Asset Management Valuation Quarterly Update

www.pwc.com Asset Management Valuation Quarterly Update Q2 2015 A publication from PwC s Deals practice

Financial Services Industry Asset Management Valuation Quarterly Update Recent Market Developments & Trends Year to date through June 30, 2015, the S&P 1500 Asset Management & Custody Banks Index decreased by 1.4% as compared to the S&P 500 Index, which increased by 0.2%. The combined assets of the nation s mutual funds increased by $121 billion, or 0.7%, to $16.3 trillion in May, according to the Investment Company Institute s official survey of the mutual fund industry. US equity funds saw three months of continued net outflows in Q2 2015 totaling approximately $56 billion, whereas international equity funds saw three months of consecutive net inflows during Q2 2015, totaling approximately $47 billion. Year to date through June 30, 2015, US equity funds have seen cumulative net outflows of approximately $57 billion with the cumulative return on the S&P 500 close to zero. International equity funds have seen cumulative net inflows of approximately $73 billion as the MSCI World Index has returned 2.1% year to date. 25,000 20,000 15,000 10,000 5,000 0 5,000 10,000 15,000 20,000 25,000 Domestic Fund Flows vs. S&P 500 Return 6.0% 4.0% 2.0% 0.0% 2.0% 4.0% 25,000 20,000 15,000 10,000 5,000 0 5,000 10,000 15,000 20,000 25,000 International Fund Flows vs. MSCI World Index Return 6.0% 4.0% 2.0% 0.0% 2.0% 4.0% 6.0% Domestic Equity Flows S&P Monthly Returns International Fund Flows MSCI World Index Monthly Returns Trading market data and transaction observations The market capitalization of 15 of the top 28 asset management companies listed below decreased in the second quarter of 2015, with an average decrease of 6.2%. Alternative asset managers outperformed diversified and mutual fund assets managers for the quarter, exhibiting an average increase in market capitalization of 4.2% as compared to a decrease of 0.1% for diversified fund managers and a decrease of 3.1% for the mutual fund asset managers, respectively. Year over year, the market capitalization of 14 of the 28 asset management companies increased, with an average increase of 3.2% observed. Within the diversified asset manager sub-sector, companies exhibiting the largest increase in market capitalization for the quarter included SEI Investments Co., Affiliated Managers Group, and Westwood Holdings, with quarter over quarter increases of 10.7%, 1.5% and 0.5%, respectively. Within the mutual fund managers sub-sector, 10 of the 12 companies had a decrease market in capitalization for the quarter, with only Diamond Hills Investment Group and Artisan Partners Asset Management showing increases of 26.4% and 2.2%, respectively. Within the alternative asset manager sub-sector, companies exhibiting the largest increase in market capitalization for the quarter included The Carlyle Group, Oaktree Capital Group, and Lazard, with quarter over quarter increases of 18.3%, 13.8% and 6.9%, respectively. In the second quarter of 2015, there were four transactions announced or closed within the asset management industry with deal values of $75 million or greater. The average enterprise value to EBITDA and price to earnings multiples based on publicly disclosed information were 17.0x and 18.2x, respectively. Top US Asset Management Constituents (1) Market Capitalization ($ B) EV / LTM EBITDA Price / AUM (%) Price / LTM Earnings Company 6/30/2014 