# EDGAR Filing Document

**Accession Number:** 0001274173
**File Stem:** 0001104659-26-026215
**Filing Date:** 2026-3
**Character Count:** 124742
**Document Hash:** 60d3a98ea78b90931a9fc3b88bd1f3b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-026215.hdr.sgml**: 20260311

**ACCESSION NUMBER**: 0001104659-26-026215

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

**PUBLIC DOCUMENT COUNT**: 24

**FILED AS OF DATE**: 20260311

**DATE AS OF CHANGE**: 20260311

**GROUP MEMBERS**: JUPITER ACQUISITION LTD

**GROUP MEMBERS**: JUPITER CO LTD

**GROUP MEMBERS**: JUPITER MERGER SUB LTD

**GROUP MEMBERS**: JUPITER TOPCO LLC

**GROUP MEMBERS**: NELSON PELTZ

**GROUP MEMBERS**: PETER W. MAY

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

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

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

**SUBJECT COMPANY**: 

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

**FILING VALUES:**
- **FORM TYPE:** SC 13E3/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-90000
- **FILM NUMBER:** 26741815

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

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

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

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

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

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

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

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

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

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

**As filed with the Securities and Exchange Commission on March 11, 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> (Amendment No. 2)** 

<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, Meagher & <br> Flom LLP**<br> **One Manhattan West**<br> **New York, NY 10001**<br> **(212) 735-3000** | **William D. Regner**<br> **Emily F. Huang**<br> **Benjamin R. Pedersen**<br> **Debevoise & Plimpton LLP**<br> **66 Hudson Boulevard**<br> **New York, NY 10001**<br> **(212) 909-6000**<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 Amendment No.2 to the Transaction Statement on Schedule 13E-3 (as amended, the "**Transaction Statement**") is being filed with the U.S. Securities and Exchange Commission (the "**SEC**") pursuant to Section 13(e) of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), jointly by the following persons (each, a "**Filing Person**," and collectively, the "**Filing Persons**"): (1) Janus Henderson Group plc, a Jersey corporation ("**Janus Henderson**" or the "**Company**") and the issuer of the ordinary shares, par value $1.50 per share (the "**Shares**"), which is the subject of the Rule 13e-3 transaction; (2) Jupiter Topco LLC, a Jersey limited liability company ("**Topco**"); (3) Jupiter Acquisition Limited, a private limited company incorporated under the laws of Jersey and a wholly owned subsidiary of Topco ("**Midco**"); (4) Jupiter Company Limited, a private limited company incorporated in Jersey and a wholly owned subsidiary of Midco ("**Parent**"); (5) Jupiter Merger Sub Limited, a private limited company incorporated in Jersey and a wholly owned subsidiary of Parent ("**Merger Sub**"); (6) Trian Partners AM Holdco II, Ltd., a Cayman Islands exempted limited liability company ("**Stockholder**"); (7) Trian Fund Management GP, LLC, a Delaware limited liability company ("**Trian Management GP**"); (8) Trian Fund Management, L.P., a Delaware limited partnership ("**Trian Management**"); (9) Nelson Peltz, a citizen of the United States of America; and (10) Peter W. May, a citizen of the United States of America.

This Transaction Statement relates to the Agreement and Plan of Merger, dated as of December 21, 2025 (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 definitive 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 Contacts, Transactions, Negotiations and Agreements"

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) — (c) ***Name and Address of Each Filing Person; Business and Background of Entities; Business and Background of Natural Persons***. The information set forth in the 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"

"Special Factors—Background of the Merger"

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

"Special Factors—Unaudited Prospective Financial Information"

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

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

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

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

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

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

"Special Factors—Certain Effects of the Merger"

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

"Special Factors—U.K. Tax Considerations"

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

"Special Factors—Accounting Treatment"

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

"The Special Meeting—Vote Required for Approval"

"The Agreement and Plan of Merger—Merger Consideration"

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

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

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

Annex A — Agreement and Plan of Merger

&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"

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

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

"Special Factors—Certain Effects of the Merger"

"Special Factors—Financing"

"Special Factors—Limited Guarantee"

"Proposal 3: Non-Binding Compensation Advisory Proposal"

"The Agreement and Plan of Merger—Merger Consideration"

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

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

"The Agreement and Plan of Merger —Employee Benefits"

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

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

"Voting and Rollover Agreement"

Annex A—Agreement and Plan of Merger

Annex B—Voting and Rollover Agreement

&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"

"Special Factors—Background of the Merger"

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

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

"Special Factors—Certain Effects of the Merger"

"Special Factors—Financing"

"Special Factors—Limited Guarantee"

"Proposal 3: Non-Binding Compensation Advisory Proposal"

"The Agreement and Plan of Merger"

"Voting and Rollover Agreement"

"Important Information Regarding Janus Henderson—Prior Public Offerings"

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

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

"Important Information Regarding the Buyer Filing Parties"

Annex A—Agreement and Plan of Merger

Annex B—Voting and Rollover Agreement

&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"

"Special Factors—Background of the Merger"

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

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

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

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

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

"Special Factors—Financing"

"Proposal 3: Non-Binding Compensation Advisory Proposal"

"The Agreement and Plan of Merger"

"Voting and Rollover Agreement"

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

Annex A—Agreement and Plan of Merger

Annex B—Voting and Rollover Agreement

&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"

"Special Factors—Background of the Merger"

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

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

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

"Special Factors—Certain Effects of the Merger"

"Special Factors—Financing"

"Special Factors—Limited Guarantee"

"Proposal 3: Non-Binding Compensation Advisory Proposal"

"The Agreement and Plan of Merger"

"Voting and Rollover Agreement"

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

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

Annex A—Agreement and Plan of Merger

Annex B—Voting and Rollover Agreement

 **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"

"Special Factors—Background of the Merger"

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

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

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

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

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

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

"Special Factors—Certain Effects of the Merger"

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

"Special Factors—Right to Object"

"Special Factors—U.K. Tax Considerations"

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

"Special Factors—Financing"

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

"Special Factors—Fees and Expenses"

"Proposal 3: Non-Binding Compensation Advisory Proposal"

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

"The Agreement and Plan of Merger—Employee Benefits"

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

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

"Dissenters' Rights and Rights of Objecting Shareholders"

Annex A—Agreement and Plan of Merger

Annex C—Opinion of Goldman Sachs & Co. LLC

 **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"

"The Special Meeting—Vote Required for Approval"

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, December 21, 2025, March 3, 2026 and March 10, 2026 prepared by Goldman Sachs & Co. LLC and reviewed by the Special Committee are filed as Exhibits (c)(i) – (c)(x) 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"

