# EDGAR Filing Document

**Accession Number:** 0001274173
**File Stem:** 0001104659-26-036543
**Filing Date:** 2026-3
**Character Count:** 259284
**Document Hash:** 69220903fb8800cf22f8fb5dc27a896c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-036543.hdr.sgml**: 20260330

**ACCESSION NUMBER**: 0001104659-26-036543

**CONFORMED SUBMISSION TYPE**: SC 13E3/A

**PUBLIC DOCUMENT COUNT**: 51

**FILED AS OF DATE**: 20260330

**DATE AS OF CHANGE**: 20260330

**GROUP MEMBERS**: JUPITER ACQUISITION LTD

**GROUP MEMBERS**: JUPITER CO LTD

**GROUP MEMBERS**: JUPITER MERGER SUB LTD

**GROUP MEMBERS**: JUPITER TOPCO LLC

**GROUP MEMBERS**: NELSON PELTZ

**GROUP MEMBERS**: PETER W. MAY

**GROUP MEMBERS**: TRIAN FUND MANAGEMENT GP, LLC

**GROUP MEMBERS**: TRIAN FUND MANAGEMENT, L.P.

**GROUP MEMBERS**: TRIAN PARTNERS AM HOLDCO II, LTD.

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JANUS HENDERSON GROUP PLC
- **CENTRAL INDEX KEY:** 0001274173
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Y9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13E3/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-90000
- **FILM NUMBER:** 26810379

**BUSINESS ADDRESS:**
- **STREET 1:** 201 BISHOPSGATE
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** EC2M 3AE
- **BUSINESS PHONE:** 442078181818

**MAIL ADDRESS:**
- **STREET 1:** 201 BISHOPSGATE
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** EC2M 3AE

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HENDERSON GROUP PLC
- **DATE OF NAME CHANGE:** 20050511

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HHG PLC
- **DATE OF NAME CHANGE:** 20031223
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JANUS HENDERSON GROUP PLC
- **CENTRAL INDEX KEY:** 0001274173
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Y9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13E3/A

**BUSINESS ADDRESS:**
- **STREET 1:** 201 BISHOPSGATE
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** EC2M 3AE
- **BUSINESS PHONE:** 442078181818

**MAIL ADDRESS:**
- **STREET 1:** 201 BISHOPSGATE
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** EC2M 3AE

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HENDERSON GROUP PLC
- **DATE OF NAME CHANGE:** 20050511

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HHG PLC
- **DATE OF NAME CHANGE:** 20031223

**As filed with the Securities and Exchange Commission on March 27, 2026**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**SCHEDULE 13E-3** **<br> RULE 13E-3 TRANSACTION STATEMENT UNDER SECTION 13(E)<br> OF THE SECURITIES ACT OF 1934<br> (Amendment No. 3)**

**Janus Henderson Group plc** ****<br> (Name of the Issuer)

**Janus Henderson Group plc**

**Jupiter Topco LLC**

**Jupiter Acquisition Limited**

**Jupiter Company Limited**

**Jupiter Merger Sub Limited**

**Trian Partners AM Holdco II, Ltd.**

**Trian Fund Management GP, LLC**

**Trian Fund Management, L.P.**

**Nelson Peltz**

**Peter W. May**

(Names of Persons Filing Statement)

**Common Stock, $1.50 par value per share**

(Title of Class of Securities)

**G4474Y214**

(CUSIP Number of Class of Securities)

---

| | |
|:---|:---|
| **Janus Henderson Group plc**<br> **201 Bishopsgate**<br> **London, United Kingdom<br> EC2M3AE**<br> **+44 (0) 20 7818 1818** | **Jupiter Topco LLC**<br> **Jupiter Acquisition Limited**<br> **Jupiter Company Limited**<br> **Jupiter Merger Sub Limited**<br> **Trian Partners AM Holdco II, Ltd.**<br> **Trian Fund Management GP, LLC**<br> **Trian Fund Management, L.P.**<br> **Nelson Peltz**<br> **Peter W. May**<br> **280 Park Avenue, 41<sup>st</sup> Floor**<br> **New York, NY 10017**<br> **(212) 451-3000** |

---

(Name, Address, and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf<br> of the Persons Filing Statement)

---

| | | |
|:---|:---|:---|
| ***With copies to*** | ***With copies to*** | ***With copies to*** |
| **Jacob A. Kling**<br> **Matthew T. Carpenter**<br> **Wachtell, Lipton, Rosen & Katz**<br> **51 West 52nd Street**<br> **New York, NY 10019**<br> **(212) 403-1000** | **Peter D. Serating**<br> **Patrick J. Lewis**<br> **Skadden, Arps, Slate, Meagher &<br> Flom LLP**<br> **One Manhattan West**<br> **New York, NY 10001**<br> **(212) 735-3000** | **William D. Regner**<br> **Emily F. Huang**<br> **Benjamin R. Pedersen**<br> **Debevoise & Plimpton LLP**<br> **66 Hudson Boulevard**<br> **New York, NY 10001**<br> **(212) 909-6000** |

---

This statement is filed in connection with (check the appropriate box):

a. ⌧ The filing of solicitation materials or an information statement subject to Regulation 14A, Regulation 14C or Rule 13e-3(c) under the Securities Exchange Act of 1934.

b. ◻ The filing of a registration statement under the Securities Act of 1933.

c. ◻ A tender offer.

d. ◻ None of the above.

Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: ◻

Check the following box if the filing is a final amendment reporting the results of the transaction: ◻

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of this transaction, passed upon the merits or fairness of this transaction, or passed upon the adequacy or accuracy of the disclosure in this transaction statement on Schedule 13E-3. Any representation to the contrary is a criminal offense**

**TABLE OF CONTENTS**

**Page**

---

| | |
|:---|:---|
| [Item 1. Summary Term Sheet](#a_001) | [5](#a_001) |
| [Item 2. Subject Company Information](#a_002) | [5](#a_002) |
| [Item 3. Identity and Background of Filing Person](#a_003) | [7](#a_003) |
| [Item 4. Terms of the Transaction](#a_004) | [7](#a_004) |
| [Item 5. Past Contacts, Transactions, Negotiations and Agreements](#a_005) | [11](#a_005) |
| [Item 6. Purposes of the Transaction, and Plans or Proposals](#a_006) | [15](#a_006) |
| [Item 7. Purposes, Alternatives, Reasons and Effects](#a_007) | [18](#a_007) |
| [Item 8. Fairness of the Transaction](#a_008) | [21](#a_008) |
| [Item 9. Reports, Opinions, Appraisals and Negotiations](#a_009) | [25](#a_009) |
| [Item 10. Source and Amounts of Funds or Other Consideration](#a_010) | [26](#a_010) |
| [Item 11. Interest in Securities of the Subject Company](#a_011) | [28](#a_011) |
| [Item 12. The Solicitation or Recommendation](#a_012) | [29](#a_012) |
| [Item 13. Financial Information](#a_013) | [30](#a_013) |
| [Item 14. Persons/Assets, Retained, Employed, Compensated or Used](#a_014) | [31](#a_014) |
| [Item 15. Additional Information](#a_015) | [31](#a_015) |
| [Item 16. Exhibits](#a_016) | [32](#a_016) |

---

**INTRODUCTION**

This Amendment No.3 (this "**Amendment No. 3**") to the Transaction Statement on Schedule 13E-3 (as amended, the "**Transaction Statement**") is being filed with the U.S. Securities and Exchange Commission (the "**SEC**") pursuant to Section 13(e) of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), jointly by the following persons (each, a "**Filing Person**," and collectively, the "**Filing Persons**"): (1) Janus Henderson Group plc, a Jersey corporation ("**Janus Henderson**" or the "**Company**") and the issuer of the ordinary shares, par value $1.50 per share (the "**Shares**"), which is the subject of the Rule 13e-3 transaction; (2) Jupiter Topco LLC, a Jersey limited liability company ("**Topco**"); (3) Jupiter Acquisition Limited, a private limited company incorporated under the laws of Jersey and a wholly owned subsidiary of Topco ("**Midco**"); (4) Jupiter Company Limited, a private limited company incorporated in Jersey and a wholly owned subsidiary of Midco ("**Parent**"); (5) Jupiter Merger Sub Limited, a private limited company incorporated in Jersey and a wholly owned subsidiary of Parent ("**Merger Sub**"); (6) Trian Partners AM Holdco II, Ltd., a Cayman Islands exempted limited liability company ("**Stockholder**"); (7) Trian Fund Management GP, LLC, a Delaware limited liability company ("**Trian Management GP**"); (8) Trian Fund Management, L.P., a Delaware limited partnership ("**Trian Management**"); (9) Nelson Peltz, a citizen of the United States of America; and (10) Peter W. May, a citizen of the United States of America.

This Transaction Statement relates to the Agreement and Plan of Merger, dated as of December 21, 2025 (the "**Original Merger Agreement**") as amended by Amendment No. 1 to the Agreement and Plan of Merger, dated as of March 24, 2026 (the "**Amendment**") (as it may be further amended from time to time, the "**Merger Agreement**"), by and among Parent, Merger Sub and Janus Henderson. At the closing of the transaction, subject to the terms and conditions of the Merger Agreement, Merger Sub will be merged with and into Janus Henderson (the "**Merger**"), in accordance with the Companies (Jersey) Law 1991 (as it may be amended from time to time, the "**Companies Law**"), with Janus Henderson surviving the Merger as a wholly owned subsidiary of Parent.

At the effective time of the Merger (the "**Effective Time**") each Share issued and outstanding immediately prior to the Effective Time (other than Shares directly owned and held by Parent, Merger Sub (including Shares transferred by the Stockholder, directly or indirectly, to Parent immediately prior to the Effective Time), Janus Henderson or any of their respective subsidiaries (other than shares held by Janus Henderson or its subsidiaries on behalf of third parties, the "**Excluded Shares**")) will be cancelled and automatically converted into the right to receive $52.00 per Share in cash, subject to deduction for any required withholding taxes and without interest (the "**Merger Consideration**"). Outstanding equity awards of Janus Henderson will be converted into the right to receive cash or cash-based consideration (or such other consideration as may be agreed with an individual award holder).

Following the Effective Time, the Shares will be delisted from the New York Stock Exchange and deregistered under the Exchange Act, and Janus Henderson's stockholders (other than the holders of Rollover Shares (as defined below) and the holders of the Shares subject to rollover, equity purchases or participation arrangements (as described below)) will cease to have any ownership interest in Janus Henderson.

Concurrently with and as a condition to Janus Henderson's execution of the Original Merger Agreement, the Stockholder, which beneficially owned 31,867,800 Shares as of the date of this Transaction Statement, entered into a voting and rollover agreement with Janus Henderson, Parent and two newly formed Jersey entities associated with Trian (the "**Voting and Rollover Agreement**"), pursuant to which the Stockholder, subject to certain limitations, committed to vote its Shares in favor of, and take certain other actions in furtherance of, the transactions contemplated by the Merger Agreement, including the Merger, and directly or indirectly contribute a portion of its Shares through a series of contributions involving the two newly formed Jersey entities that would result in Parent directly holding such contributed Shares immediately prior to the Merger (the "**Rollover Shares**"). The Stockholder's voting obligations are subject to certain exceptions, including a change in recommendation by the board of directors of Janus Henderson (the "**Board**") in accordance with the terms of the Merger Agreement. Subject to the terms therein, the Voting and Rollover Agreement will terminate upon the earliest to occur of (i) the mutual written agreement of Parent, Janus Henderson and the Stockholder, (ii) the Effective Time or (iii) the termination of the Merger Agreement in accordance with its terms.

In addition, the Merger Agreement provides that, following receipt of the Required Company Vote (as defined below) and subject to compliance with applicable law, Parent may make available to employees of the Company capacity for rollover and other equity purchases and/or participation opportunities, such employees to be identified based on their expressed interest and in consultation with senior management of the Company, provided that no such opportunity shall create any obligation or other liability of the Company prior to the closing.

The Board formed a special committee (the "**Special Committee**") comprised solely of independent, disinterested members of the Board to, among other things, review, evaluate and negotiate the Merger Agreement and the transactions contemplated by the Merger Agreement, including the Merger. The Special Committee, acting with the advice of its own independent legal and financial advisors, unanimously determined that the Merger Agreement and the transactions contemplated thereby, including the Merger, are in the best interests of Janus Henderson. Furthermore, the Special Committee recommended that the Board (i) resolve as required by Article 127E(1) of the Companies Law in the opinion of the directors voting for the resolution, that the Merger Agreement and the transactions contemplated thereby (including the Merger) are in the best interests of the Company; (ii) approve, adopt and declare advisable the Merger Agreement and the transactions contemplated thereby (including the Merger); (iii) direct that the approval and adoption of the Merger Agreement (including the Merger) be submitted to a vote at a meeting of Janus Henderson's shareholders; (iv) recommend the approval and adoption of the Merger Agreement (including the Merger) by Janus Henderson's shareholders pursuant to Article 127F(1) of the Companies Law; and (v) approve, adopt and declare advisable the Voting and Rollover Agreement and the limited guarantees.

The Board, other than certain directors recusing themselves in accordance with applicable law, (i) carefully reviewed and considered the terms and conditions of the Merger Agreement and the transactions contemplated by the Merger Agreement, including the Merger; (ii) considered the unanimous recommendation of the Special Committee and such other matters as the Board considered necessary or appropriate; (iii) by a unanimous vote (other than those directors recusing themselves in accordance with applicable law) (a) resolved as required by Article 127E(1) of the Companies Law in the opinion of the directors voting for the resolution, that the Merger Agreement and the transactions contemplated thereby (including the Merger) are in the best interests of Janus Henderson; (b) approved, adopted and declared advisable the Merger Agreement and the transactions contemplated thereby (including the Merger); (c) directed that the approval and adoption of the Merger Agreement (including the Merger) be submitted to a vote at a meeting of Janus Henderson's shareholders; and (d) recommended the approval and adoption of the Merger Agreement (including the Merger) by Janus Henderson's shareholders pursuant to Article 127F(1) of the Companies Law. Such approval by the Board constituted approval by a majority of the directors of Janus Henderson directors who are not employees of Janus Henderson.

At an extraordinary general meeting (the "**Special Meeting**") of Janus Henderson's shareholders, Janus Henderson's shareholders will be asked to, among other things, vote upon the proposal to approve and adopt the Merger Agreement and the transactions contemplated by the Merger Agreement, including the Merger. The proposal to approve and adopt the Merger Agreement and the transactions contemplated by the Merger Agreement, including the Merger, requires approval by special resolution. This means that, for this resolution to be passed, at least two-thirds (2/3) of the total number of votes cast at the Special Meeting must be cast in favor of this resolution (the "Required Company Vote"). The failure to vote or the abstention from voting will have no effect on the proposal to approve and adopt the Merger Agreement and the transactions contemplated by the Merger Agreement, including the Merger.

On March 11, 2026, the Company filed a definitive proxy statement (the "**Definitive Proxy Statement**") under Regulation 14A of the Exchange Act with the SEC relating to the Special Meeting. The Proxy Statement is attached hereto as Exhibit (a)(i). A copy of the Merger Agreement is attached to the Definitive Proxy Statement as Annex A. Concurrently with the filing of this Amendment No. 3, the Company is filing definitive additional materials under Regulation 14A of the Exchange Act (the "**Supplement**"). The Supplement is attached hereto as Exhibit (a)(xxxiv). A copy of the Amendment is attached to the Supplement as Annex A. The Definitive Proxy Statement as amended and supplemented by the Supplement is referred to as the "**Proxy Statement**." Terms used but not defined in this Transaction Statement have the meanings assigned to them in the Proxy Statement.

Pursuant to General Instruction F to Schedule 13E-3, the information in the Proxy Statement, including all annexes thereto, is expressly incorporated by reference herein in its entirety, and responses to each item herein are qualified in their entirety by the information contained in the Proxy Statement. The cross-references below are being supplied pursuant to General Instruction G to Schedule 13E-3 and show the location in the Proxy Statement of the information required to be included in response to the items of Schedule 13E-3.

While each of the Filing Persons acknowledges that the Merger is a "going private" transaction for purposes of Rule 13e-3 under the Exchange Act, the filing of this Transaction Statement shall not be construed as an admission by any Filing Person, or by any affiliate of a Filing Person, that the Company is "controlled" by any of the Filing Persons and/or their respective affiliates.

The information concerning the Company contained in, or incorporated by reference into, this Transaction Statement and the Proxy Statement was supplied by the Company. Similarly, all information concerning each other Filing Person contained in, or incorporated by reference into, this Transaction Statement and the Proxy Statement was supplied by such Filing Person. No Filing Person, including the Company, is responsible for the accuracy of any information supplied by any other Filing Person.

**Item 1. Summary Term Sheet**

The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Special Meeting and the Merger"

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Summary Term Sheet"

"Update to Questions and Answers About the Special Meeting and the Merger"

**Item 2. Subject Company Information**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Name and address***.

The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet—The Parties—Janus Henderson"

"Parties to the Merger—Janus Henderson"

"Important Information Regarding Janus Henderson"

"Where You Can Find More Information"

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Important Information Regarding Janus Henderson"

"Where You Can Find More Information"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Securities***.

The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet—The Merger"

"Summary Term Sheet—Shareholders Entitled to Vote; Vote Required to Approve the Merger and the Other Transactions Contemplated by the Merger Agreement"

"Questions and Answers About the Special Meeting and the Merger"

"The Special Meeting—Record Date and Quorum"

"Important Information Regarding Janus Henderson—Company Background"

"Important Information Regarding Janus Henderson—Security Ownership of Certain Beneficial Owners and Management"

"Important Information Regarding Janus Henderson—Market Price of Janus Henderson Shares"

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Summary Term Sheet—Amendment to Merger Agreement"

"Update to Questions and Answers About the Special Meeting and the Merger"

"Update to Important Information Regarding Janus Henderson—Market Price of Janus Henderson Shares"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***Trading market and price***.

The information set forth in the Definitive Proxy Statement under the following caption is incorporated herein by reference:

"Important Information Regarding Janus Henderson—Market Price of Janus Henderson Shares"

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Important Information Regarding Janus Henderson—Market Price of Janus Henderson Shares"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***Dividends***.

The information set forth in the Definitive Proxy Statement under the following caption is incorporated herein by reference:

"Important Information Regarding Janus Henderson—Dividends"

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Important Information Regarding Janus Henderson—Dividends"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ***Prior public offerings***.

The information set forth in the Definitive Proxy Statement under the following caption is incorporated herein by reference:

"Important Information Regarding Janus Henderson—Prior Public Offerings"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) ***Prior share purchases***.

The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Important Information Regarding Janus Henderson—Prior Public Offerings"

"Important Information Regarding Janus Henderson—Transactions in Janus Henderson Shares"

"Important Information Regarding Janus Henderson—Past Contacts, Transactions, Negotiations and Agreements"

**Item 3. Identity and Background of Filing Person**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) — (c) ***Name and Address of Each Filing Person; Business and Background of Entities; Business and Background of Natural Persons***.

The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet—The Parties"

"Parties to the Merger"

"Important Information Regarding Janus Henderson"

"Important Information Regarding the Buyer Filing Parties"

"Where You Can Find More Information"

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Important Information Regarding Janus Henderson"

"Where You Can Find More Information"

**Item 4. Terms of the Transaction**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) — (1) ***Material terms. Tender offers***. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) — (2) ***Mergers or Similar Transactions***.

The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Special Meeting and the Merger"

"Special Factors—Background of the Merger"

"Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Special Factors—Unaudited Prospective Financial Information"

"Special Factors—Opinion of Goldman Sachs & Co. LLC"

"Special Factors—Reasons of the Buyers for the Merger"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Special Factors—Interests of Directors and Executive Officers in the Merger"

"Special Factors—Intent of Janus Henderson's Directors and Executive Officers to Vote in Favor of the Merger"

"Special Factors—Intent of Certain Shareholders to Vote in Favor of the Merger"

"Special Factors—Certain Effects of the Merger"

"Special Factors—Consequences If the Merger Is Not Completed"

"Special Factors—U.K. Tax Considerations"

"Special Factors—U.S. Federal Income Tax Considerations for U.S. Holders"

"Special Factors—Accounting Treatment"

"Special Factors—Delisting and Deregistration of Janus Henderson Shares"

"The Special Meeting—Vote Required for Approval"

"The Agreement and Plan of Merger—Merger Consideration"

"The Agreement and Plan of Merger—Treatment of Outstanding Equity Awards"

"The Agreement and Plan of Merger—Exchange of Certificates"

"The Agreement and Plan of Merger—Conditions to the Merger"

Annex A — Agreement and Plan of Merger

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Summary Term Sheet"

"Update to Questions and Answers About the Special Meeting and the Merger"

"Update to Special Factors—Update to Background of the Merger"

"Update to Special Factors—Update to Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Update to Special Factors—Update to Opinion of Goldman Sachs & Co. LLC"

"Update to Special Factors—Update to Reasons of the Buyers for the Merger"

"Update to Special Factors—Update to Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Update to Special Factors—Update to Interests of Directors and Executive Officers in the Merger"

"Update to Special Factors—Update to Intent of Janus Henderson's Directors and Executive Officers to Vote in Favor of the Merger"

"Update to Special Factors—Update to Certain Effects of the Merger"

"Update to Special Factors—Update to Consequences If the Merger Is Not Completed"

"Summary of Amendment to the Merger Agreement; Update to the Agreement and Plan of Merger"

Annex A—Amendment No. 1 to Agreement and Plan of Merger

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***Different terms***.

The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Special Meeting and the Merger"

"Special Factors—Interests of Directors and Executive Officers in the Merger"

"Special Factors—Intent of Certain Shareholders to Vote in Favor of the Merger"

"Special Factors—Certain Effects of the Merger"

"Special Factors—Financing"

"Special Factors—Limited Guarantee"

"Proposal 3: Non-Binding Compensation Advisory Proposal"

"The Agreement and Plan of Merger—Merger Consideration"

"The Agreement and Plan of Merger—Treatment of Outstanding Equity Awards"

"The Agreement and Plan of Merger—Exchange of Certificates"

"The Agreement and Plan of Merger —Employee Benefits"

"The Agreement and Plan of Merger —Director and Officer Indemnification and Insurance"

"The Agreement and Plan of Merger—Miscellaneous—Special Committee Compensation"

"Voting and Rollover Agreement"

Annex A—Agreement and Plan of Merger

Annex B—Voting and Rollover Agreement

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Summary Term Sheet"

"Update to Questions and Answers About the Special Meeting and the Merger"

"Update to Special Factors—Update to Interests of Directors and Executive Officers in the Merger"

"Update to Special Factors—Update to Certain Effects of the Merger"

"Update to Special Factors—Update to Financing"

"Summary of Amendment to the Merger Agreement; Update to the Agreement and Plan of Merger"

Annex A—Amendment No. 1 to Agreement and Plan of Merger

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***Appraisal rights***.

The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet—Right to Object"

"Questions and Answers About the Special Meeting and the Merger"

"Special Factors—Right to Object"

"Dissenters' Rights and Rights of Objecting Shareholders"

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Summary Term Sheet"

"Update to Questions and Answers About the Special Meeting and the Merger"

"Update to Special Factors—Right to Object"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ***Provisions for unaffiliated security holders***.

The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet—Recommendation of the Special Committee; Recommendation of the Board; Reasons for Recommending the Approval and Adoption of the Merger Agreement and the Transactions Contemplated by the Merger Agreement, Including the Merger"

"Summary Term Sheet—Right to Object"

"Questions and Answers About the Special Meeting and the Merger"

"Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Special Factors—Right to Object"

"Dissenters' Rights and Rights of Objecting Shareholders"

"Provisions for Unaffiliated Security Holders"

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Questions and Answers About the Special Meeting and the Merger"

"Update to Special Factors—Update to Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Update to Special Factors—Right to Object"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) ***Eligibility for listing or trading***. Not applicable.

**Item 5. Past Contacts, Transactions, Negotiations and Agreements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Transactions***.

The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Special Factors—Background of the Merger"

"Special Factors—Interests of Directors and Executive Officers in the Merger"

"Special Factors—Intent of Certain Shareholders to Vote in Favor of the Merger"

"Special Factors—Certain Effects of the Merger"

"Special Factors—Financing"

"Special Factors—Limited Guarantee"

"Proposal 3: Non-Binding Compensation Advisory Proposal"

"The Agreement and Plan of Merger"

"Voting and Rollover Agreement"

"Important Information Regarding Janus Henderson—Prior Public Offerings"

"Important Information Regarding Janus Henderson—Transactions in Janus Henderson Shares"

"Important Information Regarding Janus Henderson—Past Contacts, Transactions, Negotiations and Agreements"

"Important Information Regarding the Buyer Filing Parties"

Annex A—Agreement and Plan of Merger

Annex B—Voting and Rollover Agreement

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Summary Term Sheet"

"Update to Special Factors—Update to Background of the Merger"

"Update to Special Factors—Update to Interests of Directors and Executive Officers in the Merger"

"Update to Special Factors—Update to Certain Effects of the Merger"

"Update to Special Factors—Update to Financing"

"Summary of Amendment to the Merger Agreement; Update to the Agreement and Plan of Merger"

Annex A—Amendment No. 1 to Agreement and Plan of Merger

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) —(c) ***Significant corporate events; Negotiations or contacts***.