3/31/2015 6/30/2015 6/30/2014 3/31/2015 6/30/2015 6/30/2014 3/31/2015 6/30/2015 6/30/2014 3/31/2015 6/30/2015 Diversified Asset Managers BlackRock, Inc. 54.1 61.1 57.8 12.9 13.3 12.9 1.2 1.3 1.2 18.1 19.0 17.6 Affiliated Managers Group Inc. 11.4 11.8 12.0 12.1 11.8 11.7 2.0 1.9 1.9 30.3 26.8 24.7 SEI Investments Co. 5.5 7.4 8.1 12.1 13.3 14.4 NA NA NA 19.7 23.8 25.5 Legg Mason Inc. 6.0 6.2 5.7 10.9 10.4 9.4 0.9 0.9 0.8 22.0 29.0 25.3 OM Asset Management Limited NA 2.2 2.1 NA NM 10.6 NA 1.02 1.0 NA 44.4 27.7 Virtus Investment Partners, Inc. 1.9 1.2 1.2 12.2 6.8 7.4 3.3 2.1 2.2 22.3 12.4 12.9 Westwood Holdings Group Inc. 0.5 0.5 0.5 13.0 9.5 9.8 2.6 2.5 2.4 22.2 17.5 17.3 Sub-Group Average 12.2 10.9 10.9 2.0 1.6 1.6 22.4 24.7 21.6 Mutual Fund Managers Franklin Resources, Inc. 36.3 31.9 30.4 9.5 7.7 7.4 4.1 3.6 3.4 16.5 13.7 12.8 T. Rowe Price Group, Inc. 22.2 21.1 20.3 11.3 9.7 9.0 3.1 2.8 2.6 20.5 17.8 17.0 Invesco Ltd. 16.3 17.0 16.1 15.9 14.9 15.0 2.1 2.1 2.0 20.0 17.4 15.4 Eaton Vance Corp. 4.6 4.9 4.6 9.5 9.1 9.8 1.6 1.7 1.5 21.1 19.6 18.5 Waddell & Reed Financial, Inc. 5.3 4.1 4.0 10.9 6.9 6.7 4.1 3.3 3.2 19.5 13.4 13.0 Federated Investors, Inc. 3.2 3.5 3.5 13.1 14.0 13.8 0.9 1.0 1.0 21.0 23.9 23.4 Janus Capital Group, Inc. 2.4 3.2 3.2 7.9 9.4 9.4 1.4 1.7 1.7 19.8 21.2 19.4 Artisan Partners Asset Management Inc. 1.8 1.8 1.8 7.8 5.8 5.8 1.6 1.6 1.7 NM NM 28.5 GAMCO Investors, Inc. 2.2 2.0 1.7 13.0 10.9 8.6 4.5 4.3 3.7 17.5 18.3 16.5 Cohen & Steers Inc. 1.9 1.9 1.5 15.1 13.8 11.1 4.0 3.5 2.8 27.1 24.8 20.4 Diamond Hill Investment Group Inc. 0.4 0.5 0.7 11.3 10.4 12.3 2.9 3.4 4.2 18.1 16.5 18.5 Calamos Asset Management Inc. 0.3 0.3 0.3 1.7 1.5 2.0 1.1 1.2 1.0 15.3 18.9 19.9 Sub-Group Average 10.6 9.5 9.2 2.6 2.5 2.4 19.7 18.7 18.6 Alternative Asset Managers The Blackstone Group L.P. 19.4 23.4 24.8 NA NA NA 7.1 8.1 8.0 15.7 15.1 13.0 KKR & Co. L.P. 10.1 9.9 10.1 NA NA NA 9.9 10.0 10.2 10.7 19.7 19.1 Lazard Ltd. 6.7 6.8 7.3 NA NA NA 3.5 3.5 3.7 30.4 16.4 18.7 Apollo Global Management, LLC 4.1 3.6 3.8 NA NA NA 2.6 2.3 2.3 10.0 34.9 NM Oaktree Capital Group, LLC 2.2 2.3 2.6 NM NM NM 2.5 2.5 2.6 8.6 17.4 20.7 Och-Ziff Capital Management Group LLC 2.4 2.2 2.2 4.0 8.5 11.5 5.5 4.7 4.5 8.7 15.8 15.3 The Carlyle Group LP 2.2 1.9 2.2 16.1 17.6 18.0 1.1 1.0 1.1 17.5 22.0 20.3 Fortress Investment Group LLC 1.5 1.7 1.5 5.3 12.5 5.0 2.4 2.5 2.2 9.4 18.8 14.6 Ares Management, L.P. 1.5 1.5 1.5 NM NM NM 2.0 1.8 1.7 9.6 43.1 NM Sub-Group Average 8.5 12.9 11.5 4.1 4.0 4.0 13.4 22.6 17.4 Average 10.7x 10.4x 10.1x 3.0 2.8 2.8 18.1x 21.5x 19.1x Median 11.3x 10.4x 9.8x 2.6 2.3 2.2 18.8x 18.9x 18.6x Second Quarter Transactions in the Asset Management Industry (1) Acquirer Target Natixis Global Asset Management, S.A. DNCA Finance Towry Finance Company Limited Ashcourt Rowan Plc Poste Italiane S.p.A. Anima Holding S.p.A (BIT:ANIM) CPPIB Credit Investments Inc. GE Antares Capital Close Announce Purchase Price ($ M) P/AUM (%) EV / EBITDA Price / Earnings 6/30/2015 2/19/2015 625.2 NA NA NA 5/8/2015 2/2/2015 184.6 5.8 25.0x NA - 4/15/2015 222.7 0.3 9.1x 18.2x - 6/9/2015 12,000.0 NA NA NA Average 3.1 17.0x 18.2x (1) Market data provided by Capital IQ, Inc. (2) Transaction data provided by Capital IQ, Inc. Selection criteria: (i) Target is a participant within the asset management industry, (ii) transaction was announced or closed between 4/1/2015 and 6/30/2015, (iii) total transaction value is greater than $75 million, and (iv) Percent sought is greater than 50%.

