# EDGAR Filing Document

**Accession Number:** 0001274173
**File Stem:** 0001104659-26-008735
**Filing Date:** 2026-1
**Character Count:** 679680
**Document Hash:** 4c9e9314722dc3ac683576bc9045b845
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-008735.hdr.sgml**: 20260130

**ACCESSION NUMBER**: 0001104659-26-008735

**CONFORMED SUBMISSION TYPE**: SC 13E3

**PUBLIC DOCUMENT COUNT**: 156

**FILED AS OF DATE**: 20260130

**DATE AS OF CHANGE**: 20260130

**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
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-90000
- **FILM NUMBER:** 26584649

**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

**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 January 30, 2026**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

<br> **SCHEDULE 13E-3** **<br> RULE 13E-3 TRANSACTION STATEMENT UNDER SECTION 13(E)<br> OF THE SECURITIES ACT OF 1934**

<br> ---

| | | |
|:---|:---|:---|
| **Janus Henderson Group plc** ****<br> (Name of the Issuer) | **Janus Henderson Group plc** ****<br> (Name of the Issuer) | **Janus Henderson Group plc** ****<br> (Name of the Issuer) |
| <br> **Janus Henderson Group plc**<br> **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>(Names of Persons Filing Statement)<br>**Common Stock, $1.50 par value per share**<br> (Title of Class of Securities)<br>**G4474Y214**<br> (CUSIP Number of Class of Securities) | <br> **Janus Henderson Group plc**<br> **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>(Names of Persons Filing Statement)<br>**Common Stock, $1.50 par value per share**<br> (Title of Class of Securities)<br>**G4474Y214**<br> (CUSIP Number of Class of Securities) | <br> **Janus Henderson Group plc**<br> **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>(Names of Persons Filing Statement)<br>**Common Stock, $1.50 par value per share**<br> (Title of Class of Securities)<br>**G4474Y214**<br> (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 of the Persons Filing Statement) | (Name, Address, and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of the Persons Filing Statement) | (Name, Address, and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf 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, Meager &<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**<br>|
| <br> This statement is filed in connection with (check the appropriate box):<br> 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.<br> b. ◻ The filing of a registration statement under the Securities Act of 1933.<br> c. ◻ A tender offer.<br> d. ◻ None of the above.<br> Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: ◻<br> Check the following box if the filing is a final amendment reporting the results of the transaction: ◻ | <br> This statement is filed in connection with (check the appropriate box):<br> 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.<br> b. ◻ The filing of a registration statement under the Securities Act of 1933.<br> c. ◻ A tender offer.<br> d. ◻ None of the above.<br> Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: ◻<br> Check the following box if the filing is a final amendment reporting the results of the transaction: ◻ | <br> This statement is filed in connection with (check the appropriate box):<br> 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.<br> b. ◻ The filing of a registration statement under the Securities Act of 1933.<br> c. ◻ A tender offer.<br> d. ◻ None of the above.<br> Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: ◻<br> Check the following box if the filing is a final amendment reporting the results of the transaction: ◻ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **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** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **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** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **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](#sc13e3_001) | [5](#sc13e3_001) |
| [Item 2. Subject Company Information](#sc13e3_002) | [5](#sc13e3_002) |
| [Item 3. Identity and Background of Filing Person](#sc13e3_003) | [6](#sc13e3_003) |
| [Item 4. Terms of the Transaction](#sc13e3_004) | [6](#sc13e3_004) |
| [Item 5. Past Contacts, Transactions, Negotiations and Agreements](#sc13e3_005) | [9](#sc13e3_005) |
| [Item 6. Purposes of the Transaction, and Plans or Proposals](#sc13e3_006) | [11](#sc13e3_006) |
| [Item 7. Purposes, Alternatives, Reasons and Effects](#sc13e3_007) | [12](#sc13e3_007) |
| [Item 8. Fairness of the Transaction](#sc13e3_008) | [15](#sc13e3_008) |
| [Item 9. Reports, Opinions, Appraisals and Negotiations](#sc13e3_009) | [17](#sc13e3_009) |
| [Item 10. Source and Amounts of Funds or Other Consideration](#sc13e3_010) | [17](#sc13e3_010) |
| [Item 11. Interest in Securities of the Subject Company](#sc13e3_011) | [18](#sc13e3_011) |
| [Item 12. The Solicitation or Recommendation](#sc13e3_012) | [19](#sc13e3_012) |
| [Item 13. Financial Information](#sc13e3_013) | [20](#sc13e3_013) |
| [Item 14. Persons/Assets, Retained, Employed, Compensated or Used](#sc13e3_014) | [21](#sc13e3_014) |
| [Item 15. Additional Information](#sc13e3_015) | [21](#sc13e3_015) |
| [Item 16. Exhibits](#sc13e3_016) | [21](#sc13e3_016) |

---

**INTRODUCTION**

This Transaction Statement on Schedule 13E-3 (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 (as it may be 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 $49.00 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)) will cease to have any ownership interest in Janus Henderson.

Concurrently with and as a condition to Janus Henderson's execution of the 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.

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 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.

Concurrently with the filing of this Transaction Statement, the Company is filing a preliminary proxy statement (the "**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)(1). A copy of the Merger Agreement is attached to the Proxy Statement as Annex A. 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 Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"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 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"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Securities***. The information set forth in the 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"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***Trading market and price***. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

"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 Proxy Statement under the following caption is incorporated herein by reference:

"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 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 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 Contracts, 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 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"

 **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 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 Special Meeting—Vote Required for Approval"

"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 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

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

"Summary Term Sheet"

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

"Proposal 3: Non-Binding Compensation Advisory Proposal"

"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"

"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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***Appraisal rights***. The information set forth in the 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"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ***Provisions for unaffiliated security holders***. The information set forth in the 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"

&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 Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Proposal 3: Non-Binding Compensation Advisory Proposal"

"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"

"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

&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 Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

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

"Proposal 3: Non-Binding Compensation Advisory Proposal"

"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"

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

"The Agreement and Plan of Merger"

"Voting and Rollover Agreement"

Annex A—Agreement and Plan of Merger

Annex B—Voting and Rollover Agreement

&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 Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

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

"Proposal 3: Non-Binding Compensation Advisory Proposal"

"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"

"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

 **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 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (1) — (8) ***Plans***. The information set forth in the 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

 **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 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"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Alternatives***. The information set forth in the 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"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***Reasons***. The information set forth in the 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

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

"Summary Term Sheet"

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

"Proposal 3: Non-Binding Compensation Advisory Proposal"

"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"

"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

 **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 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"

Annex C—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 and December 21, 2025 prepared by Goldman Sachs & Co. LLC and reviewed by the Special Committee are filed as Exhibits (c)(i) – (c)(viii) 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 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 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"

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

Annex A—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 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ***Approval of directors***. The information set forth in the 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"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) ***Other offers***. The information set forth in the 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"

 **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 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 discussion materials dated December 1, 2025, December 2, 2025, December 4, 2025, December 10, 2025, December 11, 2025, December 15, 2025, December 16, 2025 and December 21, 2025 prepared by Goldman Sachs & Co. LLC and reviewed by the Special Committee are filed as Exhibits (c)(i) – (c)(viii) 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 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***Expenses***. The information set forth in the 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 Special Meeting—Solicitation of Proxies"

"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 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***Borrowed funds***. The information set forth in the 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

 **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 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

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

"Special Factors—Background of the Merger"

"Important Information Regarding Janus Henderson—Prior Public Offerings"

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

"The Agreement and Plan of Merger"

"Voting and Rollover Agreement"

Annex A—Agreement and Plan of Merger

Annex B—Voting and Rollover Agreement

 **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 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 Special Meeting—Vote Required for Approval"

"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"

"Voting and Rollover Agreement"

Annex A—Agreement and Plan of Merger

Annex B—Voting and Rollover Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ***Recommendation of others***. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

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

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

 **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, 2024, the unaudited condensed consolidated financial statements set forth in Item 1 of the Company's Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2025, June 30, 2025 and September 30, 2025 are incorporated herein by reference.

The information set forth in the 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"

&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 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 Special Meeting—Solicitation of Proxies"

"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"

 **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 Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Proposal 3: Non-Binding Compensation Advisory Proposal"

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

"Special Factors—Certain Effects of the Merger"

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

Annex A—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 Proxy Statement, including all annexes thereto, is incorporated herein by reference.

 **Item 16. Exhibits**

The following exhibits are filed herewith:

(a)(i) Preliminary Proxy Statement of Janus Henderson Group plc (included in the Schedule 14A filed on January 30, 2026 and incorporated herein by reference).

(a)(ii) Form of Proxy Card (included in the Proxy Statement and incorporated herein by reference).

[(a)(iii) Letter to Shareholders (included in the Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926008727/tm2534023-7_prem14a.htm)

[(a)(iv) Notice of Extraordinary General Meeting (included in the Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926008727/tm2534023-7_prem14a.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)

[(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.](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.](tm2534023d8_ex99-biii.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.⸸](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.⸸](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.](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.](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.](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.](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.](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.](tm2534023d8_ex99-cviii.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 Proxy Statement filed on January 30, 2026 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926008727/tm2534023-7_prem14a.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 Proxy Statement filed on January 30, 2026 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926008727/tm2534023-7_prem14a.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.](tm2534023d8_ex99-div.htm)

[(d)(v) Equity Commitment Letter, dated as of December 21, 2025, from Qatar Holding LLC.](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.⸸](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.](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.](tm2534023d8_ex99-dviii.htm)

(f) None.

(g) None.

[107 Filing Fee Table.](tm2534023d8_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.

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

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[Signature Page to SC 13E-3]

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

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[Signature Page to SC 13E-3]

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

**Exhibit 99.(b)(ii)**

Execution Version

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**JPMORGAN CHASE BANK, N.A.**<br> 270 Park Avenue<br> New York, New York<br> 10017 | &nbsp;&nbsp;**CITIGROUP GLOBAL MARKETS INC.**<br> 388 Greenwich Street<br> New York, New York 10013 | &nbsp;&nbsp;**BANK OF AMERICA, N.A.**<br> **BOFA SECURITIES, INC**<br> One Bryant Park<br> New York, New York<br> 10036 |
| &nbsp;&nbsp;**JEFFERIES FINANCE LLC**<br> 520 Madison Avenue<br> New York, New York <br> 10022 | &nbsp;&nbsp;**MUFG BANK, LTD.**<br> 1221 Avenue of the Americas<br> New York, NY 10020 | &nbsp;&nbsp;**SUMITOMO MITSUI BANKING CORPORATION**<br> 277 Park Avenue<br> New York, New York <br> 10172 |

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**CONFIDENTIAL**

December 21, 2025

Jupiter Company Limited

Jupiter Borrower, Inc.

c/o Trian Fund Management, L.P.

280 Park Avenue, 41<sup>st</sup> Floor

New York, NY 10017

Attn: Brian L. Schorr <br> Daniel R. Marx

With a copy to:

General Catalyst Group Management, LLC

20 University Road, Fourth Floor,

Cambridge, MA 02138

Attn: Christopher McCain, Chief Legal Officer

<u>Project Jupiter<br> Commitment Letter</u>

Ladies and Gentlemen:

You have advised us that Jupiter Topco LLC, a Jersey limited liability company ("<u>TopCo</u>"), Jupiter Company Limited, a private limited company organized under the laws of Jersey ("<u>Parent</u>"), Jupiter Merger Sub Limited, a private limited company organized under the laws of Jersey ("<u>Merger Sub</u>"), and Jupiter Borrower, Inc., a newly formed Delaware corporation ("<u>AcquisitionCo</u>" or "<u>you</u>"; *provided* that unless the context otherwise requires, references to "you" will mean Parent and AcquisitionCo), each a company formed at the direction of Trian Fund Management, L.P. and its affiliates (collectively, "<u>Trian</u>") and General Catalyst Group Management, LLC and its affiliates (collectively, "<u>General Catalyst</u>" and, together with Trian, the "<u>Sponsors</u>"), intend to acquire (the "<u>Acquisition</u>"), directly or indirectly, all of the issued and outstanding equity interests of the entity previously identified to us by you as "Jupiter" (the "<u>Target</u>") pursuant to the Acquisition Agreement (as defined in Exhibit A hereto). You have further advised JPMorgan Chase Bank, N.A. ("<u>JPMorgan</u>"), Citi (as defined below), Bank of America, N.A. ("<u>Bank of America</u>"), BofA Securities, Inc. (together with its designated affiliates, "<u>BofA Securities</u>" and, together with Bank of America, "<u>BofA</u>"), Jefferies Finance LLC ("<u>Jefferies</u>"), MUFG Bank, Ltd. ("<u>MUFG</u>") and Sumitomo Mitsui Banking Corporation ("<u>SMBC</u>" and, together with JPMorgan, Citi, BofA, Jefferies, MUFG and any Additional Committing Lenders (as defined below), the "<u>Committed Lenders</u>", "<u>we</u>" or "<u>us</u>") that, in connection with the foregoing, you intend to consummate the other Transactions described in the Transaction Description attached hereto as Exhibit A (the "<u>Transaction Description</u>"). Capitalized terms used but not defined herein shall have the meanings assigned to them in the Transaction Description, the Summary of Principal Terms and Conditions attached hereto as Exhibit B (the "<u>Term Sheet</u>") and the Summary of Additional Conditions attached hereto as Exhibit C (the "<u>Summary of Additional Conditions</u>"; together with this commitment letter, the Transaction Description and the Term Sheet, collectively, the "<u>Commitment Letter</u>").

For purposes of this Commitment Letter, "Citi" shall mean Citigroup Global Markets Inc., Citibank, N.A., Citicorp USA, Inc., Citicorp North America, Inc. and/or any of their affiliates as any of them shall determine to be appropriate to provide the services contemplated herein. It is understood and agreed that Citigroup Global Markets Inc. is entering into this letter for and on behalf of Citi.

You have further advised each of the Committed Lenders that, in connection therewith, it is intended that the financing for the Transactions will include the senior secured credit facilities (the "<u>Facilities</u>") described in the Term Sheet, in an aggregate principal amount of up to $3,900.0 million (plus, at AcquisitionCo's option pursuant to the terms of the Fee Letter (as defined below), the amount of any Additional Flex Increase (as defined in the Fee Letter)), consisting of (<u>x</u>) a $2,600.0 million (plus, at AcquisitionCo's option pursuant to the terms of the Fee Letter, the amount of any Additional Flex Increase) senior secured term loan facility (the "<u>Term Loan B Facility</u>") (less, if an Existing Senior Notes E&R Election (as defined in Exhibit A hereto) is made, the aggregate principal amount of any Existing Senior Notes (as defined in Exhibit A hereto) that are outstanding as of the Closing Date (as defined below) and subject thereto) (y) a $800.0 million senior secured term loan facility (the "<u>Term Cash Flow Facility</u>" and, together with the Term Loan B Facility, the "<u>Term Loan Facilities</u>") and (<u>z</u>) a $500.0 million senior secured cash flow-based revolving credit facility (the "<u>Revolving Facility</u>"). As used herein, the term "<u>Closing Date</u>" shall mean the date of the initial funding under the Facilities to finance the Transactions.

In connection with the foregoing, each of JPMorgan, Citi, BofA, Jefferies, MUFG and SMBC is pleased to advise you of its several, but not joint, commitment to provide 25%, 25%, 22%, 13%, 10% and 5%, respectively, of the Facilities (including without limitation, any Additional Flex Increase) subject only to the conditions expressly set forth in the second sentence of the Funding Conditions Provision (as defined below) and in the Summary of Additional Conditions and under the heading "Conditions to Initial Extensions of Credit" in the Term Sheet.

It is agreed that JPMorgan (which may perform such functions as Lead Arranger through its affiliate, J.P. Morgan Securities LLC), Citi, BofA Securities, Jefferies, MUFG and SMBC will act as lead arrangers and bookrunners for the Facilities (in such capacity, the "<u>Lead Arrangers</u>");

*provided*, *however*, that JPMorgan (the "<u>Lead Left Arranger</u>") shall have "left" placement in any and all marketing materials or other documentation used in connection with the Facilities and shall hold the leading role, rights and responsibilities conventionally associated with such "left" placement, including maintaining sole "physical books" in respect of the Facilities.

You may, on or prior to the date that is 20 business days after the date of this Commitment Letter, appoint additional agents, co-agents, lead arrangers, bookrunners, managers or arrangers (any such agent, co-agent, lead arranger, bookrunner, manager or arranger, an "<u>Additional Committing Lender</u>") or confer other titles in respect of the Facilities in a manner and with economics determined by you in consultation with the Lead Arrangers party hereto as of the date hereof (it being understood that, to the extent you appoint Additional Committing Lenders or confer other titles in respect of any Facility, (<u>x</u>) each such Additional Committing Lender, except as set forth in clause (iv) below, will assume a portion of the commitments of each Facility on a *pro rata* basis (and the commitments of the Committed Lenders party hereto as of the date hereof with respect to such portion will be reduced ratably) and (<u>y</u>) the economics allocated to the Committed Lenders party hereto as of the date hereof in respect of the relevant Facilities will be reduced ratably by the amount of the economics allocated to such appointed entities upon the execution by such financial institution of customary joinder documentation and, thereafter, each such financial institution shall constitute a "<u>Committed Lender</u>" hereunder and under the Fee Letter); *provided* that (<u>i</u>) fees will be allocated to each such appointed entity on a *pro rata* basis in respect of the commitments it is assuming or on such other basis as you and the Lead Arrangers party hereto as of the date hereof may agree, (<u>ii</u>) in no event shall the Lead Arrangers party hereto as of the date hereof be entitled to less than 85% of the economics of the relevant Facility, (<u>iii</u>) no Additional Committing Lender may be allocated more total economics in respect of each respective Facility than JPMorgan and (<u>iv</u>) the commitment of MUFG with respect to each Facility shall not be reduced below 10% of such Facility). No compensation (other than that expressly contemplated by this Commitment Letter and the Fee Letter and other than in connection with any additional appointments referred to above) will be paid to any Lender in connection with the Facilities unless you and the Lead Left Arranger in respect of the applicable Facility so agree; *provided* that such additional compensation may not be paid to such Lead Left Arranger or any of its affiliates without the consent of the other Committed Lenders.

The Committed Lenders reserve the right, prior to or after the execution of definitive documentation for the Facilities (which we agree will be initially drafted by your counsel), to syndicate all or a portion of the Committed Lenders' commitments hereunder to a group of financial institutions (together with the Committed Lenders, the "<u>Lenders</u>") identified by the Committed Lenders in consultation with you and reasonably acceptable to them and you (in the case of each Term Loan Facility, such consent not to be unreasonably withheld, and in the case of the Revolving Facility, such consent not to be unreasonably withheld for an assignment to a Commercial Bank (as defined in the Precedent Facility (as defined in Exhibit B hereto))), it being understood that the Committed Lenders will not syndicate to those persons identified by you or the Sponsors in writing to the Committed Lenders (or to their affiliates so designated in writing) on or prior to the date hereof or to any competitors of the Target or its subsidiaries or to any affiliates (other than affiliates that constitute bona fide diversified debt funds primarily investing in loans) of such competitors (*provided* that such affiliates are (<u>i</u>) identified from time to time in writing by the Borrower (as defined in Exhibit B hereto) or the Sponsors to the Administrative Agent or (<u>ii</u>) are reasonably identifiable as an affiliate on the basis of such affiliate's name), or to any person whose principal investment strategy is investing in distressed debt or the pursuance of loan-to-own strategies or who is engaged primarily in private equity, mezzanine financing or venture capital or is a distressed debt fund (such persons, collectively, the "<u>Disqualified Institutions</u>") (*provided* that, (x) on or after the Closing Date, the Borrower may designate additional entities with the consent of the applicable Administrative Agent (such consent not to be unreasonably withheld, conditioned or delayed) and (y) no event shall any designation pursuant to this definition apply to retroactively disqualify any Person who previously, and properly, acquired and continues to hold, any loans, commitments or participations prior to such designation (but shall disqualify such person from taking any future assignments and participations); *provided* that, notwithstanding each Committed Lender's right to syndicate the Facilities and receive commitments with respect thereto, it is agreed that any syndication, assignment or receipt of commitments in respect of all or any portion of a Committed Lender's commitments hereunder prior to the initial funding under the Facilities shall not be a condition to such Committed Lender's commitments nor reduce such Committed Lender's commitments hereunder with respect to any of the Facilities (*provided*, *however*, that, notwithstanding the foregoing, assignments of a Committed Lender's commitments, which are effective simultaneously with the funding of such commitments by the assignee, shall be permitted) and, unless you otherwise agree in writing, each Committed Lender shall retain exclusive control over all rights and obligations with respect to its commitments, including all rights with respect to consents, modifications, waivers and amendments, until the Closing Date has occurred. Without limiting your obligations to assist with syndication efforts as set forth below, it is understood that the Committed Lenders' commitments hereunder are not subject to or conditioned on the syndication of the Facilities. The Committed Lenders intend to commence syndication efforts promptly upon the execution of this Commitment Letter and as part of their syndication efforts, it is their intent to have Lenders commit to the Facilities prior to the Closing Date (subject to the limitations set forth in the second preceding sentence). You agree to actively assist the Committed Lenders (and to use your commercially reasonable efforts to cause the Sponsors and, to the extent practicable, appropriate and not in contravention of the terms of the Acquisition Agreement, the Target to actively assist the Committed Lenders) in completing a timely syndication that is reasonably satisfactory to them and you. Such assistance shall be limited to, until the earlier to occur of (<u>i</u>) a Successful Syndication (as defined in the Fee Letter) and (<u>ii</u>) 30 days after the Closing Date, your using commercially reasonable efforts to (<u>a</u>) ensure that any syndication efforts benefit from the existing lending and investment banking relationships of you, the Sponsors and, to the extent practicable, appropriate and not in contravention of the terms of the Acquisition Agreement, the Target, (<u>b</u>) facilitate direct contact between appropriate members of senior management, representatives and advisors of you and the Sponsors, on the one hand, and the proposed Lenders, on the other hand (and your using commercially reasonable efforts, to the extent practicable, appropriate and not in contravention of the terms of the Acquisition Agreement, to provide contact between senior management, representatives and advisors of the Target, on the one hand, and the proposed Lenders, on the other hand), in all such cases at times mutually agreed upon, (<u>c</u>) assist, and your using commercially reasonable efforts, to the extent practicable, appropriate and not in contravention of the terms of the Acquisition Agreement, to cause the Target to assist, in the preparation of a customary confidential information memorandum for the Facilities (the "<u>Confidential Information Memorandum</u>") and other customary and reasonably available marketing materials to be used in connection with the syndications (all of which shall be in a customary form of confidential information memoranda and marketing materials and reasonably acceptable to you) and your using commercially reasonable efforts to provide such Confidential Information Memorandum (other than the portions thereof customarily provided by financing arrangers, and limited, in the case of information relating to the Target and its subsidiaries, to Required Information (as defined in the Acquisition Agreement)) to us no less than 10 consecutive business days prior to the Closing Date (or such shorter period reasonably acceptable to the Lead Arrangers) (*provided* that (<u>x</u>) July 3, 2026 each shall not constitute a business day for purposes of calculating such 10 consecutive business day period (with such date being excluded for purposes of, but which shall not reset, such 10 consecutive business day period) and (<u>y</u>) if such 10 consecutive business day period shall not have ended on or prior to August 21, 2026, then such 10 consecutive business day period shall not commence prior to September 8, 2026), (<u>d</u>) prior to the launch of syndication to procure a public corporate credit rating and a public corporate family rating (but in each case, no specific rating) in respect of the Borrower from Standard & Poor's Ratings Services ("<u>S&P</u>") and Moody's Investors Service, Inc. ("<u>Moody's</u>"), respectively, and procure public ratings (but no specific ratings) for the Term Loan B Facility from each of S&P and Moody's, (<u>e</u>) host, with the Committed Lenders, no more than one meeting to be mutually agreed upon of prospective Lenders at a time and location to be mutually agreed upon (it being understood that any such meeting may take place via videoconference or web conference) and (<u>f</u>) to the extent practicable, appropriate and not in contravention of the terms of the Acquisition Agreement, ensure that there shall be no competing issues of debt securities or syndicated credit facilities of Parent, AcquisitionCo, the Target or any of their respective subsidiaries being offered, placed or arranged (other than (<u>x</u>) any tender offer or exchange offer related to any of the Existing Senior Notes (as defined in Exhibit A hereto), (<u>y</u>) prior to the Closing Date, any replacements, extensions and renewals of existing indebtedness that matures prior to the date that is 60 days following the Expiration Date (as defined below), short-term working capital facilities, capital leases, purchase money indebtedness and equipment financings, in each case, entered into in the ordinary course of business, other indebtedness to be mutually agreed and any other indebtedness of the Target or its subsidiaries not prohibited to be incurred pursuant to the Acquisition Agreement and (<u>z</u>) following the Closing Date, any indebtedness not prohibited to be incurred under the Facilities Documentation (as defined below) if the offering, placement or arrangement of such debt securities or syndicated credit facilities would have, in the reasonable judgment of Lead Arrangers holding at least a majority of the commitments hereunder, a detrimental effect upon the primary syndication of the Facilities. For the avoidance of doubt, you will not be required to provide any information (<u>x</u>) to the extent that the provision thereof could reasonably be expected to violate any attorney-client privilege, law, rule or regulation or any fiduciary duty or obligation of confidentiality (not created in contemplation hereof) binding upon, or waive any privilege that may be asserted by, you, the Sponsors, the Target or your or their respective affiliates (*provided* that in the case of any confidentiality obligation binding on you or your affiliates, you shall use commercially reasonable efforts to notify us, to the extent feasible, if any such information that we have specifically identified and requested is being withheld as a result of any such obligation of confidentiality and shall use commercially reasonable efforts to disclose such information in a manner that does not breach such confidentiality obligations or such attorney-client privilege) or (<u>y</u>) that consists of trade secrets, customer-specific data or competitively sensitive information of the Target or its subsidiaries that is not required to be provided pursuant to the Acquisition Agreement. Notwithstanding anything to the contrary contained in this Commitment Letter or the Fee Letter, but without limiting your obligations to assist with syndication efforts as set forth herein, it is understood that none of the foregoing obligations set forth in this paragraph, including, without limitation, the commencement or completion of the syndication of the Facilities or the obtaining of ratings or your compliance with your obligations to assist with syndication efforts as set forth herein shall constitute a condition to the availability of the Facilities on the Closing Date or at any time thereafter.

The Lead Arrangers will, in consultation with you, manage all aspects of any syndication of the Facilities, including decisions as to the selection of institutions to be approached and when they will be approached, when their commitments will be accepted, which institutions will participate (which institutions shall be reasonably acceptable to you), the allocation of the commitments among the Lenders and the amount and distribution of fees among the Lenders. To assist the Lead Arrangers in their syndication efforts, you agree promptly to provide (and to use commercially reasonable efforts to cause the Sponsors and, to the extent practicable, appropriate and not in contravention of the terms of the Acquisition Agreement, the Target to provide) to the Committed Lenders all customary and reasonably available information with respect to you, the Sponsors, the Target and its subsidiaries and the Transactions, including all financial information and projections (such projections, together with any financial estimates, budgets, forecasts and other forward-looking information, the "<u>Projections</u>"), as the Committed Lenders may reasonably request in connection with the structuring, arrangement and syndication of the Facilities. You hereby represent and warrant that (with respect to information relating to the Target and its subsidiaries and their respective businesses to your knowledge), (<u>a</u>) all written information and written data of the Target and its subsidiaries and their respective businesses other than the Projections and information of a general economic or general industry nature (the "<u>Information</u>") that has been or will be made available to the Committed Lenders by or on behalf of you or any of your representatives, taken as a whole, does not or will not, when furnished, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements are made (after giving effect to all supplements thereto) and (<u>b</u>) the Projections in the Confidential Information Memorandum have been or will be prepared in good faith based upon assumptions that you believe to be reasonable at the time delivered by you based on information provided by you, the Sponsors, the Target and your and their respective representatives; it being understood that the Projections are as to future events and are not to be viewed as facts, the Projections are subject to significant uncertainties and contingencies, many of which are beyond your control, that no assurance can be given that any particular Projections will be realized and that actual results during the period or periods covered by any such Projections may differ significantly from the projected results and such differences may be material and are not a guarantee of performance. You agree that if, at any time prior to the Closing Date and, thereafter, until the earlier to occur of (<u>i</u>) a Successful Syndication and (<u>ii</u>) 30 days after the Closing Date, you become aware that any of the representations in the preceding sentence would be incorrect (to your knowledge with respect to information relating to the Target and its subsidiaries and their respective businesses) in any material respect if the Information and Projections were being furnished, and such representations were being made, at such time, then you will use commercially reasonable efforts to promptly supplement the Information and the Projections so that such representations will be correct (to your knowledge with respect to information relating to the Target and its subsidiaries and their respective businesses) in all material respects under those circumstances, it being understood in each case that such supplementation shall cure any breach of such representations and warranties. In arranging and syndicating the Facilities, the Committed Lenders will be entitled to use and rely primarily on the Information and the Projections without responsibility for independent verification thereof. Notwithstanding anything to the contrary contained in this Commitment Letter or the Fee Letter, none of the making of any representation or warranty under this paragraph, any supplement thereto, or the accuracy of any such representation or warranty shall constitute a condition precedent to the availability and initial funding of the Facilities on the Closing Date.

Notwithstanding anything herein to the contrary, the only financial statements that shall be required to be provided to the Committed Lenders or the Lead Arrangers in connection with the syndication of the Facilities shall be those required to be delivered pursuant to paragraph 5 of the Summary of Additional Conditions.

You hereby acknowledge that (<u>a</u>) the Committed Lenders will make available on a confidential basis Information and Projections to the proposed syndicate of Lenders by posting such Information and Projections on IntraLinks, SyndTrak Online, Debtdomain or similar electronic means to be used in connection with the syndication of each Facility and (<u>b</u>) certain of the Lenders (each, a "<u>Public Lender</u>") may wish to receive only information and documentation that (<u>i</u>) is publicly available (or could be derived from publicly available information), (<u>ii</u>) is not material with respect to you, the Target or your or its respective subsidiaries or securities for purposes of United States federal and state securities laws or (<u>iii</u>) constitutes information of a type that would be publicly available if you were a public reporting company (in each case, as determined by you in good faith, which determination shall be conclusive) (collectively, the "<u>Public Side Information</u>"). If reasonably requested by the Committed Lenders, you will use commercially reasonable efforts to assist the Committed Lenders, and will use commercially reasonable efforts, to the extent practicable, appropriate and not in contravention of the terms of the Acquisition Agreement, to cause the Target to assist us, in preparing a customary additional version of the Confidential Information Memorandum to be used by Public Lenders. The information to be included in the additional version of the Confidential Information Memorandum will contain only Public Side Information. It is understood that in connection with your assistance described above, an authorization letter, in customary form reasonably acceptable to you, will be included in any Confidential Information Memorandum, which letter authorizes the distribution of the Confidential Information Memorandum to prospective Lenders, containing a representation to the Lead Arrangers that the public-side version contains only Public Side Information (and, in both the public-side and private-side authorization letters, a "10b-5" representation to the Lead Arrangers customary for companies sponsored by the Sponsor), which Confidential Information Memorandum shall exculpate you, the Sponsors, the Target and your and their respective affiliates and us and our affiliates with respect to any liability related to the use of the Confidential Information Memorandum or any related marketing material by the recipients thereof. You agree to use commercially reasonable efforts to identify that portion of the Information that may be distributed to the Public Lenders as "PUBLIC", which, at the minimum, shall mean that the word "PUBLIC" shall appear prominently on the first page thereof. You agree that by your marking such materials "PUBLIC", you shall be deemed to have authorized the Lead Arrangers (subject to the confidentiality and other provisions of this Commitment Letter) to treat such materials as information that is Public Side Information (it being understood that you shall not be under any obligation to mark any particular portion of the Information as "PUBLIC"). You agree that, subject to the confidentiality and other provisions of this Commitment Letter, the Lead Arrangers on your behalf may distribute the following documents to all prospective lenders in the form provided to you and to your counsel a reasonable time prior to their distribution, unless you or your counsel advise the Lead Arrangers in writing (including by email) within a reasonable time prior to their intended distribution that such material should only be distributed to prospective lenders that are not Public Lenders (each, a "<u>Private Lender</u>"): (<u>a</u>) the Term Sheet; (<u>b</u>) drafts and final definitive documentation with respect to the Facilities (excluding, if applicable, any specifically identified schedules thereof); (<u>c</u>) administrative materials prepared by the Committed Lenders for prospective Lenders (such as a lender meeting invitation, allocations and funding and closing memoranda); and (<u>d</u>) notification of changes in the terms of the Facilities. If you advise the Committed Lenders that any of the foregoing items should be distributed only to Private Lenders, then none of the Lead Arrangers and the Committed Lenders will distribute such materials to Public Lenders without your consent.

As consideration for the commitments of the Committed Lenders hereunder and their agreement to perform the services described herein, you and Parent, jointly and severally, agree to pay (or cause to be paid) the fees set forth in the Term Sheet and in the Fee Letter dated as of the date hereof and delivered herewith with respect to the Facilities (the "<u>Fee Letter</u>"). Once paid, such fees shall not be refundable under any circumstances.

The commitments of the Committed Lenders hereunder and their agreement to perform the services described herein and the initial funding under the Facilities on the Closing Date are subject solely to the conditions expressly set forth in the next sentence of this paragraph, in the Summary of Additional Conditions and under the heading "Conditions to Initial Extensions of Credit" in the Term Sheet. In addition to the immediately preceding sentence, the commitments of the Committed Lenders hereunder and the initial funding under the Facilities on the Closing Date are subject solely to the execution (as applicable) and delivery by the Borrower, the Guarantors (as defined in the Term Sheet) and the officers thereof, as the case may be, of definitive Facilities Documentation (as defined in Exhibit B hereto), customary closing certificates (including customary evidences of authority, charter documents and customary officers' incumbency certificates) and customary legal opinions with respect to the Facilities, in each case consistent with this Commitment Letter and the Fee Letter; *provided* that, notwithstanding anything in this Commitment Letter, the Fee Letter, the Facilities Documentation or any other letter agreement or other undertaking concerning the financing of the Transactions to the contrary, (<u>i</u>) the only representations and warranties the making of which shall be a condition precedent to the availability of the Facilities on the Closing Date shall be (<u>A</u>) the Specified Representations (as defined below) and (<u>B</u>) the representations and warranties relating to the Target and its subsidiaries made by the Target in the Acquisition Agreement as are material to the interests of the Lenders (in their capacities as such), but only to the extent that you (and any of your affiliates that is a party to the Acquisition Agreement) have the right to terminate your (and their) obligations under the Acquisition Agreement (or otherwise decline to consummate the Acquisition), in each case, without liability to any of you, the Sponsors or any of your or their respective affiliates as a result of a breach of such representations and warranties in such agreement (the "<u>Company Representations</u>"), (<u>ii</u>) the terms of the Facilities Documentation shall be in a form such that they do not impair the availability of the Facilities on the Closing Date if the conditions expressly set forth in this sentence, in the Summary of Additional Conditions and under the heading "Conditions to Initial Extensions of Credit" in the Term Sheet are satisfied or waived, (<u>iii</u>) to the extent any insurance certificate and/or Collateral (as defined in Exhibit B hereto) or any security interest therein (other than (<u>x</u>) the pledge and perfection of security interests in the pledged certificated stock of wholly-owned U.S.-organized entities (including the delivery of such share certificates (if any)) to the extent required under Term Sheet; *provided* that stock certificates, if any, of the Target and its subsidiaries will only be required to be delivered on the Closing Date to the extent received by you from the Target, so long as you have used commercially reasonable and safe efforts to obtain them on the Closing Date and (<u>y</u>) other assets pursuant to which a lien may be perfected by the filing of a financing statement under the Uniform Commercial Code) is not provided or perfected on the Closing Date after your use of commercially reasonable efforts to do so, the delivery of such insurance certificate and/or Collateral (and perfection of security interests therein) shall not constitute a condition to the availability of the Facilities on the Closing Date but shall be required to be delivered and perfected after the Closing Date (and in any event, in the case of the pledge and perfection of Collateral not otherwise required on the Closing Date, within 90 days after the Closing Date plus any extensions granted by the Administrative Agent in its sole discretion) pursuant to arrangements to be mutually agreed and (<u>iv</u>) with respect to customary evidences of authority, such evidences may be delivered promptly after the Closing Date if applicable law prohibits the "escrowing" of authorizations of the applicable entity by future directors or managers, as applicable, of the Borrower or the Guarantors. For purposes hereof, "<u>Specified Representations</u>" means the representations and warranties made by the Borrower in the Facilities Documentation and set forth in the Term Sheet relating to: corporate or other organizational existence; power and authority related to entry into and performance of the Facilities Documentation; the due authorization, execution, delivery and enforceability of the Facilities Documentation; the incurrence of the loans, the provision of guarantees and the granting of security interests, as applicable, contemplated herein not violating the constitutional documents of the Borrower and, to the extent applicable, the Guarantors; solvency of Holdings and its subsidiaries on a consolidated basis on the Closing Date after giving effect to the Transactions (solvency to be defined in a manner consistent with the solvency definition set forth in Annex I to Exhibit C hereto); creation, validity and perfection of security interests in the collateral to be perfected on the Closing Date (subject to the foregoing provisions of this paragraph relating to Collateral); the use of loan proceeds not violating the PATRIOT Act or U.S. Federal Reserve margin regulations; and the U.S. Investment Company Act. There shall be no conditions (implied or otherwise) to the commitments of the Committed Lenders hereunder, including compliance with the terms of this Commitment Letter, the Fee Letter or the Facilities Documentation, other than those expressly stated to be conditions to the initial funding under the Facilities on the Closing Date in the second sentence of this paragraph, in the Summary of Additional Conditions and under the heading "Conditions to Initial Extensions of Credit" in the Term Sheet. Without limiting the conditions provided herein to funding the consummation of the Acquisition with the proceeds of the Facilities, the Lead Arrangers will cooperate with you as reasonably requested in coordinating the timing and procedures for the funding of the Facilities in a manner consistent with the Acquisition Agreement. This paragraph is referred to as the "<u>Funding Conditions Provision</u>".

Each of you and Parent, jointly and severally, agree (<u>a</u>) to indemnify and hold harmless the Administrative Agent, the Lead Arrangers, each of the Committed Lenders and their respective affiliates and controlling persons and the respective officers, directors, employees, agents, members and successors of each of the foregoing, but excluding (<u>x</u>) any of the foregoing in its capacity, if applicable, as financial advisor to the Target or any of its direct or indirect equity holders or affiliates in connection with the Transactions (each, a "<u>Sell-Side Advisor</u>") and any Related Person (as defined below) of such Sell-Side Advisor in such capacity, (<u>y</u>) any of the foregoing in its capacity, if applicable, as a Private Equity Affiliate (as defined below) in connection with the Transactions and any Related Person of such Private Equity Affiliate in such capacity and (<u>z</u>) any Investor (as defined in Exhibit A hereto) in its capacity as such and any Related Person of such Investor in such capacity (each, other than such excluded parties, an "<u>Indemnified Person</u>") from and against any and all losses, claims, damages, liabilities and expenses, joint or several, of any kind or nature whatsoever to which such Indemnified Person may become subject arising out of or in connection with this Commitment Letter, the Fee Letter, the Transactions, the Facilities or any related transaction or any claim, litigation, investigation or proceeding, actual or threatened, relating to any of the foregoing (any of the foregoing, a "<u>Proceeding</u>"), regardless of whether such Indemnified Person is a party thereto and whether or not such Proceedings are brought by you, Parent or any of Parent's or your equity holders, affiliates, creditors or any other person, and to reimburse such Indemnified Person within 30 days after receipt of a written request together with reasonably detailed backup documentation for any reasonable, documented and invoiced out-of-pocket legal expenses of one firm of counsel for all Indemnified Persons and, if necessary, one firm of local counsel in each appropriate jurisdiction, in each case for all Indemnified Persons (and, in the case of an actual or perceived conflict of interest where the Indemnified Person affected by such conflict informs you or Parent of such conflict and thereafter, after receipt of your or Parent's consent (which shall not be unreasonably withheld), retains its own counsel, of another firm of counsel for such affected Indemnified Person) and other reasonable, documented and invoiced out-of-pocket expenses incurred in connection with investigating or defending any of the foregoing; *provided* that the foregoing indemnity will not, as to any Indemnified Person, apply to losses, claims, damages, liabilities or expenses (<u>i</u>) to the extent they have resulted from the willful misconduct, bad faith or gross negligence of such Indemnified Person or any Related Person of such Indemnified Person (as determined by a court of competent jurisdiction in a final and non-appealable decision), (<u>ii</u>) to the extent arising from a material breach of the obligations of such Indemnified Person or any Related Person of such Indemnified Person under this Commitment Letter or the Facilities Documentation (as determined by a court of competent jurisdiction in a final non-appealable decision), (<u>iii</u>) arising out of, or in connection with, any Proceeding that does not arise from an act or omission by you, Parent or any of your or Parent's affiliates and that is brought by an Indemnified Person against any other Indemnified Person other than any Proceeding against the relevant Indemnified Person in its capacity or in fulfilling its role as an agent, arranger or similar role under any of the Facilities or (<u>iv</u>) to the extent they have resulted from any agreement governing any settlement that is effected without your or Parent's prior written consent (which consent shall not be unreasonably withheld) and (<u>b</u>) to reimburse the Committed Lenders from time to time, upon presentation of a summary statement, for all reasonable, documented and invoiced out-of-pocket expenses (including, but not limited to, expenses of the Committed Lenders' due diligence investigation (and with respect to third-party diligence expenses, to the extent any such expenses have been previously approved by you or Parent, such approval not to be unreasonably withheld), syndication expenses and reasonable, documented and invoiced fees, disbursements and other charges of counsel to the Administrative Agent identified in the Term Sheet and, for the avoidance of doubt, not of counsel to any Committed Lender or Lead Arranger individually and of a single local counsel to the Administrative Agent in each relevant material jurisdiction, except allocated costs of in-house counsel), in each case incurred by the Committed Lenders in connection with the Facilities and the preparation of this Commitment Letter, the Fee Letter and the Facilities Documentation (collectively, the "<u>Expenses</u>"); *provided* that, except as set forth in the Fee Letter, neither Parent nor you shall be required to reimburse any of the Expenses in the event the Closing Date does not occur. Notwithstanding any other provision of this Commitment Letter, (<u>i</u>) no Indemnified Person or any other party hereto (or their respective affiliates and representatives) shall be liable for any damages arising from the use by others of information or other materials obtained through electronic, telecommunications or other information transmission systems (including IntraLinks, SyndTrak Online or Debtdomain), except to the extent such damages have resulted from the willful misconduct, bad faith or gross negligence of such Indemnified Person or any Related Person of such Indemnified Person or such other party, affiliate or representative (as determined by a court of competent jurisdiction in a final and non-appealable decision), and (<u>ii</u>) none of you, Parent, any Sponsor, any Investor, the Target or any of their respective affiliates, or any Indemnified Person shall be liable for any indirect, special, punitive or consequential damages in connection with your or their activities related to the Facilities or this Commitment Letter; *provided* that nothing contained in this clause (ii) shall limit your or Parent's indemnity or reimbursement obligations to the extent such indirect, special, punitive or consequential damages are included in any third-party claim in connection with which such Indemnified Person is entitled to indemnification hereunder. For purposes hereof, a "<u>Related Person</u>" of an Indemnified Person (or any Sell-Side Advisor, Private Equity Affiliate or Investor) means, if such Indemnified Person (or such Sell-Side Advisor, Private Equity Affiliate or Investor) is the Administrative Agent, a Lead Arranger or a Committed Lender or any of its affiliates and controlling persons, or any of its or their respective officers, directors, employees, agents, members and successors, any of such Administrative Agent, Lead Arranger or Committed Lender and its affiliates and controlling persons, or any of its or their respective officers, directors, employees, agents, members and successors.