The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Special Meeting and the Merger"

"Special Factors—Background of the Merger"

"Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Special Factors—Reasons of the Buyers for the Merger"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Special Factors—Interests of Directors and Executive Officers in the Merger"

"Special Factors—Intent of Certain Shareholders to Vote in Favor of the Merger"

"Special Factors—Financing"

"Proposal 3: Non-Binding Compensation Advisory Proposal"

"The Agreement and Plan of Merger"

"Voting and Rollover Agreement"

"Important Information Regarding Janus Henderson—Past Contacts, Transactions, Negotiations and Agreements"

Annex A—Agreement and Plan of Merger

Annex B—Voting and Rollover Agreement

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Summary Term Sheet"

"Update to Questions and Answers About the Special Meeting and the Merger"

"Update to Special Factors—Update to Background of the Merger"

"Update to Special Factors—Update to Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Update to Special Factors—Update to Reasons of the Buyers for the Merger"

"Update to Special Factors—Update to Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Update to Special Factors—Update to Interests of Directors and Executive Officers in the Merger"

"Update to Special Factors—Update to Financing"

"Summary of Amendment to the Merger Agreement; Update to the Agreement and Plan of Merger"

Annex A—Amendment No. 1 to Agreement and Plan of Merger

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ***Agreements involving the subject company's securities***.

The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Special Meeting and the Merger"

"Special Factors—Background of the Merger"

"Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Special Factors—Interests of Directors and Executive Officers in the Merger"

"Special Factors—Intent of Certain Shareholders to Vote in Favor of the Merger"

"Special Factors—Certain Effects of the Merger"

"Special Factors—Financing"

"Special Factors—Limited Guarantee"

"Proposal 3: Non-Binding Compensation Advisory Proposal"

"The Agreement and Plan of Merger"

"Voting and Rollover Agreement"

"Important Information Regarding Janus Henderson—Transactions in Janus Henderson Shares"

"Important Information Regarding Janus Henderson—Past Contacts, Transactions, Negotiations and Agreements"

Annex A—Agreement and Plan of Merger

Annex B—Voting and Rollover Agreement

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Summary Term Sheet"

"Update to Questions and Answers About the Special Meeting and the Merger"

"Update to Special Factors—Update to Background of the Merger"

"Update to Special Factors—Update to Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Update to Special Factors—Update to Interests of Directors and Executive Officers in the Merger"

"Update to Special Factors—Update to Certain Effects of the Merger"

"Update to Special Factors—Update to Financing"

"Summary of Amendment to the Merger Agreement; Update to the Agreement and Plan of Merger"

Annex A—Amendment No. 1 to Agreement and Plan of Merger

**Item 6. Purposes of the Transaction, and Plans or Proposals**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Use of securities acquired***.

The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Special Meeting and the Merger"

"Special Factors—Reasons of the Buyers for the Merger"

"Special Factors—Plans for the Company After the Merger"

"Special Factors—Interests of Directors and Executive Officers in the Merger"

"Special Factors—Certain Effects of the Merger"

"Special Factors—Consequences If the Merger Is Not Completed"

"Special Factors—Financing"

"Special Factors—Delisting and Deregistration of Janus Henderson Shares"

"The Agreement and Plan of Merger—Merger Consideration"

"The Agreement and Plan of Merger—Treatment of Outstanding Equity Awards"

"The Agreement and Plan of Merger—Exchange of Certificates"

Annex A—Agreement and Plan of Merger

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Summary Term Sheet"

"Update to Questions and Answers About the Special Meeting and the Merger"

"Update to Special Factors—Update to Background of the Merger"

"Update to Special Factors—Update to Reasons of the Buyers for the Merger"

"Update to Special Factors—Update to Interests of Directors and Executive Officers in the Merger"

"Update to Special Factors—Update to Certain Effects of the Merger"

"Update to Special Factors—Update to Consequences If the Merger Is Not Completed"

"Update to Special Factors—Update to Financing"

"Summary of Amendment to the Merger Agreement; Update to the Agreement and Plan of Merger"

Annex A—Amendment No. 1 to Agreement and Plan of Merger

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (1) — (8) ***Plans***.

The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Special Meeting and the Merger"

"Special Factors—Background of the Merger"

"Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Special Factors—Reasons of the Buyers for the Merger"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Special Factors—Plans for the Company After the Merger"

"Special Factors—Interests of Directors and Executive Officers in the Merger"

"Special Factors—Intent of the Janus Henderson's Directors and Executive Officers to Vote in Favor of the Merger"

"Special Factors—Intent of Certain Shareholders to Vote in Favor of the Merger"

"Special Factors—Certain Effects of the Merger"

"Special Factors—Consequences If the Merger Is Not Completed"

"Special Factors—Financing"

"Special Factors—Limited Guarantee"

"Special Factors—Delisting and Deregistration of Janus Henderson Shares"

"The Agreement and Plan of Merger"

"Important Information Regarding Janus Henderson"

Annex A—Agreement and Plan of Merger

Annex B—Voting and Rollover Agreement

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Summary Term Sheet"

"Update to Questions and Answers About the Special Meeting and the Merger"

"Update to Special Factors—Update to Background of the Merger"

"Update to Special Factors—Update to Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Update to Special Factors—Update to Reasons of the Buyers for the Merger"

"Update to Special Factors—Update to Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Update to Special Factors—Update to Interests of Directors and Executive Officers in the Merger"

"Update to Special Factors—Update to Intent of the Janus Henderson's Directors and Executive Officers to Vote in Favor of the Merger"

"Update to Special Factors—Update to Certain Effects of the Merger"

"Update to Special Factors—Update to Consequences If the Merger Is Not Completed"

"Update to Special Factors—Update to Financing"

"Update to Important Information Regarding Janus Henderson"

"Summary of Amendment to the Merger Agreement; Update to the Agreement and Plan of Merger"

Annex A—Amendment No. 1 to Agreement and Plan of Merger

**Item 7. Purposes, Alternatives, Reasons and Effects**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Purposes***.

The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Special Meeting and the Merger"

"Special Factors—Background of the Merger"

"Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Special Factors—Reasons of the Buyers for the Merger"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Special Factors—Plans for the Company After the Merger"

"Special Factors—Certain Effects of the Merger"

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Summary Term Sheet"

"Update to Questions and Answers About the Special Meeting and the Merger"

"Update to Special Factors—Update to Background of the Merger"

"Update to Special Factors—Update to Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Update to Special Factors—Update to Reasons of the Buyers for the Merger"

"Update to Special Factors—Update to Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Update to Special Factors—Update to Certain Effects of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Alternatives***. The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Special Factors—Background of the Merger"

"Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Special Factors—Reasons of the Buyers for the Merger"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Special Factors—Consequences If the Merger Is Not Completed"

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Summary Term Sheet"

"Update to Questions and Answers About the Special Meeting and the Merger"

"Update to Special Factors—Update to Background of the Merger"

"Update to Special Factors—Update to Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Update to Special Factors—Update to Reasons of the Buyers for the Merger"

"Update to Special Factors—Update to Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Update to Special Factors—Update to Consequences If the Merger Is Not Completed"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***Reasons***. The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Special Factors—Background of the Merger"

"Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Special Factors—Unaudited Prospective Financial Information"

"Special Factors—Opinion of Goldman Sachs & Co. LLC"

"Special Factors—Reasons of the Buyers for the Merger"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Special Factors—Certain Effects of the Merger"

"Special Factors—Consequences If the Merger Is Not Completed"

Annex C—Opinion of Goldman Sachs & Co. LLC

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Summary Term Sheet"

"Update to Special Factors—Update to Background of the Merger"

"Update to Special Factors—Update to Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Update to Special Factors—Update to Opinion of Goldman Sachs & Co. LLC"

"Update to Special Factors—Update to Reasons of the Buyers for the Merger"

"Update to Special Factors—Update to Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Update to Special Factors—Update to Certain Effects of the Merger"

"Update to Special Factors—Update to Consequences If the Merger Is Not Completed"

Annex B—Opinion of Goldman Sachs & Co. LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***Effects***. The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Special Meeting and the Merger"

"Special Factors—Background of the Merger"

"Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Special Factors—Opinion of Goldman Sachs & Co. LLC"

"Special Factors—Reasons of the Buyers for the Merger"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Special Factors—Plans for the Company After the Merger"

"Special Factors—Interests of Directors and Executive Officers in the Merger"

"Special Factors—Certain Effects of the Merger"

"Special Factors—Consequences If the Merger Is Not Completed"

"Special Factors—Right to Object"

"Special Factors—U.K. Tax Considerations"

"Special Factors—U.S. Federal Income Tax Considerations for U.S. Holders"

"Special Factors—Financing"

"Special Factors—Delisting and Deregistration of Janus Henderson Shares"

"Special Factors—Fees and Expenses"

"Proposal 3: Non-Binding Compensation Advisory Proposal"

"The Agreement and Plan of Merger—Treatment of Outstanding Equity Awards"

"The Agreement and Plan of Merger—Employee Benefits"

"The Agreement and Plan of Merger—Director and Officer Indemnification and Insurance"

"The Agreement and Plan of Merger—Expenses; Termination Fees"

"Dissenters' Rights and Rights of Objecting Shareholders"

Annex A—Agreement and Plan of Merger

Annex C—Opinion of Goldman Sachs & Co. LLC

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Summary Term Sheet"

"Update to Questions and Answers About the Special Meeting and the Merger"

"Update to Special Factors—Update to Background of the Merger"

"Update to Special Factors—Update to Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Update to Special Factors—Update to Opinion of Goldman Sachs & Co. LLC"

"Update to Special Factors—Update to Reasons of the Buyers for the Merger"

"Update to Special Factors—Update to Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Update to Special Factors—Update to Interests of Directors and Executive Officers in the Merger"

"Update to Special Factors—Update to Certain Effects of the Merger"

"Update to Special Factors—Update to Consequences If the Merger Is Not Completed"

"Update to Special Factors—Right to Object"

"Update to Special Factors—Update to Financing"

Annex A—Amendment No. 1 to Agreement and Plan of Merger"

Annex B—Opinion of Goldman Sachs & Co. LLC

**Item 8. Fairness of the Transaction**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) — (b) ***Fairness; Factors considered in determining fairness***.

The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Special Meeting and the Merger"

"Special Factors—Background of the Merger"

"Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Special Factors—Opinion of Goldman Sachs & Co. LLC"

"Special Factors—Reasons of the Buyers for the Merger"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Special Factors—Interests of Directors and Executive Officers in the Merger"

"Special Factors—Certain Effects of the Merger"

"The Special Meeting—Vote Required for Approval"

Annex C—Opinion of Goldman Sachs & Co. LLC

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Summary Term Sheet"

"Update to Questions and Answers About the Special Meeting and the Merger"

"Update to Special Factors—Update to Background of the Merger"

"Update to Special Factors—Update to Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Update to Special Factors—Update to Opinion of Goldman Sachs & Co. LLC"

"Update to Special Factors—Update to Reasons of the Buyers for the Merger"

"Update to Special Factors—Update to Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Update to Special Factors—Update to Interests of Directors and Executive Officers in the Merger"

"Update to Special Factors—Update to Certain Effects of the Merger"

Annex B—Opinion of Goldman Sachs & Co. LLC

The discussion materials dated December 1, 2025, December 2, 2025, December 4, 2025, December 10, 2025, December 11, 2025, December 15, 2025, December 16, 2025, December 21, 2025, March 3, 2026, March 10, 2026, March 23, 2026 and March 23, 2026 prepared by Goldman Sachs & Co. LLC and reviewed by the Special Committee are filed as Exhibits (c)(i) – (c)(xii) and incorporated herein by reference.**** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***Approval of security holders***.

The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Special Meeting and the Merger"

"Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Special Factors—Reasons of the Buyers for the Merger"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"The Special Meeting—Record Date and Quorum"

"The Special Meeting—Vote Required for Approval"

"The Special Meeting—How to Vote"

"The Special Meeting—Revocation of Proxies"

"Proposal 1: Approval and Adoption of the Merger Agreement and the Transactions Contemplated by the Merger Agreement, Including the Merger"

"The Agreement and Plan of Merger—Conditions to the Merger"

Annex A—Agreement and Plan of Merger

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Summary Term Sheet"

"Update to Questions and Answers About the Special Meeting and the Merger"

"Update to Special Factors—Update to Background of the Merger"

"Update to Special Factors—Update to Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Update to Special Factors—Update to Reasons of the Buyers for the Merger"

"Update to Special Factors—Update to Position of the Buyer Filing Parties as to the Fairness of the Merger"

Annex A—Amendment No. 1 to Agreement and Plan of Merger

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***Unaffiliated representative***.

The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Special Factors—Background of the Merger"

"Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Special Factors—Opinion of Goldman Sachs & Co. LLC"

"Special Factors—Reasons of the Buyers for the Merger"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Provisions for Unaffiliated Security Holders"

Annex C—Opinion of Goldman Sachs & Co. LLC

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Summary Term Sheet"

"Update to Special Factors—Update to Background of the Merger"

"Update to Special Factors—Update to Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Update to Special Factors—Update to Opinion of Goldman Sachs & Co. LLC"

"Update to Special Factors—Update to Reasons of the Buyers for the Merger"

"Update to Special Factors—Update to Position of the Buyer Filing Parties as to the Fairness of the Merger"

Annex B—Opinion of Goldman Sachs & Co. LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ***Approval of directors***.

The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Merger and the Special Meeting"

"Special Factors—Background of the Merger"

"Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Special Factors—Reasons of the Buyers for the Merger"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Special Factors—Interests of Directors and Executive Officers in the Merger"

"Special Factors—Intent of Janus Henderson's Directors and Executive Officers to Vote in Favor of the Merger"

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Summary Term Sheet"

"Update to Questions and Answers About the Special Meeting and the Merger"

"Update to Special Factors—Update to Background of the Merger"

"Update to Special Factors—Update to Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Update to Special Factors—Update to Reasons of the Buyers for the Merger"

"Update to Special Factors—Update to Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Update to Special Factors—Update to Interests of Directors and Executive Officers in the Merger"

"Update to Special Factors—Update to Intent of Janus Henderson's Directors and Executive Officers to Vote in Favor of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) ***Other offers***.

The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Special Factors—Background of the Merger"

"Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Special Factors—Update to Background of the Merger"

"Update to Special Factors—Update to Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

**Item 9. Reports, Opinions, Appraisals and Negotiations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) — (b) ***Report, opinion or appraisal; Preparer and summary of the report, opinion or appraisal***.

The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Special Meeting and the Merger"

"Special Factors—Background of the Merger"

"Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Special Factors—Opinion of Goldman Sachs & Co. LLC"

"Special Factors—Reasons of the Buyers for the Merger"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Where You Can Find More Information"

Annex C—Opinion of Goldman Sachs & Co. LLC

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Summary Term Sheet"

"Update to Questions and Answers About the Special Meeting and the Merger"

"Update to Special Factors—Update to Background of the Merger"

"Update to Special Factors—Update to Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Update to Special Factors—Update to Opinion of Goldman Sachs & Co. LLC"

"Update to Special Factors—Update to Reasons of the Buyers for the Merger"

"Update to Special Factors—Update to Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Where You Can Find More Information"

Annex B—Opinion of Goldman Sachs & Co. LLC

The discussion materials dated December 1, 2025, December 2, 2025, December 4, 2025, December 10, 2025, December 11, 2025, December 15, 2025, December 16, 2025, December 21, 2025, March 3, 2026, March 10, 2026, March 23, 2026 and March 23, 2026 prepared by Goldman Sachs & Co. LLC and reviewed by the Special Committee are filed as Exhibits (c)(i) – (c)(xii) and incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***Availability of documents***. The reports, opinions or appraisals referenced in this Item 9 will be made available for inspection and copying at the principal executive offices of the Company during its regular business hours by any interested equity holder of the Company or by a representative who has been so designated in writing.

**Item 10. Source and Amounts of Funds or Other Consideration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) — (b) ***Source of funds; Conditions***.

The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Special Factors—Financing"

"Special Factors—Limited Guarantee"

"The Agreement and Plan of Merger—Covenants Regarding Conduct of Business by the Company and Its Subsidiaries Prior to the Merger—Financing Cooperation"

"The Agreement and Plan of Merger—Conditions to the Merger"

"The Agreement and Plan of Merger—Other Covenants and Agreements"

Annex A—Agreement and Plan of Merger

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Summary Term Sheet"

"Update to Special Factors—Update to Financing"

Annex A—Amendment No. 1 to Agreement and Plan of Merger

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***Expenses***.

The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Special Meeting and the Merger"

"Special Factors—Interests of Directors and Executive Officers in the Merger—Special Committee Fees"

"Special Factors—Consequences If the Merger Is Not Completed"

"Special Factors—Fees and Expenses"

"The Special Meeting—Solicitation of Proxies"

"The Agreement and Plan of Merger—Expenses; Termination Fees"

"The Agreement and Plan of Merger—Miscellaneous—Special Committee Compensation"

Annex A—Agreement and Plan of Merger

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Summary Term Sheet"

"Update to Questions and Answers About the Special Meeting and the Merger"

"Update to Special Factors—Update to Consequences if the Merger is Not Completed"

"Summary of Amendment to the Merger Agreement; Update to the Agreement and Plan of Merger"

Annex A—Amendment No. 1 to Agreement and Plan of Merger

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***Borrowed funds***.

The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Special Factors—Financing"

"The Agreement and Plan of Merger— Covenants Regarding Conduct of Business by the Company and Its Subsidiaries Prior to the Merger—Financing Cooperation"

Annex A—Agreement and Plan of Merger

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Summary Term Sheet"

"Update to Special Factors—Update to Financing"

Annex A—Amendment No. 1 to Agreement and Plan of Merger

**Item 11. Interest in Securities of the Subject Company**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Securities ownership***.

The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Special Factors—Interests of Directors and Executive Officers in the Merger"

"Special Factors—Intent of Certain Shareholders to Vote in Favor of the Merger"

"Voting and Rollover Agreement"

"Important Information Regarding Janus Henderson—Security Ownership of Certain Beneficial Owners and Management"

"Important Information Regarding the Buyer Filing Parties"

Annex B—Voting and Rollover Agreement

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Summary Term Sheet"

"Update to Special Factors—Update to Interests of Directors and Executive Officers in the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Securities transactions***.

The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Special Factors—Background of the Merger"

"The Agreement and Plan of Merger"

"Voting and Rollover Agreement"

"Important Information Regarding Janus Henderson—Prior Public Offerings"

"Important Information Regarding Janus Henderson—Transactions in Janus Henderson Shares"

Annex A—Agreement and Plan of Merger

Annex B—Voting and Rollover Agreement

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Special Factors—Update to Background of the Merger"

"Summary of Amendment to the Merger Agreement; Update to the Agreement and Plan of Merger"

Annex A—Amendment No. 1 to Agreement and Plan of Merger

**Item 12. The Solicitation or Recommendation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***Intent to tender or vote in a going-private transaction***.

The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Special Meeting and the Merger"

"Special Factors—Background of the Merger"

"Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Special Factors—Reasons of the Buyers for the Merger"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Special Factors—Intent of Janus Henderson's Directors and Executive Officers to Vote in Favor of the Merger"

"Special Factors—Intent of Certain Shareholders to Vote in Favor of the Merger"

"The Special Meeting—Vote Required for Approval"

"Voting and Rollover Agreement"

Annex A—Agreement and Plan of Merger

Annex B—Voting and Rollover Agreement

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Summary Term Sheet"

"Update to Questions and Answers About the Special Meeting and the Merger"

"Update to Special Factors—Update to Background of the Merger"

"Update to Special Factors—Update to Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Update to Special Factors—Update to Reasons of the Buyers for the Merger"

"Update to Special Factors—Update to Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Update to Special Factors—Update to Interests of Directors and Executive Officers in the Merger"

"Update to Special Factors—Update to Intent of Janus Henderson's Directors and Executive Officers to Vote in Favor of the Merger"

Annex A—Amendment No. 1 to Agreement and Plan of Merger

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ***Recommendation of others***.

The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Special Meeting and the Merger"

"Special Factors—Background of the Merger"

"Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Special Factors—Reasons of the Buyers for the Merger"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Proposal 1: Approval and Adoption of the Merger Agreement and the Transactions Contemplated by the Merger Agreement, Including the Merger

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Summary Term Sheet"

"Update to Questions and Answers About the Special Meeting and the Merger"

"Update to Special Factors—Update to Background of the Merger"

"Update to Special Factors—Update to Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Update to Special Factors—Update to Reasons of the Buyers for the Merger"

"Update to Special Factors—Update to Position of the Buyer Filing Parties as to the Fairness of the Merger"

**Item 13. Financial Information**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Financial statements***. The audited consolidated financial statements set forth in Item 8 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 are incorporated herein by reference.

The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Special Factors—Unaudited Prospective Financial Information"

"Special Factors—Certain Effects of the Merger"

"Important Information Regarding Janus Henderson—Selected Historical Financial Data"

"Important Information Regarding Janus Henderson—Book Value Per Share"

"Where You Can Find More Information"

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Special Factors—Update to Certain Effects of the Merger"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Pro forma information.*** Not applicable.

**Item 14. Persons/Assets, Retained, Employed, Compensated or Used**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) — (b) ***Solicitations or recommendations; Employees and corporate assets***.

The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers About the Special Meeting and the Merger"

"Special Factors—Background of the Merger"

"Special Factors—Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Special Factors—Reasons of the Buyers for the Merger"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Special Factors—Interests of Directors and Executive Officers in the Merger"

"Special Factors—Fees and Expenses"

"The Special Meeting—Solicitation of Proxies"

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Summary Term Sheet"

"Update to Questions and Answers About the Special Meeting and the Merger"

"Update to Special Factors—Update to Background of the Merger"

"Update to Special Factors—Update to Reasons for the Merger; Recommendation of the Special Committee and the Company's Board of Directors"

"Update to Special Factors—Update to Reasons of the Buyers for the Merger"

"Update to Special Factors—Update to Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Update to Special Factors—Update to Interests of Directors and Executive Officers in the Merger"

**Item 15. Additional Information**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Golden Parachute Compensation***.

The information set forth in the Definitive Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Special Factors—Interests of Directors and Executive Officers in the Merger"

"Special Factors—Certain Effects of the Merger"

"Proposal 3: Non-Binding Compensation Advisory Proposal"

"The Agreement and Plan of Merger—Treatment of Outstanding Equity Awards"

Annex A—Agreement and Plan of Merger

The information set forth in the Supplement under the following captions is incorporated herein by reference:

"Update to Summary Term Sheet"

"Update to Special Factors—Update to Interests of Directors and Executive Officers in the Merger"

"Update to Special Factors—Update to Certain Effects of the Merger"

Annex A—Amendment No. 1 to Agreement and Plan of Merger

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***Other material information***.

The information set forth in the Definitive Proxy Statement, including all annexes thereto, is incorporated herein by reference.