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

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

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

"The Special Meeting—Record Date and Quorum"

"The Special Meeting—Vote Required for Approval"

"The Special Meeting—How to Vote"

"The Special Meeting—Revocation of Proxies"

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

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

Annex A—Agreement and Plan of Merger

&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, December 21, 2025, March 3, 2026 and March 10, 2026 prepared by Goldman Sachs & Co. LLC and reviewed by the Special Committee are filed as Exhibits (c)(i) – (c)(x) 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"

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

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

"Special Factors—Fees and Expenses"

"The Special Meeting—Solicitation of Proxies"

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

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

Annex A—Agreement and Plan of Merger

&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"

"The Agreement and Plan of Merger"

"Voting and Rollover Agreement"

"Important Information Regarding Janus Henderson—Prior Public Offerings"

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

Annex A—Agreement and Plan of Merger

Annex B—Voting and Rollover Agreement

 **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"

"Special Factors—Background of the Merger"

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

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

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

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

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

"The Special Meeting—Vote Required for Approval"

"Voting and Rollover Agreement"

Annex A—Agreement and Plan of Merger

Annex B—Voting and Rollover Agreement

&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"

"Special Factors—Background of the Merger"

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

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

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

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

 **Item 13. Financial Information**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Financial statements***. The audited consolidated financial statements set forth in Item 8 of the Company's [Annual Report on Form 10-K for the fiscal year ended December 31, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1274173/000143774926005628/jhg20251231_10k.htm) 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"

"Special Factors—Background of the Merger"

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

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

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

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

"Special Factors—Fees and Expenses"

"The Special Meeting—Solicitation of Proxies"

 **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"

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

"Special Factors—Certain Effects of the Merger"

"Proposal 3: Non-Binding Compensation Advisory Proposal"

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

Annex A—Agreement and Plan of Merger

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

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

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

[(a)(iv) Notice of Extraordinary General Meeting (included in the Proxy Statement and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1274173/000110465926026145/tm2534023-15_defm14a.htm)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

[(c)(ix) Discussion materials prepared by Goldman Sachs & Co. LLC dated March 3, 2026, for the Special Committee of the Board of Directors of Janus Henderson Group plc.](tm2534023d18_ex99-cix.htm)

[(c)(x) Discussion materials prepared by Goldman Sachs & Co. LLC dated March 10, 2026, for the Special Committee of the Board of Directors of Janus Henderson Group plc.](tm2534023d18_ex99-cx.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.](https://www.sec.gov/Archives/edgar/data/1274173/000110465926008735/tm2534023d8_ex99-div.htm)

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

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

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

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

(f) None.

(g) None.

[107+ Filing Fee Table.](https://www.sec.gov/ix?doc=/Archives/edgar/data/1274173/000110465926008735/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.

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

**SIGNATURES**

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

---

| | |
|:---|:---|
| **Janus Henderson Group plc** | **Janus Henderson Group plc** |
| By: | /s/ Ali Dibadj |
| Name: Ali Dibadj | 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. |

---

[Signature Page to SC 13E-3]

---

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

---

[Signature Page to SC 13E-3]