Parent's and your indemnity and reimbursement obligations hereunder will be in addition to any liability which Parent or you may otherwise have and will be binding upon and inure to the benefit of any of Parent's or your successors and assigns and the Indemnified Persons (and not of any other person).

You acknowledge that the Committed Lenders and their affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other persons in respect of which you, any Sponsor, the Target and your and their respective affiliates may have conflicting interests regarding the transactions described herein and otherwise. Neither the Committed Lenders nor any of their affiliates will use confidential information obtained from or on behalf of you, any Sponsor or the Target by virtue of the transactions contemplated by this Commitment Letter or their other relationships with you in connection with the performance by them of services for other persons, and neither the Committed Lenders nor any of their affiliates will furnish any such information to other persons. You also acknowledge that neither the Committed Lenders nor any of their affiliates have any obligation to use in connection with the transactions contemplated by this Commitment Letter, or to furnish to you, confidential information obtained by them from other persons.

Each of the parties hereto acknowledges that Citi and Jefferies have been retained by you (or one of your affiliates) as a financial advisor (in such capacity, the "<u>Buy-Side Financial Advisors</u>") in connection with the Acquisition. Each of the parties hereto agrees to such retention, and further agrees not to assert any claim it might allege based on any actual or potential conflicts of interest that might be asserted to arise or result from the engagement of the Buy-Side Financial Advisors, on the one hand, and our affiliates' relationships with you as described and referred to herein, on the other.

As you know, each Committed Lender, together with its affiliates, is a full service securities firm engaged, either directly or through its affiliates, in various activities, including securities trading, commodities trading, investment management, research, financing and brokerage activities and financial planning and benefits counseling for both companies and individuals. In the ordinary course of these activities, the Committed Lenders and their respective affiliates may actively engage in commodities trading or trade the debt and equity securities (or related derivative securities) and financial instruments (including bank loans and other obligations) of you, any Sponsor, the Target and other companies that may be the subject of the arrangements contemplated by this Commitment Letter for their own account and for the accounts of their customers and may at any time hold long and short positions in such securities. Each Committed Lender and its affiliates may also co-invest with, make direct investments in and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of you, any Sponsor, the Target or other companies that may be the subject of the arrangements contemplated by this Commitment Letter or engage in commodities trading with any thereof.

The Committed Lenders and their respective affiliates may have economic interests that conflict with those of the Target and you. You agree that the Committed Lenders will act under this Commitment Letter as independent contractors and that nothing in this Commitment Letter or the Fee Letter or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between the Committed Lenders or any of their respective affiliates and you, the Sponsors and the Target, your and their respective equity holders or your and their respective affiliates with respect to the transactions contemplated by this Commitment Letter and the Fee Letter. You acknowledge and agree that (<u>i</u>) the transactions contemplated by this Commitment Letter and the Fee Letter are arm's-length commercial transactions between the Committed Lenders and their respective affiliates, on the one hand, and you and the Sponsors, on the other, (<u>ii</u>) in connection therewith and with the process leading to such transactions, each Committed Lender and its applicable affiliates (as the case may be) is acting solely as a principal and not as agents or fiduciaries of you, any Sponsor, your and their respective management, equity holders, creditors or any other person, (<u>iii</u>) the Committed Lenders and their applicable affiliates (as the case may be) have not assumed an advisory or fiduciary responsibility or any other obligation in favor of you with respect to the transactions contemplated hereby or the process leading thereto (irrespective of whether the Committed Lenders or any of their respective affiliates have advised or are currently advising you, any Sponsor or the Target on other matters), except the obligations expressly set forth in this Commitment Letter and the Fee Letter and (<u>iv</u>) you have consulted your own legal and financial advisors to the extent you deemed appropriate. You further acknowledge and agree that you are responsible for making your own independent judgment with respect to such transactions and the process leading thereto. Please note that the Committed Lenders and their affiliates do not provide tax, accounting or legal advice. You hereby waive and release any claims that you may have against the Committed Lenders (in their capacity as such) and their applicable affiliates (as the case may be) with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transactions contemplated by this Commitment Letter. It is understood that this paragraph shall not apply to or modify or otherwise affect any arrangement with any Sell-Side Advisor, or any financial advisor separately retained by you, any Sponsor, the Target or any of your or their respective affiliates in connection with the Transactions, in its capacity as such.

This Commitment Letter and the commitments hereunder shall not be assignable by you (other than to the Borrower, the Target (on the Closing Date) or to one or more other entities established in connection with the Transactions organized in the United States, any state thereof or the District of Columbia and controlled by the Sponsors, with all obligations and liabilities of AcquisitionCo hereunder being assumed by the Borrower, the Target or such other entity or entities upon the effectiveness of such assignment) without the prior written consent (which may be through electronic means) of the Committed Lenders, not to be unreasonably withheld (and any attempted assignment without such consent shall be null and void), are intended to be solely for the benefit of the parties hereto (and the Sponsors and the Indemnified Persons), are not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto (and the Sponsors and the Indemnified Persons) and are not intended to create a fiduciary relationship among the parties hereto; *provided* that, notwithstanding any other provision of this Commitment Letter to the contrary, Citi may, with your consent, assign or designate its rights and obligations under this Commitment Letter to Citibank, N.A., Citicorp USA, Inc., Citicorp North America, Inc. and/or any of their affiliates as may be appropriate to provide the services contemplated herein; *provided, further*, that (<u>a</u>) for the avoidance of doubt, such assignments or designation shall not relieve Citi of its rights and obligations set forth herein until such time as the applicable person becomes a party to this Commitment Letter and assumes the applicable rights and obligations of Citi hereunder, (<u>b</u>) each of the parties hereto agrees that any amendment to this Commitment Letter in connection with the joinder of such person as a party hereto shall become effective if executed by you, Citi and such person and shall not require the consent of any other Committed Lender and (<u>c</u>) you agree not to unreasonably withhold your consent to any assignment between Citi and an affiliate thereof that is a Commercial Bank (as defined in the Precedent Facility). Any provision of this Commitment Letter that provides for, requires or otherwise contemplates any consent, approval, agreement, determination or consultation by you (or any Borrower referred to in the Term Sheet) on or prior to the Closing Date, shall also be construed as providing for, requiring or otherwise contemplating consent, approval, agreement, determination or consultation by the Sponsors (unless the Sponsors otherwise notify the parties hereto). This Commitment Letter and the commitments hereunder shall not be assignable by any Committed Lender without the prior written consent of AcquisitionCo, except in accordance with the 5<sup>th</sup> and 6<sup>th</sup> paragraph of this Commitment Letter or pursuant to the next sentence. Any and all obligations of, and services to be provided by, the Committed Lenders hereunder (including, without limitation, their commitments) may be performed and any and all rights of the Committed Lenders hereunder may be exercised by or through any of their affiliates or branches; *provided* that with respect to the commitments, any assignments thereof to an affiliate will not relieve the Committed Lenders from any of their obligations hereunder unless and until such affiliate shall have funded the portion of the commitment so assigned. This Commitment Letter may not be amended or any provision hereof waived or modified except by an instrument in writing signed by each of the Committed Lenders and you. This Commitment Letter 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 Commitment Letter by facsimile transmission, e-mail or other electronic transmission (*e.g.*, a "pdf", "tiff" or DocuSign) shall be effective as delivery of a manually executed counterpart hereof. For purposes hereof, the words "execution," "execute," "executed," "signed," "signature" and words of like import shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formulations on electronic platforms, 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 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. This Commitment Letter and the Fee Letter (<u>i</u>) are the only agreements that have been entered into among the parties hereto with respect to the Facilities and (<u>ii</u>) supersede all prior understandings, whether written or oral, among us with respect to the Facilities and set forth the entire understanding of the parties hereto with respect thereto.

Each of the parties hereto agrees that (<u>i</u>) this Commitment Letter is a binding and enforceable agreement (subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization and other similar laws relating to or affecting creditors' rights generally and general principles of equity (whether considered in a proceeding in equity or law)) with respect to the subject matter contained herein, including an agreement to negotiate in good faith the Facilities Documentation by the parties hereto in a manner consistent with this Commitment Letter for the purpose of executing and delivering the Facilities Documentation substantially simultaneously with the closing of the Acquisition, it being acknowledged and agreed that the funding of the Facilities is only subject to the applicable conditions precedent expressly set forth in the second sentence of the Funding Conditions Provision, in the Summary of Additional Conditions and under the heading "Conditions to Initial Extensions of Credit" in the Term Sheet and (<u>ii</u>) the Fee Letter is a binding and enforceable agreement (subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization and other similar laws relating to or affecting creditors' rights generally and general principles of equity (whether considered in a proceeding in equity or law)) of the parties thereto with respect to the subject matter set forth therein.

**THIS COMMITMENT LETTER 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; *PROVIDED* THAT, NOTWITHSTANDING THE FOREGOING TO THE CONTRARY, IT IS UNDERSTOOD AND AGREED THAT ANY DETERMINATIONS AS TO (<u>A</u>) WHETHER ANY REPRESENTATIONS AND WARRANTIES MADE BY OR ON BEHALF OF, OR WITH RESPECT TO, THE TARGET OR ANY OF ITS SUBSIDIARIES IN THE ACQUISITION AGREEMENT HAVE BEEN BREACHED, (<u>B</u>) WHETHER YOU (AND ANY OF YOUR AFFILIATES THAT IS A PARTY TO THE ACQUISITION AGREEMENT) CAN TERMINATE YOUR (AND THEIR) OBLIGATIONS UNDER THE ACQUISITION AGREEMENT (OR OTHERWISE DECLINE TO CONSUMMATE THE ACQUISITION), IN EACH CASE, WITHOUT LIABILITY TO ANY OF YOU, THE SPONSORS OR ANY OF YOUR OR THEIR RESPECTIVE AFFILIATES, (<u>C</u>) WHETHER A COMPANY MATERIAL ADVERSE EFFECT (AS DEFINED IN THE ACQUISITION AGREEMENT) HAS OCCURRED, AND (<u>D</u>) WHETHER THE ACQUISITION HAS BEEN CONSUMMATED IN ALL MATERIAL RESPECTS IN ACCORDANCE WITH THE TERMS OF THE ACQUISITION AGREEMENT, SHALL, IN EACH CASE, BE CONSTRUED, PERFORMED AND ENFORCED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF DELAWARE.**

**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 THIS COMMITMENT LETTER OR THE PERFORMANCE OF SERVICES HEREUNDER.**

Each of the parties hereto hereby irrevocably and unconditionally (<u>a</u>) submits, for itself and its property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York County, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Commitment Letter and the Fee Letter, or the transactions contemplated hereby (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), and agrees that, to the extent permitted by law, all claims in respect of any such action or proceeding shall be heard and determined in such New York State court or in such Federal court, (<u>b</u>) waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Commitment Letter, the Fee Letter or the transactions contemplated hereby, in any such New York State court or in any such Federal court, (<u>c</u>) waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court and (<u>d</u>) agrees that a final judgment in any such suit, action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Each of the parties hereto agrees to commence any such action, suit, proceeding or claim either in the United States District Court for the Southern District of New York or in the Supreme Court of the State of New York, New York County, in each case, located in the Borough of Manhattan.

Parent hereby irrevocably designates, appoints, authorizes and empowers as its agent for service of process, AcquisitionCo (in such capacity, the "<u>Process Agent</u>"), to accept and acknowledge for and on behalf of such party service of any and all process, notices or other documents that may be served in any suit, action or proceeding relating hereto in any New York State or Federal court sitting in the State of New York. Parent covenants and agrees that it shall take any and all reasonable action, including the execution and filing of any and all documents, that may be necessary to continue the foregoing designations and appointments in full force and effect and to cause the Process Agent to continue to act in such capacity. Parent consents to process being served in any suit, action or proceeding of the nature referred to herein by serving a copy thereof upon the Process Agent. Parent agrees that such service (<u>i</u>) shall be deemed in every respect effective service of process upon such party in any such suit, action or proceeding and (<u>ii</u>) shall to the fullest extent permitted by law, be taken and held to be valid personal service upon and personal delivery to such party. Nothing in this paragraph shall affect the right of any party hereto to serve process in any manner permitted by law, or limit any right that any party hereto may have to bring proceedings against any other party hereto in the courts of any jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction. To the extent that Parent has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid or execution, or otherwise) with respect to itself or its property, Parent hereby irrevocably waives such immunity in respect of its obligations hereunder the to the extent permitted by applicable law and, without limiting the generality of the foregoing, agrees that the waivers set forth in this Section shall have effect to the fullest extent permitted under the Foreign Sovereign Immunities Act of 1976 of the United States of America and are intended to be irrevocable for purposes of such Act.

This Commitment Letter is delivered to you on the understanding that none of the Fee Letter and its terms or substance, or this Commitment Letter and its terms or substance, shall be disclosed, directly or indirectly, to any other person or entity (including other lenders, underwriters, placement agents, advisors or any similar persons) except (<u>a</u>) to the Sponsors, the Investors (including any potential co-investors) and to your and their respective affiliates, officers, directors, controlling persons, equity holders (including any limited partners), employees, attorneys, accountants and advisors on a confidential and need-to-know basis, (<u>b</u>) if the Committed Lenders consent to such proposed disclosure (such consent not to be unreasonably withheld, conditioned or delayed), (<u>c</u>) pursuant to the order of any court or administrative agency in any pending legal or administrative proceeding, or otherwise as required by applicable law or compulsory legal process or, to the extent requested or required by governmental and/or regulatory authorities (in which case, you agree, to the extent practicable and not prohibited by law, to notify us of the proposed disclosure in advance of such disclosure and if you are unable to notify us in advance of such disclosure, such notice shall be delivered to us promptly thereafter to the extent permitted by law) or (<u>d</u>) to the extent necessary in connection with the exercise of any remedy or enforcement of any rights hereunder or under the Fee Letter; *provided* that (<u>i</u>) you may disclose this Commitment Letter and the contents hereof to the Target and its officers, directors, equity holders, employees, attorneys, accountants and advisors on a confidential and need-to-know basis, (<u>ii</u>) you may disclose this Commitment Letter and the contents hereof (<u>x</u>) in any proxy or other public or regulatory filing relating to the Transactions, and (<u>y</u>) in the Confidential Information Memorandum in a manner to be mutually agreed upon, (<u>iii</u>) you may disclose this Commitment Letter and the contents hereof to potential lenders and other debt holders (including any prospective Additional Committing Lender), and potential equity investors (including potential preferred equity investors) and their respective affiliates, officers, directors, controlling persons, equity holders (including any limited partners), employees, attorneys, accountants, advisors and other representatives on a confidential and need-to-know basis and to rating agencies in connection with obtaining ratings for the Borrower and the Facilities, (<u>iv</u>) you may disclose the fees contained in the Fee Letter as part of a generic disclosure of aggregate sources and uses related to fee amounts to the extent customary or required in marketing materials, any proxy or other regulatory or public filing, and in the Confidential Information Memorandum, (<u>v</u>) to the extent portions thereof have been redacted in a customary manner (including, without limitation, redaction of fee amounts), you may disclose the Fee Letter and the contents thereof to the Target and its officers, directors, equity holders, employees, attorneys, accountants and advisors on a confidential and need-to-know basis and (<u>vi</u>) you may disclose the Fee Letter and the contents thereof to any prospective Additional Committing Lender or prospective equity investor (including potential preferred equity investors) and their respective officers, directors, equity holders, employees, attorneys, accountants, advisors and other representatives on a confidential and need-to-know basis. The obligations under this paragraph with respect to this Commitment Letter shall terminate automatically after the Facilities Documentation for the Facilities shall have been executed and delivered by the parties thereto. To the extent not earlier terminated, the provisions of this paragraph with respect to this Commitment Letter shall automatically terminate on the second anniversary hereof.

For the avoidance of doubt, nothing herein prohibits any party hereto and its respective officers, directors, employees, affiliates, members, partners, stockholders, attorneys, accountants, agents and advisors from communicating or disclosing information regarding suspected violations of laws, rules or regulations to a governmental, regulatory or self-regulatory authority.

You agree that you will permit us to review and approve (such approval not to be unreasonably withheld, conditioned or delayed) any reference to us or any of our affiliates in connection with the Facilities or the transactions contemplated hereby contained in any press release or similar written public disclosure prior to public release; *provided* that no such prior review and approval shall be required if such reference is limited to customarily identifying us or any of our applicable affiliates as a financing source for the Transactions or if such reference is substantially the same as any press release or other public disclosure that has previously been approved by us.

The Committed Lenders and their affiliates will use all information provided to them or such affiliates by or on behalf of you hereunder or in connection herewith solely for the purpose of providing the services that are the subject of this Commitment Letter and shall treat confidentially all such information; *provided* that nothing herein shall prevent any Committed Lender from disclosing any such information (<u>a</u>) pursuant to the order of any court or administrative agency or in any pending legal or administrative proceeding, or otherwise as required by applicable law or compulsory legal process (in which case such Committed Lender, to the extent not prohibited by applicable law, agrees (except with respect to any routine or ordinary course audit or examination conducted by bank examiners or any governmental bank regulatory authority or self-regulatory authority exercising examination or regulatory authority) to inform you promptly thereof), (<u>b</u>) upon the request or demand of any regulatory authority or self-regulatory authority having jurisdiction over such Committed Lender or any of its affiliates (in which case such Committed Lender, to the extent practicable and not prohibited by law, agrees (except with respect to any routine or ordinary course audit or examination conducted by bank examiners or any governmental bank regulatory authority or self-regulatory authority exercising examination or regulatory authority) to inform you promptly thereof), (<u>c</u>) to the extent that such information is or becomes publicly available other than by reason of disclosure by any of the Committed Lenders or any of their affiliates or any of the Committed Lenders' and such affiliates' respective officers, directors, employees, attorneys, accountants, advisors and other representatives in violation of any confidentiality obligations owing to you, any Sponsor, any Investor, the Target or any of your or their respective subsidiaries (including those obligations set forth in this paragraph), (<u>d</u>) to the extent that such information is received by such Committed Lender or its affiliates (other than Excluded Affiliates (as defined below)) from a third party that is not, to such Committed Lender's or its affiliates' knowledge, subject to confidentiality obligations owing to you, any Sponsor, any Investor, the Target or any of your or their respective subsidiaries, (<u>e</u>) to the extent that such information was already in such Committed Lender's or its affiliates' (other than Excluded Affiliates) possession on a non-confidential basis without a duty of confidentiality owing to you, any Sponsor, any Investor, the Target or any of your or their respective affiliates being violated, or is independently developed by such Committed Lender or its affiliates (other than Excluded Affiliates), (<u>f</u>) to such Committed Lender's affiliates (other than Excluded Affiliates) and such Committed Lender's and such affiliates' respective trustees, officers, directors, employees, attorneys, accountants, advisors and other representatives (collectively, the "<u>Representatives</u>") who need to know such information in connection with the Transactions and are informed of the confidential nature of such information (*provided*, that such Committed Lender shall be responsible for its Representatives, its affiliates and its affiliates' Representatives), (<u>g</u>) to potential or prospective Lenders, participants or assignees and any direct or indirect contractual counterparties to any swap or derivative transaction relating to the Borrower and its obligations under any Facility (in each case, other than a Disqualified Institution), in each case who agree to be bound by the terms of this paragraph (or language substantially similar to this paragraph), which may be in accordance with customary market standards with a "click through" requirement, (<u>h</u>) subject to your prior approval of the information to be disclosed (such approval not to be unreasonably withheld), to rating agencies in connection with obtaining ratings for the Borrower and the Term Loan B Facility, (<u>i</u>) for purposes of establishing a "due diligence defense", (<u>j</u>) to the extent necessary in connection with the exercise of any remedy or enforcement of any rights hereunder or under the Fee Letter, (<u>k</u>) unless such person has been notified to hold such information in confidence from the other parties hereto, to any other party hereto or (<u>l</u>) to the extent you consent to such proposed disclosure; *provided*, *however*, that, no such disclosure shall be made by the Committed Lenders to (<u>i</u>) any of their affiliates that is engaged as a principal primarily in private equity, mezzanine financing or venture capital or any of such affiliate's respective officers, directors, employees, attorneys, accountants, advisors and other representatives (a "<u>Private Equity Affiliate</u>") or (<u>ii</u>) any of their affiliates or any of such affiliate's respective officers, directors, employees, attorneys, accountants, advisors and other representatives that is a Sell-Side Advisor (together with the Private Equity Affiliates, in each case, other than a limited number of senior employees who are required, in accordance with industry regulations or the applicable Committed Lender's internal policies and procedures to act in a supervisory capacity and the applicable Committed Lender's internal legal, compliance, risk management, credit or investment committee members, the "<u>Excluded Affiliates</u>"). Each Committed Lender shall be principally liable to the extent any confidentiality restrictions set forth herein are violated by one or more of its affiliates or any of its or its affiliates' Representatives to whom such Committed Lender has disclosed information pursuant to clause (f) in the proviso in the first sentence of this paragraph. The Committed Lenders' obligations under this paragraph shall automatically terminate and be superseded by the confidentiality provisions in the definitive documentation relating to the Facilities upon the initial funding of the applicable Facility thereunder, if and to the extent the Committed Lenders are party thereto, and shall in any event terminate upon the second anniversary of the date hereof.

The syndication, "market flex", reimbursement and compensation provisions (if applicable in accordance with the terms hereof and the Fee Letter), indemnification, limitation of liability, waiver of indirect, special, punitive or consequential damages, confidentiality (except to the extent set forth herein), jurisdiction, governing law, venue, absence of fiduciary relationship and waiver of jury trial provisions contained herein and in the Fee Letter shall remain in full force and effect regardless of whether the Facilities Documentation shall be executed and delivered and notwithstanding the termination of this Commitment Letter or the Committed Lenders' commitments hereunder; *provided* that your obligations under this Commitment Letter, other than those relating to the confidentiality of the Fee Letter, syndication of the Facilities and provision of information, shall automatically terminate and be superseded by the Facilities Documentation governing such Facility upon the initial funding thereunder and the payment of all amounts owing in respect of such Facility at such time hereunder and under the Fee Letter, and you shall be automatically released from all liability in connection therewith at such time.

We hereby notify you that pursuant to the requirements of the USA PATRIOT Act, Title III of Pub.L.107-56 (signed into law October 26, 2001, as amended from time to time, the "<u>PATRIOT Act</u>") and the Customer Due Diligence Requirements for Financial Institutions issued by the U.S. Department of Treasury Financial Crimes Enforcement Network under the Bank Secrecy Act (such rule published May 11, 2016 and effective May 11, 2018, as amended from time to time, the "<u>CDD Rule</u>"), each of the Committed Lenders and each other Lender is required to obtain, verify and record information that identifies the Borrower and each Guarantor, which information includes the name, address, tax identification number and other information regarding the Borrower and each Guarantor that will allow any of the Committed Lenders or such Lender to identify the Borrower and such Guarantor in accordance with the PATRIOT Act and the CDD Rule. This notice is given in accordance with the requirements of the PATRIOT Act and the CDD Rule and is effective as to the Committed Lenders and each Lender.

To the extent any California personal information subject to the California Privacy Rights Act of 2020 ("CPRA") and its implementing regulations is disclosed by you to Citi and is covered by the CPRA and its implementing regulations, Citi agrees to process such personal information only for the limited and specified business purposes of facilitating the execution of the Transactions or as otherwise provided by, and in compliance with, the CPRA.

If the foregoing correctly sets forth our agreement, please indicate your acceptance of the terms of this Commitment Letter and of the Fee Letter by returning to the Administrative Agent, on behalf of the Committed Lenders, executed counterparts hereof and of the Fee Letter not later than 11:59 p.m., New York City time, on December 28, 2025. The Committed Lenders' commitments hereunder and agreements contained herein will expire at such time in the event that the Administrative Agent has not received such executed counterparts in accordance with the immediately preceding sentence. This Commitment Letter and the commitments and undertakings of each of the Committed Lenders hereunder shall automatically terminate upon the first to occur of (<u>i</u>) the date the Acquisition Agreement is validly terminated by you or otherwise validly terminated, in each case, in accordance with its terms prior to the consummation of the Transactions, (<u>ii</u>) the 5<sup>th</sup> business day after the Termination Date (as defined in the Acquisition Agreement) (the "<u>Expiration Date</u>"), unless each of the Committed Lenders shall, in their discretion, agree to an extension and (<u>iii</u>) the consummation of the Transactions with or without the funding of the Facilities. You shall have the right to terminate this Commitment Letter and the commitments of the Committed Lenders hereunder with respect to the Facilities (or a portion thereof (<u>x</u>) (except as set forth in clause (y) below) *pro rata* among the Committed Lenders under any given Facility or (<u>y</u>) on a non-*pro rata* basis (<u>i</u>) with respect to the Term Cash Flow Facility or (<u>ii</u>) if any Committed Lender at any time would qualify as a Defaulting Lender (as defined in the Precedent Facility (as defined in the Term Sheet)) at any time upon written notice to the Committed Lenders from you, subject to your surviving obligations as set forth in the third to last paragraph of this Commitment Letter and in the Fee Letter.

*[Remainder of this page intentionally left blank]*

The Committed Lenders are pleased to have been given the opportunity to assist you in connection with the financing for the Transactions.

Very truly yours,

*[signature pages follow]*

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|:---|:---|
| JPMORGAN CHASE BANK, N.A. | JPMORGAN CHASE BANK, N.A. |
| By: | /s/ Matthew D. Griffith |
|  | Name: Matthew D. Griffith |
|  | Title: Managing Director, JPMorgan |

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[Signature Page to Project Jupiter Commitment Letter]

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|:---|:---|
| CITIGROUP GLOBAL MARKETS INC. | CITIGROUP GLOBAL MARKETS INC. |
| By: | /s/ Kirkwood Roland |
|  | Name: Kirkwood Roland |
|  | Title: Managing Director |

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[Signature Page to Project Jupiter Commitment Letter]

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|:---|:---|
| BANK OF AMERICA, N.A. | BANK OF AMERICA, N.A. |
| By: | /s/ Sanjay Rijhwani |
|  | Name: Sanjay Rijhwani |
|  | Title: Managing Director |
| BOFA SECURITIES, INC. | BOFA SECURITIES, INC. |
| By: | /s/ Sanjay Rijhwani |
|  | Name: Sanjay Rijhwani |
|  | Title: Managing Director |

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[Signature Page to Project Jupiter Commitment Letter]

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|:---|:---|
| JEFFERIES FINANCE LLC | JEFFERIES FINANCE LLC |
| By: | /s/ EJ Hess |
|  | Name: EJ Hess |
|  | Title: Managing Director |

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[Signature Page to Project Jupiter Commitment Letter]

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|:---|:---|
| MUFG BANK, LTD. | MUFG BANK, LTD. |
| By: | /s/ J.P. Chaput |
|  | Name: J.P. Chaput |
|  | Title: Director |

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[Signature Page to Project Jupiter Commitment Letter]

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|:---|:---|
| SUMITOMO MITSUI BANKING CORPORATION | SUMITOMO MITSUI BANKING CORPORATION |
| By: | /s/ Matthew Burke |
|  | Name: Matthew Burke |
|  | Title: Managing Director |

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[Signature Page to Project Jupiter Commitment Letter]

Accepted and agreed to as of<br> the date first above written:

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|:---|:---|
| 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 Project Jupiter Commitment Letter]

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|:---|:---|
| **CONFIDENTIAL** | EXHIBIT A |

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<u>Project Jupiter<br> Transaction Description</u>

Capitalized terms used but not defined in this Exhibit A shall have the meanings set forth in the Commitment Letter to which this Exhibit A is attached (the "<u>Commitment Letter</u>") or in the other Exhibits to the Commitment Letter.

Jupiter Topco LLC, a Jersey limited liability company ("<u>TopCo</u>"), Jupiter Company Limited, a private limited company organized under the laws of Jersey ("<u>Parent</u>"), Jupiter Merger Sub Limited, a private limited company organized under the laws of Jersey ("<u>Merger Sub</u>") and Jupiter Borrower, Inc., a Delaware corporation ("<u>AcquisitionCo</u>") were formed at the direction of Trian Fund Management, L.P., a Delaware limited partnership ("<u>Trian</u>") and General Catalyst Group Management, LLC, a Delaware limited liability company ("<u>General Catalyst</u>" and, collectively with Trian and their respective funds, partnerships, co-investment entities and other investment vehicles managed, advised or controlled thereby or by one or more directors thereof and under common control therewith, the "<u>Sponsors</u>").

In connection with the foregoing, it is intended that:

a) The Sponsors and certain other investors (including certain Rollover Investors
 and the Preferred Equity Investor (each as defined below)) arranged by and/or designated
 by the Sponsors (collectively, the " <u>Investors</u> ") will, directly or indirectly
 (including through one or more holding companies), make cash equity contributions (including
 from the Preferred Equity Investment (as defined below)) to Parent (the " <u>Equity Contribution</u> ") in an aggregate amount equal to, when combined with the fair market
 value of any capital stock or other equity interests of any Rollover Investors rolled over
 or reinvested in connection with the Transactions (as defined below), at least 35.0% of the
 pro forma capitalization of Parent and its subsidiaries (to be defined as the sum of (<u>I</u>) 100%
 of the aggregate principal amount of (<u>x</u>) the Term Loan B Facility actually funded
 on the Closing Date, (<u>y</u>) to the extent an Existing Senior Notes E&R Election
 is made, the Existing Senior Notes outstanding on the Closing Date (subject to adjustment
 as provided below) and (<u>z</u>) the Term Cash Flow Facility actually funded on the
 Closing Date, plus (<u>II</u>) the total amount of equity (including any equity retained,
 rolled over or otherwise invested as provided above) of Parent and its subsidiaries) as of
 the Closing Date after giving effect to the Transactions (for purposes of this determination,
 (<u>1</u>) debt shall be less the amount of cash on the balance sheet of the Target
 and its subsidiaries after giving effect to the Transactions and (<u>2</u>) excluding
 for purposes of this determination increased levels of debt (<u>x</u>) from any borrowing
 under the Revolving Facility on or after the Closing Date not utilized to finance Transaction
 Costs (as defined below) (including any borrowing used to finance working capital purposes
 (including any refinancing of indebtedness incurred for working capital purposes), (<u>y</u>) as
 a result of cash collateralizing, backstopping, replacing or providing credit support for
 any existing letters of credit, bank guarantees or local capital lines of the Company and
 its subsidiaries) and (<u>z</u>) as a result of all original issue discount and/or upfront
 fees in respect of the Facilities (including any Additional Flex Increase) other than the
 Upfront Fee payable under, and as defined in, the Fee Letter), which amount, together with
 proceeds from the Facilities, shall be used *inter alia* to consummate the Acquisition,
 to fund the Refinancing (as defined below), to pay fees, premiums and expenses incurred in
 connection with the Transactions (such fees, premiums and expenses, together with the Acquisition
 Consideration (as defined below) and the Refinancing, the " <u>Transaction Costs</u> ")
 and for any other purpose not prohibited under the Facilities; *provided*, that, immediately
 after the consummation of the Transactions on the Closing Date, the Sponsors will, directly
 or indirectly, control a majority of the economics and voting interests in the Borrower.

b) Pursuant to an Agreement and Plan of Merger, dated as of the date hereof
 (with such modifications, amendments, consents or waivers made in accordance with paragraph 1
 of <u>Exhibit C</u> to the Commitment Letter and together with all exhibits and schedules
 thereto, the " <u>Acquisition Agreement</u> "), by and among Parent, Merger Sub
 and Janus Henderson Group plc (the " <u>Company</u> "), Merger Sub will be merged
 with and into the Company (the " <u>Merger</u> "), with the Company being the surviving
 entity of the Merger (the " <u>Surviving Entity</u> "), whereby TopCo, indirectly
 through Parent, will acquire the ordinary shares of the Company from the holders thereof
 (the " <u>Sellers</u> "), including those certain Sellers (including certain affiliates
 of Trian) who may be given the opportunity to retain, rollover or reinvest capital stock
 of the Company into capital stock or other interests in TopCo or a beneficial owner thereof
 (the " <u>Rollover Investors</u> "). Other than the Sellers who are also Rollover
 Investors, the Sellers will receive cash (the " <u>Acquisition Consideration</u> ")
 in exchange for their capital stock in the Company. Immediately after giving effect to the
 Merger and the other Transactions, the Company will be a direct wholly-owned subsidiary of
 Parent and an indirect, wholly-owned subsidiary of TopCo, which will be owned, directly or
 indirectly, by the Sponsors and the Rollover Investors. If the Acquisition is effected by
 Scheme of Arrangement (as defined in the Acquisition Agreement), all references to the "Merger"
 shall be deemed references to such Scheme of Arrangement.

c) The Borrower will obtain or cause to be obtained the Facilities, consisting
 of (<u>1</u>) up to $2,600.0 million (plus, at AcquisitionCo's option pursuant
 to the terms of the Fee Letter, the amount of any Additional Flex Increase) (less, if an
 Existing Senior Notes E&R Election is made, the aggregate principal amount of any Existing
 Senior Notes that are outstanding as of the Closing Date and subject thereto) under the Term
 Loan B Facility, (<u>2</u>) up to $800.0 million under the Term Cash Flow Facility
 and (<u>3</u>) up to $500.0 million under the Revolving Facility, in each case,
 on the closing date of the Acquisition.

d) All amounts outstanding on the Closing Date (other than contingent obligations
 and letters of credit that are cash collateralized, backstopped or "grandfathered"
 as having been issued under the Revolving Facility) under that certain (<u>i</u>) Facility
 Agreement, dated as of June 30, 2023, by and among the Company, Janus Henderson US (Holdings)
 Inc., a Delaware corporation (" <u>JHG U.S. Topco</u> "), Bank of America Europe
 Designated Activity Company, an Irish designated activity company, as coordinator, bookrunner
 and mandated lead arranger and as facility agent, Citibank, N.A., as bookrunner and mandated
 lead arranger, BNP Paribas, London Branch, NatWest Markets plc, State Street Bank and Trust
 Company and Wells Fargo Bank, National Association, as mandated lead arrangers, the financial
 institutions listed on Schedule 1 thereto and the other lenders party thereto from time to
 time (as may be amended, restated, supplemented or otherwise modified from time to time,
 the " <u>Existing Credit Agreement</u> ") and (<u>ii</u>) unless an Existing
 Senior Notes E&R Election is made as set forth in paragraph (e) below, the Senior
 Indenture, dated as of September 10, 2024, by and among JHG U.S. Topco, the Company,
 as guarantor, and The Bank of New York Mellon Trust Company, N.A., a New York banking corporation,
 as trustee (as may be amended, restated, supplemented or otherwise modified from time to
 time, the " <u>Existing Senior Notes Indenture</u> "; together with the Existing
 Credit Agreement, the " <u>Existing Debt Agreements</u> ") (including, in the case
 of the Existing Senior Notes (as defined below), all amounts due pursuant to any Change of
 Control Offer (as defined in the Existing Senior Notes Indenture) and/or any premium or make-whole
 due in connection with any redemption other than pursuant to any Change of Control Offer,
 in each case, required under the Existing Senior Notes Indenture, including 101% of the aggregate
 principal amount of the 2034 Senior Notes validly tendered in such Change of Control Offer
 (the " <u>Existing Senior Notes</u> "), plus accrued and unpaid interest in respect
 thereof), will be repaid, redeemed, defeased, terminated or otherwise discharged (or notice
 for the repayment, redemption, defeasance, termination or discharge thereof will be given)
 (collectively, the " <u>Refinancing</u> "). In connection with the Acquisition,
 AcquisitionCo may directly or indirectly distribute, contribute or lend funds to the borrowers
 or issuers under such facilities or indebtedness in order to consummate the Refinancing,
 which loans may be forgiven, contributed or distributed at the Borrower's discretion.

e) On the Closing Date, so long as any of the Existing Senior Notes are outstanding
 on such date, AcquisitionCo may, in its sole discretion, elect to (<u>i</u>) cause all
 or any portion of the Existing Senior Notes to be included in the Refinancing as set forth
 in clause (ii) of paragraph (d) above and/or (<u>ii</u>) cause all or the
 remaining portion of Existing Senior Notes to become secured equally and ratably (to the
 extent required by the Existing Senior Notes Indenture) with the Term Loan B Facility (the
 election in this clause (ii), the " <u>Existing Senior Notes E&R Election</u> "); *provided* that, AcquisitionCo will notify the Lead Arrangers no later than one day
 prior to the commencement of the Marketing Period (as defined in Exhibit C hereto) if
 it is electing to make the Existing Senior Notes E&R Election.

f) Pursuant to an intercompany loan (the " <u>Intercompany Facility</u> "),
 AcquisitionCo will on-lend to Parent an amount equal to (<u>i</u>) the net proceeds
 of the Facilities *less* (<u>ii</u>) the amount of payments to be made by JHG U.S.
 Topco pursuant to the Refinancing (the " <u>Debt Proceeds Contribution Amount</u> ").
 Parent will then contribute the Debt Proceeds Contribution Amount to Merger Sub, and following
 the Merger, the Debt Proceeds Contribution Amount shall be used, together with, *inter alia*, proceeds of the Equity Contribution (including the Preferred Equity Issuance (as
 defined below)) to consummate the acquisition of the Company's equity interests from
 the Sellers. Following the funding of the Intercompany Facility and substantially concurrently
 with the consummation of the Merger, AcquisitionCo will merge with and into JHG U.S. Topco
 (the " <u>Debt Merger</u> "), with JHG U.S. Topco surviving the Debt Merger as
 a wholly-owned subsidiary of the Surviving Entity.

g) On the Closing Date, TopCo will issue newly issued preference shares with
 an initial stated value of $1,000 per share and in an aggregate initial stated value of $1,000,000,000,
 as may be adjusted in accordance with the Preferred Equity Commitment Letter, dated as of
 the date hereof (the " <u>Preferred Equity Issuance</u> "), by and between the
 Parent and Massachusetts Mutual Life Insurance Company (the " <u>Preferred Equity Investor</u> ").

h) The proceeds of the Equity Contribution (including the Preferred Equity
 Issuance), the Facilities and/or (if applicable) a portion of the cash on hand at the Company
 and its subsidiaries on the Closing Date will be used to pay (<u>i</u>) the Acquisition
 Consideration, (<u>ii</u>) the Refinancing and (<u>iii</u>) the Transaction Costs.

The transactions described above are collectively referred to herein as the "<u>Transactions</u>".

