyle and KKR – Particular focus on Ares, Blackstone and Apollo as more comparable § We have relied on equity research estimates and Management 2018 – 2020 forecasts – Management-provided forecasts for ENI and DE were adjusted for tax, to ensure consistency with consensus after-tax metrics § These multiples do not reflect a control premium § Key takeaways: – Market is valuing Oslo on a consistent basis with peers based on a current (2018) ENI basis – i.e. in the $40 / share range – Market generally not giving credit for Oslo’s stronger ENI growth expectation and future strong cash flow generation profile (particularly as expected by Management) – this would lead to values in the mid $40s to low $50s 4

Preliminary Draft – Not for Reliance; Subject to Change and Further Review Peer Trading Multiples Benchmarking PRICE TO ECONOMIC NET INCOME MULTIPLES 2018E Median: 13.2x (2) 21.6x 2019E Median: 9.9x 2020E Median: 8.4x 15.5x 13.3x 13.1x 11.0x 10.9x 10.7x 9.8x 9.7x 9.2x 9.2x 9.1x 9.1x 8.8x 8.5x 8.4x 6.4x 6.0x NM Oslo Oslo ARES BX APO KKR CG (1) (1) (Mgmt.) (Consensus) PRICE TO DISTRIBUTABLE EARNINGS MULTIPLES 2018E Median: 12.6x 15.6x 2019E Median: 11.0x 14.5x 14.0x 2020E Median: 10.2x 12.6x 12.3x 12.3x 11.5x 11.4x 11.3x 10.9x 11.0x 11.0x 10.6x 10.2x 10.2x 9.8x 9.5x 9.6x 8.9x 7.1x 6.6x Oslo Oslo ARES BX APO KKR CG (3) (3) (Mgmt.) (Consensus) 2018E 2019E 2020E Source: Oslo management, FactSet as of 11/15/2018, Wall Street research Notes: Management ENI and DE figures tax-affected based on assumed blended tax rates for FRE and Net Incentive Fees of 9.3%, 11.2% and 13.1% in 2018E, 2019E and 2020E, respectively (1) 2018E ENI per share of $3.03 and $2.86 for mgmt. and consensus, respectively; 2019E ENI per share of $3.74 and $3.88 for mgmt. and consensus, respectively; 2020E ENI per share of $4.28 and $4.55 for mgmt. and consensus, respectively (2) Earnings hit driven by poor performance in public portfolio, primarily attributable to large holding in ADT that underperformed in Q1-2018 (3) 2018E DE per share of $3.69 and $3.53 for mgmt. and consensus, respectively; 2019E DE per share of $3.91 and $3.65 for mgmt. and consensus, respectively; 5 2020E DE per share of $4.03 and $4.15 for mgmt. and consensus, respectivelyPreliminary Draft – Not for Reliance; Subject to Change and Further Review Peer Trading Multiples Benchmarking PRICE TO ECONOMIC NET INCOME MULTIPLES 2018E Median: 13.2x (2) 21.6x 2019E Median: 9.9x 2020E Median: 8.4x 15.5x 13.3x 13.1x 11.0x 10.9x 10.7x 9.8x 9.7x 9.2x 9.2x 9.1x 9.1x 8.8x 8.5x 8.4x 6.4x 6.0x NM Oslo Oslo ARES BX APO KKR CG (1) (1) (Mgmt.) (Consensus) PRICE TO DISTRIBUTABLE EARNINGS MULTIPLES 2018E Median: 12.6x 15.6x 2019E Median: 11.0x 14.5x 14.0x 2020E Median: 10.2x 12.6x 12.3x 12.3x 11.5x 11.4x 11.3x 10.9x 11.0x 11.0x 10.6x 10.2x 10.2x 9.8x 9.5x 9.6x 8.9x 7.1x 6.6x Oslo Oslo ARES BX APO KKR CG (3) (3) (Mgmt.) (Consensus) 2018E 2019E 2020E Source: Oslo management, FactSet as of 11/15/2018, Wall Street research Notes: Management ENI and DE figures tax-affected based on assumed blended tax rates for FRE and Net Incentive Fees of 9.3%, 11.2% and 13.1% in 2018E, 2019E and 2020E, respectively (1) 2018E ENI per share of $3.03 