Sandler O’Neill Investment anking Group Monthly …

1 Strictly Private & ConfidentialFebruary 2018 Sandler O Neill Investment Banking GroupMonthly Asset management ReportAaron DorrChristopher BrowneJason GrecoPrincipal, Group 466-7734 Managing 466-79671 MonthYear-to-DateFebruary 2018 January 2018 February 2018 February 2017 Global Asset management Transaction ActivityNumber of TransactionsTraditional Managers95144 Alternative Managers54915 Private Wealth Managers6111714 AUM Transacted ($Billions)$328$103$431$236 Retail Fund Net Flows Activity ($Billions)EquityActive Mutual Funds($ )($ )($ )($ )ETFs & Passive Mutual Funds$ $ $ $ IncomeActive Mutual Funds$ $ $ $ & Passive Mutual Funds$ $ $ $ Asset Manager MetricsMedian Stock Price Traditionals( ) ( ) Alternatives( ) Median Forward P/E to Prior PeriodIncreaseEqualDecreaseAsset management Market PulseNotes: Mutual fund net flow information includes open-end funds and ETFsPerformance is based on dividend-adjusted returnsSource: Sandler O Neill, Morningstar Direct, FactSet2 Transaction HighlightsTraditional Asset ManagersAlternative Asset ManagersNote: Figures converted to USD using applicable FX spot rate for transactionsSource.

2 Company filings, Company press releases, news articles (2/13/18) MiraeAsset Global Investmentsagreed to acquire Global X, an ETF manager, for $488 million ($ AUM) (2/12/18) ScotiaBankagreed to acquire JarislowskyFraser, a Canada-based equity-focused institutional manager, for $755 million upfront with a $45 million earnout ($ AUM) (2/2/18) Virtus Investment Partnersagreed to acquire a majority stake in Sustainable Global Advisers, an Investment manager specializing in high-conviction and global growth equity portfolios, for $ million ($ AUM) Sandler O Neill served as advisor to VirtusInvestment Partners in the transaction (2/1/18) Nippon Life Insurance Companyagreed to acquire Putnam Investments 10% stake in its asset management subsidiary, NissayAsset management , and PutnamInvestments agreed to acquire Nippon Life s 20% stake in its asset management subsidiary,PanAgoraAsset management ($ AUM.)

3 $ AUM respectively) (2/8/18) Artivest, an alternative Investment research and management firm, agreed to merge with Altegris, an alternative Investment technology firm ($3B AUM combined) (2/6/18) Macquarie s Infrastructure and Real Assets division (MIRA) agreed to acquire GLL Real Estate Partners, a Germany-based real estate fund manager ($ AUM) (2/5/18) Eurazeo, a France-based global private equity firm, agreed to acquire a 70% stake in IdinvestPartners, a France-based pan-European private equity firm focused on the middle market, for $287 million ($ AUM)3 Transaction Highlights (cont d)Private Wealth ManagersNotes: Figures converted to USD using applicable FX spot rate for transactionsShare counts exclude underwriters option to purchase additional shares in the offeringsSource: Company filings, Company press releases, news articles (2/23/18) Focus Financial Partners agreed to acquire Bartlett, a wealth manager ($ AUM) (2/6/18) Temperance Partners, a private equity firm specializing in financial services and tech-enabled businesses, agreed to acquire a substantial minority stake in Westmount Asset management , a wealth advisory firm, fromRosemont Investment Partners, a private equity firm ($ AUM)Capital Markets (2/28/18) Hamilton Lanepriced an offering of million shares from existing shareholders at $ per share ($424B AUM) (2/22/18) Artisan Partners Asset management announced an offering of 644,424 shares from existing shareholders at an estimated $ per share ($119B AUM) (2/8/18) OaktreeCapital Group priced an offering of million shares from existing shareholders at $ per share ($100B AUM) (2/7/18)