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

**Exhibit 99.(c)(ix)**

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d18_ex99-1img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade March 3, 2026 Goldman Sachs does not provide accounting, tax, or legal advice. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you (and each of your employees, representatives, and other agents) may disclose to any and all persons the US federal income and state tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. PROPRIETARY & CONFIDENTIAL Project Jewel Discussion Materials DRAFT Preliminary – Subject to Refinement |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d18_ex99-1img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Disclaimer PROPRIETARY & CONFIDENTIAL CUSTOMIZABLE FIELD FOR TITLE OR SECTION These materials have been prepared by Goldman Sachs on a confidential basis for presentation solely to the special committee (the "Special Committee") of Jewel (the "Company") in connection with an informational presentation which Goldman Sachs is making to the Special Committee. These materials and Goldman Sachs' presentation relating to these materials (collectively, the "Presentation") may not be disclosed to any third party or circulated or referred to publicly or used for or relied upon for any other purpose without the written consent of Goldman Sachs. The Presentation was not prepared with a view to public disclosure or to conform to any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and Goldman Sachs does not take any responsibility for the use of the Presentation by persons other than those set forth above. Notwithstanding anything in this Presentation to the contrary, the Company may disclose to any person the US federal income and state income tax treatment and tax structure of any transaction described herein and all materials of any kind (including tax opinions and other tax analyses) that are provided to the Company relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. The Presentation has been prepared by the Investment Banking Division of Goldman Sachs and is not a product of its research department. Goldman Sachs and its affiliates are engaged in advisory, underwriting and financing, principal investing, sales and trading,research, investment management and other financial and non-financial activities and services for various persons and entities. Goldman Sachs and its affiliates and employees, and funds or other entities they manage or in which they invest or have other economic interest or with which they co-invest, may at any time purchase, sell, hold or vote long or short positions and investments in securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments of the Company, any other party to any transaction and any of their respective affiliates or any currency or commodity that may be involved in any transaction. The firm's clients and counterparties may now or in the future include persons and entities that are the subject of the Presentation and the firm may be, may have been or may become involved in other transactions and assignments with or involving these clients and counterparties and/or may have confidential information relating to these clients or counterparties. The Presentation is neither an expressed nor an implied commitment by Goldman Sachs to act in any capacity with respect to the Special Committee or the Company, which commitment shall only be set forth in an engagement letter to be executed between the Special Committee, the Company and Goldman Sachs, and does not restrict Goldman Sachs from being engaged by, or otherwise acting with, any other party in any capacity. Nothing contained herein shall be deemed to create a fiduciary, advisory, agency or other relationship between Goldman Sachs and the Special Committee, the Company or its stockholders, directors, officers, employees or creditors, nor shall any of the foregoing persons rely on this document or the presentation thereof. The Presentation has been prepared based on historical financial information, forecasts and other information obtained by Goldman Sachs from publicly available sources (other than information regarding the Company, which may have been obtained from the management of the Company). In preparing the Presentation, Goldman Sachs has relied upon and assumed, without assuming any responsibility for independent verification, the accuracy and completeness of all of the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by us, and Goldman Sachs does not assume any liability for any such information. Goldman Sachs does not provide accounting, tax, legal or regulatory advice. Goldman Sachs has not made an independent evaluation or appraisal of the assets and liabilities (including any contingent, derivative or off-balance sheet assets and liabilities) of the Company or any other party to any transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained in the Presentation do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Any indications of value or synergies in the Presentation are based solely on public information, are for illustrative purposes only, and do not reflect actual values or synergies that may be achieved or realized by the Company or any views of Goldman Sachs with respect to any such values or synergies. The Presentation does not address the underlying business decision of the Special Committee or the Company to engage in any transaction, or the relative merits of any transaction or strategic alternative as compared to any other transaction or alternative that may be available to the Company. The Presentation is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to Goldman Sachs as of, the date of such Presentation and Goldman Sachs assumes no responsibility for updating or revising the Presentation based on circumstances, developments or events occurring after such date. The Presentation does not constitute any opinion, nor does the Presentation constitute a recommendation to the Special Committee, the Company, any security holder of the Company or any other person as to how to vote or act with respect to any transaction or any other matter. The Presentation, including this disclaimer, are subject to, and governed by, any written agreement between the Special Committee, the Company and Goldman Sachs.  |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d18_ex99-1img003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Comparison of Current Proposals (1/2) Price Terms Source: Jewel proxy statement dated 30-Jan-2026. Viper non-binding indication of interest dated 26-Feb-2026. 1 Based on Viper share price of $77.27 as of 25-Feb-2026. Total consideration per share of $54.21 and implied stock consideration value per share of $24.21 based on Viper share price of $69.18 as of 27-Feb-2026. 