2020 Review of Asset and Wealth Management M&A Environment

MHB Advisers, LLC

Securities offered through Burch & Company, Inc., 4151 N. Mulberry Drive, Suite 235, Kansas City, MO 64116 member FINRA (www.finra.org) / SIPC (www.sipc.org). Burch & Company, Inc. and MHB Advisers, LLC are not affiliated entities. Asset and Wealth Management M&A Environment 2020 Highlights

1. All-time high global M&A volumes for the fourth year in a row – We counted a total of 335 announced transactions, up 5% Y-o-Y, all in the midst of a global pandemic

2. Transactions among wealth managers continued at a torrid pace – A record 189 WM deals announced, 16% more than last year’s record tally – A flood of into acquisitive national WM platforms has, in turn, fueled even more M&A activity

3. Franklin’s acquisition of Legg Mason signaled the start of massive shake-up in the global AM industry – In Q4, publicly-traded managers Eaton Vance and Waddell & Reed were acquired, adding scale and diversification to Management and Macquarie , respectively – Speculation of more large-scale transactions potentially involving AMP, BMO GAM, Lyxor, SSGA and Wells AM, which collectively manage more than $4.25 trillion of AUM

4. Despite several sizable deals noted above, there was a dearth of traditional AM transactions in 2020 – Fewest number of such deals in 10 years as several well-publicized headwinds persist, scale becomes imperative

5. Demand has remained strong for well-established alternative managers across the private markets – Private equity, alternative credit and real estate among preferred targets for both strategic and GP-stake buyers

6. Transaction multiples were highly dispersed in a very uncertain economic environment – However, pricing for the most unique and high-quality opportunities continued to be exceptionally strong – Earnout proportions increased as a means to balance risk

CONFIDENTIAL – NOT FOR REDISTRIBUTION 2 Asset and Wealth Management M&A Environment Global Transaction Volumes and Comparison to Same Periods in 2019

Q1 2020 Q2 2020 Q3 2020 Q4 2020 FY 2020

Total 10% 10% Announced 73 73 86 18% 103 21% 335 5% Transactions

Traditional / 24% 38% 20% 32% Diversified 13 15 19 6% 20 57 Asset Managers

Alternative 20 15 12% 18 14% 26 79 Asset Managers 18% 44% 8%

Wealth 40 15% 43 49 57 189 Managers 8% 44% 36% 16%

Source: MHB Advisers. Data as of December 31, 2020.

CONFIDENTIAL – NOT FOR REDISTRIBUTION 3 Asset and Wealth Management M&A Environment Takeaways from the Pandemic

– We expected a decline in M&A volumes during a year beset by a global pandemic and related travel restrictions. And yet 2020 was the busiest year ever in the asset/wealth management space. Deal activity is – A temporary lull in Q2 gave way to a record-setting number of deal announcements in Q4 as hopes accelerating grew for a vaccine and the uncertainty around the US elections lifted – This acceleration in transaction activity shows no signs of slowing down as January 2021 was another blockbuster month for wealth management M&A

– Travel bans and work-from-home orders certainly slowed M&A processes down initially, but the crisis Buyers and seems to have cratered only the most tenuous of transactions sellers are – Buyers and sellers have swiftly adopted remote meeting and due diligence technology and practices, resilient and which are here to stay adaptive – While many prominent buyers are staying on the sidelines until extensive in-person diligence becomes more practical, a surprising number of transactions were completed entirely over Zoom

– Only modest changes in overall M&A pricing during the year: • Unattractive firms couldn’t sell at all, no different than in other environments Pricing and • Moderately attractive firms saw little to no price reductions, but more deferred consideration terms remain favorable • Highly attractive firms still commanded premium pricing and interest from multiple parties • Those firms that continued to grow through the pandemic became even more valuable, as they demonstrated resilience and passed the ultimate ‘stress test’

