Delaware | 1-11123 | 36-3817266 | ||
(State or other | (Commission File Number) | (IRS Employer | ||
jurisdiction of | Identification | |||
incorporation) | Number) | |||
333 West Wacker Drive, Chicago, Illinois |
60606 | |||
(Address of principal executive offices) |
(Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
1. | The following disclosure appearing on page 41 of the Definitive Proxy Statement in the section entitled “Proposal 1: Adoption of the Merger Agreement—Opinion of Goldman, Sachs & Co.—Trading Statistics for Selected Public Asset Managers Analysis”: |
Nuveen Investments | ||||||||||||||||
Ratio | Range | Median | Current Price | Transaction Price | ||||||||||||
Price / 2007E Earnings per Share |
15.8x - 30.1 | x | 19.4 | x | 20.5 | x | 24.5 | x | ||||||||
Price / 2008E Earnings per Share |
14.1x - 23.8 | x | 16.8 | x | 17.4 | x | 20.9 | x |
* | Price/Earnings ratios based on median IBES earnings estimates for calendar year. Market data as of June 18, 2007. |
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Nuveen Investments | ||||||||||||||||
Ratio | Range | Median | Current Price | Transaction Price | ||||||||||||
Levered Market Cap / AUM |
1.4% - 6.8 | % | 3.2 | % | 3.2 | % | 3.8 | % | ||||||||
Levered Market Cap / LQA Revenue |
3.0x - 7.1 | x | 4.8 | x | 6.6 | x | 7.9 | x | ||||||||
Levered Market Cap / LQA EBITDA |
10.6x - 19.2 | x | 13.7 | x | 13.8 | x | 16.5 | x |
* | All figures based on data from publicly available filings and SNL Financial. Market data as of June 18, 2007. |
Price/ | Price/ | |||||||||||||||||||||||||||||||
2007E | 2008E | Levered Market Cap(1) / | 2008E | |||||||||||||||||||||||||||||
Earnings | Earnings | LQA | LQA | Div. | IBES | P/E to | ||||||||||||||||||||||||||
Company | per Share | per Share | AUM | Revenue | EBITDA(2) | Yield | Growth(3) | Growth | ||||||||||||||||||||||||
Nuveen Investments (June
18, 2007 Price) |
20.5 | x | 17.4 | x | 3.2 | % | 6.6x | 13.8 | x | 1.8 | % | 12.0 | % | 1.5 | x | |||||||||||||||||
Nuveen Investments
(Transaction Price) |
24.5 | 20.9 | 3.8 | 7.9 | 16.5 | 1.5 | 12.0 | 1.7 | ||||||||||||||||||||||||
Peers |
||||||||||||||||||||||||||||||||
Franklin Resources |
18.7 | x | 16.7 | x | 5.4 | % | 4.8 | x | 14.0x | 0.4 | % | 16.0 | % | 1.0 | x | |||||||||||||||||
Alliance Bernstein |
17.9 | 15.4 | 3.1 | 5.2 | 19.2 | 4.2 | 18.7 | 0.8 | ||||||||||||||||||||||||
Blackrock(4) |
22.1 | 18.9 | 1.7 | 4.2 | 14.7 | 1.7 | 25.0 | 0.8 | ||||||||||||||||||||||||
T. Rowe Price |
23.0 | 19.6 | 4.1 | 7.1 | 16.2 | 1.3 | 12.0 | 1.6 | ||||||||||||||||||||||||
Legg Mason |
19.4 | 16.6 | 1.4 | 3.0 | 10.7 | 0.8 | 15.0 | 1.1 | ||||||||||||||||||||||||
Amvescap |
15.8 | 14.1 | 2.3 | 3.9 | 10.6 | 1.7 | 15.0 | 0.9 | ||||||||||||||||||||||||
Eaton Vance(5) |
29.8 | 20.7 | 4.1 | 5.9 | 16.6 | 1.1 | 15.0 | 1.4 | ||||||||||||||||||||||||
Janus Capital |
30.1 | 23.8 | 3.2 | 5.3 | 17.0 | 0.1 | 18.0 | 1.3 | ||||||||||||||||||||||||
Affiliated Managers |
19.1 | 16.8 | 2.3 | 4.5 | 11.8 | 0.0 | 14.0 | 1.2 | ||||||||||||||||||||||||
Federated Investors |
17.9 | 16.0 | 1.6 | 3.8 | 11.3 | 2.2 | 10.0 | 1.6 | ||||||||||||||||||||||||
Calamos(6) |
19.8 | 18.8 | 6.8 | 6.1 | 13.7 | 1.7 | 9.5 | 2.0 | ||||||||||||||||||||||||
Waddell & Reed |