2 As of 24-Oct-2025, based on share price of $41.63. PROPRIETARY & CONFIDENTIAL Trian and General Catalyst Viper Proposal (February 26th) Headline Offer Price / Premium ▪ $49.00 per share — Premium to undisturbed share price2 : 17.7% ▪ $57.041 per share as of 25-Feb-2026 — Implied premium to undisturbed share price2 : 37.0% ▪ $54.211 per share as of 27-Feb-2026 — Implied premium to undisturbed share price2 : 30.2% Consideration Mix ▪ Cash consideration per share: $49.00 ▪ Cash consideration per share: $30.00 ▪ 0.350 of a Viper share for each Jewel share (translating to 38% pro forma ownership, fixed exchange ratio) - Stock consideration implied value: $27.041 per share as of 25-Feb-2026, $24.211 per share as of 27-Feb-2026 Pro Forma Leverage ▪ Gross leverage (incl. preferred equity): 4.6x Q3 LTM 2025 EBITDA ▪ Gross leverage (excl. preferred equity) 3.3x Q3 LTM 2025 EBITDA ▪ Gross leverage excl. synergies: 3.5x 2025 EBITDA ▪ Gross leverage incl. synergies: 2.6x 2025 EBITDA Stated Synergies ▪ Not disclosed ▪ Viper Preliminary estimated cost synergies: $500mm |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d18_ex99-1img004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Comparison of Current Proposals (2/2) Other Terms Source: Jewel proxy statement dated 30-Jan-2026. Viper non-binding indication of interest dated 26-Feb-2026. PROPRIETARY & CONFIDENTIAL Trian and General Catalyst Viper Proposal (February 26th) Proposed Financing ▪ Funded through a mix of equity and debt financing: - Senior secured Term Loan B financing facility of ~$2.6bn - Senior secured Term Loan cash flow facility of ~$0.8bn - Senior secured cash flow based RCF of ~$0.5bn - Preferred equity financing of ~$1.0bn - Equity financing of ~$2.3bn from Trian, QIA and General Catalyst - No financing contingency ▪ Trian roll of existing shares ▪ Intend to fund transaction with cash on hand and committed financing - Committed debt financing of $4.52bn ▪ No financing contingency ▪ Provides Jewel with specific performance remedy against Viper if there were a financing failure Proposed Structure ▪ Statutory merger under Jersey Law ▪ Trian has agreed to vote its shares in favor of the transaction ▪ Statutory merger under Jersey Law ▪ Viper will not require a voting agreement from Trian ▪ Viper shareholder vote required Client Consents ▪ Client consent closing condition: 80% ▪ Client consent closing condition: 75% Termination Fees ▪ Termination fee: $297.13mm if the expense reimbursement has not been paid (4% of equity value) or $222.85mm if the expense reimbursement becomes payable (3% of equity value) ▪ Expense reimbursements if shareholders fail to approve merger: up to $111.42mm (1.5% of equity value) ▪ Financing failure reverse termination fee: $222.85mm (3% of equity value) payable by equity investors in the Trian acquisition vehicle ▪ Termination fee: 3% of equity value Proposed Timeline ▪ N/A ▪ Intend to conduct expeditious diligence and be in position to enter into a merger agreement shortly thereafter, provided requisite access to information and Jewel management is provided in a timely matter |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d18_ex99-1img005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Overview of Viper Proposals Received to Date As of February 26th Source: Viper non-binding indications of interest dated 24-Nov-2025, 08-Dec-2025, 22-Dec-2025 and 26-Feb-2026. 1 Based on Viper share price of $77.27 as of 25-Feb-2026. Total consideration per share of $54.21 and implied stock consideration value per share of $24.21 based on Viper share price of $69.18 as of 27-Feb-2026. 2 As of 24-Oct-2025, based on share price of $41.63. PROPRIETARY & CONFIDENTIAL November 24th Proposal December 8th Proposal February 26th Proposal Headline Offer Price / Premium ▪ 100% acquisition of the company ▪ $50.00 - $52.00 per share ▪ Implied premium to undisturbed share price2 : 20.1% - 24.9% ▪ Estimate Jewel shareholders would own ~37% – 39% of the company ▪ Unchanged from November 24th Proposal ▪ 100% acquisition of the company ▪ $57.041 per share as of 25-Feb-2026, $54.211 per share as of 27-Feb-2026 ▪ Implied premium to undisturbed share price2 : 37.0% as of 25-Feb-2026, 30.2% as of 27-Feb-2026 ▪ Estimate Jewel shareholders would own 38% of the company Consideration Mix ▪ $30.00 per share in cash ▪ Remaining balance in Viper shares; (implied $20.00 – $22.00) ▪ Unchanged from November 24th Proposal ▪ $30.00 per share in cash ▪ Remaining balance in Viper shares; fixed exchange ratio of 0.350 of Viper share for each Jewel share, reflecting $27.041 per Jewel share as of 25-Feb-2026, $24.211 per Jewel share as of 27-Feb-2026 Proposed Financing ▪ Intend to fund the transaction with cash on hand and committed financing ▪ No financing contingency; indicated they will have sufficient committed capital to consummate and would provide customary commitment letters at the time of definitive documentation ▪ Unchanged from November 24th Proposal ▪ Intend to fund the transaction with cash on hand and committed financing ▪ No financing contingency ▪ Provided customary commitment letters of 100% debt financing from RBC and Wells Fargo Stated Synergies ▪ Viper preliminary estimate of $500mm of cost synergies ▪ Unchanged from November 24th Proposal ▪ Unchanged from November 24th Proposal Conditionality ▪ Customary regulatory and anti-trust / competition approvals ▪ Viper shareholder vote ▪ Consents from Jewel clients ▪ Voting agreement required from Trian ▪ Silent as to Trian voting agreement ▪ Other conditionality unchanged from November 24th Proposal ▪ Unspecified regulatory and anti-trust / competition approvals ▪ Viper shareholder vote ▪ Consents from 75% of Jewel clients ▪ Viper will not require a voting agreement from Trian Additional letter submitted on December 22nd, re-iterating interest and aligned to December 8th terms |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2534023d18_ex99-1img006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade $69.18 $20 $30 $40 $50 $60 $70 $80 $90 Feb-2021 Feb-2022 Feb-2023 Feb-2024 Feb-2025 Feb-2026 Share Price Viper Viper Share Price Performance Last 5 Years Historical Share Price Performance Source: Bloomberg Note: Market data as of 27-Feb-2026. 