CONFIDENTIAL – NOT FOR REDISTRIBUTION 4 Asset and Wealth Management M&A Environment Notable Transactions by Segment

Select Transactions Announced in 2020

Segment Date Target Country Strategy / Focus Buyer Country AUM (US$B) % Acquired

Dec-20 Waddell & Reed Financial US Diversified equity and FI manager 131.0 100%

Oct-20 Eaton Vance US Diversified equity, FI and index manager Morgan Stanley US 517.0 100% Traditional / Diversified Aug-20 MLC Wealth Australia Wealth and asset manager IOOF Australia 227.6 100% Asset Managers Jul-20 Barrow, Hanley, Mewhinney & Strauss US Value equity and FI manager Perpetual Australia 44.1 75%

Feb-20 Legg Mason US Diversified global asset manager Franklin Resources US 806.0 100%

Dec-20 Owl Rock and Dyal Capital Partners US Private equity and direct lending Altimar Acquisition Corp. US 47.0 Majority

Oct-20 Crescent Capital Group US Mezzanine, direct lending, HY, loans Canada 28.0 51% Alternative Asset Sep-20 StepStone Group US PE, infrastructure, private debt and RE IPO US 66.0 21% Managers Aug-20 GCM Grosvenor US PE, infrastructure, RE and credit CF Finance Acquisition Corp. US 57.0 Minority

Jul-20 Permira UK Private equity and credit Petershill Fund US 55.2 Minority

Dec-20 Waddell & Reed’s WM business US Wealth manager LPL Financial US 63.0 100%

Nov-20 Iconiq Capital US Wealth manager Dyal Capital Partners US 43.0 6%

Wealth Jun-20 Captrust Financial Advisors US Wealth manager GTCR US 47.0 25% Managers

May-20 Colonial First State Australia Wealth manager KKR US 87.9 55%

Feb-20 Creative Planning US Wealth manager General Atlantic US 50.0 Minority

Source: MHB Advisers. Data as of December 31, 2020.

CONFIDENTIAL – NOT FOR REDISTRIBUTION 5 Asset and Wealth Management M&A Environment Global Transaction Trends

Global transaction volumes increased for the 7th year in a row to an all-time high 335 announced deals, fueled by the continuing boom in the wealth management space – Put in context, 2020 volumes were nearly 40% higher than the 10-year average and almost 2x the volume in 2014 The amount of AUM transacted has also rebounded on the back of a handful of sizable transactions in the US… – Publicly traded managers: Franklin/Legg, Morgan Stanley/Eaton Vance, Macquarie/Waddell & Reed – Private markets firms: Owl Rock/Dyal and GCM Grosvenor SPAC deals, StepStone IPO …as well as a few large bank divestitures in Australia, continuing a headlong retreat from wealth by the Four Pillars – Colonial First State from Commonwealth Bank, MLC from NAB

Global Transaction Volume AUM Transacted

Source: MHB Advisers. Data as of December 31, 2020.

CONFIDENTIAL – NOT FOR REDISTRIBUTION 6 Asset and Wealth Management M&A Environment Global Transaction Participants – Buyers

While the general make-up of the buyer universe has remained steady for the last several years, new participants and novel investment vehicles have provided sellers with a broader range of transaction alternatives – Firms with “multi-affiliate” or “aggregator” models continue to be the most active acquirers, particularly in the alternative asset management and wealth management spaces – Global banks, B-Ds and insurers continue to be less active but occasionally important transaction participants – Traditional PE sponsor activity has remained steady, and in some segments (notably wealth management) PE firms are successfully competing with strategic buyers; many have also capitalized on strong market pricing in recent years by exiting portfolio positions often to other sponsors or sponsor-backed entities – Permanent capital vehicles set up by Dyal, GS Petershill, Kudu, Rosemont and others have been active in making minority , providing and/or liquidity to attractive independent firms

Buyers by Type (by Deal Count) Buyers by Type (by AUM Acquired)

Source: MHB Advisers. Data as of December 31, 2020.