**Item 16. Exhibits**

The following exhibits are filed herewith:

[(a)(i) Definitive Proxy Statement of Janus Henderson Group plc (included in the Schedule 14A filed on March 11, 2026 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926026145/tm2534023-15_defm14a.htm)

[(a)(ii) Form of Proxy Card (included in the Definitive Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926026145/tm2534023-15_defm14a.htm)

[(a)(iii) Letter to Shareholders (included in the Definitive Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926026145/tm2534023-15_defm14a.htm)

[(a)(iv) Notice of Extraordinary General Meeting (included in the Supplement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926036161/tm269831d4_defa14a.htm)

[(a)(v) Current Report on Form 8-K, dated December 22, 2025 (included in Schedule 14A filed on December 22, 2025 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465925123537/tm2534023d2_defa14a.htm)

[(a)(vi) Press Release, dated December 22, 2025 (included in Schedule 14A filed on December 22, 2025 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465925123537/tm2534023d2_ex99-1.htm)

[(a)(vii) CEO Letter to Employees, dated December 22, 2025 (included in Schedule 14A filed on December 22, 2025 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465925123822/tm2534023d3_defa14a.htm)

[(a)(viii) Transcript of CEO Video Message for Employees, dated December 22, 2025 (included in Schedule 14A filed on December 22, 2025 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465925123823/tm2534023d4_defa14a.htm)

[(a)(ix) LinkedIn Post, dated December 22, 2025 (included in Schedule 14A filed on December 22, 2025 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465925123825/tm2534023d5_defa14a.htm)

[(a)(x) Janus Henderson Letter to Clients, dated December 22, 2025 (included in Schedule 14A filed on December 29, 2025 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465925124906/tm2534023d6_defa14a.htm)

[(a)(xi) Press Release, dated February 26, 2026 (included in Schedule 14A filed on February 27, 2026 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926020758/tm2534023d13_defa14a.htm)

[(a)(xii) Employee Communication from February 26, 2026 (included in Schedule 14A filed on February 27, 2026 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926020810/tm2534023d14_defa14a.htm)

[(a)(xiii) Janus Henderson Letter to Clients from March 2, 2026 (included in Schedule 14A filed on March 2, 2026 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926022296/tm2534023d16_defa14a.htm)

[(a)(xiv) CEO Letter to Employees from March 3, 2026 (included in Schedule 14A filed on March 3, 2026 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926022568/tm2534023d17_defa14a.htm)

[(a)(xv) Press Release, dated March 11, 2026 (included in Schedule 14A filed on March 11, 2026 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926026150/tm268522d1_defa14a.htm)

[(a)(xvi) Press Release of Trian Fund Management, dated March 11, 2026 (included in Schedule 14A filed on March 11, 2026 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000093041326000725/c115797_dfan14a.htm)

[(a)(xvii) CEO Letter to Employees from March 11, 2026 (included in Schedule 14A filed on March 11, 2026 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926026157/tm268522d2_defa14a.htm)

[(a)(xviii) Janus Henderson Letter to Clients from March 11, 2026 (included in Schedule 14A filed on March 11, 2026 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926026160/tm268522d3_defa14a.htm)

[(a)(xix) LinkedIn Post of Trian Fund Management, dated March 11, 2026 (included in Schedule 14A filed on March 11, 2026 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000093041326000733/c115800_dfan14a.htm)

[(a)(xx) Press Release, dated March 17, 2026 (included in Schedule 14A filed on March 17, 2026 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926029545/tm269102d1_defa14a.htm)

[(a)(xxi) Employee Communication from March 17, 2026 (included in Schedule 14A filed on March 18, 2026 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926029715/tm269102d2_defa14a.htm)

[(a)(xxii) Pages from Website Published on March 18, 2026 (included in Schedule 14A filed on March 19, 2026 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926031459/tm269102d3_defa14a.htm)

[(a)(xxiii) Janus Henderson Letter to Clients from March 19, 2026 (included in Schedule 14A filed on March 19, 2026 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926032168/tm269102d4_defa14a.htm)

[(a)(xxiv) Press Release and Investor Presentation of Trian Fund Management, dated March 20, 2026 (included in Schedule 14A filed on March 20, 2026 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000093041326000829/c115945_dfan14a.htm)

[(a)(xxv) LinkedIn Post of Trian Fund Management, dated March 20, 2026 (included in Schedule 14A filed on March 23, 2026 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000093041326000844/c115962_dfan14a.htm)

[(a)(xxvi) Press Release, dated March 24, 2026 (included in Schedule 14A filed on March 24, 2026 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926033642/tm269102d5_defa14a.htm)

[(a)(xxvii) Employee Communication from March 24, 2026 (included in Schedule 14A filed on March 24, 2026 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926033652/tm269102d6_defa14a.htm)

[(a)(xxviii) Janus Henderson Letter to Clients from March 24, 2026 (included in Schedule 14A filed on March 24, 2026 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926033653/tm269102d7_defa14a.htm)

[(a)(xxvix) Pages from Website Updated on March 24, 2026 (included in Schedule 14A filed on March 24, 2026 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926033899/tm269102d8_defa14a.htm)

[(a)(xxx) Current Report on Form 8-K, dated March 24, 2026 (included in Schedule 14A filed on March 24, 2026 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926033935/tm269102d11_defa14a.htm)

[(a)(xxxi) LinkedIn Post of Trian Fund Management, dated March 24, 2026 (included in Schedule 14A filed on March 24, 2026 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000093041326000857/c115970_dfan14a.htm)

[(a)(xxxii) Employee Communication from March 25, 2026 (included in Schedule 14A filed on March 25, 2026 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926034192/tm269782d2_defa14a.htm)

[(a)(xxxiii) Janus Henderson Letter to Clients from March 25, 2026 (included in Schedule 14A filed on March 25, 2026 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926034197/tm269782d1_defa14a.htm)

[(a)(xxxiv) Current Report on Form 8-K, dated March 25, 2026 (included in Schedule 14A filed on March 25, 2026 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926034516/tm269831d2_defa14a.htm)

[(a)(xxxv) Supplement to the Definitive Proxy Statement of Janus Henderson Group plc (included in the Schedule 14A filed on March 27, 2026 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926036161/tm269831d4_defa14a.htm)

[(a)(xxxvi) Letter to Shareholders (included in the Supplement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926036161/tm269831d4_defa14a.htm)

[(a)(xxxvii) Notice of Extraordinary General Meeting (included in the Supplement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926036161/tm269831d4_defa14a.htm)

[(b)(i) Preferred Equity Commitment Letter, dated as of December 21, 2025, by and among Massachusetts Mutual Life Insurance Company and Jupiter Parent Limited (included as Exhibit 99.1 of the Schedule 13D filed by Massachusetts Mutual Life Insurance Company on December 23, 2025).](https://www.sec.gov/Archives/edgar/data/225602/000114036125046593/ef20061820_ex99-1.htm)

[(b)(ii)+ Debt Commitment Letter, dated as of December 21, 2025, by and among Jupiter Borrower, Inc., Jupiter Company Limited, JPMorgan Chase Bank, N.A., Citigroup Global Markets Inc., Bank of America, N.A., BofA Securities, Inc., Jefferies Finance LLC, MUFG Bank, Ltd. and Sumitomo Mitsui Banking Corporation.](https://www.sec.gov/Archives/edgar/data/1274173/000110465926008735/tm2534023d8_ex99-bii.htm)

[(b)(iii)+ Letter Agreement to Commitment Letter and Fee Letter, dated as of January 21, 2026, by and among Jupiter Borrower, Inc., Jupiter Company Limited, JPMorgan Chase Bank, N.A., Citigroup Global Markets Inc., Bank of America, N.A., BofA Securities, Inc., Jefferies Finance LLC, MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation, UBS AG, Stamford Branch, UBS Securities LLC and Morgan Stanley Senior Funding, Inc.](https://www.sec.gov/Archives/edgar/data/1274173/000110465926008735/tm2534023d8_ex99-biii.htm)

[(b)(iv) Amendment No. 1 to Commitment Letter and Fee Letter, dated as of March 24, 2026, by and among Jupiter Borrower, Inc., Jupiter Company Limited, JPMorgan Chase Bank, N.A., Citigroup Global Markets Inc., Bank of America, N.A., BofA Securities, Inc., Jefferies Finance LLC, MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation, UBS AG, Stamford Branch, UBS Securities LLC and Morgan Stanley Senior Funding, Inc.](tm269719d2_ex99-biv.htm)

[(c)(i)+ Discussion materials prepared by Goldman Sachs & Co. LLC, dated December 1, 2025, for the Special Committee of the Board of Directors of Janus Henderson Group plc.⸸](https://www.sec.gov/Archives/edgar/data/1274173/000110465926008735/tm2534023d8_ex99-ci.htm)

[(c)(ii)+ Discussion materials prepared by Goldman Sachs & Co. LLC, dated December 2, 2025, for the Special Committee of the Board of Directors of Janus Henderson Group plc.⸸](https://www.sec.gov/Archives/edgar/data/1274173/000110465926008735/tm2534023d8_ex99-cii.htm)

[(c)(iii)+ Discussion materials prepared by Goldman Sachs & Co. LLC, dated December 4, 2025, for the Special Committee of the Board of Directors of Janus Henderson Group plc.](https://www.sec.gov/Archives/edgar/data/1274173/000110465926008735/tm2534023d8_ex99-ciii.htm)

[(c)(iv)+ Discussion materials prepared by Goldman Sachs & Co. LLC, dated December 10, 2025, for the Special Committee of the Board of Directors of Janus Henderson Group plc.](https://www.sec.gov/Archives/edgar/data/1274173/000110465926008735/tm2534023d8_ex99-civ.htm)

[(c)(v)+ Discussion materials prepared by Goldman Sachs & Co. LLC, dated December 11, 2025, for the Special Committee of the Board of Directors of Janus Henderson Group plc.](https://www.sec.gov/Archives/edgar/data/1274173/000110465926008735/tm2534023d8_ex99-cv.htm)

[(c)(vi)+ Discussion materials prepared by Goldman Sachs & Co. LLC, dated December 15, 2025, for the Special Committee of the Board of Directors of Janus Henderson Group plc.](https://www.sec.gov/Archives/edgar/data/1274173/000110465926008735/tm2534023d8_ex99-cvi.htm)

[(c)(vii)+ Discussion materials prepared by Goldman Sachs & Co. LLC, dated December 16, 2025, for the Special Committee of the Board of Directors of Janus Henderson Group plc.](https://www.sec.gov/Archives/edgar/data/1274173/000110465926008735/tm2534023d8_ex99-cvii.htm)

[(c)(viii)+ Discussion materials prepared by Goldman Sachs & Co. LLC, dated December 21, 2025, for the Special Committee of the Board of Directors of Janus Henderson Group plc.](https://www.sec.gov/Archives/edgar/data/1274173/000110465926008735/tm2534023d8_ex99-cviii.htm)

[(c)(ix) ++Discussion materials prepared by Goldman Sachs & Co. LLC dated March 3, 2026, for the Special Committee of the Board of Directors of Janus Henderson Group plc.](https://www.sec.gov/Archives/edgar/data/1274173/000110465926026215/tm2534023d18_ex99-cix.htm)

[(c)(x) ++Discussion materials prepared by Goldman Sachs & Co. LLC dated March 10, 2026, for the Special Committee of the Board of Directors of Janus Henderson Group plc.](https://www.sec.gov/Archives/edgar/data/1274173/000110465926026215/tm2534023d18_ex99-cx.htm)

[(c)(xi) Discussion materials prepared by Goldman Sachs & Co. LLC dated March 23, 2026, for the Special Committee of the Board of Directors of Janus Henderson Group plc.](tm269719d2_ex99-cxi.htm)

[(c)(xii) Discussion materials prepared by Goldman Sachs & Co. LLC dated March 23, 2026, for the Special Committee of the Board of Directors of Janus Henderson Group plc.](tm269719d2_ex99-cxii.htm)

[(d)(i) Agreement and Plan of Merger, dated as of December 21, 2025, by and among Janus Henderson Group plc, Jupiter Company Limited and Jupiter Merger Sub Limited (included as Annex A to the Definitive Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926026145/tm2534023-15_defm14a.htm#tANNA)

[(d)(ii) Voting and Rollover Agreement, dated as of December 21, 2025, by and among Janus Henderson Group plc and Stockholders party thereto (included as Annex B to the Definitive Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926026145/tm2534023-15_defm14a.htm#tANNB)

[(d)(iii) Equity Commitment Letter, dated as of December 21, 2025, from Jupiter Core Holdings, L.P., Jupiter AM Investors, L.P., Trian Partners AM Fund, L.P. and Trian Partners AM Parallel Fund, L.P. (included as Exhibit 11 of Amendment No. 15 to Schedule 13D filed by Trian Fund Management, L.P. on December 22, 2025).⸸](https://www.sec.gov/Archives/edgar/data/1274173/000093041325003750/c114731_ex-11.htm)

[(d)(iv)+ Equity Commitment Letter, dated as of December 21, 2025, from GC Jupiter Investor, LP.](https://www.sec.gov/Archives/edgar/data/1274173/000110465926008735/tm2534023d8_ex99-div.htm)

[(d)(v)+ Equity Commitment Letter, dated as of December 21, 2025, from Qatar Holding LLC.](https://www.sec.gov/Archives/edgar/data/1274173/000110465926008735/tm2534023d8_ex99-dv.htm)

[(d)(vi)+ Limited Guarantee, dated as of December 21, 2025, from Trian Partners AM Holdco II, Ltd., Jupiter Core Holdings, L.P., Jupiter AM Investors, L.P., Trian Partners AM Fund, L.P. and Trian Partners AM Parallel Fund, L.P., in favor of Janus Henderson Group plc.⸸](https://www.sec.gov/Archives/edgar/data/1274173/000110465926008735/tm2534023d8_ex99-dvi.htm)

[(d)(vii)+ Limited Guarantee, dated as of December 21, 2025, from GC Jupiter Investor, LP, in favor of Janus Henderson Group plc.](https://www.sec.gov/Archives/edgar/data/1274173/000110465926008735/tm2534023d8_ex99-dvii.htm)

[(d)(viii)+ Limited Guarantee, dated as of December 21, 2025, from Qatar Holding LLC, in favor of Janus Henderson Group plc.](https://www.sec.gov/Archives/edgar/data/1274173/000110465926008735/tm2534023d8_ex99-dviii.htm)

[(d)(ix) Amendment No. 1 to the Agreement and Plan of Merger, dated as of March 24, 2026, by and among Janus Henderson Group plc, Jupiter Company Limited and Jupiter Merger Sub Limited (included as Annex A to the Supplement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926036161/tm269831d4_defa14a.htm#ap_022)

[(d)(x) Amended and Restated Equity Commitment Letter, dated as of March 24, 2026, from Jupiter Core Holdings, L.P., Jupiter AM Investors, L.P., Trian Partners AM Fund, L.P. and Trian Partners AM Parallel Fund, L.P. (included as Exhibit 13 of Amendment No. 16 to Schedule 13D filed by Trian Fund Management, L.P. on March 24, 2026).⸸](https://www.sec.gov/Archives/edgar/data/1274173/000093041326000860/c115968_ex11.htm)

[(d)(xi) Amended and Restated Equity Commitment Letter, dated as of March 24, 2026, from GC Jupiter Investor, LP.](tm269719d2_ex99-dxi.htm)

[(d)(xii) Amended and Restated Limited Guarantee, dated as of March 24, 2026, from Trian Partners AM Holdco II, Ltd., Jupiter Core Holdings, L.P., Jupiter AM Investors, L.P., Trian Partners AM Fund, L.P. and Trian Partners AM Parallel Fund, L.P., in favor of Janus Henderson Group plc.⸸](tm269719d2_ex99-dxii.htm)

(f) None.

(g) None.

[107 Filing Fee Table.](tm269719d2_ex-filingfees.htm)

⸸ Certain information in this exhibit has been redacted and filed separately with the Securities and Exchange Commission, and confidential treatment has been requested with respect to such omitted information.

+ Previously filed with the Transaction Statement on Schedule 13E-3 filed with the SEC on January 30, 2026.

++ Previously filed with Amendment No. 2 to the Transaction Statement on Schedule 13E-3 filed with the SEC on March 11, 2026.

**SIGNATURES**

After due inquiry and to the best of the undersigned's knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

---

| | |
|:---|:---|
| **Janus Henderson Group plc** | **Janus Henderson Group plc** |
| By: | /s/ Ali Dibadj |
| Name: | Ali Dibadj |
| Title: | Chief Executive Officer |

---

[Signature Page to SC 13E-3]

After due inquiry and to the best of the undersigned's knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

---

| | |
|:---|:---|
| **Jupiter Topco LLC** | **Jupiter Topco LLC** |
| By: | /s/ Peter W. May |
| Name: | Peter W. May |
| Title: | Authorized Signatory |
| **Jupiter Acquisition Limited** | **Jupiter Acquisition Limited** |
| By: | /s/ Peter W. May |
| Name: | Peter W. May |
| Title: | Authorized Signatory |
| **Jupiter Company Limited** | **Jupiter Company Limited** |
| By: | /s/ Peter W. May |
| Name: | Peter W. May |
| Title: | Authorized Signatory |
| **Jupiter Merger Sub Limited** | **Jupiter Merger Sub Limited** |
| By: | /s/ Nelson Peltz |
| Name: | Nelson Peltz |
| Title: | Authorized Signatory |
| **Trian Partners AM Holdco II, Ltd.** | **Trian Partners AM Holdco II, Ltd.** |
| By: | /s/ Peter W. May |
| Name: | Peter W. May |
| Title: | Member |
| **Trian Fund Management GP, LLC** | **Trian Fund Management GP, LLC** |
| By: | /s/ Peter W. May |
| Name: | Peter W. May |
| Title: | Member |
| **Trian Fund Management, L.P.** | **Trian Fund Management, L.P.** |
| By: | /s/ Peter W. May |
| Name: | Peter W. May |
| Title: | Member of the General Partner of Trian Fund Management, L.P. |

---

[Signature Page to SC 13E-3]

---

| | |
|:---|:---|
| **Nelson Peltz** | **Nelson Peltz** |
| By: | /s/ Nelson Peltz |
| Name: | Nelson Peltz |
| **Peter W. May** | **Peter W. May** |
| By: | /s/ Peter W. May |
| Name: | Peter W. May |

---

[Signature Page to SC 13E-3]

## Ex-99.(B)(Iv)

**Exhibit 99.(b)(iv)**

***Execution Version***

**Jupiter Company Limited**

**Jupiter Borrower, Inc.**

**c/o Trian Fund Management, L.P.<br> 280 Park Avenue, 41<sup>st</sup> Floor**

**New York, NY 10017**

March 24, 2026

**JPMORGAN CHASE BANK, N.A.**<br> 270 Park Avenue<br> New York, New York 10017

**CITIGROUP GLOBAL MARKETS INC.**<br> 388 Greenwich Street<br> New York, New York 10013

**BANK OF AMERICA, N.A.**

**BOFA SECURITIES, INC**<br> One Bryant Park<br> New York, New York 10036

**JEFFERIES FINANCE LLC**

520 Madison Avenue

New York, New York 10022

**MUFG BANK, LTD.**

1221 Avenue of the Americas

New York, NY 10020

**SUMITOMO MITSUI BANKING CORPORATION**

277 Park Avenue

New York, New York 10172

**UBS AG, STAMFORD BRANCH**

600 Washington Boulevard

Stamford, Connecticut 06901

**UBS SECURITIES LLC**

11 Madison Avenue

New York, New York 10010

**MORGAN STANLEY SENIOR FUNDING, INC.**

1585 Broadway

New York, NY 10036

Re: Amendment No. 1 to Commitment Letter and Fee Letter each dated December 21, 2025 for Project Jupiter

Ladies and Gentlemen:

Reference is hereby made to the following agreements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Commitment Letter dated as of December 21, 2025 for Project Jupiter (as amended by the letter agreement dated January 21, 2026, and as further amended, supplemented or otherwise modified from time to time, the "Commitment Letter"), by and among Jupiter Company Limited ("Parent") and Jupiter Borrower, Inc. ("AcquisitionCo"), JPMorgan Chase Bank, N.A. ("JPMorgan"), Citi (as defined in the Commitment Letter), Bank of America, N.A. ("Bank of America"), BofA Securities, Inc. (together with its designated affiliates, "BofA Securities" and, together with Bank of America, "BofA"), Jefferies Finance LLC ("Jefferies"), MUFG Bank, Ltd. ("MUFG"), Sumitomo Mitsui Banking Corporation ("SMBC"), UBS AG, Stamford Branch ("UBS AG"), UBS Securities LLC ("UBSS" and, together with UBS AG, "UBS") and Morgan Stanley Senior Funding, Inc. ("MSSF" and, together with JPMorgan, Citi, BofA, Jefferies, MUFG, SMBC and UBS, the "Committed Lenders"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Fee Letter dated as of December 21, 2025 for Project Jupiter, by and among Parent, AcquisitionCo and the Committed Lenders (as amended, supplemented or otherwise modified from time to time, the "Fee Letter").

Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to such terms in the Commitment Letter or the Fee Letter, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendments to Commitment Letter</u>. By execution hereof, the parties agree that the Commitment Letter is amended as follows:

(a) **Amendment to Exhibit B (Term Sheet)**. Clause (B) of the section titled "Availability" in Exhibit B to the Commitment Letter is hereby amended by deleting it in its entirety and replacing it with the following:

"(<u>B</u>) Revolving Loans (exclusive of letter of credit usage) may be made available on the Closing Date up to the full amount of the Revolving Commitments then in effect (<u>i</u>) to fund Transaction Costs, fees and expenses in connection with the Transactions, (<u>ii</u>) to finance capital expenditures, (<u>iii</u>) for other general corporate purposes, (<u>iv</u>) in the amount necessary to fund upfront fees or "flex" OID under the Facilities, (<u>v</u>) for ordinary course working capital and other general corporate purposes (including to refinance any indebtedness incurred for working capital purposes) and (<u>vi</u>) in the amount necessary to fund any purchase price adjustments in accordance with the terms of the Acquisition Agreement. Additionally, Revolving Loans may be made available on the Closing Date for any other purpose up to the amount of cash and cash equivalents held by foreign subsidiaries of the Target and for which the repatriation of such funds may (<u>i</u>) result in material adverse tax consequences to TopCo or one of its subsidiaries (as determined by the Borrower in good faith) or (<u>ii</u>) (<u>1</u>) be prohibited or delayed by or violate or conflict with applicable law, (<u>2</u>) be restricted by applicable organizational documents or any agreement, (<u>3</u>) be subject to other organizational or administrative impediments or (<u>4</u>) conflict with the fiduciary duties of the applicable directors, or result in, or could reasonably be expected to result in, a material risk of personal or criminal liability for any applicable officer, director or manager. Additionally, Letters of Credit may be issued on the Closing Date in order to backstop or replace letters of credit outstanding on the Closing Date under any facilities no longer available to the Target or its subsidiaries as of the Closing Date. Otherwise, Revolving Loans and Letters of Credit under the Revolving Facility will be available at any time prior to the final maturity of the Revolving Facility (including, subject to the limitation described in this paragraph, on the Closing Date), in minimum principal amounts to be agreed upon. Amounts repaid under the Revolving Facility may be reborrowed."

(b) **Conforming changes; mutatis mutandis**. The Commitment Letter is further amended mutatis mutandis to make any definitional, cross-reference and interpretive changes necessary to give full effect to Section 1 of this letter agreement, including conforming references to the Revolving Facility's Closing Date availability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Amendments to Fee Letter</u>. By execution hereof, the parties agree that the Fee Letter is amended as follows:

(a) **References to Commitment Letter**. Each reference to the "Commitment Letter" in the Fee Letter shall be deemed to be a reference to the Commitment Letter as amended by this letter agreement.

(b) **Ratification**. Except as expressly provided in clause (a) of this Section 2, the Fee Letter (including all fee percentages, bases of calculation, timing of payments, reimbursement, indemnity, confidentiality, syndication, yield protection and similar provisions) is ratified and confirmed in all respects and remains unchanged and in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Effect; Amendments; Governing Law; Etc</u>. Except as specifically amended by this letter agreement, the Commitment Letter and the Fee Letter shall remain in full force and effect. This letter agreement shall be construed in connection with and form part of the Commitment Letter and the Fee Letter, as applicable, and any reference to any of the Commitment Letter or the Fee Letter shall be deemed to be a reference to the Commitment Letter and the Fee Letter, each as amended by this letter agreement. This letter agreement may not be amended or modified, or any provision hereof waived, except by an instrument in writing signed by the parties hereto. This letter agreement, the Commitment Letter and the Fee Letter set forth the entire agreement between the parties hereto and supersede all prior understandings, whether written or oral, between the parties hereto with respect to the matters herein and therein. Each of AcquisitionCo and Parent, jointly and severally, agrees that this letter agreement and its contents are subject to the confidentiality provisions of the Commitment Letter applicable to AcquisitionCo and Parent. Each of AcquisitionCo and Parent, jointly and severally, agrees that this letter agreement and its contents are subject to the indemnification, limitation of liability and waiver of indirect, special, punitive or consequential damages provisions of the Commitment Letter and references therein to the "Commitment Letter" shall be deemed to include the Commitment Letter as amended by this letter agreement. This letter agreement shall be binding upon and shall inure to the benefit of the parties hereto and their successors and permitted assigns. This letter agreement and the rights and duties of the parties hereunder (including, without limitation, any claims sounding in contract law or tort law or based on any other theory, in each case, arising out of the subject matter hereof and whether at law or in equity) shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York without giving effect to its principles or rules of conflict of laws, to the extent such principles or rules are not mandatorily applicable by statute and would require or permit the application of the laws of another jurisdiction. **EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THE COMMITMENT LETTER, THE FEE LETTER OR THE PERFORMANCE OF SERVICES THEREUNDER**. The submission to jurisdiction provision of the Commitment Letter is incorporated herein by reference, mutatis mutandis, and such provision shall apply to this letter agreement, and will bind each of the parties hereto, in the same manner and to the same extent as such provision applies to the Commitment Letter, the Fee Letter and the original parties thereto.

This letter agreement may be executed in any number of counterparts, each of which shall be an original and all of which, when taken together, shall constitute one agreement. Delivery of an executed counterpart of a signature page of this letter agreement by facsimile transmission or other electronic transmission (e.g., a "pdf", "tiff" or "DocuSign") shall be effective as delivery of a manually executed counterpart hereof. The words "executed," "execution," "signed," "signature," "delivery," and words of like import in or relating to this letter agreement or any document to be signed in connection with this letter agreement shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transaction Act, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

*[Remainder of this page intentionally left blank]*

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| Very truly yours, | Very truly yours, |
| JUPITER BORROWER, INC. | JUPITER BORROWER, INC. |
| By: | /s/ Peter W. May |
| Name: | Peter W. May |
| Title: | Authorized Signatory |
| JUPITER COMPANY LIMITED | JUPITER COMPANY LIMITED |
| By: | /s/ Peter W. May |
| Name: | Peter W. May |
| Title: | Authorized Signatory |

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[Signature Page to Amendment to Jupiter Commitment and Fee Letters]

ACKNOWLEDGED AND AGREED<br> as of the date first written above:

JPMORGAN CHASE BANK, N.A.

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|:---|:---|
| By: | /s/ Matthew D. Griffith |
|  | Name: Matthew D. Griffith |
|  | Title: Managing Director |

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[Signature Page to Amendment to Jupiter Commitment and Fee Letters]

CITIGROUP GLOBAL MARKETS INC.

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|:---|:---|
| By: | /s/ Kirkwood Roland |
|  | Name: Kirkwood Roland |
|  | Title: Managing Director |

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[Signature Page to Amendment to Jupiter Commitment and Fee Letters]

BANK OF AMERICA, N.A.

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|:---|:---|
| By: | /s/ Sanjay Rijhwani |
|  | Name: Sanjay Rijhwani |
|  | Title: Managing Director |

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BOFA SECURITIES, INC.

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|:---|:---|
| By: | /s/ Sanjay Rijhwani |
|  | Name: Sanjay Rijhwani |
|  | Title: Managing Director |

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[Signature Page to Amendment to Jupiter Commitment and Fee Letters]

JEFFERIES FINANCE LLC

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|:---|:---|
| By: | /s/ John Koehler |
|  | Name: John Koehler |
|  | Title: Managing Director |

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[Signature Page to Amendment to Jupiter Commitment and Fee Letters]

MUFG BANK, LTD.