and $2.86 for mgmt. and consensus, respectively; 2019E ENI per share of $3.74 and $3.88 for mgmt. and consensus, respectively; 2020E ENI per share of $4.28 and $4.55 for mgmt. and consensus, respectively (2) Earnings hit driven by poor performance in public portfolio, primarily attributable to large holding in ADT that underperformed in Q1-2018 (3) 2018E DE per share of $3.69 and $3.53 for mgmt. and consensus, respectively; 2019E DE per share of $3.91 and $3.65 for mgmt. and consensus, respectively; 5 2020E DE per share of $4.03 and $4.15 for mgmt. and consensus, respectively

Preliminary Draft – Not for Reliance; Subject to Change and Further Review Trading Comparables Valuation Summary PER MULTIPLE SHARE RANGE METHODOLOGY IMPLIED SHARE PRICE RANGE METRIC Current: $40.33 $35.00 $45.00 2018E $33.22 $45.30 $3.02 11.0x 15.0x 2019E $4.31 10.0x 11.0x $43.10 $47.41 2020E $37.32 $41.71 $4.39 8.5x 9.5x 2018E $40.60 $52.96 $3.53 11.5x 15.0x 2019E $36.45 $51.03 $3.65 10.0x 14.0x 2020E $37.35 $51.88 $4.15 9.0x 12.5x $37.00 $51.00 $35.00 $45.00 2018E $33.33 $45.45 $3.03 11.0x 15.0x $37.39 $41.13 2019E $3.74 10.0x 11.0x $36.40 $40.68 2020E $4.28 8.5x 9.5x $40.00 $55.00 $42.38 $55.28 2018E $3.69 11.5x 15.0x $39.12 $54.77 2019E $3.91 10.0x 14.0x $36.31 $50.43 2020E $4.03 9.0x 12.5x $25.00 $35.00 $45.00 $55.00 $65.00 Source: Company filings, Oslo management, Bloomberg, FactSet as of 11/15/2018, Wall Street research Note: (1) Tax-affected based on assumed blended tax rates for FRE and Net Incentive Fees of 9.3%, 11.2% and 13.1% in 2018E, 2019E and 2020E, respectively 6 (1) Management Consensus Distributable Economic Net Distributable Economic Net Earnings Income Earnings IncomePreliminary Draft – Not for Reliance; Subject to Change and Further Review Trading Comparables Valuation Summary PER MULTIPLE SHARE RANGE METHODOLOGY IMPLIED SHARE PRICE RANGE METRIC Current: $40.33 $35.00 $45.00 2018E $33.22 $45.30 $3.02 11.0x 15.0x 2019E $4.31 10.0x 11.0x $43.10 $47.41 2020E $37.32 $41.71 $4.39 8.5x 9.5x 2018E $40.60 $52.96 $3.53 11.5x 15.0x 2019E $36.45 $51.03 $3.65 10.0x 14.0x 2020E $37.35 $51.88 $4.15 9.0x 12.5x $37.00 $51.00 $35.00 $45.00 2018E $33.33 $45.45 $3.03 11.0x 15.0x $37.39 $41.13 2019E $3.74 10.0x 11.0x $36.40 $40.68 2020E $4.28 8.5x 9.5x $40.00 $55.00 $42.38 $55.28 2018E $3.69 11.5x 15.0x $39.12 $54.77 2019E $3.91 10.0x 14.0x $36.31 $50.43 2020E $4.03 9.0x 12.5x $25.00 $35.00 $45.00 $55.00 $65.00 Source: Company filings, Oslo management, Bloomberg, FactSet as of 11/15/2018, Wall Street research Note: (1) Tax-affected based on assumed blended tax rates for FRE and Net Incentive Fees of 9.3%, 11.2% and 13.1% in 2018E, 2019E and 2020E, respectively 6 (1) Management Consensus Distributable Economic Net Distributable Economic Net Earnings Income Earnings Income

