SC 13E3

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13E-3

(RULE 13e-100)

RULE 13E-3 TRANSACTION STATEMENT UNDER SECTION 13(e) OF THE
SECURITIES EXCHANGE ACT OF 1934

GLG PARTNERS, INC.

(Name of the Issuer)

GLG Partners, Inc.
Man Group plc
Escalator Sub 1 Inc.
Noam Gottesman
Emmanuel Roman
Pierre Lagrange
Gottesman GLG Trust
TOMS International Ltd.
Roman GLG Trust
Jackson Holding Services Inc.
Lagrange GLG Trust
Point Pleasant Ventures Ltd.

(Name of Person(s) Filing Statement)

Common Stock, Par Value $0.0001 Per Share

(Title of Class of Securities)

37929X 107

(CUSIP Number of Class of Securities)

Alejandro San Miguel General Counsel and Corporate Secretary GLG Partners, Inc. 399 Park Avenue, 38thFloor New York, NY 10022 Tel: 212.224.7200 Fax: 212.224.7244	Stephen Ross Jasveer Singh Man Group plc Sugar Quay Lower Thames Street London EC3R 6DU Tel: +44 20 7144 1000 Fax: +44 20 7144 2001
(Name, Address and Telephone Numbers of Persons Authorized to Receive Notices and Communications on Behalf of the Persons Filing Statement)

Copies to:

Allen Miller
Marc Alpert
Sey-Hyo Lee
Chadbourne & Parke LLP
30 Rockefeller Plaza
New York, NY 10112
Tel: 212.408.5100
Fax: 212.541.5369 William J. Grant
Terrence R. Brady
Winston & Strawn LLP
200 Park Avenue
New York, NY 10166
Tel: 212.294.6700
Fax: 212.294.4700 Eric S. Shube
Allen & Overy LLP
1221 Avenue of the Americas
New York, NY 10020
Tel: 212.610.6300
Fax: 212.610.6399 Jane McDonald
Danielle D. Do
Weil, Gotshal & Manges LLP
767 Fifth Avenue
New York, NY 10153
Tel: 212.310.8000
Fax: 212.310.8007

This statement is filed in connection with (check the appropriate box):

x	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
¨	b.	The filing of a registration statement under the Securities Act of 1933.
¨	c.	A tender offer.
¨	d.	None of the above.

Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies:þ

Check the following box if this is a final amendment reporting the results of the transaction:o

CALCULATION OF FILING FEE

Transaction Valuation(1)	Amount of Filing Fee(2)
$720,930,596	$	51,402.35

(1)	Calculated solely for purposes of determining the filing fee, the transaction value was determined based on the product of 160,206,799 shares of common stock, par value $0.0001 per share, of GLG Partners, Inc. that may be exchanged for cash in the transaction multiplied by the $4.50 per share cash merger consideration (the “Total Consideration”).
(2)	In accordance with Exchange Act Rule 0-11(c), the filing fee was determined by multiplying 0.00007130 by the Total Consideration.

þ  Check the box if any part of the fee is offset as provided by Rule 0-11(a)(2) of the Exchange Act and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

Amount Previously Paid: $51,402.35
Form or Registration No.: Schedule 14A — Preliminary Proxy Statement
Filing Party: GLG Partners, Inc.
Date Filed: June 29, 2010

TABLE OF CONTENTS

	Item 1. Summary Term Sheet
	Item 2. Subject Company Information
	Item 3. Identity and Background of Filing Persons
	Item 4. Terms of the Transaction
	Item 5. Past Contacts, Transactions, Negotiations and Agreements
	Item 6. Purposes of the Transaction and Plans or Proposals
	Item 7. Purposes, Alternatives, Reasons and Effects
	Item 8. Fairness of the Transaction
	Item 9. Reports, Opinions, Appraisals and Negotiations
	Item 10. Source and Amounts of Funds or Other Consideration
	Item 11. Interest in Securities of the Subject Company
	Item 12. The Solicitation or Recommendation
	Item 13. Financial Statements
	Item 14. Persons/Assets, Retained, Employed, Compensated or Used
	Item 15. Additional Information
	Item 16. Exhibits
SIGNATURES
EX-99.C.III
EX-99.C.IV
EX-99.C.V
EX-99.C.VI
EX-99.C.VII
EX-99.C.VIII
EX-99.C.IX
EX-99.C.X
EX-99.C.XI

INTRODUCTION

     This Transaction Statement on Schedule 13E-3, together with the exhibits hereto (the “Transaction Statement”), is being filed with the Securities and Exchange Commission (“SEC”) by (a) GLG Partners, Inc., a Delaware corporation (the “Company”), the issuer of the common stock that is subject to the Rule 13e-3 transaction, (b) Man Group plc, a public limited company incorporated under the laws of England and Wales (“Man”), (c) Escalator Sub 1 Inc., a Delaware corporation and a wholly owned subsidiary of Man (“Merger Sub”), (d) Noam Gottesman, (e) Pierre Lagrange, (f) Emmanuel Roman, (g) the Gottesman GLG Trust, (h) TOMS International Ltd., a British Virgin Islands company, (i) Jackson Holding Services Inc., a British Virgin Islands company, (j) the Lagrange GLG Trust, (k) the Roman GLG Trust, and (l) Point Pleasant Ventures Ltd., a British Virgin Islands company (collectively, the “Filing Persons”). The persons listed in clauses (d)-(g) and (i)-(l) above, along with Sage Summit LP, a United Kingdom partnership, and Lavender Heights Capital LP, a Delaware limited partnership, which are limited partnerships that hold shares of the Company’s common stock for the benefit of key personnel who are participants in the Company’s equity participation plans, and permitted transferees of the partnerships are collectively referred to herein as the “Selling Stockholders”. The persons listed in clauses (d)-(f) above are collectively referred to herein as the “Principals” and the trustees of each of the trusts listed in clauses (g), (j) and (k) above are collectively referred to herein as the “Trustees”.

     This Transaction Statement relates to the Agreement and Plan of Merger, dated as of May 17, 2010 by and among the Company, Merger Sub and Man (the “Merger Agreement”), and the Share Exchange Agreement, dated as of May 17, 2010 by and among Man and the Selling Stockholders (the “Share Exchange Agreement”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Merger Sub will merge with and into the Company, with the Company continuing as the surviving corporation (the “Merger”). If the Merger is completed, each issued and outstanding share of the Company’s common stock (other than (i) shares owned by the Company as treasury stock or owned by certain subsidiaries of the Company, (ii) shares owned by Man or Merger Sub (including the shares acquired from the Selling Stockholders in the share exchange), (iii) shares held by dissenting stockholders, (iv) restricted shares issued under the Company’s stock and incentive plans, and (v) awards under the Company’s stock and incentive plans representing a right to receive shares of common stock of the Company will be converted into the right to receive $4.50 in cash, without interest, at which time all such shares of the Company’s common stock will no longer be outstanding and will automatically be canceled.

     Concurrently with the filing of this Transaction Statement, the Company is filing with the SEC a preliminary Proxy Statement on Schedule 14A (the “Proxy Statement”) under Regulation 14A of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), relating to the special meeting of the stockholders of the Company at which the stockholders of the Company will consider and vote upon a proposal to adopt the Merger Agreement. The adoption of the Merger Agreement will require the affirmative vote of: (i) the holders of a majority of all of the Company’s outstanding shares of common stock and Series A voting preferred stock as of the record date for the meeting voting as a single class; and (ii) the holders of a majority of the Company’s outstanding shares of common stock as of the record date for the special meeting, other than shares of common stock held by the Selling Stockholders, Man and its affiliates, the Company and its affiliates (other than directors serving on the special committee of the Company’s Board of Directors), and employees of the Company.

     Pursuant to General Instruction F to Schedule 13E-3, the information in the Proxy Statement, including all annexes, exhibits and appendices 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. As of the date hereof, the Proxy Statement is in preliminary form and is subject to completion or amendment. Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Proxy Statement. All information contained in this Transaction Statement concerning any of the Filing Persons has been provided by such Filing Person and none of the Filing Persons, including the Company, takes responsibility for the accuracy of any information not supplied by such Filing Person.

     The filing of this Transaction Statement shall not be construed as an admission by any Filing Person or by any of their respective affiliates that the Company is “controlled” by any other Filing Person, or that any other Filing

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Person is an “affiliate” of the Company within the meaning of Rule 13e-3 under Section 13(e) of the Exchange Act.

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 MERGER AND THE SPECIAL MEETING OF STOCKHOLDERS”

Item 2. Subject Company Information

     (a) Name and Address. The Company’s name and the address and telephone number of its principal executive office are as follows: GLG Partners, Inc., 399 Park Avenue, 38th Floor, New York, New York 10022, (212) 224-7200.

     (b) Securities. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

• ” QUESTIONS AND ANSWERS ABOUT THE MERGER AND THE SPECIAL MEETING OF STOCKHOLDERS — Who is entitled to attend and vote at the special meeting?”

• “THE SPECIAL MEETING — Record Date; Shares Entitled to Vote; Quorum”

• “IMPORTANT INFORMATION REGARDING GLG — Security Ownership of Certain Beneficial Owners and Management”

     (c) Trading Market and Price. The Company’s common stock and units (consisting of one share of common stock and one warrant to purchase a share of common stock) are currently listed and traded on the New York Stock Exchange. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “SUMMARY TERM SHEET — Market Price of Our Common Stock”

• “IMPORTANT INFORMATION REGARDING GLG — Market Price of Our Common Stock and Dividend Information”

     (d) Dividends. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

• “IMPORTANT INFORMATION REGARDING GLG — Market Price of Our Common Stock and Dividend Information”

     (e) Prior Public Offerings. None.