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|:---|:---|
| By: | /s/ J.P. Chaput |
|  | Name: J.P. Chaput |
|  | Title: Director |

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[Signature Page to Amendment to Jupiter Commitment and Fee Letters]

SUMITOMO MITSUI BANKING CORPORATION

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|:---|:---|
| By: | /s/ Matthew Burke |
|  | Name: Matthew Burke |
|  | Title: Managing Director |

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[Signature Page to Amendment to Jupiter Commitment and Fee Letters]

UBS AG, STAMFORD BRANCH

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| | |
|:---|:---|
| By: | /s/ Bryan Farris |
|  | Name: Bryan Farris |
|  | Title: Managing Director |
| By: | /s/ Michele Cousins |
|  | Name: Michele Cousins |
|  | Title: Managing Director |

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UBS SECURITIES LLC

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| | |
|:---|:---|
| By: | /s/ Bryan Farris |
|  | Name: Bryan Farris |
|  | Title: Managing Director |
| By: | /s/ Michele Cousins |
|  | Name: Michele Cousins |
|  | Title: Managing Director |

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[Signature Page to Amendment to Jupiter Commitment and Fee Letters]

MORGAN STANLEY SENIOR FUNDING, INC.

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|:---|:---|
| By: | /s/ Ethan Plater |
|  | Name: Ethan Plater |
|  | Title: Authorized Signatory |

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[Signature Page to Amendment to Jupiter Commitment and Fee Letters]

## Ex-99.(C)(Xi)

**Exhibit 99.(c)(xi)**

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| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiimg001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade March 23, 2026 Goldman Sachs does not provide accounting, tax, or legal advice. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you (and each of your employees, representatives, and other agents) may disclose to any and all persons the US federal income and state tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. PROPRIETARY & CONFIDENTIAL Project Jewel Discussion Materials DRAFT Preliminary – Subject to Refinement |

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| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiimg002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Disclaimer PROPRIETARY & CONFIDENTIAL CUSTOMIZABLE FIELD FOR TITLE OR SECTION These materials have been prepared by Goldman Sachs on a confidential basis for presentation solely to the special committee (the "Special Committee") of Jewel (the "Company") in connection with an informational presentation which Goldman Sachs is making to the Special Committee. These materials and Goldman Sachs' presentation relating to these materials (collectively, the "Presentation") may not be disclosed to any third party or circulated or referred to publicly or used for or relied upon for any other purpose without the written consent of Goldman Sachs. The Presentation was not prepared with a view to public disclosure or to conform to any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and Goldman Sachs does not take any responsibility for the use of the Presentation by persons other than those set forth above. Notwithstanding anything in this Presentation to the contrary, the Company may disclose to any person the US federal income and state income tax treatment and tax structure of any transaction described herein and all materials of any kind (including tax opinions and other tax analyses) that are provided to the Company relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. The Presentation has been prepared by the Investment Banking Division of Goldman Sachs and is not a product of its research department. Goldman Sachs and its affiliates are engaged in advisory, underwriting and financing, principal investing, sales and trading,research, investment management and other financial and non-financial activities and services for various persons and entities. Goldman Sachs and its affiliates and employees, and funds or other entities they manage or in which they invest or have other economic interest or with which they co-invest, may at any time purchase, sell, hold or vote long or short positions and investments in securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments of the Company, any other party to any transaction and any of their respective affiliates or any currency or commodity that may be involved in any transaction. The firm's clients and counterparties may now or in the future include persons and entities that are the subject of the Presentation and the firm may be, may have been or may become involved in other transactions and assignments with or involving these clients and counterparties and/or may have confidential information relating to these clients or counterparties. The Presentation is neither an expressed nor an implied commitment by Goldman Sachs to act in any capacity with respect to the Special Committee or the Company, which commitment shall only be set forth in an engagement letter to be executed between the Special Committee, the Company and Goldman Sachs, and does not restrict Goldman Sachs from being engaged by, or otherwise acting with, any other party in any capacity. Nothing contained herein shall be deemed to create a fiduciary, advisory, agency or other relationship between Goldman Sachs and the Special Committee, the Company or its stockholders, directors, officers, employees or creditors, nor shall any of the foregoing persons rely on this document or the presentation thereof. The Presentation has been prepared based on historical financial information, forecasts and other information obtained by Goldman Sachs from publicly available sources (other than information regarding the Company, which may have been obtained from the management of the Company). In preparing the Presentation, Goldman Sachs has relied upon and assumed, without assuming any responsibility for independent verification, the accuracy and completeness of all of the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by us, and Goldman Sachs does not assume any liability for any such information. Goldman Sachs does not provide accounting, tax, legal or regulatory advice. Goldman Sachs has not made an independent evaluation or appraisal of the assets and liabilities (including any contingent, derivative or off-balance sheet assets and liabilities) of the Company or any other party to any transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained in the Presentation do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Any indications of value or synergies in the Presentation are based solely on public information, are for illustrative purposes only, and do not reflect actual values or synergies that may be achieved or realized by the Company or any views of Goldman Sachs with respect to any such values or synergies. The Presentation does not address the underlying business decision of the Special Committee or the Company to engage in any transaction, or the relative merits of any transaction or strategic alternative as compared to any other transaction or alternative that may be available to the Company. The Presentation is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to Goldman Sachs as of, the date of such Presentation and Goldman Sachs assumes no responsibility for updating or revising the Presentation based on circumstances, developments or events occurring after such date. The Presentation does not constitute any opinion, nor does the Presentation constitute a recommendation to the Special Committee, the Company, any security holder of the Company or any other person as to how to vote or act with respect to any transaction or any other matter. The Presentation, including this disclaimer, are subject to, and governed by, any written agreement between the Special Committee, the Company and Goldman Sachs. DRAFT Preliminary – Subject to Refinement |

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| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiimg003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Comparison of Current Proposals (1/2) Economic Terms Source: Jewel proxy statement dated 30-Jan-2026. Viper non-binding indications of interest dated 26-Feb-2026 and 17-Mar-2026. Note: Transaction close as of Q3 '26 per Viper Investor Presentation dated 17-Mar-2026 ("Viper IP"). EBITDA as of close are implied per Viper IP. 1 Based on Viper share price of $77.27 as of 25-Feb-2026. 2 As of 24-Oct-2025, based on share price of $41.63. 3 Total consideration per share of $53.58 and implied stock consideration value per share of $23.58 based on Viper share price of $67.36 as of 16-Mar-2026. 4 Based on Viper share price of $68.19 as of 20-Mar-2026. 5 Based on Viper share price of $67.36 as of 16-Mar-2026. PROPRIETARY & CONFIDENTIAL 1 Trian and General Catalyst Viper Proposal (February 26th) Viper Proposal (March 17th) Headline Offer Price / Premium ▪ $49.00 per share — Premium to undisturbed share price2 : 17.7% ▪ $57.041 per share as of 25-Feb-2026 — Implied premium to undisturbed share price2 : 37.0% ▪ $53.583 per share as of 16-Mar-2026 — Implied premium to undisturbed share price: 28.7% ▪ $57.054 per share as of 20-Mar-2026 — Implied premium to undisturbed share price2 : 37.0% ▪ $56.845 per share as of 16-Mar-2026 — Implied premium to undisturbed share price2 : 36.5% Consideration Mix ▪ Cash consideration per share: $49.00 ▪ Cash consideration per share: $30.00 ▪ 0.350 of a Viper share for each Jewel share (translating to 38% pro forma ownership, fixed exchange ratio) - Stock consideration implied value: $27.041 per share as of 25-Feb-2026, $23.583 per share as of 16-Mar-2026 ▪ Cash consideration per share: $40.00 ▪ 0.250 of a Viper share for each Jewel share (translating to 31% pro forma ownership, fixed exchange ratio) - Stock consideration implied value: $16.844 per share as of 16-Mar-2026 Pro Forma Leverage ▪ Gross leverage (incl. preferred equity): 4.6x Q3 LTM 2025 EBITDA ▪ Gross leverage (excl. preferred equity) 3.3x Q3 LTM 2025 EBITDA ▪ Gross leverage excl. synergies: 3.5x 2025 EBITDA (3.1x net leverage at close) ▪ Gross leverage incl. synergies: 2.6x 2025 EBITDA (2.4x net leverage at close) 2025 (per Viper advisors) ▪ Gross leverage excl. synergies: ~4.4x ▪ Gross leverage incl. synergies: ~3.4x LTM Q3 2026 (close per Viper IP): ▪ Gross leverage excl. synergies: 3.7x (3.5x net leverage) ▪ Gross leverage incl. synergies at close: 2.8x (2.7x net leverage) Stated Synergies ▪ Not disclosed ▪ Viper Preliminary estimated synergies: $500mm ▪ Viper Preliminary estimated net synergies: $500mm DRAFT Preliminary – Subject to Refinement |

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| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiimg004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Comparison of Current Proposals (2/2) Other Terms Source: Jewel proxy statement dated 30-Jan-2026. Viper non-binding indications of interest dated 26-Feb-2026 and 17-Mar-2026. PROPRIETARY & CONFIDENTIAL Trian and General Catalyst Viper Proposal (February 26th) Viper Proposal (March 17th) Proposed Financing ▪ Funded through a mix of equity and debt financing: - Senior secured Term Loan B financing facility of ~$2.6bn - Senior secured Term Loan cash flow facility of ~$0.8bn - Senior secured cash flow based RCF of ~$0.5bn - Preferred equity financing of ~$1.0bn - Equity financing of ~$2.3bn from Trian, QIA and General Catalyst - No financing contingency ▪ Trian roll of existing shares ▪ Intend to fund transaction with cash on hand and committed financing - Committed debt financing of $4.52bn – 100% provided by RBC and Wells Fargo ▪ No financing contingency ▪ Provides Jewel with specific performance remedy against Viper if there were a financing failure ▪ Lead Arranger to complete and be satisfied with results of due diligence and final committee approval ▪ Intend to fund transaction with cash on hand and committed financing - Committed debt financing of $6.045bn – 100% provided by RBC ▪ Does not include a backstop for cash on Jewel and Viper balance sheet ▪ No financing contingency ▪ Provides Jewel with specific performance remedy against Viper if there were a financing failure ▪ Expiration of commitment is after 6 months with an ability to extend up to 3 incremental months as contemplated per the merger agreement in the event of regulatory delay ▪ Lead Arranger to complete and be satisfied with results of due diligence and final committee approval Proposed Structure ▪ Statutory merger under Jersey Law ▪ Trian has agreed to vote its shares in favor of the transaction ▪ Statutory merger under Jersey Law ▪ Viper will not require a voting agreement from Trian ▪ Viper shareholder vote required ▪ Unchanged from February 26th Proposal Client Consents ▪ Client consent closing condition: 80% ▪ Client consent closing condition: 75% ▪ Client consent closing condition: 75% Termination Fees ▪ Termination fee: $297.13mm if the expense reimbursement has not been paid (4% of equity value) or $222.85mm if the expense reimbursement becomes payable (3% of equity value) ▪ Expense reimbursements if shareholders fail to approve merger: up to $111.42mm (1.5% of equity value) ▪ Financing failure reverse termination fee: $222.85mm (3% of equity value) payable by equity investors in the Trian acquisition vehicle ▪ Termination fee: 3% of equity value ▪ Termination fee: 3% of equity value Proposed Timeline / Documentation ▪ N/A ▪ Intend to conduct expeditious diligence and be in position to enter into a merger agreement shortly thereafter, provided requisite access to information and Jewel management is provided in a timely matter ▪ Stated that due diligence can be accomplished in less than fourteen days with complete access to Jewel management DRAFT Preliminary – Subject to Refinement |

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| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiimg005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Illustrative Sources and Uses and Headline Value Illustrative Sources and Uses Source: Viper non-binding indication of interest dated 17-Mar-2026, public filings. 1 Based on Viper share price of $67.36 as of 16-Mar-2026. 2 Based on Viper share price of $77.27 as of 25-Feb-2026. 3 Reflects Jewel closing share price of $41.63 as of 24-Oct-2025, one trading day prior to public disclosure of initial Trian / General Catalyst proposal submitted to Jewel on 26-Oct-2025. 4 Assumes $300mm minimum cash balance as of 31-Dec-25 per Viper PROPRIETARY & CONFIDENTIAL CUSTOMIZABLE FIELD FOR TITLE OR SECTION Viper Proposals at Various Share Prices Viper Proposal Dates Feb 26th Mar 17th Delta Headline Value at 26-Feb-262 Cash $30.00 Exchange Ratio 0.350 Memo: Viper Share Price 2 $77.27 Implied Value of Stock Consideration $27.04 Headline Value to Jewel Shareholders $57.04 Headline Value at 17-Mar-26¹ Cash $30.00 $40.00 Exchange Ratio 0.350 0.250 Memo: Viper Share Price¹ $67.36 $67.36 Implied Value of Stock Consideration $23.58 $16.84 Headline Value to Jewel Shareholders $53.58 $56.84 $3.26 Memo: Implied premium to Jewel Undisturbed (24-Oct-2025) 3 28.7 % 36.5 % DRAFT Preliminary – Subject to Refinement Reduced cash on balance sheet by $135mm for pending acquisition per Jewel management Illustrative Source of Funds $mm % of Total Equity Issuance $2,595 26 % Total Debt Financing $4,835 48 Existing Jewel Debt $396 4 Cash from Jewel and Viper Balance Sheet4 $1,283 13 Required cash flow between sign and close $1,043 10 Total Sources $10,150 100 % Illustrative Uses of Funds $mm % of Total Equity Purchase Price1 $8,758 86 % Minimum Cash Balance $300 3 Existing Jewel Debt $396 4 Illustrative Transaction Fees $400 4 Termination Fee $297 3 Total Uses $10,150 100% |

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| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiimg006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Illustrative Viper Pro Forma Leverage Source: Viper non-binding indication of interest dated 17-Mar-2026, public filings. All figures included in the LTM Q3 '26 close are provided or implied by Viper IP. Note: Implied EBITDA based on $6.2bn of total debt per Viper IP and the stated gross leverage pre-synergies of 3.7x per Viper IP. Implied net debt per Viper IP of 3.5x and the $6.2bn of total debt. 1 As explicitly stated in Viper non-binding indication of interest dated 17-Mar-2026. 2 Reflects delta between pro forma net debt and pro forma debt. PROPRIETARY & CONFIDENTIAL CUSTOMIZABLE FIELD FOR TITLE OR SECTION Leverage at 2025: ▪ Stated Gross Leverage (per Viper advisors) - Excl. Synergies: ~4.4 x - Incl. 500m of Synergies: ~3.4 x Leverage at Txn Close (per Viper IP): ▪ Stated Gross Leverage¹ - Excl. Synergies: 3.7 x - Incl. 500m of Synergies: 2.8 x ▪ Stated Net Leverage1 - Excl. Synergies: 3.5 x - Incl. $500m of Synergies: 2.7 x Illustrative Viper Pro Forma Leverage Stats Illustrative Leverage Calculation DRAFT Preliminary – Subject to Refinement Cash costs to achieve the synergies could incrementally increase leverage up to 0.25x Total PF Debt (per Viper IP) $6,200 Total Debt Financing $4,835 Viper Standalone $970 Jewel Standalone $396 At Closing LTM Net Leverage Calcs Q3 '26 Total Implied EBITDA $1,676 Stated PF Debt $6,200 Implied Remaining Cash2 $(335) Implied PF Net Debt $5,865 Stated PF Net Leverage (pre-synergies)1 3.5 x Stated PF Gross Leverage (pre-synergies) 3.7 x Synergies per Viper IP $500 Implied PF EBITDA w/ Synergies $2,176 Stated PF Net Leverage1 2.7 x Stated PF Gross Leverage 2.8 x |

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| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiimg007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Jewel Viper Jewel + Viper PF Alliance Bernstein Affiliated Managers Artisan Partners Blackrock Franklin Templeton Invesco T. Rowe Price Virtus YE 2025A $493 $314 $807 $867 $813 $180 $14,042 $1,684 $2,302 $1,776 $159 YE 2025A 24A 1 (5) (1) (0) (2) (2) 6 (5) 7 (3) (6) 25A 3 (3) 1 (1) 4 (8) 6 (1) 6 (4) (11) 26E 1 (1) 0 1 5 (5) 5 (0) 4 (2) (4) 27E 2 0 1 1 5 (2) 5 (0) 4 (1) (1) 26E 37 % 51 % 42 % 34 % 55 % 36 % 49 % 31 % 38 % 41 % 34 % 27E 39 52 44 35 55 36 50 33 40 40 34 EBITDA Margin (%) Organic Net Flows (%) Projected Projected Historical AUM ($bn) AUM Mix Operational Benchmarking Source: FactSet, public company filings, Goldman Sachs Investment Research, Jewel proxy statement dated 11-Mar-2026. 1 Based on Goldman Sachs Investment Research, unless otherwise noted. 2 Per Jewel proxy statement dated 11- Mar-2026. 3 Based on Consensus of Research Analysts. 4 $500mm of P-T synergies per Viper non-binding indication of interest dated 26-Feb-2026. Illustratively assumes synergies phased in at 100% in 2026E and 2027E. 5 Includes multi-asset based on AB disclosure. 6 Includes multi-asset based on AMG disclosure. PROPRIETARY & CONFIDENTIAL DRAFT Preliminary – Subject to Refinement 68 % 14 % 6 % 3 % 9 % Equity Fixed Income Alts Multi-asset Other 52% 32% 4% 12% 43% 26% 1% 29% 1% 49% 29% 3% 19% 41% 36% 23% 88% 10% 2% 56% 23% 4% 9% 9% 41% 26% 16% 12% 5% 49% 12% 3% 38% 35% 16% 46% 5 6 64 % 14 % 6 % 3 % 14 % 52 % 25 % 10 % 14 % $100mm Net Synergies 26E: 45% \| 27E: 46% $500mm Net Synergies 26E: 55% \| 27E: 55% EBITDA Margin4 1 2 3 2 3 3 |

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| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiimg008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade 8.0 x 5.9 x 7.2 x 4x 5x 6x 7x 8x 9x 10x 11x Mar-2023 Mar-2024 Mar-2025 Mar-2026 FY2 EV/EBITDA Multiple FY2 EV/EBITDA Adjusted for Date Undisturbed Peer Performance % Inc / (Dec) Viper as of 25-Feb-2026 9.0 x 8.0 x (11)% Viper as of 19-Dec-2026 8.1 6.5 (20) Blended as of 19-Dec-2026 7.9 6.3 (20) Viper & Jewel Trading Performance (1/2) Last 3 Years FY2 EV/EBITDA Multiple Source: Bloomberg. Note: Market data as of 20-Mar-2026. 1 Reflects Viper historical data up to undisturbed date of 25-Feb-2026, prior to public disclosure of proposals submitted to Jewel. 2 Reflects Jewel historical data up to undisturbed date of 24-Oct-2025, prior to public disclosure of initial Trian / General Catalyst proposal submitted to Jewel. 3 TAM Peers include AB, AMG, APAM, BEN, BLK, IVZ, TROW, VRTS. 4 Reflects Viper FY2 EV / EBITDA multiple as of 25-Feb-2026, one-day prior to public disclosure of proposals submitted to Jewel. 5 Reflects Jewel FY2 EV / EBITDA multiple one-day prior to public disclosure of initial Trian / General Catalyst proposal submitted to Jewel. 6 Reflects undisturbed FY2 EV/EBITDA multiple impacted for TAM Peers FY2 EV/EBITDA multiple performance from select date to 20-Mar-2026. PROPRIETARY & CONFIDENTIAL DRAFT Preliminary – Subject to Refinement Time Spent in FY2 EV/EBITDA Range (%) 10.1 x 8.6 x 8.3 x 4x 6x 8x 10x 12x 14x 16x Mar-2023 Mar-2024 Mar-2025 Mar-2026 FY2 P/E Multiple Viper Jewel TAM Peers 6 TAM Peers % Time Spent in Range3 3Y 2Y 1Y 10.0x - 11.0x - - - 9.0x - 10.0x - - - 8.0x - 9.0x 5 % - - 7.0x - 8.0x 68 64 48 6.0x - 7.0x 23 31 42 5.0x - 6.0x 3 5 10 Total 100 % 100 % 100 % Jewel % Time Spent in Range2 3Y 2Y 1Y 10.0x - 11.0x - - - 9.0x - 10.0x - - - 8.0x - 9.0x 18 % 24 % 39 % 7.0x - 8.0x 63 62 44 6.0x - 7.0x 17 11 12 5.0x - 6.0x 2 3 5 Total 100 % 100 % 100 % Viper % Time Spent in Range1 3Y 2Y 1Y 10.0x - 11.0x - - - 9.0x - 10.0x 4 % 5 % 11 % 8.0x - 9.0x 16 23 41 7.0x - 8.0x 60 49 9 6.0x - 7.0x 18 19 31 5.0x - 6.0x 2 4 7 Total 100 % 100 % 100 % 26-Feb-2026 Viper: 9.0x4 Fourth Viper proposal 19-Dec-2025 Jewel: 7.8x Viper: 8.1x Prior to Trian Deal Announcement 26-Oct-2025 Jewel: 7.1x5 Trian / GC Proposal Average 3Y 1Y 6M 3M 1M Viper1 7.5 x 7.7 x 8.5 x 8.5 x 8.8 x Jewel2 7.5 7.6 7.6 7.9 7.7 TAM Peers3 7.2 6.9 7.0 6.9 6.1 Increase in multiple driven by lag between recognition in the shares related to the consideration in the Amundi transaction and analyst updating FY2 EBITDA estimates  |

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| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiimg009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade 8.8 x 8.2 x 10.2 x 4x 6x 8x 10x 12x 14x 16x Mar-2023 Mar-2024 Mar-2025 Mar-2026 FY2 P/E Multiple TAM Peers % Time Spent in Range3 3Y 2Y 1Y > 12.0x - - - 11.0x - 12.0x 3 % 1 % 1 % 10.0x - 11.0x 41 32 57 9.0x - 10.0x 46 52 30 8.0x - 9.0x 10 15 12 7.0x - 8.0x 0 0 1 6.0x - 7.0x - - - < 6.0x - - - Total 100 % 100 % 100 % Jewel % Time Spent in Range2 3Y 2Y 1Y > 12.0x 18 % 12 % 14 % 11.0x - 12.0x 49 48 29 10.0x - 11.0x 24 26 30 9.0x - 10.0x 7 10 19 8.0x - 9.0x 2 3 7 7.0x - 8.0x 1 1 2 6.0x - 7.0x - - - < 6.0x - - - Total 100 % 100 % 100 % Viper % Time Spent in Range1 3Y 2Y 1Y > 12.0x - - - 11.0x - 12.0x 2 % 2 % 0 % 10.0x - 11.0x 16 24 25 9.0x - 10.0x 22 34 49 8.0x - 9.0x 17 25 22 7.0x - 8.0x 14 13 4 6.0x - 7.0x 26 2 - < 6.0x 3 - - Total 100 % 100 % 100 % FY2 P/E Adjusted for Date Undisturbed Peer Performance % Inc / (Dec) Viper as of 25-Feb-2026 10.1 x 8.9 x (12)% Viper as of 19-Dec-2026 9.0 7.4 (19) Blended as of 19-Dec-2026 9.8 8.0 (19) Memo: Jewel as of 19-Dec-2026 10.4 8.5 (19) Viper & Jewel Trading Performance (2/2) Last 3 Years FY2 P/E Multiple Source: Bloomberg. Note: Market data as of 20-Mar-2026. 1 Reflects Viper historical data up to undisturbed date of 25-Feb-2026, prior to public disclosure of proposals submitted to Jewel. 2 Reflects Jewel historical data up to undisturbed date of 24-Oct-2025, prior to public disclosure of initial Trian / General Catalyst proposal submitted to Jewel. 3 TAM Peers include AB, AMG, APAM, BEN, BLK, IVZ, TROW, VRTS. 4 Reflects Viper FY2 P/E multiple as of 25- Feb-2026, one-day prior to public disclosure of proposals submitted to Jewel. 5 Reflects Jewel FY2 P/E multiple one-day prior to public disclosure of initial Trian / General Catalyst proposal submitted to Jewel. 6 Reflects undisturbed FY2 P/E multiple impacted for TAM Peers FY2 P/E multiple performance from select date to 20-Mar-2026. PROPRIETARY & CONFIDENTIAL DRAFT Preliminary – Subject to Refinement Time Spent in FY2 P/E Range (%) 10.1 x 8.6 x 8.3 x 4x 6x 8x 10x 12x 14x 16x Mar-2023 Mar-2024 Mar-2025 Mar-2026 FY2 P/E Multiple Viper Jewel TAM Peers 6 26-Oct-2025 Jewel: 9.9x5 Trian / GC Proposal 26-Feb-2026 Viper: 10.1x4 Fourth Viper proposal 19-Dec-2025 Jewel: 10.4x Viper: 9.0x Prior to Trian Deal Announcement Average 3Y 1Y 6M 3M 1M Viper1 8.3 x 9.4 x 9.6 x 9.5 x 9.9 x Jewel2 11.3 10.7 10.5 10.8 10.5 TAM Peers3 9.9 9.9 9.8 9.7 8.8 |