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|:---|:---|
| **CONFIDENTIAL** | EXHIBIT B |

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<u>Project Jupiter<br> Facilities<br> Summary of Principal Terms and Conditions</u>

*All capitalized terms used but not defined herein shall have the meanings given to them in the Commitment Letter to which this term sheet is attached, including the other Exhibits thereto.*

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| <u>Borrower</u>: | Initially, AcquisitionCo (the "<u>Borrower</u>") and, following the Acquisition, JHG U.S. Topco. The Borrower may, in its sole discretion, designate one or more of its direct or indirect wholly-owned U.S. subsidiaries as co-borrowers, on a joint and several basis. |
| <u>Holdings</u>: | Janus Henderson Group Limited, a private limited company organized under the laws of Jersey ("<u>Holdings</u>"). |
| <u>Transactions</u>: | As set forth in Exhibit A to the Commitment Letter. |
| <u>Agents</u>: | JPMorgan Chase Bank, N.A. (or an affiliate, designee or sub-agent designated by it) will act as sole and exclusive administrative agent and collateral agent (in such capacities, the "<u>Administrative Agent</u>") in respect of the Facilities for a syndicate of financial institutions reasonably acceptable to the Borrower (together with the Committed Lenders, the "<u>Lenders</u>"), and will perform the duties customarily associated with such roles. |
| <u>Lead Arranger</u>: | JPMorgan (which may perform such functions as Lead Arranger through its affiliate, J.P. Morgan Securities LLC), Citi, BofA Securities, Jefferies, MUFG and SMBC will act as joint lead arrangers and joint bookrunners for the Facilities (in such capacity, the "<u>Lead Arrangers</u>"), and will perform the duties customarily associated with such roles. |
| <u>Facilities</u>: | (<u>A</u>) A senior secured term loan facility in an aggregate principal amount of up to $2,600.0 million (plus, at AcquisitionCo's option pursuant to the terms of the Fee Letter, the amount of any Additional Flex Increase) (less, if an Existing Senior Notes E&R Election is made, the aggregate principal amount of any Existing Senior Notes that are outstanding as of the Closing Date and subject thereto) (the "<u>Term Loan B Facility</u>"; the loans thereunder, the "<u>Term B Loans</u>"). |

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|  | (<u>B</u>) A senior secured 270-day cash flow term loan facility in an aggregate principal amount of up to $800.0 million (the "<u>Term Cash Flow Facility</u>" and, together with the Term Loan B Facility, the "<u>Term Loan Facilities</u>"; the loans under the Term Cash Flow Facility, the "<u>Term Cash Flow Loans</u>" and, together with the Term B Loans, the "<u>Term Loans</u>"). |
|  | (<u>C</u>) A senior secured cash flow-based revolving credit facility in an aggregate principal amount of up to $500.0 million (the "<u>Revolving Facility</u>" and, together with the Term Loan Facilities, the "<u>Facilities</u>"). Lenders with commitments under the Revolving Facility are collectively referred to as "<u>Revolving Lenders</u>"; the commitments thereunder are collectively referred to as the "<u>Revolving Commitments</u>"; and the loans thereunder are collectively referred to as "<u>Revolving Loans</u>"; and together with the Term Loans, the "<u>Loans</u>". |
|  | The Revolving Facility shall be available to the Borrower and shall be available to be drawn in U.S. dollars, Canadian dollars, Euros, Pound Sterling, Japanese Yen, Swiss Francs and other currencies as may be mutually agreed by the Borrower and the Revolving Lenders. |
| <u>Swingline Loans</u>: | In connection with the Revolving Facility, JPMorgan (in such capacity, the "<u>Swingline Lender</u>") will make available to the Borrower a swingline facility of up to $100.0 million under which the Borrower may make short-term borrowings (on same-day notice) of up to an amount to be agreed, and on terms and conditions the same as those set forth in the Precedent Facility. |

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| <u>Incremental Facilities</u>: | The Facilities will permit the Borrower to add additional term loans under the Term Loan B Facility or one or more incremental term loan facilities, which, for the avoidance of doubt, may take the form of delayed draw term loans, to be included in the Facilities (each, an "<u>Incremental Term Facility</u>"; the loans thereunder, the "<u>Incremental Term Loans</u>") and/or add additional revolving credit facility commitments or letter of credit facility commitments under the Revolving Facility or one or more revolving credit facility commitments or letter of credit facility commitments to be included in the Facilities (each, an "<u>Incremental Revolving Facility</u>"; together with any Incremental Term Facility, the "<u>Incremental Facilities</u>") in an aggregate principal amount for all such increases and incremental facilities not to exceed the sum of (<u>a</u>) an unlimited amount if (<u>i</u>) in the case of Incremental Facilities secured on a *pari passu* basis with the Facilities, either (<u>x</u>) after giving effect to the incurrence of such amount, the Total First Lien Leverage Ratio (as defined below) is equal to or less than 4.00:1.00 or (<u>y</u>) the *pro forma* Total First Lien Leverage Ratio after giving effect to such incurrence does not exceed the Total First Lien Leverage Ratio in effect prior to such transactions, (<u>ii</u>) in the case of Incremental Facilities secured on a junior basis to the Facilities, either (<u>x</u>) after giving effect to the incurrence of such amount, the Total Secured Leverage Ratio (to be defined on a basis consistent with the standard set forth under the heading "Documentation" below, the "<u>Consolidated Secured Leverage Ratio</u>") is equal to or less than 4.50:1.00, (<u>y</u>) the *pro forma* Total Secured Leverage Ratio after giving effect to such incurrence does not exceed the Total Secured Leverage Ratio in effect prior to such transactions or (<u>z</u>) after giving effect to the incurrence of such amount, either (<u>1</u>) the Consolidated Coverage Ratio (to be defined on a basis consistent with the standard set forth under the heading "Documentation" below, the "<u>Consolidated Coverage Ratio</u>") is greater than or equal to 1.75:1.00 or (<u>2</u>) the *pro forma* Consolidated Coverage Ratio after giving effect to such incurrence is not less than the Consolidated Coverage Ratio in effect prior to such transactions or (<u>iii</u>) in the case of Incremental Facilities that are secured by assets that are not Collateral or are unsecured, either (<u>x</u>) after giving effect to the incurrence of such amount, the Consolidated Total Leverage Ratio (to be defined on a basis consistent with the standard set forth under the heading "Documentation" below, the "<u>Consolidated Total Leverage Ratio</u>") is equal to or less than 5.00:1.00, (<u>y</u>) the *pro forma* Consolidated Total Leverage Ratio after giving effect to such incurrence does not exceed the Consolidated Total Leverage Ratio in effect prior to such transactions or (<u>z</u>) after giving effect to the incurrence of such amount, either (<u>1</u>) the Consolidated Coverage Ratio is greater than or equal to 1.75:1.00 or (<u>2</u>) the *pro forma* Consolidated Coverage Ratio after giving effect to such incurrence is not less than the Consolidated Coverage Ratio in effect prior to such transactions (in each case in this clause (a), calculated as if any Incremental Revolving Facility being initially provided on any date of determination were fully drawn on such date, but excluding amounts incurred substantially concurrently in accordance with the following clause (b)) (the amount available under this clause (a), the "<u>Ratio Incremental Facility</u>") and (<u>b</u>) the sum of (<u>i</u>) the greater of (<u>x</u>) $801.0 million and (<u>y</u>) an amount equal to *pro forma* EBITDA for the four most recently ended fiscal quarters for which financial statements of Holdings are available, (<u>ii</u>) the General Debt Basket (as defined below), (<u>iii</u>) the General Liens Basket (as defined below) and (<u>iv</u>) an amount equal to the available capacity under the basket to be derived from Subsection 8.2(b)(vi) in the Precedent Facility (the amount available under this clause (b), the "<u>Cash Capped Incremental Facility</u>"); *provided* that (<u>x</u>) at the Borrower's option, capacity under the Ratio Incremental Facility shall be deemed to be used before capacity under the Cash Capped Incremental Facility and (<u>y</u>) loans may be incurred under the Ratio Incremental Facility, the Cash Capped Incremental Facility, the Revolving Facility, any other revolving credit facility and/or any other applicable basket that is not based on a leverage ratio-based incurrence test, and proceeds from any such incurrence may be utilized in a single transaction or series of related transactions by first calculating the amount available to be incurred under the Ratio Incremental Facility by disregarding any substantially concurrent utilization of the Cash Capped Incremental Facility, the Revolving Facility, any other revolving credit facility and/or any other applicable basket that is not based on a leverage ratio-based incurrence test (*provided* that any portion of any Incremental Facility incurred under the Cash Capped Incremental Facility may be reclassified, as the Borrower may elect from time to time, as having been incurred under the Ratio Incremental Facility if Holdings meets the ratio under the Ratio Incremental Facility at such time on a *pro forma* basis); *provided further* that (<u>i</u>) no existing Lender will be required to participate in any such Incremental Facility, (<u>ii</u>) no payment or bankruptcy event of default exists, or would exist after giving effect thereto, (<u>iii</u>) the termination date of any Incremental Revolving Facility shall be no earlier than, and no scheduled mandatory commitment reduction in respect thereof shall be required prior to the termination date of, the Revolving Facility, (<u>iv</u>) the final maturity date and the weighted average life to maturity of any such Incremental Term Facility shall not be earlier than, or shorter than, as the case may be, the maturity date or the weighted average life to maturity, as applicable, of the Term Loan B Facility (subject to exceptions for customary bridge financings, escrow or similar arrangements and "AHYDO saver" payments); *provided*, that in the case of the foregoing clauses (iii) and (iv), (<u>1</u>) up to the greater of (<u>x</u>) $2,002.5 million and (<u>y</u>) an amount equal to 250% of *pro forma* EBITDA for the four most recently ended fiscal quarters for which financial statements of Holdings are available in the aggregate and (<u>2</u>) any indebtedness incurred in connection with an acquisition or other investment not prohibited under the Facilities Documentation (as defined under the heading "Documentation" below), in either case of Incremental Revolving Facilities, Incremental Term Loans, Specified Refinancing Term Loans (as defined in the Precedent Facility, "<u>Refinancing Term Facilities</u>"), Incremental Equivalent Debt (as defined below) and Permitted Debt Exchange Notes (as defined in the Precedent Facility) may have a maturity date and weighted average life to maturity that is earlier than, or shorter than, as the case may be, the maturity date or the weighted average life to maturity, as applicable, of the Term Loan B Facility (such indebtedness, "<u>Earlier Maturity Debt</u>"), (<u>v</u>) the interest rates applicable to any Incremental Facilities, and (subject to clause (iv) above) the amortization schedule applicable to any Incremental Term Facility shall be determined by the Borrower and the lenders thereunder; *provided* that with respect to any broadly syndicated Incremental Term Facility in an aggregate principal amount in excess of the greater of (<u>x</u>) $1,602.0 million and (<u>y</u>) an amount equal to 200% of *pro forma* EBITDA for the four most recently ended fiscal quarters for which financial statements of Holdings are available (the "<u>MFN Threshold Amount</u>") incurred pursuant to clause (a)(i) of the Ratio Incremental Facility (and not by virtue of reclassifications) in the form of floating rate term loans denominated in U.S. dollars that is secured on a *pari passu* basis by the Collateral (as defined under the heading "Security" below) securing the Facilities (<u>x</u>) that is made on or prior to the date that is 6 months after the Closing Date, (<u>y</u>) with a maturity date of or earlier than the Term Loan B Maturity Date (as defined under the heading "Final Maturity and Amortization" below) and (<u>z</u>) is not incurred in connection with an acquisition or other investment not prohibited under the Facilities Documentation or a dividend recapitalization, if the applicable interest rate relating to the Incremental Term Facility exceeds the applicable interest rate relating to the existing Term Loan B Facility by more than 100 basis points, the applicable interest rate relating to the existing Term Loan B Facility (the "<u>Existing Interest Rate</u>") shall be increased to the extent necessary so that the Existing Interest Rate is equal to the applicable interest rate relating to such Incremental Term Facility minus 100 basis points (the "<u>Adjusted Interest Rate</u>", and the number of basis points by which the Existing Interest Rate is increased, the "<u>Increased Amount</u>"); *provided further* that such applicable interest rates shall be determined in the manner set forth in the Precedent Facility, (<u>vi</u>) in the case of any new Lender under an Incremental Revolving Facility that would have commitments under the Revolving Facility, such new Lender shall be subject to the consent of the parties whose consent would be required in connection with an assignment of Revolving Commitments or Revolving Loans under the heading "Assignments and Participations" below (such consent not to be unreasonably withheld, conditioned or delayed), (<u>vii</u>) the Incremental Facilities shall have limitations on the scope of the guarantees and collateral consistent with the Precedent Facility and (<u>viii</u>) any Incremental Facility shall be on terms and pursuant to documentation reasonably satisfactory to the Borrower. |

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| The Facilities Documentation will include "limited condition transaction" provisions consistent with the Precedent Facility, including the flexibility to test the "limited condition transaction" on the date on which a letter of intent has been entered into. |
| As used herein, the "<u>Total First Lien Leverage Ratio</u>" means the ratio of total first lien secured net debt for borrowed money that is secured by first priority liens on the Collateral (as defined under the heading "Security" below) (calculated (<u>x</u>) net of unrestricted cash and cash equivalents (it being understood that unrestricted cash and cash equivalents shall be measured as of the most recent fiscal quarter of Holdings for which consolidated financial statements are available), if applicable, borrowed at the time of determination and (<u>y</u>) excluding (<u>i</u>) any debt secured by a junior lien on the Collateral or that is contractually subordinated in right of payment to the Term Loans, (<u>ii</u>) [reserved], (<u>iii</u>) any unreimbursed outstanding drawn amounts under funded letters of credit (*provided* that such amounts shall not be counted as debt until five business days after such amounts were drawn), (<u>iv</u>) obligations under or in respect of any Special Purpose Financing (as defined in the Precedent Facility), (<u>v</u>) indebtedness or other obligations arising from any cash management or related services and (<u>vi</u>) financing leases and any other lease obligations (the foregoing clauses (x) and (y), collectively, the "<u>Debt Adjustments</u>") to trailing four-quarter EBITDA (to be defined as set forth under the heading "Documentation" below (which shall not be subject to any caps and no required timelines for realization except as set forth below or in the Precedent Facility) and in any event shall include, without duplication, (<u>t</u>) addbacks for expenses, costs, fees, charges, losses, compensation, bonuses, equity or similar programs to reduce commissions, loan forgiveness, restrictive covenant release settlements and other like items related to hiring and ramping up new producers, (<u>u</u>) adjustments (which, for the avoidance of doubt, will not be subject to any caps) for *pro forma* "run rate" cost savings, operating expense reductions, revenue or operating enhancements and synergies (including revenue synergies, including those related to new contract, business and customer wins, the modification or renegotiation of contracts and other arrangements and pricing adjustments and increases) relating to (<u>A</u>) the Transactions or (<u>B</u>) operational changes or other initiatives that are projected by the Borrower in good faith to result from actions that have been taken, committed to be taken or planned to be taken, in each case, within 24 months after the end of the relevant period (including any of the foregoing consummated prior to the Closing Date), respectively, net of the amount of the actual benefits realized during such period from such actions, (<u>v</u>) addbacks for any newly hired producer onboarded within 36 months of the Closing Date or the consummation of such hiring or onboarding, the "run rate" EBITDA attributable to in-force business, the "run rate" EBITDA attributable to business generated by such producer and, without duplication of the foregoing, the "run rate" EBITDA that is projected in good faith to be generated with respect to such producer within 36 months of being hired (minus net income generated by such producer plus any contractual non-commission compensation of such producer), (<u>w</u>) addbacks for estimated contingent commissions (including profit interests), in an amount that is reasonably identifiable and determined in good faith, that would have been earned in such period from contingent commissions related to an acquired entity that did not otherwise have in place a contingent commission contract or comparable arrangement, (<u>x</u>) an addback for any one-time fees, costs or expenses associated with artificial intelligence development, implementation and transformation, (<u>y</u>) an addback for increases and adjustments (<u>A</u>) projected by the Borrower in good faith to result from the entry into binding and effective new customer or third-party contracts (or binding and effective amendments thereto) (even if such contracts have not yet been billed or if performance under such contracts has not yet commenced) during such period (or, without duplication of <u>clause (y)(B)</u> below, binding and effective amendments to existing contracts effected during such period, including increases to scope of such contracts) (but limited to, in the case of any multi-year contract, only the annual "run-rate" amount of such contract) or (<u>B</u>) from increased pricing or increased or expanded volume achieved under existing binding contracts effected (and under which such increased revenue starts to be generated thereunder) during such period, in each case under this <u>clause (y)(B)</u>, calculated on a *pro forma* basis as though such increase had been realized on the first day of such period and net of the amount of actual benefits realized from such contracts, amendments or actions during such period (the clause (y), the "<u>New Contracts Add-Back</u>") and (<u>z</u>) additions (including pro forma adjustments) of the type reflected in any of (<u>i</u>) the Sponsors' financial model, dated as of December 1, 2025 (together with any updates or modifications thereto reasonably agreed between the Borrower and the Lead Left Arranger), (<u>ii</u>) the Quality of Earnings report of KPMG LLP, dated as of December 12, 2025 (together with any updates or modifications thereto reasonably agreed between the Borrower and the Lead Left Arranger), (<u>iii</u>) the Confidential Information Memorandum and (<u>iv</u>) any other quality of earnings analysis prepared by independent certified public accountants of nationally recognized standing as determined by the Borrower in good faith, which determination shall be conclusive (it being understood that any "Big Four" accounting firms are of nationally recognized standing) or any other accounting firm reasonably acceptable to the Administrative Agent (or any accounting, appraisal, or investment banking, firm or consultant in each case of nationally recognized standing that is, in the good faith determination of the Borrower (which determination shall be conclusive) qualified to perform the task for which it has been engaged) and delivered to the Administrative Agent (without regard to time or amounts), "<u>EBITDA</u>"). |

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|  | The Facilities will permit the Borrower to utilize availability under the Incremental Facilities amount to issue first lien or junior lien secured notes or loans (subject to (<u>A</u>) intercreditor terms to be set forth in an exhibit to the definitive documentation for the Facilities which will be consistent with, substantially similar to and no less favorable to the Sponsors, Holdings and its subsidiaries than the forms of intercreditor agreement attached as Exhibit J-1 and Exhibit J-2, as applicable, to the Precedent Facility (except that the "no new liens" provision shall be modified so that it does not apply to any guarantees) and/or (<u>B</u>) other intercreditor terms to be agreed (such terms referred to in clauses (A) and (B), the "<u>Intercreditor Terms</u>")) or unsecured notes or loans, with the amount of such secured or unsecured notes or loans incurred and outstanding pursuant to the Cash Capped Incremental Facility reducing the aggregate principal amount available for the Incremental Facilities pursuant to the Cash Capped Incremental Facility ("<u>Incremental Equivalent Debt</u>"); *provided* that, such secured or unsecured notes or loans (<u>i</u>) (<u>x</u>) other than with respect to any revolving credit facility, do not mature prior to the maturity date of, or have a shorter weighted average life to maturity than, loans under the Term Loan B Facility (subject to exceptions for Earlier Maturity Debt, customary bridge financings, escrow or similar arrangements and "AHYDO saver" payments) or (<u>y</u>) in the case of any revolving credit facility, do not mature prior to the maturity date of the Revolving Facility, (<u>ii</u>) shall not (subject to exceptions for escrow or similar arrangements consistent with those in the Precedent Facility) be secured by any lien on any asset of the Borrower or any Guarantor (as defined under the heading "Guarantees" below) that does not also secure the Facilities, or be guaranteed by any person other than the Guarantors and (<u>iii</u>) in the case of any such secured notes or loans, shall be subject to an intercreditor agreement consistent with the Intercreditor Terms above. |
| <u>Refinancing Facilities</u>: | The Facilities Documentation will include "refinancing facilities" provisions consistent with the Precedent Facility, including refinancing facilities with respect to Incremental Equivalent Debt and (to the extent not prohibited under the Facilities Documentation) Pari Passu Indebtedness (as defined in the Precedent Facility). |

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| <u>Purpose</u>: | (<u>A</u>) The proceeds of borrowings under Term Loan Facilities will be used by the Borrower and Merger Sub (as applicable), on or after the Closing Date, together with the proceeds of borrowings of the Revolving Loans and the proceeds of the Equity Contribution (including the Preferred Equity Issuance), together with (if applicable) cash on hand, to finance the Transactions (including to pay Transaction Costs) and for working capital and other general corporate purposes. |
|  | (<u>B</u>) The Revolving Loans may be incurred and Letters of Credit (as defined under the heading "Letters of Credit" below) may be issued on or after the Closing Date (subject, in the case of Revolving Loans on the Closing Date, to the limitation set forth under the heading "Availability" below) and the proceeds thereof may be used to finance the Transactions (including to pay Transaction Costs) and for working capital and other general corporate purposes. |
| <u>Availability</u>: | (<u>A</u>) The Term Loan Facilities will be available in a single drawing on the Closing Date. Amounts borrowed under the Term Loan Facilities that are repaid or prepaid may not be reborrowed except as set forth under the heading "Incremental Facilities". |
|  | (<u>B</u>) Up to $350.0 million of Revolving Loans (exclusive of letter of credit usage) may be made available on the Closing Date to fund Transaction Costs, fees and expenses in connection with the Transactions, finance capital expenditures and for other general corporate purposes, plus such additional amounts as are necessary (<u>i</u>) to fund upfront fees or "flex" OID under the Facilities, (<u>ii</u>) for ordinary course working capital and other general corporate purposes (including to refinance any indebtedness incurred for working capital purposes), (<u>iii</u>) 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. |

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| <u>Interest Rates and Fees</u>: | As set forth in Annex I to this Term Sheet. |
| <u>Default Rate</u>: | With respect to overdue principal, the applicable interest rate plus 2.00% per annum, with respect to overdue interest, the applicable interest rate for the principal of the related loan plus 2.00% per annum, and with respect to any other overdue amount, the interest rate applicable to ABR loans plus 2.00% per annum. |
| <u>Letters of Credit</u>: | A portion of the Revolving Facility (in an amount to be agreed, but not less than $100.0 million in the aggregate) will be available to the Borrower for the purpose of issuing letters of credit (the "<u>Letters of Credit</u>") on terms and conditions the same as those set forth in the Precedent Facility *provided* that Jefferies shall not be required to issue any letter of credit that is not a U.S. dollar-denominated standby letter of credit unless otherwise agreed to by Jefferies in writing. |

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| <u>Final Maturity and Amortization</u>: | (<u>A</u>) The Term Loan B Facility will mature on the date that is seven years after the Closing Date (the "<u>Term Loan B Maturity Date</u>") and will amortize in equal quarterly installments in aggregate annual amounts equal to 1.00% of the original principal amount of the Term Loan B Facility, commencing with the third full fiscal quarter following the Closing Date, with the balance payable on the Term Loan B Maturity Date; *provided* that the Facilities Documentation shall provide the right of individual Lenders to agree to extend the maturity of their Term B Loans upon the request of the Borrower and without the consent of any other Lender (as further set forth in the Precedent Facility).<br>(C) The Term Cash Flow Facility will mature on the date that is 270 days after the Closing Date (the "<u>Term Cash Flow Maturity Date</u>") and will have no amortization, with the balance payable on the Term Cash Flow Maturity Date.<br>|
|  | (<u>C</u>) The Revolving Facility will mature, and the Revolving Commitments will terminate, on the date that is five years after the Closing Date ("<u>Revolving Facility Maturity Date</u>"); *provided* that the Facilities Documentation shall provide the right of individual Revolving Lenders to agree to extend the maturity of their Revolving Commitments upon the request of the Borrower and without the consent of any other Lender (and as further described under the heading "Voting" below). |
| <u>Guarantees</u>: | All obligations of (<u>i</u>) the Borrower under the Facilities (the "<u>Borrower Obligations</u>") and (<u>ii</u>) at the Borrower's option, the Borrower or any Guarantor under interest rate protection, commodity trading or hedging, currency exchange or other non-speculative hedging or swap arrangements (other than any obligation of any Guarantor to pay or perform under any agreement, contract or transaction that constitutes a "swap" within the meaning of section 1a(47) of the Commodity Exchange Act (a "<u>Swap</u>"), if, and to the extent that, all or a portion of the guarantee by such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation, or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof)) or cash management arrangements designated by the Borrower, including any entered into with any Lender or any affiliate of a Lender (the "<u>Hedging/Cash Management Arrangements</u>"), will be guaranteed by Parent (*provided* that the guarantee by Parent shall be non-recourse and limited to the equity of Holdings), Holdings and (<u>A</u>) each existing and subsequently acquired or organized direct or indirect wholly-owned U.S. restricted subsidiary of the Borrower (other than any such Excluded Subsidiary (as defined in the Precedent Facility) and (<u>B</u>) subject to customary guarantee limitations and security principles to be agreed (the "<u>Security Principles</u>"), each existing and subsequently acquired or organized direct or indirect wholly-owned restricted subsidiary of Holdings that is registered under the laws of Jersey or England and Wales (collectively, the "<u>Subsidiary Guarantors</u>"; and together with Parent and Holdings, the "<u>Guarantors</u>"; and together with the Borrower, the "<u>Loan Parties</u>"; and each a "<u>Loan Party</u>"; and such guarantees, the "<u>Guarantees</u>*"*) on terms and conditions (and subject to exceptions, limitations and materiality thresholds) that are the same as those set forth in the Precedent Facility. No Jersey Loan Party (as defined below) other than Holdings and no U.K. Loan Party (as defined below) shall be obligated to provide any Guarantee until the date that is 90 days after the Closing Date (or such later date as the Administrative Agent may agree in its sole discretion). As used herein: "<u>U.S. Loan Party</u>" means each Loan Party organized under the laws of the United States, any state thereof or the District of Columbia, "<u>Jersey Loan Party</u>" means each Loan Party organized under the laws of Jersey and "<u>U.K. Loan Party</u>" means each Loan Party organized under the laws of England and Wales. |

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| <u>Unrestricted Subsidiaries</u>: | Subject to the restricted payments covenant in the Facilities Documentation, the Borrower may designate any subsidiary as an "unrestricted subsidiary" and subsequently redesignate any such unrestricted subsidiary as a restricted subsidiary. Unrestricted subsidiaries will not be subject to the representations and warranties, covenants, events of default or other provisions of the Facilities Documentation, and the results of operations and indebtedness of unrestricted subsidiaries will not be taken into account for purposes of calculating any financial metric contained in the Facilities Documentation (including to the extent of distributions received therefrom or as otherwise permitted to be counted as increasing consolidated net income under the Precedent Facility). |
| <u>Security</u>: | Subject to the limitations set forth below in this section, and, on the Closing Date, to the Funding Conditions Provision, the Borrower Obligations and the Guarantees (and, at the Borrower's option, Hedging/Cash Management Arrangements) will be secured by a security interest in substantially all the present and after-acquired tangible and intangible assets of each U.S. Loan Party, and in the capital stock of the Borrower (collectively, but excluding Excluded Assets (as defined below), the "<u>U.S. Collateral</u>"), which security interest in the U.S. Collateral will be first in priority, and subject to liens permitted to exist under the Facilities Documentation and shall include (except as to U.S. Excluded Assets) but not be limited to (<u>a</u>) a perfected pledge of all the capital stock of each direct, wholly owned material restricted subsidiary held by such U.S. Loan Party (which pledge, in the case of any first-tier non-U.S. subsidiary of a U.S entity, shall be limited to 65% of each series of capital stock of such non-U.S. subsidiary and it being understood that a U.S. subsidiary, substantially all of whose assets consist of shares, equity interests, capital stock and/or indebtedness of one or more non-U.S. subsidiaries, intellectual property relating to such non-U.S. subsidiaries and any other assets incidental thereto, will be deemed to be a non-U.S. subsidiary for purposes of this provision) and of the capital stock of the Borrower and (<u>b</u>) perfected security interests in, and mortgages on, equipment, general intangibles, investment property, intellectual property, intercompany notes and proceeds of the foregoing. |

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| For the avoidance of doubt, Collateral owned by the Borrower shall secure the Borrower's obligations, and Collateral owned by any Guarantor shall secure such Guarantor's obligations. |
| If an Existing Senior Notes E&R Election is made and the Existing Senior Notes or any portion thereof are outstanding on the Closing Date, the priority of security interests and relative rights of the Lenders under the Facilities and the holders in respect of the Existing Senior Notes shall be subject to intercreditor arrangements to be set forth in an intercreditor agreement substantially in the form of an exhibit to the definitive credit agreement for the Facilities (the "<u>Intercreditor Agreement</u>"). The terms of the Intercreditor Agreement will be consistent with, substantially similar to and no less favorable to the Sponsors, Holdings and its subsidiaries than the Intercreditor Agreement, attached as Exhibit J-1 to the Precedent Facility, taking into account differences relating to the express terms of this Term Sheet. Without limiting the foregoing, the Facilities Documentation and the Intercreditor Agreement will allow additional debt that is permitted under the Facilities Documentation to be incurred and secured, and to share ratably in the collateral securing the Facilities on (at the Borrower's option) a first priority or junior priority basis with respect to the Collateral. |
| Notwithstanding anything to the contrary, the Collateral shall exclude the Excluded Assets (as defined in the Precedent Facility). |
| All of the above-described pledges, security interests and mortgages shall be created and perfected on terms, and pursuant to documentation, consistent with, substantially similar to and no less favorable to the Sponsors, Holdings and its subsidiaries than Exhibit B to the Precedent Facility (the "<u>Collateral Documentation</u>"), and none of the Collateral shall be subject to any other pledges, security interests or mortgages, subject to customary or other exceptions for financings of this kind consistent with the standard set forth under the heading "Documentation" below. |

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For the avoidance of doubt, with respect to the U.S. Loan Parties, (<u>i</u>) no actions in any non-U.S. jurisdiction or required by the laws of any non-U.S. jurisdiction shall be required in order to create any security interests in assets located or titled outside of the U.S. or to perfect any security interests therein (it being understood that there shall be no security agreements or pledge agreements governed under the laws of any non-U.S. jurisdiction) and (<u>ii</u>) to the extent not perfected by UCC filings in the jurisdiction of incorporation or organization, no Loan Party shall be required to take any actions in order to perfect any security interests granted with respect to any assets specifically requiring perfection through control (including cash, cash equivalents, deposit accounts, securities accounts or other bank accounts, but excluding Excluded Assets).<br>Subject to the limitations set forth below in this section, the Security Principles and, on the Closing Date, the Funding Conditions Provision, the Borrower Obligations and the Guarantees (and, at the Borrower's option, Hedging/Cash Management Arrangements) will be secured by (a) in the case of any U.K. Loan Party, (x) a first ranking English law share charge granted over the shares of each U.K. Loan Party by the holding company of such U.K. Loan Party and (<u>y</u>) security granted by each U.K. Loan Party pursuant to a first ranking English law debenture under which each such U.K. Loan Party will give (<u>A</u>) fixed security over shares owned by it in any other U.K. Loan Party and (<u>B</u>) floating charge security over substantially all of the assets and undertakings of such U.K. Loan Party (collectively, but excluding the U.K. Excluded Assets (as defined below) and subject to the limitations set forth below, the "<u>U.K. Collateral</u>"; together with the U.S. Collateral, the "<u>Collateral</u>"), which security interest in the U.K. Collateral will be first in priority, and subject to liens permitted to exist under the Facilities Documentation) and (<u>b</u>) in the case of any Jersey Loan Party, by security over its material assets in accordance with market practice for transactions of this nature, subject to the Security Principles; *provided* that no U.K. Loan Party shall be obligated to provide any security until the date that is 90 days after the Closing Date (or such later date as the Administrative Agent may agree in its sole discretion). Notwithstanding anything to the contrary in the Security Principles or herein, no notices or other perfection steps shall be required with respect to any assets constituting U.K. Collateral prior to the date on which an event of default has occurred and the applicable Facilities have been accelerated pursuant to the applicable Facilities Documentation except for (<u>i</u>) the registration of such U.K. Collateral with Companies House (as required pursuant to Section 859 to 860 of the Companies Act 2006) and (<u>ii</u>) the delivery of executed share certificates and executed but undated stock transfer forms.<br>

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|  | Notwithstanding anything to the contrary, the U.K. Collateral shall exclude the following: (<u>i</u>) any assets of a U.K. Loan Party not located in England and Wales or the United States, any state thereof or the District of Columbia, including any assets constituting shares, capital stock or equity securities of any subsidiary of a U.K. Loan Party that is organized in a jurisdiction other than the United States, any state thereof or the District of Columbia or England and Wales, and (<u>ii</u>) any other assets which are "Excluded Assets" as defined in any U.K security documentation. The foregoing described in clauses (i) and (ii) immediately above are, collectively, the "<u>U.K. Excluded Assets</u>". In addition, any assets of a U.K. Loan Party constituting intellectual property will be included as U.K. Collateral solely to the extent covered by the floating charge. |
| <u>Mandatory Prepayments</u>: | The Term Loans shall be prepaid with (<u>a</u>) commencing with the first full fiscal year of Holdings to occur after the Closing Date, an amount equal to (<u>I</u>) in the case of the Term B Loans, 0% of Excess Cash Flow (to be defined on a basis consistent with "Documentation" below) (the "<u>ECF Prepayment Amount</u>"), with an increase to (<u>1</u>) 25% if the Total First Lien Leverage Ratio shall exceed 3.50:1.00 and (<u>2</u>) 50% if the Total First Lien Leverage Ratio shall exceed 4.00:1.00; *provided* that (<u>x</u>) the calculation of Total First Lien Leverage Ratio shall give *pro forma* effect to any partial prepayment with the ECF Prepayment Amount, (<u>y</u>) no prepayment shall be required unless the ECF Prepayment Amount exceeds the greater of (<u>i</u>) $201.0 million and (<u>ii</u>) an amount equal to 25% of *pro forma* EBITDA for the four most recently ended fiscal quarters for which financial statements of Holdings are available, and in such case, the ECF Prepayment Amount shall be the amount in excess thereof, subject to deductions and exceptions consistent with the Precedent Facility and (<u>II</u>) in the case of the Term Cash Flow Loans, 100% of Excess Cash Flow; (<u>b</u>) 100% of the net cash proceeds received from the incurrence of indebtedness by Holdings or any of its restricted subsidiaries (other than the incurrence of indebtedness not prohibited under the Facilities, but including the proceeds of Refinancing Term Facilities); and (<u>c</u>) 100% (with reductions to 50% and 0% based upon achievement of a Total First Lien Leverage Ratio of 3.75:1.00 and 3.50:1.00, respectively, which shall only be calculated (<u>x</u>) on a *pro forma* basis and (<u>y</u>) at the Borrower's option, at the time of such asset sale or other disposition, at the time of entry into a definitive agreement with respect thereto or at the time of application of the net cash proceeds therefrom (and any prospective prepayment may, at the Borrower's option, be tested at any time during the applicable reinvestment period)) of the net cash proceeds of all asset sales of Collateral by Holdings or any of its restricted subsidiaries in reliance on the "minimum cash consideration basket" that requires 75% (or 50%) cash consideration (including insurance and condemnation proceeds) in excess of an amount to be agreed and subject to the right of Holdings and its restricted subsidiaries to reinvest such proceeds (including working capital assets) if such proceeds are reinvested (or committed to be reinvested) within 24 months and, if so committed to reinvestment, reinvested within 6 months thereafter (*provided* that the Borrower may elect to deem expenditures that otherwise would be permissible reinvestments that occur prior to receipt of the proceeds of an asset sale or other disposition to have been reinvested in accordance with the provisions hereof; *provided*, *further*, that such deemed expenditure shall have been made no earlier than the earliest of notice, execution of a definitive agreement for such asset sale or disposition and consummation of such asset sale or disposition) with such reinvestments (or deemed reinvestments) credited against asset sale proceeds prepayment obligations on a dollar-for-dollar basis (the "<u>Asset Sale Proceeds Amount</u>"); and other exceptions no less favorable to the Sponsors, Holdings and its subsidiaries than the standard set forth under the heading "Documentation" below; *provided* that the portion of such Asset Sale Proceeds Amount required by any Pari Passu Indebtedness to be applied or offered to prepay such Pari Passu Indebtedness on a *pro rata* basis with the Term Loans (and so long as the Term Loans are offered no less than a ratable share of such Asset Sale Proceeds Amount) shall be credited against asset sale proceeds prepayment obligations on a dollar-for-dollar basis. In the event that one or more of the step-downs in clause (c) of the preceding sentence are achieved, the retained net cash proceeds (including any de minimis amounts) from any such asset sale or disposition shall be deemed to be "Retained Asset Sale Proceeds". Notwithstanding the foregoing, mandatory prepayments made pursuant to clauses (a) and (c) above shall be limited to the extent that the Borrower determines in good faith that such prepayments would either (<u>i</u>) result in material adverse tax consequences to TopCo or one of its subsidiaries related to the repatriation of funds in connection therewith by foreign subsidiaries 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, in each case, from being repatriated. |

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|  | If at any time the sum of the outstandings under the Revolving Facility (including Revolving Loans, Letters of Credit outstandings and swingline borrowings thereunder) exceeds the total Revolving Commitments, prepayments of Revolving Loans and/or swingline borrowings (and/or cash collateralization of Letters of Credit) shall be required in an amount equal to such excess. |
|  | The application of proceeds from mandatory prepayments of the Revolving Facility shall not reduce the aggregate amount of the total Revolving Commitments and amounts prepaid may be reborrowed. |
| <u>Voluntary Prepayments and Reductions in Commitments</u>: | Voluntary reductions of the unutilized portion of the Revolving Facility and prepayments of borrowings under the Facilities will be permitted at any time, in minimum principal amounts to be agreed upon, without premium or penalty, subject to reimbursement of the Lenders' redeployment costs actually incurred in the case of a prepayment of Adjusted EURIBOR and Adjusted Term CORRA borrowings other than on the last day of the relevant interest period. All voluntary prepayments of the Term Loan Facilities, any Incremental Term Facility, any Refinancing Term Facility and any Extended Term Loans (as defined in the Precedent Facility, "<u>Extended Term Loans</u>") will be applied to the remaining amortization payments under the Term Loan B Facility, any Incremental Term Facility, any Refinancing Term Facility and any Extended Term Loans, as applicable, and may be applied to any of the Term Loan Facilities, any Incremental Term Facility, any Refinancing Term Facility and any Extended Term Loans, in any case, as directed by the Borrower. |
|  | Any Lender may, at its option, and if agreed by the Borrower, in connection with any prepayment of loans under the Term Loan B Facility, exchange such Lender's portion of such loans to be prepaid for new indebtedness of the Borrower, in lieu of all or part of such Lender's *pro rata* portion of such prepayment (and any such loans so exchanged shall be deemed repaid for all purposes), so long as (other than in connection with a refinancing in full of the Facilities) such indebtedness would not have a weighted average life to maturity earlier than the weighted average life to maturity of the Term B Loans being repaid. |

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| If the Term B Loans are repaid with the proceeds of indebtedness incurred under a first lien secured bank financing or any Lender is replaced in connection with any amendment to the Term Loan B Facility, in each case, in connection with a Repricing Transaction (as defined in the Precedent Facility) prior to the date that is six months after the Closing Date, a 1.00% prepayment premium will apply on the amount so prepaid or replaced, which premium shall decrease ratably during such call premium period. |
| There will be no such prepayment premium payable in respect of the Term Loan B Facility if such prepayment or replacement is made with the proceeds of a "Term Loan A" financing, a qualified IPO, a change of control, a sale of all or substantially all assets, a Transformative Acquisition (as defined in the Precedent Facility), Transformative Disposition (as defined in the Precedent Facility), material Permitted Investment (as defined in the Precedent Facility), dividend recapitalization, material prepayment or refinancing of material indebtedness, prepayment made with internally generated proceeds, upsizing of the Term Loan B Facility, transaction that would not otherwise be permitted under the Facilities Documentation, or any transaction that would, if consummated, constitute any of the foregoing, and refinancings undertaken as a result of the Lenders' declining to approve an amendment to the Facilities. |
| For the avoidance of doubt, there shall be no prepayment premiums payable in respect of the Term Cash Flow Facility. |

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| <u>Documentation</u>: | The definitive documentation for the Facilities (the "<u>Facilities Documentation</u>"), the definitive terms of which will be negotiated in good faith, (<u>i</u>) will be "covenant-lite," except to the extent specified in section (B) under the heading "Financial Covenant" below and (<u>ii</u>) will contain incurrence-based covenants and other terms consistent with this Term Sheet and, subject to the foregoing, will otherwise be consistent with, substantially similar to and no less favorable to the Sponsors, Holdings and its subsidiaries than the Credit Agreement previously delivered to the Lead Arrangers (the "<u>Precedent Facility</u>"), and, in each case, will take into account and be modified fully as appropriate to (<u>r</u>) modify Subsection 9.1(a) of the Precedent Facility to add an additional proviso stating "provided, however, that the Borrower shall pay any corrected amount within seven (7) Business Days of receipt of any subsequent proper invoice reflecting such corrected amount", (<u>s</u>) modify subclause (x) of Subsection 11.6(c)(i)(E) to remove "and the Sponsors" and "and the Sponsor", (<u>t</u>) remove clause (4) from each of the defined terms "Borrowing Base", "Domestic Borrowing Base" and "Foreign Borrowing Base" and all related usages and basket capacity contained in the Precedent Facility, (<u>u</u>) modify the definition of "Immaterial Subsidiary" contained in the Precedent Facility by (<u>A</u>) by removing clauses (i)(y) and (ii)(y) of such definition and (<u>B</u>) replacing the words "for the period of the most recent four consecutive Fiscal Quarters ending prior to the date of such determination for which consolidated financial statements of Holdings are available" appearing in clauses (i)(x) and (i)(y) of such definition with the words "for the most recently ended Fiscal Year for which consolidated financial statements of Holdings are available", (<u>v</u>) include carry-forwards (the "<u>Carry-Forward Provision</u>") and carry-backs (the "<u>Carry-Back Provision</u>") applicable to any baskets subject to an annual cap rather than an aggregate cap, (<u>w</u>) modify Subsection 9.1(d) of the Precedent Facility to reduce the cure period applicable to any Default resulting from a breach of Subsection 7.7(a) of the Precedent Facility from 30 days to 5 business days, (<u>x</u>) modify clause (i) of the definition of "Consolidated Net Income" in the Precedent Facility to delete the words "or that (as determined by the Borrower Representative in good faith, which determination shall be conclusive) could have been dividended or distributed by such Person during such period", (<u>y</u>) modify the definitions of "Consolidated First Lien Indebtedness", "Consolidated Secured Indebtedness" and "Consolidated Total Indebtedness" in the Precedent Facility to delete clause (ii)(C) contained in each definition and (<u>z</u>) reflect the terms set forth in the Commitment Letter and, if applicable, the flex provisions of the Fee Letter, and taking into account differences related to Holdings, the Target and their respective subsidiaries (including as to operational and strategic requirements of Holdings, the Target and their respective subsidiaries in light of their size, industries, businesses, business practices and business plans) (it being understood that basket sizes and incurrence tests will be set taking into account the relative EBITDA and total assets of Holdings, the Target and their respective subsidiaries on a consolidated basis after giving *pro forma* effect to the Transactions) and strictly ministerial administrative changes reasonably requested by the Administrative Agent and agreed to by the Borrower, and in any event will contain only those conditions to borrowing, prepayments, representations and warranties, covenants and events of default expressly set forth in this Term Sheet. Notwithstanding the foregoing, the only conditions to the availability of the Facilities on the Closing Date shall be the applicable conditions set forth in the second sentence of the Funding Conditions Provision and in Exhibit C to the Commitment Letter. |

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| <u>Representations and Warranties</u>: | Applicable to Holdings and its restricted subsidiaries and to be the same (including, for the avoidance of doubt, with respect to materiality qualifiers, exceptions and limitations) as the representations and warranties set forth in Section 5 of the Precedent Facility. |
|  | The representations and warranties will be required to be made in connection with each extension of credit (including, subject to the Funding Conditions Provision, the extensions of credit on the Closing Date, but excluding extensions of credit under any Incremental Facility), it being understood that the failure of any representation or warranty (other than the Specified Representations or the Company Representations, subject to the Funding Conditions Provision) to be true and correct on the Closing Date will not constitute the failure of a condition to funding or a default under the Facilities. |
| <u>Conditions to Initial Extensions of Credit</u>: | The initial extensions of credit under the Facilities will be subject solely to (<u>a</u>) the applicable conditions set forth in the second sentence of the Funding Conditions Provision and in Exhibit C to the Commitment Letter and (<u>b</u>) the condition that the Specified Representations and, to the extent required by the Funding Conditions Provision, the Company Representations shall be true and correct in all material respects on and as of the Closing Date (although any Specified Representation or Company Representation which expressly relates to a given date or period shall be required only to be true and correct in all material respects as of the respective date or for the respective period, as the case may be). To the extent that any representations and warranties made on, or as of, the Closing Date (or a date prior thereto) are qualified by or subject to "material adverse effect", the definition thereof shall be "Company Material Adverse Effect" as defined in the Acquisition Agreement, for purposes of such representations and warranties. |