     (f) Prior Stock Purchases. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “IMPORTANT INFORMATION REGARDING GLG — Transactions in Common Stock”

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Item 3. Identity and Background of Filing Persons

     (a) — (c) Name and Address; 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 to the Merger”

• “IMPORTANT INFORMATION REGARDING GLG — Our Directors and Executive Officers”

• “IMPORTANT INFORMATION REGARDING GLG — Description of Business”

• “IMPORTANT INFORMATION REGARDING THE PRINCIPALS”

• “IMPORTANT INFORMATION REGARDING MAN AND MERGER SUB”

Item 4. Terms of the Transaction

     (a) Material Terms.

          (1) Tender Offers. Not applicable.

          (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 MERGER AND THE SPECIAL MEETING OF STOCKHOLDERS”

• “SPECIAL FACTORS”

• “ADOPTION OF THE MERGER AGREEMENT — Vote Required”

• “THE MERGER AGREEMENT”

• “DESCRIPTIONS OF OTHER TRANSACTION AGREEMENTS”

• “APPENDIX A — AGREEMENT AND PLAN OF MERGER”

• “APPENDIX B — SHARE EXCHANGE AGREEMENT”

• “APPENDIX C — VOTING AND SUPPORT AGREEMENT”

• “APPENDIX G — EMPLOYMENT AND SERVICE AGREEMENTS”

• “APPENDIX H — RESTRICTIVE COVENANT AGREEMENTS”

• “APPENDIX I — JOINDER AGREEMENT”

     (c) Different Terms. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “SUMMARY TERM SHEET — The Acquisition”

• “SUMMARY TERM SHEET — Merger Consideration”

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• “SUMMARY TERM SHEET — Treatment of GLG Equity Awards”

• “SUMMARY TERM SHEET — Interests of Certain Persons in the Merger”

• “SUMMARY TERM SHEET — Share Exchange Agreement”

• “SUMMARY TERM SHEET — Voting and Support Agreement”

• “SUMMARY TERM SHEET — Warrant Tender Offer”

• “SPECIAL FACTORS — Background of the Merger”

• “SPECIAL FACTORS — Interests of Certain Persons in the Merger”

• “THE MERGER AGREEMENT”

• “DESCRIPTIONS OF OTHER TRANSACTION AGREEMENTS”

• “IMPORTANT INFORMATION REGARDING GLG”

• “IMPORTANT INFORMATION REGARDING THE PRINCIPALS”

• “APPENDIX A — AGREEMENT AND PLAN OF MERGER”

• “APPENDIX B — SHARE EXCHANGE AGREEMENT”

• “APPENDIX C — VOTING AND SUPPORT AGREEMENT”

• “APPENDIX G — EMPLOYMENT AND SERVICE AGREEMENTS”

• “APPENDIX H — RESTRICTIVE COVENANT AGREEMENTS”

• “APPENDIX I — JOINDER AGREEMENT”

     (d) Appraisal Rights. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “SUMMARY TERM SHEET — Rights of Appraisal”

• “ADOPTION OF THE MERGER AGREEMENT — Rights of Stockholders Who Object to the Merger”

• “THE MERGER AGREEMENT — Appraisal Rights”

• “APPRAISAL RIGHTS”

• “APPENDIX F — SECTION 262 OF THE GENERAL CORPORATION LAW OF THE STATE OF DELAWARE”

     (e) Provisions for Unaffiliated Security Holders. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

• “SPECIAL FACTORS — Provisions for the Unaffiliated Stockholders”

     (f) Eligibility for Listing or Trading. Not applicable.

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Item 5. Past Contacts, Transactions, Negotiations and Agreements

     (a) Transactions. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “SUMMARY TERM SHEET — Interests of Certain Persons in the Merger”

• “SPECIAL FACTORS — Background of the Merger”

• “SPECIAL FACTORS — Interests of Certain Persons in the Merger”

• “THE MERGER AGREEMENT”

• “DESCRIPTIONS OF OTHER TRANSACTION AGREEMENTS”

• “IMPORTANT INFORMATION REGARDING GLG”

• “IMPORTANT INFORMATION REGARDING THE PRINCIPALS”

     (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 — The Acquisition”

• “SUMMARY TERM SHEET — The Parties to the Merger”

• “SUMMARY TERM SHEET — The Merger and its Effects”

• “SUMMARY TERM SHEET — Merger Consideration”

• “SUMMARY TERM SHEET — Interests of Certain Persons in the Merger”

• “QUESTIONS AND ANSWERS ABOUT THE MERGER AND THE SPECIAL MEETING OF STOCKHOLDERS”

• “SPECIAL FACTORS — Background of the Merger”

• “SPECIAL FACTORS — Fairness of the Merger and Recommendations of the Special Committee and the GLG Board”

• “SPECIAL FACTORS — Interests of Certain Persons in the Merger”

• “THE MERGER AGREEMENT”

• “DESCRIPTIONS OF OTHER TRANSACTION AGREEMENTS”

• “IMPORTANT INFORMATION REGARDING GLG”

• “IMPORTANT INFORMATION REGARDING THE PRINCIPALS”

• “APPENDIX A — AGREEMENT AND PLAN OF MERGER”

• “APPENDIX B — SHARE EXCHANGE AGREEMENT”

• “APPENDIX C — VOTING AND SUPPORT AGREEMENT”

• “APPENDIX G — EMPLOYMENT AND SERVICE AGREEMENTS”

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• “APPENDIX H — RESTRICTIVE COVENANT AGREEMENTS”

• “APPENDIX I — JOINDER AGREEMENT”

     (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 MERGER AND THE SPECIAL MEETING OF STOCKHOLDERS”

• “SPECIAL FACTORS — Background of the Merger”

• “SPECIAL FACTORS — Fairness of the Merger and Recommendations of the Special Committee and the GLG Board”

• “SPECIAL FACTORS — Interests of Certain Persons in the Merger”

• “THE MERGER AGREEMENT”

• “DESCRIPTIONS OF OTHER TRANSACTION AGREEMENTS”

• “IMPORTANT INFORMATION REGARDING GLG”

• “IMPORTANT INFORMATION REGARDING THE PRINCIPALS”

• “WHERE YOU CAN FIND MORE INFORMATION”

• “INCORPORATION BY REFERENCE”

• “APPENDIX A — AGREEMENT AND PLAN OF MERGER”

• “APPENDIX B — SHARE EXCHANGE AGREEMENT”

• “APPENDIX C — VOTING AND SUPPORT AGREEMENT”

• “APPENDIX G — EMPLOYMENT AND SERVICE AGREEMENTS”

• “APPENDIX H — RESTRICTIVE COVENANT AGREEMENTS”

• “APPENDIX I — JOINDER AGREEMENT”

Item 6. Purposes of the Transaction and Plans or Proposals

     (b) — (c) Use of Securities Acquired; 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 MERGER AND THE SPECIAL MEETING OF STOCKHOLDERS”

• “SPECIAL FACTORS — Background of the Merger”

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• “SPECIAL FACTORS — Fairness of the Merger and Recommendations of the Special Committee and the GLG Board”

• “SPECIAL FACTORS — Purpose and Reasons for the Merger”

• “SPECIAL FACTORS — Plans for GLG After the Merger”

• “SPECIAL FACTORS — Interests of Certain Persons in the Merger”

• “ADOPTION OF THE MERGER AGREEMENT”

• “THE MERGER AGREEMENT”

• “DESCRIPTIONS OF OTHER TRANSACTION AGREEMENTS”

• “APPENDIX A — AGREEMENT AND PLAN OF MERGER”

• “APPENDIX B — SHARE EXCHANGE AGREEMENT”

• “APPENDIX C — VOTING AND SUPPORT AGREEMENT”

• “APPENDIX G — EMPLOYMENT AND SERVICE AGREEMENTS”

• “APPENDIX H — RESTRICTIVE COVENANT AGREEMENTS”

• “APPENDIX I — JOINDER AGREEMENT”

Item 7. Purposes, Alternatives, Reasons and Effects

     (a) — (c) Purposes; Alternatives; Reasons. 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 OF STOCKHOLDERS”

• “SPECIAL FACTORS — Background of the Merger”

• “SPECIAL FACTORS — Fairness of the Merger and Recommendations of the Special Committee and the GLG Board”

• “SPECIAL FACTORS — Purpose and Reasons for the Merger”

• “SPECIAL FACTORS — Position as to the Fairness of the Merger”

     (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 MERGER AND THE SPECIAL MEETING OF STOCKHOLDERS”

• “SPECIAL FACTORS — Background of the Merger”

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• “SPECIAL FACTORS — Fairness of the Merger and Recommendations of the Special Committee and the GLG Board”

• “SPECIAL FACTORS — Plans for GLG After the Merger”

• “SPECIAL FACTORS — Certain Forward-Looking Financial Information”

• “SPECIAL FACTORS — Material United States Federal Income Tax Consequences of the Merger”

• “DESCRIPTIONS OF OTHER TRANSACTION AGREEMENTS”

• “APPENDIX A — AGREEMENT AND PLAN OF MERGER”

• “APPENDIX B — SHARE EXCHANGE AGREEMENT”