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| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiimg010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Valuation Metrics Equity Enterprise P/E EV / EBITDA Company Name Closing Price Market Cap ($mm) Value NTM FY2 NTM FY2 Jewel (Undisturbed)1 $41.63 $6,426 $6,282 10.1 x 9.9 x 7.3 x 7.1 x Jewel (Current) $50.43 $7,785 $7,286 11.1 x 10.2 x 7.8 x 7.2 x Memo: Jewel (Dec-19-2025) $46.02 $7,104 $6,814 10.5 x 10.4 x 7.8 x 7.8 x Viper (Undisturbed)2 $77.27 $6,601 $7,407 11.0 x 10.1 x 9.4 x 9.0 x Viper (Current) $68.19 $5,825 $6,632 9.5 x 8.8 x 8.3 x 8.0 x Memo: Viper (Dec-19-2025) $62.92 $5,428 $6,285 9.1 x 9.0 x 8.2 x 8.1 x TAM Peers AllianceBernstein $37.10 $10,949 $10,733 10.0 x 9.1 x 8.0 x 7.4 x Affiliated Managers 278.17 7,741 7,913 8.0 7.2 6.0 5.6 Artisan Partners 35.90 2,912 2,905 8.6 8.3 6.3 6.1 Blackrock 957.91 153,164 155,228 17.3 15.7 12.2 11.2 Franklin Templeton 23.46 12,217 11,863 8.5 8.1 5.3 4.9 Invesco 23.21 10,574 13,633 8.5 7.7 6.6 6.1 T. Rowe Price 86.19 19,306 14,857 8.6 8.4 4.7 4.7 Virtus 126.55 890 833 5.0 4.8 3.2 3.1 TAM Peers Median 8.5 x 8.2 x 6.2 x 5.9 x Valuation Metrics Benchmarking Source: FactSet, Wall Street Research Market data as of 20-Mar-2026. 1 Reflects Jewel undisturbed stock price as of 24-Oct-2025, prior to public disclosure of initial Trian / General Catalyst proposal submitted to Jewel. 2 Reflects Viper undisturbed stock price as of 25-Feb-2026, prior to public disclosure of proposals submitted to Jewel. PROPRIETARY & CONFIDENTIAL DRAFT Preliminary – Subject to Refinement |

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| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiimg011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Synergy Benchmarking Analysis (1/2) Source: Public filings, Viper non-binding indication of interest dated 17-Mar-2026. Note: Market data as of 16-Mar-2026. 1 Does not include dis-synergies associated with respective transactions. 2 Reflects Jewel 2025A Operating Expenses of $1,624mm. 3 Reflects Viper 2025A Operating Expenses of $651mm. 4 Based on total consideration of $56.84 per share. Reflects Jewel's common shares outstanding of 154.076mm as of Q4 2025 per Jewel filings. 5 Median precedent transactions includes USAA / Viper, Amundi U.S. / Viper, Aberdeen / Standard Life, OppenheimerFunds / Invesco, Pioneer Investments / Amundi, and Columbia Management / Ameriprise. 6 Reflects Viper fully diluted market capitalization as of 25-Feb-2026, one-day prior to public disclosure of proposals submitted to Jewel. 7 Reflects Viper fully diluted market capitalization at time of acquisition announcement. PROPRIETARY & CONFIDENTIAL Comparison to Precedent Transactions 5 DRAFT Preliminary – Subject to Refinement $8.8 $0.9 $1.1 Jewel / Viper USAA / Viper Amundi U.S. / Viper Transaction Size ($bn) 4 Target Valuation / Viper Market Cap 1.5x7 1.3x6 0.3x7 Announced P-T Synergies ($mm)1 $500 $100 $100 Jewel / Viper USAA / Viper Amundi U.S. / Viper 5 35.0 % 32.0 % 26.0 % 30.0 % Jewel / Viper USAA / Viper Amundi U.S. / Viper Median % Synergies of Target Expense Base2 24.0 % 16.0 % 11.0 % 12.0 % Jewel / Viper USAA / Viper Amundi U.S. / Viper Median % Synergies of Total Expense Base3 |

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| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiimg012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Synergy Benchmarking Analysis (2/2) ($ in millions, unless otherwise noted) Source: Public filings, Goldman Sachs Investment Research. Note: 1 Reflects adjusted operating expenses as disclosed by both Jewel and Viper. 2 Adjusted to exclude certain performance related expenses per Jewel management. PROPRIETARY & CONFIDENTIAL Illustrative Net Synergies as a % of OpEx – Viper and Jewel Precedent Viper Transactions (Gross Synergies) Memo: 2 Net Synergy Value as % of Total 2025 OpEx Metric $100 $200 $300 $400 $500 Jewel 2025A Operating Expenses1 $1,414 7 % 14 % 21 % 28 % 35 % Viper 2025A Operating Expenses1 651 15 % 31 % 46 % 61 % 77 % Combined Pro-Forma 2025A Operating Expenses $2,065 5 % 10 % 15 % 19 % 24 % DRAFT Preliminary – Subject to Refinement Target Acquirer Valuation (bn) Announced P-T Synergies Percent of Target Expense Base Percent of Total Expense Base Realization Timing Post-Close Organic Growth - 2Y Post-Close USAA Viper $0.9 $100 32 % 16 % 12-15 months (14.8)% Amundi U.S. Viper $1.1 $100 26 % 11 % 12 months (1.1)% Aberdeen Standard Life £3.8 £200 29 % 4 % 75% within 2 years, 100% by 3 years (13.2)% OppenheimerFunds Invesco $5.6 $475 30 % 12 % 85% within 6 months, 100% by ~18-21 months 2.7 % Pioneer Investments Amundi € 3.5 € 180 33 % 13 % Within 3 years 5.8 % Median 30 % 12 % Janus Capital Group Henderson Group $6.0 $110 15 % 7 % Within 3 years, weighted towards first12 months Synergy figures in the table do not include any dis-synergies; select transactions have generated dis-synergies post transaction close |

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| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiimg013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade PF EV / EBITDA Multiples (FY2) 5.9 x 6.5 x 7.0 x 7.5 x 8.0 x 8.5 x 9.0 x Net Synergy Sensitivity Net Synergy Value as % of Total Pro-Forma 2025 OpEx $0mm - $46.53 $48.76 $50.62 $52.48 $54.34 $56.20 $58.06 $100mm 5 % 47.72 50.07 52.03 53.99 55.95 57.92 59.88 $200mm 10 48.91 51.38 53.44 55.51 57.57 59.63 61.69 $300mm 15 50.10 52.69 54.85 57.02 59.18 61.34 63.51 $400mm 19 51.29 54.00 56.27 58.53 60.79 63.06 65.32 $500mm 24 52.48 55.31 57.68 60.04 62.41 64.77 67.14 Value to Jewel Shareholders Overview of Illustrative Value to Jewel Shareholders Analysis at Various Prices - Based on Illustrative Pro Forma Viper Trading \| ($ in millions) Source: Jewel projections per Jewel management, Viper projections per FactSet, Company filings, Viper non-binding indication of interest dated 17-Mar-2026. Market data as of 20-Mar-2026. 1 Based on approximate and estimated time to close of 9-12 months. Based on assumed 6.5% discount rate. PROPRIETARY & CONFIDENTIAL Analysis at Various Prices DRAFT Preliminary – Subject to Refinement Current TAM Peers Median ▪ Analysis calculates implied Equity Value for Pro-Forma Viper based on a range of pro-forma trading multiples and inputs ▪ Pro-Forma value of Viper's offer calculated as $40 of cash consideration plus the Pro-Forma value of Viper's stock to Jewel Shareholders - Pro-Forma value of Viper's stock to Jewel Shareholders calculated as Jewel's ownership of Viper's Pro-Forma Value ▪ Analysis includes a sensitivity analysis of net synergies ▪ Analysis does not reflect potential closing risks associated with a proposal ▪ Analysis does not include impact from a potential extended timeline to a transaction close which could represent a decrease of value to Jewel shareholders of ~$1.80 - $2.50 per share1 |

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## Ex-99.(C)(Xii)

**Exhibit 99.(c)(xii)**

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| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiiimg001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 23, 2026 Project Jewel Discussion Materials Goldman Sachs & Co. |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiiimg002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 Disclaimer These materials have been prepared by Goldman Sachs on a confidential basis for presentation solely to the special committee (the "Special Committee") of Jewel (the "Company") in connection with an informational presentation which Goldman Sachs is making to the Special Committee. These materials and Goldman Sachs' presentation relating to these materials (collectively, the "Presentation") may not be disclosed to any third party or circulated or referred to publicly or used for or relied upon for any other purpose without the written consent of Goldman Sachs. The Presentation was not prepared with a view to public disclosure or to conform to any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and Goldman Sachs does not take any responsibility for the use of the Presentation by persons other than those set forth above. Notwithstanding anything in this Presentation to the contrary, the Company may disclose to any person the US federal income and state income tax treatment and tax structure of any transaction described herein and all materials of any kind (including tax opinions and other tax analyses) that are provided to the Company relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. The Presentation has been prepared by the Investment Banking Division of Goldman Sachs and is not a product of its research department. Goldman Sachs and its affiliates are engaged in advisory, underwriting and financing, principal investing, sales and trading, research, investment management and other financial and non-financial activities and services for various persons and entities. Goldman Sachs and its affiliates and employees, and funds or other entities they manage or in which they invest or have other economic interest or with which they co-invest, may at any time purchase, sell, hold or vote long or short positions and investments in securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments of the Company, any other party to any transaction and any of their respective affiliates or any currency or commodity that may be involved in any transaction. The firm's clients and counterparties may now or in the future include persons and entities that are the subject of the Presentation and the firm may be, may have been or may become involved in other transactions and assignments with or involving these clients and counterparties and/or may have confidential information relating to these clients or counterparties. The Presentation is neither an expressed nor an implied commitment by Goldman Sachs to act in any capacity with respect to the Special Committee or the Company, which commitment shall only be set forth in an engagement letter to be executed between the Special Committee, the Company and Goldman Sachs, and does not restrict Goldman Sachs from being engaged by, or otherwise acting with, any other party in any capacity. Nothing contained herein shall be deemed to create a fiduciary, advisory, agency or other relationship between Goldman Sachs and the Special Committee, the Company or its stockholders, directors, officers, employees or creditors, nor shall any of the foregoing persons rely on this document or the presentation thereof. The Presentation has been prepared based on historical financial information, forecasts and other information obtained by Goldman Sachs from publicly available sources (other than information regarding the Company, which may have been obtained from the management of the Company). In preparing the Presentation, Goldman Sachs has relied upon and assumed, without assuming any responsibility for independent verification, the accuracy and completeness of all of the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by us, and Goldman Sachs does not assume any liability for any such information. Goldman Sachs does not provide accounting, tax, legal or regulatory advice. Goldman Sachs has not made an independent evaluation or appraisal of the assets and liabilities (including any contingent, derivative or off-balance sheet assets and liabilities) of the Company or any other party to any transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained in the Presentation do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Any indications of value or synergies in the Presentation are based solely on public information, are for illustrative purposes only, and do not reflect actual values or synergies that may be achieved or realized by the Company or any views of Goldman Sachs with respect to any such values or synergies. The Presentation does not address the underlying business decision of the Special Committee or the Company to engage in any transaction, or the relative merits of any transaction or strategic alternative as compared to any other transaction or alternative that may be available to the Company. The Presentation is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to Goldman Sachs as of, the date of such Presentation and Goldman Sachs assumes no responsibility for updating or revising the Presentation based on circumstances, developments or events occurring after such date. The Presentation does not constitute any opinion, nor does the Presentation constitute a recommendation to the Special Committee, the Company, any security holder of the Company or any other person as to how to vote or act with respect to any transaction or any other matter. The Presentation, including this disclaimer, are subject to, and governed by, any written agreement between the Special Committee, the Company and Goldman Sachs.  |

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| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiiimg003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Trian / General Catalyst Bid Progression History October 26, 2025 — Trian and General Catalyst offer to purchase Jewel for $46.00 per share1 December 2, 2025 — Trian and General Catalyst revise offer price to $46.50 per share2 December 15, 2025 — Trian and General Catalyst revise offer price to $47.00 per share2 December 18, 2025 — Trian and General Catalyst revise offer price to $48.00 per share2 December 21, 2025 — Trian and General Catalyst revise offer price to $49.00 per share2,3 March 23, 2026 — Trian and General Catalyst revise offer price to $50.00 per share2,3 March 23, 2026 — Trian and General Catalyst revise offer price to $52.00 per share2,3,4 Source: Jewel Management Projections. 1 No stated details around treatment of dividend between signing and closing. 2 Offer price is without reduction for non-payment of Q1 and Q2 dividends (estimated to be $0.40/share per quarter for Jewel Management Projections). Dividends expected to cease between signing and closing. 3 Closing date assumed to be end of second quarter of 2026 per Jewel Management. $52.00 price is without reduction for non-payment of Q1 and Q2 dividends (estimated to be $0.40/share per quarter for Jewel Management Projections), which Goldman Sachs took into account for purposes of its analysis and opinion. 4 Trian and General Catalyst noted proposal is best and final. |

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| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiiimg004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 Trian / GC Prior Agreement (21-Dec-2025) Trian / GC Current Offer (23-Mar-2026) $49.00 per share $52.00 per share Equity Value: $7,428 Equity Value: $7,871 Metric Value Enterprise Value: $7,269 Enterprise Value: $7,695 Premium To: Undisturbed Share Price (24-Oct-2025) $41.63 17.7 % 24.9 % - - 30-Day VWAP (24-Oct-2025) 43.61 12.4 19.2 - - 52-Week High (05-Feb-2025) 45.94 6.7 13.2 - - All-Time High (09-Nov-2021) 48.43 1.2 7.4 - - Estimated Trian Cost Basis 29.49 66.2 76.3 - - Comparison to Initial Offer % Change from Initial Trian / GC Offer $46.00 6.5 % 13.0 % - - Jewel Management Projected Adj. EBITDA LTM EBITDA (Q3 2025) 777 9.4 - - - LTM EBITDA (Q4 2025) 757 - 10.2 - 9.4 x 2026E 912 8.0 8.4 6.2 - Traditional Asset Management Peers2 Precedent Transactions Summary of Trian / General Catalyst's Offer Source: Jewel projections per Jewel management as approved for Goldman Sachs' use by the Special Committee ("Jewel Management Projections"), filings, Refinitiv, FactSet. Market data as of 20-Mar-2026. Current offer utilizes diluted share count for purposes of per share values based on Jewel change of control fully diluted shares outstanding per Jewel Management. Equity value composed of enterprise value less debt of $396mm, nonredeemable NCI of $167mm, incremental RSU, PSU, and Warrant related liability of $238mm, regulatory required capital of $274mm, and contingent consideration of $10mm plus cash and cash equivalents of $1,244m and investments in affiliates of $17mm. 1 Closing date assumed to be end of second quarter of 2026 per Jewel Management. $52.00 price is without reduction for non-payment of Q1 and Q2 dividends (estimated to be $0.40/share per quarter for Jewel Management Projections), which Goldman Sachs took into account for purposes of its analysis and opinion. 2 TAM Peers include AB, AMG, APAM, BEN, BLK, IVZ, TROW, VRTS. Excludes VCTR given share price is disturbed post public letter. 3 Reflects 52-week high as of undisturbed date of 24-Oct-2025. 4 Excludes outperformance of performance fees from biotech fund per Jewel Management. ($ in millions, except share price) 3 1 4 |

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| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiiimg005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Jewel 3Y 1Y 6M 3M 1M % Performance 100.8 % 33.5 % 12.5 % 9.6 % 2.8 % Average Share Price $35.97 $42.59 $46.42 $49.03 $50.92 $50.43 0 3 6 9 12 15 18 $20 $30 $40 $50 $60 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 Mar-26 Volume (mm) Share Price Jewel Share Price Performance Source: Company filings, FactSet. Note: Market data as of 20-Mar-2026. 1 Jewel % performance and average share price metrics as of 20-Mar-2026. 2 52-week high and low as of closing on 24-Oct-2025, prior to initial Trian bid proposal. 3 Trian publicly-disclosed letter dated 26-Oct-2025. 4 Viper non-binding indication of interest dated 26-Feb-2026. 5 Viper non-binding indication of interest dated 17-Mar-2026. 27-Oct-2025: Jewel confirms acquisition proposal from Trian and General Catalyst3 Last 3 Years Share Price Performance & Volume Trading History 02-Apr-2025: Liberation Day 31-Jan-2025: Beat 2024 full-year consensus street EPS estimates by ~14% 09-Apr-2025: Reciprocal tariffs paused 12-Aug-2024: Announces acquiring majority stake in Victory Park Capital (VPC) 24-Sep-2025: Jewel, VPC & CNO Financial Group announce strategic partnership M&A Activity Earnings Report Macro-economic Activity 1 Undisturbed Trading History2 Share Price 52-Week High (05-Feb-2025) $45.94 52-Week Low (08-Apr-2025) $29.47 02-May-2024: Announces acquisition of NBK Wealth & Tabula 26-Feb-2026: Viper announces pursuit of Jewel via public letter; discloses prior proposals4 17-Mar-2026: Fourth Viper Proposal5 |

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| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiiimg006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 7.8 x 6.2 x 5.0 x 5.5 x 6.0 x 6.5 x 7.0 x 7.5 x 8.0 x 8.5 x 9.0 x 9.5 x Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 Mar-26 Historical Jewel and Peer EV / NTM EBITDA Historical Jewel and Peer Multiple Analysis Source: Company filings, FactSet. Market data as of 20-Mar-2026. 1 Reflects Jewel historical data up to undisturbed date of 24-Oct-2025. 2 TAM Peers include AB, AMG, APAM, BEN, BLK, IVZ, TROW, VRTS. Excludes VCTR given share price is disturbed post public letter. Reflects historical data through 20-Mar-2026. EV / NTM EBITDA on 24-Oct-2025 (Pre-Proposal): 7.3 x Jewel - % of Time Spent in Range1 3Y 2Y 1Y > 9.0 x 0 % - - 8.5 x - 9.0 x 5 7 13 8.0 x - 8.5 x 25 27 41 7.5 x - 8.0 x 37 37 21 7.0 x - 7.5 x 20 18 10 6.5 x - 7.0 x 10 7 8 6.0 x - 6.5 x 2 2 2 < 6.0 x 1 2 4 Average 3Y 2Y 1Y Jewel1 7.7 x 7.7 x 7.8 x TAM Peers2 7.4 7.2 7.1 TAM Peers - % of Time Spent in Range2 3Y 2Y 1Y > 9.0 x - - - 8.5 x - 9.0 x 1 - - 8.0 x - 8.5 x 10 - - 7.5 x - 8.0 x 33 28 19 7.0 x - 7.5 x 41 51 47 6.5 x - 7.0 x 8 11 18 6.0 x - 6.5 x 6 8 13 < 6.0 x 1 2 3 |

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| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiiimg007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 Historical Projected CAGR 2022A 2023A 2024A 2025A 2026P 2027P 2028P 2029P '22A - '25A '26P - '29P Revenues Total Revenues $1,705 $1,646 $1,941 $2,536 $2,324 $2,460 $2,587 $2,671 14 % 5 % % Revenue Growth (23)% (3)% 18 % 31 % (8)% 6 % 5 % 3 % Expenses Compensation $754 $754 $855 $1,161 $971 $1,024 $1,076 $1,118 Compensation as % of Revenue 44 % 46 % 44 % 46 % 42 % 42 % 42 % 42 % % Compensation Growth (14) (0) 13 36 (16) 5 5 4 Non-Compensation $374 $384 $418 $463 $485 $506 $523 $540 Non-Compensation as % of Revenue 22 % 23 % 22 % 18 % 21 % 21 % 20 % 20 % % Non-Compensation Growth (1) 2 9 11 5 4 3 3 Total Expenses $1,129 $1,137 $1,273 $1,624 $1,456 $1,530 $1,599 $1,658 13 % 4 % Operating Income $577 $509 $668 $912 $868 $930 $988 $1,013 16 % 5 % Operating Income Margin 34 % 31 % 34 % 36 % 37 % 38 % 38 % 38 % % Operating Income Growth (40) (12) 31 36 (5) 7 6 2 EBITDA $607 $542 $710 $970 $912 $971 $1,026 $1,048 17 % 5 % EBITDA Margin 36 % 33 % 37 % 38 % 39 % 39 % 40 % 39 % % EBITDA Growth (39) (11) 31 37 (6) 6 6 2 Jewel Management Projections Adjusted Financials \| ($ in millions) Source: Company filings, Jewel Management Projections. Jewel Management adjustments to GAAP P&L include: 1 Reimbursement of GAAP recognized distribution and servicing fees collected from customers and remitted to third-party partners (pass-through revenues / expenses). 1 2025A EBITDA of $757mm excluding outperformance of performance fees from biotech fund, per Jewel Management |

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| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiiimg008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 $29.47 $44.04 $45.02 $49.96 $36.52 $43.96 $45.14 $45.94 $52.91 $56.05 $63.69 $62.02 $52.52 $60.53 Methodology Illustrative Valuation Range Selected Commentary DCF Analysis Low: WACC of 13.50%, PGR of 1.50% High: WACC of 11.00%, PGR of 2.50% Based on Jewel Management Projections Present Value of Future Stock Price Present value of future share price + dividends using Jewel COE of 13.2% Low: 7.0x EV / EBITDA High: 8.5x EV / EBITDA Based on Jewel Management Projections Precedent Transaction Low: 6.9x LTM EV / EBITDA High: 12.1x LTM EV / EBITDA Based on LTM EBITDA of $757mm1 Precedent Premia Analysis (Undisturbed) Historical premia paid relative to undisturbed share price for all-cash U.S. target M&A transactions between $5bn - $10bn equity value since 2014 Low: 20% premia (25th percentile) to undisturbed price2 High: 53% premia (75th percentile) to undisturbed price2 Precedent Premia Analysis (52-Week High) Historical premia paid relative to 52-week high share price for all-cash U.S. target M&A transactions between $5bn - $10bn equity value since 2014 Low: (2)% premia (25th percentile) to 52-week high High: 22% premia (75th percentile) to 52-week high Public Market Valuation Low: 7.0x 2026E EV / EBITDA High: 8.5x 2026E EV / EBITDA Based on Jewel Management Projected 2026E EBITDA of $912mm3 52-Week Range Low4: $29.47 on 08-Apr-2025 High4: $45.94 on 05-Feb-2025 For Reference Only Illustrative Summary of Jewel Financial Analysis Source: Jewel Management Projections, Company filings, FactSet. Market data as of 20-Mar-2026. Note: Diluted share count for purposes of per share values based on Jewel standalone diluted shares outstanding as of 19-Mar-2026, inclusive of 154.076mm common shares, 0.158mm incremental share-based awards, 0.125mm warrant shares, and 0.046mm treasury shares held in separate trust related to BAYE plan per Jewel Management. Equity value composed of enterprise value less debt of $396mm, nonredeemable NCI of $167mm, regulatory required capital of $274mm, and contingent consideration of $10mm plus cash and cash equivalents of $1,244mm, and investments in affiliates of $17mm. 1 LTM EBITDA as of 31-Dec-2025. Excludes outperformance of performance fees from biotech fund per Jewel Management. 2 Undisturbed share price of $41.63 as of 24-Oct-2025. 3 Represents 2026E Projected EBITDA per Jewel Management Projections. 4 Reflects 52-week low and high share price through undisturbed date of 24-Oct-2025. 5 Closing date assumed to be end of second quarter of 2026 per Jewel Management. $52.00 price is without reduction for non-payment of Q1 and Q2 dividends (estimated to be $0.40/share per quarter for Jewel Management Projections), which Goldman Sachs took into account for purposes of its analysis and opinion. Trian / GC Proposal: $52.005 |

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| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiiimg009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 Discounted Cash Flow Analysis ($ in millions) Alternative Asset Management Market Update Source: Jewel Management Projections, FactSet, Company Filings. Diluted share count for purposes of per share values based on Jewel standalone diluted shares outstanding as of 19-Mar-2026, inclusive of 154.076mm common shares, 0.158mm incremental share-based awards, 0.125mm warrant shares, and 0.046mm treasury shares held in separate trust related to BAYE plan per Jewel Management. Equity value composed of enterprise value less debt of $396mm, nonredeemable NCI of $167mm, regulatory required capital of $274mm, and contingent consideration of $10mm plus cash and cash equivalents of $1,244mm, and investments in affiliates of $17mm. Per Share Value Discounted Cash Flows Model Implied Terminal EV / EBITDA Multiple Growth Rate DCF WACC WACC Growth Rate 2026E 2027E 2028E 2029E Terminal EBITDA $912 $971 $1,026 $1,048 $1,079 (-) D&A (44) (41) (37) (35) Pre-Tax Operating Income $868 $930 $988 $1,013 (-) Taxes (209) (221) (233) (236) Post-Tax Operating Income $660 $709 $756 $777 (+) D&A 44 41 37 35 (-) Capex (41) (59) (19) (19) (+/-) NWC (17) (12) (10) (8) Unlevered Free Cash Flow $645 $679 $764 $785 $809 $7 11.00 % 12.25 % 13.50 % 1.50 % 7.9 x 7.0 x 6.2 x 2.00 % 8.3 7.3 6.5 2.50 % 8.8 7.7 6.8 $50 11.00 % 12.25 % 13.50 % 1.50 % $56.03 $49.95 $45.14 2.00 % 58.16 51.54 46.36 2.50 % 60.53 53.29 47.69  |