CONFIDENTIAL – NOT FOR REDISTRIBUTION 7 Asset and Wealth Management M&A Environment Global Transaction Participants – Targets/Sellers

Headwinds facing traditional active asset managers have caused a shift in buyer demand toward private markets managers with unique strategies and “sticky” assets – Private equity, real estate and infrastructure managers as well as alternative credit managers have been particularly attractive to buyers seeking non-correlated returns and differentiated yield strategies – Long-term locked-up capital is seen as the antidote to unfavorable asset flow trends impacting many traditional liquid active managers Wealth manager transaction volumes have been hitting all-time highs in recent years, driven by a number of factors including the aging of the advisor community and a desire for scale in the face of increasing costs and regulation – A broad universe of well-funded buyers including larger RIAs, some banks and other serial acquirers (many private equity backed) continue to find attractive opportunities in this highly fragmented industry

Targets by Type (by Deal Count) Targets by Type (by AUM)

Source: MHB Advisers. Data as of December 31, 2020.

CONFIDENTIAL – NOT FOR REDISTRIBUTION 8 Asset and Wealth Management M&A Environment Notable Transactions – Franklin / Legg Mason

In a landmark transaction announced in February and closed in July, Franklin acquired Legg Mason to create a global powerhouse with a combined $1.5 trillion AUM – Purchase price of $4.5bn cash plus Combined Operating Entities assumption of $2bn of LM debt – Broader set of investment strategies, particularly in alternatives, offered through an expanded global distribution platform – LM affiliates will continue to operate autonomously within enlarged firm

Transaction Will Create the World’s 6th Largest Independent Asset Manager

Source: Franklin investor presentation, press release. Pro Forma

CONFIDENTIAL – NOT FOR REDISTRIBUTION 9 Asset and Wealth Management M&A Environment Notable Transactions – Morgan Stanley / Eaton Vance

In October, Morgan Stanley announced it was acquiring Eaton Vance to create a diversified behemoth with a combined $1.2 trillion AUM – Transaction value of approx. $7bn; 50% Combined Entities and Key Eaton Vance Investment Affiliates cash and 50% stock consideration – Eaton Vance managed $517bn of client assets across multiple investment affiliates – Highly complementary with limited overlap in investment and distribution capabilities – Morgan Stanley adds customization (Parametric) and sustainability (Calvert) franchises well-positioned for continued growth in the current environment Leader in custom separately Pioneer in responsible – Following the transaction, Morgan Stanley managed accounts investing will oversee $4.4tn of client assets and $311bn AUM $25bn AUM AUM across its Wealth Management and Investment Management segments $1.2 $5.0 Trillion Billion Diversified equity and fixed Equity and fixed income Pro Forma AUM Pro Forma Revenue income manager investment specialist

Source: Morgan Stanley investor presentation, press release, news reports.

CONFIDENTIAL – NOT FOR REDISTRIBUTION 10 Asset and Wealth Management M&A Environment Notable Transactions – Values-based Managers

Values-based investing has been mainstream internationally for some time and is quickly conquering the U.S. – With its roots in morally conscious capitalist investment practices, the early expressions of values-based investing were transformed by the UNPRI in 2006 and have been increasingly adopted by investment managers across the globe with over 3,000 current signatories – As values-based investing has become accepted, the industry has grappled with a lack of standardized data on various dimensions of non-financial performance: new research sources have stepped in to fill the gaps – Values-based investing consists of a broad continuum from simple exclusionary screening to highly customized direct investments and is referred to by a confusing set of descriptors, including SRI, ESG and Impact – The entry of large fund managers and M&A activity is early proof of the increasing mainstreaming of values- based investment activities and the move away from a cottage industry: a mega-trend that will continue

Investor / Partner

Date January 2020 June 2020 October 2020 October 2020 November 2020 ESG / Impact / Responsible Investment Manager

Source: MHB Advisers.