17.6 | 15.3 | 4.6 | 3.0 | 11.6 | 2.3 | 12.5 | 1.2 | ||||||||||||||||||||||||
Cohen & Steers |
25.4 | 22.2 | 5.4 | 5.7 | 12.6 | 1.7 | 15.0 | 1.5 | ||||||||||||||||||||||||
High |
30.1 | x | 23.8 | x | 6.8 | % | 7.1 | x | 19.2 | x | 4.2 | % | 25.0 | % | 2.0 | x | ||||||||||||||||
Low |
15.8 | 14.1 | 1.4 | 3.0 | 10.6 | 0.0 | 9.5 | 0.8 | ||||||||||||||||||||||||
Median |
19.4 | 16.8 | 3.2 | 4.8 | 13.7 | 1.7 | 15.0 | 1.2 |
* | All figures based on data from publicly available filings and SNL Financial. | |
(1) | Preferred stock and capital securities are given 50% equity credit. Run-rate calculated by annualizing the most recent quarter figures. | |
(2) | Contingent deferred sales charges amortization not excluded from EBITDA. | |
(3) | IBES stands for Institutional Brokers’ Estimate System. |
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(4) | Pro forma for acquisition of Merrill Lynch Investment Managers. | |
(5) | Financial data as of April 30, 2007. | |
(6) | Calamos share count based on assumption that all shares are converted. |
2. | The following disclosure appearing on page 42 of the Definitive Proxy Statement in the section entitled “Proposal 1: Adoption of the Merger Agreement—Opinion of Goldman, Sachs & Co.—Analysis of Selected Precedent Mergers and Acquisition Transactions”: |
Nuveen | ||||||||||||||||
Investments/Parent | ||||||||||||||||
Ratio | Range | Mean | Median | Transaction | ||||||||||||
Transaction Value / LTM EBITDA |
7.3x - 18.5 | x | 11.8 | x | 12.3 | x | 18.0 | x(1) | ||||||||
Transaction Value / LTM Revenue |
1.9x - 5.7 | x | 3.7 | x | 3.7 | x | 8.4 | x | ||||||||
Transaction Value / AUM |
0.8% - 10.6 | % | 3.2 | % | 2.0 | % | 3.8 | % |
(1) | Nuveen Investments’ LTM EBITDA excludes Other Income / (Expense). Other Income / (Expense) includes gains and losses on investments and miscellaneous income, including gain or loss on the disposal of assets. |
Transaction Value / | ||||||||||||||||||||
Size | LTM | LTM | ||||||||||||||||||
Date | Target/Acquirer | ($mm) | Consideration | EBITDA | Revenue | AUM % | ||||||||||||||
Feb-07 |
Putnam Investments / Great-West | $ | 3,900 | Cash | 12.9 | x | 2.8 | x | 2.0 | |||||||||||
Jul-06 |
WM Advisors / Principal | 740 | Cash | 12.3 | N/A | 2.8 | ||||||||||||||
Feb-06 |
ML Asset Management / BlackRock | 9,487 | Stock | 15.3 | 5.5 | 1.8 | ||||||||||||||
Jun-06 |
Citigroup / Legg Mason | 3,700 | Cash / Asset | 9.3 | 2.1 | 0.8 | ||||||||||||||
Aug-04 |
State Street Research / BlackRock | 449 | Cash | 9.5 | 1.9 | 0.9 | ||||||||||||||
Jul-03 |
Neuberger Berman / Lehman Brothers | 2,625 | Cash / Stock | 12.9 | 4.5 | 4.1 | ||||||||||||||
Jun-00 |
Bernstein / Alliance | 3,500 | Cash / Stock | 10.5 | N/A | 4.1 | ||||||||||||||
Jun-00 |
United Asset Management / Old Mutual | 2,225 | Cash | 7.3 | 2.5 | 1.2 | ||||||||||||||
Jun-00 |
Nvest / CDC | 2,220 | Cash | 12.3 | N/A | 1.6 | ||||||||||||||
May-00 |
Pioneer / Unicredit | 1,259 | Cash | 18.5 | 5.7 | 5.0 | ||||||||||||||
May-00 |
Trimark / AMVESCAP | 1,810 | Cash | 9.2 | 4.8 | 10.6 | ||||||||||||||
Low |
$ | 449 | 7.3 | x | 1.9 | x | 0.8 | % | ||||||||||||
Mean |
2,901 | 11.8 | 3.7 | 3.2 | ||||||||||||||||
Median |
2,225 | 12.3 | 3.7 | 2.0 | ||||||||||||||||
High |