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| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiiimg010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 Present Value of Future Stock Price Analysis Source: Jewel Management Projections, FactSet, Axioma, Duff & Phelps. Assumes a 13.2% cost of equity based on an equity beta of 1.35, risk-free rate of 5.0% and equity risk premium of 6.1%. Discounted to 31-Dec-2025. Future Stock Price Based on NTM EV / EBITDA Multiples \| 13.2% Cost of Equity Present Value of Future Stock Price 7.0x EV / EBITDA 7.75x EV / EBITDA 8.5x EV / EBITDA Present Value of Future Share Price 2026E 2027E 2028E 1-Year Forward EBITDA $971 $1,026 $1,048 Debt (396) (396) (396) Nonredeemable NCI (139) (165) (200) Cash and Cash Equivalents 1,474 1,962 2,524 Regulatory Req'd Cash / Capital (288) (302) (317) Investments in Affiliates 17 17 17 Total EV to Equity Value Adjustments $668 $1,117 $1,628 Annual Aggregate Dividend 245 245 245 $41.63 $44.19 $44.71 $43.96 $48.36 $48.60 $47.47 $52.52 $52.48 $50.97 $35.00 $40.00 $45.00 $50.00 $55.00 $60.00 $65.00 $70.00 $75.00 Undisturbed 2026E 2027E 2028E $41.63 $49.93 $56.89 $62.81 $54.65 $61.88 $67.90 $59.37 $66.86 $72.99 $35.00 $40.00 $45.00 $50.00 $55.00 $60.00 $65.00 $70.00 $75.00 Undisturbed 2026E 2027E 2028E |

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| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiiimg011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 Acquirer Target Announced Consideration EV / LTM EBITDA Feb-2026 $13.51 9.9 x Apr-2024 1.0 8.9 x Jul-2022 0.8 7.2 x Dec-2020 1.7 10.8 x Oct-2020 6.8 12.1 x Feb-2020 5.6 10.5 x Nov-2018 0.92 6.9 x Oct-2018 5.6 8.4 x Median 9.4 x Precedent M&A Transactions Source: Company filings, earnings transcripts. 1 Exchange rate of 1.00 GBP : 1.36 USD. 2 Excludes $150mm earnout over four years. ($ in billions) (Asset Management Company) Precedent Transactions (Pzena Investment Management, LLC) (U.S.) |

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| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiiimg012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 37 % 38 % 32 % 22 % 29 % 45 % 56 % 23 % 31 % 62 % 30 % 47 % 43 % 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Premia Paid in Precedent U.S. Public M&A U.S. Targets Valued Between $5bn - $10bn; All-Cash Transactions Source: FactSet. Note: Premium is relative to target's undisturbed share price for control deals with U.S. targets valued between $5 billion and $10 billion. 1 Includes all-cash transactions. 10 9 9 9 17 9 6 13 14 10 12 12 5 Premia Relative to Undisturbed Share Price1 # of Deals 25th Percentile 20 % 75th Percentile 53 % Precedent Premia Analysis Median: 33% |

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| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiiimg013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix A: Valuation Support |

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| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiiimg014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 1.27 1.08 1.00 1.20 1.40 1.60 1.80 2.00 Oct-22 Aug-23 Jun-24 Apr-25 Mar-26 Beta Analysis Source: Axioma. Note: Market data as of 20-Mar-2026. 1 Reflects Jewel historical data up to undisturbed date of 24-Oct-2025. 2 TAM Peers include AB, AMG, APAM, BEN, BLK, IVZ, TROW, VRTS. Excludes VCTR given share price is disturbed post public letter. Reflects historical data through 20-Mar-2026. Historical Jewel and Peer Beta Analysis DCF Beta on 24-Oct-2025 (Pre-Proposal): 1.41 Jewel - % of Time Spent in Range1 3Y 2Y 1Y > 1.70 9 % 13 % 5 % 1.60 - 1.70 7 11 - 1.50 - 1.60 41 28 - 1.40 - 1.50 29 29 57 1.30 - 1.40 13 19 38 1.20 - 1.30 1 - - 1.10 - 1.20 - - - 1.00 - 1.10 - - - 5-Nov-2024: U.S. Election Day TAM Peers - % of Time Spent in Range2 3Y 2Y 1Y > 1.70 - - - 1.60 - 1.70 1 % 1 % - 1.50 - 1.60 27 28 - 1.40 - 1.50 27 3 - 1.30 - 1.40 7 10 2 1.20 - 1.30 22 33 49 1.10 - 1.20 4 6 11 1.00 - 1.10 13 19 38 Average 3Y 2Y 1Y Jewel1 1.51 1.52 1.42 TAM Peers2 1.36 1.31 1.16 |

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| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiiimg015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 Weighted Average Cost of Capital Analysis ($ in millions) Source: Jewel Management, Axioma, Duff and Phelps, Company filings, market data as of 20-Mar-2026. WACC Walk WACC Sensitivity Analysis Peer Capital Structure Comparison DCF Equity Beta 1.20 1.35 1.50 Debt / Total Capital 5.0 % 11.9 % 12.8 % 13.6 % 9.0 % 11.6 12.4 13.2 13.0 % 11.2 12.0 12.8 Capital Structure % Target Debt 9.0 % Target Equity 91.0 Implied Debt to Capital Ratio 9.0 Cost of Equity Risk Free Rate 5.0 % Levered Equity Beta 1.35 Equity Risk Premium 6.1 % Cost of Equity 13.2 % Cost of Debt Pre-Tax Cost of Debt 5.5 % Marginal Tax Rate per Jewel Management 25.0 After-Tax Cost of Debt 4.1 % Weighted Average Cost of Capital 12.4 % Axioma Historical Levered Beta Debt Cash Net Debt Market Cap Gross Debt / Gross Debt + Market Cap Jewel 1.27 $396 $1,244 $(848) $7,787 4.8 % Jewel (Undisturbed - Oct 24) 1.41 395 870 (475) 6,428 5.8 Peers Alliance Bernstein 0.68 $817 $779 $38 $10,949 6.9 % Affiliated Managers Group 0.91 2,691 586 2,105 7,741 25.8 Artisan Partners 1.17 189 214 (25) 2,912 6.1 BlackRock 1.11 12,768 11,468 1,300 153,164 7.7 Franklin 0.94 2,357 2,672 (315) 12,217 16.2 Invesco 1.34 1,825 1,038 788 10,574 14.7 T. Rowe 1.12 0 3,378 (3378) 19,306 0.0 Virtus 1.05 390 386 3 890 30.5 Peer Median 1.08 11.2 % 75th Percentile 1.13 18.6 Average 1.04 13.5 25th Percentile 0.93 6.7 Capitalization |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiiimg016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 Public Peer Trading Multiples Source: Jewel Management, Company filings, FactSet. Note: Market data as of 20-Mar-2026. Excludes VCTR given share price is disturbed post public letter. 1 Reflects Jewel data as of undisturbed date of 24-Oct-2025. ($ in millions, except share price) Public Market Valuation Equity Enterprise EV / EBITDA Company Name Closing Price Market Cap ($mm) Value CY2026 NTM CY2027 Jewel (Current) $50.43 $7,787 $7,288 8.0 x 7.8 x 7.2 x Jewel (Undisturbed)1 $41.63 $6,426 $6,282 7.1 x 7.3 x 7.1 x TAM Peers AllianceBernstein $37.10 $10,949 $10,733 8.2 x 8.0 x 7.4 x Affiliated Managers 278.17 7,741 7,913 6.1 6.0 5.6 Artisan Partners 35.90 2,912 2,905 6.4 6.3 6.1 Blackrock 957.91 153,164 155,228 12.5 12.2 11.2 Franklin Resources 23.46 12,217 11,863 5.6 5.3 4.9 Invesco 23.21 10,574 13,633 6.8 6.6 6.1 T. Rowe Price 86.19 19,306 14,857 4.7 4.7 4.7 Virtus 126.55 890 833 3.2 3.2 3.1 TAM Peers 6.2 x 6.2 x 5.9 x |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiiimg017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 10 % 17 % 7 % 10 % 6 % 12 % 19 % 8 % 0 % 24 % 4 % 5 % 8 % 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Premia Paid in Precedent U.S. Public M&A U.S. Targets Valued Between $5bn - $10bn; All-Cash Transactions Source: FactSet. Note: Premium is relative to target's 52-week high share price for control deals with U.S. targets valued between $5 billion and $10 billion. 1 Includes all-cash transactions. 10 9 9 9 17 9 6 13 14 10 12 12 5 Premia Relative to 52-Week High Share Price1 # of Deals 25th Percentile (2) % 75th Percentile 22 % Precedent Premia Analysis Median: 7% |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiiimg018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 78 % 52 % 53 % 41 % 28 % 25 % 25th Percentile: 16 % 75th Percentile: 37 % 0 - 50 % 50 - 60 % 60 - 70 % 70 - 80 % 80 - 90 % 90 %+ Premia Paid in Precedent U.S. Public M&A U.S. Targets Valued Between $5bn - $10bn; All-Cash Transactions Source: Dealogic. Note: Premium is relative to target's undisturbed share for control deals with U.S. targets valued between $5 billion and $10 billion. 1 Includes all-cash transactions. Premia Relative to Undisturbed Share Price – Deals Grouped by Undisturbed Share Price as % of 52-Week High1 Precedent Premia Analysis 6 8 16 31 37 37 # of Deals Jewel's $41.63 undisturbed share price represents 91% of its 52-Week High of $45.94 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiiimg019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix B: Additional Financial Information |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiiimg020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 Fully Diluted Shares Outstanding and Enterprise Value to Equity Value Walk Source: Company filings, Jewel Management. Share count data as of 19-Mar-2026 per Jewel Management. ($ in millions) \| Standalone Illustrative Standalone Enterprise Value to Equity Value Adjustments Standalone FDSO as of Mar 19, 2026 (-) Long-Term Debt $(395.5) (-) Nonredeemable Non-Controlling Interests (167.1) (+) Cash and Cash Equivalents 1,243.7 (-) Regulatory Required Cash / Capital (incl. buffer) (273.8) (+) Investments in Affiliates 16.6 (-) Contingent Consideration (9.5) Total Enterprise Value to Equity Value Adjustments $414.4 Basic Common Shares 154,075,608 Dilutive Securities Incremental Share-Based Awards 158,404 Guardian Warrants 125,287 Treasury Shares 45,688 Total Dilutive Securities 329,378 Fully Diluted Shares Outstanding 154,404,986 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm269719d2_ex99-cxiiimg021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 Fully Diluted Shares Outstanding and Enterprise Value to Equity Value Walk Source: Company filings, Jewel Management. 1 Change of control FDSO calculated using $52.00 per share Trian / GC proposal. 2 Pro Forma Basic common shares excludes 2.9mm custody shares held at Fidelity to cover the vesting of share-based awards and 0.046mm Treasury Shares per Jewel Management. 3 Per Jewel Management. Comprised of 0.044mm US ESPP All Future Vesting, 0.011mm GESPP All Future Vesting, and 0.047mm NED RSUs. 4 Per Jewel Management. Share based awards not included in the custody account at Fidelity. Primarily UK SAYE option plan. 5 Per Jewel Management. Relates to BAYE plan, held in separate trust. ($ in millions) \| Change of Control Change of Control FDSO as of Mar 19, 20261 Illustrative Change of Control Enterprise Value to Equity Value Adjustments Pro Forma Basic Common Shares2 151,118,232 Dilutive Securities Incremental Shares Related to RSU, PSU, US ESPP, GESPP, and NED RSU Vesting3 102,762 Incremental Share-Based Awards4 91,053 Treasury Shares5 45,688 Total Dilutive Securities 239,503 Fully Diluted Shares Outstanding 151,357,735 (-) Long-Term Debt $(395.5) (-) Nonredeemable Non-Controlling Interests (167.1) (+) Cash and Cash Equivalents 1,243.7 (-) Regulatory Required Cash / Capital (incl. buffer) (273.8) (+) Investments in Affiliates 16.6 (-) Contingent Consideration (9.5) (-) Incremental RSU, PSU, and Warrant Related Liability (238.3) Total Enterprise Value to Equity Value Adjustments $176.1 |

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## Ex-99.(D)(Xi)

**Exhibit 99.(d)(xi)**

<u>EXECUTION VERSION</u>

March 24, 2026

Jupiter Company Limited

c/o Trian Fund Management, L.P.

280 Park Avenue

41<sup>st</sup> Floor

New York, NY 10017

Re: Amended and Restated Equity Financing Commitment

Ladies and Gentlemen:

Reference is made to the Agreement and Plan of Merger, dated as of December 21, 2025, as amended by Amendment No. 1 thereto dated as of the date hereof (as amended, supplemented or otherwise modified from time to time in accordance with its terms, the "**Merger Agreement**"), by and among Jupiter Company Limited, a private limited company organized under the laws of Jersey ("**Parent**"), Jupiter Merger Sub Limited, a private limited company organized under the laws of Jersey ("**Merger Sub**" and, together with Parent, the "**Parent Entities**"), and Janus Henderson Group plc, a public limited company organized under the laws of Jersey (the "**Company**"). Pursuant to the Merger Agreement, on the terms and subject to the conditions set forth therein, among other things, Parent will acquire the Company by causing the merger of Merger Sub with and into the Company, with the Company surviving as a wholly owned subsidiary of Parent (the "**Merger**") or, following a Switch, via a Scheme of Arrangement. Reference is also made to (a) that certain Amended and Restated Equity Commitment Letter delivered to Parent by the Trian Equity Investors as of the date hereof, (b) the Equity Commitment Letter delivered to Parent by the QIA Investor on December 21, 2025 (collectively, the "**Other Equity Commitment Letters**," and together with this letter agreement, the "**Equity Commitment Letters**"), (c) the Amended and Restated Limited Guarantee as of even date herewith delivered by the Trian Equity Investors, and (d) the Limited Guarantees, dated as of December 21, 2025, delivered to the Company by the QIA Investor (collectively, the "**Other Guarantees**," and together with the Guarantee (as defined below), the "**Guarantees**"). Each capitalized term used but not otherwise defined herein shall have the meaning ascribed to such term in the Merger Agreement.

The Person listed on <u>Schedule A</u> hereto is referred to herein as the "**Equity Investor**" and each of the "Equity Investors" under the Other Equity Commitment Letters are referred to herein as an "**Other Equity Investor**" and collectively as the "**Other Equity Investors**". This letter agreement is being delivered by the Equity Investor to Parent in connection with the execution and delivery of the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Commitment</u>. Subject to the conditions set forth herein, the Equity Investor hereby irrevocably agrees to purchase immediately prior to the Closing, directly or indirectly, equity interests of Parent (collectively, the "**Subject Equity Securities**") for an aggregate purchase price, in the form of cash in immediately available U.S. funds to Parent, in an amount equal to one billion seventy five million dollars ($1,075,000,000), as may be adjusted in accordance with this letter agreement (the "**Equity Financing Commitment**"). The Equity Financing Commitment shall be used by the Parent Entities solely for the purpose of funding at the Closing, along with the other proceeds of the Financing (when funded), the Financing Amounts pursuant to and in accordance with the terms and conditions of the Merger Agreement, and not for any other purpose; <u>provided</u>, that the Equity Investor (together with its permitted assigns, as applicable) shall not under any circumstances be obligated under this letter agreement to fund an amount in excess of the Equity Financing Commitment. The Equity Investor (together with its permitted assigns, as applicable) is only obligated to fund the Equity Financing Commitment, subject to the terms and conditions herein. The obligation of the Equity Investor (together with its permitted assigns, as applicable) to fund the Equity Financing Commitment is subject solely to (a) the satisfaction or waiver of the conditions precedent to the Parent Entities' obligations to effect the Closing set forth in Sections 8.1 and 8.2 of the Merger Agreement (other than those conditions that by their nature are to be satisfied at the Closing, but subject to such conditions being able to be satisfied (or waived)); (b) the prior or substantially concurrent (i) consummation of the Exchange (as defined in the Voting and Rollover Agreement), and (ii) funding of the proceeds of the Equity Financing Commitments (as defined in each Other Equity Commitment Letter) under the Other Equity Commitment Letters, the Preferred Equity Financing pursuant to the Preferred Equity Commitment Letter and the Debt Financing pursuant to the Debt Commitment Letter (or any Alternative Financing), or such other Equity Financing Commitments, Preferred Equity Financing or Debt Financing (or any Alternative Financing) will be funded and the Exchange will be consummated if the other Financing (or any Alternative Financing) is funded and, in the case of the other Financing (or any Alternative Financing), if the Exchange and contributions contemplated by <u>Section 6.1</u>, <u>Section 6.2</u> and <u>Section 6.3</u> of the Voting and Rollover Agreement are consummated; and (c) the substantially concurrent consummation of the Closing on the terms and subject to the conditions of the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Adjustment to Equity Financing Commitment</u>. The amount to be funded under this letter agreement may be reduced dollar for dollar solely to the extent that the Parent Entities do not require the full amount of the Equity Financing Commitment in connection with the payment of the Financing Amounts. It is understood and agreed that any reduction pursuant to this paragraph shall only occur to the extent that, after giving effect to any such reduction, the Parent Entities fully and timely consummate the transactions contemplated by the Merger Agreement (including, for the avoidance of doubt, payment of the Financing Amounts in full at the Closing) (the "**<u>Transactions</u>**") in accordance with the terms of the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Termination</u>. This letter agreement and the Equity Investor's obligation to fund the Equity Financing Commitment will terminate automatically and immediately upon the earliest to occur of: (a) the valid termination of the Merger Agreement in accordance with its terms; (b) the commencement by the Company or any of its controlled Affiliates or any of their respective representatives acting on their behalf at their direction or with their express written consent, of any lawsuit against the Equity Investor, the Parent Entities or any Parent Related Party (as defined below) in respect of this letter agreement, the limited guarantee of the Equity Investor, dated as of December 21, 2025 (the "**Guarantee**"), the Voting and Rollover Agreement or the Merger Agreement (including in respect of any oral representations made or alleged to be made in connection therewith) that asserts (i) the Equity Investor's liability under or in respect of this letter agreement is not limited to the Equity Financing Commitment or (ii) any theory of liability against the Equity Investor, the Parent Entities or any Parent Related Party (as defined below), in each case other than any claims or other Proceedings (A) against the Equity Investor, Trian Partners AM Holdco II, Ltd., a Cayman Islands exempted limited company (the "**Rollover Shareholder**"), or any other Guarantors (as defined in the Merger Agreement) (or their respective permitted assignees and successors) in accordance with, and solely to the extent permitted under, the terms of the Guarantee or any Other Guarantees, as applicable, (B) against the Parent Entities (or their respective permitted assignees and successors) for remedies (whether for equitable relief or otherwise) available to the Company under the Merger Agreement, in each case in accordance with, and solely to the extent permitted under, the Merger Agreement, (C) against the Equity Investor or Other Equity Investors (or their permitted assignees and successors) for specific performance of, or other equitable relief that enforces, the Equity Investor's obligations to fund the Equity Financing Commitment or such Other Equity Investors' obligations to fund their respective commitments under the Other Equity Commitment Letters, or other equitable relief to enforce the Company's other express-third party beneficiary rights under this letter agreement or the Other Equity Commitment Letters, in each case in accordance with, and solely to the extent permitted under, the terms hereof or thereof and the terms of the Merger Agreement, (D) against the parties (or their permitted assignees and successors) to the Voting and Rollover Agreement in accordance with, and solely to the extent permitted under, the terms of the Voting and Rollover Agreement and/or (E) against the parties (or their permitted assignees and successors) to the Confidentiality Agreements in accordance with, and solely to the extent permitted under, the terms thereunder (the Proceedings contemplated by the foregoing <u>clauses (A)</u>, <u>(B)</u>, <u>(C)</u>, <u>(D)</u> and <u>(E)</u>, the "**Non-Prohibited Claims**"); (c) any final, non-appealable judgement of a Chosen Court against the Equity Investor or the Other Equity Investors that includes an award of the Parent Termination Fee; (d) the valid termination of the Other Equity Commitment Letters in accordance with their terms due to a lawsuit against the Equity Investor, the Other Equity Investors, the Parent Entities or any Parent Related Party for a claim (other than a Non-Prohibited Claim) being asserted; and (e) the consummation of the Closing and payment in full at the Closing of the Equity Financing Commitment. Upon the valid termination of this letter agreement pursuant to the terms hereof, the Equity Investor shall not have any further obligations or liabilities hereunder. This <u>Section 3</u> (*Termination*), <u>Section 4</u> (*Assignment; Amendments and Waivers; Entire Agreement*), <u>Section 5</u> (*Parties in Interest; Limited Recourse; Enforcement*), <u>Section 6</u> (*Confidentiality*), <u>Section 7</u> (*Governing Law; Jurisdiction; Waiver of Jury Trial*), <u>Section 8</u> (*Headings; Severability; Construction*) and <u>Section 9</u> (*Counterparts*) of this letter agreement shall survive and remain in full force and effect, notwithstanding any termination of this letter agreement. For the avoidance of doubt, upon the valid termination of this letter agreement pursuant to the terms hereof, all obligations of the Equity Investor to fund the Equity Financing Commitment shall terminate and no surviving provision shall be deemed to require the Equity Investor to fund any portion of the Equity Financing Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Assignment; Amendments and Waivers; Entire Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The rights and obligations under this letter agreement may not be assigned or delegated (whether by operation of law, merger, consolidation or otherwise) by any party hereto without the prior written consent of the other parties and the Company (and the Company shall be an express and intended third-party beneficiary of this <u>Section 4(a)</u>). Notwithstanding the foregoing, (i) Parent may assign, delegate or otherwise transfer all or a portion of its rights or obligations under this letter agreement to any assignee of Parent's obligations under the Merger Agreement pursuant to an assignment in accordance with Section 10.3 of the Merger Agreement, and (ii) the Equity Investor may assign, delegate or otherwise transfer all or a portion of its obligation to fund the Equity Financing Commitment to one or more of its Affiliates, Affiliated investment vehicles or any Person that is, directly or indirectly, wholly owned or otherwise controlled by or Affiliated with such Equity Investor or such Affiliated investment vehicles; <u>provided</u> that, (x) in each case of the foregoing <u>clauses (i)</u> and <u>(ii)</u>, no such assignment, delegation or transfer shall relieve the Equity Investor of its obligations hereunder, and (y) in each case of the foregoing <u>clauses (i)</u> and <u>(ii)</u>, no such assignment, delegation and/or transfer will be permitted if it would reasonably be expected to have the effect of preventing, impairing or delaying the Transactions or the funding of the Equity Financing Commitment at the time set forth in <u>Section 1</u>. Upon any such assignment, delegation or transfer by the Equity Investor of its obligations hereunder pursuant to the second sentence of this <u>Section 4(a)</u>, such assignee, delegate or transferee shall be deemed to have given the representations and warranties set forth in <u>Section 10</u> as of the time of such assignment, delegation or transfer. Any assignment, delegation or transfer in breach of <u>Section 10</u> (in respect of the representations and warranties deemed to be made as of the time of such assignment, delegation or transfer) or in violation of this <u>Section 4(a)</u> shall be null and void and of no force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This letter agreement may not be amended, and no provision hereof waived or modified, except by an instrument duly executed by each of the parties hereto and the Company (and the Company shall be an express and intended third-party beneficiary of this <u>Section 4(b)</u>). This letter agreement may not be terminated other than in accordance with Section 3 hereof. The failure of any party or third-party beneficiary to assert any of its rights under this letter agreement or otherwise shall not constitute a waiver of those rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This letter agreement, the Other Equity Commitment Letters, the Guarantees, the Voting and Rollover Agreement, the Confidentiality Agreements and the Merger Agreement and the documents referenced therein contain the entire understanding among the parties hereto and the Company with respect to the transactions contemplated hereby and supersede and replace all prior and contemporaneous agreements and understandings, oral or written, with regard to such transactions between the Equity Investor or any of its Affiliates, on the one hand, and the Parent Entities or any of their Affiliates, on the other hand, with respect to the subject matter hereof and thereof. All Exhibits and Schedules hereto and any documents and instruments delivered pursuant to any provision hereof are expressly made a part of this Agreement as fully as though completely set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Parties in Interest; Limited Recourse; Enforcement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except to the extent expressly set forth in <u>Section 4(a)</u>, <u>Section 4(b)</u> and <u>Section 5(c)</u>, this letter agreement shall be binding upon and inure solely to the benefit of each party hereto and their respective successors and permitted assigns, and nothing in this letter agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this letter agreement; <u>provided</u>, <u>however</u> that the Parent Related Parties and the Company are express and intended third party beneficiaries of <u>Section 5(c)</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything that may be expressed or implied in this letter agreement, the Guarantee, the Merger Agreement or any document or instrument delivered in connection herewith or therewith, the Parent Entities, by their acceptance of the benefits of the Equity Financing Commitment provided herein, covenant, agree and acknowledge that no Person other than the Equity Investor (and its successors and permitted assigns) shall have any obligations hereunder and that, notwithstanding that the Equity Investor or any of its permitted assigns may be a partnership or limited liability company, no Person, including the Parent Entities, has any rights of recovery pursuant to this letter agreement against, and no recourse hereunder or in respect of any oral representations made or alleged to have been made in connection herewith shall be had against, any of the Parent Entities', the Equity Investor's or any of their or their respective Affiliates' respective former, current or future directors, officers, employees, direct or indirect holders of any equity, stockholders, controlling persons, attorneys, members, managers, general or limited partners, assignees (other than a permitted assignee hereunder), agents or representatives of any of the foregoing (other than, in each applicable case, the Parent Entities, the Equity Investor, the Other Equity Investors, the Rollover Shareholder, the Guarantors (as defined in the Merger Agreement), Midco (as defined in the Voting and Rollover Agreement), Topco (as defined in the Voting and Rollover Agreement) and their respective successors and permitted assigns, a "**Parent Related Party**" and together, the "**Parent Related Parties**"), whether by or through attempted piercing of the corporate (or limited liability company or limited partnership) veil, by or through a claim (whether at law or equity or in tort, contract or otherwise) by or on behalf of the Equity Investor against any Parent Related Party (or vice versa), by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any Applicable Law, or otherwise, it being agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any Parent Related Party for any obligations of the Equity Investor or any of its successors or permitted assigns under this letter agreement or the Merger Agreement or under any documents or instruments delivered in connection herewith or therewith in respect of any transaction contemplated hereby or in respect of any oral representations made or alleged to have been made in connection herewith or for any claim (whether at law or equity or in tort, contract or otherwise) based on, in respect of, or by reason of such obligations or their creation; <u>provided</u>, <u>however</u>, that notwithstanding anything to the contrary provided herein or any document or instrument delivered in connection herewith, nothing herein (including this <u>Section 5</u>) shall limit the Non-Prohibited Claims or the third-party beneficiary rights made expressly available to the Company hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This letter agreement may only be enforced by the Parent Entities, and none of the Parent Entities' creditors nor any other Person that is not a party to this letter agreement shall have any right to enforce this letter agreement or to cause the Parent Entities to enforce this letter agreement; <u>provided</u>*,* <u>however</u>, that the Company is hereby made an express and intended third party beneficiary of the rights granted to the Parent Entities under this letter agreement only for the purpose of (i) specifically enforcing the obligations of the Equity Investor (or its respective successors or permitted assigns) to, or the obligations of the Parent Entities to cause the Equity Investor (or its respective successors or permitted assigns) to, comply with the terms of this letter agreement, including to satisfy the Equity Investor's obligation to fund the Equity Financing Commitment hereunder (subject to the limitations set forth in this letter agreement, including <u>Section 1</u> of this letter agreement), in each case subject to the conditions set forth in Section 10.4(d) of the Merger Agreement (solely to the extent that the Parent Entities are permitted to enforce the Equity Financing Commitment pursuant to <u>Section 1</u> of this letter agreement), and, subject to clause (ii) of this proviso, for no other purpose (including, without limitation, any claim for monetary damages hereunder or under the Merger Agreement) and (ii) <u>Sections 4(a)</u> and <u>4(b)</u>; provided further, however, that the Parent Entities and the Company may not bring a claim or Proceeding against the Equity Investor hereunder or enforce or seek to enforce the provisions hereof unless the Parent Entities or the Company are seeking the same relief from the Other Equity Investors to the extent that the Other Equity Investors have not satisfied their respective obligations under the Other Equity Commitment Letters. The Equity Investor acknowledges and agrees that (I) the Parent Entities are delivering a copy of this letter agreement to the Company and that the Company is relying on the express third-party beneficiary rights, representations, warranties, obligations and commitments of the Equity Investor hereunder in connection with the Company's decision to enter into the Merger Agreement and consummate the Transactions, and (II) the enforcement rights under this <u>Section 5(c)</u> (subject to the requirements and limitations herein and in the Merger Agreement) are an integral part of the Transactions and without those rights, the Company would not have entered into the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Equity Investor executed and delivered to the Company the Guarantee relating to the Obligations (as defined under the Guarantee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Confidentiality</u>. This letter agreement shall be treated as confidential and is being provided to Parent solely in connection with the Merger Agreement. This letter agreement may not be used, circulated, quoted or otherwise referred to in any document, except with the written consent of the Equity Investor; <u>provided</u> that no such written consent shall be required for disclosures by Parent to the Company (or their respective representatives) so long as the Company agrees to (and to cause their respective representatives to) keep such information confidential on terms substantially identical to the terms contained in this <u>Section 6</u>; <u>provided</u>, <u>further</u>, that any party hereto may disclose the existence of this letter agreement to the extent required by any Applicable Law, the applicable rules of any national securities exchange, in connection with any securities regulatory agency filings relating to the transactions contemplated by the Merger Agreement (including the Proxy Statement or Schedule 13e-3 to be filed by the Company), or in connection with the enforcement of any such party's rights hereunder or under the Other Equity Commitment Letters, the Guarantees, the Voting and Rollover Agreement, the Confidentiality Agreements or the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Governing Law; Jurisdiction; Waiver of Jury Trial</u>. This letter agreement shall be construed, performed and enforced in accordance with, and governed by, the laws of the State of Delaware. Each of the parties hereto irrevocably agrees that any legal action or proceeding with respect to this letter agreement and the rights and obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this letter agreement and the rights and obligations arising hereunder brought by the other party(ies) hereto or its successors or assigns shall be brought and determined exclusively in the Delaware Court of Chancery, or in the event (but only in the event) that such court does not have subject matter jurisdiction over such action or proceeding, in the U.S. District Court for the District of Delaware, or, in each case, any applicable appellate court therefrom (the "**<u>Chosen Courts</u>**"). In addition, each of the parties hereto (i) expressly submits to the personal jurisdiction and venue of the Chosen Courts, in the event any dispute between the parties hereto (whether in contract, tort or otherwise) arises out of this letter agreement, (ii) expressly waives any claim of lack of personal jurisdiction or improper venue and any claims that such courts are an inconvenient forum with respect to such a claim, and (iii) agrees that it shall not bring any claim, action or proceeding against any other parties hereto relating to this letter agreement in any court other than the Chosen Courts. Each of the parties hereto hereby agrees that service of process will be validly effected by sending notice in the manner set forth in Section 10.7 of the Merger Agreement (if to the Equity Investor, to the applicable addresses set forth on Schedule A, and if to Parent, to the applicable addresses set forth in Section 10.7 of the Merger Agreement). EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS LETTER AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE EITHER OF SUCH WAIVERS, (II) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVERS, (III) IT MAKES SUCH WAIVERS VOLUNTARILY, AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 7</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Headings; Severability; Construction</u>. The section and paragraph headings in this letter agreement are for reference purposes only and shall not affect the meaning or interpretation of this letter agreement. In the event that any part of this letter agreement is declared by any court or other judicial or administrative body to be null, void or unenforceable, said provision shall survive to the extent it is not so declared, and all of the other provisions of this letter agreement shall remain in full force and effect. The parties have participated jointly in the negotiation and drafting of this letter agreement. If any ambiguity or question of intent arises, this letter agreement will be construed as if drafted jointly by the parties and no presumption or burden of proof will arise favoring or disfavoring any party because of the authorship of any provision of this letter agreement. Reference to any Person shall include such Person's successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Counterparts</u>. This letter agreement may be executed in counterparts, (including by facsimile or other electronic transmission) each of which shall be deemed an original, but all of which shall constitute the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Representations and Warranties</u>. The Equity Investor hereby represents and warrants to Parent that: (a) it is duly organized or incorporated, validly existing and in good standing (to the extent such concept exists) under the Applicable Laws of its jurisdiction of organization or incorporation and has all power and authority to execute, deliver and perform this letter agreement; (b) the execution, delivery and performance of this letter agreement by it has been duly and validly authorized and approved by all necessary organizational action by it and no other proceedings or actions on the part of it are necessary therefor; (c) this letter agreement has been duly and validly executed and delivered by it and constitutes a valid and legally binding obligation of it, enforceable against it in accordance with the terms of this letter agreement, subject to (i) the effect of bankruptcy, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting the enforcement of creditors' rights generally, and (ii) general equitable principles (whether considered in a proceeding in equity or at law); (d) with respect to the Equity Investor, the Equity Financing Commitment is less than or equal to the maximum amount that it is permitted to invest in any one portfolio investment pursuant to the terms of its constituent documents or otherwise; (e) as of the date hereof, it has, and until the valid termination of this letter agreement in accordance with Section 3 hereof, it will have, uncalled capital commitments (and an enforcement right to cause such capital to be contributed) or other available funds on hand in an amount at least equal to the Equity Financing Commitment plus the aggregate amount of all other commitments and obligations that it has outstanding; (f) all consents, approvals, authorizations, permits of, filings with and notification to, any Governmental Entity necessary for the due execution, delivery and performance of this letter agreement by it have been obtained or made and all conditions thereof have been duly complied with, and no other action by, and no notice to or filing with, any Governmental Entity is required in connection with the execution, delivery or performance by it of this letter agreement; and (g) the execution, delivery and performance by it of this letter agreement do not and will not (i) violate its organizational documents, (ii) violate any Applicable Law or judgment applicable to it or (iii) result in any violation of, or default (with or without notice or lapse of time or both) under, or give rise to a termination, cancellation or acceleration of any obligation or to the loss of any benefit under, any contract to which it is a party, except, with respect to each of the foregoing clauses (ii) and (iii), for any such conflicts, violations, breaches, defaults or other occurrences which would not reasonably be expected to, individually or in the aggregate, prevent, materially delay or materially impair its ability to enter into or perform its obligations under this letter agreement.