1 Share price reflects Viper closing share price one day prior to respective event. PROPRIETARY & CONFIDENTIAL 24-Nov-2025 $63.071 Initial Viper proposal 08-Dec-2025 $63.651 Second Viper proposal 22-Dec-2025 $62.921 Viper affirms second proposal 26-Feb-2026 $77.271 Fourth Viper proposal 12-Feb-2026 $76.251 Nuveen / Schroders Viper Trading History Share Price Date 52-Week High $77.27 25-Feb-2026 52-Week Low $51.28 8-Apr-2025 Average 5Y 3Y 1Y 6M 3M 1M Viper $42.46 $50.66 $64.74 $66.82 $67.74 $72.84 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d18_ex99-1img007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade 11.6 x 4 x 6 x 8 x 10 x 12 x 14 x 16 x 18 x Feb-2023 Feb-2024 Feb-2025 Feb-2026 NTM P/E Multiple 9.8 x Average 3Y 1Y 6M 3M 1M Viper 8.7 x 9.9 x 9.8 x 9.7 x 10.4 x Jewel 11.3 10.6 10.8 10.8 10.9 9.1 x 10.8 x 4x 6x 8x 10x 12x 14x 16x 18x Feb-2023 Feb-2024 Feb-2025 Feb-2026 FY2 P/E Multiple Viper & Jewel Trading Performance (1 of 2) Last 3 Years NTM P/E Multiple FY2 P/E Multiple Source: Bloomberg Note: Market data as of 27-Feb-2026. 1 Reflects Viper NTM and FY2 P/E multiples, respectively, one day prior to receipt of Viper non-binding indication of interest dated 26-Feb-2026. PROPRIETARY & CONFIDENTIAL 10.1 x 10.4 x 4x 6x 8x 10x 12x 14x 16x 18x Feb-2021 Feb-2022 Feb-2023 Feb-2024 Feb-2025 Feb-2026 FY1 P/E Multiple Viper Jewel 52-Week High FY2 P/E Date Viper 11.0x 12-Aug-2025 Jewel 11.3x 11-Sep-2025 52-Week Low FY2 P/E Date Viper 7.3x 8-Apr-2025 Jewel 7.6x 4-Apr-2025 52-Week High NTM P/E Date Viper 11.3x 12-Aug-2025 Jewel 11.6x 11-Sep-2025 52-Week Low NTM P/E Date Viper 8.1x 8-Apr-2025 Jewel 8.1x 4-Apr-2025 26-Feb-2026 Viper: 10.1x1 Fourth Viper proposal Average 3Y 1Y 6M 3M 1M Viper 8.3 x 9.4 x 9.6 x 9.5 x 9.9 x Jewel 11.0 10.2 10.5 10.5 10.3 19-Dec-2025 Jewel: 10.4x Viper: 9.0x Prior to Trian Deal Announcement 26-Feb-2026 Viper: 11.0x1 Fourth Viper proposal 19-Dec-2025 Jewel: 10.5x Viper: 9.1x Prior to Trian Deal Announcement |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d18_ex99-1img008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade 8.4 x 8.5 x 5x 6x 7x 8x 9x 10x 11x Feb-2023 Feb-2024 Feb-2025 Feb-2026 NTM EV/EBITDA Multiple 7.6 x 8.2 x 5x 6x 7x 8x 9x 10x 11x Feb-2023 Feb-2024 Feb-2025 Feb-2026 FY2 EV/EBITDA Multiple Viper & Jewel Trading Performance (2 of 2) Last 3 Years NTM EV/EBITDA Multiple FY2 EV/EBITDA Multiple Source: Bloomberg Note: Market data as of 27-Feb-2026. 1 Reflects Viper FY2 EV/EBITDA multiple one day prior to receipt of Viper non-binding indication of interest dated 26-Feb-2026. PROPRIETARY & CONFIDENTIAL 10.1 x 10.4 x 4x 6x 8x 10x 12x 14x 16x 18x Feb-2021 Feb-2022 Feb-2023 Feb-2024 Feb-2025 Feb-2026 FY1 P/E Multiple Viper Jewel 52-Week High NTM EV/EBITDA Date Viper 10.2x 12-Aug-2025 Jewel 8.6x 02-Feb-2026 26-Feb-2026 Viper: 9.0x1 Fourth Viper proposal 52-Week Low NTM EV/EBITDA Date Viper 6.3x 8-Apr-2025 Jewel 5.5x 4-Apr-2025 52-Week High FY2 EV/EBITDA Date Viper 9.6x 12-Aug-2025 Jewel 8.6x 11-Sep-2025 52-Week Low FY2 EV/EBITDA Date Viper 6.1x 8-Apr-2025 Jewel 5.1x 4-Apr-2025 19-Dec-2025 Jewel: 7.5x Viper: 8.2x Prior to Trian Deal Announcement Average 3Y 1Y 6M 3M 1M Viper 7.9 x 8.1 x 8.8 x 8.6 x 9.0 x Jewel 7.7 7.6 7.9 7.8 8.0 Average 3Y 1Y 6M 3M 1M Viper 7.4 x 7.8 x 8.6 x 8.5 x 8.8 x Jewel 7.5 7.4 7.7 7.6 7.5 26-Feb-2026 Viper: 9.4x1 Fourth Viper proposal 19-Dec-2025 Jewel: 7.6x Viper: 8.2x Prior to Trian Deal Announcement |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d18_ex99-1img009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Research Analyst Price Targets on Viper Source: FactSet, Eikon, sellside research reports. Note: Research analyst price targets generally represent 12-month price targets. 1 Reflects rating prior to receipt of Viper non-binding indication of interest dated 26-Feb-2026. 2 Reflects current share price of $69.18 as of 27-Feb-2026. PROPRIETARY & CONFIDENTIAL Date 06-Feb-2026 08-Feb-2026 05-Feb-2026 11-Feb-20261 05-Feb-2026 02-Feb-2026 Rating Buy Buy Hold Buy1 Hold Hold % Premium to Current Price2 21.4 % 8.4 % 2.6 % (0.3)% (0.3)% (0.3)% $69 $69 $69 $71 $75 $84 Median: $70 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d18_ex99-1img010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Illustrative Sources and Uses and Leverage – Viper Transaction ($ in millions) Source: Jewel projections per Jewel management, Company filings, Viper non-binding indication of interest dated 26-Feb-2026. Note: 1 Equity Purchase Price based on Jewel's 154.076mm common shares outstanding as of Q4 2025 per Company filings. PROPRIETARY & CONFIDENTIAL Leverage Metric Standalone Gross Viper Leverage 1.4 x Pro-Forma Viper 2025A Gross Leverage (excl. Synergies) 3.5 x Pro-Forma Viper 2025A Gross Leverage (incl. Synergies) 2.6 x Standalone Viper rated BB by S&P and Ba1 by Moody's, with positive outlook (potential to be re-rated to IG in near term) Pro-Forma leverage likely to result in outlook change from positive to stable versus a rating downgrade, with Viper's track record of synergy realization likely to be considered by agencies in evaluating how Pro-Forma leverage is viewed Source of Funds $mm (x) Fin. EBITDA % of Total Notes / Commentary Equity Issuance $4,167 2.6 x 43 % 53mm shares / 38% of Pro-Forma in line with Victory IP Debt Financing $4,520 2.8 x 46 Based on total quantum of committed financing letter; Victory IP notes $4.1bn Incremental Cash Req'd / Cash from Jewel B/S $1,045 0.6 x 11 Remaining source of funding required Total Sources $9,732 6.1 x 100 % Uses of Funds $mm (x) Fin. EBITDA % of Total Notes / Commentary Equity Purchase Price1 $8,789 5.5 x 90 % Repayment of Jewel Debt $396 0.2 x 4 Illustrative Transaction Fees $250 0.2 x 3 Termination Fee $297 0.2 x 3 Total Uses $9,732 6.1 x 100% |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d18_ex99-1img011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Target Acquirer Valuation (bn) Announced P-T Synergies2 Percent of Target Expense Base Percent of Total Expense Base Realization Timing Post-Close USAA Viper $0.9 $100 32 % 16 % 12-15 months Amundi U.S. Viper $1.1 $100 26 % 11 % 12 months Aberdeen Standard Life £3.8 £200 29 % 4 % 75% within 2 years, 100% by 3 years OppenheimerFunds Invesco $5.6 $475 30 % 12 % 85% within 6 months, 100% by ~18-21 months Pioneer Investments Amundi € 3.5 € 180 33 % 13 % Within 3 years Columbia ManagementAmeriprise $1.0 $140 na na 50% within 1 year, 100% by 2 years Median 30 % 12 % Janus Capital Group Henderson Group $6.0 $110 15 % 7 % Within 3 years, weighted towards first12 months Synergy Benchmarking Analysis ($ in millions, unless otherwise noted) Source: Public filings, Goldman Sachs Investment Research. Note: 1 Reflects adjusted operating expenses as disclosed by both respective companies. 