Preliminary Draft – Not for Reliance; Subject to Change and Further Review Sum-of-the-Parts Analysis § Methodology based on valuing FRE and incentive income at different multiples, and balance sheet held investments and assets at their carried value § Berlin’s stated methodology of 20x / 10x reflects the high-end of our range, and yields values in the $55 – $60 range § Currently, market appears to be giving little weight to this type of methodology Metric Illustrative Implied Equity Value Range ($ in millions, except per share data) Management Consensus Multiple Range Management Consensus (1) (2) $193 $192 15.0x 20.0x $2,898 $3,864 $2,884 $3,846 2019E After-Tax Fee-Related Earnings (3) (2) 311 248 8.0x 10.0x 2,484 3,105 1,987 2,484 2019E After-Tax Perf. Fee Earnings (4) 1,720 1,720 1.0x 1.0x 1,720 1,720 1,720 1,720 Q3'18 Investments in Funds (5) 787 787 1.0x 1.0x 787 787 787 787 Q3'18 After-Tax Net Accrued Incentives (6) 267 267 1.0x 1.0x 267 267 267 267 Q3'18 Net Cash Total Equity Value $8,156 $9,743 $7,646 $9,104 (7) 161.902 161.902 161.902 161.902 Shares Outstanding (M) Implied Value Per Share $50.38 $60.18 $47.22 $56.23 Current Share Price $40.33 Implied Premium 24.9% 49.2% 17.1% 39.4% Source: Company filings, Wall Street research, FactSet as of 11/05/2018 Notes: Excludes value attributable to shadow AUM; Consensus 2019E earnings metrics represent average of broker estimates (1) Net of equity-based compensation. Includes 20% share of Dublin earnings; tax-affected at 8% as per 2019E consensus FRE tax rate (2) High end of range based on Berlin September 2018 Investor Day Presentation assumptions (3) Reflects realized incentive income, net of incentive compensation; tax-affected at 10% as per 2019E consensus net incentive income tax rate (4) Reflects total corporate investments of Oslo and operating subsidiaries (excluding Dublin investment, which is accounted for in FRE); does not reflect consolidating eliminations; assumes market value equal to book value for illustrative purposes (5) Tax-affected at 14% as per average net incentive income tax rate over the 2019E – 2023E projection period (6) Includes $543M in cash, $470M in treasuries, and $746M in debt obligations (7) Includes 71.5M Class A shares, 85.6M Class B shares, and 4.8M RSUs 7Preliminary Draft – Not for Reliance; Subject to Change and Further Review Sum-of-the-Parts Analysis § Methodology based on valuing FRE and incentive income at different multiples, and balance sheet held investments and assets at their carried value § Berlin’s stated methodology of 20x / 10x reflects the high-end of our range, and yields values in the $55 – $60 range § Currently, market appears to be giving little weight to this type of methodology Metric Illustrative Implied Equity Value Range ($ in millions, except per share data) Management Consensus Multiple Range Management Consensus (1) (2) $193 $192 15.0x 20.0x $2,898 $3,864 $2,884 $3,846 2019E After-Tax Fee-Related Earnings (3) (2) 311 248 8.0x 10.0x 2,484 3,105 1,987 2,484 2019E After-Tax Perf. Fee Earnings (4) 1,720 1,720 1.0x 1.0x 1,720 1,720 1,720 1,720 Q3'18 Investments in Funds (5) 787 787 1.0x 1.0x 787 787 787 787 Q3'18 After-Tax Net Accrued Incentives (6) 267 267 1.0x 1.0x 267 267 267 267 Q3'18 Net Cash Total Equity Value $8,156 $9,743 $7,646 $9,104 (7) 161.902 161.902 161.902 161.902 Shares Outstanding (M) Implied Value Per Share $50.38 $60.18 $47.22 $56.23 Current Share Price $40.33 Implied Premium 24.9% 49.2% 17.1% 39.4% Source: Company filings, Wall Street research, FactSet as of 11/05/2018 Notes: Excludes value attributable