Financial Services Industry Asset Management Valuation Quarterly Update (continued) Top Asset Management Constituents by Geography (1) Company Market Capitalization ($ B) EV / LTM EBITDA Price / AUM (%) Price / LTM Earnings 6/30/2014 3/31/2015 6/30/2015 6/30/2014 3/31/2015 6/30/2015 6/30/2014 3/31/2015 6/30/2015 6/30/2014 3/31/2015 6/30/2015 United States Affiliated Managers Group Inc. 11.4 11.8 12.0 12.1 11.8 11.7 1.8 1.9 1.9 30.3 26.8 24.7 Apollo Global Management, LLC 4.1 3.6 3.8 NA NA NA 2.5 2.2 2.3 10.0 34.9 NM Ares Management, L.P. 1.5 1.5 1.5 NM NM NM 1.8 1.7 1.7 9.6 43.1 NM Artisan Partners Asset Management Inc. 1.8 1.8 1.8 7.8 5.8 5.8 1.6 1.6 1.7 NM NM 28.5 BlackRock, Inc. 54.1 61.1 57.8 12.9 13.3 12.9 NA NA NA 18.1 19.0 17.6 Calamos Asset Management Inc. 0.3 0.3 0.3 1.7 1.5 2.0 1.1 1.1 1.0 15.3 18.9 19.9 Cohen & Steers Inc. 1.9 1.9 1.5 15.1 13.8 11.1 NA NA NA 27.1 24.8 20.4 Diamond Hill Investment Group Inc. 0.4 0.5 0.7 11.3 10.4 12.3 2.4 3.3 4.2 18.1 16.5 18.5 Eaton Vance Corp. 4.6 4.9 4.6 9.5 9.1 9.8 1.5 1.6 1.5 21.1 19.6 18.5 Federated Investors, Inc. 3.2 3.5 3.5 13.1 14.0 13.8 0.9 1.0 1.0 21.0 23.9 23.4 Fortress Investment Group LLC 1.5 1.7 1.5 5.3 12.5 5.0 2.2 2.4 2.2 9.4 18.8 14.6 Franklin Resources, Inc. 36.3 31.9 30.4 9.5 7.7 7.4 4.1 3.6 3.4 16.5 13.7 12.8 GAMCO Investors, Inc. 2.2 2.0 1.7 13.0 10.9 8.6 4.6 4.4 3.7 17.5 18.3 16.5 Invesco Ltd. 16.3 17.0 16.1 15.9 14.9 15.0 2.0 2.1 2.0 20.0 17.4 15.4 Janus Capital Group, Inc. 2.4 3.2 3.2 7.9 9.4 9.4 1.2 1.7 1.7 19.8 21.2 19.4 KKR & Co. L.P. 10.1 9.9 10.1 NA NA NA 10.2 10.0 10.2 10.7 19.7 19.1 Lazard Ltd. 6.7 6.8 7.3 NA NA NA 3.4 3.4 3.7 30.4 16.4 18.7 Legg Mason Inc. 6.0 6.2 5.7 10.9 10.4 9.4 0.9 0.9 0.8 22.0 29.0 25.3 Oaktree Capital Group, LLC 2.2 2.3 2.6 NM NM NM 2.2 2.3 2.6 8.6 17.4 20.7 Och-Ziff Capital Management Group LLC 2.4 2.2 2.2 4.0 8.5 11.5 4.9 4.6 4.5 8.7 15.8 15.3 OM Asset Management Limited NA 2.2 2.1 NA NM 10.6 NA 1.0 1.0 NA 44.4 27.7 SEI Investments Co. 5.5 7.4 8.1 12.1 13.3 14.4 NA NA NA 19.7 23.8 25.5 T. Rowe Price Group, Inc. 22.2 21.1 20.3 11.3 9.7 9.0 2.9 2.7 2.6 20.5 17.8 17.0 The Blackstone Group L.P. 19.4 23.4 24.8 NA NA NA NA NA NA 15.7 15.1 13.0 The Carlyle Group LP 2.2 1.9 2.2 16.1 17.6 18.0 1.1 1.0 1.1 17.5 22.0 20.3 Virtus Investment Partners, Inc. 1.9 1.2 1.2 12.2 6.8 7.4 3.5 2.1 2.2 22.3 12.4 12.9 Waddell & Reed Financial, Inc. 5.3 4.1 4.0 10.9 6.9 6.7 4.3 3.4 3.2 19.5 13.4 13.0 Westwood Holdings Group Inc. 0.5 0.5 0.5 13.0 9.5 9.8 2.3 2.3 2.4 22.2 17.5 17.3 Sub-Group Average 8.4 8.4 8.3 10.7x 10.4x 10.1x 2.8 