• “APPENDIX C — VOTING AND SUPPORT AGREEMENT”

• “APPENDIX G — EMPLOYMENT AND SERVICE AGREEMENTS”

• “APPENDIX H — RESTRICTIVE COVENANT AGREEMENTS”

• “APPENDIX I — JOINDER AGREEMENT”

Item 8. Fairness of the Transaction

     (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 MERGER AND THE SPECIAL MEETING OF STOCKHOLDERS”

• “SPECIAL FACTORS — Background of the Merger”

• “SPECIAL FACTORS — Fairness of the Merger and Recommendations of the Special Committee and the GLG Board”

• “SPECIAL FACTORS — Opinion of the Special Committee’s Financial Advisor”

• “SPECIAL FACTORS — Opinion of GLG’s Financial Advisor”

• “SPECIAL FACTORS — Position as to the Fairness of the Merger”

• “ADOPTION OF THE MERGER AGREEMENT — Recommendation of the Board”

• “APPENDIX D — OPINION OF MOELIS & COMPANY LLC”

• “APPENDIX E — OPINION OF GOLDMAN SACHS INTERNATIONAL”

     (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 — Required Vote for Merger Proposal”

• “SUMMARY TERM SHEET — Conditions to the Completion of the Merger”

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• “QUESTIONS AND ANSWERS ABOUT THE MERGER AND THE SPECIAL MEETING OF STOCKHOLDERS”

• “SPECIAL FACTORS — Background of the Merger”

• “SPECIAL FACTORS — Fairness of the Merger and Recommendations of the Special Committee and the GLG Board”

• “SPECIAL FACTORS — Position as to the Fairness of the Merger”

• “THE SPECIAL MEETING — Record Date; Shares Entitled to Vote; Quorum”

• “ADOPTION OF THE MERGER AGREEMENT — Vote Required”

• “THE MERGER AGREEMENT — Conditions to Completion of the Merger”

• “APPENDIX A — AGREEMENT AND PLAN OF MERGER”

     (d) — (e) Unaffiliated Representative; Approval of Directors. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “SUMMARY TERM SHEET — Interests of Certain Persons in the Merger”

• “SUMMARY TERM SHEET— Recommendation of the Special Committee and the Board of Directors”

• “SUMMARY TERM SHEET — Opinion of Moelis & Company LLC”

• “SUMMARY TERM SHEET — Opinion of Goldman Sachs International”

• “SPECIAL FACTORS — Background of the Merger”

• “SPECIAL FACTORS — Fairness of the Merger and Recommendations of the Special Committee and the GLG Board”

• “SPECIAL FACTORS — Opinion of the Special Committee’s Financial Advisor”

• “SPECIAL FACTORS — Opinion of GLG’s Financial Advisor”

• “SPECIAL FACTORS — Purpose and Reasons for the Merger”

• “SPECIAL FACTORS — Position as to the Fairness of the Merger”

• “SPECIAL FACTORS — Interests of Certain Persons in the Merger”

• “THE SPECIAL MEETING — Purpose of the Special Meeting”

• “ADOPTION OF THE MERGER AGREEMENT”

• “APPENDIX D — OPINION OF MOELIS & COMPANY LLC”

• “APPENDIX E — OPINION OF GOLDMAN SACHS INTERNATIONAL”

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     (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 — Fairness of the Merger and Recommendations of the Special Committee and the GLG Board”

Item 9. Reports, Opinions, Appraisals and Negotiations

     (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 — Opinion of Moelis & Company LLC”

• “SUMMARY TERM SHEET — Opinion of Goldman Sachs International”

• “SPECIAL FACTORS — Background of the Merger”

• “SPECIAL FACTORS — Fairness of the Merger and Recommendations of the Special Committee and the GLG Board”

• “SPECIAL FACTORS — Opinion of the Special Committee’s Financial Advisor”

• “SPECIAL FACTORS — Opinion of GLG’s Financial Advisor”

• “SPECIAL FACTORS — Position as to the Fairness of the Merger”

• “SPECIAL FACTORS — Financial Analyses of the Financial Advisor to Man”

• “APPENDIX D — OPINION OF MOELIS & COMPANY LLC”

• “APPENDIX E — OPINION OF GOLDMAN SACHS INTERNATIONAL”

     (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 holder of the Company’s common stock, and copies may be obtained by requesting them in writing or by telephone from the Company at the address provided under the caption “WHERE YOU CAN FIND MORE INFORMATION” in the Proxy Statement, which is incorporated herein by reference.

Item 10. Source and Amounts of Funds or Other Consideration

     (a) — (b) Sources of Funds; Conditions. The merger consideration to be paid by Man will be all cash, and Man will not require financing to complete the transaction. There are no material conditions to the financing discussed in response to paragraph (a) of this section, nor are there any alternative financing arrangements or alternative financing plans in the event the primary financing plans fall through. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “SUMMARY TERM SHEET — Merger Consideration”

• “SUMMARY TERM SHEET — Treatment of GLG Equity Awards”

• “QUESTIONS AND ANSWERS ABOUT THE MERGER AND THE SPECIAL MEETING OF STOCKHOLDERS”

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• “SPECIAL FACTORS — Fairness of the Merger and Recommendations of the Special Committee and the GLG Board”

• “SPECIAL FACTORS — Financing of the Merger”

• “THE MERGER AGREEMENT”

• “APPENDIX A — AGREEMENT AND PLAN OF MERGER”

     (c) Expenses. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

• “SUMMARY TERM SHEET — Fees Payable Upon a Termination of the Merger Agreement”

• “SUMMARY TERM SHEET — Expense Reimbursement”

• “SPECIAL FACTORS — Fees and Expenses of the Merger”

• “THE MERGER AGREEMENT”

• “APPENDIX A — AGREEMENT AND PLAN OF MERGER”

     (d) Borrowed Funds. Not applicable.

Item 11. Interest in Securities of the Subject Company

     (a) — (b) Securities Ownership; Securities Transactions. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “SUMMARY TERM SHEET — Interests of Certain Persons in the Merger”

• “SUMMARY TERM SHEET — Share Ownership of Directors and Executive Officers”

• “SPECIAL FACTORS — Interests of Certain Persons in the Merger”

• “IMPORTANT INFORMATION REGARDING GLG — Transactions in Common Stock”

• “IMPORTANT INFORMATION REGARDING GLG — Security Ownership of Certain Beneficial Owners and Management”

• “IMPORTANT INFORMATION REGARDING THE PRINCIPALS”

• “IMPORTANT INFORMATION REGARDING MAN AND MERGER SUB”

Item 12. The Solicitation or Recommendation

     (d) — (e) Intent to Tender or Vote in a Going-Private Transaction; Recommendations of Others. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “SUMMARY TERM SHEET — Interests of Certain Persons in the Merger”

• “SUMMARY TERM SHEET— Recommendation of the Special Committee and the Board of Directors”

• “SUMMARY TERM SHEET — Opinion of Moelis & Company LLC”

• “SUMMARY TERM SHEET — Opinion of Goldman Sachs International”

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• “SPECIAL FACTORS — Background of the Merger”

• “SPECIAL FACTORS — Fairness of the Merger and Recommendations of the Special Committee and the GLG Board”

• “SPECIAL FACTORS — Opinion of the Special Committee’s Financial Advisor”

• “SPECIAL FACTORS — Opinion of GLG’s Financial Advisor”

• “SPECIAL FACTORS — Purpose and Reasons for the Merger”

• “SPECIAL FACTORS — Position as to the Fairness of the Merger”

• “SPECIAL FACTORS — Interests of Certain Persons in the Merger”

• “THE SPECIAL MEETING — Purpose of the Special Meeting”

• “ADOPTION OF THE MERGER AGREEMENT”

• “APPENDIX D — OPINION OF MOELIS & COMPANY LLC”

• “APPENDIX E — OPINION OF GOLDMAN SACHS INTERNATIONAL”

Item 13. Financial Statements

     (a) Financial Information. The audited consolidated financial statements set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2009, the unaudited condensed consolidated financial statements set forth in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2010 and the information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

• “IMPORTANT INFORMATION REGARDING GLG — Historical Selected Financial Data”

• “IMPORTANT INFORMATION REGARDING GLG — Ratio of Earnings to Fixed Charges”

• “IMPORTANT INFORMATION REGARDING GLG — Book Value Per Share”

• “WHERE YOU CAN FIND MORE INFORMATION”

• “INCORPORATION BY REFERENCE”

     (b) Pro Forma Information. Not applicable.

Item 14. Persons/Assets, Retained, Employed, Compensated or Used

     (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 MERGER AND THE SPECIAL MEETING OF STOCKHOLDERS”

• “SPECIAL FACTORS — Background of the Merger”

• “SPECIAL FACTORS — Fairness of the Merger and Recommendations of the Special Committee and the GLG Board”

12

• “SPECIAL FACTORS — Interests of Certain Persons in the Merger”

• “SPECIAL FACTORS — Fees and Expenses of the Merger”

• “THE SPECIAL MEETING — Solicitation of Proxies”

Item 15. Additional Information

     (b) Other Material Information. The information set forth in the Proxy Statement, including all appendices thereto, is incorporated in its entirety herein by this reference.