to shadow AUM; Consensus 2019E earnings metrics represent average of broker estimates (1) Net of equity-based compensation. Includes 20% share of Dublin earnings; tax-affected at 8% as per 2019E consensus FRE tax rate (2) High end of range based on Berlin September 2018 Investor Day Presentation assumptions (3) Reflects realized incentive income, net of incentive compensation; tax-affected at 10% as per 2019E consensus net incentive income tax rate (4) Reflects total corporate investments of Oslo and operating subsidiaries (excluding Dublin investment, which is accounted for in FRE); does not reflect consolidating eliminations; assumes market value equal to book value for illustrative purposes (5) Tax-affected at 14% as per average net incentive income tax rate over the 2019E – 2023E projection period (6) Includes $543M in cash, $470M in treasuries, and $746M in debt obligations (7) Includes 71.5M Class A shares, 85.6M Class B shares, and 4.8M RSUs 7

Preliminary Draft – Not for Reliance; Subject to Change and Further Review Share Price Performance Since IPO 52-Week Trading $65.00 Global market Broad market uplift Market uplift decline and in anticipation of tax following tax- weakening yields reform and broad reform 10/06/2014: pressure markets deregulation Jay Wintrob named CEO $60.00 effective 11/01/2014 02/07/2018: Announced 5M share secondary through $55.00 Morgan Stanley 12/20/2017: Passage of the Tax Cuts and Jobs Act $50.00 52-Week High 03/04/2014: 02/06/2018: $46.80 Announced 5M $45.00 Class A unit offering 07/28/2015: $40.33 though BAML Announced Q2’15 results $41.55 (EPS of $0.44 missed estimates 17%); AUM up $40.00 13% y-o-y 07/28/2016: Announced Q2’16 results 52-Week Low 04/27/2017: (EPS of $0.79 beat 09/06/2018: $38.65 $35.00 Announced Q1’17 estimates by 41%); AUM results (EPS of $0.82 down 5% LTM beat estimates by 6%); lower AUM than estimated $30.00 10/26/2017: Announced Q3’17 results (EPS of $0.67 $25.00 beat estimates by 20%); fee growth delayed $20.00 May-12 Nov-12 May-13 Nov-13 May-14 Nov-14 May-15 Nov-15 May-16 Nov-16 May-17 Nov-17 May-18 Nov-18 Source: FactSet as of 11/15/2018 Note: 52-Week High and Low based on intraday prices 8Preliminary Draft – Not for Reliance; Subject to Change and Further Review Share Price Performance Since IPO 52-Week Trading $65.00 Global market Broad market uplift Market uplift decline and in anticipation of tax following tax- weakening yields reform and broad reform 10/06/2014: pressure markets deregulation Jay Wintrob named CEO $60.00 effective 11/01/2014 02/07/2018: Announced 5M share secondary through $55.00 Morgan Stanley 12/20/2017: Passage of the Tax Cuts and Jobs Act $50.00 52-Week High 03/04/2014: 02/06/2018: $46.80 Announced 5M $45.00 Class A unit offering 07/28/2015: $40.33 though BAML Announced Q2’15 results $41.55 (EPS of $0.44 missed estimates 17%); AUM up $40.00 13% y-o-y 07/28/2016: Announced Q2’16 results 52-Week Low 04/27/2017: (EPS of $0.79 beat 09/06/2018: $38.65 $35.00 Announced Q1’17 estimates by 41%); AUM results (EPS of $0.82 down 5% LTM beat estimates by 6%); lower AUM than estimated $30.00 10/26/2017: Announced Q3’17 results (EPS of $0.67 $25.00 beat estimates by 20%); fee growth delayed $20.00 May-12 Nov-12 May-13 Nov-13 May-14 Nov-14 May-15 Nov-15 May-16 Nov-16 May-17 Nov-17 May-18 Nov-18 Source: FactSet as of 11/15/2018 Note: 52-Week High and Low based on intraday prices 8