9,487 | 18.5 | 5.7 | 10.6 | ||||||||||||||||
Jun-07 |
Nuveen Investments / Parent | $ | 6,302 | Cash | 18.0 | x(1) | 8.4 | x | 3.8 | % |
(1) | Nuveen Investments’ LTM EBITDA excludes Other Income / (Expense). Other Income / (Expense) includes gains and losses on investments and miscellaneous income, including gain or loss on the disposal of assets. |
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3. | The disclosure appearing on pages 42-43 of the Definitive Proxy Statement in the section entitled “Proposal 1: Adoption of the Merger Agreement—Opinion of Goldman, Sachs & Co.—Illustrative Discounted Cash Flow Analysis” is supplemented with the following information: |
Fiscal Year End | ||||||||||||||||||||
2007E | 2008E | 2009E | 2010E | 2011E | ||||||||||||||||
Tax-adjusted EBIT |
$ | 233 | $ | 254 | $ | 280 | $ | 315 | $ | 347 | ||||||||||
Plus: Depreciation & Amortization |
$ | 19 | $ | 19 | $ | 19 | $ | 19 | $ | 19 | ||||||||||
Less: Capital Expenditures |
(19 | ) | (19 | ) | (19 | ) | (19 | ) | (19 | ) | ||||||||||
Less: Change in Net Working Capital |
(5 | ) | (4 | ) | (4 | ) | (5 | ) | (6 | ) | ||||||||||
Less: Cash LLC Payments |
(37 | ) | (101 | ) | (45 | ) | (160 | ) | (84 | ) | ||||||||||
Free Cash Flows |
$ | 191 | $ | 150 | $ | 231 | $ | 150 | $ | 258 | ||||||||||
Fiscal Year End | ||||||||||||||||||||
2007E | 2008E | 2009E | 2010E | 2011E | ||||||||||||||||
Tax-adjusted EBIT |
$ | 235 | $ | 272 | $ | 302 | $ | 337 | $ | 376 | ||||||||||
Plus: Depreciation & Amortization |
$ | 19 | $ | 19 | $ | 19 | $ | 19 | $ | 19 | ||||||||||
Less: Capital Expenditures |
(19 | ) | (19 | ) | (19 | ) | (19 | ) | (19 | ) | ||||||||||
Less: Change in Net Working Capital |
(6 | ) | (6 | ) | (6 | ) | (6 | ) | (7 | ) | ||||||||||
Less: Cash LLC Payments |
(37 | ) | (101 | ) | (45 | ) | (160 | ) | (84 | ) | ||||||||||
Free Cash Flows |
$ | 191 | $ | 165 | $ | 252 | $ | 171 | $ | 285 | ||||||||||
4. | The following disclosure appearing on page 49 of the Definitive Proxy Statement in the section entitled “Proposal 1: Adoption of the Merger Agreement—Opinion of Sandler O’Neill & Partners, L.P.—Comparable Company Analysis” is supplemented as follows (new text is underlined): |
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Comparable Group Analysis | ||||||||||||||||||||||||
Nuveen Investments | Nuveen Investments | |||||||||||||||||||||||
Current | Offer | |||||||||||||||||||||||
Price(3) | Price(3) | Peer Group Median | Peer Group Mean | Peer Group High | Peer Group Low | |||||||||||||||||||
Price/52 Week High Closing Price (%) |
97.1 | 116.6 | 94.1 | 89.8 | 99.9 | 60.8 | ||||||||||||||||||
Price/GAAP2007 Earnings Per Share(1) |
20.6 | 24.5 | 19.2 | 22.1 | 32.6 | 17.8 | ||||||||||||||||||
Price/GAAP2008 Earnings Per Share(1) |
17.5 | 20.8 | 17.0 | 18.0 | 23.4 | 14.0 | ||||||||||||||||||
2007 PEG Ratio(2) |
1.6 | 1.9 | 1.5 | 1.8 | 3.9 | 1.1 | ||||||||||||||||||
Enterprise Value/Last Twelve Months EBITDA |
13.2 | 16.3 | 13.4 | 15.4 | 25.5 | 8.5 | ||||||||||||||||||
Enterprise Value/Last Twelve Months Revenue |
6.9 | 8.6 | 5.3 | 5.2 | 8.2 | 2.9 | ||||||||||||||||||
Enterprise Value/AUM (%) |
3.1 | 3.8 | 3.9 | 3.9 | 6.8 | 1.5 | ||||||||||||||||||