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| <u>Conditions to All Subsequent Extensions of Credit</u>: | As set forth in the Precedent Facility. |
| <u>Affirmative Covenants</u>: | Applicable to Holdings and its restricted subsidiaries and limited to the following: delivery of annual and certain quarterly financial statements, compliance certificates and other information (accompanied, in the case of annual financial statements, by an audit opinion from nationally recognized auditors that is not subject to qualification (it being agreed that an explanatory or emphasis of matter paragraph does not constitute a qualification) as to "going concern" or the scope of such audit, other than solely with respect to, resulting solely from or arising on account of (<u>i</u>) an upcoming maturity date under any of the Facilities or any other indebtedness incurred in compliance with the Facilities Documentation, (<u>ii</u>) any potential or actual inability to satisfy any financial maintenance covenant, (<u>iii</u>) the activities, operations, financial results, assets or liabilities of any unrestricted subsidiary or (<u>iv</u>) changes in accounting principles or practices reflecting changes in GAAP and required or approved by the Borrower's (or its direct or indirect parent company's) independent certified public accounting firm), delivery of notices of defaults and certain material events (including certain ERISA events), inspection rights (including books and records), maintenance of existence and rights and privileges, maintenance of insurance, payment of taxes, compliance with laws (including environmental laws), use of proceeds, commercially reasonable efforts to maintain ratings (but not any specific rating), maintenance of books and records, maintenance of properties, changes in fiscal year, additional guarantors and collateral, further assurances on collateral matters and transactions with affiliates (with exceptions to allow, among other things, transactions approved by a majority of disinterested directors), subject, in the case of each of the foregoing covenants, to exceptions and qualifications no less favorable to the Sponsors, Holdings and its subsidiaries than the standard set forth under the heading "Documentation" above. |

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| <u>Negative Covenants</u>: | Applicable to Holdings and its restricted subsidiaries and limited to the following incurrence-based high yield covenants: (<u>I</u>) limitations on the incurrence of debt (with exceptions to allow, among other things, the incurrence of indebtedness (<u>i</u>) in an amount that is twice the amount of restricted payments that Holdings and its restricted subsidiaries would have been able to make on the date of such incurrence under restricted payment baskets, including, without limitation, the consolidated net income builder basket and the Retained Asset Sale Proceeds basket (the "<u>RP Debt Basket</u>"), (<u>ii</u>) in the case of Indebtedness (as defined in the Precedent Facility) secured on a *pari passu* basis with the Facilities, either (<u>x</u>) after giving effect to the incurrence of such amount, the Total First Lien Leverage Ratio is equal to or less than 4.00:1.00 or (<u>y</u>) the *pro forma* Total First Lien Leverage Ratio after giving effect to such incurrence does not exceed the Total First Lien Leverage Ratio in effect prior to such transactions, (<u>iii</u>) in the case of Indebtedness secured on a junior basis with the Facilities, either (<u>x</u>) after giving effect to the incurrence of such amount, the Total Secured Leverage Ratio is equal to or less than 4.50:1.00, (<u>y</u>) the *pro forma* Total Secured Leverage Ratio after giving effect to such incurrence does not exceed the Total Secured Leverage Ratio in effect prior to such transactions or (<u>z</u>) after giving effect to the incurrence of such amount, either (<u>1</u>) the Consolidated Coverage Ratio is greater than or equal to 1.75:1.00 or (<u>2</u>) the *pro forma* Consolidated Coverage Ratio after giving effect to such incurrence is not less than the Consolidated Coverage Ratio in effect prior to such transactions, (<u>iv</u>) in the case of Indebtedness that is secured by assets that are not Collateral or unsecured, either (<u>x</u>) after giving effect to the incurrence of such amount, the Consolidated Total Leverage Ratio is equal to or less than 5.00:1.00, (<u>y</u>) the *pro forma* Consolidated Total Leverage Ratio after giving effect to such incurrence does not exceed the Consolidated Total Leverage Ratio in effect prior to such transactions or (<u>z</u>) after giving effect to the incurrence of such amount, either (<u>1</u>) the Consolidated Coverage Ratio is greater than or equal to 1.75:1.00 or (<u>2</u>) the *pro forma* Consolidated Coverage Ratio after giving effect to such incurrence is not less than the Consolidated Coverage Ratio in effect prior to such transactions and (<u>v</u>) pursuant to a general debt basket equal to the greater of $801.0 million and an amount equal to 100% of *pro forma* EBITDA (the "<u>General Debt Basket</u>"; *provided* that this exception shall not be subject to any cap on the amount of indebtedness that can be incurred by restricted subsidiaries that are not Subsidiary Guarantors or Escrow Subsidiaries), (<u>II</u>) limitations on liens securing Indebtedness (with exceptions to allow, among other things, (<u>i</u>) liens securing debt incurred pursuant to clause (I)(i), (I)(ii), (I)(iii) or (I)(iv) above, (<u>ii</u>) liens securing indebtedness incurred pursuant to the RP Debt Basket, (<u>iii</u>) liens on Collateral, if such liens rank junior to the liens on such Collateral in relation to the liens securing the Loans and the Guarantees, as applicable, (<u>iv</u>) liens securing contribution indebtedness and (<u>v</u>) pursuant to a general liens basket equal to the greater of $801.0 million and an amount equal to 100% of *pro forma* EBITDA (the "<u>General Liens Basket</u>")), (<u>III</u>) fundamental changes, (<u>IV</u>) [reserved], (<u>V</u>) [reserved], (<u>VI</u>) [reserved], (<u>VII</u>) asset sales (with exceptions to allow, among other things, (<u>x</u>) asset sales which shall not be prohibited subject to (<u>i</u>) a 75% (or 50% if the applicable proceeds are not otherwise reinvested (the "<u>50% Cash Consideration Exception</u>")) cumulative cash consideration requirement, (<u>ii</u>) a fair market value requirement, and (<u>iii</u>) a requirement that the proceeds of asset sales be applied in accordance with "Mandatory Prepayments", in each case subject to a threshold of asset sales with a fair market value in excess of the greater of $121.0 million and an amount equal to 15.0% of *pro forma* EBITDA for the four most recently ended fiscal quarters for which financial statements of the Borrower are available (without limiting the reinvestment rights applicable thereto)), (<u>VIII</u>) restricted payments (limited to dividends, distributions, stock repurchases or redemptions, investments and certain optional prepayments of contractually subordinated debt for borrowed money in an aggregate principal amount individually in excess of the cross default threshold earlier than twelve months prior to the stated maturity date thereof) (with exceptions to allow, among other things, (<u>a</u>) payments of contractually subordinated debt pursuant to "AHYDO Saver" provisions in respect of such debt, (<u>b</u>) an unlimited amount subject to *pro forma* compliance with a maximum Total First Lien Leverage Ratio of, (<u>x</u>) in the case of restricted payments in respect of equity interests, 3.75:1.00, (<u>y</u>) in the case of investments, either (<u>1</u>) 4.00:1.00, (<u>2</u>) the Total First Lien Leverage Ratio in effect prior to such investment or (<u>3</u>) after giving effect to such investment, either (<u>A</u>) the Consolidated Coverage Ratio is greater than or equal to 1.75:1.00 or (<u>B</u>) the *pro forma* Consolidated Coverage Ratio after giving effect to such investment is not less than the Consolidated Coverage Ratio in effect prior to such transactions, and (<u>z</u>) in the case of prepayments of material contractually subordinated debt, 3.75:1.00, *provided* that, in the case of any payment made in accordance with <u>clause (VIII)(b)(x)</u> or <u>(VIII)(b)(z)</u>, no payment or bankruptcy event of default (with respect to a Borrower) exists, or would exist after giving effect to such payment, (<u>c</u>) restricted payments made with Retained Asset Sale Proceeds, (<u>d</u>) restricted payments following a qualified IPO in an amount in any fiscal year of the sum of (<u>x</u>) 7.0% of the aggregate proceeds received by Holdings, directly or indirectly, in or from such qualified IPO and (<u>y</u>) 7.0% of the market capitalization, (<u>e</u>) Parent Expenses (to be defined in a manner consistent with the definition of such term in the Precedent Facility and in a manner that treats (<u>x</u>) the IPO Vehicle and each of its relevant subsidiaries as if it were a "Parent Entity" and (<u>y</u>) any partnership or other entity through which the Investors (as defined in Exhibit A to the Commitment Letter), directly or indirectly, hold their equity interests in TopCo as if it were a "Parent Entity"), (<u>f</u>) restricted payments in connection with the Transactions (including payments in connection with the Acquisition), (<u>g</u>) debt incurred under the Facilities to finance the Transactions and payments relating thereto, as applicable, on or after the Closing Date and (<u>h</u>) restricted payments in respect of equity interests in an amount not to exceed in any calendar year the greater of $44.5 million and an amount equal to 5.50% of *pro forma* EBITDA for the four most recently ended fiscal quarters for which financial statements of Holdings are available; *provided* that any dividends or distributions on, or redemptions pursuant to, clauses (b) and (d) above shall not be permitted for so long as the Term Cash Flow Facility is outstanding), (<u>IX</u>) amendments of documents related to material contractually subordinated debt, (<u>X</u>) line of business and (<u>XI</u>) restrictive agreements, in the case of each of the foregoing covenants subject to exceptions, qualifications and, as appropriate, baskets no less favorable to the Sponsors, Holdings and its subsidiaries than the standard set forth under the heading "Documentation" above. |

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|  | In addition, the consolidated net income builder basket in Subsection 8.2(a)(3)(A) of the Precedent Facility shall include an additional prong based on 100% of EBITDA minus 150% of consolidated fixed charges. |
| <u>Financial Covenant</u>: | (<u>A</u>) <u>Term Loan Facilities</u>: None.<br>(<u>B</u>) <u>Revolving Facility</u>: Commencing with the second full fiscal quarter after the Closing Date, measured as of the last day of each fiscal quarter and tested on the date on which the compliance certificate with respect to such fiscal quarter has been (or, if not so delivered, was required to have been delivered), delivered, a maximum Total First Lien Leverage Ratio of 5.85:1.00 (with no step downs) (*provided* that for purposes of this leverage ratio and all other leverage ratios hereunder, if additional debt is incurred to fund OID or upfront fees (other than any Upfront Fee payable under, and as defined in, the Fee Letter) then such leverage ratios will be modified upward to reflect any such additional debt) will apply at any time when the aggregate principal amount of loans and the amount of unreimbursed drawn letters of credit outstanding (other than letters of credit which have been reimbursed, cash collateralized or backstopped within five business days following the end of the applicable fiscal quarter) under the Revolving Facility on the last day of a fiscal quarter exceeds more than 40% of the greater of (<u>x</u>) the Revolving Commitments as of the Closing Date and (<u>y</u>) the Revolving Commitments as of the applicable test date (any such date, a "<u>Financial Covenant Trigger Date</u>") (*provided*, that (<u>x</u>) for the first four fiscal quarters for which the Financial Covenant could be tested, any borrowings under the Revolving Facility that were made on the Closing Date to finance a portion of the Transactions (including to pay Transaction Costs) and (<u>y</u>) any borrowings under the Revolving Facility that were made on the Closing Date to fund "flex" OID and upfront fees shall, in each case, be disregarded in calculating such utilization). Such covenant is referred to herein as the "<u>Financial Covenant</u>." |

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For purposes of determining compliance with the Financial Covenant, any cash equity contribution (which equity shall be common equity or qualified equity) made to Holdings after the end of the most recently ended fiscal quarter and on or prior to the day that is 21 business days after the day on which financial statements are required to be delivered for any fiscal quarter will, at the request of the Borrower, either (<u>A</u>) be applied to reduce outstanding amounts under the Revolving Facility (including Revolving Loans, Letters of Credit outstanding and swingline borrowings thereunder) in which case such cash equity contribution shall be deemed to have reduced outstanding amounts for purposes of determining whether a Financial Covenant Trigger Date has occurred and, following any such reduction, if the aggregate principal amount of loans and the amount of unreimbursed drawn letters of credit outstanding under the Revolving Facility on the last day of such fiscal quarter is less than or equal to 40% of the greater of (<u>x</u>) the Revolving Commitments as of the Closing Date or (<u>y</u>) the Revolving Commitments as of the applicable test date, a Financial Covenant Trigger Date shall be deemed not to have occurred or (<u>B</u>) be included in the calculation of EBITDA for the purpose of determining compliance with the Financial Covenant at the end of such fiscal quarter and applicable subsequent periods which include such fiscal quarter (any such equity contribution so included in the calculation of EBITDA, a "<u>Specified Equity Contribution</u>"); *provided* that (<u>a</u>) there shall be no more than two Specified Equity Contributions made in each four consecutive fiscal quarter period, (<u>b</u>) the amount of any Specified Equity Contribution shall be no more than (<u>x</u>) the amount required to cause Holdings to be in *pro forma* compliance with the Financial Covenant specified above or (<u>y</u>) if applied to reduce outstanding amounts under the Revolving Facility as contemplated in subclause (A) above, the amount required in order for a Financial Covenant Trigger Date not to have occurred, (<u>c</u>) no more than five Specified Equity Contributions shall be made during the term of the Revolving Facility (increasing to six if the Revolving Facility Maturity Date is extended), (<u>d</u>) all Specified Equity Contributions shall be disregarded for purposes of calculating EBITDA in any financial ratio determination under the Facilities Documentation, other than for determining compliance with the Financial Covenant (and will not be credited as an addition to the applicable restricted payments build-up provisions) and (<u>e</u>) if a Specified Equity Contribution is included in the calculation of EBITDA as contemplated in subclause (B) above there shall be no *pro forma* or other reduction in indebtedness (including as a result of netting) (except for each fiscal quarter other than the fiscal quarter in respect of which such Specified Equity Contribution is made) with the proceeds of any Specified Equity Contribution for determining compliance with the Financial Covenant for the periods in which such Specified Equity Contribution is included in EBITDA.<br>

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|:---|:---|
| <u>Events of Default</u>: | Applicable to Holdings and its restricted subsidiaries and to be the same (including, for the avoidance of doubt, with respect to materiality qualifiers, exceptions and limitations) as the Events of Default (as defined in the Precedent Facility) set forth in Section 9 of the Precedent Facility.<br>Notwithstanding the foregoing, the Facilities Documentation shall provide that a change of control shall not constitute an event of default and shall be permitted (subject to satisfaction by the Administrative Agent and the Revolving Lenders of applicable KYC and sanctions-related requirements) if after giving effect to the transaction which would otherwise constitute a change of control, the Total First Lien Leverage Ratio is equal to or less than 3.25:1.00 (the provision described in this paragraph, the "<u>Portability Provision</u>"). |
| <u>Voting</u>: | Except as set forth under this heading "Voting" and subject to the standard set forth under the heading "Documentation" above, the same as the Precedent Facility. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Facilities Documentation will include the following provisions with respect to "non-responding lenders" (the "<u>Non-Responding Lender Provision</u>"):<br>"All Consent Requests shall (<u>i</u>) be given by the Borrower Representative, the Administrative Agent or any arranger acting in connection with the relevant Consent Request, (<u>ii</u>) be in the form of a written notice to each Lender or the applicable class of Lenders from which the relevant consent, waiver, amendment, modification or vote is being requested and (<u>iii</u>) include a legend substantially as follows, printed in capital letters or boldface type:<br>"'THIS COMMUNICATION REQUIRES IMMEDIATE RESPONSE. FAILURE TO RESPOND WITHIN TEN BUSINESS DAYS AFTER THE DELIVERY OF THIS COMMUNICATION SHALL RESULT IN THE NON-RESPONDING LENDER'S LOANS OR COMMITMENTS AND PARTICIPATIONS BEING DEEMED TO BE ZERO FOR PURPOSES OF CALCULATING THE DENOMINATOR OF THE RELEVANT PERCENTAGE REQUIRED TO APPROVE ANY REQUEST FOR A CONSENT, WAIVER, AMENDMENT, OR OTHER VOTE DESCRIBED IN THIS COMMUNICATION (AT THE ELECTION OF BORROWER REPRESENTATIVE).' |

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|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Nothing in this provision shall restrict the Borrower Representative, the Administrative Agent or any arranger acting in connection with the relevant Consent Request from requesting a reply to a Consent Request in less than ten Business Days, but the consequences associated with Non-Responding Lenders described in this provision shall not apply until the expiration of such ten Business Day period." |
| <u>Cost and Yield Protection</u>: | Subject to the standard set forth under the heading "Documentation" above, the same as the Precedent Facility. |
| <u>Assignments and Participations</u>: | Subject to the standard set forth under the heading "Documentation" above, the same as the Precedent Facility. |
| <u>Successor Administrative Agent</u>: | Subject to the standard set forth under the heading "Documentation" above, the same as the Precedent Facility. |
| <u>Expenses and Indemnification</u>: | Subject to the standard set forth under the heading "Documentation" above, the same as the Precedent Facility. |
| <u>Governing Law and Forum</u>: | New York (except security documentation that the Lead Arranger reasonably determines should be governed by local law, including, for the avoidance of doubt, applicable security documentation governed by the laws Jersey and the United Kingdom) and Borough of Manhattan. |

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|:---|:---|
| <u>Counsel to the Administrative Agent</u>: | Gibson, Dunn & Crutcher LLP. |
| <u>Miscellaneous:</u> | The Term Sheet (together with the documentation principles set forth in the "Documentation" paragraph therein) reflects all material terms related to the Facilities. Each party acknowledges that (<u>a</u>) such terms are the result of extensive negotiations among the parties hereto and are an integral and necessary part of the Transactions and (<u>b</u>) the Transactions represent a unique opportunity for AcquisitionCo, the Borrower and the Sponsors. |

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ANNEX I to <br> EXHIBIT B

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|:---|:---|
| <u>Interest Rates</u>: | The per annum interest rates under the will be as follows: |
|  | <u>Revolving Facility</u><br>At the option of the Borrower, initially, (<u>i</u>) in the case of U.S. dollar denominated loans, Daily Simple SOFR plus 2.00%, Term SOFR plus 2.00% or ABR plus 1.00%, (<u>ii</u>) in the case of Canadian dollar denominated loans, the Adjusted Term CORRA plus 2.00% or the Canadian Prime Rate plus 1.00%, (<u>iii</u>) in the case of Euros denominated loans, Adjusted EURIBOR plus 2.00%, (<u>iv</u>) in the case of Pound Sterling denominated loans, SONIA plus 2.00%, (<u>v</u>) in the case of Japanese Yen denominated loans, TONA plus 2.00% and (<u>vi</u>) in the case of Swiss Francs denominated loans, SARON plus 2.00%. |
|  | All swingline loans will be ABR loans. From and after the delivery by the Borrower to the Administrative Agent of Holdings' financial statements for the first full fiscal quarter of Holdings completed after the Closing Date, interest rate spreads under the Revolving Facility shall be determined by reference to a Total First Lien Leverage Ratio-based pricing grid providing for (<u>i</u>) the first step-down of 0.25% (for the margin for each of Daily Simple SOFR, Term SOFR, ABR, Adjusted Term CORRA, Canadian Prime Rate, Adjusted EURIBOR, SONIA, TONA and SARON) based upon achievement of a Total First Lien Leverage Ratio of 3.00:1.00 and (<u>ii</u>) the second step-down of an additional 0.25% (for the margin for each of Term SOFR and ABR) based upon achievement of a Total First Lien Leverage Ratio of 2.50:1.00. In addition, interest rate spreads under the Revolving Facility shall be subject to an additional stepdown of 0.25% (for the margin for each of Daily Simple SOFR, Term SOFR, ABR, Adjusted Term CORRA, Canadian Prime Rate, Adjusted EURIBOR, SONIA, TONA and SARON) following a qualified IPO. |

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B-I-1

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|:---|
| <u>Term Loan B Facility</u><br>At the option of the Borrower, Term SOFR plus 2.25% or ABR plus 1.25%.<br>From and after the delivery by the Borrower to the Administrative Agent of Holdings' financial statements for the first full fiscal quarter of Holdings completed after the Closing Date, interest rate spreads under the Term Loan B Facility shall be determined by reference to a Total First Lien Leverage Ratio-based pricing grid providing for (<u>i</u>) the first step-down of 0.25% (for the margin for each of Term SOFR and ABR) based upon achievement of a Total First Lien Leverage Ratio of 3.00:1.00 and (<u>ii</u>) the second step-down of an additional 0.25% (for the margin for each of Term SOFR and ABR) based upon achievement of a Total First Lien Leverage Ratio of 2.50:1.00 (collectively, the "<u>Term Loan Pricing Step-Downs</u>"). In addition, interest rate spreads under the Term Loan B Facility shall be subject to an additional stepdown of 0.25% (for the margin for each of Term SOFR and ABR) following a qualified IPO (the "<u>IPO Step-Down</u>"). |
| <u>Term Cash Flow Facility</u><br>At the option of the Borrower, Term SOFR plus 1.75% or ABR plus 0.75%. |
| The Borrower may elect (<u>i</u>) interest periods of 1, 3 or 6 months (or, if available to all relevant Lenders, 12 months or a shorter period) for Term SOFR and Adjusted EURIBOR Rate borrowings or (<u>ii</u>) in the case of Canadian dollar denominated loans, interest periods of 1 or 3 months for Adjusted Term CORRA borrowings. |
| Calculation of interest shall be on the basis of the actual days elapsed in a year of 360 days (or 365 or 366 days, as the case may be, in the case of ABR loans based on the Prime Rate, Adjusted Term CORRA loans, Canadian Prime Rate loans, SONIA loans and TONA loans) and interest shall be payable at the end of each interest period and, in any event, at least every 3 months. |
| ABR is the highest of (<u>i</u>) the prime commercial lending rate, as published in the Wall Street Journal for such day (which, if less than 0%, shall be deemed to be 0%) (the "<u>Prime Rate</u>"), (<u>ii</u>) the federal funds effective rate from time to time plus 0.50% and (<u>iii</u>) Term SOFR applicable for an interest period of one month plus 1.00%. |

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B-I-2

Term SOFR has the meaning given to it in the Precedent Facility; *provided* that neither Term SOFR nor Daily Simple SOFR shall be less than 0.00% per annum.<br>Daily Simple SOFR to be defined consistent with "Daily Simple SOFR Rate" in the Precedent Facility.<br>Adjusted EURIBOR is the Euro interbank offered rate for Euros, for the relevant interest period, adjusted for statutory reserve requirements; *provided*, that Adjusted EURIBOR shall not be less than 0.00% per annum.<br>SONIA is the SONIA (sterling overnight index average) simple rate methodology (with lookback); *provided*, that SONIA shall not be less than 0.00% per annum.<br>Canadian Prime Rate is the higher of (<u>x</u>) the rate of interest that the Administrative Agent (or its Canadian affiliate) announces from time to time as its prime lending rate for loans made in Canadian dollars to Canadian customers and (<u>y</u>) Adjusted Term CORRA applicable for an interest period of one month plus 1.00% per annum.<br>Adjusted Term CORRA is the rate per annum equal to the forward-looking term rate based on CORRA, as published on the applicable Reuters screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) that is two business days prior to the first day of the applicable interest period (or if such day is not a business day, then on the immediately preceding business day) with a term equivalent to such interest period; *provided*, that the Adjusted Term CORRA shall not be less than zero.<br>CORRA means the Canadian Overnight Repo Rate Average administered and published by the Bank of Canada (or any successor administrator).<br>

B-I-3

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| | |
|:---|:---|
|  | TONA means, with respect to any business day, a rate per annum equal to the Tokyo Overnight Average Rate for such business day published by the TONA Administrator on the TONA Administrator's Website; *provided*, that TONA shall not be less than zero. |
|  | SARON means, with respect to any business day, a rate per annum equal to the SARON (Swiss Average Rate Overnight) reference rate administered by SIX (or any other person which takes over the administration of that rate) as at the close of trading on the SIX Swiss Exchange on the relevant business day displayed on page SARON.S of the Thomson Reuters screen under the heading CLSFIX; *provided*, that SARON shall not be less than zero. |
| <u>Letter of Credit Fees</u>: | A per annum fee equal to the spread over, at the option of the Borrower, Daily Simple SOFR or Term SOFR under the Revolving Facility will accrue for the account of non-Defaulting Lenders on the aggregate face amount of outstanding Letters of Credit, payable in arrears at the end of each quarter and upon the termination of the Revolving Facility, in each case for the actual number of days elapsed over a 360-day year. Such fees shall be distributed to the non-Defaulting Lenders participating in the Revolving Facility *pro rata* in accordance with the amount of each such Lender's Revolving Commitment. In addition, the Borrower shall pay to the relevant Issuing Lender, for its own account, (<u>a</u>) a fronting fee equal to 0.125% of the aggregate face amount of outstanding Letters of Credit or such other amount as may be agreed by the Borrower and such Issuing Lender, payable in arrears at the end of each quarter and upon the termination of the Revolving Facility, calculated based upon the actual number of days elapsed over a 360 day year, and (<u>b</u>) normal and customary issuance and administration costs and expenses. |
| <u>Commitment Fees</u>: | Initially, 0.375% per annum on the undrawn portion of the commitments in respect of the Revolving Facility, payable to non-Defaulting Lenders quarterly in arrears after the Closing Date and upon the termination of the commitments, calculated based on the number of days elapsed in a 360-day year. |
|  | From and after the delivery by the Borrower to the Administrative Agent of Holdings' financial statements for the first full fiscal quarter of Holdings completed after the Closing Date, commitment fees under the Revolving Facility shall be determined by reference to a Total First Lien Leverage Ratio-based pricing grid providing for a step-down to 0.25% based upon achievement of a Total First Lien Leverage Ratio of 3.00:1.00. |

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B-I-4

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|:---|:---|
| **CONFIDENTIAL** | EXHIBIT C |

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<u>Project Jupiter<br> Summary of Additional Conditions</u>

*All capitalized terms used but not defined herein shall have the meaning given to them in the Commitment Letter to which this Summary of Additional Conditions is attached, including the other Exhibits thereto.*

Except as otherwise set forth below, the initial borrowing under each of the Facilities shall be subject to the satisfaction (or (<u>i</u>) in the case of each of paragraphs (1), (2), (3), (5), (6), (8) and (9), waiver by the Lead Arrangers holding at least 66 2/3% of the commitments under the Facilities (the "<u>Super Majority Lead Arrangers</u>") or (<u>ii</u>) in the case of each of paragraphs (4) and (7), waiver by the Lead Arrangers) of the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Acquisition shall have been or, substantially concurrently with the initial borrowing under the Facilities shall be, consummated in all material respects in accordance with the terms of the Acquisition Agreement, without giving effect to any modifications, amendments, express waivers or express consents thereunder by AcquisitionCo that are materially adverse to the Lenders (in their capacities as such) without the consent of the Lead Arrangers holding at least a majority of the commitments under the Facilities (such consent not to be unreasonably withheld, conditioned or delayed and *provided* that the Lead Arrangers shall be deemed to have consented to such modification, amendment, waiver or consent unless they shall object thereto within two business days after receipt of written notice of such modification, amendment, waiver or consent), it being understood and agreed that (<u>i</u>) any change in the purchase price shall not be deemed to be materially adverse to the Lenders but (<u>x</u>) any resulting reduction in cash uses shall be allocated (<u>a</u>) first, to a reduction of the Equity Contribution to the level set forth in paragraph (a) in the Transaction Description, and (<u>b</u>) second, (<u>I</u>) 65% to a reduction in Term Loan B Facility and (<u>II</u>) 35% to a reduction in the Equity Contribution and (<u>y</u>) any increase in purchase price (excluding, for the avoidance of doubt, any purchase price adjustments in accordance with the terms of the Acquisition Agreement, with respect to which there shall be no limitation on source of funding) shall be funded (at AcquisitionCo's option) with the proceeds of an equity contribution, cash of the Target and its subsidiaries and/or the proceeds of Revolving Loans and (<u>ii</u>) any modification, amendment, express waiver or express consent to the definition of "Company Material Adverse Effect" in the Acquisition Agreement that is adverse to you shall be deemed to be materially adverse to the Lenders (in their capacities as such)..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Equity Contribution shall have been or, substantially concurrently with the initial borrowing under the Facilities shall be, consummated. The Refinancing shall have been, or substantially concurrently with the initial borrowing under the Facilities shall be, consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Since the date of the Acquisition Agreement, there has not been a Company Material Adverse Effect (as defined in the Acquisition Agreement) that would result in the failure of a condition precedent to AcquisitionCo's obligations to consummate the Acquisition under the Acquisition Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All fees related to the Transactions payable to the Lead Arrangers, the Administrative Agent or the Lenders under the Commitment Letter and the Fee Letter shall have been paid to the extent due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Lead Arrangers shall have received (<u>a</u>) audited consolidated balance sheets and related consolidated statements of comprehensive income, consolidated statements of cash flows and consolidated statements of changes in equity of the Company for the two most recently completed fiscal years ended at least 90 days prior to the Closing Date and (<u>b</u>) unaudited condensed consolidated balance sheets and related unaudited condensed consolidated statements of comprehensive income, unaudited condensed consolidated statements of cash flows and unaudited condensed consolidated statements of changes in equity of the Company for any subsequent fiscal quarter and the portion of the fiscal year through the end of such quarter (other than, in each case, the fourth fiscal quarter of any fiscal year) ended at least 45 days prior to the Closing Date. The Lead Arrangers hereby acknowledge receipt of (<u>x</u>) the financial statements referred to in the foregoing clause (a) for the fiscal years ended December 31, 2024 and December 31, 2023 and (<u>y</u>) the financial statements referred to in the foregoing clause (b) for the fiscal quarters ended September 30, 2025, June 30, 2025 and March 31, 2025. It is understood and agreed that the condition set forth in this paragraph 5, (<u>x</u>) may be satisfied by furnishing the applicable consolidated financial statements of the Company on Form 10-K or 10-Q, as applicable, filed with the SEC, and (<u>y</u>) shall be deemed to have been delivered on the earliest date on which (<u>i</u>) the Company posts such documents, or provides a link thereto, on the Company's website on the Internet or (<u>ii</u>) such financial statements and/or other documents are posted on the SEC's website on the internet at www.sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Lead Arrangers shall have received a certificate of the chief financial officer or treasurer (or other comparable officer) of the Borrower substantially in the form of Annex I to Exhibit C attached hereto certifying the solvency, after giving effect to the Transactions, of Holdings and its subsidiaries on a consolidated basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Lead Arrangers shall have received, at least three Business Days (as defined in the Acquisition Agreement) prior to the Closing Date, all documentation and other information about the Borrower and the Guarantors that is (<u>i</u>) (<u>x</u>) required by U.S. regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act and the CDD Rule (which CDD Rule requirements shall be satisfied by delivering the LSTA form beneficial ownership certification) (such rules and regulations, the "<u>KYC Rules</u>") and (<u>y</u>) set forth on the list of "know your customer" requirements delivered to you on or prior to the date hereof (or, in the case of any Additional Committing Lender, on or prior to the date such Additional Committing Lender becomes party to the Commitment Letter) and (<u>ii</u>) all other documentation and other information about the Borrower and the Guarantors that is (<u>x</u>) reasonably requested in writing at least ten Business Days (as defined in the Acquisition Agreement) prior to the Closing Date by the applicable Administrative Agent or the Lead Arrangers and (<u>y</u>) (<u>i</u>) required by U.S. regulatory authorities under the KYC Rules as a result of a change to the KYC Rules occurring after the date hereof, (<u>ii</u>) required as a result of the occurrence of any change in the applicable Lead Arranger's circumstances, which change results in additional information being required under the KYC Rules, (<u>iii</u>) after the Lead Arranger's review of any information delivered pursuant to this paragraph 7, reasonably determined to be required under the KYC Rules or (<u>iv</u>) readily available and customarily delivered by portfolio company affiliates of (at your election) any Sponsor in the United States in connection with bank financings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Subject in all respects to the Funding Conditions Provision, (<u>a</u>) the Guarantees with respect to the applicable Facilities shall have been executed by the Guarantors and be in full force and effect or substantially simultaneously with the initial borrowing under the Facilities, shall be executed and become in full force and effect and (<u>b</u>) all documents and instruments required to perfect the applicable Administrative Agent's security interest in the Collateral with respect to the Facilities shall have been executed and delivered by the Borrower and the Guarantors or substantially simultaneously with the initial borrowings under the Facilities, shall be executed and delivered by the Borrower and the Guarantors and, if applicable, be in proper form for filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. You shall have provided to the Lead Arrangers the financial information identified in paragraph 5 of this Summary of Additional Conditions not less than 10 consecutive business days prior to the Closing Date (or such shorter period reasonably acceptable to the Super Majority Lead Arrangers) (*provided* that (<u>x</u>) July 3, 2026 each shall not constitute a business day for purposes of calculating such 10 consecutive business day period (with such date being excluded for purposes of, but which shall not reset, such 10 consecutive business day period) and (<u>y</u>) if such 10 consecutive business day period shall not have ended on or prior to August 21, 2026, then such 10 consecutive business day period shall not commence prior to September 8, 2026 (such period, the "Marketing Period")).

The information required by condition 9 of this Summary of Additional Conditions above shall be referred to as the "<u>Facilities Required Information</u>". If at any time you shall in good faith believe that you have provided the Facilities Required Information, you may deliver to the Lead Arrangers and their counsel a written notice (which may be delivered by email) to that effect (stating when you believe you completed such delivery), in which case the requirements in the foregoing condition 9 of this Summary of Additional Conditions will be deemed to have been satisfied as of the date of the applicable notice, unless the Lead Arrangers in good faith reasonably believe that you have not completed the delivery of the Facilities Required Information and, within two business days after the delivery of such notice by you, deliver a written notice to you to that effect (stating with specificity which Facilities Required Information you have not delivered).

ANNEX I to EXHIBIT C

Form of Solvency Certificate

Date: _____, 20[●]

To the Administrative Agent and each of the Lenders party to the Credit Agreement referred to below:

I, the undersigned, the [Chief Financial Officer or Treasurer] of _____, a _____ _____ ("<u>Holdings</u>"), in that capacity only and not in my individual capacity (and without personal liability), do hereby certify as of the date hereof, and based upon (<u>i</u>) facts and circumstances as they exist as of the date hereof (and disclaiming any responsibility for changes in such fact and circumstances after the date hereof) and (<u>ii</u>) such materials and information as I have deemed relevant to the determination of the matters set forth in this certificate, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This certificate is furnished to the Administrative Agent and the Lenders pursuant to Section __ of the Credit Agreement, dated as of _________ ____, 20[ ], among _________ (the "<u>Credit Agreement</u>"). Unless otherwise defined herein, capitalized terms used in this certificate shall have the meanings set forth in the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For purposes of this certificate, the terms below shall have the following definitions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Fair Value"

The amount at which the assets (both tangible and intangible), in their entirety, of Holdings and its Subsidiaries taken as a whole would change hands between a willing buyer and a willing seller, within a commercially reasonable period of time, each having reasonable knowledge of the relevant facts, with neither being under any compulsion to act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Present Fair Salable Value"

The amount that could be obtained by an independent willing seller from an independent willing buyer if the assets of Holdings and its Subsidiaries taken as a whole are sold with reasonable promptness in an arm's-length transaction under present conditions for the sale of comparable business enterprises insofar as such conditions can be reasonably evaluated.

C-I-1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Stated Liabilities"

The recorded liabilities (including contingent liabilities that would be recorded in accordance with GAAP) of Holdings and its Subsidiaries taken as a whole, as of the date hereof after giving effect to the consummation of the Transactions, determined in accordance with GAAP consistently applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Identified Contingent Liabilities"

The maximum estimated amount of liabilities reasonably likely to result from pending litigation, asserted claims and assessments, guaranties, uninsured risks and other contingent liabilities of Holdings and its Subsidiaries taken as a whole after giving effect to the Transactions (including all fees and expenses related thereto but exclusive of such contingent liabilities to the extent reflected in Stated Liabilities), as and to the extent identified and explained in terms of their nature and estimated magnitude by responsible officers of Holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Will be able to pay their Stated Liabilities and Identified Contingent Liabilities as they mature"

For the period from the date hereof through the Maturity Date, Holdings and its Subsidiaries taken as a whole will have sufficient assets and cash flow to pay their respective Stated Liabilities and Identified Contingent Liabilities as those liabilities mature or (in the case of contingent liabilities) otherwise become payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Do not have Unreasonably Small Capital"

For the period from the date hereof through the Maturity Date, Holdings and its Subsidiaries taken as a whole after consummation of the Transactions is a going concern and has sufficient capital to ensure that it will continue to be a going concern for such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. For purposes of this certificate, I, or officers of Holdings under my direction and supervision, have performed the following procedures as of and for the periods set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) I have reviewed the financial statements (including the *pro forma* financial statements) referred to in Section __ of the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) I have knowledge of and have reviewed to my satisfaction the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As the [Chief Financial Officer or Treasurer] of Holdings, I am familiar with the financial condition of Holdings and its Subsidiaries.

C-I-2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Based on and subject to the foregoing, I hereby certify on behalf of Holdings that after giving effect to the consummation of the Transactions, it is my opinion that (<u>i</u>) the Fair Value and Present Fair Salable Value of the assets of Holdings and its Subsidiaries taken as a whole exceed their Stated Liabilities and Identified Contingent Liabilities; (<u>ii</u>) Holdings and its Subsidiaries taken as a whole do not have Unreasonably Small Capital; and (<u>iii</u>) Holdings and its Subsidiaries taken as a whole will be able to pay their Stated Liabilities and Identified Contingent Liabilities as they mature.

\* \* \*

C-I-3

IN WITNESS WHEREOF, Holdings has caused this certificate to be executed on its behalf by its [Chief Financial Officer or Treasurer] as of the date first written above.

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| |
|:---|
| [BORROWER] |
| By: |
| Name: |
| Title: [Chief Financial Officer or Treasurer] |

---

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

**Exhibit 99.(b)(iii)**

***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**

January 21, 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: Letter Agreement Pursuant to<br> 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, by and among Jupiter Company Limited ("<u>Parent</u>") and Jupiter Borrower, Inc. ("<u>AcquisitionCo</u>"), JPMorgan Chase Bank, N.A. ("<u>JPMorgan</u>"), Citi (as defined in the Commitment Letter (as defined below)), Bank of America, N.A. ("<u>Bank of America</u>"), BofA Securities, Inc. (together with its designated affiliates, "<u>BofA Securities</u>" and, together with Bank of America, "<u>BofA</u>"), Jefferies Finance LLC ("<u>Jefferies</u>"), MUFG Bank, Ltd. ("<u>MUFG</u>") and Sumitomo Mitsui Banking Corporation ("<u>SMBC</u>" and, together with JPMorgan, Citi, BofA, Jefferies and MUFG, the "<u>Original Committed Bank Lenders</u>"), (the "<u>Commitment Letter</u>"); 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 Original Committed Bank Lenders (the "<u>Fee Letter</u>").

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>Additional Committing Lenders</u>. As contemplated by the first sentence of the sixth paragraph of the Commitment Letter, Parent, AcquisitionCo and the Original Committed Bank Lenders (other than MUFG) severally and not jointly agree (<u>a</u>) to allocate 7.5% and 7.5% of the commitments (other than the commitment of MUFG) in respect of each of the Facilities (including without limitation, any Additional Flex Increase) to UBS AG, Stamford Branch ("<u>UBS AG</u>") and UBS Securities LLC ("<u>UBSS</u>" and, together with UBS AG, "<u>UBS</u>"), and Morgan Stanley Senior Funding, Inc. ("<u>MSSF</u>"), respectively, (<u>b</u>) that each of the corresponding commitments in the Facilities of the Original Committed Bank Lenders (other than MUFG) is hereby reduced as set forth on <u>Annex A</u> to this letter agreement and (<u>c</u>) to appoint UBS and MSSF as Additional Committing Lenders thereunder (each an "<u>Additional Committing Lender</u>" and, collectively, the "<u>Additional Committing Lenders</u>"). Each of the Additional Committing Lenders acknowledges that it has, independently and without any reliance upon any of the Original Committed Bank Lenders or any of their respective affiliates, or any of their respective officers, directors, employees, agents, advisors or representatives, and based on the financial statements of the Company and its affiliates and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this letter agreement and the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Agreement of Each Additional Committing Lender to Be Bound; Titles; Etc</u>. By execution hereof, each Additional Committing Lender agrees on a several but not joint basis and solely with respect to itself, in each case on the same terms and conditions as are applicable to the Original Committed Bank Lenders' commitments in respect of the Facilities under the Commitment Letter that, (<u>a</u>) each of UBS and MSSF hereby commits to provide 7.5% and 7.5%, respectively, of the commitments in respect of each of the Facilities (including without limitation, any Additional Flex Increase) and (<u>b</u>) to be and shall be bound by the terms and conditions, subject to all commitments and obligations and entitled to all of the rights and benefits of a "Committed Lender" and "Lender" under the Commitment Letter and the Fee Letter as if such Additional Committing Lender was originally a party thereto. Each of UBSS and MSSF shall act as a joint lead arranger and joint bookrunner for the Facilities, and all references in the Commitment Letter and Fee Letter to "Lead Arrangers," "Committed Lenders," "we" or "us" shall be deemed to include UBS and MSSF in such capacities. By execution hereof the parties hereto agree that with respect to (<u>i</u>) the third paragraph under the heading "Facilities Fees" in the Fee Letter that deals with the Term Cash Flow Arrangement Fee and (<u>ii</u>) the first paragraph under the heading "General" in the Fee Letter that deals with any Alternate Transaction and payment of an Alternative Transaction Fee, in each case, each reference to "the date hereof" (other than the first such reference in the first paragraph under the heading "General" in the Fee Letter) means the date of this letter agreement after giving effect to the terms hereof, including the reduction of the commitments in each of the Facilities of the Original Committed Bank Lenders in accordance with Section 1(b) above. For the avoidance of doubt, as consideration for the services of each Additional Committing Lender related to the Facilities and the commitments of each Additional Committing Lender hereunder, Parent and AcquisitionCo agree that each Additional Committing Lender shall be entitled to its pro rata share of any fees payable under the Fee Letter to the Committed Lenders in their capacities as such in respect of the Facilities, in each case, in proportion to its allocated commitment hereunder on the date hereof, if and when any such fees become payable pursuant to the terms and conditions of the Fee Letter.

