Exhibit (c)(3) Project Atlas Follow-Up Materials November 2018Exhibit (c)(3) Project Atlas Follow-Up Materials November 2018

Oslo Illustrative Sum-of-the-Parts Analysis § Assumes 20x multiple on 2018E Fee-Related Earnings and 10x multiple on 2018E Net Incentive Income based on Berlin September 2018 Investor Day Presentation assumptions § 2018E earnings metrics represent average of broker estimates – Equity-based compensation deducted from net incentive income § Balance sheet figures reflect latest actual book values – Assumes market value equal to book value for illustrative purposes Illustrative Implied ($ in millions, except per share data) Metric Multiple Equity Value (1) $218 20.0x $4,355 2018E Fee-Related Earnings (2) 178 10.0x 1,781 2018E Net Incentive Income (3) 1,720 1.0x 1,720 Q3'18 Investments in Funds Q3'18 Net Accrued Incentives 915 1.0x 915 Q3'18 Net Cash 267 1.0x 267 Total Equity Value $9,038 Shares Outstanding (M) 161.902 Implied Value Per Share $55.82 Current Share Price $40.71 Implied Premium 37.1% Source: Company filings, Wall Street research, FactSet as of 11/05/2018 Notes: Excludes value attributable to shadow AUM (1) Includes 20% share of Dublin earnings (2) Reflects realized incentive income, net of incentive compensation and equity-based compensation (3) Excludes Dublin investment 2Oslo Illustrative Sum-of-the-Parts Analysis § Assumes 20x multiple on 2018E Fee-Related Earnings and 10x multiple on 2018E Net Incentive Income based on Berlin September 2018 Investor Day Presentation assumptions § 2018E earnings metrics represent average of broker estimates – Equity-based compensation deducted from net incentive income § Balance sheet figures reflect latest actual book values – Assumes market value equal to book value for illustrative purposes Illustrative Implied ($ in millions, except per share data) Metric Multiple Equity Value (1) $218 20.0x $4,355 2018E Fee-Related Earnings (2) 178 10.0x 1,781 2018E Net Incentive Income (3) 1,720 1.0x 1,720 Q3'18 Investments in Funds Q3'18 Net Accrued Incentives 915 1.0x 915 Q3'18 Net Cash 267 1.0x 267 Total Equity Value $9,038 Shares Outstanding (M) 161.902 Implied Value Per Share $55.82 Current Share Price $40.71 Implied Premium 37.1% Source: Company filings, Wall Street research, FactSet as of 11/05/2018 Notes: Excludes value attributable to shadow AUM (1) Includes 20% share of Dublin earnings (2) Reflects realized incentive income, net of incentive compensation and equity-based compensation (3) Excludes Dublin investment 2

Berlin / REIT Index Correlation Analysis § Berlin’s share price has generally moved in line with the broader REIT sector – MSCI US REIT Index represents ~99% of the US REIT universe § Analysis based on daily change in share price over the last year – Implied beta vs. the MSCI U.S. REIT Index of 0.40 10.0% 5.0% 1.9% -% (3.3%) (5.0%) (10.0%) (15.0%) Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Berlin MSCI US REIT Index Source: FactSet as of 11/05/2018 3Berlin / REIT Index Correlation Analysis § Berlin’s share price has generally moved in line with the broader REIT sector – MSCI US REIT Index represents ~99% of the US REIT universe § Analysis based on daily change in share price over the last year – Implied beta vs. the MSCI U.S. REIT Index of 0.40 10.0% 5.0% 1.9% -% (3.3%) (5.0%) (10.0%) (15.0%) Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Berlin MSCI US REIT Index Source: FactSet as of 11/05/2018 3

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