Item 16. Exhibits

Exhibit Number	Description
(a)(i)	Letter to Stockholders of the Company (incorporated herein by reference to the Schedule 14A filed with the SEC by the Company on June 29, 2010).
(a)(ii)	Notice of Special Meeting of Stockholders of the Company (incorporated herein by reference to the Schedule 14A filed with the SEC by the Company on June 29, 2010).
(a)(iii)	Preliminary Proxy Statement of the Company (incorporated herein by reference to the Schedule 14A filed with the SEC by the Company on June 29, 2010).
(a)(iv)	Form of Preliminary Proxy Card (incorporated herein by reference to the Schedule 14A filed with the SEC by the Company on June 29, 2010).
(c)(i)	Opinion of Moelis & Company LLC, dated May 16, 2010 (incorporated herein by reference to Appendix D to the Schedule 14A filed with the SEC by the Company on June 29, 2010).
(c)(ii)	Opinion of Goldman Sachs International, dated May 17, 2010 (incorporated herein by reference to Appendix E to the Schedule 14A filed with the SEC by the Company on June 29, 2010).
(c)(iii)	May 6, 2010 Preliminary Presentation of Moelis & Company LLC to the Special Committee of the Board of Directors of the Company.
(c)(iv)	May 16, 2010 Presentation of Moelis & Company LLC to the Special Committee of the Board of Directors of the Company.
(c)(v)	May 16, 2010 Updated Presentation of Moelis & Company LLC to the Special Committee of the Board of Directors of the Company.
(c)(vi)	May 16, 2010 Supplemental Presentation of Moelis & Company LLC to the Special Committee of the Board of Directors of the Company.
(c)(vii)	April 29, 2010 Preliminary Materials of Goldman Sachs International for a Presentation to the Board of Directors of the Company.
(c)(viii)	May 16, 2010 Presentation of Goldman Sachs International to the Board of Directors of the Company.
(c)(ix)	March 9, 2010 Preliminary Presentation of Perella Weinberg Partners to the Board of Directors of Man.
(c)(x)	May 3, 2010 Presentation of Perella Weinberg Partners to the Board of Directors of Man.
(c)(xi)	May 13, 2010 Presentation of Perella Weinberg Partners to the Board of Directors of Man.
(d)(i)	Agreement and Plan of Merger, dated as of May 17, 2010 among the Company, Man and Merger Sub (incorporated herein by reference to Appendix A to the Schedule 14A filed with the SEC by the Company on June 29, 2010).

13

Exhibit Number	Description
(d)(ii)	Share Exchange Agreement dated May 17, 2010 by and among Man and the stockholders of the Company party thereto (incorporated herein by reference to Appendix B to the Schedule 14A filed with the SEC by the Company on June 29, 2010).
(d)(iii)	Voting and Support Agreement dated May 17, 2010 by and among Man, Merger Sub and the stockholders of the Company party thereto (incorporated herein by reference to Appendix C to the Schedule 14A filed with the SEC by the Company on June 29, 2010).
(d)(iv)	Employment and Service Agreements between certain Man Group plc entities and each of Noam Gottesman, Emmanuel Roman and Pierre Lagrange (incorporated herein by reference to Appendix G to the Schedule 14A filed with the SEC by the Company on June 29, 2010).
(d)(v)	Restrictive Covenant Agreements dated as of May 17, 2010 between Man and each of Noam Gottesman, Emmanuel Roman and Pierre Lagrange (incorporated herein by reference to Appendix H to the Schedule 14A filed with the SEC by the Company on June 29, 2010).
(d)(vi)	Joinder Agreement dated as of June 21, 2010 by and among the Company, Man, Merger Sub, Ogier Fiduciary Services (Cayman) Limited, acting solely in its capacity as trustee of Blue Hill Trust, Ogier Fiduciary Services (Cayman) Limited, acting solely in its capacity as trustee of Green Hill Trust, Sage Summit LP and Lavender Heights Capital LP (incorporated herein by reference to Appendix I to the Schedule 14A filed with the SEC by the Company on June 29, 2010).
(d)(vii)	Voting Agreement dated June 22, 2007 among the Principals, the Trustees, Lavender Heights Capital LP, Sage Summit LP and the Company (incorporated herein by reference to Annex F to the Company’s Proxy Statement dated October 12, 2007 (File No. 001-33217)).
(d)(viii)	Joinder to the Voting Agreement, dated as of March 19, 2008, among the Principals, the Trustees, Lavender Heights Capital LP, Sage Summit LP, Point Pleasant Ventures Ltd. and the Company for the joinder of Point Pleasant Ventures Ltd. to the Voting Agreement (incorporated herein by reference to Exhibit 99.4 to Amendment No. 1 to the Statement of Beneficial Ownership on Schedule 13D of Pierre Lagrange on March 24, 2008).
(d)(ix)	Joinder to the Voting Agreement, dated as of March 19, 2008, among the Principals, the Trustees, Lavender Heights Capital LP, Sage Summit LP, Jackson Holding Services Inc. and the Company for the joinder of Jackson Holdings Services Inc. to the Voting Agreement (incorporated herein by reference to Exhibit 99.4 to Amendment No. 1 to the Statement of Beneficial Ownership on Schedule 13D of Emmanuel Roman on March 24, 2008).
(d)(x)	Amendment No. 1 and Joinder, dated as of February 12, 2010, among the Company, Sage Summit LP, Lavender Heights Capital LP, the Principals, the Trustees, Point Pleasant Ventures Ltd., Jackson Holding Services Inc., and Martin E. Franklin (incorporated herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on February 19, 2010).
(d)(xi)	Notice of Withdrawal from the Voting Agreement dated as of May 16, 2010 from Martin E. Franklin to the other Stockholder Parties thereto (incorporated herein by reference to Exhibit 99.1 to Amendment No. 4 to the Statement of Beneficial Ownership on Schedule 13D of Martin E. Franklin on May 20, 2010).
(d)(xii)	Agreement Among Principals and Trustees dated June 22, 2007 among the Principals and the Trustees (incorporated herein by reference to Annex G to the Company’s Proxy Statement dated October 12, 2007 (File No. 001-33217)).
(d)(xiii)	GLG Shareholders Agreement dated as of June 22, 2007 among the Company and the Persons set forth on the signature page thereto (incorporated herein by reference to Annex D to the Company’s Proxy Statement dated October 12, 2007 (File No. 001-33217)).
(d)(xiv)	Founders’ Agreement dated June 22, 2007 among Noam Gottesman, as Sellers’s Representative, the Principals, the Trustees, Berggruen Freedom Holdings Ltd. and Marlin Equities II, LLC (incorporated herein by reference to Annex E to the Company’s Proxy Statement dated October 12, 2007 (File No. 001-33217)).
(d)(xv)	Amended and Restated Warrant Agreement dated as of December 21, 2006 between Continental Stock Transfer & Trust Company and the Company (incorporated herein by reference to Exhibit 4.8 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2006).
(d)(xvi)	Amendment No. 1 to Amended and Restated Warrant Agreement, dated as of December 19, 2007, between Continental Stock Transfer & Trust Company and the Company (incorporated herein by reference to Exhibit 4.7 to the Company’s Registration Statement on Form S-1 (Registration No. 333-147865)).
(d)(xvii)	Indenture, dated as of May 15, 2009, between the Company and The Bank of New York Mellon, as trustee (incorporated herein by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K (File No. 001-33217)).

14

Exhibit Number	Description
(d)(xviii)	Form of 5.00% Dollar-Denominated Convertible Subordinated Notes due May 15, 2014 (included in Exhibit (d)(xvii)) (incorporated herein by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on May 18, 2009).
(d)(xix)	Support Agreement dated November 2, 2007 between the Company and FA Sub 2 Limited (incorporated herein by reference to Annex B to the Company’s Proxy Statement dated October 12, 2007 (File No. 001-33217)).
(f)(i)	Section 262 of the General Corporation Law of the State of Delaware (incorporated herein by reference to Appendix F to the Schedule 14A filed with the SEC by the Company on June 29, 2010).

15

SIGNATURES

     After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: June 29, 2010

GLG PARTNERS, INC.
By:	/s/ Alejandro San Miguel
	Name:	Alejandro San Miguel
	Title:	General Counsel and Corporate Secretary
Dated: June 29, 2010 MAN GROUP PLC
By:	/s/ Peter Clarke
	Name:	Peter Clarke
	Title:	Chief Executive
Dated: June 29, 2010 ESCALATOR SUB 1 INC.
By:	/s/ John B. Rowsell
	Name:	John B. Rowsell
	Title:	President
Dated: June 29, 2010 NOAM GOTTESMAN
/s/ Noam Gottesman
Dated: June 29, 2010 EMMANUEL ROMAN
/s/ Emmanuel Roman

Dated: June 29, 2010 PIERRE LAGRANGE
/s/ Pierre Lagrange
Dated: June 29, 2010
/s/ Leslie J. Schreyer
Leslie J. Schreyer, in his capacity as trustee of the Gottesman GLG Trust
Dated: June 29, 2010 TOMS INTERNATIONAL LTD.
By:	/s/ Jeffrey A. Robins
	Name:	Jeffrey A. Robins
	Title:	Vice President and Assistant Secretary
Dated: June 29, 2010
/s/ Jeffrey A. Robins
Jeffrey A. Robins, in his capacity as trustee of the
Roman GLG Trust
Dated: June 29, 2010 JACKSON HOLDING SERVICES INC.
By:	/s/ Jeffrey A. Robins
	Name:	Jeffrey A. Robins
	Title:	Director

