www.pwc.com Asset Management Valuation Quarterly Update Q4 2015 A publication from PwC’s Deals practice Financial Services Industry - Asset Management Valuation Quarterly Update As of December 31, 2015 Financial Services Industry – Asset Management Valuation Quarterly Update Recent Market Developments & Trends ● For the full year 2015, the S&P 1500 Asset Management & Custody Banks Index decreased by 11.6% as compared to the S&P 500 Index, which decreased by 0.7%. ● The combined assets of the nation’s mutual funds decreased by $292 billion, or 1.8%, to $15.7 trillion in December 2015, according to the Investment Company Institute’s survey of the mutual fund industry. ● US equity funds net outflows for 2015 totaled approximately $170 billion, the largest outflows observed since the 2008 financial downturn. International equity funds saw two consecutive months of outflows in November and December, but for the full year 2015 saw net inflows of approximately $94 billion, despite the MSCI World Index being down 4.0% for the year. ● For the month of December, taxable bond funds saw the highest amount of net outflows totaling $33 billion and finished the year with total outflows of approximately $40 billion. International Net Fund Flows vs. MSCI World Index Return US Net Fund Flows vs. S&P 500 Return 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% ‐2.0% ‐4.0% ‐6.0% ‐8.0% 10,000 5,000 0 ‐5,000 ‐10,000 ‐15,000 ‐20,000 ‐25,000 ‐30,000 Domestic Equity Flows 20,000 16,000 12,000 8,000 4,000 0 ‐4,000 ‐8,000 ‐12,000 ‐16,000 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% ‐2.0% ‐4.0% ‐6.0% ‐8.0% S&P Monthly Returns International Fund Flows MSCI World Index Monthly Returns Trading market data and transaction observations ● The market capitalization of most of the asset management companies listed below decreased for the full year 2015, with the exception of Wisdom Tree Investments, The Blackstone Group, Ares Management, and Northern Trust, which saw their market capitalization increase by 3.7%, 4.2%, 0.6%, and 5.0%, respectively. ● In a challenging fund flows and market performance environment, only a handful of asset managers saw year over year increases in assets under management ("AUM") including T. Rowe Price, Eaton Vance, Janus Capital, Wisdom Tree Investments, The Blackstone Group, Oaktree Capital, and Apollo Global. Excluding acquisitions, only Eaton Vance, The Blackstone Group, and saw positive organic AUM growth for the year. ● Asset managers across all sub-segments (diversified, fund, alternative) saw consistent average declines in market capitalization of approximately 24% for the year. The custody bank sub-segment saw an average decline in market capitalization of approximately 5.0% for the year. ● From a valuation perspective, average forward earnings multiples for the diversified asset manager sub-group remained relatively flat year over year, while declining, on average, by 22%, 20%, and 10% for the fund manager, alternative asset manager, and custody bank sub-segments. ● In the fourth