2 Does not include dis-synergies associated with respective transactions. PROPRIETARY & CONFIDENTIAL Illustrative Synergies as a % of OpEx – Viper and Jewel Precedent Viper Transactions Amundi U.S. Est. Margin Pre-Synergies: 25% Post-Synergies: 44% https://publishing.gs.com/content/research/en/reports/2024/04/17/452320c2-3430-45f8-ac62- 7510dd81b257.html#_bf7a002b-5eb2-4000-a6eb-268f86fbf000 USAA Est. Margin Pre-Synergies: 33% Post-Synergies: 53% Memo: Metric $150 $250 $500 Jewel 2025A Operating Expenses1 $1,624 9 % 15 % 31 % Viper 2025A Operating Expenses1 651 23 % 38 % 77 % Combined Pro-Forma 2025A Operating Expenses $2,275 7 % 11 % 22% |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d18_ex99-1img012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Overview of Select Precedent Viper Transactions Source: Public filings, FactSet. 1 U.S. Traditional Asset Managers: BlackRock, T. Rowe, Invesco, AMG, AllianceBernstein, Franklin Templeton, Jewel, Artisan Partners, WisdomTree. 2 Acquisition closed on 01-Jul-2019. 3 Acquisition closed on 01-Apr-2025. Consideration consisted of 100% stock and no cash. PROPRIETARY & CONFIDENTIAL EPS accretion of more than 100% in 2020 and $120mm in cost synergies as a result of the transaction "We had a synergy target of $100 million… we exceeded that target and realized $120 million of synergies… A majority of those synergies were out the day we closed." Q2 2020 Earnings Call Net Leverage at Close2 : 3.2x Net Leverage at Q3 2020: 2.0x Double-digit EPS accretion is expected from the transaction along with annual expense synergies of ~$110mm "We've already exceeded our low double-digit accretion guidance for this transaction, achieving these results even before capturing the complete benefit of our targeted net expense synergies." Q3 2025 Earnings Call Net Leverage at Close3 : 1.7x Net Leverage at Q3 2025: 1.1x 2015 - 2025 AUM CAGR: ~25% Adj. EBITDA Adj. EBITDA Margin $82 $98 $149 $160 $269 $377 $449 $424 $418 $476 $683 34% 33% 36% 39% 44% 49% 50% 50% 51% 53% 52% (Amundi U.S.) 75% 100% 125% 150% 175% 200% 225% 250% Nov-2018 Dec-2018 Jan-2019 Feb-2019 37.0% (5.7)% (0.0)% 75% 100% 125% 150% 175% 200% Apr-2024 May-2024 Jun-2024 Jul-2024 22.5% 6.2% 11.2% Performance% 3M 1M Viper 37.0% 45.4% U.S. Traditional Asset Managers1 (5.7)% (4.3)% S&P (0.0)% (1.4)% Performance% 3M 1M Viper 22.5% 22.5% U.S. Traditional Asset Managers1 6.2% 4.8% S&P 11.2% 4.9% $33 $55 $62 $53 $152 $147 $184 $148 $161 $172 $314 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Viper AUM Evolution USAA Asset Management Acquisition Amundi U.S. (Pioneer) Acquisition |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d18_ex99-1img013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade # ### $150 $250 $500 52wk High Viper: 11.0 x $60.51 $62.36 $67.00 Viper at Recent Letter1 : 10.1 x 57.97 59.66 63.88 Blended (19-Dec-2026): 9.8 x 56.95 58.58 62.64 1Y Avg. Viper: 9.4 x 55.93 57.48 61.38 Current Viper: 9.1 x 54.93 56.43 60.16 52wk Low Viper: 7.3 x 49.99 51.17 54.10 Pro-Forma P/E Multiple (2027E) PT Expense Synergies ($mm) # ### $150 $250 $500 52wk High Viper: 9.6 x $61.54 $63.73 $69.21 Viper at Recent Letter1 : 9.0 x 58.59 60.63 65.72 Current Viper: 8.2 x 54.56 56.39 60.97 Blended (19-Dec-2026): 7.9 x 53.12 54.88 59.28 1Y Avg. Viper: 7.8 x 52.57 54.30 58.63 52wk Low Viper: 6.1 x 44.51 45.82 49.11 PT Expense Synergies ($mm) Pro-Forma EV/E BITDA Multiple (2027E) 43.6 % $150 $250 $500 EPS Accretion / Dilution (2027E) 10.1 x 17.0 % 24.6 % 43.6 % PT Expense Synergies ($mm) Illustrative Value to Jewel Shareholders Based on Illustrative Pro Forma Viper Trading \| ($ in millions) Source: Jewel projections per Jewel management, Viper projections per FactSet, Company filings, Viper non-binding indication of interest dated 26-Feb-2026. Market data as of 27-Feb-2026. Note: Assumes 25% tax rate per Jewel management. 1 Reflects Viper FY2 P/E and FY2 EV/EBITDA multiples, respectively, one day prior to receipt of Viper non-binding indication of interest dated 26-Feb-2026 per FactSet. PROPRIETARY & CONFIDENTIAL Price / Earnings Analysis EV / EBITDA Analysis ▪ Analysis calculates implied EPS accretion for Viper and Pro-Forma per share value of Viper's offer to Jewel Shareholders based on a range of synergies and pro-forma trading multiples ▪ Pro-Forma value of Viper's offer calculated as $30 of cash consideration plus the Pro-Forma value of Viper's stock to Jewel Shareholders — Pro-Forma value of Viper's stock to Jewel Shareholders calculated as Jewel's ownership of Viper's Pro-Forma Value — Viper's Pro-Forma value derived by applying Viper's FY2 P/E multiple to Pro-Forma EPS, assuming achievement of synergies — Incorporates one-time illustrative restructuring charge, assumed to be equivalent to one-time after-tax synergies, and payment of termination fees ▪ Analysis calculates implied Equity Value for Pro-Forma Viper based on a range of synergies and pro-forma trading multiples ▪ Pro-Forma value of Viper's offer calculated as $30 of cash consideration plus the Pro-Forma value of Viper's stock to Jewel Shareholders — Pro-Forma value of Viper's stock to Jewel Shareholders calculated as Jewel's ownership of Viper's Pro-Forma Value — Viper's Pro-Forma value derived by applying Viper's FY2 EV/EBITDA multiple to Pro-Forma EBITDA, assuming achievement of synergies, bridging to Pro-Forma Equity Value, and then dividing by Pro-Forma Viper FDSO — Incorporates one-time illustrative restructuring charge, assumed to be equivalent to one-time after-tax synergies, and payment of termination fees |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d18_ex99-1img014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Illustrative Shareholder Voting Mechanics (Values in millions) Source: Public filings. Note: 1 Reflects Jewel's common shares outstanding as of Q4 2025 per Company filings. PROPRIETARY & CONFIDENTIAL Required to Vote in Favor to Reach Approval Threshold % of Outstanding Shares That Vote 89.9 % 80 % 85 % 90 % 95 % % of Non-Trian Shares Required to Vote in Favor to Reach Approval Threshold 66.7 % 90 % 88 % 87 % 85 % Shareholder Voting Metric Jewel Shares1 154.076 (x) % of Outstanding Shares That Vote (Quorum) 80.0 % Voting Shares 123.260 (x) % Threshold for Approval 66.7 % Voting Shares Needed for Approval 82.174 Voting Shares 123.260 (-) Shares Owned by Trian 31.868 Shares Not Owned by Trian 91.393 Voting Shares Needed for Approval 82.174 (/) Shares Not Owned by Trian 91.393 % of Votes from Shares not owned by Trian Needed for Approval 90% |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d18_ex99-1img015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Appendix A: Supplemental Materials PROPRIETARY & CONFIDENTIAL |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d18_ex99-1img016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Illustrative Equity Purchase Price and Issuance – Viper Transaction ($ in millions) Source: Jewel projections per Jewel management, FactSet, Public filings, Viper non-binding indication of interest dated 26-Feb-2026. Note: Market data as of 25-Feb-2026. 