Dated: June 29, 2010 G&S TRUSTEES LIMITED, in its capacity as trustee of the LAGRANGE GLG TRUST
By:	/s/ Nigel Bentley
	Name:	Nigel Bentley
	Title:	Director
Dated: June 29, 2010 POINT PLEASANT VENTURES LTD.
By:	/s/ Nigel Bentley
	Name:	Nigel Bentley
	Title:	Director

EX-99.C.III

Exhibit (c)(iii)

PRELIMINARY & CONFIDENTIAL Project Escalator Discussion Materials Prepared for the Special Committee of the Board of Directors May 6, 2010

PRELIMINARY & CONFIDENTIAL Disclaimer This presentation has been prepared on a confidential basis solely for the exclusive use and benefit of the intended recipient. The information contained in this document is confidential and may not be disseminated, distributed or reviewed without the express written consent of Moelis & Company (“Moelis”). If the recipient of this document is not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this document is strictly prohibited and you are required to either destroy or return this document to Moelis. This presentation has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. “George” or the “Company” should consult its own counsel, tax and other advisors as to legal and related matters concerning any transaction described herein. This presentation does not purport to be all-inclusive or to contain all of the information that the Company may require. No decision on the transaction referred to herein or any other transaction should be based solely on the information in this presentation. In this presentation, Moelis made many assumptions with respect to industry performance, general business and economic conditions and other matters. All projections were prepared by the Company. Any estimates contained in these analyses — whether expressed or implied — are not necessarily indicative of actual values or predictive of future results or values, which may be significantly more or less favorable than as set forth herein. Moelis reserves rights to change any or all of the estimations, proposals, or recommendations offered herein as a result of any changes in the above referenced information, market factors or at its discretion.

PRELIMINARY & CONFIDENTIAL Table of Contents I. Situation Overview II. Overview of Potential Transaction III. Valuation Framework IV. Next Steps and Key Process Considerations Appendix A —Synergy Analysis Detail Appendix B — Economic Accretion / Dilution Sensitivity Analysis Appendix C —Special Committee Follow-up Requests

PRELIMINARY & CONFIDENTIAL I. Situation Overview

PRELIMINARY & CONFIDENTIAL Situation Overview Moelis & Company appreciates the opportunity to meet with the Special Committee of the Board of Directors (the “Special Committee”) of George and looks forward to continuing our engagement to discuss George’s current outlook and potential strategic alternatives George’s stock price has underperformed relative to asset management industry peers — Stock price trading at 70% of 52-week high (median of peers is 90.2%) — Market has reacted negatively to operating expense levels Moelis & Company understands that a transaction between George and Melvin was explored in March 2010 — However, due to information leaks, the transaction was terminated on March 26^th The Company has recently received renewed in-bound interest from Melvin in the form of an Initial Indication of Interest — Implied valuation of $1.4 billion Enterprise Value based on Melvin Indication of Interest — Melvin has asked for an expedited diligence and closing process Several alternatives are available to George for the Special Committee to consider — Continue to execute on current strategy — Continue exclusive discussions with Melvin — Consider go-shop or other market check — Conduct a controlled/focused sale process with all bidders (including Melvin) receiving the same access [ 5 ] Note: Market data as of May 4, 2010

PRELIMINARY & CONFIDENTIAL Overview of Melvin’s Indication of Interest SUMMARY PURCHASE PRICE CALCULATION ($MM, ex. Per Share) On April 28, 2010, Melvin submitted a non-binding Indication Per Share Purchase Price — Non-Controlling Holders $3.75 of Interest regarding an acquisition of George with the Per Share Purchase Price — Controlling Holders $3.40 Per Share Purchase Price — Wtd. Avg. Overall $3.60 following terms: Non-Controlling Shares 152 — Stock consideration at an exchange ratio of $3.40 per share Shares Underlying Convertible Debt 69 given to Controlling Holders of George⁽¹⁾ Controlling Shares⁽¹⁾ 167 Total Shares Including Shares Underlying Convertible Debt 389 — Cash consideration of $3.75 per share given to Non- Equity Purchase Price — Non-Controlling Holders (Cash) $570.3 Controlling Holders of George common stock and Equity Purchase Price — Shares Underlying Convertible Debt (Cash) 258.8 convertible notes in a one-step merger Equity Purchase Price — Controlling Holders (Melvin Stock) 569.5 Implied Equity Value $1,398.6 - - Melvin intends to pay the entire cash consideration portion Plus: Debt $305.2 from its existing cash resources Less: Cash (263.8) Total Enterprise Value $1,439.9 The preliminary Indication of Interest is subject to customary TEV / 2010E EBITDA ($86)(2) 16.8x due diligence TEV / 2011E EBITDA ($154) (2) 9.4x Melvin indicated it is able to conclude diligence, enter into a definitive agreement and announce the proposed transaction no later than May 26^th to coincide with the announcement of its annual results [ 6 ] (1) Controlling Holders defined as certain senior management members (including any vehicles and trusts) and U.S. based employee stockholders who are accredited investors under U.S. federal securities laws (2) George’s 2010E and 2011E EBITDA are equal to operating income per Credit Suisse research. Operating income is used as a proxy for EBITDA

PRELIMINARY & CONFIDENTIAL Key Considerations The Special Committee should consider strategic alternatives as part of its analysis of the proposed transaction with Melvin Primary considerations — Determine the extent to which remaining as an independent company is reasonably likely to drive a stronger valuation than currently reflected in the stock — Determine whether the proposed transaction with Melvin delivers a value greater than the stand alone value for George - Evaluate if there are any other logical buyers that could reasonably deliver a superior proposal The potential stand-alone value for George should be balanced against the risks of achieving such value — It should be noted that the market does not share this view, as analyst target prices show — There are multiple risks to achieving this stand alone value The proposed transaction with Melvin could be compelling for independent shareholders — For a variety of reasons, including cost savings and potential revenue synergies, Melvin may be able to deliver a valuation greater than the stand-alone value — While the independent shareholders would not participate in the combined company, the contemplated structure recognizes this with a significant premium over the equity consideration given to the insiders A key question for the Special Committee is whether there are other potential buyers that can make a compelling offer — It should be noted that there were leaks about this potential transaction in March, and to our knowledge, no other buyer has contacted the company — Approaching other buyers could put at risk Melvin’s proposal [ 7 ]

PRELIMINARY & CONFIDENTIAL II. Overview of Potential Transaction

PRELIMINARY & CONFIDENTIAL Relative Trading and Market Valuation GEORGE ⁽¹⁾ MELVIN ⁽⁵⁾ Share Price as of (05/04/10) $3.22 Share Price as of (05/04/10) $3.57% of 52-Week High 69.8% % of 52-Week High 63.2% % of 52-Week Low 128.3% % of 52-Week Low 112.0% Shares Outstanding — Common 260.659 Shares Outstanding — Common 1,678 Shares Outstanding — Series A Preferred Stock 59 Market Capitalization $5,986.9 Total Diluted Shares Outstanding 320 Plus: Fixed Rate Notes⁽⁶⁾ $1,011.3 Market Capitalization, Excl. Series A Preferred Stock⁽²⁾ $839.3 Plus: Floating Rate Notes 399.0 Market Capitalization, Incl. Series A Preferred Stock⁽²⁾ $1,029.0 Plus: Perpetual Subordinated Capital Securities 300.0 Plus: Minority Interest 1.0 Market Capitalization, Excl. Series A Preferred Stock⁽²⁾ $839.3 Less: Cash and Short-Term Investments⁽⁷⁾ (4,056.3) Plus: Revolving Credit Facility $12.3 Enterprise Value $3,641.9 Plus: Loan Payable 292.9 Plus: Convertible Notes 228.5 Enterprise Value (Trading) / : Plus: Minority Interest 14.2 FYE 3/31/2010E EBITDA ($589) ⁽⁸⁾ 6.2x Less: Cash (263.8) FYE 3/31/2011E EBITDA ($744) ⁽⁸⁾ 4.9x Enterprise Value ⁽³⁾ $1,123.4 Enterprise Value (Trading) / : 2010E EBITDA ($86) (4) 13.1x 2011E EBITDA ($154) ⁽⁴⁾ 7.3x Sources: Public filings, Capital IQ, Wall Street research (1) Balance sheet information as of December 31, 2009; projected financial information based on consensus estimates per Thomson (2) George shares outstanding do not include shares underlying George’s Convertible Subordinated Notes (3) George’s enterprise value assumes the “Market Capitalization, Excl. Series A Preferred Stock” (4) George’s 2010E and 2011E EBITDA are equal to operating income per Credit Suisse research. Operating income is used as a proxy for EBITDA (5) Balance sheet data as of September 30, 2009, except for Fixed Rate Notes and cash balance, which are adjusted to reflect #eu#600 million offering in Feb. 2010 (6) Balance of Fixed Rate Notes incorporates #eu#600 million offering Feb. 2010 and preexisting balance of $226 million already outstanding under the indenture [ 9 ] (7) Includes cash balance at September 30, 2009 ($2,139MM), short-term investments ($1,132MM) and cash from the Feb. 2010 Fixed Rates Notes offering of #eu#600 million (at an exchange rate of 0.76) (8) Melvin’s 2010E and 2011E EBITDA per Thomson consensus as of May 4, 2010