quarter of 2015, there were three transactions announced or closed within the asset management industry with deal values of $75 million or greater. There were no publicly disclosed deal multiples for these transactions. Top US Asset Management Constituents (1) Company Market Capitalization ($ B) 12/31/2014 9/30/2015 12/31/2015 Assets under Management ($ B) 12/31/2014 9/30/2015 12/31/2015 Price / AUM (%) 12/31/2014 9/30/2015 12/31/2015 Price / Forward Earnings 12/31/2014 9/30/2015 12/31/2015 Diversified Asset Managers BlackRock, Inc. Affiliated Managers Group Inc. Legg Mason Inc. OM Asset Management plc Virtus Investment Partners, Inc. Sub-Group Average 59.9 11.8 6.1 NA 1.5 49.5 9.3 4.6 1.9 0.9 56.5 8.6 4.2 1.8 1.0 4,652 620 709 221 57 4,506 594 672 209 48 4,645 611 672 212 47 1.3 1.9 0.9 NA 2.7 1.7 1.1 1.6 0.7 0.9 1.8 1.2 1.2 1.4 0.6 0.9 2.1 1.3 18.2 16.9 12.5 13.1 14.4 15.0x 14.8 12.6 13.9 11.5 11.9 13.0x 16.9 12.0 13.1 12.0 15.4 13.9x Fund Managers Franklin Resources, Inc. T. Rowe Price Group, Inc. Invesco Ltd. AllianceBernstein Holding L.P. Eaton Vance Corp. Federated Investors, Inc. Janus Capital Group, Inc. Waddell & Reed Financial, Inc. WisdomTree Investments, Inc. Artisan Partners Asset Management Inc. Cohen & Steers Inc. GAMCO Investors, Inc. Calamos Asset Management Inc. Manning & Napier, Inc. Sub-Group Average 34.5 22.3 17.0 2.5 4.8 3.4 3.0 4.2 2.1 3.8 1.9 2.2 0.3 0.2 22.9 17.8 13.4 2.7 3.8 3.0 2.5 2.9 2.2 2.8 1.2 1.4 0.2 0.1 22.1 18.0 14.2 2.3 3.8 3.0 2.6 2.4 2.2 2.9 1.4 0.9 0.2 0.1 880 747 792 474 296 363 186 124 39 108 53 47 24 48 771 726 756 463 311 351 185 106 54 97 50 40 22 37 764 763 776 467 308 361 192 104 52 100 53 NA 22 35 3.9 3.0 2.1 0.5 1.6 0.9 1.6 3.4 5.3 3.5 3.5 4.7 1.2 0.4 2.6 3.0 2.5 1.8 0.6 1.2 0.9 1.4 2.7 4.1 2.9 2.5 3.5 0.9 0.3 2.0 2.9 2.4 1.8 0.5 1.2 0.8 1.4 2.3 4.1 2.9 2.6 NA 0.9 0.4 1.9 14.4 18.2 14.8 13.5 15.6 20.5 18.9 13.6 34.3 15.7 21.4 18.4 24.9 11.2 18.3x 11.2 14.6 11.6 13.8 13.6 16.2 13.2 11.4 20.2 12.2 14.4 12.5 19.0 8.0 13.7x 12.1 15.6 12.9 12.6 13.7 15.2 14.2 10.1 22.9 13.8 16.3 10.7 21.4 10.2 14.4x Alternative Asset Managers (2) The Blackstone Group L.P. KKR & Co. L.P. Oaktree Capital Group, LLC Apollo Global Management, LLC Lazard Ltd. The Carlyle Group LP Ares Management, L.P. Och-Ziff Capital Management Group LLC Fortress Investment Group LLC Sub-Group Average 35.6 18.0 7.8 9.1 6.2 9.7 3.7 8.3 3.0 37.1 13.7 7.6 6.8 5.4 5.4 3.7 6.8 2.5 34.2 12.8 7.3 6.0 5.8 5.1 3.8 4.9 2.3 290 112 91 160 197 194 82 48 68 334 107 100 162 183 188 92 45 74 336 111 97 170 186 183 NA 45 NA 12.3 16.1 8.6 5.7 3.1 5.0 4.5 17.5 4.4 8.6 11.1 12.8 7.6 4.2 3.0 2.9 4.1 15.3 3.3 7.1 10.2 11.5 7.6 3.5 3.1 2.8 NA 10.9 NA 7.1 9.8 9.6 16.0 11.3 14.9 10.1 9.5 13.3 10.1 11.6x 9.3 6.7 15.5 9.1 11.1 7.7 10.9 7.3 5.9 9.3x 8.9 6.4 16.1 8.6 12.5 6.9 7.8 10.8 5.8 9.3x Custody Banks The Bank of New York Mellon Corporation State Street Corporation Northern Trust Corporation Sub-Group Average 45.7 32.8 15.9 43.3 27.4 15.9 45.1 26.8 16.7 1,710 2,448 934 1,625 2,203 887 1,625 2,245 875 2.7 1.3 1.7 1.9 