CONFIDENTIAL – NOT FOR REDISTRIBUTION 11 Asset and Wealth Management M&A Environment Notable Transactions – A Coming Tidal Wave of Transaction Activity?

Market reports – some press speculation, some actual processes underway – suggest a massive wave of large money manager transactions will take place in 2021 – Unlike prior periods of significant divestiture activity, the global banks selling these asset management units are generally operating from a position of strength, taking advantage of a diverse and well-capitalized buyer universe and solid valuation environment

Bank-Owned Independent

$3.0Tr AUM $607bn AUM $273bn AUM $175bn AUM $226bn AUM Reported to be in Reported to be in Reported to be Reported to be Company effectively put discussions with , exclusive discussions with considering strategic proceeding with a itself up for sale in 2020; UBS and Vanguard to a private equity options for its asset potential sale more than a resultant Ares proposal merge with its asset consortium led by GTCR management business a year after launching a was recently withdrawn management business and Reverence Capital outside of Canada strategic review portending a potential sale in pieces

$4.25 Trillion Combined AUM

Source: News reports.

CONFIDENTIAL – NOT FOR REDISTRIBUTION 12 Asset and Wealth Management M&A Environment Transaction Trends – Traditional/Diversified Asset Managers

Steady decline in recent years in traditional manager transaction volumes and AUM acquired (excl. the BEN/LM and MS/EV deals) as buyers have looked to deploy capital in higher growth segments of the industry – Relentless fee pressure and unfavorable asset flow trends continue to plague many active managers – Buyers have become very selective in the traditional AM arena, careful to partner with highly differentiated and high-performing firms poised for growth OR complementary firms that add scale and provide the opportunity for material cost cuts (even though these latter deals have had mixed success in recent years) – Traditional/diversified manager M&A volumes were the lowest in 10 years While we don’t anticipate an uptick in deal volumes in 2021, we do expect near-record levels of AUM transacted as many global financial institutions seek to add scale and diversification while others exit to focus on core competencies – Activist investor Trian taking 9.9% stakes in IVZ and JHG suggests the possibility of more large-scale merger activity

Traditional/Diversified Asset Manager Transaction Activity 2020 Target AUM Size

Legg Mason + Eaton Vance AUM

Source: MHB Advisers. Data as of December 31, 2020.

CONFIDENTIAL – NOT FOR REDISTRIBUTION 13 Asset and Wealth Management M&A Environment Transaction Trends – Traditional/Diversified Asset Managers

Notable Traditional/Diversified Asset Manager Transactions in 2020

Date Target Country Strategy / Focus Buyer Country AUM (US$B) % Acquired

Dec-20 Waddell & Reed Financial US Diversified equity and FI manager Macquarie Group Australia 131.0 100%

Dec-20 GIA Partners US Global credit specialist Ziegler Capital Management (1251 Capital) US 2.4 Minority

Nov-20 DCI US Quantitative credit Blackstone Group US 7.5 100%

Nov-20 Aperio Group US Custom indexing, SRI, tax management BlackRock US 36.0 100%

Nov-20 Jackson Square Partners US Growth equities Affiliated Managers Group US 24.0 Minority

Oct-20 Eaton Vance US Diversified equity, FI and index manager Morgan Stanley US 517.0 100%

Aug-20 MLC Wealth Australia Wealth and asset manager IOOF Australia 227.6 100%

Aug-20 Agincourt Capital Management US Investment grade US fixed income Guardian Capital Group Canada 7.0 70%

Aug-20 GLC Asset Management Group Canada Diversified global manager IGM Financial / Mackenzie Financial Canada 26.9 100%

Jul-20 Barrow, Hanley, Mewhinney & Strauss US Value equity and FI manager Perpetual Australia 44.1 75%

Mar-20 Global X Management US ETF manager Daiwa Securities Group Japan 12.0 Minority

Feb-20 Wasmer, Schroeder & Company US Fixed income SMA manager Charles Schwab US 10.5 100%

Feb-20 Legg Mason US Diversified global asset manager Franklin Resources US 806.0 100%

Feb-20 Merian Global Investors UK Diversified global equities Jupiter Fund Management UK 29.1 100%

Jan-20 C.S. McKee US FI, balanced and equities North Square Investments US 8.0 Majority

Source: MHB Advisers. Data as of December 31, 2020.