PRELIMINARY & CONFIDENTIAL Indexed Stock Price Performance LTM STOCK PRICE PERFORMANCE 200% 175% 150% Alternative Asset Managers: 135% 125% S&P 500: 129% 100% George: 97% 75% Melvin: 92% 50% 5/4/2009 7/4/2009 9/4/2009 11/4/2009 1/4/2010 3/4/2010 5/4/2010 STOCK PRICE PERFORMANCE — 3/25/2010 TO PRESENT 140% 130% George: 1 20% 120% S&P 500: 101% 110% Alternative Asset Managers: 100% 100% Melvin: 95% 90% 80% 3/25/10 4/2/10 4/10/10 4/18/10 4/26/10 5/4/10 [ 10 ] Source: Capital IQ Alternative Asset Managers Index Includes: 3i Group, Ashmore, Blackstone, BlueBay, Charlemagne, Fortress, Gottex, KKR, Och-Ziff, Partners Group and Polar Capital

PRELIMINARY & CONFIDENTIAL Current Stock Price Trading Levels — % of 52-Week High U.S. Traditional Alternative 96.4% 94.3% 100% ^95.2% 93.5% 93.0% 91.8% 91.5% 91.5% 90% ^88.9% 84.8% ^84.0% 82.2% 80.6% ^80.7% 75.5% 72.9% 80% 69.8% 70% 60.2% 60% 50% T. Rowe Price Affiliated Managers Invesco Franklin Waddell & Reed Cohen & Steers Legg Mason AllianceBernstein Federated Janus Capital GAMCO Artio Pzena Inv. Mgmt BlackRock Och-Ziff Blackstone George Fortress EUROPE Traditional Alternative 93.6% 92.6% 92.2% 96.5% 91.7% 91.6% 100% 88.8% 86.2% 85.8% 73.3% 68.9% 68.2% 65.3% 75% 63.2% 56.5% 50% 25% 0% Liontrust F&C Group BlueBay KKR Charlemagne Ashmore Melvin Gottex Schroders Henderson Group Aberdeen Gartmore Group Polar Capital Partners 3i Group [ 11 ] Source: Capital IQ Note: Based on May 4, 2010 closing price

PRELIMINARY & CONFIDENTIAL Current Stock Price Trading Levels — % of 52-Week Low U.S. Traditional Alternative 250% 231.9% 225% ^{204.8% 191.9%} 191.6% 200% ^{187.4% 181.0%} 166.7% 164.2% ^164.2% 158.8% 162.5% 175% 157.8% 157.0% 150% 128.3% ^{132.1% 116.5%} 125% ^111.1% 103.3% 100% & Reed Invesco Capital Artio George Franklin Affiliated Managers GAMCO Federated Och-Ziff Fortress Cohen & Steers AllianceBernstein Legg Mason Waddell T. Rowe Price Janus Pzena Inv. Mgmt BlackRock Blackstone EUROPE Traditional Alternative 225% 202.0% 190.5% 187.5% 200% 181.6% 177.6% 175% 161.8% 149.5% 145.8% 150% 136.7% 129.2% 126.5% 121.1% 125% 110.2% 112.0% NM 100% F&C Liontrust BlueBay Capital Group Gottex Melvin KKR Henderson Group Schroders Gartmore Group Aberdeen Partners Ashmore 3i Group Polar Charlemagne [ 12 ] Source: Capital IQ Note: Based on May 4, 2010 closing price

PRELIMINARY & CONFIDENTIAL George and Melvin Comparison GEORGE⁽¹⁾ MELVIN⁽²⁾ Gross AUM $22.2 billion $39.1 billion Employees 390 1,765 Market Capitalization $839 million $6.0 billion Ratings Not Rated BBB+ / Baa1 AUM by Asset Class Equity 43% Hedge Funds / Funds of Funds 57% 100% AUM by Investor Base Institutional 32% 32% Other 68% 68% AUM by Geography 6% 9% Asia 32% 40% 45% Americas Europe 40% Middle East and Africa ^3% 9% ^16% Other [ 13 ] Sources: Public filings, Wall Street research and Management Note: Market data as of May 4, 2010 (1) Sources: Public filings and Management. “Other” geographic split includes other Global and Emerging Markets (2) Sources: Public filings and Management. Market data assumes exchange rate of GBP : USD of 0.66 as of May 4, 2010

PRELIMINARY & CONFIDENTIAL NPV Analysis of Synergies The NPV analysis assumes $47 to $54 million of annual cost synergies in low case to high case with the following items of key cost savings — Non-investment management personnel, facilities & occupancy, insurance, IT, legal, and marketing This analysis also assumes potential annual pre-tax income from gross revenue synergies of up to $40 million — Assumes Earnings Before Taxes margin of 26%⁽¹⁾ and 20.3% tax rate⁽²⁾ NPV of Cost Synergies ($mm) NPV of Cost Synergies per Share ($) TV Multiple — 2014E P/E TV Multiple — 2014E P/E 10.0x 11.0x 12.0x 10.0x 11.0x 12.0x $47 $329 $354 $379 $47 $0.84 $0.90 $0.96 mm) $54 379 407 436 mm) $54 0.96 1.04 1.11 $ $ ( ( Pre-Tax Cost Synergies $60 424 456 488 Pre-Tax Cost Synergies $60 1.08 1.16 1.24 Annual $70 495 532 569 Annual $70 1.26 1.35 1.45 $80 566 608 651 $80 1.44 1.55 1.65 NPV of Post-Tax Net Revenue Synergies ($mm) NPV of Post-Tax Net Revenue Synergies per Share ($) TV Multiple — 2014E P/E TV Multiple — 2014E P/E 10.0x 11.0x 12.0x 10.0x 11.0x 12.0x Synergies $0 $0 $0 $0 Synergies $0 $0.00 $0.00 $0.00 Pre-Tax $10 81 86 92 Pre-Tax $10 0.21 0.22 0.23 from Gross mm) $20 158 168 179 from Gross mm) $20 0.40 0.43 0.46 Annual Revenue $ Annual Revenue $ Income ( Income ( $30 235 251 267 $30 0.60 0.64 0.68 $40 315 337 358 $40 0.80 0.86 0.91 [ 14 ] Note: Assuming 10.7% blended cost of equity (Melvin at 11.5% and George at 9.9%), implementation costs of 1.0x cost synergies in 2011E, 100% run-rate cost and revenue synergies in all years. (1) Source: Credit Suisse equity research (2) Source: Represents Melvin’s 2009 effective tax rate

PRELIMINARY & CONFIDENTIAL Economic Accretion / (Dilution) Analysis The analysis below assumes offer prices of $4.00, $4.50 and $5.00 per share, respectively, in cash for non-controlling shareholders and $3.40 in stock for controlling shareholders Note: Potential tax consequences of the contemplated transaction may impact the following analysis and are still under diligence $4.00 Non-Controlling / $3.40 Controlling $4.50 Non-Controlling / $3.40 Controlling $5.00 Non-Controlling / $3.40 Controlling Melvin FY Melvin FY Melvin FY Melvin FY Melvin FY Melvin FY 3/31/2011E 3/31/2012E 3/31/2011E 3/31/2012E 3/31/2011E 3/31/2012E Melvin Stand-Alone EPS⁽¹⁾ $0.31 $0.44 $0.31 $0.44 $0.31 $0.44 Melvin Stand-alone Basic Shares Outstanding 1,677.5 1,677.5 1,677.5 1,677.5 1,677.5 1,677.5 Melvin Net Income $521.7 $729.7 $521.7 $729.7 $521.7 $729.7 George Pro Forma Net Income⁽²⁾ $58.4 $94.0 $58.4 $94.0 $58.4 $94.0 Transaction Adjustments⁽³⁾ Synergies Revenue Synergies, Pre-Tax $100.0 $100.0 $100.0 $100.0 $100.0 $100.0% Margin 25.9% 28.7% 25.9% 28.7% 25.9% 28.7% Pre-Tax Revenue Synergy Margin $25.9 $28.7 $25.9 $28.7 $25.9 $28.7 Cost Synergies⁽⁴⁾ 50.0 50.0 50.0 50.0 50.0 50.0 Plus: Total Pre-Tax Synergies $75.9 $78.7 $75.9 $78.7 $75.9 $78.7 Less: Foregone Cash Interest Income @1.7%⁽⁵⁾ (15.0) (15.0) (16.9) (16.9) (18.6) (18.6) Total Pre-Tax Adjustments $60.9 $63.6 $59.0 $61.7 $57.4 $60.1 Taxes @20.3% ⁽⁶⁾ (12.4) (12.9) (12.0) (12.5) (11.6) (12.2) Change in Net Income $48.5 $50.7 $47.0 $49.2 $45.7 $47.9 Pro Forma Net Income $628.6 $874.5 $627.1 $873.0 $625.8 $871.6 Melvin Stand-alone Basic Shares Outstanding 1,677.5 1,677.5 1,677.5 1,677.5 1,677.5 1,677.5 Melvin Shares Issued in Transaction 159.6 159.6 159.6 159.6 159.6 159.6 Pro Forma Melvin Shares Outstanding 1,837.1 1,837.1 1,837.1 1,837.1 1,837.1 1,837.1 Melvin Pro Forma EPS⁽⁷⁾ $0.34 $0.48 $0.34 $0.48 $0.34 $0.47 Accretion / (Dilution) — $ $0.03 $0.04 $0.03 $0.04 $0.03 $0.04 Accretion / (Dilution) — % 10.0% 9.4% 9.8% 9.2% 9.5% 9.1% (1) Melvin Stand-Alone EPS per consensus estimates from Thomson as of May 4, 2010 (2) George Pro Forma Net Income has been adjusted to Melvin’s fiscal year end on March 31^st (3) Transaction adjustments do not incorporate the cost for the pro forma company to recognize the benefit of the synergies due to the one-time nature of the costs (4) Cost synergies assume the midpoint of the estimated pre-tax cost synergies resulting from the transaction [ 15 ] (5) Foregone cash interest income calculated based on 3-year Gilt yield as of May 4, 2010 (6) Tax rate based on Melvin’s 2009 effective tax rate (7) Accretion / dilution does not reflect potential purchase accounting adjustments that may materialize as a result of the transaction