Preliminary Draft – Not for Reliance; Subject to Change and Further Review Analysis at Various Prices Premium to Current Share Price 0% 15% 20% 25% 30% 35% Implied Offer Price $40.33 $46.38 $48.40 $50.41 $52.43 $54.45 (1) Implied Equity Value $6,530 $7,509 $7,835 $8,162 $8,488 $8,815 Implied Enterprise Value $6,663 $7,642 $7,969 $8,295 $8,622 $8,948 Management Forecast Price / ENI (Management) Metric ($M) 2018E ENI $491 13.3x 15.3x 16.0x 16.6x 17.3x 18.0x 2019E ENI $612 10.7x 12.3x 12.8x 13.3x 13.9x 14.4x 2020E ENI $708 9.2x 10.6x 11.1x 11.5x 12.0x 12.5x Research Consensus Estimates Price / ENI (Consensus) Metric ($M) 2018E ENI $498 13.1x 15.1x 15.7x 16.4x 17.1x 17.7x 2019E ENI $715 9.1x 10.5x 11.0x 11.4x 11.9x 12.3x 2020E ENI $746 8.8x 10.1x 10.5x 10.9x 11.4x 11.8x Management Forecast Price / DE (Management) Metric ($M) 2018E DE $597 10.9x 12.6x 13.1x 13.7x 14.2x 14.8x 2019E DE $640 10.2x 11.7x 12.2x 12.8x 13.3x 13.8x 2020E DE $667 9.8x 11.3x 11.8x 12.2x 12.7x 13.2x Research Consensus Estimates Price / DE (Consensus) Metric ($M) (2) 2018E DE $572 11.4x 13.1x 13.7x 14.3x 14.8x 15.4x (2) 2019E DE $596 11.0x 12.6x 13.1x 13.7x 14.2x 14.8x (2) 2020E DE $686 9.5x 10.9x 11.4x 11.9x 12.4x 12.9x Source: FactSet as of 11/15/2018 Notes: Management ENI and DE figures tax-affected based on assumed blended tax rates for FRE and Net Incentive Fees of 9.3%, 11.2% and 13.1% in 2018E, 2019E and 2020E, respectively (1) Based on fully diluted shares outstanding of 161.9M 9 (2) Based on distributable earnings per share research estimates and fully-diluted share count roll-forward, provided by OsloPreliminary Draft – Not for Reliance; Subject to Change and Further Review Analysis at Various Prices Premium to Current Share Price 0% 15% 20% 25% 30% 35% Implied Offer Price $40.33 $46.38 $48.40 $50.41 $52.43 $54.45 (1) Implied Equity Value $6,530 $7,509 $7,835 $8,162 $8,488 $8,815 Implied Enterprise Value $6,663 $7,642 $7,969 $8,295 $8,622 $8,948 Management Forecast Price / ENI (Management) Metric ($M) 2018E ENI $491 13.3x 15.3x 16.0x 16.6x 17.3x 18.0x 2019E ENI $612 10.7x 12.3x 12.8x 13.3x 13.9x 14.4x 2020E ENI $708 9.2x 10.6x 11.1x 11.5x 12.0x 12.5x Research Consensus Estimates Price / ENI (Consensus) Metric ($M) 2018E ENI $498 13.1x 15.1x 15.7x 16.4x 17.1x 17.7x 2019E ENI $715 9.1x 10.5x 11.0x 11.4x 11.9x 12.3x 2020E ENI $746 8.8x 10.1x 10.5x 10.9x 11.4x 11.8x Management Forecast Price / DE (Management) Metric ($M) 2018E DE $597 10.9x 12.6x 13.1x 13.7x 14.2x 14.8x 2019E DE $640 10.2x 11.7x 12.2x 12.8x 13.3x 13.8x 2020E DE $667 9.8x 11.3x 11.8x 12.2x 12.7x 13.2x Research Consensus Estimates Price / DE (Consensus) Metric ($M) (2) 2018E DE $572 11.4x 13.1x 13.7x 14.3x 14.8x 15.4x (2) 2019E DE $596 11.0x 12.6x 13.1x 13.7x 14.2x 14.8x (2) 2020E DE $686 9.5x 10.9x 11.4x 11.9x 12.4x 12.9x Source: FactSet as of 11/15/2018 Notes: Management ENI and DE figures tax-affected based on assumed blended tax rates for FRE and Net Incentive Fees of 9.3%, 11.2% and 13.1% in 2018E, 2019E and 2020E, respectively (1) Based on fully diluted shares outstanding of 161.9M 9 (2) Based on distributable earnings per share research estimates and fully-diluted share count roll-forward, provided by Oslo