CONFIDENTIAL – NOT FOR REDISTRIBUTION 14 Asset and Wealth Management M&A Environment Transaction Trends – Alternative Asset Managers

In a near-zero (or even negative) interest rate environment, demand for attractive yields has been particularly strong – A record $830bn of alternative manager AUM was transacted in 2020, as prominent firms including Ares, Silver Lake, Permira and Crescent all sold stakes – Firms with locked-up capital and predictable fee streams are very attractive to buyers in this environment Strong volume of alternative manager M&A activity is increasingly dominated by GP minority stake transactions – Dyal has been the clear leader, completing nearly 30 transactions with firms managing more than $450bn of aggregate AUM over the last five years; in late 2020 it announced a merger with Owl Rock, a direct lender it which it invested in 2019, and the combined business will enter the public markets via a SPAC Demand for firms was also evident in the public markets, as Blackstone, KKR, Carlyle and others all reached all-time high stock prices in early 2021

Alternative Asset Manager Transaction Activity 2020 Target Types

Source: MHB Advisers. Data as of December 31, 2020.

CONFIDENTIAL – NOT FOR REDISTRIBUTION 15 Asset and Wealth Management M&A Environment Transaction Trends – Alternative Asset Managers

Notable Alternative Asset Manager Transactions in 2020

Date Target Country Strategy / Focus Buyer Country AUM (US$B) % Acquired

Dec-20 Owl Rock and Dyal Capital Partners US Private equity and direct lending Altimar Acquisition Corp. US 47.0 Majority

Dec-20 Oak Street Real Estate Capital US Real estate Goldman Sachs Petershill Fund US 6.8 Minority

Nov-20 TowerBrook Capital Partners US Private equity Dyal Capital Partners US 14.0 10%

Oct-20 Crescent Capital Group US Mezzanine, direct lending, HY, loans Sun Life Financial Canada 28.0 51%

Oct-20 Veritas Capital US Private equity Dyal Capital Partners US 20.0 10%

Oct-20 CrossHarbor Capital Partners US Real estate Dyal Capital Partners US 5.9 Minority

Sep-20 StepStone Group US PE, infrastructure, private debt and RE IPO US 66.0 21%

Sep-20 Northleaf Capital Partners Canada PE, private credit and infrastructure IGM Financial and Great-West Lifeco Canada 12.9 70%

Aug-20 GCM Grosvenor US PE, infrastructure, RE and credit CF Finance Acquisition Corp. US 57.0 Minority

Jul-20 Permira UK Private equity and credit Goldman Sachs Petershill Fund US 55.2 Minority

Mar-20 Evanston Capital Management US FOHF MBO US 3.0 49%

Mar-20 Plenary Americas US Infrastructure Caisse de dépôt et placement du Québec Canada 14.4 100%

Feb-20 Comvest Partners US Private equity and credit Affiliated Managers Group US 3.7 Minority

Feb-20 Almanac Realty Investors US Real estate Neuberger Berman US 4.0 100%

Jan-20 Kayne Anderson Real Estate US Real estate Goldman Sachs Petershill Fund US 8.0 Minority

Source: MHB Advisers. Data as of December 31, 2020.