1 Reflects Jewel's common shares outstanding as of Q4 2025 per Company filings. PROPRIETARY & CONFIDENTIAL Layout Guidance To use this charts and graphs sprite sheet: Ensure chart templates are installed. Copy and paste chart examples from this sprite sheet to the desired slide and edit data. Reapply the chart template by selecting the 'Chart Design' tab, 'Chart Type', then choosing the correct chart under 'Template'. Check full chart guidance for details on inserting on-brand charts and graphs. Equity Purchase Price Metric Equity Issuance Metric Cash Proceeds per Jewel Share $30.00 Stated Jewel Pro-Forma Ownership 38 % (x) Jewel FDSO1 154.076 Implied Viper Pro-Forma Ownership % 62 % Total Cash Proceeds $4,622 Viper Standalone FDSO 85.626 Viper Exchange Ratio 0.350 Implied Viper Pro-Forma FDSO 138.107 (x) Viper Share Price $77.27 Viper Value Delivered per Jewel Share $27.04 Viper Shares Issued to Jewel 52.481 (x) Jewel FDSO1 154.076 Viper Value delivered to Jewel $4,167 Cash Proceeds per Jewel Share $30.00 Viper Value Delivered per Jewel Share 27.04 Total Value per Jewel Share $57.04 Memo: Aggregate Value to Jewel $8,789 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d18_ex99-1img017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Value to Jewel (At Close) Metric Viper Shares Issued to Jewel 52.481 (x) Illustrative Viper Pro-Forma Price ($/ Share) $88.55 Value of Viper Shares Issued to Jewel ($mm) $4,647 (/) Jewel Standalone FDSO 154.076 Value of Viper Stock to Jewel Shareholders ($/ Share) $30.16 Cash Value of Consideration ($/ Share) $30.00 Illustrative Pro-Forma Value to Jewel Shareholders ($/ Share) $60.16 Memo: Headline Value Cash per Jewel share $30.00 Viper Stock per Jewel share $27.04 Total Value per Share $57.04 % Headline Value - Cash 52.6 % % Headline Value - Stock 47.4 FY2 P/E Multiple Viper 9.1 x Jewel 10.8 x Estimated Run-Rate EPS Accretion ($mm) Metric Viper Standalone 2027E Net Operating Income $614 Jewel Standalone 2027E Net Operating Income 709 Pro-Forma Synergies 375 Incremental Interest Expense (276) Pro-Forma Net Income $1,422 Viper Standalone FDSO 85.626 Viper Shares Issued 52.481 Viper Pro-Forma FDSO 138.107 Pro-Forma Accretion Metric Viper Standalone EPS (2027E) $7.17 Viper Pro-Forma EPS (2027E) $10.29 Memo: Illustrative EPS Accretion / Dilution (2027E) 43.6 % Viper Pro-Forma P/E Multiple (2027E) 9.1 x Illustrative Viper Pro-Forma Price ($/ Share, before one-time charge) $93.42 Less one-time restructuring charge $2.72 Less one-time termination fee $2.15 Illustratrive Viper Pro-Forma Price ($/ Share) $88.55 Illustrative Value to Jewel Shareholders of Viper Transaction ($ in millions) Source: Jewel projections per Jewel management, Public filings. Viper Projections per FactSet. Viper non-binding indication of interest dated 26-Feb-2026. Note: c 1 FY2 P/E multiples per FactSet. 2 Based on $500mm preliminary estimated cost synergies per Viper non-binding indication of interest dated 26-Feb-2026, tax affected at 25% per Jewel management. 3 Reflects Pro-Forma Net Income divided by Viper Pro-Forma FDSO. 4 Reflects Jewel's basic shares outstanding as of Q4 2025 per Company filings. 5 Reflects Value of Viper Shares Issued to Jewel divided by Jewel Standalone FDSO. 6 Reflects A-T Pro-Forma Synergies divided by Viper Pro-Forma FDSO. 7 Reflects termination fees divided by Viper Pro-Forma FDSO. PROPRIETARY & CONFIDENTIAL Layout Guidance To use this charts and graphs sprite sheet: Ensure chart templates are installed. Copy and paste chart examples from this sprite sheet to the desired slide and edit data. Reapply the chart template by selecting the 'Chart Design' tab, 'Chart Type', then choosing the correct chart under 'Template'. Check full chart guidance for details on inserting on-brand charts and graphs. 4 5 1 1 2 6 3 7 |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d18_ex99-1img018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Value to Jewel (At Close) Metric Viper Shares Issued to Jewel 52.481 (x) Illustrative Viper Pro-Forma Price ($/ Share) $90.92 Value of Viper Shares Issued to Jewel ($mm) $4,771 (/) Jewel Standalone FDSO 154.076 Value of Viper Stock to Jewel Shareholders ($/ Share) $30.97 Cash Value of Consideration ($/ Share) $30.00 Illustrative Pro-Forma Value to Jewel Shareholders ($/ Share) $60.97 Memo: Headline Value Cash per Jewel share $30.00 Viper Stock per Jewel share $27.04 Total Value per Share $57.04 % Headline Value - Cash 52.6 % % Headline Value - Stock 47.4 FY2 EV / EBITDA Multiple Viper 8.2 x Jewel 7.6 x Estimated FY2 EV and EQV ($mm) Metric Viper Standalone Adjusted EBITDA $821 Jewel Standalone Adjusted EBITDA 971 Pre-Tax Pro-Forma Synergies 500 Pro-Forma Viper EBITDA $2,292 (x) Viper Pro-Forma EV / EBITDA Multiple (2027E) 8.2 x Pro-Forma Viper EV $18,744 (+) Viper Standalone Cash $164 (+) Jewel Standalone Cash 1,035 (-) Nonredeemable Non-Controlling Interests (167) (-) Illustrative Cash from Jewel B/S to Acquire Jewel (1045) (-) Gross Viper Standalone Debt (983) (-) llustrative Incremental Debt to Acquire Jewel (4520) Pro-Forma Viper EQV $13,228 Viper Standalone FDSO 85.626 Viper Shares Issued 52.481 Viper Pro-Forma FDSO 138.107 Pro-Forma Value Metric Pro-Forma Viper EQV $13,228 (/) Viper Shares Issued 138.107 Illustrative Viper Pro-Forma Price ($/ Share, before one-time charge) $95.78 Less one-time restructuring charge $2.72 Less one-time termination fee 2.15 Illustratrive Viper Pro-Forma Price ($/ Share) $90.92 Illustrative Value to Jewel Shareholders of Viper Transaction ($ in millions) Source: Jewel projections per Jewel management, Public filings. Viper Projections per FactSet. Viper non-binding indication of interest dated 26-Feb-2026. Note: Market data as of 27-Feb-2026, except for Headline Value metrics, which are as of 25-Feb-2027. 1 FY2 EV/EBITDA multiples derived using consensus FY2 EBITDA estimates per FactSet. 2 Based on $500mm preliminary estimated cost synergies per Viper non-binding indication of interest dated 26-Feb-2026. 3 Jewel standalone cash shown net of minimum regulatory required capital per Jewel management. 4 Reflects Jewel's basic shares outstanding as of Q4 2025 per Company filings. 5 Reflects Value of Viper Shares Issued to Jewel divided by Jewel Standalone FDSO. 6 Reflects A-T Pro-Forma Synergies divided by Viper Pro-Forma FDSO. 7 Reflects termination fees divided by Viper Pro-Forma FDSO. PROPRIETARY & CONFIDENTIAL Layout Guidance To use this charts and graphs sprite sheet: Ensure chart templates are installed. Copy and paste chart examples from this sprite sheet to the desired slide and edit data. Reapply the chart template by selecting the 'Chart Design' tab, 'Chart Type', then choosing the correct chart under 'Template'. Check full chart guidance for details on inserting on-brand charts and graphs. 4 5 3 6 7 1 1 2 |