&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 |

---

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

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| | | |
|:---|:---|:---|
| ACKNOWLEDGED AND AGREED | ACKNOWLEDGED AND AGREED | ACKNOWLEDGED AND AGREED |
| as of the date first written above: | as of the date first written above: | as of the date first written above: |
| JPMORGAN CHASE BANK, N.A. | JPMORGAN CHASE BANK, N.A. | JPMORGAN CHASE BANK, N.A. |
| By: | /s/ Matthew D. Griffith | /s/ Matthew D. Griffith |
|  | Name: | Matthew D. Griffith |
|  | Title: | Managing Director |

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

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| | | |
|:---|:---|:---|
| CITIGROUP GLOBAL MARKETS INC. | CITIGROUP GLOBAL MARKETS INC. | CITIGROUP GLOBAL MARKETS INC. |
| By: | /s/ Kirkwood Roland | /s/ Kirkwood Roland |
|  | Name: | Kirkwood Roland |
|  | Title: | Managing Director |

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

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| | | |
|:---|:---|:---|
| BANK OF AMERICA, N.A. | BANK OF AMERICA, N.A. | BANK OF AMERICA, N.A. |
| By: | /s/ Sanjay Rijhwani | /s/ Sanjay Rijhwani |
|  | Name: | Sanjay Rijhwani |
|  | Title: | Managing Director |
| BOFA SECURITIES, INC. | BOFA SECURITIES, INC. | BOFA SECURITIES, INC. |
| By: | /s/ Sanjay Rijhwani | /s/ Sanjay Rijhwani |
|  | Name: | Sanjay Rijhwani |
|  | Title: | Managing Director |

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

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

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

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| | | |
|:---|:---|:---|
| MUFG BANK, LTD. | MUFG BANK, LTD. | MUFG BANK, LTD. |
| By: | /s/ J.P. Chaput | /s/ J.P. Chaput |
|  | Name: | J.P. Chaput |
|  | Title: | Director |

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

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| | | |
|:---|:---|:---|
| SUMITOMO MITSUI BANKING CORPORATION | SUMITOMO MITSUI BANKING CORPORATION | SUMITOMO MITSUI BANKING CORPORATION |
| By: | /s/ Matthew Burke | /s/ Matthew Burke |
|  | Name: | Matthew Burke |
|  | Title: | Managing Director |

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

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| | | |
|:---|:---|:---|
| UBS AG, STAMFORD BRANCH | UBS AG, STAMFORD BRANCH | UBS AG, STAMFORD BRANCH |
| By: | /s/ Bryan Farris | /s/ Bryan Farris |
|  | Name: | Bryan Farris |
|  | Title: | Managing Director |
| By: | /s/ Michele Cousins | /s/ Michele Cousins |
|  | Name: | Michele Cousins |
|  | Title: | Managing Director |
| UBS SECURITIES LLC | UBS SECURITIES LLC | UBS SECURITIES LLC |
| By: | /s/ Bryan Farris | /s/ Bryan Farris |
|  | Name: | Bryan Farris |
|  | Title: | Managing Director |
| By: | /s/ Michele Cousins | /s/ Michele Cousins |
|  | Name: | Michele Cousins |
|  | Title: | Managing Director |

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

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| | | |
|:---|:---|:---|
| MORGAN STANLEY SENIOR FUNDING, INC. | MORGAN STANLEY SENIOR FUNDING, INC. | MORGAN STANLEY SENIOR FUNDING, INC. |
| By: | /s/ Ethan Plater | /s/ Ethan Plater |
|  | Name: | Ethan Plater |
|  | Title: | Authorized Signatory |

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

<u>Annex A</u>

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| | | |
|:---|:---|:---|
| **Committed Lender** | **Current Committed Percentage<br> for the Facilities** | **Revised Committed Percentage<br> for the Facilities** |
| JPMorgan | 25% | 20.832% |
| Citi | 25% | 20.832% |
| BofA | 22% | 18.332% |
| Jefferies | 13% | 10.832% |
| MUFG | 10% | 10.000% |
| SMBC | 5% | 4.172% |
| UBS AG | N/A | 7.500% |
| MSSF | N/A | 7.500% |

---

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

**Exhibit 99.(c)(i)**

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciimg001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Jewel Discussion Materials Goldman Sachs & Co. December 1 , 2025 DRAFT Preliminary - Subject to Refinement INVESTMENT I BANKING  |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciimg002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclaimer DRAFT Preliminary - Subject to Refinement INVESTMENT I BANKING 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](tm2534023d8_ex99-ciimg003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Topics for Discussion DRAFT Preliminary - Subject to Refinement INVESTMENT I BANKING I. Feedback from management presentation with Trian and General Catalyst II. Update on outreach process and discussion with advisors Ill. Review of preliminary standalone JHG valuation analysis IV. Trian / General Catalyst engagement plan and next steps  |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciimg004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jewel Share Price Performance Last 3 Years DRAFT Preliminary - Subject to Refinement INVESTMENT I BANKING Undisturbed Trading History' Share Price 52-Week High (05-Feb-2025) S 45.94 52-Week Low (08-Apr-2025) 29.47 Share Price Performance & Volume Trading History Jewel 3Y 1Y 6M 3M 1M $50 % Performance 72.7 % (3.4)% 17.1 % (2.1)% (5.7)% Average Share Price $33.74 $40.84 $42.12 $43.87 $43.49 $40 $30 $20 Nov-22 31.Jan-2025: Beat 2024 full-year consensus s treet EPS estimates by ~14% 12-Aug-2024: Announces acquiring majority stake in Victory Park Capital (VPC) 02-May-2024: Announces acquisition of NBK Wealth & Tabula Jun-23 Feb-24 Sep-24 D M&A Activity D Earnings Report 02-Apr-2025: Liberation Day 27-0ct-2025: Jewel confirms acquisition proposal from Trian and General Catalyst2 Jewel, VPC& CNO Financial Group announ strategic partnership 09-Apr-2025: Reciprocal tariffs paused Apr-25 D Macro-economic Activity Source: Company filings, FactSet. Note: Market data as of 28-Nov-2025. 1 52-week high and tow as of closing on 24-0ct-2025, prior to Trian bid proposal. 2 Trian public/y-0isctosed letter dated 2(K)ct-2025. 12 10 $43.71 8 6 4 2 0 Nov-25 E .§, Cl) E ..:! 0 >  |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciimg005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT Preliminary - Subject to Refinement Historical Jewel and Peer EV/ NTM EBITDA INVESTMENT I BANKING Average Jewel' TAM Peers2 10.0 X 9.5 X 9.0 X 8.5 X 8.0 X 7.5 X 7.0 X 6.5 X 6.0 X 3Y 7.9 X 7.8 2Y 8.1 X 7.7 Historical Jewel and Peer Multiple Analysis 1Y 8.3 X 7.5 Jewel - % of Time TAM Peers2 - % of Spent in Range' 3y 2Y 1Y Time Spent in Range ------------------- 10. 0 + 10.0 + 9.5x-10.0x 0 % 0 % 0 % 9.5x-10.0x 9.0 X • 9.5 X 7 10 8.5x-9.0x 13 16 8.0 X • 8.5 X 25 28 7.5 X • 8.0 X 31 29 7.0x-7.5x 14 10 6.5x-7.0x 7 5 6.0 X • 6.5 X 2 2 < 6.0 X 1 20 25 28 11 5 5 4 2 9.0 X • 9.5 X 8.5 X • 9.0 X 8.0 X • 8.5 X 7.5x-8.0x 7.0 X • 7.5 X 6.5 X • 7.0 X 6.0 X • 6.5 X < 6.0 X 3Y 1% 3 7 24 42 18 4 2 0 2Y 2 23 45 21 6 2 0 EV/ NTM EBITDA on 24-0ct-2025 (Pre-Proposal): 7.9 X 1Y 13 42 29 12 5 0 5.5 X +---------.----------.--------..---------.---------.---------.--------..- Nov-22 May-23 Oct-23 Mar-24 Aug-24 Jan-25 Jun-25 Nov-25 Source: Company filings, FactSet. Note: Market data as of 28-Nov-2025. 1 Refiects Jewel historical data up to undisturbed date of 24-0ct-2025. 2 TAM Peers include AB, AMG, APAM, BEN, BLK, IVZ, TROW, VCTR, VRTS. Renects historical data through 28-Nov-2025. 8.0 X 7.6 X 51  |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciimg006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jewel Management Projections Adjusted Financials I ($ in millions) DRAFT Preliminary - Subject to Refinement INVESTMENT I BANKING Historical Projected CAGR I 2022A 2023A 2024A I 2025P 2026P 2027P 2028P 2029P '22A • '24A '25P • '29P Revenues I Total Revenues1 $1,705 $1,646 $1 ,941 ~ I $2,134 $2,324 $2,460 $2,587 I S 2,671 I 7 % 6 % % Revenue Growth (23)% (3)% 18 %1 10% 9% 6% 5% 3 % 1 ------------------------i Expenses I Compensation2 $754 $754 $855 1 $927 $971 $1,024 $1,076 $1,118 Compensation as % of Revenue I r------------------------ 44 % 46% 44 %1 I 43 % 42 % 42% 42% 42 % 1 % Compensation Growth (14) (0) 13 ------------------------i I 8 5 5 5 4 Non-Compensation3 $374 $384 $418 : $466 $485 $506 $523 $540 Non-Compensation as % of Revenue 22% 23% r------------------------ 22 %1 22% 21 % 21 % 20% 20 % 1 % Non-Compensation Growth (1) 2 9 I ~-----------------------i 12 4 4 3 3 Total Expenses $1,129 $1,137 $1, 2731 $1,393 $1,456 $1,530 $1 ,599 $1,658 6 % 4 % Operating Income $577 $509 $6681 $741 $868 $930 $988 I S 1,013 I 8 % 8 % Operating Income Margin 34 % 31 % 34 %1 I 35 % 37% 38% 38% 38 % 1 ------------------------i % Operating Income Growth (40) (12) 31 I 11 17 7 6 2 EBITDA $608 $532 $6931 $779 $912 $971 $1 ,026 $1,048 7 % 8 % EB/TOA Margin 36% 32% 36 %1 37% 39 % 39% 40% 39 % % EB/TOA Growth (39) (13) 30 I 12 17 6 6 2 Net Income Available to Common4 $421 $423 s 550 I $586 $666 $707 $744 $754 14 % 7 % Net Income Margin 25 % 26% 28 %1 I 27% 29 % 29% 29% 28% % Net Income Growth (41) 0 30 I 6 14 6 5 1 Source: Company filings, Jew/ projections per Jewel management as approved tor Goldman Sachs' use by the Special Committee ("Jewel Management Projectionsj . Jewel Management adjustments to GAAP P&L include: s I 1 Reimbursement of GAAP recognized distribution and seNicing fees collected from customers and remitted to third-party partners (pass-through revenues I expenses) 2 Acceleration of L TIP and redundancy expense of departing employees 3 Reversal of GAAP recognized distribution and servicing remittances to third-party partners (pass-through revenues I expenses). • Projected years (2025E - 2029E) deduct 3-year historical average (2022A - 2024A) of a/location of earnings to participating stock-based awards (-$13mm).  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciimg007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2':- c: 0 Cl) u C: Cl) ... .! Cl) 0::: ... 0 LL DRAFT Preliminary - Subject to Refinement Illustrative Summary of Jewel Financial Analysis INVESTMENT I BANKING Methodology DCF Analysis Precedent Transaction Precedent Premia Analysis (Undisturbed) Precedent Premia Analysis (52-Week High) Public Market Valuation 52-Week Range $32.28 $29.47 Illustrative Valuation Range $41 .68 $55.07 $42.10 $54.67 $58.05 I I I $149.9 I I I $45.02 $55.59 $42.24 $54.02 I I $45.94 I Trian I GC Proposal:$46.00 I Selected Commentary • Low: WACC of 13.00%, PGR of 1.50% • High: WACC of 11.00%, PGR of 2.50% • Based on Jewel Management Projections • Present value of future share price + dividends using Jewel COE of 12.9% • Low: 7.5x EV/ EBITDA • High: 9.5x EV/ EBITDA • Based on Jewel Management Projections • Low: 6.9x L TM EV/ EBITDA • High: 12.1x LTM EV/ EBITDA • Based on L TM EBITDA of $768mm1 • Historical premia paid relative to undisturbed share price for all-cash U.S. target M&A transactions between $5bn - $10bn equity value since 2014 63.28 • Low: 20% premia (25th percentile) to undisturbed price2 • High: 52% premia (75th percentile) to undisturbed price2 • 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: 21% premia (75th percentile) to 52-week high • Low: 7.5x 2026E EV/ EBITDA • High: 9.5x 2026E EV/ EBITDA • Based on Jewel Management Projected 2026E EBITDA of $912mm3 • Low4: $29.47 on 08-Apr-2025 • High4: $45.94 on 05-Feb-2025 Source: Jewel Management Projections, Company filings, Fae/Set. Note: Market data as of 28-Nov-2025. Diluted share count for purposes of per share values based on Jewel standalone diluted shares outstanding (preliminary, subject to 1 I refinement), inclusive of 154. 683mm common shares, 0. 133mm incremental share-based awards, 0. 071 mm warrant shares, and 0. 045mm treasury shares held in separate trust related to BA YE plan per Jewel Management. Equity value composed of enterprise value Jess NCI of $902mm, debt of $395mm, plus cash and cash equivalents of $982m and investments in affiliates of $1 Bmm per Jewel Management Projections. 1 L TM EBITDA as of 30-Sep-2025. 2 Undisturbed share price of $41.63 as of 24-0ct-2025. 3 Represents 2026E Projected EBITDA per Jewel Management Projections. 4 Reflects 52-week low and high share price through undisturbed date of 24-0ct-2025.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciimg008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discounted Cash Flow Analysis ($ in millions) Discounted Cash Flows Model 4Q'25E I 2026E 2027E EBITDA $225 I $912 $971 (-) D&A (12) I (44) (41) Pre-Tax Operating Income $214 I $868 $930 (-) Taxes (51) I (209) (221) Post-Tax Operating Income $162 I $660 $709 (+) D&A 12 I 44 41 (-) Capex $(5) I I (41) (59) (+/-) NWC (39) I (17) (12) Unlevered Free Cash Flow $129 I $645 $679 Per Share Value WACC 11.00 % 12.00 % 13.00 % 1.50 °/c $50.70 $45.76 $41 .68 1.50 °/c s s Ct:: "' Ct:: "' .r:. 2.00 % 52.76 47.39 42.99 .r:. 2.00 °/c ~ ~ 0 0 ... ... C) C) 2.50 % 55.07 49.18 44.42 2.50 °/c DRAFT Preliminary - Subject to Refinement INVESTMENT I BANKING 2028E 2029E Terminal $1,026 $1,048 $1,079 (37) (35) $988 $1,01 3 (233) (236) $756 $777 37 35 (19) (19) (10) (8) $764 $785 $809 Implied Terminal EV / EBITDA Multiple WACC 11.00 % 12.00 % 13.00 % 7.9 X 7.1 X 6.5 X 8.3 7.5 6.8 8.8 7.9 7.1 Source: Jewel Management Projections, FactSet, Company Filings. Note: Market data as of 28-Nov-2025. Diluted share count for purposes of per share values based on Jewel standalone diluted shares outstanding (preliminary, a I subject to refinement), inclusive of 154.683mm common shares, 0.133mm incremental share-based awards, 0.071mm warrant shares, and 0.045mm treasury shares held in separate trust related to BAYE plan per Jewel Management. Equity value composed of enterprise value less NCI of $902mm, debt of $395mm, plus cash and cash equivalents of $982m and investments in affiliates of $18mm per Jewel Management Projections.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciimg009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Present Value of Future Share Price DRAFT Preliminary - Subject to Refinement $75.00 $70.00 $65.00 $60.00 $55.00 $50.00 $45.00 $40.00 $35.00 Present Value of Future Stock Price Analysis Based on NTM EV/ EBITDA Multiples 112.9% Cost of Equity Future Stock Price Present Value of Future Stock Price $75.00 $71.27 $70.00 $65.00 $60.00 $55.00 $54.65 $50.00 $49.20 $45.00 $40.00 $42.10 $35.00 Current 2025E 2026E 2027E Current 2025E 2026E - 7.5x EV/ EBITDA - 8.5x EV/ EBITDA - 9.5x EV/ EBITDA 2025E 2026E 2027E 1-Year Forward EBITDA $912 $971 $1,026 Debt (395) (395) (395) NC I (908) (919) (970) Cash 1,041 1,474 1,962 Investments in Affi~ates 18 18 18 Total EV to Equity Value Adjusbnents $(244) $178 $615 Aggregate Dividend 61 245 245 Fully Diluted Shares Outstanding (mm) 153.478 153.068 153.068 INVESTMENT I BANKING $54.67 $49.57 $44.47 2027E Source: Jewel Management Projections, Axioma, Duff & Phelps. Market data as of 28-Nov-2025. Assumes a 12.9% cost of equity based on an equity beta of 1.35 (based on Jewel's 2-year Axioma historical beta, as of 9 I 28-Nov-2025), risk-free rate of 4.6% and equity risk premium of 6. 1%. Discounted to 30-Sep-2025.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciimg010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Precedent Transactions Precedent M&A Transactions ($ in billions) Acquirer Target Announced J Amundi V1ctoryCapital' Apr-2024 A.ssa'f-ll~ M &IIIT (U.S.) Manage Investment ment Manage Investment ment Jul-2022 (Pzen• Investment Management, LLC) O M ACQUARIE - ~¥1 Dec-2020 I A¥ C ll11t • • w1u, .. j)fAH! Morgan Stanley :: Eaton Vance Oct-2020 A LEGG MASON Feb-2020 FRAN Kll N TEMPLETON 1,1..(111,.l \ ~)<1 M,, ~1,1,1.t,\.I INVESTMENTS J ~USAA., Nov-2018 V1ctoryCapital' (Asset Management Company) ~ ~ Oct-2018 Invesco Opponhelrnef1'\Jl1ds• Median Source: Company filings, earnings transcripts. 1 Excludes $150mm earnout over tour years. DRAFT Preliminary - Subject to Refinement INVESTMENT I BANKING Consideration EV / L TM EBITOA $1.0 8.9 X 0.8 7.2 X 1.7 10.8 X 6.8 12.1 X 5.6 10.5 X 0.91 6.9 X 5.6 8.4 X 8.9 x 10 I  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciimg011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Precedent Premia Analysis DRAFT Preliminary - Subject to Refinement Premia Paid in Precedent U.S. Public M&A INVESTMENT I BANKING # of Deals U.S. Targets Valued Between $5bn - $1 Obn; All-Cash Transactions Premia Relative to Undisturbed Share Price1 25th Percentile 20 % 75th Percentile 52 % 62 % 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 9 9 9 17 9 6 13 15 10 13 11 Source: Dealogic. 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. Median: 32%  |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciimg012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Precedent Premia Analysis DRAFT Preliminary - Subject to Refinement # of Deals Premia Paid in Precedent U.S. Public M&A INVESTMENT I BANKING U.S. Targets Valued Between $5bn - $1 Obn; All-Cash Transactions Premia Relative to 52-Week High Share Price1 25th Percentile (2) % 75th Percentile 21 % 24 % 19 % Median: -------- 7% 0 % 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 9 9 9 17 9 6 13 15 10 13 11 Source: Dealogic. Note: Premium is relative to target's 52-week high share price tor control deals with U.S. targets valued between $5 billion and $10 billion. 1 Includes a/I-cash transactions.  |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciimg013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;# of Deals Precedent Premia Analysis DRAFT Preliminary - Subject to Refinement Premia Paid in Precedent U.S. Public M&A INVESTMENT I BANKING U.S. Targets Valued Between $5bn - $1 Obn; All-Cash Transactions 78 % 0-50% 6 Premia Relative to Undisturbed Share Price - Deals Grouped by Undisturbed Share Price as % of 52-Week High1 50-60% 60-70% 70-80% 7 13 30 Jewel's $41.63 undisturbed share price represents 91% of its 52-Week High of $45.94 80-90% 37 ... - ---- 15th Percentile: I 33 % I • I 38 I I I I . I I Source: Dealogic. Note: Premium is relative to target's undisturbed share tor control deals With U.S. targets valued between $5 billion and $10 billion. 1 Includes a/I.cash transactions.  |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciimg014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analysis at Various Prices ($ in millions, except share price) Trian / GC Offer Price Metric Value $46.00 $48.00 Premium To: Undisturbed Share Price (24-0ct-2025) $41.63 10.5 o/o 15.3 o/o 30-DayVWAP (24-0ct-2025) 43.61 5.5 10.1 60-DayVWAP 43.66 5.4 9.9 (24-0ct-2025) 52-Week High 2 45.94 0.1 4.5 (05-Feb-2025) All-Time High 48.43 (5.0) (09) (09-Nov-2021) Estimated Trian Cost Basis 29.49 56.0 62.8 Jewel Management Projected Adj. EBITDA LTM EBITDA $768 9.7 X 10.4 X 2025E 779 9.5 10.2 2026E 912 8.1 8.7 $50.00 20.1 o/o 14.7 14.5 8.8 3.2 69.5 10.8 X 10.6 9.1 DRAFT Preliminary - Subject to Refinement INVESTMENT I BANKING Illustrative Prices TAM 1 Precedent $52.00 $54.00 $56.00 Peers Transactions I I 24.9 o/o 29.7 o/o 34.5 o/o I I 19.2 23.8 28.4 I 19.1 23.7 28.3 I I 13.2 17.5 21.9 I I 7.4 11.5 15.6 I I 76.3 83.1 89.9 I I I I I 11.2 X 11.6 X 12.0 X I 8.9 X I 11.0 11.4 11.8 I 8.5 9.4 9.8 10.1 I 7.4 I I Source: Jewel Management Projections, filings, Refinitiv, FactSet. Note: Market data as of 28-Nov-2025. DUuted share count for purposes of per share values based on Jewel change of control fully diluted shares outstanding (preliminary, subject to refinement), 14 1 inclusive of 154.683mm common shares, 0.139mm incremental share-based awards, 0.281mm warrants (based on Trian I GC proposal price of $46.00 per share), 0.045mm treasury shares related to BA YE plan held in separate trust, less 0.524mm RSUIPSU awards attributable to CEO which are assumed to be forfeited due to change in control clause per Jewel Management. Equity value composed of enterprise value less NCI of $902mm, debt of $395mm, plus cash and cash equivalents of $982m and investments in affiliates of $18mm per Jewel Management Projections. 1 TAM Peers include AB, AMG, APAM, BEN, BU<, IVZ, TROW, VCTR, VRTS. 2 Reflects 52-week high as of undisturbed dale of 24-0ct-2025.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciimg015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT Preliminary - Subject to Refinement Precedent Transactions Involving Significant Shareholders INVESTMENT I BANKING Precedent transactions involving unsolicited proposals from significant shareholders have featured sizable premiums and moderate increases in final offer price relative to initial proposals 3 months 6 months Initial Offer Announcement First Price Increase Announced Final Merger Agreement Announced Close of Transaction Summary Statistics from Precedent Transactions Involving Significant Shareholders Criteria ■ U.S. Acquiror or Target ■ Since 01-Jan-2015 ■ >$1 bn Transaction Value ■ Acquiror Ownership of Target 20 - 50% ■ 35 Transactions Summary Statistic Average Premium' (Initial Offer) Average All-In Premium Average Total Increase in Offer Price Average No. of Price Bumps Average Time From Unsolicited Offer to Signing % of Unsolicited Deals with a Bump % of Unsolicited Deals Completed (Excluding Ongoings) Source: Refinitiv. Note: all transactions involve off the record negotiations not reflected. 'Premium calculations are determined using the offer price relative to the undisturbed price (T-1). 2 1112 transactions involved more than one price bump. 9 months Average 20.0 % 25.0 % 5.1 % -3 months 59% 81%  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciimg016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT Preliminary - Subject to Refinement Bidding Evolution in Largest Private Equity Deals INVESTMENT I BANKING On average, sample transactions saw offer prices increase 6% from initial indication to final offer, and 4% from second indication to final offer 40% 35% 30% 25% ! Median 4% ! 20% 15 % 10 % 5% 0% (5)% (10)% % Iner 1st-to-Final % Iner 2nd-to-Final ~ C: ~ ::, "O C: w 36% 24% (I) ~ .2 0 Cl ~ ~ ~ :t: "O Q) ·c: a:: 0 ro ~ ~ .c (.) <(£... i (I) ~ "iii > (.) z (I) w ::, ::c: 0 C: (I) C) x (I) z 30% 27% 24% 16% 16% 15% 25% 19% 16% 4% 11% 9% Bid Prices Indexed to Initial Offer Price 4% Represents final bid price over initial bid price Represents second bid price over initial bid price Median % change from ■ second bid to final bid Represents initial bid price } I G% I Median % change from first bid to final bid iii ,gi (I) ~ "iii "' (I) (.) ~ ~ c "' i t: jl (.) z Cl E .5 ·g, "O ro ·g, ~ "iii ro (I) ·13 ro (.) (I) C: E Q) a.. "O C: E 0. a:: > ~ '5 al ::, ro "iii ...J "' (.) Cf) ...J E ro "8 0 C: ::, 0 0 ~ ..- "' (I) ~ ~ ~ Q) :t: ... ~ ~ c3 u:: 0 E a:: ro (I) Cl 0 a:: 0 ro 0 a.. ro (.) CD ~ ::, ::, ... Cf) Cl Cf) O" C: ro Cf) w ~ Q) "' <("' • First Bid A Second Bid ♦ Final Bid Percentage Bid Increase to Final Offer 14% 13% 11% 10% 10% 10% 10% 10% 9% 8% 6% 6% 5% 5% 4% 4% 10% (3)% 2% 7% 6% 5% 1% 5% 4% 4% 6% 4% 1% 1% 1% 0% ro "O ~ "' Q) E ro ... C: (I) 0. ro ro 0 "' C: 0 ::, "iii E ::, ·c: iii (.) 0 ~ N 0. (I) a:i (I) ... > IO (.) 0 ~ C: C: C: w 0 w (I) C: "' (I) ~ ~ >, ... Cf) (I) C: ... 0 (.) 3% 3% 3% 3% 2% 2% 2% 2% 1% 2% 0% 0% (10)% 0% C: ~ ro 8 ci. a:: ro C: (I) <(e> 0 LL 1% 1% 8% (3)% .c £-~ Cf) 1% 7% al .c t: "' ro E Cf) Median ~ 1% 6% ~ ~ 0% 4% Source: Deal Point Data. Note: Represents select publicly available sponsor transactions over the last 5 years  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciimg017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix A: Valuation Support DRAFT Preliminary - Subject to Refinement INVESTMENT I BANKING  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciimg018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beta Analysis 2.40 Average 3Y 2Y 1Y Jewel' 1.51 1.52 1.42 TAM Peers2 1.38 1.36 1.22 2.20 2.00 1.80 1.60 1.40 1.20 DRAFT Preliminary - Subject to Refinement INVESTMENT I BANKING Historical Jewel and Peer Beta Analysis Jewel - % of Time Spent in Range' 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 1.10 - 1.20 5-Nov-2024: U.S. Election Day TAM Peers2 - % of Time Spent in Range 1.70 + 1.60 • 1.70 1.50-1.60 1.40 • 1.50 1.30 • 1.40 1.20 • 1.30 1.10 • 1.20 3Y 2Y 1Y 1% 1% 16 24 42 23 8 2 4 29 43 81 5 8 15 Beta on 24-0ct-2025 (Pre-Proposal): 1.41 1.36 1.12 1.00 _______ "'T"' ______ "'T" ______ """T' ______ ..... ______ __,,--------,--------.,...------"T"" Oct-2022 Mar-2023 Jul-2023 Dec-2023 May-2024 Sep-2024 Feb-2025 Jun-2025 Nov-2025 Source: Axioma. Note: Market data as of 28-Nov-2025. 1 Reflects Jewel historical data up to undisturbed date of 24-0ct-2025. 2 TAM Peers include AB, AMG, APAM, BEN, BU<, IVZ, TROW, VCTR, VRTS. Reflects historical 1 s I data through 28-Nov-2025.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciimg019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT Preliminary - Subject to Refinement Weighted Average Cost of Capital Analysis ($ in millions) % Target Debt % Target Equity WACC Walk Capital Structure Implied Debt to Capital Ratio Risk Free Rate Levered Equity Beta Equity Risk Premium Cost of Equity Cost of Equity Cost of Debt Pre-Tax Cost of Debt Marginal Tax Rate per Jewel Management After-Tax Cost of Debt Weighted Average Cost of Capital 9.0 91.0 9.0 4.6% 1.35 6.1 % 12.9 % 5.5% 25.0 4.1 % 12.1 % Source: Axioma, Duff and Phelps, Company filings, market data as of 28-Nov-2025. Jewel Jewel (Undisturbed - Oct 24) Peers Alliance Bernstein Affiliated Managers Group Artisan Partners BlackRock Franklin Invesco T. Rowe Victory Capital Virtus Peer Median 75th Percentile Average 25th Percentile Debt / Total Capital 5.0% 9.0% 13.0 % Peer Capital Structure Comparison Capitalization Axioma Historical Levered Beta Debt Cash Net Debt 1.36 S 395 S 982 $(587) 1.41 395 870 (475) 0.69 $473 $741 $(268) 0.91 2,372 476 1,896 1.21 189 300 (1 11) 1.12 12,766 9,774 2,992 0.96 2,362 3,088 (726) 1.31 1,625 973 652 1.14 0 3,635 (3635) 1.19 972 116 856 1.04 391 371 20 1.12 1.19 1.06 0.96 WACC Sensitivity Analysis 1.20 11.6 % 11.3 11.0 Equity Beta 1.35 12.5 % 12.1 11 .8 INVESTMENT I BANKING Gross Debt / Gross Debt+ Market Cap Market Cap S 6,772 6,450 $12,037 7,789 3,369 167,106 11,769 11,178 22,929 5,426 1,132 1.50 13.3 % 12.9 12.6 5.5% 5.8 3.8 % 23.3 5.3 7.1 16.7 12.7 0.0 15.2 25.6 12.7 % 16.7 12.2 5.3  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciimg020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Market Valuation Public Peer Trading Multiples ($ in millions, except share price) Equity Company Name Closing Price Market Cap ($mm) Jewel (Current) $43.71 $6,772 Jewel (Undisturbed) 1 $41.63 $6,450 TAM Peers Alliance Bernstein $41 .31 $12,037 Affiliated Managers 268.83 7,789 Artisan Partners 41.48 3,369 Blackrock 1,047.30 167,106 Franklin Resources 22.59 11,769 Invesco 24.45 11,178 T. Rowe Price 102.38 22,929 Victory 62.89 5,426 Virtus 159.59 1,132 TAM Peers Enterprise Value $7,070 $6,832 $11,676 8,352 3,533 170,636 12,260 14,821 19,11 0 6,282 1,237 Source: Company filings, FactSet. Note: Market data as of 28-Nov-2025. 1 Refiects Jewel data as of undisturbed date of 24-0ct-2025. DRAFT Preliminary - Subject to Refinement INVESTMENT I BANKING EV / EBITDA CY2025 NTM CY2026 8.9 X 8.0 X 7.9 X 8.8 X 7.9 X 7.7 X 9.8 X 8.8 X 8.7 X 7.9 7.2 7.2 8.6 8.1 8.1 17.4 14.1 13.9 6.3 5.8 5.8 9.1 7.6 7.5 6.6 6.3 6.3 9.5 8.3 8.1 4.6 4.6 4.6 8.6 X 7.6 X 7.5 X  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciimg021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix B: Additional Financial Information DRAFT Preliminary - Subject to Refinement INVESTMENT I BANKING  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciimg022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fully Diluted Shares Outstanding Basic Common Shares Dilutive Securities Incremental Share-Based Awards Guardian Warrants Treasury Shares Total Dilutive Securities Fully Diluted Shares Outstanding Basic Common Shares1 Dilutive Securities Incremental Share-Based Awards3 CEO 2025 RSU/PSU Awards4 Guardian Warrants5 Treasury Shares6 Total Dilutive Securities Fully Diluted Shares Outstanding Standalone FDSO Change of Control FDSO2 DRAFT Preliminary - Subject to Refinement INVESTMENT I BANKING 154,683,308 133,130 71 ,175 45,325 249 630 154,932,938 154,683,308 139,162 (523562) 281,391 45,325 (57684) 154,625,624 Source: Jewel Management. Market data as of 28-Nov-2025. 1 Basic common shares outstanding inc/udes 4.8mm custody shares held at Fidelity to cover the vesting of share-based awards. 2 Change of control 22 I FDSO calculated using $46.00 per share Trian I GC proposal. 3 Share based awards not inc/uded in the custody account at Fidelity. Primarily UK SAYE option plan. • Assumes special award is forfeited (assuming transaction close before 12-May-2026 and CEO is given an equivalent award by new shareholders). 5 Assumes all 1.6mm warrants are exercised at Trian I GC proposal price of $46.00 per share (exercise price of $37.91). 6 Relates to BA YE plan, held in separate trust.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciimg023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT Preliminary - Subject to Refinement Enterprise Value to Equity Value Walk ($ in millions) Illustrative Enterprise Value to Equity Value Adjustments (-) Long-Term Debt (-) Non-Controlling Interests (+) Investments in Affiliates (+) Cash and Cash Equivalents Total Enterprise Value to Equity Value Adjustments Source: Company filings. Market data as of 28-Nov-2025. INVESTMENT I BANKING $(395) (902) 18 982 $(298)  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciimg024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT Preliminary - Subject to Refinement Metric Year 2025E 2026E 2027E I 2025E 2026E 2027E I 2025E 2026E 2027E I 2025E 2026E 2027E I 2025E 2026E 2027E . I 2025E 2026E 2027E I 2025E 2026E • . 2027E Benchmarking Jewel Management Projections to Select Companies Jewel Select Jewe11 Research Traditional IBI ALI.WIICEBUMSntN BlackRock ~ ~Invesco T.Roweltice~ Asset Managers nv,NKLIN TEM PUTON' Estimates IN\/UTM.ENTS Median 15% 15% (1)% (1)% 5% (7)% 5% (3)% 1 1 5 (1) 4 (1) 2 1 1 5 (0) 4 (1) 14% 17% 14% 11% 14% 4% 14% 15% 5 6 6 6 6 5 6 7 5 6 6 6 6 5 6 7 45bps 45bps 39bps 39bps 15bps 38bps 23bps 39bps 42 42 38 38 15 38 23 37 42 42 37 39 16 38 22 36 10% 11% 5% 0% 19% 2% 5% 4% 9 10 11 9 22 2 13 6 6 7 6 6 11 5 6 3 43% 44% 39% 49% 35% 51% 43% 36% 42 43 38 49 35 48 40 35 42 43 38 48 35 48 40 35 22% 21% 24% 17% 21% 25% 24% 27% 21 21 23 16 19 23 23 27 21 21 22 16 19 22 22 29 35% 36% 36% 34% 44% 24% 33% 37% 37 37 36 35 42 29 34 38 38 36 37 36 43 28 36 38 INVESTMENT I BANKING j V1ctoryCapitar (2)% 0 20% 6 6 43bps 38 38 46%5 17 5 25% 25 25 24% 24 24 49% 48 48 Source: Jewel Management Projections, GS Research, Fae/Set. Note: Franklin figures reflect fiscal year end of September 3 |