2.6 2.6 18.1x 21.5x 19.1x Australia Argo Investments Limited 4.8 4.1 4.1 24.9 25.4 25.2 NA NA NA 25.6 26.5 26.4 Australian Foundation Investment Company Limited 6.1 5.2 5.1 25.2 25.7 25.2 NA NA NA 25.9 26.5 26.0 BKI Investment Company Limited 0.8 0.7 0.7 23.8 22.5 21.6 NA NA NA 22.3 22.4 21.6 BT Investment Management Limited 1.5 1.8 1.7 10.5 13.1 13.7 2.0 2.3 2.2 15.8 19.8 21.0 Magellan Financial Group 1.6 2.4 2.1 13.9 18.4 16.3 5.2 7.6 6.8 21.2 26.9 23.9 Milton Corporation Limited 2.7 2.3 2.2 22.3 21.2 20.6 NA NA NA 24.0 23.4 22.8 Platinum Investment Management Limited 3.4 3.5 3.4 13.4 15.6 15.0 13.4 13.6 13.1 21.4 24.6 23.6 Sub-Group Average 3.0 2.8 2.8 19.2x 20.3x 19.7x 6.8 7.8 7.4 22.3x 24.3x 23.6x Canada AGF Management Limited 1.0 0.5 0.4 11.3 9.2 7.0 2.8 1.5 1.1 22.3 13.0 9.2 Brookfield Asset Management Inc. 27.2 33.8 34.3 13.9 18.2 17.8 NA NA NA 12.5 12.5 10.4 CI Financial Corp 9.4 7.9 7.5 16.0 13.6 12.5 8.6 7.2 6.9 22.2 19.2 17.5 Fiera Capital Corporation 0.8 0.7 0.7 18.0 15.8 14.2 0.9 0.8 0.8 50.3 34.5 30.3 Gluskin Sheff + Associates, Inc. 0.9 0.6 0.6 6.8 7.1 6.9 10.0 7.5 7.2 10.8 11.3 11.0 Sprott Inc. 0.7 0.5 0.5 NM 16.9 15.2 9.0 6.8 6.3 NM 34.3 37.8 Sub-Group Average 6.7 7.4 7.3 13.2x 13.5x 12.3x 6.3 4.8 4.4 23.6x 20.8x 19.4x Hong Kong Value Partners Group Ltd 1.2 3.5 2.9 16.6x NM 26.7x 1.2 3.5 2.9 23.8x 16.1x 27.0x Japan SPARX Group Co., Ltd 0.5 0.4 0.4 13.9x 16.7x 19.9x NA NA NA 29.2x 37.8x 35.1x United Kingdom Aberdeen Asset Management PLC 9.8 8.8 8.2 11.0 10.7 8.4 3.0 2.7 2.5 18.5 20.2 17.7 Alliance Trust PLC 4.2 4.2 4.2 4.8 13.2 12.6 NA NA NA 5.5 12.6 12.0 Ashmore Group PLC 4.3 2.8 3.0 8.6 7.2 7.3 10.4 6.9 7.4 15.3 13.6 13.8 Caledonia Investments plc 2.1 1.9 2.1 6.9 5.3 5.8 NA NA NA 6.8 5.7 6.5 Henderson Group plc 4.4 4.5 4.4 13.5 13.6 12.5 5.4 5.5 5.4 25.6 25.3 23.5 Jupiter Fund Management Plc 3.3 2.7 3.1 11.5 9.9 11.0 10.4 8.5 9.8 20.0 15.0 16.4 Man Group plc 3.2 5.3 4.2 5.3 9.6 6.7 4.3 7.2 5.8 NM 15.5 11.9 Polar Capital Holdings plc 0.7 0.5 0.6 10.7 7.9 9.6 9.1 5.8 7.6 18.5 12.8 17.9 RIT Capital Partners plc 3.5 3.6 3.8 6.5 12.9 12.7 NA NA NA 6.0 12.1 11.9 Schroders plc 11.2 12.4 13.1 6.4 7.0 6.9 3.7 4.1 4.4 19.9 21.7 21.5 Sub-Group Average 4.7 4.7 4.7 8.5x 9.7x 9.4x 6.6 5.8 6.1 15.1x 15.4x 15.3x Switzerland GAM Holding AG 3.1 3.4 3.4 8.4 11.7 11.3 2.5 2.7 2.7 14.2 20.0 19.5 Partners Group Holding AG 7.0 7.8 7.8 21.8 21.9 21.1 15.6 17.3 17.3 20.2 20.4 19.6 Sub-Group Average 5.1 5.6 5.6 15.1x 16.8x 16.2x 9.0 10.0 10.0 17.2x 20.2x 19.5x South Africa Coronation Fund Managers Limited 3.1 2.8 