CONFIDENTIAL – NOT FOR REDISTRIBUTION 16 Asset and Wealth Management M&A Environment Transaction Trends – Wealth Managers

Yet another year of record transaction volumes as the fragmented RIA industry consolidates with no slowdown in sight – Continues to be a seller’s market with a variety of seller motivations fueling transaction activity – Buyer universe is as broad and well-capitalized as its ever been, with a diverse array of buyer business models, platform ‘value-adds’ and transaction structures for sellers to choose from – January 2021 was the most active M&A month ever, evidence that the transaction boom is far from over Private equity has played a significant role in industry consolidation and the development of “institutional-quality” national financial advisory firms – Nearly half of all wealth manager transactions in 2020 were executed by private equity firms or PE-backed wealth manager platforms, including Allworth, Captrust, Cerity, Creative Planning, Focus, Hightower and Mercer

Wealth Manager Transaction Activity 2020 Target AUM Size

Source: MHB Advisers. Data as of December 31, 2020.

CONFIDENTIAL – NOT FOR REDISTRIBUTION 17 Asset and Wealth Management M&A Environment Transaction Trends – Wealth Managers

Notable Wealth Manager Transactions in 2020

Date Target Country Buyer Buyer Type Country AUM (US$B) % Acquired

Dec-20 Waddell & Reed’s WM business US LPL Financial Broker Dealer US 63.0 100%

Nov-20 FWM Holdings US Stanhope Capital Group Wealth Manager UK 11.2 100%

Nov-20 Iconiq Capital US Dyal Capital Partners Financial Sponsor US 43.0 6%

Nov-20 Sanctuary Wealth Group US Azimut Holding Asset Manager 12.0 55%

Nov-20 CornerStone Partners US Focus Financial Partners Aggregator US 8.9 Undisclosed

Oct-20 Allworth Financial US Lightyear Capital and Ontario Teachers' PPB Financial Sponsor US / Canada 10.0 Majority

Aug-20 Aligned Capital Partners Canada CI Financial Asset Manager Canada 7.5 Majority

Jun-20 Personal Capital US Empower Retirement Retirement Services US 12.2 100%

Jun-20 Captrust Financial Advisors US GTCR Financial Sponsor US 47.0 25%

May-20 Colonial First State Australia KKR Financial Sponsor US 87.9 55%

Apr-20 Stratos Wealth Holdings US NYPB&T / Emigrant Partners Bank / Wealth Manager US 14.5 Minority

Mar-20 Beacon Pointe US Abry Partners Financial Sponsor US 11.5 Minority

Feb-20 Creative Planning US General Atlantic Financial Sponsor US 50.0 Minority

Feb-20 True Capital Management US Cresset Capital Wealth Manager US 1.2 Minority

Jan-20 Athena Capital Advisors US Franklin Templeton / Fiduciary Trust Asset Manager US 6.0 100%

Source: MHB Advisers. Data as of December 31, 2020.

CONFIDENTIAL – NOT FOR REDISTRIBUTION 18 Asset and Wealth Management M&A Environment Global Publicly-Traded Managers

Market performance of listed asset managers around the world was volatile; median trading multiples bely the dispersion and fluctuations across time and individual companies

Median Trading Multiples and Stock Performance

Price to: Enterprise Value to: LTM Performance LTM EPS FY1 EPS LTM Revenue LTM EBITDA Group Median Market Index* US Traditional 17.0x 14.1x 3.0x 11.0x 19.2% 16.3% US Alternative 40.2x 27.2x 9.1x 21.9x 15.9% 16.3% UK Managers 16.1x 14.9x 4.1x 9.6x (14.7%) (14.3%) Canadian Managers 8.0x 10.7x 2.5x 8.5x (7.4%) 2.2% Australian Managers 15.2x 17.7x 7.5x 12.7x (9.7%) (1.5%) Global Median (excl. Alts.) 16.3x 14.6x 3.4x 10.3x (1.1%) 2020 Change in Median EBITDA Multiples