PRELIMINARY & CONFIDENTIAL George Wall Street Analyst Commentary WALL STREET COMMENTARY “...we believe 2010 will be another transition year for George, as the company works its way back to its full earnings power. We view shares of George as fairly valued, trading at 14x our revised 2010 EPS estimate of $0.20.” “Given a 60%/40% mgmt fee/performance fee revenue split, we would put fair value for George closer to 14x than the 12x at which it currently trades on our 2010 EPS forecast.” “Overall, while we believe interest is broad based on the institutional, sovereign and endowment side, the company did indicate its traditional private clients are not showing much interest currently.” “...Exacerbating that pressure, we believe, is some optionality that George has preserved in the size of its investment professional footprint in order to have capacity to manage higher levels of alternatives AUM as inflows to that asset class improve. This comes, to some extent, at the February 18-19, 2010 cost of near term earnings, but ultimately allows for more leverage longer term — so long as that AUM growth pans out as the company is “Neutral” expecting.” “In our view, George has considerable earnings power as performance fees come back into the revenue stream in a more meaningful way, although this is shaping up to be more of a 2011 story barring exceptional absolute returns in 2010 in the portion of the AUM that is above high-water marks.” “While the underlying fundamentals are improving for hedge fund organic growth, expense headwinds continue to weigh on George’s EPS and drove us to estimate negative EPS again in 1Q10.” February 18, 2010 “Neutral” “...we also believe stock price volatility for the George stock will exceed most asset managers due to lower trading volume.” “We also slightly lowered our price target to $4.00 (from $4.25). Our price target is 20x our 2010 EPS estimate but 12.6x our 2011 EPS estimate discounted one year at 20%, and reflects fine tuning to our sum-of-the-parts valuation model to reflect our modestly lower EPS forecast.” “Maintain Outperform rating. We think George should have substantial earnings leverage to any improvement in revenue growth and February 19, 2010 performance fee generation, as the company works through high water marks and assuming positive performance trends can continue. The “Outperform” emergence of earnings power as 2010 progresses, coupled with strong organic growth, ultimately should drive stock price performance.” SUMMARY OF WALL STREET ESTIMATES Price Revenue EBITDA⁽¹⁾ EPS Firm Research Analyst Date Recommendation Target 2010E 2011E 2010E 2011E 2010E 2011E Credit Suisse Roger Freeman 4/14/10 Neutral $4.00 $430 $548 $86 $154 $0.14 $0.28 Barclays Craig Siegenthaler 4/21/10 Neutral 3.00 411 555 95 152 0.20 0.30 KBW Robert Lee 4/19/10 Outperform 4.00 NA NA NA NA 0.20 0.38 Consensus $3.67 $421 $552 $91 $153 $0.18 $0.32 [ 16 ] Source: Wall Street Research (1) Figures represent projected operating income used as proxy cash flow

PRELIMINARY & CONFIDENTIAL III. Valuation Framework

PRELIMINARY & CONFIDENTIAL George Shares Traded Analysis 353,751,851 shares of George common stock have traded in the trailing twelve month period — 1.4x the number of common shares outstanding Approximately 3% of shares traded over the LTM period traded above $4.30 - Implies 4.2% of current basic shares outstanding TRAILING TWELVE MONTHS TOTAL SHARES TRADED 25.0% 19.3% 20.0% 14.5% 14.2% 14.6% 15.0% 13.9% 10.0% 7.7% 7.0% 5.3% 5.0% 3.0% 0.6% 0.0% $2.39 — $2.61 - $2.82 — $3.03 — $3.25 — $3.46 — $3.67 — $3.89 — $4.10 — $4.31 -$2.60 $2.81 $3.02 $3.24 $3.45 $3.66 $3.88 $4.09 $4.30 $4.61 [ 18 ] Source: Capital IQ

PRELIMINARY & CONFIDENTIAL Valuation Methodology Overview Methodology Key Metrics Comments Comparable public trading multiples establish Several directly comparable publicly traded Comparable Public baseline valuation parameters companies Trading MultiplesTEV / EBITDA and P/E are relevant metrics based Public multiples may not capture the ‘full value’ of on 2010E and 2011E EBITDA and EPS George due to current market conditions Unique market dynamics at the time of each Few recent transactions in the asset management Precedent transaction may limit relevance sector Transaction Multiples EV / EBITDA is the most relevant metric Current dynamics in the economic, financing and M&A environment limit relevance Strategic accretion/dilution Accretion/dilution measures strategics ability to payChanges in pro forma leverage profile may cause Ability to Pay strategics to be rerated by ratings agencies Analysis Evaluates the management’s projected operating Viewed as inappropriate for industry segment due to results and discounts its future cash flows to present highly variable nature of AUM, compensation and Traditional value using an appropriate discount rate performance Discounted Cash Flow Analysis [ 19 ]

PRELIMINARY & CONFIDENTIAL Analysis at Various George Purchase Prices Current ($mm, except per share data) 5/4/10 Offer Illustrative Transactions Per Share Purchase Price — Non-Controlling Holders $3.22 $3.75 $4.00 $4.25 $4.50 $4.61 $4.75 $5.00 Per Share Purchase Price — Controlling Holders 3.22 3.40 3.40 3.40 3.40 3.40 3.40 3.40 Per Share Purchase Price — Wtd. Avg. Overall 3.22 3.60 3.74 3.88 4.03 4.09 4.17 4.31 Non-Controlling Shares⁽¹⁾ 152.1 152.1 152.1 152.1 152.1 152.1 152.1 152.1 Controlling Shares⁽¹⁾ 167.5 167.5 167.5 167.5 167.5 167.5 167.5 167.5 Equity Purchase Price — Non-Controlling Holders (Cash) 489.7 570.3 608.3 646.3 684.3 701.1 722.4 760.4 Equity Purchase Price — Controlling Holders (Melvin Stock) 539.3 569.5 569.5 569.5 569.5 569.5 569.5 569.5 Consideration for Convertible Debt (Cash) 237.3 258.8 271.6 288.6 305.6 313.0 322.6 325.8 Implied Equity Value $1,266.3 $1,398.6 $1,449.4 $1,504.4 $1,559.4 $1,583.6 $1,614.4 $1,655.6 Plus: Debt $305.2 $305.2 $305.2 $305.2 $305.2 $305.2 $305.2 $305.2 Less: Cash (263.8) (263.8) (263.8) (263.8) (263.8) (263.8) (263.8) (263.8) Total Enterprise Value $1,307.7 $1,439.9 $1,490.8 $1,545.8 $1,600.8 $1,625.0 $1,655.8 $1,697.0 PREMIUM TO: METRIC Non-Controlling Holders: Current $3.22 0.0% 16.5% 24.2% 32.0% 39.8% 43.2% 47.5% 55.3% Prior to Transaction Leak (3/25/10) $2.78 15.8% 34.9% 43.9% 52.9% 61.9% 65.8% 70.9% 79.9% 1 Month Average $3.26 (1.2%) 15.1% 22.8% 30.4% 38.1% 41.5% 45.8% 53.5% 6 Month Average $3.02 6.5% 24.1% 32.4% 40.6% 48.9% 52.5% 57.2% 65.4% 1 Year Average $3.41 (5.5%) 10.1% 17.4% 24.8% 32.1% 35.3% 39.4% 46.8% 52-Week High (08/10/09) $4.61 (30.2%) (18.7%) (13.2%) (7.8%) (2.4%) 0.0% 3.0% 8.5% 52-Week Low (11/02/09) $2.51 28.3% 49.4% 59.4% 69.3% 79.3% 83.7% 89.2% 99.2% Controlling Holders⁽²⁾: Current $3.22 0.0% 5.6% 5.6% 5.6% 5.6% 5.6% 5.6% 5.6% Prior to Transaction Leak (3/25/10) $2.78 15.8% 22.3% 22.3% 22.3% 22.3% 22.3% 22.3% 22.3% 1 Month Average $3.26 (1.2%) 4.4% 4.4% 4.4% 4.4% 4.4% 4.4% 4.4% 6 Month Average $3.02 6.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 12.5% 1 Year Average $3.41 (5.5%) (0.2%) (0.2%) (0.2%) (0.2%) (0.2%) (0.2%) (0.2%) 52-Week High (08/10/09) $4.61 (30.2%) (26.2%) (26.2%) (26.2%) (26.2%) (26.2%) (26.2%) (26.2%) 52-Week Low (11/02/09) $2.51 28.3% 35.5% 35.5% 35.5% 35.5% 35.5% 35.5% 35.5% VALUATION SUMMARY: TEV/2010E EBITDA⁽³⁾ $85.8 15.2x 16.8x 17.4x 18.0x 18.7x 18.9x 19.3x 19.8x TEV/2011E EBITDA⁽³⁾ $153.9 8.5x 9.4x 9.7x 10.0x 10.4x 10.6x 10.8x 11.0x Price/2010E EPS⁽⁴⁾ $0.14 23.0x 25.7x 26.7x 27.7x 28.8x 29.2x 29.8x 30.8x Price/2011E EPS⁽⁴⁾ $0.28 11.5x 12.9x 13.4x 13.9x 14.4x 14.6x 14.9x 15.4x [ 20 ] (1) Non-Controlling and Controlling Shares do not include shares underlying the Convertible Notes (2) Assumes no change in Melvin’s share price (3) George’s 2010E and 2011E EBITDA are equal to operating income per Credit Suisse research. Operating income is used as a proxy for EBITDA (4) George’s 2010E and 2011E EPS per Credit Suisse research