Preliminary Draft – Not for Reliance; Subject to Change and Further Review Analysis at Various Prices (cont’d) Premium to Current Share Price 0% 15% 20% 25% 30% 35% Implied Offer Price $40.33 $46.38 $48.40 $50.41 $52.43 $54.45 (1) Implied Equity Value $6,530 $7,509 $7,835 $8,162 $8,488 $8,815 Implied Enterprise Value $6,663 $7,642 $7,969 $8,295 $8,622 $8,948 Premium / (Discount) to Trading Range 52-Week Trading Range Price 52-Week High (14%) (1%) 3% 8% 12% 16% $46.80 52-Week Low $38.65 4% 20% 25% 30% 36% 41% Premium / (Discount) to VWAP Volume-Weighted Average Price VWAP 5-Day VWAP (1%) 14% 19% 24% 29% 34% $40.69 10-Day VWAP $40.91 (1%) 13% 18% 23% 28% 33% 30-Day VWAP $41.49 (3%) 12% 17% 22% 26% 31% 90-Day VWAP $41.27 (2%) 12% 17% 22% 27% 32% Premium / (Discount) All-Time High / Low Price IPO Price $43.00 (6%) 8% 13% 17% 22% 27% All-Time High $62.30 (35%) (26%) (22%) (19%) (16%) (13%) All-Time Low $34.00 19% 36% 42% 48% 54% 60% Source: FactSet as of 11/15/2018 Notes: (1) Based on fully diluted shares outstanding of 161.9M 10Preliminary Draft – Not for Reliance; Subject to Change and Further Review Analysis at Various Prices (cont’d) Premium to Current Share Price 0% 15% 20% 25% 30% 35% Implied Offer Price $40.33 $46.38 $48.40 $50.41 $52.43 $54.45 (1) Implied Equity Value $6,530 $7,509 $7,835 $8,162 $8,488 $8,815 Implied Enterprise Value $6,663 $7,642 $7,969 $8,295 $8,622 $8,948 Premium / (Discount) to Trading Range 52-Week Trading Range Price 52-Week High (14%) (1%) 3% 8% 12% 16% $46.80 52-Week Low $38.65 4% 20% 25% 30% 36% 41% Premium / (Discount) to VWAP Volume-Weighted Average Price VWAP 5-Day VWAP (1%) 14% 19% 24% 29% 34% $40.69 10-Day VWAP $40.91 (1%) 13% 18% 23% 28% 33% 30-Day VWAP $41.49 (3%) 12% 17% 22% 26% 31% 90-Day VWAP $41.27 (2%) 12% 17% 22% 27% 32% Premium / (Discount) All-Time High / Low Price IPO Price $43.00 (6%) 8% 13% 17% 22% 27% All-Time High $62.30 (35%) (26%) (22%) (19%) (16%) (13%) All-Time Low $34.00 19% 36% 42% 48% 54% 60% Source: FactSet as of 11/15/2018 Notes: (1) Based on fully diluted shares outstanding of 161.9M 10

Preliminary Draft – Not for Reliance; Subject to Change and Further Review Points to Make to Berlin § Analysis is preliminary and based largely on public information and equity research § Key variables and considerations – Timing: current valuation in context – Internal Oslo forecasts vs. Street Consensus – Control premiums to market price – Berlin 20x / 10x valuation formula – Special Committee process 11Preliminary Draft – Not for Reliance; Subject to Change and Further Review Points to Make to Berlin § Analysis is preliminary and based largely on public information and equity research § Key variables and considerations – Timing: current valuation in context – Internal Oslo forecasts vs. Street Consensus – Control premiums to market price – Berlin 20x / 10x valuation formula – Special Committee process 11

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