2.7 1.2 1.8 1.9 2.8 1.2 1.9 2.0 16.1 15.3 19.0 16.8x 13.3 12.9 16.4 14.2x 13.9 13.3 17.7 15.0x 4.2 3.1 3.4 2.5 3.1 2.2 15.7x 14.9x 12.3x 12.5x 12.9x 12.9x Purchase Price ($ M) 2,098 176 1,150 P/AUM (%) NA NA NA EV / EBITDA NA NA NA Price / Earnings NA NA NA Average Notes: (1) Market data provided by Capital IQ, Inc. (2) IIncludes manager shares in market capitalization calculation. (3) Transaction data provided by Capital IQ, Inc. Selection criteria: (i) Target is a participant within the asset management industry, (ii) transaction was announced or closed between 10/1/2015 and 12/31/2015, (iii) total transaction value is greater than $75 million, and (iv) Percent sought is greater than 50%. (4) Certain financial data marked as "NA" was not available as of the publication date. NA NA NA Average Median Fourth Quarter Transactions in the Asset Management Industry (3) Acquirer Mirae Asset Securities Co., Ltd. Conning & Company, Asset Management Arm TA Associates Management, L.P.; Reverence Capital Target KDB Asset Management Co. Octagon Credit Investors, LLC Frank Russell Company Close Date - Announce Date 12/24/2015 11/5/2015 10/8/2015 © 2016 PricewaterhouseCoopers LLP, a Delaware limited liability partnership. All rights reserved. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. Financial Services Industry - Asset Management Valuation Quarterly Update As of December 31, 2015 Financial Services Industry – Asset Management Valuation Quarterly Update (continued) Top Asset Management Constituents by Geography (1) Company 12/31/2014 Market Capitalization ($ B) 6/30/2015 9/30/2015 12/31/2015 Assets under management ($ B) 12/31/2014 6/30/2015 9/30/2015 12/31/2015 12/31/2014 Price / AUM (%) 6/30/2015 9/30/2015 12/31/2015 Price / Forward Earnings 12/31/2014 9/30/2015 12/31/2015 United States BlackRock, Inc. State Street Corporation The Bank of New York Mellon Corporation Northern Trust Corporation Invesco Ltd. Franklin Resources, Inc. T. Rowe Price Group, Inc. Legg Mason Inc. Affiliated Managers Group Inc. AllianceBernstein Holding L.P. Federated Investors, Inc. The Blackstone Group L.P. Eaton Vance Corp. OM Asset Management plc Janus Capital Group, Inc. Lazard Ltd. The Carlyle Group LP Apollo Global Management, LLC KKR & Co. L.P. Waddell & Reed Financial, Inc. Artisan Partners Asset Management Inc. Oaktree Capital Group, LLC Ares Management, L.P. Fortress Investment Group LLC Cohen & Steers Inc. WisdomTree Investments, Inc. Virtus Investment Partners, Inc. Och-Ziff Capital Management Group LLC GAMCO Investors, Inc. Manning & Napier, Inc. Calamos Asset Management Inc. Sub-Group Average 59.9 32.8 45.7 15.9 17.0 34.5 22.3 6.1 11.8 2.5 3.4 35.6 4.8 1.9 3.0 6.2 9.7 9.1 18.0 4.2 3.8 7.8 3.7 3.0 1.9 2.1 1.5 8.3 2.2 0.2 0.3 57.8 31.7 47.1 17.8 16.1 30.4 20.3 5.7 12.0 3.0 3.5 47.5 4.6 2.1 3.2 7.1 9.1 8.7 18.7 4.0 3.7 8.2 3.9 3.2 1.5 3.0 1.2 9.5 1.7 0.1 0.3 49.5 27.4 43.3 15.9 13.4 22.9 17.8 4.6 9.3 2.7 3.0 37.1 3.8 1.9 2.5 5.4 5.4 6.8 13.7 2.9 2.8 7.6 3.7 2.5 1.2 2.2 0.9 6.8 1.4 0.1 0.2 56.5 26.8 45.1 16.7 14.2 22.1 