4 Victory Capital Holdings priced its initial public offering of million shares at $ per share to paydowna portion of outstanding debt ($ AUM) Sandler O Neill served as a co-manager in the offering (2/5/18) Kudu Investment management , a capital provider to asset and wealth management firms, closed a $250 million Investment from OaktreeCapital Groupand White Mountains Insurance Group4 AnnualizedEquity( )( ) ( )( ) $(24)$(190)$82 $453 $34 $198 $26 $211 $(1)$(19)$4 $10 $9 $(12)$112 $675 $(400) $(200) $- $200 $400 $600 $800 YTD-18 LTMYTD-18 LTMA ctive Mutual Funds ETFs & Passive Mutual FundsAnnualizedEquity( )( )( ) ( ) ( )( ) ( )$(14)$(10)$(17)$5 $77 $44 $2 $32 $9 $2 $24 $18 $(2)$1 $(1)$(0)$4 $(1)$(14)$23 $(10)$7 $105 $60 $(40) $(20) $- $20 $40 $60 $80 $100 $120 Feb-18 Jan-18 Dec-17 Feb-18 Jan-18 Dec-17 EquityFixed IncomeOtherActive Mutual Funds ETFs & Passive Mutual Funds($ )$ ($ )($ )$ ($ )($ )$ $( )$ $( )$( )$ $ $( )$ EquityInternational EquitySector EquityAllocationTaxable BondMunicipal BondAlternativeCommoditiesActive Mutual FundsETFs & Passive Mutual Long-Term Retail Active & Passive Net FlowsNote: Other includes Allocation, Alternative, Commodities Source: Morningstar Direct, Sandler O Neill analysisNet Flows by Category (February 2018) Monthly Net Flows by Asset Class (December 2017-February 2018)($Billions)YTD and LTM Net Flows by Asset Class (February 2018)5 Net FlowsAnnualized Organic GrowthFeb.

5 '18 YTDLTMFeb. ' Growth( )$ ( )$ ( )$ (7%)(6%)(6%) Value( ) ( ) ( ) (3%)(5%)(6%) 6%9%10% Blend( ) ( ) ( ) (5%)(8%)(5%) to 70% Equity( ) ( ) ( ) (2%)(2%)(2%)Net FlowsAnnualized Organic GrowthFeb. '18 YTDLTMFeb. ' Blend ( )$ $ $ (2%)8%7% Bond( ) ( ) (49%)(25%)24% Yield Bond( ) ( ) ( ) (76%)(64%)(4%) Value ( ) ( ) (11%)(4%)7% ( ) ( ) ( ) (35%)(19%)(2%)Net FlowsAnnualized Organic GrowthFeb. '18 YTDLTMFeb. ' $ $ $ 6%9%10% Large 6%8%5% Emerging 7%10%5% 19%25%29% 21%33%16% Long-Term Retail Active & Passive Net Flows (cont d)Source: Morningstar Direct, Sandler O Neill analysisTop Active CategoriesTop Passive CategoriesBottom Active CategoriesBottom Passive CategoriesLargest Active CategoriesLargest Passive Categories($Billions)Net FlowsAnnualized Organic GrowthFeb.

6 '18 YTDLTMFeb. ' Large $ $ $ 18%17%24% 8%20%19% 168%115%91% Emerging Markets 10%33%32% 8%12%11%Net FlowsAnnualized Organic GrowthFeb. '18 YTDLTMFeb. ' Yield Bond( )$ ( )$ ( )$ (44%)(25%)(12%) Growth( ) ( ) ( ) (7%)(6%)(6%) Blend( ) ( ) ( ) (5%)(8%)(5%) Value( ) ( ) ( ) (3%)(5%)(6%) Value( ) ( ) ( ) (8%)(10%)(7%)Net FlowsAnnualized Organic GrowthFeb. '18 YTDLTMFeb. ' Blend( )$ $ $ (2%)8%7% Large 18%17%24% 8%20%19% Blend( ) (2%)2%1% Value( ) ( ) (11%)(4%)7%6 February 2018 Top Asset management Capital management management , Holding, Rowe Price Group , Inc.

7 ( )Bottom & Napier, Inc.( ) Group Plc( ) Investments, Inc.( ) & Reed Financial, Inc.( ) Fund management Plc( )YTD February 2018 Top Asset management management , Investment management , Holding Holding, Investments, Inc.( ) Fund management Plc( ) & Napier, Inc.( ) Group Plc( ) & Steers, Inc.( )Publicly-Traded Asset Manager PerformanceNotes:SOP Traditional Managers companies: AMG, AB, APAM, BLK, CNS, EV, FII, BEN, IVZ, JHG, LM, MN, OMAM, PZN, SAMG, TROW, VCTR, VRTS, WDR, WETFSOP Alternative Managers companies: APO, ARES, BX, CG, HLNE, KKR, OAK, OZMSOP European Traditional Managers companies: AMUN, ANIM, AZM, GAM, JUP, SDR, SLASOP European Alternative Managers companies: III, ASHM, ICP, EMG, PGHN, POLRSOP Canadian Managers components: AGF, CIX, FSZ, GS, GCG, IGM, SIISOP composites are equal-weighted, non-investable indices that seek to reflect the performance of traditional and alternative publicly-traded asset management companies in the , Europe, and Canada.

