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  "documentTitle": "Perella Weinberg Oaktree Presentation Dec 2018",
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  "notes": "The chart illustrates how different look-back periods (2/3-year vs 3-year) and earnings components (IC vs IP) impact implied share prices compared to actual yearly average prices.",
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      "text": "NOMINAL IMPLIED SHARE PRICES AT ILLUSTRATIVE TRANSACTION MULTIPLES (13x FRE & 6.5x NET INCENTIVES)",
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      "text": "2/3-Year Look-back - IC, 2/3-Year Look-back - IP, 3-Year Look-back - IC, 3-Year Look-back - IP, Actual Price (Yearly Average)",
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      "text": "Source: Company filings, Management projections. Notes: (1) Assumes same share count as 12/31/2011 of 148.5M shares outstanding. (2) Assumes valuation multiples are applied to management fee earnings based on the average of the trailing three fiscal years and incentive fee earnings based on the average of the trailing two fiscal years",
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      "text": "The analysis below applies the currently contemplated liquidity mechanism proposal terms and illustrative pre-tax multiples of 13.0x FRE and 6.5x net incentives to historical earnings streams",
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      "text": "(Excl. Net Accrued Incentives, Incl. 100% of NAV of Corp. Investments)",
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      "text": "Liquidity Mechanism Analysis Based on Historical Financials – Oslo Methodology",
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