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

**Exhibit 99.(c)(ii)**

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiimg001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Jewel Discussion Materials Goldman Sachs & Co. December 2, 2025 DRAFT Preliminary - Subject to Refinement INVESTMENT I BANKING  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiimg002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclaimer DRAFT Preliminary - Subject to Refinement INVESTMENT I BANKING 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](tm2534023d8_ex99-ciiimg003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Topics for Discussion DRAFT Preliminary - Subject to Refinement INVESTMENT I BANKING I. Feedback from management presentation with Trian and General Catalyst II. Update on outreach process and discussion with advisors Ill. Review of preliminary standalone JHG valuation analysis IV. Trian / General Catalyst engagement plan and next steps  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiimg004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jewel Share Price Performance Last 3 Years DRAFT Preliminary - Subject to Refinement INVESTMENT I BANKING Undisturbed Trading History' Share Price 52-Week High (05-Feb-2025) S 45.94 52-Week Low (08-Apr-2025) 29.47 Share Price Performance & Volume Trading History Jewel 3Y 1Y 6M 3M 1M $50 % Performance 72.7 % (3.4)% 17.1 % (2.1)% (5.7)% Average Share Price $33.74 $40.84 $42.12 $43.87 $43.49 $40 $30 $20 Nov-22 31.Jan-2025: Beat 2024 full-year consensus s treet EPS estimates by ~14% 12-Aug-2024: Announces acquiring majority stake in Victory Park Capital (VPC) 02-May-2024: Announces acquisition of NBK Wealth & Tabula Jun-23 Feb-24 Sep-24 D M&A Activity D Earnings Report 02-Apr-2025: Liberation Day 27-0ct-2025: Jewel confirms acquisition proposal from Trian and General Catalyst2 Jewel, VPC& CNO Financial Group announ strategic partnership 09-Apr-2025: Reciprocal tariffs paused Apr-25 D Macro-economic Activity Source: Company filings, FactSet. Note: Market data as of 28-Nov-2025. 1 52-week high and tow as of closing on 24-0ct-2025, prior to Trian bid proposal. 2 Trian publicly-0isclosed letter dated 2(K)ct-2025. 12 10 $43.71 8 6 4 2 0 Nov-25 E .§, Cl) E ..:! 0 >  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiimg005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT Preliminary - Subject to Refinement Historical Jewel and Peer EV/ NTM EBITDA INVESTMENT I BANKING Average Jewel' TAM Peers2 10.0 X 9.5 X 9.0 X 8.5 X 8.0 X 7.5 X 7.0 X 6.5 X 6.0 X 3Y 7.9 X 7.8 2Y 8.1 X 7.7 Historical Jewel and Peer Multiple Analysis 1Y 8.3 X 7.5 Jewel - % of Time TAM Peers2 - % of Spent in Range' 3y 2Y 1Y Time Spent in Range ------------------- 10. 0 + 10.0 + 9.5x-10.0x 0 % 0 % 0 % 9.5x-10.0x 9.0 X • 9.5 X 7 10 8.5x-9.0x 13 16 8.0 X • 8.5 X 25 28 7.5 X • 8.0 X 31 29 7.0x-7.5x 14 10 6.5x-7.0x 7 5 6.0 X • 6.5 X 2 2 < 6.0 X 1 20 25 28 11 5 5 4 2 9.0 X • 9.5 X 8.5 X • 9.0 X 8.0 X • 8.5 X 7.5x-8.0x 7.0 X • 7.5 X 6.5 X • 7.0 X 6.0 X • 6.5 X < 6.0 X 3Y 1% 3 7 24 42 18 4 2 0 2Y 2 23 45 21 6 2 0 EV/ NTM EBITDA on 24-0ct-2025 (Pre-Proposal): 7.9 X 1Y 13 42 29 12 5 0 5.5 X +---------.----------.--------..---------.---------.---------.--------..- Nov-22 May-23 Oct-23 Mar-24 Aug-24 Jan-25 Jun-25 Nov-25 Source: Company filings, FactSet. Note: Market data as of 28-Nov-2025. 1 Refiects Jewel historical data up to undisturbed date of 24-0ct-2025. 2 TAM Peers include AB, AMG, APAM, BEN, BLK, IVZ, TROW, VCTR, VRTS. Renects historical data through 28-Nov-2025. 8.0 X 7.6 X 51  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiimg006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jewel Management Projections Adjusted Financials I ($ in millions) DRAFT Preliminary - Subject to Refinement INVESTMENT I BANKING Historical Projected CAGR I 2022A 2023A 2024A I 2025P 2026P 2027P 2028P 2029P '22A • '24A '25P • '29P Revenues I Total Revenues 1 $1,705 $1,646 s 1,941 I I" m m m m m m m m m m m m m m m m m m m m m m m I I S 2,134 S 2,324 S 2,460 S 2,587 S 2,671 7 % 6 % 1 % Revenue Growth (23)% (3)% 18 %1 10% 9% 6% 5% 3 % 1 I ------------------------i Expenses I Compensation2 $754 $754 $855 I $927 $971 $1,024 $1,076 $1,1 18 Compensation as % of Revenue 44 % 46 % 44 %1 r------------------------ I 43 % 42 % 42% 42% 42 % I I % Compensation Growth (14) (0) 13 ------------------------i I 8 5 5 5 4 Non-Compensation3 $374 $384 $418 1 $466 $485 $506 $523 $540 I r------------------------ Non-Compensation as % of Revenue 22% 23 % 22 %1 22% 21 % 21 % 20% 20 % 1 % ------------------------i Non-Compensation Growth (1) 2 9 I 12 4 4 3 3 Total Expenses $1,129 $1,137 $1, 2731 $1,393 $1,456 $1,530 $1,599 $1,658 6 % 4 % I I Operating Income $577 $509 s 668 I $741 $868 $930 $988 S 1,013 I 8 % 8 % Operating Income Margin 34 % 31 % 34 %1 35 % 37% 38% 38% 38 % I I ------------------------i % Operating Income Growth (40) (12) 31 I 11 17 7 6 2 EBITDA $607 $542 s 110 I $786 $912 $971 $1,026 $1,048 8 % 7 % EB/TOA Margin 36% 33 % 37 %: 37% 39 % 39 % 40% 39 % % EB/TOA Growth (39) (11) 31 I 11 16 6 6 2 Net Income Available to Common4 $421 $423 s 550 I $586 $666 $707 $744 $754 14 % 7 % Net Income Margin 25 % 26 % 28 %1 27% 29 % 29 % 29 % 28 % % Net Income Growth (41) 0 30 I 6 14 6 5 1 Source: Company filings, Jew/ projections per Jewel management as approved tor Goldman Sachs' use by the Special Committee ("Jewel Management Projectionsj. Jewel Management adjustments to GAAP P&L include: s I 1 Reimbursement of GAAP recognized distribution and seNicing fees collected from customers and remitted to third-party partners (pass-through revenues I expenses) 2 Acceleration of L TIP and redundancy expense of departing employees 3 Reversal of GAAP recognized distribution and servicing remittances to third-party partners (pass-through revenues I expenses). • Projected years (2025E - 2029E) deduct 3-year historical average (2022A - 2024A) of a/location of earnings to participating stock-based awards (-$13mm).  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiimg007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2':- c: 0 Cl) u C: Cl) ... .! Cl) 0::: ... 0 LL DRAFT Preliminary - Subject to Refinement Illustrative Summary of Jewel Financial Analysis INVESTMENT I BANKING Methodology DCF Analysis Precedent Transaction Precedent Premia Analysis (Undisturbed) Precedent Premia Analysis (52-Week High) Public Market Valuation 52-Week Range $32.68 Illustrative Valuation Range $41.68 $42.10 $45.02 $42.24 I I I $ f 9.9 I I I I $55.07 $54.67 $58.76 $63.28 $55.59 I $54.02 I 1=== I ---------1 $29.47 I I $45.94 I Trian I GC Proposal:$46.00 I Selected Commentary ■ Low: WACC of 13.00%, PGR of 1.50% ■ High: WACC of 11.00%, PGR of 2.50% ■ Based on Jewel Management Projections ■ Present value of future share price + dividends using Jewel COE of 12.9% ■ Low: 7.5x EV / EBITDA ■ High: 9.5x EV / EBITDA ■ Based on Jewel Management Projections ■ Low: 6.9x L TM EV / EBITDA ■ High: 12.1x LTM EV / EBITDA ■ Based on L TM EBITDA of $777mm1 ■ 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: 52% premia (75th percentile) to undisturbed price2 ■ 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: 21% premia (75th percentile) to 52-week high ■ Low: 7.5x 2026E EV / EBITDA ■ High: 9.5x 2026E EV/ EBITDA ■ Based on Jewel Management Projected 2026E EBITDA of $912mm3 ■ Low4: $29.47 on 08-Apr-2025 ■ High4: $45.94 on 05-Feb-2025 Source: Jewel Management Projections, Company filings, Fae/Set. Note: Market data as of 28-Nov-2025. Diluted share count for purposes of per share values based on Jewel standalone diluted shares outstanding (preliminary, subject to 1 I refinement), inclusive of 154. 683mm common shares, 0. 133mm incremental share-based awards, 0. 071 mm warrant shares, and 0. 045mm treasury shares held in separate trust related to BA YE plan per Jewel Management. Equfty value composed of enterprise value less NCI of $902mm, debt of $395mm, plus cash and cash equivalents of $982m and investments in affiliates of $1 Bmm per Jewel Management Projections. 1 LTM EBITDA as of 30-Sep-2025. 2 Undisturbed share price of $41.63 as of 24-0ct-2025. 3 Represents 2026E Projected EBITDA per Jewel Management Projections. 4 Reflects 52-week low and high share price through undisturbed date of 24-0ct-2025.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiimg008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discounted Cash Flow Analysis ($ in millions) Discounted Cash Flows Model 4Q'25E I 2026E 2027E EBITDA $225 I $912 $971 (-) D&A (12) I (44) (41) Pre-Tax Operating Income $214 I $868 $930 (-) Taxes (51) I (209) (221) Post-Tax Operating Income $162 I $660 $709 (+) D&A 12 I 44 41 (-) Capex $(5) I I (41) (59) (+/-) NWC (39) I (17) (12) Unlevered Free Cash Flow $129 I $645 $679 Per Share Value WACC 11.00 % 12.00 % 13.00 % 1.50 °/c $50.70 $45.76 $41 .68 1.50 °/c s s Ct:: "' Ct:: "' .r:. 2.00 % 52.76 47.39 42.99 .r:. 2.00 °/c ~ ~ 0 0 ... ... C) C) 2.50 % 55.07 49.18 44.42 2.50 °/c DRAFT Preliminary - Subject to Refinement INVESTMENT I BANKING 2028E 2029E Terminal $1,026 $1,048 $1,079 (37) (35) $988 $1,01 3 (233) (236) $756 $777 37 35 (19) (19) (10) (8) $764 $785 $809 Implied Terminal EV / EBITDA Multiple WACC 11.00 % 12.00 % 13.00 % 7.9 X 7.1 X 6.5 X 8.3 7.5 6.8 8.8 7.9 7.1 Source: Jewel Management Projections, FactSet, Company Filings. Note: Market data as of 28-Nov-2025. Diluted share count for purposes of per share values based on Jewel standalone diluted shares outstanding (preliminary, a I subject to refinement), inclusive of 154.683mm common shares, 0.133mm incremental share-based awards, 0.071mm warrant shares, and 0.045mm treasury shares held in separate trust related to BAYE plan per Jewel Management. Equity value composed of enterprise value Jess NCI of $902mm, debt of $395mm, plus cash and cash equivalents of $982m and investments in affiliates of $18mm per Jewel Management Projections.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiimg009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Present Value of Future Share Price DRAFT Preliminary - Subject to Refinement $75.00 $70.00 $65.00 $60.00 $55.00 $50.00 $45.00 $40.00 $35.00 Present Value of Future Stock Price Analysis Based on NTM EV/ EBITDA Multiples 112.9% Cost of Equity Future Stock Price Present Value of Future Stock Price $75.00 $71.27 $70.00 $65.00 $60.00 $55.00 $54.65 $50.00 $49.20 $45.00 $40.00 $42.10 $35.00 Current 2025E 2026E 2027E Current 2025E 2026E - 7.5x EV/ EBITDA - 8.5x EV/ EBITDA - 9.5x EV/ EBITDA 2025E 2026E 2027E 1-Year Forward EBITDA $912 $971 $1,026 Debt (395) (395) (395) NC I (908) (919) (970) Cash 1,041 1,474 1,962 Investments in Affi~ates 18 18 18 Total EV to Equity Value Adjusbnents $(244) $178 $615 Aggregate Dividend 61 245 245 Fully Diluted Shares Outstanding (mm) 153.478 153.068 153.068 INVESTMENT I BANKING $54.67 $49.57 $44.47 2027E Source: Jewel Management Projections, Axioma, Duff & Phelps. Market data as of 28-Nov-2025. Assumes a 12.9% cost of equity based on an equity beta of 1.35 (based on Jewel's 2-year Axioma historical beta, as of 9 I 28-Nov-2025), risk-free rate of 4.6% and equity risk premium of 6. 1%. Discounted to 30-Sep-2025.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiimg010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Precedent Transactions Precedent M&A Transactions ($ in billions) Acquirer Target Announced J Amundi V1ctoryCapital' Apr-2024 A.ssa'f-ll~ M &IIIT (U.S.) Manage Investment ment Manage Investment ment Jul-2022 (Pzen• Investment Management, LLC) O M ACQUARIE - ~¥1 Dec-2020 I A¥ C ll11t • • w1u, .. j)fAH! Morgan Stanley :: Eaton Vance Oct-2020 A LEGG MASON Feb-2020 FRAN Kll N TEMPLETON 1,1..(111,.l \ ~)<1 M,, ~1,1,1.t,\.I INVESTMENTS J ~USAA., Nov-2018 V1ctoryCapital' (Asset Management Company) ~ ~ Oct-2018 Invesco Opponhelrnef1'\Jl1ds• Median Source: Company filings, earnings transcripts. 1 Excludes $150mm earnout over tour years. DRAFT Preliminary - Subject to Refinement INVESTMENT I BANKING Consideration EV / L TM EBITOA $1.0 8.9 X 0.8 7.2 X 1.7 10.8 X 6.8 12.1 X 5.6 10.5 X 0.91 6.9 X 5.6 8.4 X 8.9 x 10 I  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiimg011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Precedent Premia Analysis DRAFT Preliminary - Subject to Refinement Premia Paid in Precedent U.S. Public M&A INVESTMENT I BANKING # of Deals U.S. Targets Valued Between $5bn - $1 Obn; All-Cash Transactions Premia Relative to Undisturbed Share Price1 25th Percentile 20 % 75th Percentile 52 % 62 % 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 9 9 9 17 9 6 13 15 10 13 11 Source: Dealogic. Note: Premium is relative to target's undisturbed share price tor control deals with U.S. targets valued between $5 billion and $10 billion. 1 Includes a/I-cash transactions. Median: 32%  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiimg012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Precedent Premia Analysis DRAFT Preliminary - Subject to Refinement # of Deals Premia Paid in Precedent U.S. Public M&A INVESTMENT I BANKING U.S. Targets Valued Between $5bn - $1 Obn; All-Cash Transactions Premia Relative to 52-Week High Share Price1 25th Percentile (2) % 75th Percentile 21 % 24 % 19 % Median: -------- 7% 0 % 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 9 9 9 17 9 6 13 15 10 13 11 Source: Dealogic. Note: Premium is relative to target's 52-week high share price tor control deals with U.S. targets valued between $5 billion and $10 billion. 1 Includes a/I-cash transactions.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiimg013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;# of Deals Precedent Premia Analysis DRAFT Preliminary - Subject to Refinement Premia Paid in Precedent U.S. Public M&A INVESTMENT I BANKING U.S. Targets Valued Between $5bn - $1 Obn; All-Cash Transactions 78 % 0-50% 6 Premia Relative to Undisturbed Share Price - Deals Grouped by Undisturbed Share Price as % of 52-Week High1 50-60% 60-70% 70-80% 7 13 30 Jewel's $41.63 undisturbed share price represents 91% of its 52-Week High of $45.94 80-90% 37 ... - ---- 15th Percentile: I 33 % I • I 38 I I I I . I I 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 a/I.cash transactions.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiimg014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analysis at Various Prices ($ in millions, except share price) Trian / GC Offer Price Metric Value $46.00 $48.00 Premium To: Undisturbed Share Price (24-0ct-2025) $41.63 10.5 o/o 15.3 o/o 30-DayVWAP (24-0ct-2025) 43.61 5.5 10.1 60-DayVWAP 43.66 5.4 9.9 (24-0ct-2025) 52-Week High 2 45.94 0.1 4.5 (05-Feb-2025) All-Time High 48.43 (5.0) (09) (09-Nov-2021) Estimated Trian Cost Basis 29.49 56.0 62.8 Jewel Management Projected Adj. EBITDA LTM EBITDA $777 9.5 X 10.2 X 2025E 786 9.4 10.1 2026E 912 8.1 8.7 $50.00 20.1 o/o 14.7 14.5 8.8 3.2 69.5 10.6 X 105 9.1 DRAFT Preliminary - Subject to Refinement INVESTMENT I BANKING Illustrative Prices TAM 1 Precedent $52.00 $54.00 $56.00 Peers Transactions I I 24.9 o/o 29.7 o/o 34.5 o/o I I 19.2 23.8 28.4 I 19.1 23.7 28.3 I I 13.2 17.5 21.9 I I 7.4 11.5 15.6 I I 76.3 83.1 89.9 I I I I I 11.1 X 11.5 X 11.9 X I 8.9 X I 10.9 11.3 11.7 I 8.5 9.4 9.8 10.1 I 7.4 I I Source: Jewel Management Projections, filings, Refinitiv, FactSet. Note: Market data as of 28-Nov-2025. DUuted share count for purposes of per share values based on Jewel change of control fully diluted shares outstanding (preliminary, subject to refinement), 14 1 inclusive of 154. 683mm common shares, 0. 139mm incremental share-based awards, 0.281 mm warrants (based on Trian I GC proposal price of $46.00 per share), 0.045mm treasury shares related to BA YE plan held in separate trust, less 0.524mm RSUIPSU awards attributable to CEO which are assumed to be forfeited due to change in control clause per Jewel Management. Equity value composed of enterprise value less NCI of $902mm, debt of $395mm, plus cash and cash equivalents of $982m and investments in affiliates of $18mm per Jewel Management Projections. 1 TAM Peers include AB, AMG, APAM, BEN, BU<, IVZ, TROW, VCTR, VRTS. 2 Reflects 52-week high as of undisturbed dale of 24-0ct-2025.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiimg015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT Preliminary - Subject to Refinement Precedent Transactions Involving Significant Shareholders INVESTMENT I BANKING Precedent transactions involving unsolicited proposals from significant shareholders have featured sizable premiums and moderate increases in final offer price relative to initial proposals 3 months 6 months Initial Offer Announcement First Price Increase Announced Final Merger Agreement Announced Close of Transaction Summary Statistics from Precedent Transactions Involving Significant Shareholders Criteria ■ U.S. Acquiror or Target ■ Since 01-Jan-2015 ■ >$1 bn Transaction Value ■ Acquiror Ownership of Target 20 - 50% ■ 35 Transactions Summary Statistic Average Premium' (Initial Offer) Average All-In Premium Average Total Increase in Offer Price Average No. of Price Bumps Average Time From Unsolicited Offer to Signing % of Unsolicited Deals with a Bump % of Unsolicited Deals Completed (Excluding Ongoings) Source: Refinitiv. Note: all transactions involve off the record negotiations not renected. ' Premium catcutations are determined using the otter price relative to the undisturbed price (T-1). 2 1112 transactions involved more than one price bump. 9 months Average 20.0 % 25.0 % 5.1 % -3 months 59% 81%  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiimg016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT Preliminary - Subject to Refinement Bidding Evolution in Largest Private Equity Deals INVESTMENT I BANKING On average, sample transactions saw offer prices increase 6% from initial indication to final offer, and 4% from second indication to final offer 40% 35% 30% 25% ! Median 4% ! 20% 15 % 10 % 5% 0% (5)% (10)% % Iner 1st-to-Final % Iner 2nd-to-Final ~ C: ~ ::, "O C: w 36% 24% (I) ~ .2 0 Cl ~ ~ ~ :t: "O Q) ·c: a:: 0 ro ~ ~ .c (.) <(£... i (I) ~ "iii > (.) z (I) w ::, ::c: 0 C: (I) C) x (I) z 30% 27% 24% 16% 16% 15% 25% 19% 16% 4% 11% 9% Bid Prices Indexed to Initial Offer Price 4% Represents final bid price over initial bid price Represents second bid price over initial bid price Median % change from ■ second bid to final bid Represents initial bid price } I G% I Median % change from first bid to final bid iii ,gi (I) ~ "iii "' (I) (.) ~ ~ c "' i t: jl (.) z Cl E .5 ·g, "O ro ·g, ~ "iii ro (I) ·13 ro (.) (I) C: E Q) a.. "O C: E 0. a:: > ~ '5 al ::, ro "iii ...J "' (.) Cf) ...J E ro "8 0 C: ::, 0 0 ~ ..- "' (I) ~ ~ ~ Q) :t: ... ~ ~ c3 u:: 0 E a:: ro (I) Cl 0 a:: 0 ro 0 a.. ro (.) CD ~ ::, ::, ... Cf) Cl Cf) O" C: ro Cf) w ~ Q) "' <("' • First Bid A Second Bid ♦ Final Bid Percentage Bid Increase to Final Offer 14% 13% 11% 10% 10% 10% 10% 10% 9% 8% 6% 6% 5% 5% 4% 4% 10% (3)% 2% 7% 6% 5% 1% 5% 4% 4% 6% 4% 1% 1% 1% 0% ro "O ~ "' Q) E ro ... C: (I) 0. ro ro 0 "' C: 0 ::, "iii E ::, ·c: iii (.) 0 ~ N 0. (I) a:i (I) ... > IO (.) 0 ~ C: C: C: w 0 w (I) C: "' (I) ~ ~ >, ... Cf) (I) C: ... 0 (.) 3% 3% 3% 3% 2% 2% 2% 2% 1% 2% 0% 0% (10)% 0% C: ~ ro 8 ci. a:: ro C: (I) <(e> 0 LL 1% 1% 8% (3)% .c £-~ Cf) 1% 7% al .c t: "' ro E Cf) Median ~ 1% 6% ~ ~ 0% 4% Source: Deal Point Data. Note: Represents select publicly available sponsor transactions over the last 5 years  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiimg017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix A: Valuation Support DRAFT Preliminary - Subject to Refinement INVESTMENT I BANKING  |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiimg018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beta Analysis 2.40 Average 3Y 2Y 1Y Jewel' 1.51 1.52 1.42 TAM Peers2 1.38 1.36 1.22 2.20 2.00 1.80 1.60 1.40 1.20 DRAFT Preliminary - Subject to Refinement INVESTMENT I BANKING Historical Jewel and Peer Beta Analysis Jewel - % of Time Spent in Range' 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 1.10 - 1.20 5-Nov-2024: U.S. Election Day TAM Peers2 - % of Time Spent in Range 1.70 + 1.60 • 1.70 1.50-1.60 1.40 • 1.50 1.30 • 1.40 1.20 • 1.30 1.10 • 1.20 3Y 2Y 1Y 1% 1% 16 24 42 23 8 2 4 29 43 81 5 8 15 Beta on 24-0ct-2025 (Pre-Proposal): 1.41 1.36 1.12 1.00 _______ "'T"' ______ "'T" ______ """T' ______ ..... ______ __,,--------,--------.,...------"T"" Oct-2022 Mar-2023 Jul-2023 Dec-2023 May-2024 Sep-2024 Feb-2025 Jun-2025 Nov-2025 Source: Axioma. Note: Market data as of 28-Nov-2025. 1 Reflects Jewel historical data up to undisturbed date of 24-0ct-2025. 2 TAM Peers include AB, AMG, APAM, BEN, BU<, IVZ, TROW, VCTR, VRTS. Reflects historical 1 s I data through 28-Nov-2025.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiimg019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT Preliminary - Subject to Refinement Weighted Average Cost of Capital Analysis ($ in millions) % Target Debt % Target Equity WACC Walk Capital Structure Implied Debt to Capital Ratio Risk Free Rate Levered Equity Beta Equity Risk Premium Cost of Equity Cost of Equity Cost of Debt Pre-Tax Cost of Debt Marginal Tax Rate per Jewel Management After-Tax Cost of Debt Weighted Average Cost of Capital 9.0 91.0 9.0 4.6% 1.35 6.1 % 12.9 % 5.5% 25.0 4.1 % 12.1 % Source: Axioma, Duff and Phelps, Company filings, market data as of 28-Nov-2025. Jewel Jewel (Undisturbed - Oct 24) Peers Alliance Bernstein Affiliated Managers Group Artisan Partners BlackRock Franklin Invesco T. Rowe Victory Capital Virtus Peer Median 75th Percentile Average 25th Percentile Debt / Total Capital 5.0% 9.0% 13.0 % Peer Capital Structure Comparison Capitalization Axioma Historical Levered Beta Debt Cash Net Debt 1.36 S 395 S 982 $(587) 1.41 395 870 (475) 0.69 $473 $741 $(268) 0.91 2,372 476 1,896 1.21 189 300 (1 11) 1.12 12,766 9,774 2,992 0.96 2,362 3,088 (726) 1.31 1,625 973 652 1.14 0 3,635 (3635) 1.19 972 116 856 1.04 391 371 20 1.12 1.19 1.06 0.96 WACC Sensitivity Analysis 1.20 11.6 % 11.3 11.0 Equity Beta 1.35 12.5 % 12.1 11 .8 INVESTMENT I BANKING Gross Debt / Gross Debt+ Market Cap Market Cap S 6,772 6,450 $12,037 7,789 3,369 167,106 11,769 11,178 22,929 5,426 1,132 1.50 13.3 % 12.9 12.6 5.5% 5.8 3.8 % 23.3 5.3 7.1 16.7 12.7 0.0 15.2 25.6 12.7 % 16.7 12.2 5.3  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiimg020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Market Valuation Public Peer Trading Multiples ($ in millions, except share price) Equity Company Name Closing Price Market Cap ($mm) Jewel (Current) $43.71 $6,772 Jewel (Undisturbed) 1 $41.63 $6,450 TAM Peers Alliance Bernstein $41 .31 $12,037 Affiliated Managers 268.83 7,789 Artisan Partners 41.48 3,369 Blackrock 1,047.30 167,106 Franklin Resources 22.59 11,769 Invesco 24.45 11,178 T. Rowe Price 102.38 22,929 Victory 62.89 5,426 Virtus 159.59 1,132 TAM Peers Enterprise Value $7,070 $6,832 $11,676 8,352 3,533 170,636 12,260 14,821 19,11 0 6,282 1,237 Source: Company filings, FactSet. Note: Market data as of 28-Nov-2025. 1 Refiects Jewel data as of undisturbed date of 24-0ct-2025. DRAFT Preliminary - Subject to Refinement INVESTMENT I BANKING EV / EBITDA CY2025 NTM CY2026 8.9 X 8.0 X 7.9 X 8.8 X 7.9 X 7.7 X 9.8 X 8.8 X 8.7 X 7.9 7.2 7.2 8.6 8.1 8.1 17.4 14.1 13.9 6.3 5.8 5.8 9.1 7.6 7.5 6.6 6.3 6.3 9.5 8.3 8.1 4.6 4.6 4.6 8.6 X 7.6 X 7.5 X  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiimg021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix B: Additional Financial Information DRAFT Preliminary - Subject to Refinement INVESTMENT I BANKING  |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiimg022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fully Diluted Shares Outstanding Basic Common Shares Dilutive Securities Incremental Share-Based Awards Guardian Warrants Treasury Shares Total Dilutive Securities Fully Diluted Shares Outstanding Basic Common Shares1 Dilutive Securities Incremental Share-Based Awards3 CEO 2025 RSU/PSU Awards4 Guardian Warrants5 Treasury Shares6 Total Dilutive Securities Fully Diluted Shares Outstanding Standalone FDSO Change of Control FDSO2 DRAFT Preliminary - Subject to Refinement INVESTMENT I BANKING 154,683,308 133,130 71 ,175 45,325 249 630 154,932,938 154,683,308 139,162 (523562) 281,391 45,325 (57684) 154,625,624 Source: Jewel Management. Market data as of 28-Nov-2025. 1 Basic common shares outstanding inc/udes 4.8mm custody shares held at Fidelity to cover the vesting of share-based awards. 2 Change of control 22 I FDSO calculated using $46.00 per share Trian I GC proposal. 3 Share based awards not inc/uded in the custody account at Fidelity. Primarily UK SAYE option plan. • Assumes special award is forfeited (assuming transaction close before 12-May-2026 and CEO is given an equivalent award by new shareholders). 5 Assumes all 1.6mm warrants are exercised at Trian I GC proposal price of $46.00 per share (exercise price of $37.91). 6 Relates to BA YE plan, held in separate trust.  |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiimg023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT Preliminary - Subject to Refinement Enterprise Value to Equity Value Walk ($ in millions) Illustrative Enterprise Value to Equity Value Adjustments (-) Long-Term Debt (-) Non-Controlling Interests (+) Investments in Affiliates (+) Cash and Cash Equivalents Total Enterprise Value to Equity Value Adjustments Source: Company filings. Market data as of 28-Nov-2025. INVESTMENT I BANKING $(395) (902) 18 982 $(298)  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiimg024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT Preliminary - Subject to Refinement Metric Year 2025E 2026E 2027E I 2025E 2026E 2027E I 2025E 2026E 2027E I 2025E 2026E 2027E I 2025E 2026E 2027E . I 2025E 2026E 2027E I 2025E 2026E • . 2027E Benchmarking Jewel Management Projections to Select Companies Jewel Select Jewe11 Research Traditional IBI ALI.WIICEBUMSntN BlackRock ~ ~Invesco T.Roweltice~ Asset Managers nv,NKLIN TEM PUTON' Estimates IN\/UTM.ENTS Median 15% 15% (1)% (1)% 5% (7)% 5% (3)% 1 1 5 (1) 4 (1) 2 1 1 5 (0) 4 (1) 14% 17% 14% 11% 14% 4% 14% 15% 5 6 6 6 6 5 6 7 5 6 6 6 6 5 6 7 45bps 45bps 39bps 39bps 15bps 38bps 23bps 39bps 42 42 38 38 15 38 23 37 42 42 37 39 16 38 22 36 10% 11% 5% 0% 19% 2% 5% 4% 9 10 11 9 22 2 13 6 6 7 6 6 11 5 6 3 43% 44% 39% 49% 35% 51% 43% 36% 42 43 38 49 35 48 40 35 42 43 38 48 35 48 40 35 22% 21% 24% 17% 21% 25% 24% 27% 21 21 23 16 19 23 23 27 21 21 22 16 19 22 22 29 35% 36% 36% 34% 44% 24% 33% 37% 37 37 36 35 42 29 34 38 38 36 37 36 43 28 36 38 INVESTMENT I BANKING j V1ctoryCapitar (2)% 0 20% 6 6 43bps 38 38 46%5 17 5 25% 25 25 24% 24 24 49% 48 48 Source: Jewel Management Projections, GS Research, FactSet. Note: Franklin figures renect fiscal year end of September 3 |

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

**Exhibit 99.(c)(iii)**

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiiimg001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highly Confidential & Proprietary December 4, 2025 Project Jewel Discussion Materials Goldman Sachs & Co. DRAFT Preliminary – Subject to Refinement |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiiimg002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 DRAFT Preliminary – Subject to Refinement 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](tm2534023d8_ex99-ciiiimg003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 DRAFT Preliminary – Subject to Refinement $43.46 0 2 4 6 8 10 12 $20 $30 $40 $50 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Volume (mm) Share Price Jewel Share Price Performance Source: Company filings, FactSet. Note: Market data as of 02-Dec-2025. 1 Jewel % performance and average share price metrics as of 02-Dec-2025. 2 52-week high and low as of closing on 24-Oct-2025, prior to Trian bid proposal. 3 Trian publicly-disclosed letter dated 26-Oct-2025. 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 02-May-2024: Announces acquisition of NBK Wealth & Tabula M&A Activity Earnings Report Macro-economic Activity Jewel 3Y 1Y 6M 3M 1M % Performance 69.4 % (4.0)% 19.6 % (1.9)% (0.2)% Average Share Price $33.81 $40.84 $42.26 $43.84 $43.28 1 Undisturbed Trading History2 Share Price 52-Week High (05-Feb-2025) $45.94 52-Week Low (08-Apr-2025) $29.47 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiiimg004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 DRAFT Preliminary – Subject to Refinement Methodology Illustrative Valuation Range Selected Commentary DCF Analysis ◼ Low: WACC of 13.00%, 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 12.9% ◼ Low: 7.5x EV / EBITDA ◼ High: 9.5x 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 $777mm1 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: 52% 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: 21% premia (75th percentile) to 52-week high Public Market Valuation ◼ Low: 7.5x 2026E EV / EBITDA ◼ High: 9.5x 2026E EV / EBITDA ◼ Based on Jewel Management Projected 2026E EBITDA of $912mm3 52-Week Range ◼ Low4 : $29.47 on 08-Apr-2025 ◼ High4 $29.47 : $45.94 on 05-Feb-2025 $42.24 $45.02 $49.96 $32.68 $42.10 $41.68 $45.94 $54.02 $55.59 $63.28 $58.76 $54.67 $55.07 For Reference Only Illustrative Summary of Jewel Financial Analysis Source: Jewel Management Projections, Company filings, FactSet. Note: Market data as of 28-Nov-2025. Diluted share count for purposes of per share values based on Jewel standalone diluted shares outstanding (preliminary, subject to refinement), inclusive of 154.683mm common shares, 0.133mm incremental share-based awards, 0.071mm warrant shares, and 0.045mm treasury shares held in separate trust related to BAYE plan per Jewel Management. Equity value composed of enterprise value less NCI of $902mm, debt of $395mm, plus cash and cash equivalents of $982m and investments in affiliates of $18mm per Jewel Management Projections. 1 LTM EBITDA as of 30-Sep-2025. 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. |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiiimg005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 DRAFT Preliminary – Subject to Refinement Bidding Evolution in Largest Private Equity Deals Source: Deal Point Data. Note: Represents select publicly available sponsor transactions over the last 5 years On average, sample transactions saw offer prices increase 6% from initial indication to final offer, and 4% from second indication to final offer % Incr 1st-to-Final 36% 30% 27% 24% 16% 16% 15% 14% 13% 11% 10% 10% 10% 10% 10% 9% 8% 6% 6% 5% 5% 4% 4% 3% 3% 3% 3% 2% 2% 2% 1% 1% 1% 1% 0% % Incr 2nd-to-Final 24% 25% 19% 16% 4% 11% 9% 10% (3)% 2% 7% 6% 5% 1% 5% 4% 4% 6% 4% 1% 1% 1% 0% 2% 1% 2% 0% 0% (10)% 0% 8% (3)% 7% 0% 0% Median Percentage Bid Increase to Final Offer 4% 6% (10)% (5)% 0 % 5 % 10 % 15 % 20 % 25 % 30 % 35 % 40 % Endurance Everbridge Duck Creek New Relic Datto Alteryx NextGen Healthcare Mimecast Medallia RelaPage Cloudera AssetMark Financial Qualtrics Bottomline Sumo Logic Squarespace R1 RCM Cvent SolarWinds Perspecta EngageSmart McAfee CoreLogic Model N Avalara Cornerstone OnDemand Zuora Sykes Enterprises Envestnet 58.com Coupa Anaplan ForgeRock Switch Smartsheet First Bid Second Bid Final Bid Bid Prices Indexed to Initial Offer Price Represents final bid price over initial bid price Represents second bid price over initial bid price Represents initial bid price Median % change from second bid to final bid 4% Median 4% Median 6% Median % change from first bid to final bid 6% |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiiimg006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 DRAFT Preliminary – Subject to Refinement Bid Progression in Precedent Traditional Asset Management Transactions ◼ 17-Oct: Preliminary proposal submitted — $43.83/share ◼ 14-Nov: Revised proposal submitted — $47.05/share ◼ 05-Jan: Revised proposal submitted — $47–49/share ◼ 23-Jan: Revised proposal submitted — $48.07/share ◼ 27-Jan: Revised proposal submitted — $49/share ◼ 03-Feb: Revised proposal submitted — $50/share; Accepted ◼ 18-Feb: Transaction announced publicly before NYSE market open Source: Public filings. 1 Inclusive of initial proposal. 2 Reflects incremental proposals inclusive of different transaction financing structures. 3 Exclusively reflects negotiations with Morgan Stanley. 4 Inclusive of $4.25 one-time cash dividend. 5 Reflects Trian ownership stake at time of transaction announcement. Franklin Resources's Acquisition of Legg Mason \| Feb-2020 Morgan Stanley's Acquisition of Eaton Vance \| Oct-2020 ◼ 08-Jul: Preliminary proposal submitted by Party A — $48.52/share ◼ 10-Aug: Eaton Vance counter-offers Party A preliminary proposal — $55.91/share ◼ 12-Aug: Preliminary proposal submitted by MS — $55/share ◼ 27-Aug: Revised proposal submitted by Party A — $55.27/share, conditional on exclusivity ◼ 30-Aug: Revised proposal submitted by MS — $57.50/share + $2.50 cash dividend (total $60/share); Eaton Vance enters oral exclusivity agreement with MS ◼ 31-Aug: Party A submits unsolicited revised proposal — $62.06/share; Eaton Vance refuses to entertain due to exclusivity agreement with MS ◼ 05-Oct: Revised proposal submitted by MS — $56.50/share + $4.25 cash dividend (total $60.75/share); Accepted ◼ 08-Oct: Transaction announced publicly before NYSE market open Timing ~4 months between bids Number of Proposals1 7 2 % Increase from Initial Bid ~14% Timing3 ~2 months between bids Number of Proposals1,3 3 % Increase from Initial Bid3,4 ~10% Trian Ownership Stake in Legg Mason5 : 4.5% |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiiimg007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 DRAFT Preliminary – Subject to Refinement Trian / GC Offer 1 (26-Oct-2025) Trian / GC Offer 2 (02-Dec-2025) Illustrative Prices Metric Value $46.00 $46.10 $47.00 $48.00 $49.00 $50.00 $51.00 $52.00 $53.00 $54.00 Premium To: Undisturbed Share Price (24-Oct-2025) $41.63 10.5 % 10.7 % 12.9 % 15.3 % 17.7 % 20.1 % 22.5 % 24.9 % 27.3 % 29.7 % - 43.3 % 30-Day VWAP (24-Oct-2025) 43.61 5.5 % 5.7 % 7.8 % 10.1 % 12.4 % 14.7 % 16.9 % 19.2 % 21.5 % 23.8 % - - 52-Week High (05-Feb-2025) 45.94 0.1 0.3 2.3 4.5 6.7 8.8 11.0 13.2 15.4 17.5 - 15.5 All-Time High (09-Nov-2021) 48.43 (5.0) (4.8) (3.0) (0.9) 1.2 3.2 5.3 7.4 9.4 11.5 - - Estimated Trian Cost Basis 29.49 56.0 56.3 59.4 62.8 66.2 69.5 72.9 76.3 79.7 83.1 - - Comparison to Initial Offer % Change from Initial Trian / GC Offer $46.00 0.2 % 2.2 % 4.3 % 6.5 % 8.7 % 10.9 % 13.0 % 15.2 % 17.4 % - - Incremental Equity (in $mm) required from Initial Trian / GC offer 3,267 $12 $124 $249 $373 $497 $621 $746 $870 $994 - - Jewel Management Projected Adj. EBITDA LTM EBITDA $777 9.5 x 9.6 x 9.7 x 9.9 x 10.1 x 10.3 x 10.5 x 10.7 x 10.9 x 11.1 x - 8.9 x 2025E 786 9.4 9.4 9.6 9.8 10.0 10.2 10.4 10.6 10.8 11.0 8.6 - 2026E 912 8.1 8.1 8.3 8.5 8.6 8.8 9.0 9.1 9.3 9.5 7.5 - TAM Peers Precedent Transactions Analysis at Various Prices Source: Jewel Management Projections, filings, Refinitiv, FactSet. Note: Market data as of 02-Dec-2025. Diluted share count for purposes of per share values based on Jewel change of control fully diluted shares outstanding (preliminary) per Jewel Management. Equity value composed of enterprise value less NCI of $902mm, debt of $395mm, plus cash and cash equivalents of $982m and investments in affiliates of $18mm per Jewel Management Projections. 1 TAM Peers include AB, AMG, APAM, BEN, BLK, IVZ, TROW, VCTR, VRTS. 2 Reflects median value Morgan Stanley acquisition of Eaton Vance, Franklin Resources acquisition of Legg Mason, Pzena Investment management-led buyout of Pzena Investment Management, and Macquarie Asset Management acquisition of Waddell & Reed Financial. 3 Reflects 52-week high as of undisturbed date of 24-Oct-2025. 4 Assumes transaction structure where Trian rolls existing ownership stake and $2bn of new debt and $1bn of preferred equity is issued; remaining consideration paid with incremental equity. 5 Represents select publicly available sponsor transactions over the last 5 years. 6 Assumes no dividends are paid from sign to close 1 ($ in millions, except share price) 3 2 2 4 = Franklin Resource's acquisition of Legg Mason = Median of Select Large Sponsor acquisitions5 Denotes % change from initial offer to final offer for = Morgan Stanley's acquisition of Eaton Vance Reflects $46.50 offer less one quarter of assumed $0.40 per share dividends6 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiiimg008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT Preliminary – Subject to Refinement Appendix: Illustrative Sources and Uses |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiiimg009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 DRAFT Preliminary – Subject to Refinement Delta to $46 / Share Proposal $46 / Share $48 / Share $50 / Share $52 / Share $48 / Share $50 / Share $52 / Share Equity Purchase Price $7,113 $7,425 $7,737 $8,050 312 624 937 Debt 395 395 395 395 - - - Transaction Expenses 225 225 225 225 - - - Total Uses $7,733 $8,045 $8,358 $8,670 $312 $624 $937 Delta to $46 / Share Proposal $46 / Share $48 / Share $50 / Share $52 / Share $48 / Share $50 / Share $52 / Share Debt Issuance $2,000 $2,000 $2,000 $2,000 Pref. Equity Issuance 1,000 1,000 1,000 1,000 Trian Equity Roll 1,466 1,530 1,593 1,657 New Cash Equity 3,267 3,516 3,764 4,013 249 497 746 Total Sources $7,733 $8,045 $8,358 $8,670 $312 $624 $937 ($ in millions, except per share) \| Assumes No Excess Cash on Jewel B/S Source: Jewel Management, Public filings. 1 Assumes $2bn in debt and $1bn in preferred equity issued to finance transaction. 2 Assumes Trian rolls existing ownership stake. Existing Trian ownership stake calculated using Trian's ownership of 31,867,800 shares as of 26-Oct-2025 and Jewel's FDSO per Jewel Management. 3 Reflects FDSO of 154,625,624, 154,688,073, 154,745,527, and 154,798,561 for $46, $48, $50, $52 / share transactions, respectively, per Jewel Management. 4 Assumes illustrative $225mm in transaction expenses. 5 Excludes Jewel's existing cash balance. Sources Uses (/) LTM Q3 2025 EBITDA 3 4 1 2,3 5 Illustrative Sources and Uses at Various Share Prices (1/2) 1 Delta to $46 / Share Proposal $46 / Share $48 / Share $50 / Share $52 / Share $48 / Share $50 / Share $52 / Share Debt Issuance 2.6 x 2.6 x 2.6 x 2.6 x Pref. Equity Issuance 1.3 1.3 1.3 1.3 Trian Equity Roll 1.9 2.0 2.1 2.1 New Cash Equity 4.2 4.5 4.8 5.2 0.3 x 0.6 x 1.0 x Total Sources 10.0 x 10.4 x 10.8 x 11.2 x 0.4 x 0.8 x 1.2 x 1 1 2, 3 5 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-ciiiimg010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 DRAFT Preliminary – Subject to Refinement Delta to $46 / Share Proposal $46 / Share $48 / Share $50 / Share $52 / Share $48 / Share $50 / Share $52 / Share Excess Cash 0.7 x 0.7 x 0.7 x 0.7 x Debt Issuance 2.6 2.6 2.6 2.6 Pref. Equity Issuance 1.3 1.3 1.3 1.3 Trian Equity Roll 1.9 2.0 2.1 2.1 New Cash Equity 3.5 3.8 4.1 4.5 0.3 x 0.6 x 1.0 x Total Sources 10.0 x 10.4 x 10.8 x 11.2 x 0.4 x 0.8 x 1.2 x Delta to $46 / Share Proposal $46 / Share $48 / Share $50 / Share $52 / Share $48 / Share $50 / Share $52 / Share Excess Cash $547 $547 $547 $547 Debt Issuance 2,000 2,000 2,000 2,000 Pref. Equity Issuance 1,000 1,000 1,000 1,000 Trian Equity Roll 1,466 1,530 1,593 1,657 New Cash Equity 2,720 2,969 3,220 3,466 249 500 746 Total Sources $7,733 $8,045 $8,360 $8,670 $312 $627 $937 1 3,4 2 2 1 3,4 2 2 Illustrative Sources and Uses at Various Share Prices (2/2) ($ in millions, except per share) \| Assumes $450mm Cash Required on BS Source: Jewel Management, Public filings. 1 Reflects existing cash balance of $997mm, excess of $450mm operational cash balance per Jewel management. 2 Assumes $2bn in debt and $1bn in preferred equity issued to finance transaction. 3 Assumes Trian rolls existing ownership stake. Existing Trian ownership stake calculated using Trian's ownership of 31,867,800 shares as of 26-Oct-2025 and Jewel's FDSO per Jewel Management. 4 Reflects FDSO of 154,625,624, 154,688,073, 154,745,527, and 154,798,561 for $46, $48, $50, $52 / share transactions, respectively, per Jewel Management. 5 Assumes illustrative $225mm in transaction expenses. Sources Uses (/) LTM Q3 2025 EBITDA Delta to $46 / Share Proposal $46 / Share $48 / Share $50 / Share $52 / Share $48 / Share $50 / Share $52 / Share Equity Purchase Price $7,113 $7,425 $7,737 $8,050 312 624 937 Debt 395 395 395 395 - - - Transaction Expenses 225 225 225 225 - - - Total Uses $7,733 $8,045 $8,360 $8,670 $312 $627 $937 4 5 |