8 The composites were developed by Sandler O NeillPerformance is based on dividend-adjusted returnsSource: FactSet, Sandler O Neill analysisLTM Stock Performance (as of 2/28/18)Biggest ( ) Return (%)SOP Traditional ManagersSOP Alternative ManagersSOP European Traditional ManagersSOP European Alternative ManagersSOP Canadian ManagersDow Jones Financial Services IndexS&P 500 Publicly-Traded Asset Managers (as of 2/28/18)EBITDA multiples for Alternative Asset Managers derived using "Economic Net Income" where applicablePerformance is based on dividend-adjusted returnsSource: Company filings, FactSet, Sandler O Neill analysis(1)WisdomTree Investments excluded from mean, maximum, and minimum calculationsNotes:Fully Diluted Market Cap is calculated as closing stock price times fully diluted shares (total common shares outstanding, plus any assumed exchangeable units or other ownership converted to common stock, plus the amount of any other "in-the-money" instruments which are convertible to common stock, such as stock options/awards, restricted stock and non-voting participating preferred stock)Enterprise Value is equal to Fully Diluted Market Cap, less cash & equivalents (including marketable securities), plus total debt, plus minority interestEstimates are based on analyst median consensus calendar year estimatesFII organic AUM growth represents long-term AUM only.

9 HLNE organic AUM growth represents fee-paying AUM only($Millions, except per share data)% ofFullyTotal2017 Closing52 Week% ReturnDilutedEnterpriseCurrentLTM AUM GrowthPrice / EPSI mplied EPS GrowthTEV / RevenueTEV / EBITDAEBITDAC ompany NameTickerPriceHighYTD1-YearMarket CapValueAUMO rganicTotal2018E2019E17-1818-192018E2019 E2018E2019 EMarginTraditional Asset ManagersAffiliated Managers Group , $ 87%(7%)12%10,319$ 11,657$ 836,300$ 1%21% Holding, 94%9%24%7,269 6,348 554,500 3%15% Partners Asset management , 81%(9%)32%2,599 2,660 115,494 (6%)19% , 92%8%41%89,136 86,134 6,288,195 7%17% & Steers, 84%(16%)9%1,895 1,722 62,106 7%9% Vance 87%(6%)14%6,033 6,424 449,229 10%24% Investors, 89%(8%)25%3,583 3,466 397,570 6%9% Resources, 81%(11%)(9%)21,334 15,765 753,800 (4%)5% , 85%(10%)4%13,265 12,919 937,600 1%15% Henderson Group 85%(8%)n/a7,139 6,668 370,800 (3%)16% Mason, 85%(4%)10%3,689 4,821 767,200 (2%)8% & Napier, 45%(17%)(50%)240 136 25,113 (35%)(21%) (38%)0% Asset management 82%(8%)

10 3%1,687 1,894 243,000 (2%)1% Investment management , 83%12%13%746 728 38,500 6%28% Asset management Group , 90%(2%)15%199 181 20,600 3%15% Rowe Price Group , 93%9%59%27,790 26,880 991,100 2%22% Capital Holdings, 96%n/an/a888 1,247 61,771 (3%)12%n/a n/a n/m n/m n/a n/a n/a n/m n/aVirtus Investment Partners, 91%8%12%911 1,030 90,963 (0%)101% & Reed Financial, 84%(7%)12%1,667 1,260 81,082 (14%)1% Investments, Inc.(1) 72%(21%)4%1,337 1,215 46,800 1%17% (7%)12%1%15% (4%)13%(1%)17% (17%)(50%)(35%)(21%) (38%)0% Asset ManagersApollo Global management , $ 88%(0%)53%13,630$ 14,241$ 248,928$ 22%30% (14%)10% management , 94%23%20%5,183 5,781 105,645 1%9% (8%)12% Blackstone Group , 91%7%23%42,653 44,176 434,128 9%18% Carlyle Group , 88%(1%)51%7,661 8,235 195,061 10%24% (28%)20% Lane 86%(1%)98%1,650 1,585 50,000 10%25% Kravis Roberts & 88%1%22%19,589 18,896 168,471