[Signature Pages Follow]

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| | |
|:---|:---|
| Very Truly Yours, | Very Truly Yours, |
| **GC JUPITER INVESTOR, LP** | **GC JUPITER INVESTOR, LP** |
| By: | /s/ Dan Riley |
| Name: | Dan Riley |
| Title: | General Counsel |

---

[Signature Page to Amended and Restated Equity Commitment Letter]

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| | |
|:---|:---|
| Acknowledged and Agreed: | Acknowledged and Agreed: |
| **JUPITER COMPANY LIMITED** | **JUPITER COMPANY LIMITED** |
| By: | /s/ Nelson Peltz |
| Name: | Nelson Peltz |
| Title: | Authorized Signatory |

---

[Signature Page to Amended and Restated Equity Commitment Letter]

**<u>Schedule A</u>**

---

| |
|:---|
| &nbsp;&nbsp;**Equity Investor** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GC Jupiter Investor, LP<br>*Notices:*<br> c/o General Catalyst Group Management, LLC<br> 20 University Road, Fourth Floor<br> Cambridge, MA 02138<br> Attn: Christopher McCain<br> E-mail: \*\*\*<br>with a copy (which shall not constitute notice) to:<br>Kirkland & Ellis LLP<br> 200 Clarendon Street, 46<sup>th</sup> Floor<br> Boston, MA 02116<br> Attn: Christian A. Atwood, P.C.<br> Marshall P. Shaffer, P.C.<br> E-mail: christian.atwood@kirkland.com<br> marshall.shaffer@kirkland.com |

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## Ex-99.(D)(Xii)

**Exhibit 99.(d)(xii)**

<u>EXECUTION VERSION</u>

**<u>AMENDED AND RESTATED LIMITED GUARANTEE</u>**

This **AMENDED AND RESTATED LIMITED GUARANTEE**, dated as of March 24, 2026 (this "**Limited Guarantee**"), by each Person listed on <u>Schedule A</u> hereto (each a "**Guarantor**" and, collectively, the "**Guarantors**"), in favor of Janus Henderson Group plc, a public limited company organized under the Laws of Jersey (the "**Guaranteed Party**"). Reference is also made to the other Limited Guarantees dated December 21, 2025 delivered to Parent by the GC Investor and the QIA Investor (collectively, the "**Other Guarantees**," and together with this Limited Guarantee, the "**Guarantees**"), and the Equity Commitment Letters delivered to Parent by the GC Investor and the QIA Investor on or prior to the date hereof (collectively, the "**Other Equity Commitment Letters**," and together with the Equity Commitment Letter (as defined below), the "**Equity Commitment Letters**"). Each of the "Guarantors" under the Other Guarantees are referred to herein as an "**Other Guarantor**" and collectively as the "**Other Guarantors**." Each capitalized term used and not defined herein but defined in the Merger Agreement shall have the meaning ascribed to it in the Merger Agreement, except as otherwise provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Limited Guarantee</u>. To induce the Guaranteed Party to enter into the Agreement and Plan of Merger, dated as of December 21, 2025, as amended by Amendment No. 1 thereto dated as of the date hereof (as amended, supplemented or otherwise modified from time to time in accordance with its terms, the "**Merger Agreement**"), by and among Jupiter Company Limited, a private limited company organized under the Laws of Jersey ("**Parent**"), Jupiter Merger Sub Limited, a private limited company organized under the Laws of Jersey ("**Merger Sub**" and, together with Parent, the "**Parent Entities**") and the Guaranteed Party, each Guarantor hereby absolutely, unconditionally and irrevocably guarantees to the Guaranteed Party, on the terms and conditions set forth herein, the due and punctual observance, performance and discharge of all of the payment obligations of the Parent Entities with respect to all of (a) the Parent Termination Fee, (b) any Company Enforcement Expenses and (c) the Reimbursement Obligations, in each case, subject to the limitations set forth in the Merger Agreement (clauses (a), (b) and (c) collectively, the "**Obligations**"); <u>provided</u> that, notwithstanding anything to the contrary contained in this Limited Guarantee, (i) the obligations of each Guarantor under this Limited Guarantee shall be several and not joint or joint and several and shall be apportioned to each Guarantor in accordance with the pro rata share set forth opposite such Guarantor's name on <u>Schedule A</u> hereto (such proportion for such Guarantor being its "**Pro Rata Share**"), (ii) in no event shall the maximum aggregate liability of the Guarantors under this Limited Guarantee exceed $108,199,374.70 (such sum, the "**Cap**") and (iii) in no event shall any Guarantor be liable under this Limited Guarantee for amounts in excess of such Guarantor's Pro Rata Share of the Cap. The parties agree that this Limited Guarantee may not be enforced without giving effect to the Cap or the other limitations set forth in the foregoing proviso and that the Guaranteed Party will not seek to enforce this Limited Guarantee for an amount in excess of the Cap (or, with respect to any Guarantor, its Pro Rata Share of the Cap) and shall not be entitled to bring a claim or Proceeding against the Guarantors hereunder or enforce or seek to enforce this Limited Guarantee unless it is seeking the same relief from the Other Guarantors to the extent that the Other Guarantors have not satisfied their respective obligations under the Other Guarantees. Further, the Guaranteed Party hereby agrees that, to the extent the Parent Entities are relieved of all or any portion of the Obligations by the satisfaction or waiver thereof pursuant to any written agreement with the Guaranteed Party (any amount so relieved, the "**Reduction Amount**"), the Cap shall be reduced by an amount equal to 48.3% of the Reduction Amount. The Guaranteed Party hereby agrees that in no event shall any Guarantor be required to pay any amount to the Guaranteed Party under, in respect of, or in connection with this Limited Guarantee other than as expressly set forth herein. If the Parent Entities fail to pay all or any portion of the Obligations when due under the Merger Agreement, the Guarantors' liability to the Guaranteed Party hereunder in respect of such Obligations shall, at the Guaranteed Party's option, become immediately due and payable, and the Guaranteed Party may at any time and from time to time, at the Guaranteed Party's option, take any and all actions available hereunder or under Applicable Law to enforce its rights and remedies hereunder, including to collect the obligations of the Guarantors hereunder in respect of the Obligations (subject to the Cap and the other limitations set forth herein). All payments hereunder shall be made on demand and in lawful money of the United States, in immediately available funds, <u>provided</u>, at its sole election, Trian Partners AM Holdco II, Ltd. (the "**Rollover Shareholder**") shall be permitted to satisfy any payment required hereunder (in whole or in part) by surrendering shares of Company Common Stock to the Guaranteed Party in lieu of cash (the "**Payment Shares**"). The number of Payment Shares required to satisfy any such portion of a payment required of the Rollover Shareholder hereunder and so elected to be paid in Payment Shares in lieu of cash, shall be equal to the quotient of (x) the applicable amount of such payment elected to be satisfied in Payment Shares by the Rollover Shareholder *divided by* (y) the closing price of the Company Common Stock on the trading day immediately preceding the due date of such payment; <u>provided</u> that the Rollover Shareholder shall deliver cash in lieu of any fractional shares of Company Common Stock. Each Guarantor acknowledges that the Guaranteed Party entered into the Merger Agreement and the transactions contemplated under the Merger Agreement (the "**Transactions**") in reliance upon the execution of this Limited Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Nature of Limited Guarantee</u>. In the event that any payment to the Guaranteed Party in respect of the Obligations is rescinded or must otherwise be returned for any reason whatsoever (other than pursuant to clause (B) of <u>Section 8</u> hereof), the Guarantors shall remain liable hereunder with respect to the Obligations (subject to the terms and conditions hereof) as if such payment had not been made. This Limited Guarantee is an absolute, unconditional and irrevocable guarantee of payment and not of collection. Notwithstanding any other provision of this Limited Guarantee, the Guaranteed Party hereby agrees that each Guarantor may assert, as a defense to any payment or performance by the Guarantor under this Limited Guarantee, any defense to such payment or performance that the Parent Entities may have under the terms of the Merger Agreement, other than defenses arising from fraud, bad faith, willful misconduct, bankruptcy or insolvency of the Parent Entities and other defenses expressly waived herein. This Limited Guarantee is a primary and original obligation of the Guarantors and is not merely the creation of a surety relationship, and the Guaranteed Party shall not be required to proceed against the Parent Entities or any other Person first before proceeding against the Guarantors. The Guaranteed Party may, in its sole discretion, bring and prosecute a separate action or actions against the Guarantors, regardless of whether an action is brought against the Parent Entities or any other Person or whether Parent or Merger Sub are joined in any such action or actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Changes in the Obligations; Certain Waivers</u>. Each Guarantor agrees that the Guaranteed Party may at any time and from time to time, without notice to or further consent of such Guarantor, extend the time of payment of the Obligations, and may also enter into any agreement with any of the Parent Entities or any other Person interested in the Transactions for the extension, renewal, payment, compromise, discharge or release thereof, in whole or in part, or for any modification of the terms of the Merger Agreement or of any agreement between the Guaranteed Party and any of the Parent Entities or any such other Person without in any way impairing or affecting such Guarantor's obligations under this Limited Guarantee or the validity or enforceability of this Limited Guarantee. Each Guarantor agrees that the obligations of such Guarantor hereunder are absolute, unconditional and irrevocable, and shall not be released or discharged, in whole or in part, or otherwise affected by: (i) any rescission, compromise, consolidation, amendment or waiver of, or failure or delay of the Guaranteed Party to enforce any right or remedy under, any of the Merger Agreement or the Obligations (with or without notice to such Guarantor), the equity commitment letter, delivered to Parent on December 21, 2025, to which such Guarantor is a party (as amended and restated as of the date hereof, the "**Equity Commitment Letter**"), the Other Equity Commitment Letters, the Other Guarantees or the Voting and Rollover Agreement; (ii) the existence of any claim, set-off or other right that such Guarantor may have at any time against the Parent Entities, the Guaranteed Party or any other Person (other than as expressly provided in the penultimate sentence of Section 2 hereof); (iii) any insolvency or bankruptcy (or similar event) of or relating to such Guarantor, the Parent Entities, the Guaranteed Party or any other Person; (iv) any default by the Parent Entities under the Merger Agreement; (v) any incapacity, lack of authority or limitation of status or power of the Parent Entities, or any defect in the formation of any Parent Entity; (vi) any change in Applicable Law; (vii) the adequacy of any other means the Guaranteed Party may have of obtaining payment of the Obligations; (viii) any discharge of such Guarantor as a matter of Applicable Law (other than a discharge of such Guarantor as a result of payment of the Obligations in accordance with the terms of the Merger Agreement or as a result of defenses to the payment of the Obligations that would be available to the Parent Entities under the Merger Agreement); or (ix) any change in the corporate existence (or equivalent), structure or ownership of the Parent Entities, the Guaranteed Party or any other Person interested in the Transactions. To the fullest extent permitted by Applicable Law, each Guarantor hereby expressly waives any and all rights or defenses arising by reason of any Applicable Law which would otherwise require any election of remedies by the Guaranteed Party. Each Guarantor waives promptness, diligence, notice of the acceptance of this Limited Guarantee and of the Obligations, presentment, demand for payment, notice of non-performance, default, dishonor and protest, notice of the Obligations incurred and all other notices of any kind (except for notices to be provided to the Parent Entities and their counsel in accordance with the Merger Agreement or notices to be provided pursuant to express provisions of this Limited Guarantee), all defenses that may be available by virtue of any valuation, stay, moratorium Applicable Law or other similar Applicable Law now or hereafter in effect, any right to require the marshalling of assets of any of the Parent Entities or any other Person interested in the Transactions, and all suretyship defenses generally (other than fraud, bad faith or willful misconduct). Each Guarantor hereby waives any and all notice of the creation, renewal, extension or accrual of any of the Obligations and notice of or proof of reliance by the Guaranteed Party upon this Limited Guarantee or acceptance of this Limited Guarantee. Each Guarantor acknowledges that it will receive substantial direct and indirect benefits from the Transactions and that the waivers set forth in this Limited Guarantee are knowingly made in contemplation of such benefits.

Each Guarantor hereby absolutely, unconditionally and irrevocably agrees not to exercise any rights that it may now have or hereafter acquire against any Parent Related Party or any other Person interested in the Transactions that arise from the existence, payment, performance, or enforcement of each Guarantor's Obligations under or in respect of this Limited Guarantee or any other agreement in connection therewith, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of the Guaranteed Party, the Company or any of the Company's Related Parties against any Parent Related Party or such other Person whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take or receive from any Parent Related Party or such other Person, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right, unless and until the Obligations (subject to the Cap and the other limitations set forth herein) shall have been paid in full in cash. If any amount shall be paid to a Guarantor in violation of the immediately preceding sentence at any time prior to the payment in full in cash of the Obligations (subject to the Cap and the other limitations set forth herein), such amount shall be received and held in trust for the benefit of the Guaranteed Party, shall be segregated from other property and funds of the applicable Guarantor and shall forthwith be promptly paid or delivered to the Guaranteed Party in the same form as so received (with any necessary endorsement or assignment) to be credited and applied to the Obligations (subject to the Cap and the other limitations set forth herein), in accordance with the terms of the Merger Agreement and herewith, whether matured or unmatured, or to be held as collateral for the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>No Waiver; Cumulative Rights</u>. Each Guarantor hereby waives any and all notice of the creation, renewal, extension or accrual of any of the Obligations and notice of or proof of reliance by the Guaranteed Party upon this Limited Guarantee or acceptance of this Limited Guarantee. All of the Obligations shall conclusively be deemed to have been created, contracted or incurred in reliance upon this Limited Guarantee, and all dealings between the Parent Entities or the Guarantors, on the one hand, and the Guaranteed Party, on the other, shall likewise be conclusively presumed to have been consummated in reliance upon this Limited Guarantee. No failure on the part of the Guaranteed Party to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by the Guaranteed Party of any right, remedy or power hereunder preclude any other or future exercise of any right, remedy or power hereunder. Each and every right, remedy and power hereby granted to the Guaranteed Party or allowed it by Applicable Law or other agreement shall be cumulative and not exclusive of any other, and may be exercised by the Guaranteed Party at any time or from time to time. The Guaranteed Party shall not be obligated to file any claim relating to any Obligations in the event that any Parent Entity becomes subject to a bankruptcy, reorganization or similar proceedings, and the failure of the Guaranteed Party to so file any claim shall not affect the Guarantors' obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Representations and Warranties</u>. Each Guarantor hereby represents and warrants to the Guaranteed Party that: (a) such Guarantor is duly organized, validly existing and in good standing under the Applicable Laws of its jurisdiction of organization; (b) such Guarantor has all necessary organizational power and authority to execute and deliver this Limited Guarantee and to perform its obligations hereunder; (c) the execution, delivery and performance of this Limited Guarantee by such Guarantor has been duly and validly authorized by all necessary organizational action, and no other organizational proceedings on the part of such Guarantor are necessary to authorize this Limited Guarantee; (d) all consents, approvals, authorizations, permits of, filings with and notifications to, any Governmental Entity by such Guarantor necessary for the due execution, delivery and performance of this Limited Guarantee by such Guarantor have been obtained or made and all conditions thereof have been duly complied with, and no other action by, and no notice to or filing with, any Governmental Entity by such Guarantor is required in connection with the execution, delivery or performance of this Limited Guarantee; (e) this Limited Guarantee has been duly and validly executed and delivered by such Guarantor and, assuming due execution and delivery by the Guaranteed Party, constitutes a legal, valid and binding obligation of such Guarantor enforceable against such Guarantor in accordance with its terms (as set forth herein), subject to (i) the effect of bankruptcy, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting the enforcement of creditors' rights generally, and (ii) general equitable principles (whether considered in a proceeding in equity or at law); (f) the execution and delivery of this Limited Guarantee by such Guarantor do not, and the performance of this Limited Guarantee by such Guarantor will not, (i) conflict with or violate the organizational documents of the Guarantor, (ii) conflict with or violate any law applicable to such Guarantor or by which any of its properties or assets is bound or affected, or (iii) result in any breach or violation of, or constitute a default (or an event which, with notice or lapse of time or both, would become a default) under, or give to others any right of termination, amendment, acceleration or cancellation of, any Contract or other instrument or obligation to which such Guarantor is a party or by which such Guarantor or any of its properties or assets is bound or affected, except, with respect to each of the foregoing clauses (ii) and (iii), for any such conflicts, violations, breaches, defaults or other occurrences which would not reasonably be expected to, individually or in the aggregate, prevent, materially delay or materially impair its ability to enter into or perform its obligations under this Limited Guarantee; and (g) such Guarantor has, and will continue to have for so long as this Limited Guarantee is in effect, the financial capacity to pay and perform its obligations under this Limited Guarantee, and all funds necessary for such Guarantor to fulfill the Obligations under this Limited Guarantee shall be available to such Guarantor for so long as this Limited Guarantee shall remain in effect in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Assignment</u>. The rights and obligations under this Limited Guarantee may not be assigned or delegated (whether by operation of law, merger, consolidation or otherwise) by any party hereto without the prior written consent of the other party. Notwithstanding the foregoing, any Guarantor may assign all or a portion of its rights, interests or the Obligations hereunder to one or more of its Affiliated investment funds or any Person that is, directly or indirectly, wholly owned or otherwise controlled by or Affiliated with such Guarantor or such Affiliated investment funds in each case to whom it has assigned or delegated all or a portion of its equity financing commitment pursuant to and in accordance with the Equity Commitment Letter; <u>provided</u> that (a) no such assignment, delegation or transfer shall relieve such Guarantor of its obligations hereunder except to the extent such obligations are fully and indefeasibly performed by such permitted assignees, and (b) no such assignment, delegation and/or transfer will be permitted if it would reasonably be expected to have the effect of preventing, impairing or delaying the Transactions or the satisfaction of the Obligations at the applicable times and under the terms set forth herein. Prior to any permitted assignment, delegation or transfer by any Guarantor of its rights, interests or obligations hereunder pursuant to the second sentence of this <u>Section 6</u>, each applicable assigning Guarantor will provide the Guaranteed Party written notice of such assignment, delegation or transfer and the amount thereof. Upon any such assignment, delegation or transfer by a Guarantor of its obligations hereunder pursuant to the second sentence of this <u>Section 6</u>, such assignee, delegate or transferee shall be deemed to have given the representations and warranties set forth in <u>Section 5</u> of this Limited Guarantee as of the time of such assignment, delegation or transfer. Any assignment or delegation in breach of <u>Section 5</u> (in respect of the representations and warranties deemed to be made as of the time of such assignment, delegation or transfer) or in violation of this <u>Section 6</u> shall be null and void and of no force and effect. This Limited Guarantee shall be binding upon and inure solely to the benefit of each party hereto and their respective successors and permitted assigns, and nothing in this Limited Guarantee, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this letter agreement; provided, however, that the Parent Related Parties are express and intended third party beneficiaries of <u>Section 9</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Notices</u>. All notices, requests, claims, demands and other communications under this Limited Guarantee shall be in writing and shall be deemed to have been duly given (i) on the date of service if served personally on the party to whom notice is to be given; (ii) on the date sent by E-mail (so long as no delivery failure message is received); or (iii) on the day after delivery to Federal Express or similar internationally recognized overnight courier service and properly addressed, to the party as follows (or at such other coordinates for a party as shall be specified in a notice given in accordance with this <u>Section 7</u>):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If to a Guarantor, to:

c/o Trian Fund Management, L.P.