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

**Exhibit 99.(c)(iv)**

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-civimg001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highly Confidential & Proprietary December 10, 2025 Project Jewel Discussion Materials Goldman Sachs & Co. DRAFT Preliminary – Subject to Refinement |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-civimg002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 DRAFT Preliminary – Subject to Refinement 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](tm2534023d8_ex99-civimg003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 DRAFT Preliminary – Subject to Refinement $44.71 0 2 4 6 8 10 12 $20 $30 $40 $50 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Volume (mm) Share Price Jewel 3Y 1Y 6M 3M 1M % Performance 73.0 % 0.2 % 23.7 % (0.9)% 3.2 % Average Share Price $33.87 $40.84 $42.44 $43.85 $43.41 Jewel Share Price Performance Source: Company filings, FactSet. Note: Market data as of 05-Dec-2025. 1 Jewel % performance and average share price metrics as of 05-Dec-2025. 2 52-week high and low as of closing on 24-Oct-2025, prior to Trian bid proposal. 3 Trian publicly-disclosed letter dated 26-Oct-2025. 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 02-May-2024: Announces acquisition of NBK Wealth & Tabula 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 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-civimg004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 DRAFT Preliminary – Subject to Refinement 7.6 x 7.7 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 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 EV / NTM EBITDA on 24-Oct-2025 (Pre-Proposal): 7.3 x Historical Jewel and Peer EV / NTM EBITDA Historical Jewel and Peer Multiple Analysis Source: Company filings, FactSet. Market data as of 05-Dec-2025. Note: Relative to prior materials of 02-Dec-2025, noncontrolling interest amounts exclude redeemable noncontrolling interest and cash excludes regulatory required cash amounts per Jewel Management. Metrics for TAM peer adjusted to exclude redeemable noncontrolling interest. 1 Reflects Jewel historical data up to undisturbed date of 24-Oct-2025. 2 TAM Peers include AB, AMG, APAM, BEN, BLK, IVZ, TROW, VCTR, VRTS. Reflects historical data through 05-Dec-2025. Average 3Y 2Y 1Y Jewel1 7.7 x 7.7 x 7.9 x TAM Peers2 7.5 7.5 7.2 TAM Peers2 - % of Time Spent in Range 3Y 2Y 1Y 9.0 x + - - - 8.5 x - 9.0 x 2 % 1 % - 8.0 x - 8.5 x 13 10 - 7.5 x - 8.0 x 37 37 29 7.0 x - 7.5 x 38 37 41 6.5 x - 7.0 x 6 9 18 6.0 x - 6.5 x 3 5 10 < 6.0 x 1 1 2 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 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-civimg005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 DRAFT Preliminary – Subject to Refinement Historical Projected CAGR 2022A 2023A 2024A 2025P 2026P 2027P 2028P 2029P '22A - '24A '25P - '29P Revenues Total Revenues $1,705 $1,646 $1,941 $2,134 $2,324 $2,460 $2,587 $2,671 7 % 6 % % Revenue Growth (23)% (3)% 18 % 10 % 9 % 6 % 5 % 3 % Expenses Compensation $754 $754 $855 $927 $971 $1,024 $1,076 $1,118 Compensation as % of Revenue 44 % 46 % 44 % 43 % 42 % 42 % 42 % 42 % % Compensation Growth (14) (0) 13 8 5 5 5 4 Non-Compensation $374 $384 $418 $466 $485 $506 $523 $540 Non-Compensation as % of Revenue 22 % 23 % 22 % 22 % 21 % 21 % 20 % 20 % % Non-Compensation Growth (1) 2 9 12 4 4 3 3 Total Expenses $1,129 $1,137 $1,273 $1,393 $1,456 $1,530 $1,599 $1,658 6 % 4 % Operating Income $577 $509 $668 $741 $868 $930 $988 $1,013 8 % 8 % Operating Income Margin 34 % 31 % 34 % 35 % 37 % 38 % 38 % 38 % % Operating Income Growth (40) (12) 31 11 17 7 6 2 EBITDA $607 $542 $710 $786 $912 $971 $1,026 $1,048 8 % 7 % EBITDA Margin 36 % 33 % 37 % 37 % 39 % 39 % 40 % 39 % % EBITDA Growth (39) (11) 31 11 16 6 6 2 Net Income Available to Common $421 $423 $550 $586 $666 $707 $744 $754 14 % 7 % Net Income Margin 25 % 26 % 28 % 27 % 29 % 29 % 29 % 28 % % Net Income Growth (41) 0 30 6 14 6 5 1 Jewel Management Projections Adjusted Financials \| ($ in millions) Source: Company filings, Jewl projections per Jewel management as approved for Goldman Sachs' use by the Special Committee ("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) 2 Acceleration of LTIP and redundancy expense of departing employees 3 Reversal of GAAP recognized distribution and servicing remittances to third-party partners (pass-through revenues / expenses). 4 Projected years (2025E – 2029E) deduct 3-year historical average (2022A – 2024A) of allocation of earnings to participating stock-based awards (~$13mm). 1 2 3 4 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-civimg006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 DRAFT Preliminary – Subject to Refinement $29.47 $42.37 $45.02 $49.96 $35.76 $42.15 $42.97 $45.94 $51.21 $55.59 $63.28 $61.84 $51.79 $58.15 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 13.0% 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 $777mm1 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: 52% 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: 21% 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 05-Dec-2025. Note: Relative to prior materials of 02-Dec-2025, noncontrolling interest amounts exclude redeemable noncontrolling interest and cash excludes regulatory required cash amounts per Jewel Management. Public market valuation range adjusted to exclude redeemable noncontrolling interest. Diluted share count for purposes of per share values based on Jewel standalone diluted shares outstanding (preliminary, subject to refinement), inclusive of 154.683mm common shares, 0.133mm incremental share-based awards, 0.071mm warrant shares, and 0.045mm treasury shares held in separate trust related to BAYE plan per Jewel Management. Equity value composed of enterprise value less nonredeemable NCI of $131mm, debt of $395mm, regulatory required capital of $270mm and contingent consideration of $25mm plus cash and cash equivalents of $982m and investments in affiliates of $18mm per Jewel Management Projections. 1 LTM EBITDA as of 30-Sep-2025. 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 Reflects $46.50 offer less one quarter of assumed $0.40 per share dividends; assumes no dividends are paid from sign to close. Trian / GC Proposal: $46.105 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-civimg007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 DRAFT Preliminary – Subject to Refinement Trian / GC Offer 1 (26-Oct-2025) Trian / GC Offer 2 (02-Dec-2025) Illustrative Prices Metric Value $46.00 $46.10 $47.00 $48.00 $49.00 $50.00 $51.00 $52.00 Premium To: Undisturbed Share Price (24-Oct-2025) $41.63 10.5 % 10.7 % 12.9 % 15.3 % 17.7 % 20.1 % 22.5 % 24.9 % - 43.3 % 30-Day VWAP (24-Oct-2025) 43.61 5.5 % 5.7 % 7.8 % 10.1 % 12.4 % 14.7 % 16.9 % 19.2 % - - 52-Week High (05-Feb-2025) 45.94 0.1 0.3 2.3 4.5 6.7 8.8 11.0 13.2 - 15.5 All-Time High (09-Nov-2021) 48.43 (5.0) (4.8) (3.0) (0.9) 1.2 3.2 5.3 7.4 - - Estimated Trian Cost Basis 29.49 56.0 56.3 59.4 62.8 66.2 69.5 72.9 76.3 - - Comparison to Initial Offer % Change from Initial Trian / GC Offer $46.00 0.2 % 2.2 % 4.3 % 6.5 % 8.7 % 10.9 % 13.0 % - - Jewel Management Projected Adj. EBITDA LTM EBITDA $777 9.0 x 9.0 x 9.2 x 9.4 x 9.6 x 9.8 x 10.0 x 10.2 x - 8.9 x 2025E 786 8.9 8.9 9.1 9.3 9.5 9.7 9.8 10.0 8.2 - 2026E 912 7.6 7.6 7.8 8.0 8.1 8.3 8.5 8.7 7.7 - TAM Peers Precedent Transactions Analysis at Various Prices Source: Jewel Management Projections, filings, Refinitiv, FactSet. Market data as of 05-Dec-2025. Note: Relative to prior materials of 02-Dec-2025, noncontrolling interest amounts exclude redeemable noncontrolling interest and cash excludes regulatory required cash amounts per Jewel Management. Diluted share count for purposes of per share values based on Jewel change of control fully diluted shares outstanding (preliminary) per Jewel Management. Equity value composed of enterprise value less nonredeemable NCI of $131mm, debt of $395mm, regulatory required capital of $270mm and contingent consideration of $25mm plus cash and cash equivalents of $982m and investments in affiliates of $18mm per Jewel Management Projections. 1 TAM Peers include AB, AMG, APAM, BEN, BLK, IVZ, TROW, VCTR, VRTS. 2 Reflects median value Morgan Stanley acquisition of Eaton Vance, Franklin Resources acquisition of Legg Mason, Pzena Investment management-led buyout of Pzena Investment Management, and Macquarie Asset Management acquisition of Waddell & Reed Financial. 3 Reflects 52-week high as of undisturbed date of 24-Oct-2025. 4 Represents select publicly available sponsor transactions over the last 5 years. 5 Assumes no dividends are paid from sign to close. 1 ($ in millions, except share price) 3 2 2 = Franklin Resource's acquisition of Legg Mason = Median of Select Large Sponsor acquisitions4 Denotes % change from initial offer to final offer for = Morgan Stanley's acquisition of Eaton Vance Reflects $46.50 offer less one quarter of assumed $0.40 per share dividends5 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-civimg008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 DRAFT Preliminary – Subject to Refinement 4Q'25E 2026E 2027E 2028E 2029E Terminal EBITDA $225 $912 $971 $1,026 $1,048 $1,079 (-) D&A (12) (44) (41) (37) (35) Pre-Tax Operating Income $214 $868 $930 $988 $1,013 (-) Taxes (51) (209) (221) (233) (236) Post-Tax Operating Income $162 $660 $709 $756 $777 (+) D&A 12 44 41 37 35 (-) Capex $(5) (41) (59) (19) (19) (+/-) NWC (39) (17) (12) (10) (8) Unlevered Free Cash Flow $129 $645 $679 $764 $785 $809 Discounted Cash Flow Analysis ($ in millions) Alternative Asset Management Market Update Source: Jewel Management Projections, FactSet, Company Filings. Market data as of 05-Dec-2025. Note: Relative to prior materials of 02-Dec-2025, noncontrolling interest amounts exclude redeemable noncontrolling interest and cash excludes regulatory required cash amounts per Jewel Management. Diluted share count for purposes of per share values based on Jewel standalone diluted shares outstanding (preliminary, subject to refinement), inclusive of 154.683mm common shares, 0.133mm incremental share-based awards, 0.071mm warrant shares, and 0.045mm treasury shares held in separate trust related to BAYE plan per Jewel Management. Equity value composed of enterprise value less nonredeemable NCI of $131mm, debt of $395mm, regulatory required capital of $270mm and contingent consideration of $25mm plus cash and cash equivalents of $982m and investments in affiliates of $18mm per Jewel Management Projections. Per Share Value Discounted Cash Flows Model Implied Terminal EV / EBITDA Multiple Growth Rate Growth Rate DCF WACC WACC $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 % $53.77 $47.74 $42.97 2.00 % 55.84 49.28 44.15 2.50 % 58.15 50.97 45.43  |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-civimg009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 DRAFT Preliminary – Subject to Refinement Present Value of Future Stock Price Analysis Source: Jewel Management Projections, FactSet, Axioma, Duff & Phelps. Assumes a 13.0% cost of equity based on an equity beta of 1.35, risk-free rate of 4.8% and equity risk premium of 6.1%. Discounted to 30-Sep-2025. Note: Relative to prior materials of 02-Dec-2025, noncontrolling interest amounts exclude redeemable noncontrolling interest and cash excludes regulatory required cash amounts per Jewel Management. Future Stock Price Based on NTM EV / EBITDA Multiples \| 13.0% 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 $41.63 $42.15 $43.53 $44.15 $46.48 $47.62 $47.97 $50.80 $51.70 $51.79 $35.00 $40.00 $45.00 $50.00 $55.00 $60.00 $65.00 $70.00 $75.00 Undisturbed 2025E 2026E 2027E $41.63 $43.45 $50.55 $57.57 $47.91 $55.31 $62.59 $52.37 $60.06 $67.62 $35.00 $40.00 $45.00 $50.00 $55.00 $60.00 $65.00 $70.00 $75.00 Undisturbed 2025E 2026E 2027E 2025E 2026E 2027E 1-Year Forward EBITDA $912 $971 $1,026 Debt (395) (395) (395) Nonredeemable NCI (134) (139) (165) Cash and Cash Equivalents 1,041 1,474 1,938 Regulatory Req'd Cash / Capital (284) (298) (313) Investments in Affiliates 18 18 18 Contingent Consideration (25) (25) 0 Total EV to Equity Value Adjustments $221 $635 $1,082 Annual Aggregate Dividend 61 245 245 Fully Diluted Shares Outstanding (mm) 153.478 153.068 153.068 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-civimg010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 DRAFT Preliminary – Subject to Refinement Acquirer Target Announced Consideration EV / LTM EBITDA 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 0.91 6.9 x Oct-2018 5.6 8.4 x Median 8.9 x Precedent M&A Transactions Source: Company filings, earnings transcripts. 1 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](tm2534023d8_ex99-civimg011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 DRAFT Preliminary – Subject to Refinement 37 % 38 % 32 % 22 % 29 % 45 % 56 % 23 % 30 % 62 % 25 % 46 % 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 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 15 10 13 11 Premia Relative to Undisturbed Share Price1 # of Deals 25th Percentile 20 % 75th Percentile 52 % Median: 32 % Precedent Premia Analysis |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-civimg012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 DRAFT Preliminary – Subject to Refinement 10 % 17 % 7 % 10 % 6 % 12 % 19 % 8 % 0 % 24 % 4 % 6 % 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 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 15 10 13 11 Premia Relative to 52-Week High Share Price1 # of Deals 25th Percentile (2) % 75th Percentile 21 % Median: 7 % Precedent Premia Analysis |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-civimg013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 DRAFT Preliminary – Subject to Refinement 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. 6 7 13 30 37 38 Premia Relative to Undisturbed Share Price – Deals Grouped by Undisturbed Share Price as % of 52-Week High1 # of Deals Precedent Premia Analysis Jewel's $41.63 undisturbed share price represents 91% of its 52-Week High of $45.94 78 % 52 % 53 % 40 % 28 % 23 % 25th Percentile: 11 % 75th Percentile: 33 % 0-50% 50-60% 60-70% 70-80% 80-90% 90%+ |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-civimg014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT Preliminary – Subject to Refinement Appendix A: Valuation Support |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-civimg015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 DRAFT Preliminary – Subject to Refinement 1.33 1.11 1.00 1.20 1.40 1.60 1.80 2.00 2.20 2.40 Oct-2022 Mar-2023 Aug-2023 Dec-2023 May-2024 Oct-2024 Feb-2025 Jul-2025 Dec-2025 Beta Analysis Source: Axioma. Note: Market data as of 05-Dec-2025. 1 Reflects Jewel historical data up to undisturbed date of 24-Oct-2025. 2 TAM Peers include AB, AMG, APAM, BEN, BLK, IVZ, TROW, VCTR, VRTS. Reflects historical data through 05-Dec-2025. Beta on 24-Oct-2025 (Pre-Proposal): 1.41 5-Nov-2024: U.S. Election Day Historical Jewel and Peer Beta Analysis DCF Average 3Y 2Y 1Y Jewel1 1.51 1.52 1.42 TAM Peers2 1.38 1.35 1.22 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 - - - TAM Peers2 - % of Time Spent in Range 3Y 2Y 1Y 1.70 + - - - 1.60 - 1.70 1 % 1 % - 1.50 - 1.60 16 24 - 1.40 - 1.50 42 22 - 1.30 - 1.40 7 2 4 1.20 - 1.30 29 43 79 1.10 - 1.20 6 9 17 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-civimg016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 DRAFT Preliminary – Subject to Refinement Axioma Historical Levered Beta Debt Cash Net Debt Market Cap Gross Debt / Gross Debt + Market Cap Jewel 1.33 $395 $982 $(587) $6,927 5.4 % Jewel (Undisturbed - Oct 24) 1.41 395 870 (475) 6,450 5.8 Peers Alliance Bernstein 0.70 $473 $741 $(268) $12,471 3.7 % Affiliated Managers Group 0.91 2,372 476 1,896 7,915 23.1 Artisan Partners 1.17 189 300 (111) 3,464 5.2 BlackRock 1.11 12,766 9,774 2,992 171,092 6.9 Franklin 0.95 2,362 3,088 (726) 12,191 16.2 Invesco 1.30 1,625 973 652 11,997 11.9 T. Rowe 1.12 0 3,635 (3635) 23,869 0.0 Victory Capital 1.15 972 116 856 5,491 15.0 Virtus 1.02 391 371 20 1,148 25.4 Peer Median 1.11 11.9 % 75th Percentile 1.15 16.2 Average 1.05 11.9 25th Percentile 0.95 5.2 Capitalization Weighted Average Cost of Capital Analysis ($ in millions) Source: Axioma, Duff and Phelps, Company filings, market data as of 05-Dec-2025. WACC Walk WACC Sensitivity Analysis Peer Capital Structure Comparison DCF Capital Structure % Target Debt 9.0 % Target Equity 91.0 Implied Debt to Capital Ratio 9.0 Cost of Equity Risk Free Rate 4.8 % Levered Equity Beta 1.35 Equity Risk Premium 6.1 % Cost of Equity 13.0 % 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 12.2 % Equity Beta 1.20 1.35 1.50 Debt / Total Capital 5.0 % 11.7 % 12.5 % 13.4 % 9.0 % 11.4 12.2 13.0 13.0 % 11.0 11.8 12.6  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-civimg017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 DRAFT Preliminary – Subject to Refinement Equity Enterprise EV / EBITDA Company Name Closing Price Market Cap ($mm) Value CY2025 NTM CY2026 Jewel (Current) $44.71 $6,927 $6,662 8.4 x 7.6 x 7.5 x Jewel (Undisturbed) $41.63 $6,450 $6,305 8.2 x 7.3 x 7.1 x TAM Peers AllianceBernstein $42.80 $12,471 $11,951 10.0 x 9.0 x 8.9 x Affiliated Managers 273.19 7,915 8,205 7.8 7.1 7.0 Artisan Partners 42.64 3,464 3,371 8.2 7.7 7.7 Blackrock 1,072.16 171,092 174,622 17.8 14.4 14.2 Franklin Resources 23.40 12,191 11,500 5.9 5.4 5.5 Invesco 26.24 11,997 15,489 9.5 8.0 7.9 T. Rowe Price 106.58 23,869 19,065 6.5 6.3 6.3 Victory 63.65 5,491 6,348 9.6 8.3 8.2 Virtus 161.79 1,148 1,150 4.3 4.2 4.2 TAM Peers 8.2 x 7.7 x 7.7 x Public Peer Trading Multiples Source: Company filings, FactSet. Note: Market data as of 05-Dec-2025. 1 Reflects Jewel data as of undisturbed date of 24-Oct-2025. ($ in millions, except share price) 1 Public Market Valuation |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-civimg018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT Preliminary – Subject to Refinement Appendix B: Additional Financial Information |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-civimg019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 DRAFT Preliminary – Subject to Refinement Fully Diluted Shares Outstanding Source: Jewel Management. Market data as of 05-Dec-2025. Note: Relative to prior materials of 02-Dec-2025, Jewel change of control fully diluted shares outstanding assumes CEO's special award RSU/PSUs are accelerated and cashed out at closing (i.e., RSU/PSUs associated with 2025 CEO Special Award are no longer forfeited). 1 Basic common shares outstanding includes 4.8mm custody shares held at Fidelity to cover the vesting of share-based awards. 2 Change of control FDSO calculated using $46.10 per share Trian / GC proposal. 3 Share based awards not included in the custody account at Fidelity. Primarily UK SAYE option plan. 4 Assumes all 1.6mm warrants are exercised at Trian / GC proposal price of $46.10 per share (exercise price of $37.91). 5 Relates to BAYE plan, held in separate trust. Change of Control FDSO2 Standalone FDSO Basic Common Shares1 154,683,308 Dilutive Securities Incremental Share-Based Awards3 139,553 Guardian Warrants4 284,252 Treasury Shares5 45,325 Total Dilutive Securities 469,129 Fully Diluted Shares Outstanding 155,152,437 Basic Common Shares1 154,683,308 Dilutive Securities Incremental Share-Based Awards 133,130 Guardian Warrants 71,175 Treasury Shares 45,325 Total Dilutive Securities 249,630 Fully Diluted Shares Outstanding 154,932,938  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-civimg020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 DRAFT Preliminary – Subject to Refinement Enterprise Value to Equity Value Walk Source: Company filings, Jewel Management. Market data as of 05-Dec-2025. Note: Relative to prior materials of 02-Dec-2025, noncontrolling interest amounts exclude redeemable noncontrolling interest and cash excludes regulatory required cash amounts per Jewel Management. Illustrative Enterprise Value to Equity Value Adjustments (-) Long-Term Debt $(395) (-) Nonredeemable Non-Controlling Interests (131) (+) Cash and Cash Equivalents 982 (-) Regulatory Required Cash / Capital (incl. buffer) (270) (+) Investments in Affiliates 18 (-) Contingent Consideration (25) Total Enterprise Value to Equity Value Adjustments $179 ($ in millions) |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-civimg021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 DRAFT Preliminary – Subject to Refinement Benchmarking Jewel Management Projections to Select Companies Metric Year Jewel1 Jewel Research Estimates Select Traditional Asset Managers Median Net Flows2 2025E 15% 15% (1)% (1)% 5% (7)% 5% (3)% (2)% 2026E 1 1 1 1 5 (1) 4 (1) 0 2027E 2 1 1 1 5 (0) 4 (1) 1 Market Growth2,3 2025E 14% 17% 14% 11% 14% 4% 14% 15% 20% 2026E 5 6 6 6 6 5 6 7 6 2027E 5 6 6 6 6 5 6 7 6 Fee Rate (bps)2 2025E 45bps 45bps 39bps 39bps 15bps 38bps 23bps 39bps 43bps 2026E 42 42 38 38 15 38 23 37 38 2027E 42 42 37 39 16 38 22 36 38 Revenue Growth4 2025E 10% 11% 5% 0% 19% 2% 5% 4% 46%5 2026E 9 10 11 9 22 2 13 6 17 2027E 6 7 6 6 11 5 6 3 5 Comp. % of Revenue2 2025E 43% 44% 39% 49% 35% 51% 43% 36% 25% 2026E 42 43 38 49 35 48 40 35 25 2027E 42 43 38 48 35 48 40 35 25 Non-Comp. % of Revenue2 2025E 22% 21% 24% 17% 21% 25% 24% 27% 24% 2026E 21 21 23 16 19 23 23 27 24 2027E 21 21 22 16 19 22 22 29 24 Operating Margin4 2025E 35% 36% 36% 34% 44% 24% 33% 37% 49% 2026E 37 37 36 35 42 29 34 38 48 2027E 38 36 37 36 43 28 36 38 48 Source: Jewel Management Projections, GS Research, FactSet. Note: Franklin figures reflect fiscal year end of September 30th. Franklin 2025 figures represent actual results. 1 Based on Jewel Management Projections. 2 Based on GS Research. 3 Includes the impact of FX. 4 Based on Consensus of Research Analysts. 5 Driven by acquisition of Amundi U.S. |

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

**Exhibit 99.(c)(v)**

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cvimg001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highly Confidential & Proprietary December 11, 2025 Project Jewel Discussion Materials Goldman Sachs & Co. DRAFT Preliminary – Subject to Refinement |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cvimg002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 DRAFT Preliminary – Subject to Refinement 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](tm2534023d8_ex99-cvimg003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 DRAFT Preliminary – Subject to Refinement $44.71 0 2 4 6 8 10 12 $20 $30 $40 $50 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Volume (mm) Share Price Jewel 3Y 1Y 6M 3M 1M % Performance 73.0 % 0.2 % 23.7 % (0.9)% 3.2 % Average Share Price $33.87 $40.84 $42.44 $43.85 $43.41 Jewel Share Price Performance Source: Company filings, FactSet. Note: Market data as of 05-Dec-2025. 1 Jewel % performance and average share price metrics as of 05-Dec-2025. 2 52-week high and low as of closing on 24-Oct-2025, prior to Trian bid proposal. 3 Trian publicly-disclosed letter dated 26-Oct-2025. 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 02-May-2024: Announces acquisition of NBK Wealth & Tabula 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 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cvimg004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 DRAFT Preliminary – Subject to Refinement 7.6 x 7.7 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 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 EV / NTM EBITDA on 24-Oct-2025 (Pre-Proposal): 7.3 x Historical Jewel and Peer EV / NTM EBITDA Historical Jewel and Peer Multiple Analysis Source: Company filings, FactSet. Market data as of 05-Dec-2025. Note: Relative to prior materials of 02-Dec-2025, noncontrolling interest amounts exclude redeemable noncontrolling interest and cash excludes regulatory required cash amounts per Jewel Management. Metrics for TAM peer adjusted to exclude redeemable noncontrolling interest. 1 Reflects Jewel historical data up to undisturbed date of 24-Oct-2025. 2 TAM Peers include AB, AMG, APAM, BEN, BLK, IVZ, TROW, VCTR, VRTS. Reflects historical data through 05-Dec-2025. Average 3Y 2Y 1Y Jewel1 7.7 x 7.7 x 7.9 x TAM Peers2 7.5 7.5 7.2 TAM Peers2 - % of Time Spent in Range 3Y 2Y 1Y 9.0 x + - - - 8.5 x - 9.0 x 2 % 1 % - 8.0 x - 8.5 x 13 10 - 7.5 x - 8.0 x 37 37 29 7.0 x - 7.5 x 38 37 41 6.5 x - 7.0 x 6 9 18 6.0 x - 6.5 x 3 5 10 < 6.0 x 1 1 2 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 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cvimg005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 DRAFT Preliminary – Subject to Refinement Historical Projected CAGR 2022A 2023A 2024A 2025P 2026P 2027P 2028P 2029P '22A - '24A '25P - '29P Revenues Total Revenues $1,705 $1,646 $1,941 $2,134 $2,324 $2,460 $2,587 $2,671 7 % 6 % % Revenue Growth (23)% (3)% 18 % 10 % 9 % 6 % 5 % 3 % Expenses Compensation $754 $754 $855 $927 $971 $1,024 $1,076 $1,118 Compensation as % of Revenue 44 % 46 % 44 % 43 % 42 % 42 % 42 % 42 % % Compensation Growth (14) (0) 13 8 5 5 5 4 Non-Compensation $374 $384 $418 $466 $485 $506 $523 $540 Non-Compensation as % of Revenue 22 % 23 % 22 % 22 % 21 % 21 % 20 % 20 % % Non-Compensation Growth (1) 2 9 12 4 4 3 3 Total Expenses $1,129 $1,137 $1,273 $1,393 $1,456 $1,530 $1,599 $1,658 6 % 4 % Operating Income $577 $509 $668 $741 $868 $930 $988 $1,013 8 % 8 % Operating Income Margin 34 % 31 % 34 % 35 % 37 % 38 % 38 % 38 % % Operating Income Growth (40) (12) 31 11 17 7 6 2 EBITDA $607 $542 $710 $786 $912 $971 $1,026 $1,048 8 % 7 % EBITDA Margin 36 % 33 % 37 % 37 % 39 % 39 % 40 % 39 % % EBITDA Growth (39) (11) 31 11 16 6 6 2 Net Income Available to Common $421 $423 $550 $586 $666 $707 $744 $754 14 % 7 % Net Income Margin 25 % 26 % 28 % 27 % 29 % 29 % 29 % 28 % % Net Income Growth (41) 0 30 6 14 6 5 1 Jewel Management Projections Adjusted Financials \| ($ in millions) Source: Company filings, Jewl projections per Jewel management as approved for Goldman Sachs' use by the Special Committee ("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) 2 Acceleration of LTIP and redundancy expense of departing employees 3 Reversal of GAAP recognized distribution and servicing remittances to third-party partners (pass-through revenues / expenses). 4 Projected years (2025E – 2029E) deduct 3-year historical average (2022A – 2024A) of allocation of earnings to participating stock-based awards (~$13mm). 1 2 3 4 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cvimg006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 DRAFT Preliminary – Subject to Refinement Benchmarking Jewel Management Projections to Select Companies Metric Year Jewel1 Jewel Research Estimates Select Traditional Asset Managers Median Net Flows 2 2025E 15% 15% (1)% (1)% 5% (7)% 5% (3)% (2)% 2026E 1 1 1 1 5 (1) 4 (1) 0 2027E 2 1 1 1 5 (0) 4 (1) 1 Market Growth2,3 2025E 14% 17% 14% 11% 14% 4% 14% 15% 20% 2026E 5 6 6 6 6 5 6 7 6 2027E 5 6 6 6 6 5 6 7 6 Fee Rate (bps) 2 2025E 45bps 45bps 39bps 39bps 15bps 38bps 23bps 39bps 43bps 2026E 42 42 38 38 15 38 23 37 38 2027E 42 42 37 39 16 38 22 36 38 Revenue Growth4 2025E 10% 11% 5% 0% 19% 2% 5% 4% 46%5 2026E 9 10 11 9 22 2 13 6 17 2027E 6 7 6 6 11 5 6 3 5 Comp. % of Revenue 2 2025E 43% 44% 39% 49% 35% 51% 43% 36% 25% 2026E 42 43 38 49 35 48 40 35 25 2027E 42 43 38 48 35 48 40 35 25 Non-Comp. % of Revenue 2 2025E 22% 21% 24% 17% 21% 25% 24% 27% 24% 2026E 21 21 23 16 19 23 23 27 24 2027E 21 21 22 16 19 22 22 29 24 Operating Margin4 2025E 35% 36% 36% 34% 44% 24% 33% 37% 49% 2026E 37 37 36 35 42 29 34 38 48 2027E 38 36 37 36 43 28 36 38 48 Source: Jewel Management Projections, GS Research, FactSet. Note: Franklin figures reflect fiscal year end of September 30th. Franklin 2025 figures represent actual results. 1 Based on Jewel Management Projections. 2 Based on GS Research. 3 Includes the impact of FX. 4 Based on Consensus of Research Analysts. 5 Driven by acquisition of Amundi U.S. |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cvimg007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 DRAFT Preliminary – Subject to Refinement $29.47 $42.37 $45.02 $49.96 $35.76 $42.15 $42.97 $45.94 $51.21 $55.59 $63.28 $61.84 $51.79 $58.15 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 13.0% ◼ 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 $777mm1 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: 52% 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: 21% 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 05-Dec-2025. Note: Relative to prior materials of 02-Dec-2025, noncontrolling interest amounts exclude redeemable noncontrolling interest and cash excludes regulatory required cash amounts per Jewel Management. Public market valuation range adjusted to exclude redeemable noncontrolling interest. Diluted share count for purposes of per share values based on Jewel standalone diluted shares outstanding (preliminary, subject to refinement), inclusive of 154.683mm common shares, 0.133mm incremental share-based awards, 0.071mm warrant shares, and 0.045mm treasury shares held in separate trust related to BAYE plan per Jewel Management. Equity value composed of enterprise value less nonredeemable NCI of $131mm, debt of $395mm, regulatory required capital of $270mm and contingent consideration of $25mm plus cash and cash equivalents of $982m and investments in affiliates of $18mm per Jewel Management Projections. 1 LTM EBITDA as of 30-Sep-2025. 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 Reflects $46.50 offer less one quarter of assumed $0.40 per share dividends; assumes no dividends are paid from sign to close. Trian / GC Proposal: $46.105 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cvimg008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 DRAFT Preliminary – Subject to Refinement Trian / GC Offer 1 (26-Oct-2025) Trian / GC Offer 2 (02-Dec-2025) Illustrative Prices Metric Value $46.00 $46.10 $47.00 $48.00 $49.00 $50.00 $51.00 $52.00 Premium To: Undisturbed Share Price (24-Oct-2025) $41.63 10.5 % 10.7 % 12.9 % 15.3 % 17.7 % 20.1 % 22.5 % 24.9 % - 43.3 % 30-Day VWAP (24-Oct-2025) 43.61 5.5 % 5.7 % 7.8 % 10.1 % 12.4 % 14.7 % 16.9 % 19.2 % - - 52-Week High (05-Feb-2025) 45.94 0.1 0.3 2.3 4.5 6.7 8.8 11.0 13.2 - 15.5 All-Time High (09-Nov-2021) 48.43 (5.0) (4.8) (3.0) (0.9) 1.2 3.2 5.3 7.4 - - Estimated Trian Cost Basis 29.49 56.0 56.3 59.4 62.8 66.2 69.5 72.9 76.3 - - Comparison to Initial Offer % Change from Initial Trian / GC Offer $46.00 0.2 % 2.2 % 4.3 % 6.5 % 8.7 % 10.9 % 13.0 % - - Jewel Management Projected Adj. EBITDA LTM EBITDA $777 9.0 x 9.0 x 9.2 x 9.4 x 9.6 x 9.8 x 10.0 x 10.2 x - 8.9 x 2025E 786 8.9 8.9 9.1 9.3 9.5 9.7 9.8 10.0 8.2 - 2026E 912 7.6 7.6 7.8 8.0 8.1 8.3 8.5 8.7 7.7 - TAM Peers Precedent Transactions Analysis at Various Prices Source: Jewel Management Projections, filings, Refinitiv, FactSet. Market data as of 05-Dec-2025. Note: Relative to prior materials of 02-Dec-2025, noncontrolling interest amounts exclude redeemable noncontrolling interest and cash excludes regulatory required cash amounts per Jewel Management. Diluted share count for purposes of per share values based on Jewel change of control fully diluted shares outstanding (preliminary) per Jewel Management. Equity value composed of enterprise value less nonredeemable NCI of $131mm, debt of $395mm, regulatory required capital of $270mm and contingent consideration of $25mm plus cash and cash equivalents of $982m and investments in affiliates of $18mm per Jewel Management Projections. 1 TAM Peers include AB, AMG, APAM, BEN, BLK, IVZ, TROW, VCTR, VRTS. 2 Reflects median value Morgan Stanley acquisition of Eaton Vance, Franklin Resources acquisition of Legg Mason, Pzena Investment management-led buyout of Pzena Investment Management, and Macquarie Asset Management acquisition of Waddell & Reed Financial. 3 Reflects 52-week high as of undisturbed date of 24-Oct-2025. 4 Represents select publicly available sponsor transactions over the last 5 years. 5 Assumes no dividends are paid from sign to close. 1 ($ in millions, except share price) 3 2 2 = Franklin Resource's acquisition of Legg Mason = Median of Select Large Sponsor acquisitions4 Denotes % change from initial offer to final offer for = Morgan Stanley's acquisition of Eaton Vance Reflects $46.50 offer less one quarter of assumed $0.40 per share dividends5 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cvimg009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 DRAFT Preliminary – Subject to Refinement 4Q'25E 2026E 2027E 2028E 2029E Terminal EBITDA $225 $912 $971 $1,026 $1,048 $1,079 (-) D&A (12) (44) (41) (37) (35) Pre-Tax Operating Income $214 $868 $930 $988 $1,013 (-) Taxes (51) (209) (221) (233) (236) Post-Tax Operating Income $162 $660 $709 $756 $777 (+) D&A 12 44 41 37 35 (-) Capex $(5) (41) (59) (19) (19) (+/-) NWC (39) (17) (12) (10) (8) Unlevered Free Cash Flow $129 $645 $679 $764 $785 $809 Discounted Cash Flow Analysis ($ in millions) Alternative Asset Management Market Update Source: Jewel Management Projections, FactSet, Company Filings. Market data as of 05-Dec-2025. Note: Relative to prior materials of 02-Dec-2025, noncontrolling interest amounts exclude redeemable noncontrolling interest and cash excludes regulatory required cash amounts per Jewel Management. Diluted share count for purposes of per share values based on Jewel standalone diluted shares outstanding (preliminary, subject to refinement), inclusive of 154.683mm common shares, 0.133mm incremental share-based awards, 0.071mm warrant shares, and 0.045mm treasury shares held in separate trust related to BAYE plan per Jewel Management. Equity value composed of enterprise value less nonredeemable NCI of $131mm, debt of $395mm, regulatory required capital of $270mm and contingent consideration of $25mm plus cash and cash equivalents of $982m and investments in affiliates of $18mm per Jewel Management Projections. Per Share Value Discounted Cash Flows Model Implied Terminal EV / EBITDA Multiple Growth Rate Growth Rate DCF WACC WACC $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 % $53.77 $47.74 $42.97 2.00 % 55.84 49.28 44.15 2.50 % 58.15 50.97 45.43  |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cvimg010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 DRAFT Preliminary – Subject to Refinement Present Value of Future Stock Price Analysis Source: Jewel Management Projections, FactSet, Axioma, Duff & Phelps. Assumes a 13.0% cost of equity based on an equity beta of 1.35, risk-free rate of 4.8% and equity risk premium of 6.1%. Discounted to 30-Sep-2025. Note: Relative to prior materials of 02-Dec-2025, noncontrolling interest amounts exclude redeemable noncontrolling interest and cash excludes regulatory required cash amounts per Jewel Management. Future Stock Price Based on NTM EV / EBITDA Multiples \| 13.0% 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 $41.63 $42.15 $43.53 $44.15 $46.48 $47.62 $47.97 $50.80 $51.70 $51.79 $35.00 $40.00 $45.00 $50.00 $55.00 $60.00 $65.00 $70.00 $75.00 Undisturbed 2025E 2026E 2027E $41.63 $43.45 $50.55 $57.57 $47.91 $55.31 $62.59 $52.37 $60.06 $67.62 $35.00 $40.00 $45.00 $50.00 $55.00 $60.00 $65.00 $70.00 $75.00 Undisturbed 2025E 2026E 2027E 2025E 2026E 2027E 1-Year Forward EBITDA $912 $971 $1,026 Debt (395) (395) (395) Nonredeemable NCI (134) (139) (165) Cash and Cash Equivalents 1,041 1,474 1,938 Regulatory Req'd Cash / Capital (284) (298) (313) Investments in Affiliates 18 18 18 Contingent Consideration (25) (25) 0 Total EV to Equity Value Adjustments $221 $635 $1,082 Annual Aggregate Dividend 61 245 245 Fully Diluted Shares Outstanding (mm) 153.478 153.068 153.068 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cvimg011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 DRAFT Preliminary – Subject to Refinement Acquirer Target Announced Consideration EV / LTM EBITDA 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 0.91 6.9 x Oct-2018 5.6 8.4 x Median 8.9 x Precedent M&A Transactions Source: Company filings, earnings transcripts. 1 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](tm2534023d8_ex99-cvimg012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 DRAFT Preliminary – Subject to Refinement 37 % 38 % 32 % 22 % 29 % 45 % 56 % 23 % 30 % 62 % 25 % 46 % 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 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 15 10 13 11 Premia Relative to Undisturbed Share Price1 # of Deals 25th Percentile 20 % 75th Percentile 52 % Median: 32 % Precedent Premia Analysis |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cvimg013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 DRAFT Preliminary – Subject to Refinement 10 % 17 % 7 % 10 % 6 % 12 % 19 % 8 % 0 % 24 % 4 % 6 % 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 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 15 10 13 11 Premia Relative to 52-Week High Share Price1 # of Deals 25th Percentile (2) % 75th Percentile 21 % Median: 7 % Precedent Premia Analysis |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cvimg014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 DRAFT Preliminary – Subject to Refinement 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. 6 7 13 30 37 38 Premia Relative to Undisturbed Share Price – Deals Grouped by Undisturbed Share Price as % of 52-Week High1 # of Deals Precedent Premia Analysis Jewel's $41.63 undisturbed share price represents 91% of its 52-Week High of $45.94 78 % 52 % 53 % 40 % 28 % 23 % 25th Percentile: 11 % 75th Percentile: 33 % 0-50% 50-60% 60-70% 70-80% 80-90% 90%+ |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cvimg015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT Preliminary – Subject to Refinement Appendix A: Valuation Support |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cvimg016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 DRAFT Preliminary – Subject to Refinement 1.33 1.11 1.00 1.20 1.40 1.60 1.80 2.00 2.20 2.40 Oct-2022 Mar-2023 Aug-2023 Dec-2023 May-2024 Oct-2024 Feb-2025 Jul-2025 Dec-2025 Beta Analysis Source: Axioma. Note: Market data as of 05-Dec-2025. 1 Reflects Jewel historical data up to undisturbed date of 24-Oct-2025. 2 TAM Peers include AB, AMG, APAM, BEN, BLK, IVZ, TROW, VCTR, VRTS. Reflects historical data through 05-Dec-2025. Beta on 24-Oct-2025 (Pre-Proposal): 1.41 5-Nov-2024: U.S. Election Day Historical Jewel and Peer Beta Analysis DCF Average 3Y 2Y 1Y Jewel1 1.51 1.52 1.42 TAM Peers2 1.38 1.35 1.22 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 - - - TAM Peers2 - % of Time Spent in Range 3Y 2Y 1Y 1.70 + - - - 1.60 - 1.70 1 % 1 % - 1.50 - 1.60 16 24 - 1.40 - 1.50 42 22 - 1.30 - 1.40 7 2 4 1.20 - 1.30 29 43 79 1.10 - 1.20 6 9 17 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cvimg017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 DRAFT Preliminary – Subject to Refinement Axioma Historical Levered Beta Debt Cash Net Debt Market Cap Gross Debt / Gross Debt + Market Cap Jewel 1.33 $395 $982 $(587) $6,927 5.4 % Jewel (Undisturbed - Oct 24) 1.41 395 870 (475) 6,450 5.8 Peers Alliance Bernstein 0.70 $473 $741 $(268) $12,471 3.7 % Affiliated Managers Group 0.91 2,372 476 1,896 7,915 23.1 Artisan Partners 1.17 189 300 (111) 3,464 5.2 BlackRock 1.11 12,766 9,774 2,992 171,092 6.9 Franklin 0.95 2,362 3,088 (726) 12,191 16.2 Invesco 1.30 1,625 973 652 11,997 11.9 T. Rowe 1.12 0 3,635 (3635) 23,869 0.0 Victory Capital 1.15 972 116 856 5,491 15.0 Virtus 1.02 391 371 20 1,148 25.4 Peer Median 1.11 11.9 % 75th Percentile 1.15 16.2 Average 1.05 11.9 25th Percentile 0.95 5.2 Capitalization Weighted Average Cost of Capital Analysis ($ in millions) Source: Axioma, Duff and Phelps, Company filings, market data as of 05-Dec-2025. WACC Walk WACC Sensitivity Analysis Peer Capital Structure Comparison DCF Capital Structure % Target Debt 9.0 % Target Equity 91.0 Implied Debt to Capital Ratio 9.0 Cost of Equity Risk Free Rate 4.8 % Levered Equity Beta 1.35 Equity Risk Premium 6.1 % Cost of Equity 13.0 % 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 12.2 % Equity Beta 1.20 1.35 1.50 Debt / Total Capital 5.0 % 11.7 % 12.5 % 13.4 % 9.0 % 11.4 12.2 13.0 13.0 % 11.0 11.8 12.6  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cvimg018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 DRAFT Preliminary – Subject to Refinement Equity Enterprise EV / EBITDA Company Name Closing Price Market Cap ($mm) Value CY2025 NTM CY2026 Jewel (Current) $44.71 $6,927 $6,662 8.4 x 7.6 x 7.5 x Jewel (Undisturbed) $41.63 $6,450 $6,305 8.2 x 7.3 x 7.1 x TAM Peers AllianceBernstein $42.80 $12,471 $11,951 10.0 x 9.0 x 8.9 x Affiliated Managers 273.19 7,915 8,205 7.8 7.1 7.0 Artisan Partners 42.64 3,464 3,371 8.2 7.7 7.7 Blackrock 1,072.16 171,092 174,622 17.8 14.4 14.2 Franklin Resources 23.40 12,191 11,500 5.9 5.4 5.5 Invesco 26.24 11,997 15,489 9.5 8.0 7.9 T. Rowe Price 106.58 23,869 19,065 6.5 6.3 6.3 Victory 63.65 5,491 6,348 9.6 8.3 8.2 Virtus 161.79 1,148 1,150 4.3 4.2 4.2 TAM Peers 8.2 x 7.7 x 7.7 x Public Peer Trading Multiples Source: Company filings, FactSet. Note: Market data as of 05-Dec-2025. 1 Reflects Jewel data as of undisturbed date of 24-Oct-2025. ($ in millions, except share price) 1 Public Market Valuation |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cvimg019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRAFT Preliminary – Subject to Refinement Appendix B: Additional Financial Information |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cvimg020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 DRAFT Preliminary – Subject to Refinement Fully Diluted Shares Outstanding Source: Jewel Management. Market data as of 05-Dec-2025. Note: Relative to prior materials of 02-Dec-2025, Jewel change of control fully diluted shares outstanding assumes CEO's special award RSU/PSUs are accelerated and cashed out at closing (i.e., RSU/PSUs associated with 2025 CEO Special Award are no longer forfeited). 1 Basic common shares outstanding includes 4.8mm custody shares held at Fidelity to cover the vesting of share-based awards. 2 Change of control FDSO calculated using $46.10 per share Trian / GC proposal. 3 Share based awards not included in the custody account at Fidelity. Primarily UK SAYE option plan. 4 Assumes all 1.6mm warrants are exercised at Trian / GC proposal price of $46.10 per share (exercise price of $37.91). 5 Relates to BAYE plan, held in separate trust. Change of Control FDSO2 Standalone FDSO Basic Common Shares1 154,683,308 Dilutive Securities Incremental Share-Based Awards3 139,553 Guardian Warrants4 284,252 Treasury Shares5 45,325 Total Dilutive Securities 469,129 Fully Diluted Shares Outstanding 155,152,437 Basic Common Shares1 154,683,308 Dilutive Securities Incremental Share-Based Awards 133,130 Guardian Warrants 71,175 Treasury Shares 45,325 Total Dilutive Securities 249,630 Fully Diluted Shares Outstanding 154,932,938  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cvimg021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 DRAFT Preliminary – Subject to Refinement Enterprise Value to Equity Value Walk Source: Company filings, Jewel Management. Market data as of 05-Dec-2025. Note: Relative to prior materials of 02-Dec-2025, noncontrolling interest amounts exclude redeemable noncontrolling interest and cash excludes regulatory required cash amounts per Jewel Management. Illustrative Enterprise Value to Equity Value Adjustments (-) Long-Term Debt $(395) (-) Nonredeemable Non-Controlling Interests (131) (+) Cash and Cash Equivalents 982 (-) Regulatory Required Cash / Capital (incl. buffer) (270) (+) Investments in Affiliates 18 (-) Contingent Consideration (25) Total Enterprise Value to Equity Value Adjustments $179 ($ in millions) |