(1) | An evaluation of the transaction price relative to the Company’s projected 2007 and 2008 earnings per share estimates provided by the | |
Company. 2007 and 2008 EPS based on median I/B/E/S analyst estimates. | ||
(2) | Represents Price/GAAP 2007 Earnings Per Share as a multiple of median I/B/E/S analyst long term growth rates. | |
(3) | Enterprise value includes equity of $5,767 million, debt of $595 million, minority interest of $41 million, less cash and cash equivalents of $107 million. |
5. | The following disclosure appearing on page 50 of the Definitive Proxy Statement in the section entitled “Proposal 1: Adoption of the Merger Agreement—Opinion of Sandler O’Neill & Partners, L.P.—Analysis of Selected Merger Transactions”: |
Median | Median | |||||||
Group | Implied | |||||||
Multiple | Value | |||||||
Last Twelve Months Revenue (1) (2) |
5.1 | x | $ | 36.15 | ||||
Last Twelve Months EBITDA (1) (2) |
11.1 | x | $ | 42.26 | ||||
Last Twelve Months EPS |
24.0 | x | $ | 56.40 | ||||
Premium to 30 Day Prior Market |
24.0 | % | $ | 65.74 | ||||
MRQ AUM (1) (2) |
2.3 | % | $ | 36.24 |
(1) | For Median Imputed Value, equity value derived from enterprise value by adjusting for debt of $595 million, minority interest of $41 million, and adding cash and cash equivalents of $107 million outstanding. | |
(2) | For Median Imputed Value, imputed per share values based on Nuveen Investments’ fully diluted share count as of June 4, 2007, which includes 79.786 million basic shares outstanding, 15.078 million options outstanding with a weighted average strike price of $28.5009, 0.450 million restricted shares outstanding and 0.020 million restricted stock units outstanding. |
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Deal Value / | ||||||||||||||||||||||||
Deal | LTM | |||||||||||||||||||||||
Announce | Value | Earnings | Revenue | EBITDA | AUM | |||||||||||||||||||
Deal | Date | ($mm) | (x) | (x) | (x) | (%) | ||||||||||||||||||
2007 |
||||||||||||||||||||||||
Power Corp. of Canada / Putnam LLC |
1/31/2007 | $ | 3,900 | NA | 2.8x | 12.9x | 2.0 | % | ||||||||||||||||
2006 |
||||||||||||||||||||||||
Morgan Stanley / FrontPoint Partners LLC |
10/31/2006 | 400 | NA | NA | NA | 7.3 | ||||||||||||||||||
Principal Financial Group / Washington Mutual Advisors |
7/25/2006 | 740 | 22.4 | NA | NA | 2.8 | ||||||||||||||||||
AMVESCAP Plc / WL Ross & Co LLC |
7/23/2006 | 375 | NA | NA | NA | 10.7 | ||||||||||||||||||
Genworth Financial, Inc. / Assetmark Investment Services, Inc. |
6/29/2006 | 340 | NA | NA | NA | 4.3 | ||||||||||||||||||
Blackrock, Inc. / Merrill Lynch Investment Managers, L.P. |
2/15/2006 | 9,487 | 24.0 | 5.5 | 12.7 | 1.8 | ||||||||||||||||||
2005 |
||||||||||||||||||||||||
Legg Mason, Inc. / Citi Asset Management Business |
12/1/2005 | 3,700 | 15.3 | 2.7 | 9.9 | 0.8 | ||||||||||||||||||
Sanders Morris Harris Group / Edelman Financial Center Inc. |
5/10/2005 | 129 | NA | 7.3 | 7.6 | 6.4 | ||||||||||||||||||
2004 |
||||||||||||||||||||||||
Blackrock, Inc. / State Street Research Management |
8/26/2004 | 448 | NA | 1.6 | 8.0 | 0.9 | ||||||||||||||||||
SunTrust Banks Inc. / Seix Investment Advisors, Inc. |
4/13/2004 | 300 | NA | NA | NA | 1.8 | ||||||||||||||||||
2003 |
||||||||||||||||||||||||