280 Park Avenue

41<sup>st</sup> Floor

New York, NY 10017

Attn: Brian L. Schorr

Daniel R. Marx

E-mail: bschorr@trianpartners.com

dmarx@trianpartners.com

with a copy (which shall not constitute notice) to:

Debevoise & Plimpton LLP

66 Hudson Boulevard

New York, NY 10001

Attn: William D. Regner

Kevin M. Schmidt

Emily F. Huang

E-mail: wdregner@debevoise.com

kmschmidt@debevoise.com

efhuang@debevoise.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If to the Guaranteed Party,
 to:

Janus Henderson Group plc

151 Detroit St

Denver, Colorado 80206

Attention: Michelle Rosenberg

Email: Michelle.Rosenberg@JanusHenderson.com

With a copy (which shall not constitute notice) to:

Wachtell, Lipton, Rosen & Katz

51 W. 52<sup>nd</sup> Street

New York, NY 10019

Attn: Jacob A. Kling

Matthew T. Carpenter

E-mail: JAKling@wlrk.com

MTCarpenter@wlrk.com

and

Skadden, Arps, Slate, Meagher & Flom LLP

One Manhattan West

New York, NY 10001

Attention: Peter Serating

Patrick Lewis

Email: Peter.Serating@skadden.com

patrick.lewis@skadden.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Continuing Guarantee</u>. Unless validly terminated pursuant to this <u>Section 8</u>, this Limited Guarantee shall remain in full force and effect and shall be binding on each Guarantor, its successors and permitted assigns until the Guarantors' obligations in respect of the Obligations (subject to the Cap) under this Limited Guarantee have been indefeasibly paid, observed, performed and satisfied in full in cash, at which time this Limited Guarantee shall terminate and the Guarantors shall have no further obligations under this Limited Guarantee. This Limited Guarantee shall terminate and the Guarantors shall have no further obligations under this Limited Guarantee automatically and immediately upon the earliest to occur of (a) the consummation of the Closing and the indefeasible payment in full in cash by Parent of all amounts due in connection with Closing under the Merger Agreement, (b) the indefeasible payment in full in cash of the Obligations (subject to the Cap) and (c) 90 days following the valid termination of the Merger Agreement in accordance with its terms (<u>provided</u>, that, in the event that the Guaranteed Party or any of its successors or assigns (or any agents acting on their behalf) shall have commenced a Proceeding in accordance with this Limited Guarantee against the Guarantors or, in the event that the Guaranteed Party shall have commenced a Proceeding in accordance with the Merger Agreement against the Parent Entities, in each case, alleging that the Guarantors or the Parent Entities (as applicable) are liable for any portion of the Obligations, then this Limited Guarantee shall not terminate and shall survive until the earliest of (i) the entry of a final, non-appealable order of a court of competent jurisdiction discharging the Guarantors of all Obligations, (ii) the termination of this Limited Guarantee by mutual written agreement of the Guarantors and the Guaranteed Party and, in either case of clauses (i) and (ii), the payment by the Guarantors or the Parent Entities (as applicable) to the Guaranteed Party of all amounts payable by the Guarantors and the Parent Entities (as applicable) pursuant to such order or agreement and (iii) indefeasible payment in full of the Obligations (subject to the Cap). Notwithstanding the foregoing or anything in this Limited Guarantee that may be deemed to the contrary, in the event that the Guaranteed Party or any of its Affiliates assert in any Proceeding (x) that the provisions of <u>Section 1</u> hereof limiting any Guarantor's liability to the Cap or the provisions of this <u>Section 8</u> or <u>Section 9</u> hereof are illegal, invalid or unenforceable in whole or in part, or (y) any theory of liability against any Guarantor or any Parent Related Party (which term, for the avoidance of doubt, does not include the Parent Entities) with respect to this Limited Guarantee, the Equity Commitment Letter, the Voting and Rollover Agreement, the Merger Agreement or any of the transactions contemplated hereby or thereby (including in respect of any oral representations made or alleged to be made in connection therewith) (other than, solely with respect to this clause (y), any claim that is a Non-Prohibited Claim (as used herein, such term shall have the meaning ascribed to it in the Equity Commitment Letter)), then (A) the obligations of the Guarantors under this Limited Guarantee shall terminate and be of no further force or effect, (B) if any Guarantor has previously made any payments under this Limited Guarantee, it shall be entitled to recover such payments in full and (C) neither the Guarantors nor any Parent Related Party shall have any further liability to the Guaranteed Party or its Affiliates with respect to the transactions under this Limited Guarantee, the Equity Commitment Letter, the Voting and Rollover Agreement, the Merger Agreement or any of the transactions contemplated hereby or thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>No Recourse</u>. The Guaranteed Party acknowledges the separate corporate (or private limited company, limited liability company or limited partnership or other entity) existence of each of the Parent Entities and that, as of the date hereof, each of the Parent Entities' sole assets (if any) are a *de minimis* amount of cash, and that no additional funds are expected to be contributed to the Parent Entities unless and until the Closing occurs. Notwithstanding anything that may be expressed or implied in this Limited Guarantee or any document or instrument delivered in connection herewith (including, without limitation, the Equity Commitment Letter, the Voting and Rollover Agreement and the Merger Agreement) (a) in no event shall the Guaranteed Party or any of its Affiliates or any of their respective former, current and future directors, officers, employees, direct or indirect holder of any equity, stockholders, controlling persons, attorneys, members, managers, general or limited partners, assignees, agents and representatives seek any monetary damages of any kind, including consequential, indirect or punitive damages, hereunder against the Guarantors in excess of the Cap, and (b) notwithstanding the fact that each Guarantor may be a partnership or limited liability company, by its acceptance of the benefits of this Limited Guarantee, the Guaranteed Party acknowledges and agrees that no Person has any right of recovery against, no recourse shall be had against and no personal liability shall attach to, the Guarantors', the Parent Entities', or any of their or their respective Affiliates' respective former, current or future directors, officers, employees, holder of any equity, stockholders, controlling persons, attorneys, members, managers, general or limited partners, assignees (other than a permitted assignee hereunder), agents or representatives of any of the foregoing (other than, in each applicable case, the Parent Entities, the Guarantors, the Other Guarantors, the Equity Investors (as defined in the Merger Agreement), the Rollover Shareholder (as defined in the Equity Commitment Letter), Midco (as defined in the Voting and Rollover Agreement), Topco (as defined in the Voting and Rollover Agreement) and their respective successors and permitted assigns, a "**Parent Related Party**" and collectively, the "**Parent Related Parties**"), including through the Parent Entities or otherwise, whether by or through attempted piercing of the corporate (or limited liability company or limited partnership) veil, by or through a claim (whether at law or equity or in tort, contract or otherwise) by or on behalf of any of the Parent Entities against any Parent Related Parties, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any applicable Law, or otherwise, except for its rights to recover from the Guarantors (but not any other Person) under and to the extent provided in this Limited Guarantee and subject to the other limitations described herein and any other claims that are Non-Prohibited Claims; it being agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any Parent Related Party for any obligation of any Guarantor or any of its successors or permitted assigns under this Limited Guarantee or any documents or instruments delivered in connection herewith or in respect of any oral or written representations made or alleged to have been made in connection herewith or for any claim (whether at law or in equity or in tort, contract or otherwise) based on, in respect of, or by reason of such obligation or their creation. Except for any claims that are Non-Prohibited Claims, recourse against the Guarantors under this Limited Guarantee, subject to the limitations and conditions set forth herein, shall be the sole and exclusive remedy of the Guaranteed Party and all of its Affiliates against the Guarantors and any Parent Related Party in respect of any liabilities or obligations arising under, or in connection with, the Merger Agreement, the failure of the Transactions to be consummated for any reason or otherwise in connection with the transactions contemplated hereby and thereby or in respect of any representations made or alleged to have been made in connection therewith, whether in equity or at law, in contract, in tort or otherwise. Nothing set forth in this Limited Guarantee shall affect or be construed to affect any liability of the Parent Entities to the Guaranteed Party or shall confer or give or shall be construed to confer or give to any Person other than the Guaranteed Party (including any Person acting in a representative capacity) any rights or remedies against any Person other than the Guarantors as expressly set forth herein; except that as a material aspect of this Limited Guarantee, the parties intend that all Parent Related Parties shall be, and each such Parent Related Party is, an intended third party beneficiary of this <u>Section 9</u> of this Limited Guarantee who may rely on and enforce the provisions of this <u>Section 9</u> of this Limited Guarantee that bar the liability, or otherwise protect the interests, of such Parent Related Party. Notwithstanding anything to the contrary provided herein or any document or instrument delivered in connection herewith, nothing herein (including this <u>Section 9</u>) shall limit the Non-Prohibited Claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Confidentiality</u>. This Limited Guarantee shall be treated as confidential and is being provided to the Guaranteed Party solely in connection with the Merger Agreement. This Limited Guarantee may not be used, circulated, quoted or otherwise referred to in any document, except with the written consent of the Guarantors and the Guaranteed Party; <u>provided</u> that no such written consent shall be required for disclosures by the Guaranteed Party to its representatives so long as the Guaranteed Party causes such representatives to keep such information confidential; <u>provided</u>, <u>further</u>, that any party hereto may disclose the existence of this Limited Guarantee to the extent required by any Applicable Law, the applicable rules of any national securities exchange, in connection with any securities regulatory agency filings relating to the transactions contemplated by the Merger Agreement (including the Proxy Statement or Schedule 13e-3 to be filed by the Guaranteed Party), or in connection with the enforcement of any such party's rights hereunder or under the Equity Commitment Letters, the Other Guarantees, the Voting and Rollover Agreement, the Confidentiality Agreements or the Merger Agreement; <u>provided</u>, that each party will provide the other an opportunity to review such required disclosure in advance of such disclosure being made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Governing Law; Waiver of Jury Trial; Jurisdiction</u>. This Limited Guarantee shall be construed, performed and enforced in accordance with, and governed by, the laws of the State of Delaware. Each of the parties hereto irrevocably agrees that any legal action or proceeding with respect to this Limited Guarantee and the rights and obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this letter agreement and the rights and obligations arising hereunder brought by the other party(ies) hereto or its successors or assigns shall be brought and determined exclusively in the Delaware Court of Chancery, or in the event (but only in the event) that such court does not have subject matter jurisdiction over such action or proceeding, in the U.S. District Court for the District of Delaware, or, in each case, any applicable appellate court therefrom (the "<u>Chosen Courts</u>"). In addition, each of the parties hereto (i) expressly submits to the personal jurisdiction and venue of the Chosen Courts, in the event any dispute between the parties hereto (whether in contract, tort or otherwise) arises out of this letter agreement, (ii) expressly waives any claim of lack of personal jurisdiction or improper venue and any claims that such courts are an inconvenient forum with respect to such a claim, and (iii) agrees that it shall not bring any claim, action or proceeding against any other parties hereto relating to this letter agreement in any court other than the Chosen Courts. Each of the parties hereto hereby agrees that service of process will be validly effected by sending notice in the manner set forth in <u>Section 7</u>. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS LETTER AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE EITHER OF SUCH WAIVERS, (II) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVERS, (III) IT MAKES SUCH WAIVERS VOLUNTARILY, AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 11</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Entire Agreement; Amendments</u>. This Limited Guarantee, including <u>Schedule A</u> attached hereto, the Other Guarantees, the Equity Commitment Letters, the Voting and Rollover Agreement, the Confidentiality Agreements and the Merger Agreement contain the entire understanding among the parties hereto with respect to the transactions contemplated hereby and supersede and replace all prior and contemporaneous agreements and understandings, oral or written, with regard to such transactions. All Exhibits and Schedules hereto and any documents and instruments delivered pursuant to any provision hereof are expressly made a part of this Agreement as fully as though completely set forth herein. This Limited Guarantee may not be amended, and no provision hereof waived or modified, except by an instrument duly executed by each of the parties hereto, and this Limited Guarantee may not be terminated other than in accordance with <u>Section 8</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Headings; Severability; Construction</u>. The section and paragraph headings in this Limited Guarantee are for reference purposes only and shall not affect the meaning or interpretation of this Limited Guarantee. In the event that any part of this Limited Guarantee is declared by any court or other judicial or administrative body to be null, void or unenforceable, said provision shall survive to the extent it is not so declared, and all of the other provisions of this Limited Guarantee shall remain in full force and effect. The parties have participated jointly in the negotiation and drafting of this Limited Guarantee. If any ambiguity or question of intent arises, this Limited Guarantee will be construed as if drafted jointly by the parties and no presumption or burden of proof will arise favoring or disfavoring any party because of the authorship of any provision of this Limited Guarantee. Reference to any Person shall include such Person's successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Counterparts</u>. This Limited Guarantee may be executed in counterparts, (including by facsimile or other electronic transmission) each of which shall be deemed an original, but all of which shall constitute the same instrument.

[Signature Pages Follow]

IN WITNESS WHEREOF, the Guarantors have caused this Limited Guarantee to be executed and delivered as of the date first written above by their respective signatories thereunto duly authorized.

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| | |
|:---|:---|
| **<u>GUARANTORS</u>:** | **<u>GUARANTORS</u>:** |
| **TRIAN PARTNERS AM HOLDCO II, LTD.** | **TRIAN PARTNERS AM HOLDCO II, LTD.** |
| By: | /s/ Nelson Peltz |
| Name: | Nelson Peltz |
| Title: | Director |
| **JUPITER CORE HOLDINGS, L.P.** | **JUPITER CORE HOLDINGS, L.P.** |
| By: | JUPITER CORE HOLDINGS GP, L.P., its general partner |
| By: | JUPITER VOTING COMPANY, LLC, its general partner |
| By: | /s/ Nelson Peltz |
| Name: | Nelson Peltz |
| Title: | Manager |
| **JUPITER AM INVESTORS, L.P.** | **JUPITER AM INVESTORS, L.P.** |
| By: | JUPITER AM INVESTORS GP, L.P., its general partner |
| By: | JUPITER VOTING COMPANY, LLC, its general partner |
| By: | /s/ Nelson Peltz |
| Name: | Nelson Peltz |
| Title: | Manager |
| **TRIAN PARTNERS AM FUND, L.P.** | **TRIAN PARTNERS AM FUND, L.P.** |
| By: | TRIAN PARTNERS AM FUND GP, L.P. |
| By: | TRIAN PARTNERS AM FUND GENERAL PARTNER, LLC |
| By: | /s/ Nelson Peltz |
| Name: | Nelson Peltz |
| Title: | Member |

---

[Signature Page to Limited Guarantee]

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| | |
|:---|:---|
| **TRIAN PARTNERS AM PARALLEL FUND, L.P.** | **TRIAN PARTNERS AM PARALLEL FUND, L.P.** |
| By: | Trian Partners AM Parallel Fund GP, L.P. |
| By: | Trian Partners AM Parallel Fund General Partner, LLC |
| By: | /s/ Nelson Peltz |
| Name: | Nelson Peltz |
| Title: | Member |

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[Signature Page to Limited Guarantee]

IN WITNESS WHEREOF, the Guaranteed Party has caused this Limited Guarantee to be executed and delivered as of the date first written above by its officer thereunto duly authorized.

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| | |
|:---|:---|
| **<u>GUARANTEED PARTY</u>:** | **<u>GUARANTEED PARTY</u>:** |
| **JANUS HENDERSON GROUP PLC** | **JANUS HENDERSON GROUP PLC** |
| By: | /s/ Ali Dibadj |
| Name: | Ali Dibadj |
| Title: | Chief Executive Officer |

---

[Signature Page to Limited Guarantee]

**<u>Schedule A</u>**

Pro Rata Share

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| |
|:---|
| &nbsp;&nbsp;**Guarantor** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trian Partners AM Holdco II, Ltd.<br>*Notices:*<br> c/o Trian Fund Management, L.P.<br> 280 Park Avenue<br> 41st Floor<br> New York, NY 10017<br> E-Mail: bschorr@trianpartners.com<br> dmarx@trianpartners.com<br> Attention: Brian L. Schorr<br> Daniel R. Marx<br>with a copy (which shall not constitute notice) to:<br> Debevoise & Plimpton LLP<br> 66 Hudson Boulevard<br> New York, NY 10001<br> E-Mail: wdregner@debevoise.com<br> efhuang@debevoise.com<br> Attention: William D. Regner<br> Emily F. Huang<br> &nbsp;&nbsp;[\*\*\*]%<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jupiter Core Holdings, L.P.<br>*Notices:*<br> c/o Trian Fund Management, L.P.<br> 280 Park Avenue<br> 41st Floor<br> New York, NY 10017<br> E-Mail: bschorr@trianpartners.com<br> dmarx@trianpartners.com<br> Attention: Brian L. Schorr<br> Daniel R. Marx<br>with a copy (which shall not constitute notice) to:<br> Debevoise & Plimpton LLP<br> 66 Hudson Boulevard<br> New York, NY 10001<br> E-Mail: wdregner@debevoise.com<br> efhuang@debevoise.com<br> Attention: William D. Regner<br> Emily F. Huang<br> &nbsp;&nbsp;[\*\*\*]%<sup>2</sup> |

---

<sup>1</sup> Certain information has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions.

<sup>2</sup> Certain information has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jupiter AM Investors, L.P.<br>*Notices:*<br> c/o Trian Fund Management, L.P.<br> 280 Park Avenue<br> 41st Floor<br> New York, NY 10017<br> E-Mail: bschorr@trianpartners.com <br> dmarx@trianpartners.com<br> Attention: Brian L. Schorr<br> Daniel R. Marx<br>with a copy (which shall not constitute notice) to:<br> Debevoise & Plimpton LLP<br> 66 Hudson Boulevard<br> New York, NY 10001<br> E-Mail: wdregner@debevoise.com<br> efhuang@debevoise.com<br> Attention: William D. Regner |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trian Partners AM Fund, L.P.<br>*Notices:*<br> c/o Trian Fund Management, L.P.<br> 280 Park Avenue<br> 41st Floor<br> New York, NY 10017<br> E-Mail: bschorr@trianpartners.com<br> dmarx@trianpartners.com<br> Attention: Brian L. Schorr<br> Daniel R. Marx<br>with a copy (which shall not constitute notice) to:<br> Debevoise & Plimpton LLP<br> 66 Hudson Boulevard<br> New York, NY 10001<br> E-Mail: wdregner@debevoise.com<br> efhuang@debevoise.com<br> Attention: William D. Regner<br> Emily F. Huang<br> &nbsp;&nbsp;[\*\*\*]%<sup>4</sup> |

---

<sup>3</sup> Certain information has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions.

<sup>4</sup> Certain information has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trian Partners AM Parallel Fund, L.P.<br>*Notices:*<br> c/o Trian Fund Management, L.P.<br> 280 Park Avenue<br> 41st Floor<br> New York, NY 10017<br> E-Mail: bschorr@trianpartners.com<br> dmarx@trianpartners.com<br> Attention: Brian L. Schorr<br> Daniel R. Marx<br>with a copy (which shall not constitute notice) to:<br> Debevoise & Plimpton LLP<br> 66 Hudson Boulevard<br> New York, NY 10001<br> E-Mail: wdregner@debevoise.com<br> efhuang@debevoise.com<br> Attention: William D. Regner<br> Emily F. Huang | &nbsp;&nbsp;[\*\*\*]%<sup>5</sup> |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;100.00% |

---

<sup>5</sup> Certain information has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions.

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables** <br>

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| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Transaction Valuation**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Filing Fee**  |
| Fees to be Paid | 1 | $470521344.38 | 0.0001381 | $64979.00 |
| Fees Previously Paid | 2 | $7671657207.00 |  | $1059455.86 |
|  | Total Transaction Valuation: | $8142178551.38  |  |  |
|  | Total Fees Due for Filing: |  |  | $1124434.86  |
|  | Total Fees Previously Paid:  |  |  | $0.00  |
|  | Total Fee Offsets:  |  |  | $1059455.86  |
|  | Net Fee Due:  |  |  | $64979.00  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> Aggregate number of securities to which transaction applies: As of January 23, 2026, the maximum number of shares of Janus Henderson Group plc's ordinary shares to which this transaction applies is estimated to be 156,840,448, which consists of (1) 149,400,900 ordinary shares entitled to receive the per amended share merger consideration of $52.00; (2) 5,043,052 ordinary shares underlying restricted stock units, which may be entitled to receive the per share merger consideration of $52.00; (3) 1,708,251 shares of common stock underlying outstanding performance restricted stock units, which may be entitled to receive the per share merger consideration of $52.00; (4) 492,346 ordinary shares underlying stock options pursuant to the Save As You Earn Plan ("UK SAYE"), which may be entiUed to receive the per share merger consideration of $52.00 minus any applicable exercise price; and (5) 195,899 additional ordinary shares pursuant to the global employee stock purchase plan, which may be entitled to receive the per share merger consideration of $52.00. The proposed maximum aggregate value of the transaction and resulting filing fee is being updated solely to reflect the increase in per share merger consideration from $49.00 to $52.00 under the amended transaction. Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): Estimated solely for the purposes of calculating the filing fee, as of January 23, 2026, the underlying value of the transaction was calculated based on the sum of (1) the product of 149,400,900 ordinary shares and the per share merger consideration of $52.00; (2) the product of 5,043,052 ordinary shares underlying restricted stock units and the per share merger consideration of $52.00; (3) the product of 1,708,251 shares of common stock underlying outstanding performance restricted stock units and the per share merger consideration of $52.00; (4) the product of 492,346 ordinary shares underlying stock options pursuant to the UK SAYE and $24.53 (which is the difference between the per share merger consideration of $52.00 and the weighted average exercise price of approximately $27.47); and (5) the product of 195,899 ordinary shares pursuant to the global employee stock purchase plan and the per share merger consideration of $52.00. In accordance with Section 14(g) of the Securities Exchange Act of 1934, as amended, the filing fee was determined by multiplying the sum calculated in the preceding sentence by .0001381.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>2</sup> A filing fee of $1,059,455.86 was previously paid in connection with the preliminary proxy statement on Schedule 14A filed on January 30, 2026 with respect to the transaction. Such amount is reflected as "Fees Previously Paid" and is offset against the total filing fee due for this filing. The fees reported herein relate to the same transaction.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Registrant or Filer Name | Form or Filing Type | File Number | Initial Filing Date | Filing Date | Fee Offset Claimed | Fee Paid with Fee Offset Source |
| Fee Offset Claims | 1 |  | Schedule 14A | 001-38103 | 01/30/2026 |  | $1059455.86 |  |
| Fee Offset Sources |  | Janus Henderson Group plc | Schedule 14A | 001-38103 |  | 01/30/2026 |  | $1059455.86 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Explanation of the basis for claimed offset:** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> Janus Henderson Group plc previously paid $1,059,455.86 upon the filing of its Schedule 14A on January 30, 2026 and now pays $64,979 upon the filing of its Amendment No. 3 to Schedule 13E-3, in connection with the transaction reported hereby.