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

**Exhibit 99.(c)(vi)**

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cviimg001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 15, 2025 Project Jewel – Updated Illustrative Sources & Uses Goldman Sachs & Co. DRAFT Preliminary – Subject to Refinement |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cviimg002.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. DRAFT Preliminary – Subject to Refinement |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cviimg003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Updated Illustrative Sources & Uses Assumes Purchase Price of $47 per Share \| ($ in millions) Source: Jewel Management, Trian / General Catalyst. Fully diluted shares outstanding per Jewel management (preliminary.) Transaction expenses are illustrative and to be further refined. Assumes Trian rolls full equity stake as per proposal letter. DRAFT Preliminary – Subject to Refinement Sources Uses Term loan financing from banks $2,600 Equity Value $7,270 Preferred equity 1,000 Debt 395 Excess cash from B/S 800 Estimated Transaction Fees 250 Seed Capital held by Company 275 <<$200 - $350mm range, utilized midpoint Trian Equity Roll 1,498 New Cash Equity 1,742 Total Sources $7,915 Total Uses $7,915 (/) LTM Q3 2025 EBITDA Term loan financing from banks 3.3 x Preferred equity 1.3 x Term Loan and Preferred 4.6 x Excess cash from B/S 1.0 x Seed Capital held by Company 0.4 x Trian Equity Roll 1.9 x New Cash Equity 2.2 x Total Sources 10.2 x Notes / Requirements from Letter - Company ceases to pay quarterly dividend following signing - Following close of Transaction, Company retain at least $300mm of cash on balance sheet - Following close of Transaction, Company have access to $500mm of committed revolving loan facility |

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

**Exhibit 99.(c)(vii)**

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cviiimg001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highly Confidential & Proprietary December 16, 2025 Project Jewel Discussion Materials Goldman Sachs & Co. DRAFT Preliminary – Subject to Refinement |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cviiimg002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 DRAFT Preliminary – Subject to Refinement Institution Refinitiv Style Position Entry Date1 % OS Shares (mm) Cost Basis2 Unrealized Gain at $46.00 (Original Offer) Trian Hedge Fund Q2 '20 20.6 % 31.9 $29.49 56.0 % Vanguard Index Q3 '09 8.9 13.8 31.65 45.3 BlackRock Institutional Trust Co. Index Q2 '16 8.8 13.5 27.11 69.7 Millennium Mgm't Hedge Fund Q3 '17 4.4 6.9 35.18 30.8 Dimensional Fund Advisors Quantitative Q3 '16 4.3 6.7 25.03 83.8 Charles Schwab Investment Management, Inc. Index Q4 '10 3.4 5.2 30.07 53.0 AQR Capital Management, LLC Quantitative Q1 '21 3.1 4.8 36.35 26.6 State Street Investment Management (US) Index Q1 '08 2.9 4.5 25.22 82.4 Capital Research Growth Q4 '15 2.4 3.7 24.81 85.4 Geode Capital Management, L.L.C. Index Q3 '10 1.5 2.3 28.92 59.1 Norges Bank Investment Management (NBIM) Pension Q4 '14 1.4 2.2 33.19 38.6 Ariel Investments, LLC Value Q2 '17 1.3 2.0 29.77 54.5 Clark Capital Management Group, Inc. Growth Q2 '24 1.2 1.8 38.38 19.9 Fisher Investments Value Q2 '17 1.2 1.8 28.66 60.5 Qube Research & Technologies Ltd Hedge Fund Q2 '23 0.9 1.5 37.13 23.9 Principal Global Investors (Equity) Growth Q2 '17 0.9 1.5 29.08 58.2 PIMCO (US) Income Q3 '21 0.9 1.4 32.98 39.5 Citadel Advisors LLC Hedge Fund Q4 '20 0.8 1.3 34.75 32.4 Capital World Growth Q2 '15 0.8 1.2 30.46 51.0 Aperio Group, LLC Index Q2 '17 0.7 1.1 29.77 54.5 Northern Trust Investments, Inc. Index Q3 '16 0.7 1.1 31.23 47.3 Parametric Portfolio Associates LLC Growth Q2 '17 0.7 1.0 25.82 78.2 Goldman Sachs Asset Management, L.P. Growth Q4 '13 0.7 1.0 28.63 60.7 Research Affiliates, LLC Income Q1 '20 0.6 0.9 31.23 47.3 Morgan Stanley & Co. LLC Broker Dealer Q2 '17 0.6 0.9 39.57 16.2 Source: Company websites, filings, Jupiter. Market data as of 10-Dec-2025. Diluted share count for purposes of percentage of outstanding shares based on Jewel standalone diluted shares outstanding (preliminary, subject to refinement), inclusive of 154.175mm common shares, 0.134mm incremental share-based awards, 0.073mm warrant shares, and 0.045mm treasury shares held in separate trust related to BAYE plan per Jewel Management. 1 Quarter of the investors most recent position initiation in the security. Resets whenever the investor sells out completely. 2 Calculated as the weighted average cost of current shares held based on quarterly VWAPs and all share purchases from Q1 '05 - Q4 '25. Jewel's 50 Largest Institutional Shareholders and Estimated Cost Basis (1/2) |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cviiimg003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 DRAFT Preliminary – Subject to Refinement Institution Refinitiv Style Position Entry Date1 % OS Shares (mm) Cost Basis2 Unrealized Gain at $46.00 (Original Offer) First Trust Advisors L.P. Index Q3 '19 0.6 0.9 35.58 29.3 UBS Financial Services, Inc. Other Q2 '17 0.5 0.8 40.77 12.8 Quantinno Capital Management LP Hedge Fund Q4 '19 0.5 0.7 37.01 24.3 UBS Asset Management (Americas) LLC Value Q3 '24 0.5 0.7 36.16 27.2 Invesco Capital Management LLC Index Q2 '21 0.5 0.7 32.80 40.3 BofA Global Research (US) Broker Dealer Q2 '17 0.4 0.6 38.74 18.7 Arrowstreet Capital, Limited Partnership Hedge Fund Q3 '23 0.4 0.6 36.90 24.7 Balyasny Asset Management LP Hedge Fund Q3 '25 0.4 0.6 43.20 6.5 Mellon Investments Corporation GARP Q2 '15 0.4 0.5 25.38 81.3 Gabelli Funds, LLC Value Q2 '17 0.3 0.5 31.63 45.5 BlackRock Financial Management, Inc. Growth Q1 '17 0.3 0.5 36.06 27.6 Nuveen LLC GARP Q2 '19 0.3 0.5 33.33 38.0 Columbia Threadneedle (US) Value Q2 '17 0.3 0.5 34.01 35.2 PGIM Quantitative Solutions LLC Growth Q2 '17 0.3 0.5 36.35 26.6 State Farm Insurance Companies Pension Q4 '24 0.3 0.4 36.09 27.5 Envestnet Asset Management, Inc. Growth Q1 '20 0.3 0.4 38.79 18.6 BlackRock Asset Management Ireland Limited Index Q2 '17 0.3 0.4 31.04 48.2 Allianz Global GmbH GARP Q2 '23 0.3 0.4 38.06 20.9 IEQ Capital LLC Other Q3 '24 0.2 0.4 40.62 13.2 AllianceBernstein Growth Q2 '17 0.2 0.4 38.73 18.8 BlackRock Investment Management, LLC Value Q1 '17 0.2 0.3 29.55 55.7 Northern Trust Global Investments Growth Q2 '13 0.2 0.3 28.16 63.3 Dimensional Fund Advisors, Ltd. Quantitative Q3 '07 0.2 0.3 30.89 48.9 Templeton Investment Counsel, L.L.C. Value Q2 '17 0.2 0.3 32.14 43.1 Franklin Templeton Investments Value Q1 '23 0.2 0.3 26.78 71.8 Total 82.1 % 126.8 Median $32.47 41.7 % Jewel's 50 Largest Institutional Shareholders and Estimated Cost Basis (2/2) Source: Company websites, filings, Jupiter. Market data as of 10-Dec-2025. Diluted share count for purposes of percentage of outstanding shares based on Jewel standalone diluted shares outstanding (preliminary, subject to refinement), inclusive of 154.175mm common shares, 0.134mm incremental share-based awards, 0.073mm warrant shares, and 0.045mm treasury shares held in separate trust related to BAYE plan per Jewel Management. 1 Quarter of the investors most recent position initiation in the security. Resets whenever the investor sells out completely. 2 Calculated as the weighted average cost of current shares held based on quarterly VWAPs and all share purchases from Q1 '05 - Q4 '25. |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cviiimg004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 DRAFT Preliminary – Subject to Refinement 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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## Ex-99.(C)(Viii)

**Exhibit 99.(c)(viii)**

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cviiiimg001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 21, 2025 Project Jewel Discussion Materials Goldman Sachs & Co. |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cviiiimg002.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](tm2534023d8_ex99-cviiiimg003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 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 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. $49.00 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. |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cviiiimg004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 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 19-Dec-2025. 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 $395mm, nonredeemable NCI of $131mm, incremental RSU, PSU, and Warrant related liability of $160mm, regulatory required capital of $270mm, and contingent consideration of $25mm plus cash and cash equivalents of $982m, investments in affiliates of $18mm, and cash from performance fees incremental to forecast of $140mm per Jewel Management Projections. 1 Closing date assumed to be end of second quarter of 2026 per Jewel Management. $49.00 price is without reduction for non-payment of Q1 and Q2 dividends (estimated to be $0.40/share per quarter for Jewel Management Projections), which Goldman Sachs took into account for purposes of its analysis and opinion. 2 TAM Peers include AB, AMG, APAM, BEN, BLK, IVZ, TROW, VCTR, VRTS. 3 Reflects 52-week high as of undisturbed date of 24-Oct-2025. ($ in millions, except share price) 3 1 Trian / GC Final Offer (21-Dec-2025) $49.00 per share Equity Value: $7,428 Metric Value Enterprise Value: $7,269 Premium To: Undisturbed Share Price (24-Oct-2025) $41.63 17.7 % - - 30-Day VWAP (24-Oct-2025) 43.61 12.4 - - 52-Week High (05-Feb-2025) 45.94 6.7 - - All-Time High (09-Nov-2021) 48.43 1.2 - - Estimated Trian Cost Basis 29.49 66.2 - - Comparison to Initial Offer % Change from Initial Trian / GC Offer $46.00 6.5 % - - Jewel Management Projected Adj. EBITDA LTM EBITDA $777 9.4 x - 8.9 x 2025E 786 9.2 8.0 - 2026E 912 8.0 7.5 - Traditional Asset Management Peers2 Precedent Transactions |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cviiiimg005.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 92.1 % 10.7 % 25.6 % 1.8 % 8.7 % Average Share Price $34.13 $40.89 $43.12 $43.95 $44.21 $46.02 0 3 6 9 12 $20 $30 $40 $50 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Volume (mm) Share Price Jewel Share Price Performance Source: Company filings, FactSet. Note: Market data as of 19-Dec-2025. 1 Jewel % performance and average share price metrics as of 19-Dec-2025. 2 52-week high and low as of closing on 24-Oct-2025, prior to Trian bid proposal. 3 Trian publicly-disclosed letter dated 26-Oct-2025. 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 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cviiiimg006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 EV / NTM EBITDA on 24-Oct-2025 (Pre-Proposal): 7.3 x Historical Jewel and Peer EV / NTM EBITDA Historical Jewel and Peer Multiple Analysis Source: Company filings, FactSet. Market data as of 19-Dec-2025. Metrics for TAM peer adjusted to exclude redeemable noncontrolling interest. 1 Reflects Jewel historical data up to undisturbed date of 24-Oct-2025. 2 TAM Peers include AB, AMG, APAM, BEN, BLK, IVZ, TROW, VCTR, VRTS. Reflects historical data through 19-Dec-2025. 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 7.5 7.4 7.2 TAM Peers2 - % of Time Spent in Range 3Y 2Y 1Y 9.0 x + - - - 8.5 x - 9.0 x 1 % 1 % - 8.0 x - 8.5 x 12 10 - 7.5 x - 8.0 x 38 37 32 7.0 x - 7.5 x 38 38 38 6.5 x - 7.0 x 6 9 18 6.0 x - 6.5 x 3 5 10 < 6.0 x 1 1 2 7.7 x 7.5 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 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cviiiimg007.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 2025P 2026P 2027P 2028P 2029P '22A - '24A '25P - '29P Revenues Total Revenues $1,705 $1,646 $1,941 $2,134 $2,324 $2,460 $2,587 $2,671 7 % 6 % % Revenue Growth (23)% (3)% 18 % 10 % 9 % 6 % 5 % 3 % Expenses Compensation $754 $754 $855 $927 $971 $1,024 $1,076 $1,118 Compensation as % of Revenue 44 % 46 % 44 % 43 % 42 % 42 % 42 % 42 % % Compensation Growth (14) (0) 13 8 5 5 5 4 Non-Compensation $374 $384 $418 $466 $485 $506 $523 $540 Non-Compensation as % of Revenue 22 % 23 % 22 % 22 % 21 % 21 % 20 % 20 % % Non-Compensation Growth (1) 2 9 12 4 4 3 3 Total Expenses $1,129 $1,137 $1,273 $1,393 $1,456 $1,530 $1,599 $1,658 6 % 4 % Operating Income $577 $509 $668 $741 $868 $930 $988 $1,013 8 % 8 % Operating Income Margin 34 % 31 % 34 % 35 % 37 % 38 % 38 % 38 % % Operating Income Growth (40) (12) 31 11 17 7 6 2 EBITDA $607 $542 $710 $786 $912 $971 $1,026 $1,048 8 % 7 % EBITDA Margin 36 % 33 % 37 % 37 % 39 % 39 % 40 % 39 % % EBITDA Growth (39) (11) 31 11 16 6 6 2 Jewel Management Projections Adjusted Financials \| ($ 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 Outperformance of performance fees from biotech fund captured as an incremental ~$140mm cash impact to the forecast above per Jewel Management |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cviiiimg008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 $29.47 $43.43 $45.02 $49.96 $36.79 $42.78 $44.04 $45.94 $52.30 $55.59 $63.28 $62.97 $52.16 $59.26 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 13.0% ◼ 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 $777mm1 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: 52% 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: 21% 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 19-Dec-2025. Note: Diluted share count for purposes of per share values based on Jewel standalone diluted shares outstanding as of 16-Dec-2025, inclusive of 154.120mm common shares, 0.125mm incremental share-based awards, 0.076mm 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 $395mm, nonredeemable NCI of $131mm, regulatory required capital of $270mm, and contingent consideration of $25mm plus cash and cash equivalents of $982m, investments in affiliates of $18mm, and cash from performance fees incremental to forecast of $140mm per Jewel Management Projections. 1 LTM EBITDA as of 30-Sep-2025. 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. $49.00 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: $49.005 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cviiiimg009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 4Q'25E 2026E 2027E 2028E 2029E Terminal EBITDA $225 $912 $971 $1,026 $1,048 $1,079 (-) D&A (12) (44) (41) (37) (35) Pre-Tax Operating Income $214 $868 $930 $988 $1,013 (-) Taxes (51) (209) (221) (233) (236) Post-Tax Operating Income $162 $660 $709 $756 $777 (+) D&A 12 44 41 37 35 (-) Capex $(5) (41) (59) (19) (19) (+/-) NWC (39) (17) (12) (10) (8) Unlevered Free Cash Flow $129 $645 $679 $764 $785 $809 Discounted Cash Flow Analysis ($ 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 16-Dec-2025, inclusive of 154.120mm common shares, 0.125mm incremental share-based awards, 0.076mm 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 $395mm, nonredeemable NCI of $131mm, regulatory required capital of $270mm, and contingent consideration of $25mm plus cash and cash equivalents of $982m, investments in affiliates of $18mm, and cash from performance fees incremental to forecast of $140mm per Jewel Management Projections. Per Share Value Discounted Cash Flows Model Implied Terminal EV / EBITDA Multiple Growth Rate DCF WACC WACC Growth Rate $49 11.00 % 12.25 % 13.50 % 1.50 % $54.87 $48.82 $44.04 2.00 % 56.95 50.37 45.22 2.50 % 59.26 52.07 46.50 $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 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cviiiimg010.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 13.0% cost of equity based on an equity beta of 1.35, risk-free rate of 4.8% and equity risk premium of 6.1%. Discounted to 30-Sep-2025. 1 Fully Diluted Shares Outstanding per Jewel Management. Future Stock Price Based on NTM EV / EBITDA Multiples \| 13.0% 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 $41.63 $44.11 $51.16 $58.14 $48.54 $55.89 $63.14 $52.97 $60.62 $68.13 $35.00 $40.00 $45.00 $50.00 $55.00 $60.00 $65.00 $70.00 $75.00 Undisturbed 2025E 2026E 2027E $41.63 $42.78 $44.04 $44.56 $47.08 $48.10 $48.35 $51.38 $52.16 $52.15 $35.00 $40.00 $45.00 $50.00 $55.00 $60.00 $65.00 $70.00 $75.00 Undisturbed 2025E 2026E 2027E 2025E 2026E 2027E 1-Year Forward EBITDA $912 $971 $1,026 Debt (395) (395) (395) Nonredeemable NCI (134) (139) (165) Cash and Cash Equivalents 1,041 1,474 1,938 Regulatory Req'd Cash / Capital (284) (298) (313) Investments in Affiliates 18 18 18 Cash from Perf. Fees Incr. to Forecast 140 140 140 Contingent Consideration (25) (25) 0 Total EV to Equity Value Adjustments $361 $774 $1,222 Annual Aggregate Dividend 61 245 245 Fully Diluted Shares Outstanding (mm)1 154.366 153.957 153.957 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cviiiimg011.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 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 0.91 6.9 x Oct-2018 5.6 8.4 x Median 8.9 x Precedent M&A Transactions Source: Company filings, earnings transcripts. 1 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](tm2534023d8_ex99-cviiiimg012.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 % 30 % 62 % 25 % 46 % 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 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 15 10 13 11 Premia Relative to Undisturbed Share Price1 # of Deals 25th Percentile 20 % 75th Percentile 52 % Median: 32 % Precedent Premia Analysis |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cviiiimg013.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](tm2534023d8_ex99-cviiiimg014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 1.30 1.07 1.00 1.20 1.40 1.60 1.80 2.00 2.20 2.40 Oct-2022 Mar-2023 Aug-2023 Dec-2023 May-2024 Oct-2024 Feb-2025 Jul-2025 Dec-2025 Beta Analysis Source: Axioma. Note: Market data as of 19-Dec-2025. 1 Reflects Jewel historical data up to undisturbed date of 24-Oct-2025. 2 TAM Peers include AB, AMG, APAM, BEN, BLK, IVZ, TROW, VCTR, VRTS. Reflects historical data through 19-Dec-2025. Beta on 24-Oct-2025 (Pre-Proposal): 1.41 5-Nov-2024: U.S. Election Day Historical Jewel and Peer Beta Analysis DCF Average 3Y 2Y 1Y Jewel1 1.51 1.52 1.42 TAM Peers2 1.37 1.35 1.22 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 - - - TAM Peers2 - % of Time Spent in Range 3Y 2Y 1Y 1.70 + - - - 1.60 - 1.70 1 % 1 % - 1.50 - 1.60 16 24 - 1.40 - 1.50 42 20 - 1.30 - 1.40 6 2 4 1.20 - 1.30 29 43 75 1.10 - 1.20 6 10 19 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cviiiimg015.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 19-Dec-2025. WACC Walk WACC Sensitivity Analysis Peer Capital Structure Comparison DCF Capital Structure % Target Debt 9.0 % Target Equity 91.0 Implied Debt to Capital Ratio 9.0 Cost of Equity Risk Free Rate 4.8 % Levered Equity Beta 1.35 Equity Risk Premium 6.1 % Cost of Equity 13.0 % 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 12.2 % Equity Beta 1.20 1.35 1.50 Debt / Total Capital 5.0 % 11.7 % 12.6 % 13.4 % 9.0 % 11.4 12.2 13.0 13.0 % 11.1 11.9 12.7 Axioma Historical Levered Beta Debt Cash Net Debt Market Cap Gross Debt / Gross Debt + Market Cap Jewel 1.30 $395 $982 $(587) $7,104 5.3 % Jewel (Undisturbed - Oct 24) 1.41 395 870 (475) 6,426 5.8 Peers Alliance Bernstein 0.69 $473 $741 $(268) $11,454 4.0 % Affiliated Managers Group 0.88 2,372 476 1,896 8,086 22.7 Artisan Partners 1.11 189 300 (111) 3,370 5.3 BlackRock 1.07 12,766 9,774 2,992 169,170 7.0 Franklin 0.88 2,362 3,088 (726) 12,503 15.9 Invesco 1.23 1,625 973 652 12,344 11.6 T. Rowe 1.09 0 3,635 (3635) 23,130 0.0 Victory Capital 1.14 972 116 856 5,428 15.2 Virtus 0.99 391 371 20 1,146 25.4 Peer Median 1.07 11.6 % 75th Percentile 1.11 15.9 Average 1.01 11.9 25th Percentile 0.88 5.3 Capitalization |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cviiiimg016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 10 % 17 % 7 % 10 % 6 % 12 % 19 % 8 % 0 % 24 % 4 % 6 % 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 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 15 10 13 11 Premia Relative to 52-Week High Share Price1 # of Deals 25th Percentile (2) % 75th Percentile 21 % Median: 7 % Precedent Premia Analysis |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cviiiimg017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 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. 6 7 13 30 37 38 Premia Relative to Undisturbed Share Price – Deals Grouped by Undisturbed Share Price as % of 52-Week High1 # of Deals Precedent Premia Analysis Jewel's $41.63 undisturbed share price represents 91% of its 52-Week High of $45.94 78 % 52 % 53 % 40 % 28 % 23 % 25th Percentile: 11 % 75th Percentile: 33 % 0-50% 50-60% 60-70% 70-80% 80-90% 90%+ |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cviiiimg018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 Equity Enterprise EV / EBITDA Company Name Closing Price Market Cap ($mm) Value CY2025 NTM CY2026 Jewel (Current) $46.02 $7,104 $6,839 8.7 x 7.7 x 7.7 x Jewel (Undisturbed) $41.63 $6,426 $6,282 8.1 x 7.3 x 7.1 x TAM Peers AllianceBernstein $39.31 $11,454 $10,934 9.1 x 8.2 x 8.2 x Affiliated Managers 279.09 8,086 8,376 8.0 7.2 7.2 Artisan Partners 41.49 3,370 3,278 7.9 7.5 7.5 Blackrock 1,060.17 169,170 172,700 17.6 14.4 14.3 Franklin Resources 24.00 12,503 11,812 6.0 5.5 5.6 Invesco 27.00 12,344 15,837 9.8 8.0 7.9 T. Rowe Price 103.28 23,130 18,326 6.3 6.1 6.1 Victory 62.92 5,428 6,285 9.5 8.2 8.1 Virtus 161.54 1,146 1,148 4.3 4.3 4.3 TAM Peers 8.0 x 7.5 x 7.5 x Public Peer Trading Multiples Source: Jewel Management, Company filings, FactSet. Note: Market data as of 19-Dec-2025. 1 Reflects Jewel data as of undisturbed date of 24-Oct-2025. ($ in millions, except share price) 1 Public Market Valuation |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cviiiimg019.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](tm2534023d8_ex99-cviiiimg020.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 16-Dec-2025 per Jewel Management. ($ in millions) \| Standalone Illustrative Standalone Enterprise Value to Equity Value Adjustments Standalone FDSO as of Dec 16, 2025 (-) Long-Term Debt $(395.4) (-) Nonredeemable Non-Controlling Interests (131.0) (+) Cash and Cash Equivalents 982.4 (-) Regulatory Required Cash / Capital (incl. buffer) (270.4) (+) Investments in Affiliates 17.8 (+) Cash from Performance Fees Incremental to Forecast 139.5 (-) Contingent Consideration (24.5) Total Enterprise Value to Equity Value Adjustments $318.4 Basic Common Shares 154,119,608 Dilutive Securities Incremental Share-Based Awards 125,158 Guardian Warrants 75,717 Treasury Shares 45,688 Total Dilutive Securities 246,563 Fully Diluted Shares Outstanding 154,366,171 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d8_ex99-cviiiimg021.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 $49.00 per share Trian / GC proposal. 2 Pro Forma Basic common shares excludes 4.7mm custody shares held at Fidelity to cover the vesting of share-based awards and 0.5mm Treasury Shares per Jewel Management. 3 Per Jewel Management. Comprised of 1.554mm Employee RSUs Q1 2026 Vesting, 0.401mm Employee PSUs Q1 2026 Vesting, 0.044mm US ESPP All Future Vesting, 0.11mm GESPP All Future Vesting, and 0.47mm NED RSUs. 4 Per Jewel Management. Share based awards not included in the custody account at Fidelity. Primarily UK SAYE option plan. 5 Per Jewel Management. Relates to BAYE plan, held in separate trust. ($ in millions) \| Change of Control Change of Control FDSO as of Dec 16, 20251 Illustrative Change of Control Enterprise Value to Equity Value Adjustments (-) Long-Term Debt $(395.4) (-) Nonredeemable Non-Controlling Interests (131.0) (+) Cash and Cash Equivalents 982.4 (-) Regulatory Required Cash / Capital (incl. buffer) (270.4) (+) Investments in Affiliates 17.8 (+) Cash from Performance Fees Incremental to Forecast 139.5 (-) Contingent Consideration (24.5) (-) Incremental RSU, PSU, and Warrant Related Liability (159.7) Total Enterprise Value to Equity Value Adjustments $158.7 Pro Forma Basic Common Shares2 149,399,212 Dilutive Securities Incremental Shares Related to RSU, PSU, US ESPP, GESPP, and NED RSU Vesting3 2,057,532 Incremental Share-Based Awards4 91,053 Treasury Shares5 45,688 Total Dilutive Securities 2,194,273 Fully Diluted Shares Outstanding 151,593,485 |

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

**Exhibit 99.(d)(iv)**

<u>EXECUTION VERSION</u>

December 21, 2025

Jupiter Company Limited

c/o Trian Fund Management, L.P.

280 Park Avenue

41<sup>st</sup> Floor

New York, NY 10017

Re: Equity Financing Commitment

Ladies and Gentlemen:

Reference is made to the Agreement and Plan of Merger, 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 the other Equity Commitment Letters of even date herewith delivered to Parent by the Trian Equity Investors and the QIA Investor (collectively, the "**Other Equity Commitment Letters**," and together with this letter agreement, the "**Equity Commitment Letters**"), and the Limited Guarantees of even date herewith delivered to the Company by the Trian Investors and 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 $1,000,000,000, 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 the date hereof (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) Concurrently with the execution and delivery of this letter agreement, the Equity Investor is executing and delivering 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/ Christopher McCain |
| Name: | Christopher McCain |
| Title: | Authorized Signatory |

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| | |
|:---|:---|
| Acknowledged and Agreed: | Acknowledged and Agreed: |
| **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 Equity Commitment Letter]

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

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| |
|:---|
| &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)(V)

**Exhibit 99.(d)(v)**

<u>EXECUTION VERSION</u>

December 21, 2025

Jupiter Company Limited

c/o Trian Fund Management, L.P.

280 Park Avenue

41<sup>st</sup> Floor

New York, NY 10017

Re: Equity Financing Commitment

Ladies and Gentlemen:

Reference is made to the Agreement and Plan of Merger, 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 the other Equity Commitment Letters of even date herewith delivered to Parent by the Trian Equity Investors and the QIA Investor (collectively, the "**Other Equity Commitment Letters**," and together with this letter agreement, the "**Equity Commitment Letters**"), and the Limited Guarantees of even date herewith delivered to the Company by the Trian Investors and 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.

Qatar Holding LLC 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 $795,000,000, 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 the date hereof (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, and for such purposes in this Section 4(a), Affiliate of the Equity Investor shall include government entities or instrumentalities of, or entities that are wholly-owned by, the State of Qatar, QIA, the Amiri Diwan of the State of Qatar or any entities that are wholly-owned by any one or more of the foregoing; <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) Concurrently with the execution and delivery of this letter agreement, the Equity Investor is executing and delivering 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 "**Chosen Courts**"). 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 (i) 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 <u>Schedule A</u>, and if to Parent, to the applicable addresses set forth in Section 10.7 of the Merger Agreement) and (ii) agrees not to assert any immunity from jurisdiction or from any legal process, including attachment or execution, to which it or its property may be entitled on the grounds of sovereignty in any legal proceeding brought in any Chosen Court by another Party. 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, |
| | | **qatar Holding LLC** | **qatar Holding LLC** |
| | | By: | /s/ Ahmad Al-Khanji |
| | | Name: | Ahmad Al-Khanji |
| | | Title: | Director |
| Acknowledged and Agreed: | Acknowledged and Agreed: |  |  |
| **JUPITER COMPANY LIMITED** | **JUPITER COMPANY LIMITED** |  |  |
| By: | /s/ Peter W. May |  |  |
| Name: | Peter W. May |  |  |
| Title: | Authorized Signatory |  |  |

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

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| |
|:---|
| &nbsp;&nbsp;**Equity Investor** |
| &nbsp;&nbsp;Qatar Holding LLC<br>*Notices:*<br> c/o Qatar Investment Authority<br> Ooredoo Tower (Building 14)<br> Dafna Street (Street 801)<br> Al Dafna District (Zone 61)<br> P.O. Box 23224<br> Doha, Qatar<br> E-mail: notices.legal@qia.qa<br>with a copy (which shall not constitute notice) to:<br>Cleary Gottlieb Steen & Hamilton LLP<br> One Liberty Plaza<br> New York, NY 10006<br> Attn: John A. Kupiec<br> E-mail: jkupiec@cgsh.com<br>|

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

**Exhibit 99.(d)(vi)**

<u>EXECUTION VERSION</u>

**<u>LIMITED GUARANTEE</u>**

This LIMITED GUARANTEE, dated as of December 21, 2025 (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 of even date herewith 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 of even date herewith delivered to Parent by the GC Investor and the QIA Investor (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 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, of even date herewith delivered to Parent, to which such Guarantor is a party (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: \*\*\*

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/ Peter W. May |
| Name: | Peter W. May |
| 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/ Peter W. May |
| Name: | Peter W. May |
| 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/ Peter W. May |
| Name: | Peter W. May |
| 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/ Peter W. May |
| Name: | Peter W. May |
| Title: | Member |
| [Signature Page to Limited Guarantee] | [Signature Page to Limited Guarantee] |

---

---

| | |
|:---|:---|
| **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/ Peter W. May |
| Name: | Peter W. May |
| Title: | Member |

---

[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.

---

| | |
|:---|:---|
| **<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

---

| |
|:---|
| &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-99.(D)(Vii)

**Exhibit 99.(d)(vii)**

<u>EXECUTION VERSION</u>

**<u>LIMITED GUARANTEE</u>**

This LIMITED GUARANTEE, dated as of December 21, 2025 (this "**Limited Guarantee**"), by the Person listed on <u>Schedule A</u> hereto (the "**Guarantor**"), 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 of even date herewith delivered to Parent by the Trian Investors and the QIA Investor (collectively, the "**Other Guarantees**," and together with this Limited Guarantee, the "**Guarantees**"), and the Equity Commitment Letters of even date herewith delivered to Parent by the Trian Equity Investors and the QIA Investor (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 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, the 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, in no event shall the maximum aggregate liability of the Guarantor under this Limited Guarantee exceed $64,429,317.71 (such sum, 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 and shall not be entitled to bring a claim or Proceeding against the Guarantor 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 28.8% of the Reduction Amount. The Guaranteed Party hereby agrees that in no event shall the 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 Guarantor's 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 Guarantor 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. The 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 Guarantor 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 the 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 Guarantor 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 Guarantor. The Guaranteed Party may, in its sole discretion, bring and prosecute a separate action or actions against the Guarantor, 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>. The 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. The Guarantor agrees that the obligations of the 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, of even date herewith delivered to Parent, to which such Guarantor is a party (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 <u>Section 2</u> 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, the 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. The 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). The 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. The 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.

The 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 the 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 the 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 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>. The 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 Guarantor, 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 Guarantor's obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Representations and Warranties</u>. The 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, the Guarantor may assign all or a portion of its rights, interests or the Obligations hereunder to one or more of its Affiliates, 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 the Guarantor of its rights, interests or obligations hereunder pursuant to the second sentence of this <u>Section 6</u>, the 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 the 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; <u>provided</u>, <u>however</u>, 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 the Guarantor, to:

c/o General Catalyst Group Management, LLC

20 University Road, Fourth Floor

Cambridge, MA 02138

Attn: Christopher McCain

E-mail: \*\*\*

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

Kirkland & Ellis LLP

200 Clarendon Street, 46th Floor

Boston, MA 02116

Attn: Christian A. Atwood, P.C.

Marshall P. Shaffer, P.C.

E-mail: christian.atwood@kirkland.com

marshall.shaffer@kirkland.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: \*\*\*

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

Wachtell, Lipton, Rosen & Katz

51 West 52nd Street

New York, NY 10019

Attention: Jacob A. Kling

Matthew T. Carpenter

Email: 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 the Guarantor, its successors and permitted assigns until the Guarantor's 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 Guarantor shall have no further obligations under this Limited Guarantee. This Limited Guarantee shall terminate and the Guarantor 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 Guarantor 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 Guarantor 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 Guarantor of all Obligations, (ii) the termination of this Limited Guarantee by mutual written agreement of the Guarantor and the Guaranteed Party and, in either case of clauses (i) and (ii), the payment by the Guarantor or the Parent Entities (as applicable) to the Guaranteed Party of all amounts payable by the Guarantor 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 the 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 the 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 Guarantor under this Limited Guarantee shall terminate and be of no further force or effect, (B) if the Guarantor has previously made any payments under this Limited Guarantee, it shall be entitled to recover such payments in full and (C) neither the Guarantor 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 Guarantor in excess of the Cap, and (b) notwithstanding the fact that the 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 Guarantor's, 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 Guarantor, 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 Guarantor (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 the 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 Guarantor 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 Guarantor 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 Guarantor 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 Guarantor 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 "Chosen Courts"). 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, including Schedule A attached hereto, 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 Guarantor has caused this Limited Guarantee to be executed and delivered as of the date first written above by its signatory thereunto duly authorized.

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| | |
|:---|:---|
| **<u>GUARANTOR</u>:** | **<u>GUARANTOR</u>:** |
| **GC JUPITER INVESTOR, LP** | **GC JUPITER INVESTOR, LP** |
| By: | /s/ Christopher McCain |
| Name: | Christopher McCain |
| Title: | Authorized Signatory |

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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>**

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| |
|:---|
| &nbsp;&nbsp;**Guarantor** |
| &nbsp;&nbsp;GC Jupiter Investor, LP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*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)(Viii)

**Exhibit 99.(d)(viii)**

<u>EXECUTION VERSION</u>

**<u>LIMITED GUARANTEE</u>**

This LIMITED GUARANTEE, dated as of December 21, 2025 (this "**Limited Guarantee**"), by Qatar Holding LLC (the "**Guarantor**"), 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 of even date herewith delivered to Parent by the Trian Investors and the GC Investor (collectively, the "**Other Guarantees**," and together with this Limited Guarantee, the "**Guarantees**"), and the Equity Commitment Letters of even date herewith delivered to Parent by the Trian Equity Investors and the GC Investor (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 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, the 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, in no event shall the maximum aggregate liability of the Guarantor under this Limited Guarantee exceed $51,221,307.58 (such sum, 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 and shall not be entitled to bring a claim or Proceeding against the Guarantor 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 22.9% of the Reduction Amount. The Guaranteed Party hereby agrees that in no event shall the 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 Guarantor's 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 Guarantor 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. The 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 Guarantor 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 the 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 Guarantor 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 Guarantor. The Guaranteed Party may, in its sole discretion, bring and prosecute a separate action or actions against the Guarantor, 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>. The 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. The Guarantor agrees that the obligations of the 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, of even date herewith delivered to Parent, to which such Guarantor is a party (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 <u>Section 2</u> 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, the 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. The 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). The 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. The 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.

The 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 the 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 the 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 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>. The 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 Guarantor, 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 Guarantor's obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Representations and Warranties</u>. The 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, the Guarantor may assign all or a portion of its rights, interests or the Obligations hereunder to one or more of its Affiliates, 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, and for such purposes in this <u>Section 6</u>, Affiliate of the Guarantor shall include government entities or instrumentalities of, or entities that are wholly-owned by, the State of Qatar, QIA, the Amiri Diwan of the State of Qatar or any entities that are wholly-owned by any one or more of the foregoing; <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>, the assigning Guarantor will provide the Guaranteed Party written notice of such assignment, delegation or transfer and the amount thereof. For purposes of this Limited Guarantee, the parties hereby agrees that the government entities or instrumentalities of, or entities that are wholly-owned by, the State of Qatar, QIA, the Amiri Diwan of the State of Qatar or any entities that are wholly-owned by any one or more of the foregoing shall be deemed to be an Affiliate of the Investor. Upon any such assignment, delegation or transfer by the 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; <u>provided</u>, <u>however</u>, 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 the Guarantor, to:

c/o Qatar Investment Authority

Ooredoo Tower (Building 14)

Dafna Street (Street 801)

Al Dafna District (Zone 61)

P.O. Box 23224

Doha, Qatar

E-mail: notices.legal@qia.qa

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

Cleary Gottlieb Steen & Hamilton LLP

One Liberty Plaza

New York, NY 10006

Attn: John A. Kupiec

E-mail: jkupiec@cgsh.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: \*\*\*

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

Wachtell, Lipton, Rosen & Katz

51 West 52nd Street

New York, NY 10019

Attention: Jacob A. Kling

Matthew T. Carpenter

Email: 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 the Guarantor, its successors and permitted assigns until the Guarantor's 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 Guarantor shall have no further obligations under this Limited Guarantee. This Limited Guarantee shall terminate and the Guarantor 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 Guarantor 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 Guarantor 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 Guarantor of all Obligations, (ii) the termination of this Limited Guarantee by mutual written agreement of the Guarantor and the Guaranteed Party and, in either case of clauses (i) and (ii), the payment by the Guarantor or the Parent Entities (as applicable) to the Guaranteed Party of all amounts payable by the Guarantor 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 the 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 the 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 Guarantor under this Limited Guarantee shall terminate and be of no further force or effect, (B) if the Guarantor has previously made any payments under this Limited Guarantee, it shall be entitled to recover such payments in full and (C) neither the Guarantor 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 Guarantor in excess of the Cap, and (b) notwithstanding the fact that the 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 Guarantor's, 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 Guarantor, 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 Guarantor (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 the 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 Guarantor 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 Guarantor 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 Guarantor 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 Guarantor 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 "**Chosen Courts**"). 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 (i) agrees that service of process will be validly effected by sending notice in the manner set forth in <u>Section 7</u> and (ii) agrees not to assert any immunity from jurisdiction or from any legal process, including attachment or execution, to which it or its property may be entitled on the grounds of sovereignty in any legal proceedings brought in any Chosen Court by another Party. 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, 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 Guarantor has caused this Limited Guarantee to be executed and delivered as of the date first written above by their respective signatories thereunto duly authorized.

---

| | |
|:---|:---|
| **<u>GUARANTOR</u>:** | **<u>GUARANTOR</u>:** |
| **QATAR HOLDING LLC** | **QATAR HOLDING LLC** |
| By: | /s/ Ahmad Al-Khanji |
| Name: | Ahmad Al-Khanji |
| Title: | Director |

---

[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.

---

| | |
|:---|:---|
| **<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]

## 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>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &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 | $7671657207.00 | 0.0001381 | $1059455.86 |
| Fees Previously Paid |  |  |  |  |
|  | Total Transaction Valuation: | $7671657207.00  |  |  |
|  | Total Fees Due for Filing: |  |  | $1059455.86  |
|  | Total Fees Previously Paid:  |  |  | $0.00  |
|  | Total Fee Offsets:  |  |  | $1059455.86  |
|  | Net Fee Due:  |  |  | $0.00  |

---

&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 share merger consideration of $49.00; (2) 5,043,052 ordinary shares underlying restricted stock units, which may be entitled to receive the per share merger consideration of $49.00; (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 $49.00; (4) 492,346 ordinary shares underlying stock options pursuant to the Save As You Earn Plan ("UK SAYE"), which may be entitled to receive the per share merger consideration of $49.00 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 $49.00. 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 $49.00; (2) the product of 5,043,052 ordinary shares underlying restricted stock units and the per share merger consideration of $49.00; (3) the product of 1,708,251 shares of common stock underlying outstanding performance restricted stock units and the per share merger consideration of $49.00; (4) the product of 492,346 ordinary shares underlying stock options pursuant to the UK SAYE and $21.53 (which is the difference between the per share merger consideration of $49.00 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 $49.00. 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.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | 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 in connection with the transaction reported hereby.