2.4 13.1x 12.6x 11.2x 0.5 0.4 0.4 18.1x 17.2x 15.2x Singapore ARA Asset Management Limited 1.2 1.0 1.1 15.0 12.4 12.9 NA NA NA 20.0 15.6 16.7 Keppel Infrastructure Trust 0.6 0.6 1.6 15.1 16.7 26.6 NA NA NA NM NM NM Sub-Group Average 0.9 0.8 1.3 15.1x 14.5x 19.7x NA NA NA 20.0x 15.6x 16.7x South America Tarpon Investimentos S.A. 0.3 0.1 0.1 7.7x 15.8x 13.5x NA NA NA 11.2 42.3 38.6 Average 6.1 6.2 6.1 12.2x 12.7x 12.6x 4.3 4.1 4.0 18.9x 21.1x 19.7x Median 3.1 2.8 3.0 12.1x 12.5x 11.7x 2.8 2.7 2.6 19.8x 19.2x 18.9x (1) All financial data obtained from Capital IQ.

Financial Services Industry Asset Management Valuation Quarterly Update (continued) Purchase Price Allocation Benchmarking - Transactions in the Asset Management Industry (1) Allocation of Purchase Price As a Percentage of Excess Consideration (2) Target Closing Purchase Price ($ MM) Goodwill Total Intangible Assets Trade names / trademarks Customer Relationships Management Contracts Other (3) Quilter Cheviot Limited 25-Feb-2015 940.3 NA NA NA NA NA NA Frank Russell Company 3-Dec-2014 2,700.0 24.3% 75.7% 34.0% 40.1% 0.0% 1.5% Geneva Capital Management 1-Oct-2014 200.0 39.2% 60.8% 0.0% 0.0% 56.1% 4.7% Nuveen Investments Inc. 1-Oct-2014 6,250.0 NA NA NA NA NA NA Ignis Asset Management 1-Jul-2014 646.0 33.5% 66.5% 0.0% 66.5% 0.0% 0.0% F&C Asset Management 7-May-2014 1,597.8 72.0% 28.0% 0.0% 10.2% 17.9% 0.0% Scottish Widows Investment Partnership Ltd. 1-May-2014 1,067.0 36.6% 63.4% 0.0% 0.0% 63.4% 0.0% Chartwell Investment Partners 5-Mar-2014 60.0 64.1% 35.9% 0.0% 35.9% 0.0% 0.0% Atlantic Trust Advisors, Inc. 6-Jan-2014 210.0 48.3% 51.7% 0.0% 51.7% 0.0% 0.0% Jovian Capital Corporation 1-Oct-2013 95.4 37.5% 62.5% 0.0% 45.0% 17.5% 0.0% Artio Global Investors Inc. 21-May-2013 199.1 40.2% 59.8% 0.0% 0.0% 59.8% 0.0% Epoch Investment Partners, Inc. 27-Mar-2013 669.7 77.1% 22.9% 0.0% 22.9% 0.0% 0.0% Thomas Partners, Inc. 14-Dec-2012 85.0 NA NA NA NA NA NA Natcan Investment Management Inc. 4-Apr-2012 308.7 58.5% 41.5% 0.0% 14.9% 26.6% 0.0% Claymore Investments Inc. 7-Mar-2012 205.8 39.4% 60.6% 0.0% 60.6% 0.0% 0.0% Ashmore EEM, LLC 1-Jun-2011 153.0 55.1% 44.9% 2.0% 42.9% 0.0% 0.0% Commercial Industrial Finance Corp. 13-Apr-2011 89.7 55.4% 44.6% 1.2% 0.0% 43.4% 0.0% Henderson Group plc 4-Apr-2011 365.4 56.7% 43.3% 0.0% 0.0% 43.3% 0.0% Rule Investments and Terra Resource Investment Management and Resource Capital Investment 4-Feb-2011 173.4 71.6% 28.4% 0.0% 0.0% 28.4% 0.0% Acuity Investment Management Inc. and Acuity Funds Ltd. 1-Feb-2011 335.5 34.8% 65.2% 0.4% 