18.0 4.2 8.6 2.3 3.0 34.2 3.8 1.8 2.6 5.8 5.1 6.0 12.8 2.4 2.9 7.3 3.8 2.3 1.4 2.2 1.0 4.9 0.9 0.1 0.2 4,652 2,448 1,710 934 792 880 747 709 620 474 363 290 296 221 186 197 194 160 112 124 108 91 82 68 53 39 57 48 47 48 24 4,721 2,374 1,724 946 804 867 773 699 643 485 350 333 313 227 193 203 193 162 110 121 109 103 88 72 50 62 52 48 45 43 24 4,506 2,203 1,625 887 756 771 726 672 594 463 351 334 311 209 185 183 188 162 107 106 97 100 92 74 50 54 48 45 40 37 22 4,645 2,245 1,625 875 776 764 763 672 611 467 361 336 308 212 192 186 183 170 111 104 100 97 NA NA 53 52 47 45 NA 35 22 1.3 1.3 2.7 1.7 2.1 3.9 3.0 0.9 1.9 0.5 0.9 12.3 1.6 NA 1.6 3.1 5.0 5.7 16.1 3.4 3.5 8.6 4.5 4.4 3.5 5.3 2.7 17.5 4.7 0.4 1.2 4.2 1.2 1.3 2.7 1.9 2.0 3.5 2.6 0.8 1.9 0.6 1.0 14.3 1.5 0.9 1.7 3.5 4.7 5.4 17.0 3.3 3.4 7.9 4.5 4.5 3.1 4.9 2.2 19.9 3.8 0.3 1.0 4.1 1.1 1.2 2.7 1.8 1.8 3.0 2.5 0.7 1.6 0.6 0.9 11.1 1.2 0.9 1.4 3.0 2.9 4.2 12.8 2.7 2.9 7.6 4.1 3.3 2.5 4.1 1.8 15.3 3.5 0.3 0.9 3.4 1.2 1.2 2.8 1.9 1.8 2.9 2.4 0.6 1.4 0.5 0.8 10.2 1.2 0.9 1.4 3.1 2.8 3.5 11.5 2.3 2.9 7.6 NA NA 2.6 4.1 2.1 10.9 NA 0.4 0.9 3.1 18.2 15.3 16.1 19.0 14.8 14.4 18.2 12.5 16.9 13.5 20.5 9.8 15.6 13.1 18.9 14.9 10.1 11.3 9.6 13.6 15.7 16.0 9.5 10.1 21.4 34.3 14.4 13.3 18.4 11.2 24.9 15.7x 14.8 12.9 13.3 16.4 11.6 11.2 14.6 13.9 12.6 13.8 16.2 9.3 13.6 11.5 13.2 11.1 7.7 9.1 6.7 11.4 12.2 15.5 10.9 5.9 14.4 20.2 11.9 7.3 12.5 8.0 19.0 12.3x 16.9 13.3 13.9 17.7 12.9 12.1 15.6 13.1 12.0 12.6 15.2 8.9 13.7 12.0 14.2 12.5 6.9 8.6 6.4 10.1 13.8 16.1 7.8 5.8 16.3 22.9 15.4 10.8 10.7 10.2 21.4 12.9x Canada IGM Financial Inc. CI Financial Corp Fiera Capital Corporation AGF Management Limited Guardian Capital Group Ltd. Canaccord Genuity Group Inc. Sub-Group Average 10.1 7.9 0.8 0.6 0.5 0.6 7.9 7.5 0.7 0.4 0.5 0.6 6.2 6.3 0.6 0.3 0.4 0.4 6.3 6.1 0.6 0.3 0.4 0.4 123 89 75 31 22 19 109 87 72 29 20 19 98 79 66 25 18 18 NA NA NA NA NA NA NA 8.2 8.9 1.0 2.1 2.2 3.3 4.3 7.3 8.6 1.0 1.4 2.3 2.9 3.9 6.4 8.0 0.9 1.3 2.2 2.0 3.5 NA NA NA NA NA NA NA 13.2 15.8 12.5 12.3 17.2 9.6 13.4x 10.3 13.8 12.2 9.4 15.9 8.5 11.7x 11.0 14.2 10.2 9.4 17.2 12.8 12.5x Europe UBS Group AG Amundi Asset Management Schroders plc Aberdeen Asset Management PLC Henderson Group plc Man Group plc Ashmore Group PLC Jupiter Fund Management Plc Sub-Group Average 62.4 10.9 8.7 3.6 4.4 2.9 2.5 77.8 13.1 8.2 4.4 4.2 3.0 3.1 67.6 11.1 5.7 4.2 3.9 2.5 3.0 71.4 7.8 11.5 5.5 4.8 4.4 2.5 3.0 2,578 1,016 468 515 127 73 64 50 2,807 1,004 487 446 129 79 59 54 2,639 NA NA 429 NA NA NA NA NA NA NA NA NA NA NA NA 2.4 NA 2.3 1.7 2.8 6.0 4.6 5.1 3.6 2.8 NA 2.7 1.8 3.4 5.3 5.1 5.8 3.9 2.6 NA NA 1.3 NA NA NA NA 1.9 NA NA NA NA NA NA NA NA NA 10.6 NA 16.1 12.5 13.9 16.1 13.8 13.6 13.8x 11.5 NA 15.2 NA 14.5 10.6 14.6 14.6 13.5x 12.6 13.4 16.4 12.8 17.0 11.8 16.3 15.6 14.5x 7.3 3.5 8.0 2.4 6.8 1.7 6.3 1.2 193 55 179 50 172 44 NA NA 3.8 6.3 5.1 4.4 4.7 4.6 3.9 3.7 3.8 NA NA NA 12.1 19.0 15.6x 10.7 11.6 11.2x 10.1 11.2 10.6x 1.4 3.4 1.5 2.1 1.7 3.4 2.9 2.7 1.7 2.8 1.7 2.1 2.5 3.5 2.2 2.7 63 21 13 60 21 18 55 NA NA