AMVESCAP Plc / Stein Roe Investment Counsel LLC |
11/20/2003 | 161 | NA | NA | NA | 2.2 | ||||||||||||||||||
Lehman Brothers Holdings Inc. / Neuberger Berman Inc. |
7/21/2003 | 2,947 | 26.8 | 5.1 | 12.7 | 5.2 | ||||||||||||||||||
Goldman Sachs Group Inc. / Ayco Company, L.P. |
4/15/2003 | 151 | NA | NA | NA | 2.3 | ||||||||||||||||||
2002 |
||||||||||||||||||||||||
Nuveen Investments / NWQ Investment Management Co. |
5/28/2002 | 141 | 4.7 | 10.7 | 2.0 | |||||||||||||||||||
2001 |
||||||||||||||||||||||||
Phoenix Companies Inc. / 60% of Kayne Anderson Rudnick |
11/12/2001 | 167 | NA | NA | NA | 3.8 | ||||||||||||||||||
Legg Mason Inc. / Royce & Associates Inc. |
7/16/2001 | 215 | NA | NA | 13.1 | 4.1 | ||||||||||||||||||
MA Mutual Life Insurance Co. / Tremont Advisers Inc. |
7/10/2001 | 145 | 33.9 | 5.9 | NA | 1.8 | ||||||||||||||||||
Nuveen Investments / Symphony Asset Management |
6/15/2001 | 210 | NA | NA | 10.2 | 4.8 | ||||||||||||||||||
FleetBoston Financial Corp. / Liberty Financial |
6/1/2001 | 900 | NA | NA | 11.5 | 1.8 | ||||||||||||||||||
AMVESCAP Plc / National Asset Management Corp. |
2/28/2001 | 285 | NM | 7.6 | NA | 1.7 | ||||||||||||||||||
2000 |
||||||||||||||||||||||||
Franklin Resources Inc. / Fiduciary Trust Co. International |
10/25/2000 | 825 | 35.8 | 4.3 | NA | 1.6 | ||||||||||||||||||
ABN AMRO / Alleghany Asset Management |
10/18/2000 | 825 | NA | NA | 15.1 | 1.8 | ||||||||||||||||||
Franklin Resources Inc. / Bisset & Associates |
7/26/2000 | 97 | NA | 6.7 | NA | 2.5 | ||||||||||||||||||
Alliance Capital / Sandford C. Bernstein |
6/20/2000 | 3,545 | NA | NA | 10.5 | 4.1 | ||||||||||||||||||
Old Mutual plc/United Asset Management |
6/19/2000 | 2,229 | NA | 1.6 | 7.3 | 1.1 | ||||||||||||||||||
Caisse de Depots / Nvest Companies LP |
6/16/2000 | 2,023 | NA | NA | 11.8 | 1.5 | ||||||||||||||||||
Liberty Financial Cos. / Wanger Asset Management LP |
6/12/2000 | 450 | NA | NA | NA | 5.1 | ||||||||||||||||||
UniCredito Italiano SpA / Pioneer Group Inc. |
5/15/2000 | 1,270 | NM | 5.2 | NA | 5.2 | ||||||||||||||||||
AMVESCAP / Trimark |
5/9/2000 | 1,810 | NA | 4.8 | 9.2 | 10.6 | ||||||||||||||||||
Legg Mason Inc. / Perigee Inc. |
3/10/2000 | 208 | 22.4 | 7.3 | 12.0 | 1.5 |
Comparable Transaction Multiples | ||||||||||||||||||||
Premium | ||||||||||||||||||||
LTM | LTM | LTM | to 30 Day Prior | MRQ | ||||||||||||||||
Revenue | EBITDA | EPS | Market | AUM | ||||||||||||||||
High |
7.6x | 15.1x | 35.8x | 105.0 | % | 10.7 | % | |||||||||||||
Low |
1.6x | 7.3x | 15.3x | 11.0 | % | 0.8 | % | |||||||||||||
Mean |
4.9x | 11.0x | 25.8x | 45.0 | % | 3.5 | % | |||||||||||||
Median |
5.1x | 11.1x | 24.0x | 24.0 | % | 2.3 | % |
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Aggregate Equity and Per Share Values to Nuveen Investments’ Stockholders based on: | ||||||||||||||||||||||||
Premium | ||||||||||||||||||||||||
LTM | LTM | LTM | to 30 Day Prior | MRQ | ||||||||||||||||||||
Revenue (1)(2) | EBITDA (1) (2) | EPS | Market | AUM (1) (2) | ||||||||||||||||||||
Per Share |
High | $ | 56.79 | $ | 59.64 | $ | 84.06 | $ | 108.69 | $ | 194.61 | |||||||||||||
Low | $ | 6.97 | $ | 25.75 | $ | 35.96 | $ | 58.85 | $ | 9.01 | ||||||||||||||
Mean | $ | 34.34 | $ | 41.62 | $ | 60.62 | $ | 76.88 | $ | 58.64 | ||||||||||||||