9.9% 54.8% 0.0% Rensburg Fund Management Ltd. 19-Jan-2011 72.4 31.0% 69.0% NA NA NA NA BlueBay Asset Management plc 17-Dec-2010 1,454.0 87.2% 12.8% 0.0% 12.8% 0.0% 0.0% Hartford Investments Canada Corp. 15-Dec-2010 115.0 69.1% 30.9% 0.0% 0.0% 30.9% 0.0% Windhaven Investment Management, Inc. 9-Nov-2010 150.0 68.7% 31.3% NA NA NA NA Catella Brand AB 13-Sep-2010 86.0 75.3% 24.7% 16.9% 7.8% 0.0% 0.0% Thames River Capital Group 1-Sep-2010 48.6 42.9% 57.1% 0.0% 0.0% 57.1% 0.0% Concord Capital Limited 16-Aug-2010 46.9 45.5% 54.5% 0.0% 0.0% 54.5% 0.0% Prairie Capital Management LLC 30-Jul-2010 51.9 62.4% 37.6% NA NA NA NA Pantheon Ventures Ltd. 29-Jun-2010 894.3 43.0% 57.0% 0.0% 57.0% 0.0% 0.0% Rensburg Sheppards plc 25-Jun-2010 340.7 59.2% 40.8% 0.0% 40.8% 0.0% 0.0% Morgan Stanley Investment Management Inc., Retail Asset Management Business 1-Jun-2010 1,341.7 27.0% 73.0% 0.8% 4.6% 67.5% 0.0% BofA Global Capital Management Group, LLC, Certain Assets 30-Apr-2010 866.0 14.0% 86.0% 6.2% 7.4% 72.3% 0.0% Highbury Financial Inc. 15-Apr-2010 168.2 46.1% 53.9% 0.0% 53.9% 0.0% 0.0% Advisory Research Holdings, Inc. 1-Mar-2010 211.9 73.5% 26.5% 1.4% 25.1% 0.0% 0.0% River Road Asset Management, LLC 24-Feb-2010 61.0 48.3% 51.7% 0.0% 51.7% 0.0% 0.0% BlackRock Institutional Trust Company, N.A. 1-Dec-2009 14,126.0 37.6% 62.4% 7.7% 0.0% 54.7% 0.0% Insight Investment Management Limited Manulife Financial Corporation 2-Nov-2009 377.0 64.5% 35.5% 0.0% 35.5% 0.0% 0.0% Credit Suisse Group, Certain Fund Management Assets and Businesses 30-Jun-2009 306.5 38.2% 61.8% NA NA NA NA New Star Asset Management Group Ltd. 9-Apr-2009 94.2 41.4% 58.6% 0.0% 0.0% 58.6% 0.0% Anima S.G.R.p.A 23-Jan-2009 151.7 69.5% 30.5% 13.1% 0.0% 17.4% 0.0% Average 51.1% 48.9% 2.5% 21.1% 25.0% 0.2% Range of Useful Life (years) 2 to indefinite 5 to 15 4 to 9 4 to 7 Average Useful Life (years) 7 9 7 6 (1) Includes acquisitions of asset managers with purchase price greater than or equal to $50 million and transaction close dates occurring between January 1, 2009 and June 30, 2015. (2) Excess purchase price defined as total consideration less net tangible assets acquired. (3) Other includes primarily acquired technology.

Contacts To have a deeper discussion about valuation developments and trends, please contact: James Marshall Principal james.marshall@us.pwc.com +1 646 471 4256 Nisha Sheth Principal nisha.sheth@us.pwc.com +1 646 471 2164 Earl Wallis Managing Director earl.wallis@us.pwc.com +1 678 419 1745 Jameson McNeill Director jameson.mcneill@us.pwc.com +1 617 530 4171