NA NA NA 2.2 16.4 12.0 10.2 2.8 16.3 16.4 11.8 3.1 NA NA 3.1 NA NA NA NA 17.5 21.5 16.8 18.6x 18.3 17.1 11.1 15.5x 22.3 20.5 16.0 19.6x 4.5 3.2 4.5 3.1 3.3 2.5 3.1 2.2 Africa / Middle East Investec Limited Coronation Fund Managers Limited Sub-Group Average Asia-Pacific BT Investment Management Limited Platinum Investment Management Limited Value Partners Group Ltd Sub-Group Average Average Median Notes: (1) All financial data obtained from Capital IQ. (2) Certain financial data marked as "NA" was not available as of the publication date. © 2016 PricewaterhouseCoopers LLP, a Delaware limited liability partnership. All rights reserved. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. 15.3x 14.8x 12.6x 12.4x 13.4x 13.0x Financial Services Industry - Asset Management Valuation Quarterly Update As of December 31, 2015 Financial Services Industry – Asset Management Valuation Quarterly Update (continued) Purchase Price Allocation Benchmarking - Transactions in the Asset Management Industry (1) Allocation of Purchase Price As a Percentage of Excess Consideration (2) Trade names / trademarks Customer Relationships Management Contracts Other (3) KDB Asset Management Co. Octagon Credit Investors, LLC Frank Russell Company First Eagle Asset Management LLC Quilter Cheviot Limited Dorsey Wright & Associates, Inc. Frank Russell Company Geneva Capital Management Nuveen Investments Inc. Ignis Asset Management F&C Asset Management Scottish Widows Investment Partnership Ltd. Chartwell Investment Partners Atlantic Trust Advisors, Inc. Jovian Capital Corporation Artio Global Investors Inc. Epoch Investment Partners, Inc. Thomas Partners, Inc. Natcan Investment Management Inc. Claymore Investments Inc. Ashmore EEM, LLC Commercial Industrial Finance Corp. Henderson Group plc Rule Investments and Terra Resource Investment Management and Resource Capital Investment TBD TBD TBD 1-Dec-2015 25-Feb-2015 30-Jan-2015 3-Dec-2014 1-Oct-2014 1-Oct-2014 1-Jul-2014 7-May-2014 1-May-2014 5-Mar-2014 6-Jan-2014 1-Oct-2013 21-May-2013 27-Mar-2013 14-Dec-2012 4-Apr-2012 7-Mar-2012 1-Jun-2011 13-Apr-2011 4-Apr-2011 4-Feb-2011 2,097.8 175.6 1,150.0 4,000.0 940.3 225.0 2,700.0 200.0 6,250.0 646.0 1,597.8 1,067.0 60.0 210.0 95.4 199.1 669.7 85.0 308.7 205.8 153.0 89.7 365.4 173.4 NA NA NA NA 50.3% 44.0% 24.3% 39.2% NA 33.5% 72.0% 36.6% 64.1% 48.3% 37.5% 40.2% 77.1% NA 58.5% 39.4% 55.1% 55.4% 56.7% 71.6% NA NA NA NA 49.7% 56.0% 75.7% 60.8% NA 66.5% 28.0% 63.4% 35.9% 51.7% 62.5% 59.8% 22.9% NA 41.5% 60.6% 44.9% 44.6% 43.3% 28.4% NA NA NA NA 2.6% 42.9% 34.0% 0.0% NA 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% NA 0.0% 0.0% 2.0% 1.2% 0.0% 0.0% NA NA NA NA 47.1% 11.5% 40.1% 0.0% NA 66.5% 10.2% 0.0% 35.9% 51.7% 45.0% 0.0% 22.9% NA 14.9% 60.6% 42.9% 0.0% 0.0% 0.0% NA NA NA NA 0.0% 0.0% 0.0% 56.1% NA 0.0% 17.9% 63.4% 0.0% 0.0% 17.5% 59.8% 0.0% NA 26.6% 0.0% 0.0% 43.4% 43.3% 28.4% NA NA NA NA 0.0% 1.6% 1.5% 4.7% NA 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% NA 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Acuity Investment