Median | $ | 36.15 | $ | 42.26 | $ | 56.40 | $ | 65.74 | $ | 36.24 |
(1) | Equity value derived from Enterprise value by adjusting for debt of $595 million, minority interest of $41 million, and adding cash and cash equivalents of $107 million outstanding. | |
(2) | Imputed per share values based on Nuveen Investments’ fully diluted share count as of June 4, 2007, which includes 79.786 million basic shares outstanding, 15.078 million options outstanding with a weighted average strike price of $28.5009, 0.450 million restricted shares outstanding and 0.022 million restricted stock units outstanding. |
6. | The disclosure appearing on pages 50-52 of the Definitive Proxy Statement in the section entitled “Proposal 1: Adoption of the Merger Agreement—Opinion of Sandler O’Neill & Partners, L.P.—Discounted Cash Flow of the Company and Terminal Value Analysis” is supplemented with the following information: |
7. | The following disclosure appearing on page 53 of the Definitive Proxy Statement in the section entitled “Proposal 1: Adoption of the Merger Agreement—Financial Projections” is supplemented to add our management’s projections with respect to assets under management (new text is underlined): |
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Fiscal Year End(1) | ||||||||||||||||
2007E(2) | 2008E(2) | 2009E(2) | 2010E(2) | |||||||||||||
Ending AUM | $ | 173,800 | $ | 192,000 | $ | 212,000 | $ | 234,000 | ||||||||
Revenues |
$ | 811 | $ | 886 | $ | 975 | $ | 1,076 | ||||||||
EBIT |
$ | 383 | $ | 417 | $ | 459 | $ | 516 | ||||||||
Net Income |
$ | 218 | $ | 240 | $ | 266 | $ | 302 | ||||||||
EPS |
$ | 2.62 | $ | 2.86 | $ | 3.17 | $ | 3.59 |
(1) | Financial projections for all fiscal years were provided to the special committee, our board of directors, Goldman Sachs, Sandler O’Neill, Madison Dearborn and potential co-investors with Madison Dearborn. | |
(2) | All numbers in the above chart are in millions, except per share data. In preparing the projections, our management assumed a market appreciation of assets under management of 5% and 0% for equities and fixed income, respectively, in 2007; and 5.5% and 1.5% for equities and fixed income, respectively, in 2008-2010. In addition, structuring or similar fees and support costs which we expect to incur in 2007-2010 in connection with our anticipated launches of closed-end funds and other structured products are not included in these projections. |
8. | As of the date of this report, no member of our management has entered into any amendments or modifications to existing employment agreements with us or our subsidiaries in connection with the merger. In addition, as of the date of this report, except as otherwise described in the Definitive Proxy Statement, no member of our management has entered into any agreement, arrangement or understanding with Parent or any of its affiliates regarding employment with, or the right to purchase or participate in the equity plans of, Parent or the surviving corporation. |
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Nuveen Investments, Inc. | ||||
Date: September 4, 2007
|
By: | /s/ John L. MacCarthy | ||
Name: | John L. MacCarthy | |||
Title: | Senior Vice President |