Data sources: MHB Advisers analysis, Bloomberg, Yahoo Finance. Data as of December 31, 2020. US Traditional managers include: AMG, APAM, BLK, BSIG, CNS, DHIL, EV, FHI, FOCS, BEN, GBL, IVZ, JHG, MN, PZN, TROW, VCTR, VRTS, WDR, WHG & WETF. US Alternative managers include: APO, ARES, BX, CG, HLNE, KKR, & SCU. UK managers include: ASHM, JUP, EMG & SDR. Canadian managers include: AGF, CIX, FSZ, IGM & SII. Australian managers include: IFL, MFG, PAC, PDL, PPT, PNI & PTM. * Market index data per Bloomberg: S&P 500 for US Traditional & Alternative; FTSE 100 for UK Managers; S&P/TSX Composite for Canadian Managers; ASX 200 for Australian Managers

CONFIDENTIAL – NOT FOR REDISTRIBUTION 19 Introduction to MHB Advisers

CONFIDENTIAL – NOT FOR REDISTRIBUTION 20 Introduction to MHB Advisers Our Firm

Established in 2010, MHB Advisers is a San Francisco Bay Area based advisory firm focused exclusively on the global asset management and wealth management industries

– Our three partners have, on average, 20 years experience advising on asset and wealth management transactions and have spent a combined 80+ years in Experience – Successfully completed over 45 sell-side and buy-side M&A engagements in which more than $250 billion of aggregate assets under management were transacted

– Exclusive focus on advising investment firms and their owners globally on M&A and other important strategic initiatives Focus – Within asset and wealth management, have served as trusted advisors to a broad array of managers covering nearly every asset class, investment style and client type

– Committed to providing independent, unbiased advice, grounded in sound analysis and decades of experience Independence – No other business lines that potentially create conflicts (e.g. fund management, principal investing)

CONFIDENTIAL – NOT FOR REDISTRIBUTION 21 Introduction to MHB Advisers Our Services

M&A Advisory Strategic Advisory

✓ Sell-side M&A (minority or majority sales) ✓ Business and governance reviews ✓ Buy-side M&A (acquisitions, investments) ✓ Equity incentive design ✓ Management-led buyouts ✓ Succession planning ✓ Recapitalizations ✓ Transaction-readiness and valuations

Who We Serve Our Approach

✓ Traditional asset managers: equity, fixed ✓ We invest significant time to understand our income and listed real estate securities clients’ business and objectives ✓ Alternative managers: HFs, FOHFs, private ✓ We work collaboratively and prepare equity/PE FOFs, real estate, timber, CLOs, etc. thoroughly ✓ Wealth managers and family offices ✓ We deliver thoughtful analysis and clear advice ✓ Small to mid-sized independent specialists as ✓ We act as tireless advocates to ensure optimal well as diversified global financial institutions outcomes for our clients

CONFIDENTIAL – NOT FOR REDISTRIBUTION 22 Introduction to MHB Advisers Our Differentiation

Our approach to serving clients is unique in the industry: all three of our experienced partners are actively involved in each client engagement, delivering sound advice and guidance at every step along the way

Senior Level – Our partners work as a team for our clients from start to finish and do not hand-off any Engagement and elements of an engagement to inexperienced staff or pooled resources Access – Focused senior-team approach ensures continuity and consistency of advice and analysis

– Have cultivated deep networks of industry executives and influencers around the world, providing superior market intelligence and access for our clients Global Reach – Have successfully completed engagements with buyers and sellers in in the U.S., Canada, Australia, Hong Kong, India, and Europe

– Engagements are highly customized to meet the specific needs and objectives of our clients Alignment – We are completely aligned with our clients through compensation structures tied to achievement of successful client outcomes

CONFIDENTIAL – NOT FOR REDISTRIBUTION 23 Introduction to MHB Advisers Our Clients

Our principals have been privileged to represent some of the most dynamic independent investment firms…

…as well as some of the largest and most well-respected financial services firms in the world

CONFIDENTIAL – NOT FOR REDISTRIBUTION 24 Introduction to MHB Advisers Select 2020 MHB Case Study