Management Inc. and Acuity Funds Ltd. Rensburg Fund Management Ltd. BlueBay Asset Management plc Hartford Investments Canada Corp. Windhaven Investment Management, Inc. Catella Brand AB Prairie Capital Management LLC Pantheon Ventures Ltd. Rensburg Sheppards plc Morgan Stanley Investment Management Inc., Retail Asset Management Business BofA Global Capital Management Group, LLC, Certain Assets Highbury Financial Inc. Advisory Research Holdings, Inc. River Road Asset Management, LLC BlackRock Institutional Trust Company, N.A. Insight Investment Management Limited Manulife Financial Corporation Credit Suisse Group, Certain Fund Management Assets and Businesses New Star Asset Management Group Ltd. Anima S.G.R.p.A 1-Feb-2011 19-Jan-2011 17-Dec-2010 15-Dec-2010 9-Nov-2010 13-Sep-2010 30-Jul-2010 29-Jun-2010 25-Jun-2010 1-Jun-2010 30-Apr-2010 15-Apr-2010 1-Mar-2010 24-Feb-2010 1-Dec-2009 2-Nov-2009 30-Jun-2009 9-Apr-2009 23-Jan-2009 335.5 72.4 1,454.0 115.0 150.0 86.0 51.9 894.3 340.7 1,341.7 866.0 168.2 211.9 61.0 14,126.0 377.0 306.5 94.2 151.7 34.8% 31.0% 87.2% 69.1% 68.7% 75.3% 62.4% 43.0% 59.2% 27.0% 14.0% 46.1% 73.5% 48.3% 37.6% 64.5% 38.2% 41.4% 69.5% 65.2% 69.0% 12.8% 30.9% 31.3% 24.7% 37.6% 57.0% 40.8% 73.0% 86.0% 53.9% 26.5% 51.7% 62.4% 35.5% 61.8% 58.6% 30.5% 0.4% NA 0.0% 0.0% NA 16.9% NA 0.0% 0.0% 0.8% 6.2% 0.0% 1.4% 0.0% 7.7% 0.0% NA 0.0% 13.1% 9.9% NA 12.8% 0.0% NA 7.8% NA 57.0% 40.8% 4.6% 7.4% 53.9% 25.1% 51.7% 0.0% 35.5% NA 0.0% 0.0% 54.8% NA 0.0% 30.9% NA 0.0% NA 0.0% 0.0% 67.5% 72.3% 0.0% 0.0% 0.0% 54.7% 0.0% NA 58.6% 17.4% 0.0% NA 0.0% 0.0% NA 0.0% NA 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% NA 0.0% 0.0% 51.2% 48.8% 3.9% 22.9% 21.6% 0.2% 2 to indefinite 7 5 to 15 9 4 to 9 7 4 to 7 6 Closing Date Target Average Purchase Price ($ MM) Total Intangible Goodwill Assets Range of Useful Life (years) Average Useful Life (years) Notes: (1) Includes acquisitions of asset managers with purchase price greater than or equal to $50 million and transaction close dates occurring between January 1, 2009 and December 31, 2015. (2) Excess purchase price defined as total consideration less net tangible assets acquired. (3) Other includes primarily acquired technology. (4) Certain financial data marked as "NA" was not available as of the publication date. © 2016 PricewaterhouseCoopers LLP, a Delaware limited liability partnership. All rights reserved. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. Financial Services Industry - Asset Management Valuation Quarterly Update As of December 31, 2015 Contacts To have a deeper discussion about valuation developments and trends, please contact: James Marshall Principal james.marshall@pwc.com +1 646 471 4256 Nisha Sheth Principal nisha.sheth@pwc.com +1 646 471 2164 Earl Wallis Managing Director earl.wallis@pwc.com +1 678 419 1745 Jameson McNeill Director jameson.mcneill@pwc.com +1 617 530 4171 © 2016 PricewaterhouseCoopers LLP, a Delaware limited liability partnership. All rights reserved. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.