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

**Exhibit 99.(c)(x)**

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d18_ex99-3img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade March 10, 2026 Goldman Sachs does not provide accounting, tax, or legal advice. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you (and each of your employees, representatives, and other agents) may disclose to any and all persons the US federal income and state tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. PROPRIETARY & CONFIDENTIAL Project Jewel Discussion Materials |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d18_ex99-3img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Disclaimer PROPRIETARY & CONFIDENTIAL CUSTOMIZABLE FIELD FOR TITLE OR SECTION These materials have been prepared by Goldman Sachs on a confidential basis for presentation solely to the special committee (the "Special Committee") of Jewel (the "Company") in connection with an informational presentation which Goldman Sachs is making to the Special Committee. These materials and Goldman Sachs' presentation relating to these materials (collectively, the "Presentation") may not be disclosed to any third party or circulated or referred to publicly or used for or relied upon for any other purpose without the written consent of Goldman Sachs. The Presentation was not prepared with a view to public disclosure or to conform to any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and Goldman Sachs does not take any responsibility for the use of the Presentation by persons other than those set forth above. Notwithstanding anything in this Presentation to the contrary, the Company may disclose to any person the US federal income and state income tax treatment and tax structure of any transaction described herein and all materials of any kind (including tax opinions and other tax analyses) that are provided to the Company relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. The Presentation has been prepared by the Investment Banking Division of Goldman Sachs and is not a product of its research department. Goldman Sachs and its affiliates are engaged in advisory, underwriting and financing, principal investing, sales and trading,research, investment management and other financial and non-financial activities and services for various persons and entities. Goldman Sachs and its affiliates and employees, and funds or other entities they manage or in which they invest or have other economic interest or with which they co-invest, may at any time purchase, sell, hold or vote long or short positions and investments in securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments of the Company, any other party to any transaction and any of their respective affiliates or any currency or commodity that may be involved in any transaction. The firm's clients and counterparties may now or in the future include persons and entities that are the subject of the Presentation and the firm may be, may have been or may become involved in other transactions and assignments with or involving these clients and counterparties and/or may have confidential information relating to these clients or counterparties. The Presentation is neither an expressed nor an implied commitment by Goldman Sachs to act in any capacity with respect to the Special Committee or the Company, which commitment shall only be set forth in an engagement letter to be executed between the Special Committee, the Company and Goldman Sachs, and does not restrict Goldman Sachs from being engaged by, or otherwise acting with, any other party in any capacity. Nothing contained herein shall be deemed to create a fiduciary, advisory, agency or other relationship between Goldman Sachs and the Special Committee, the Company or its stockholders, directors, officers, employees or creditors, nor shall any of the foregoing persons rely on this document or the presentation thereof. The Presentation has been prepared based on historical financial information, forecasts and other information obtained by Goldman Sachs from publicly available sources (other than information regarding the Company, which may have been obtained from the management of the Company). In preparing the Presentation, Goldman Sachs has relied upon and assumed, without assuming any responsibility for independent verification, the accuracy and completeness of all of the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by us, and Goldman Sachs does not assume any liability for any such information. Goldman Sachs does not provide accounting, tax, legal or regulatory advice. Goldman Sachs has not made an independent evaluation or appraisal of the assets and liabilities (including any contingent, derivative or off-balance sheet assets and liabilities) of the Company or any other party to any transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained in the Presentation do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Any indications of value or synergies in the Presentation are based solely on public information, are for illustrative purposes only, and do not reflect actual values or synergies that may be achieved or realized by the Company or any views of Goldman Sachs with respect to any such values or synergies. The Presentation does not address the underlying business decision of the Special Committee or the Company to engage in any transaction, or the relative merits of any transaction or strategic alternative as compared to any other transaction or alternative that may be available to the Company. The Presentation is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to Goldman Sachs as of, the date of such Presentation and Goldman Sachs assumes no responsibility for updating or revising the Presentation based on circumstances, developments or events occurring after such date. The Presentation does not constitute any opinion, nor does the Presentation constitute a recommendation to the Special Committee, the Company, any security holder of the Company or any other person as to how to vote or act with respect to any transaction or any other matter. The Presentation, including this disclaimer, are subject to, and governed by, any written agreement between the Special Committee, the Company and Goldman Sachs.  |

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| &nbsp;&nbsp;![GRAPHIC](tm2534023d18_ex99-3img003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 114:151:197 255:255:255 0:0:0 Brand Colors A. 240:235:230 167:162:157 114:115:117 Brand Grays B. 220:220:224 187:187:191 Background Grays C. 253:243:173 184:208:245 242:203:231 153:224:217 245:208:206 198:233:189 Table Highlight D. E. 0:0:0 114:115:117 Table Borders F. Functional Data Colors G. 194:23:10 243:196:63 57:128:37 Primary Sequence 9:44:97 114:151:197 166:66:140 21:151:136 224:115:26 117:55:173 176:48:48 189:140:0 105.55.14 97:122:39 9:107:96 59:124:222 64:37:56 145:87:196 9:74:171 143:106:4 107:20:20 199:97:172 55:71:19 59:26:89 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Theme Colors Primary Sequence Secondary Shade Viper Share Price Since Initial Proposal and Headline Value to Jewel Shareholders Source: FactSet. Note: Source: FactSet. Note: Market data as of 09-Mar-2026. Viper publicly filed non-binding indication of interest dated 26-Feb-2026. 1 Reflects 0.35x exchange ratio as stated in Viper's non-binding indication of interest dated 26-Feb-2026. 2 Reflects closing share price of Jewel and Viper one day prior to receipt of Viper proposal. PROPRIETARY & CONFIDENTIAL December 8, 2025 Submits revised non-binding proposal Stated Per Share Offer Price: $50 - $52 ($30 per share in cash, with no stated exchange ratio) November 24, 2025 Submits initial non-binding proposal Stated Per Share Offer Price: $50 - $52 ($30 per share in cash, with no stated exchange ratio) December 22, 2025 Submits revised non-binding proposal Stated Per Share Offer Price: $50 - $52 ($30 per share in cash, with no stated exchange ratio) February 26, 2026 Submits public revised non-binding proposal Implied Offer Price: $57.041,2 Current Headline Value of Proposal: $54.001 Date Viper Share Price Cumulative % Change Headline Value of Latest Proposal1 25-Feb-2026 $77.27 - $57.04 26-Feb-2026 $71.84 (7.0)% $55.14 27-Feb-2026 $69.18 (10.5)% $54.21 02-Mar-2026 $69.00 (10.7) % $54.15 03-Mar-2026 $69.00 (10.7) % $54.15 04-Mar-2026 $68.71 (11.1) % $54.05 05-Mar-2026 $71.10 (8.0) % $54.89 06-Mar-2026 $69.93 (9.5) % $54.48 09-Mar-2026 $68.57 (11.3) % $54.00 Viper Share Price Since Initial Offer High 25-Feb-2026 $77.27 Low 02-Dec-2025 $60.76 Viper Share Price Performance $68.57 $50 $55 $60 $65 $70 $75 $80 Nov-2025 Dec-2025 Jan-2026 Feb-2026 Mar-2026 |

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