Sellside Engagement – Advised on Sale of Minority Equity Interest – We represented True Capital Management, a specialized wealth and business management firm focused on professional athletes with more than $1.2bn of AUM, on the sale of a minority equity interest to an affiliate of Cresset Capital, a wealth manager and multi- with approximately $10bn of AUM – Transaction resulted in an optimal outcome for True Capital and its owners: ✓ True remains an independent wealth manager on a strong growth trajectory, with the added support of a rapidly-growing partner ✓ Ability to leverage Cresset’s national footprint, its financial and operational resources, and its unique alternative investment offerings for Sold a minority equity interest to an affiliate of the benefit of clients ✓ Strong cultural fit, with shared values and goals ✓ Significant equity ownership retained by principals of True and a meaningful ongoing equity incentive program ✓ Liquidity for True’s initial seed investors, led by former San Francisco 49er and NFL Hall of Famer Ronnie Lott ✓ Preservation of True’s unique culture fostered over more than a decade ✓ Minimal disturbance to business and client relationships

Note: MHB principals, acting in their capacity as registered representatives of Burch & Company, Inc., advised True Capital Management.

CONFIDENTIAL – NOT FOR REDISTRIBUTION 25 Introduction to MHB Advisers Select 2020 MHB Case Study

Sellside Engagement – Advised on Sale of Minority Equity Interest – We represented GIA Partners, an institutional fixed income manager specializing in global credit with more than $2.4bn of AUM, on the sale of a minority equity interest to Ziegler Capital Management, a diversified equity and fixed income manager with approximately $10bn of AUM – Transaction provides GIA and its owners a number of benefits: ✓ GIA remains an independently run firm with strong business momentum, with the added support of a strategic partner ✓ Ability to leverage ZCM’s distribution and product development Sold a minority equity interest to capabilities to reach new investors in new markets ✓ Strong cultural fit and longstanding relationships among the firms’ principals and ZCM’s permanent capital backer, 1251 Capital Group ✓ Significant equity ownership retained by principals of GIA coupled with partial liquidity on the minority stake sold ✓ Preservation of GIA’s unique culture and investment approach that has been honed over decades ✓ Minimal disturbance to business and client relationships

Note: MHB principals, acting in their capacity as registered representatives of Burch & Company, Inc., advised GIA Partners

CONFIDENTIAL – NOT FOR REDISTRIBUTION 26 Introduction to MHB Advisers Our Principals

Roger Hartley Jeff Bechtel Robert Kennedy Co-Founder and Managing Member Managing Member Managing Member E: [email protected] E: [email protected] E: [email protected] O: (415) 464-4941 O: (415) 464-4943 O: (415) 464-4940 C: (415) 867-1230 C: (415) 794-8487 C: (510) 207-1675

Prior Experience Prior Experience Prior Experience Coast Asset Management: COO of long- Jefferies and Putnam Lovell: SVP, asset and Independent consultant in US and internationally established alternative investment manager wealth management investment banking Putnam Lovell: asset and wealth management Putnam Lovell: Managing Director, asset and Bank One: M&A and corporate finance advisory investment banking wealth management investment banking roles in capital markets group Commissioned Officer in the Royal Australian Union Bank and Standard Chartered Bank: Education Regiment international banking through roles in California, Kellogg School of Management, Northwestern Hong Kong, the and the Education University: MBA with concentrations in Finance, United Kingdom University of Colorado at Boulder: BS in Finance, Management and Strategy, and Technology with Honors Education University of Wisconsin-Madison: BBA in University of Oxford: M.A. with Honours in Finance and Marketing, with Honors Politics, Philosophy and Economics

22 19 16 Years of asset and wealth management Years of asset and wealth management Years of asset and wealth management investment banking experience investment banking experience investment banking experience 35 24 25 Years of financial services experience Years of financial services experience Years of financial services experience

CONFIDENTIAL – NOT FOR REDISTRIBUTION 27