PRELIMINARY & CONFIDENTIAL Summary Valuation ($ in millions, ex. per share) Valuation Methodology Total Enterprise Value Assumptions Basic Shares / 52 Week Low/High Value $938 $1,486 $2.51 — $4.61 per share No Transaction 25% — 35% Premia Paid $1,570 $1,673 Premium to Current Share Price Comparable Companies Analysis — 2010E EBITDA Multiple $772 $1,029 9.0x — 12.0x 2010E EBITDA Comparable Companies Analysis — 2011E EBITDA Multiple $1,232 $1,539 8.0x — 10.0x 2011E EBITDA $687 $1,003 12.0x — 18.0x Comparable Companies Analysis — 2010E P/E Fully Diluted / 2010E EBITDA With Transaction $913 $1,473 9.0x — 15.0x Comparable Companies Analysis — 2011E P/E 2011E EPS Precedent Transactions — EBITDA Multiple (1) $686 $943 8.0x — 11.0x 2010E EPS Precedent Transactions — Implied Value / AUM $1,109 $1,552 5% — 7% of AUM $250 $500 $750 $1,000 $1,250 $1,500 $1,750 $2,000 Current TEV ⁽²⁾: $1,123 Hypothetical TEV Implied by $4.50 weighted average offer Current Price (5/4/10): $3.22 price : $1,771 [ 21 ] (1) Precedent transaction analysis resulted in a data set of three transactions (2) Assumes existing capital structure as of December 31, 2009 and basic common shares outstanding (excluding shares underlying Convertible Subordinated Notes) of 261 million shares (3) Current offer assumes that non-controlling shareholders receive $3.75 per share and controlling shareholders receive $3.40 per share. The shares underlying the Convertible Subordinated Notes are assumed to receive the same consideration as the non-controlling shareholders

PRELIMINARY & CONFIDENTIAL U.S. Publicly Traded Comparables Price as of % of 52 Week Market EV / EBITDA EV / Revenue P/E Debt / EV / Effective (US$ in millions, except per share) 5/4/2010 High Low Cap EV AUM CY 2010E CY 2011E CY 2010E CY 2010E CY 2011E Market Cap AUM Tax Rate Traditional BlackRock $177.68 72.9% 132.1% $33,757 $34,750 $3,364,000 10.0x 9.1x 4.1x 17.0x 14.8x 16.8% 1.0% 31.2% Franklin Resources 113.33 93.0% 191.9% 25,864 21,297 586,800 9.1x 7.6x 3.5x 16.7x 14.4x 1.2% 3.6% 28.6% T. Rowe Price 57.31 96.4% 158.8% 14,875 14,111 419,000 12.0x 10.2x 5.8x 22.0x 18.5x 0.0% 3.4% 37.3% Invesco 22.51 93.5% 164.2% 9,717 10,198 417,600 12.0x 9.2x 3.1x 18.1x 14.0x 7.7% 2.4% 27.0% AllianceBernstein 31.13 88.9% 187.4% 8,567 8,140 484,000 11.9x 11.2x 2.7x 14.3x 12.6x 2.4% 1.7% 6.9% Legg Mason 30.84 91.5% 181.0% 4,982 6,583 681,600 13.1x 11.0x 2.4x 21.0x 18.0x 60.0% 1.0% 70.9% Eaton Vance 34.24 94.9% 148.7% 4,056 4,204 173,100 10.0x NA 3.6x 19.4x NA 12.3% 2.4% 34.6% Affiliated Managers Group 83.76 95.2% 164.2% 3,548 5,070 260,000 12.5x 10.0x 3.9x 13.4x 11.2x 32.1% 1.9% 10.2% Waddell & Reed Financial 36.03 91.8% 166.7% 3,114 2,991 74,232 10.6x 8.7x 2.7x 18.9x 15.2x 6.3% 4.0% 34.9% Federated Investors 24.00 84.8% 111.1% 2,478 2,631 349,867 8.0x 7.3x 2.7x 14.0x 12.3x 8.6% 0.8% 36.6% Janus Capital Group 13.49 84.0% 157.8% 2,478 2,985 165,500 8.8x 7.4x 2.8x 17.2x 13.8x 32.0% 1.8% 34.1% Artio Global Investors 22.68 80.7% 103.3% 1,361 1,349 56,400 6.3x 5.5x 3.8x 11.7x 10.8x 4.4% 2.4% NM GAMCO Investors 45.40 82.2% 116.5% 1,250 965 28,000 8.7x 7.7x 3.5x 19.2x 16.9x 16.3% 3.4% 36.1% Cohen & Steers 26.73 91.5% 204.8% 1,138 914 27,200 13.7x 10.9x 4.7x 26.7x 21.0x 0.0% 3.4% 32.1% Pzena Investment Management 7.08 75.5% 143.3% 455 465 15,400 10.2x 8.3x 5.5x 18.6x 14.0x 3.2% 3.0% NM High 96.4% 204.8% 13.7x 11.2x 5.8x 26.7x 21.0x 60.0% 4.0% 70.9% Median 91.5% 158.8% 10.2x 8.9x 3.5x 18.1x 14.2x 7.7% 2.4% 34.1% Mean 87.8% 155.5% 10.5x 8.9x 3.7x 17.9x 14.8x 13.6% 2.4% 32.4% Low 72.9% 103.3% 6.3x 5.5x 2.4x 11.7x 10.8x 0.0% 0.8% 6.9% Alternative The Blackstone Group $13.88 80.6% 162.5% $15,250 $14,955 $98,100 13.1x 10.3x 5.2x 12.0x 9.4x 4.3% 15.2% NM Och-Ziff Capital 17.44 94.3% 231.9% 6,280 7,423 25,300 10.9x 9.0x 7.5x 13.1x 11.0x 10.4% 29.3% NM Fortress Investment Group 5.00 60.2% 191.6% 2,268 2,807 31,800 12.0x 10.7x 4.7x 11.9x 8.2x 17.5% 8.8% 0.5% High 94.3% 231.9% 13.1x 10.7x 7.5x 13.1x 11.0x 17.5% 29.3% 0.5% Median 80.6% 191.6% 12.0x 10.3x 5.2x 12.0x 9.4x 10.4% 15.2% 0.5% Mean 78.4% 195.3% 12.0x 10.0x 5.8x 12.3x 9.5x 10.7% 17.8% 0.5% Low 60.2% 162.5% 10.9x 9.0x 4.7x 11.9x 8.2x 4.3% 8.8% 0.5% Illustrative George (Undiluted) Current Price $3.22 69.8% 128.3% $839 $1,123 $22,175 13.1x 7.3x 2.6x 17.9x 9.7x 63.6% 5.1% 0.6% $0.53 Premium 3.75 81.3% 149.4% 977 1,262 22,175 14.7x 8.2x 2.9x 20.8x 11.3x 54.6% 5.7% 0.6% $1.28 Premium 4.50 97.6% 179.3% 1,173 1,457 22,175 17.0x 9.5x 3.4x 25.0x 13.5x 45.5% 6.6% 0.6% $1.78 Premium 5.00 108.5% 199.2% 1,303 1,587 22,175 18.5x 10.3x 3.7x 27.8x 15.0x 40.9% 7.2% 0.6% [ 22 ] Sources: Public filings and Capital IQ

PRELIMINARY & CONFIDENTIAL European Publicly Traded Comparables Price as of % of 52 Week Market EV / EBITDA EV / Revenue P/E Debt / EV / Effective (US$ in millions, except per share) 5/4/2010 High Low Cap EV AUM CY 2010E CY 2011E CY 2010E CY 2010E CY 2011E Market Cap AUM Tax Rate Traditional Schroders $20.51 93.6% 177.6% $5,723 $1,551 $239,722 3.3x 2.7x 1.0x 16.8x 13.7x 2.1% 0.6% 30.4% Aberdeen 2.17 92.2% 129.2% 2,396 2,919 220,057 16.2x 10.0x 4.3x 18.8x 12.7x 16.1% 1.3% 36.0% Henderson 2.21 92.6% 190.5% 1,823 1,855 93,853 11.4x 9.8x 3.6x 14.9x 12.9x 15.1% 2.0% 6.5% Gartmore 2.37 68.2% 161.8% 729 855 35,861 5.9x 5.7x 2.0x 8.2x 6.7x 53.4% 2.4% NM F&C 0.98 68.9% 121.1% 481 628 149,663 5.7x 5.2x 1.7x 9.3x 7.7x 82.9% 0.4% NM Liontrust 1.51 73.3% 110.2% 45 21 1,836 3.8x 10.9x 0.7x 13.7x 38.7x 0.0% 1.2% 36.2% High 93.6% 190.5% 16.2x 10.9x 4.3x 18.8x 38.7x 82.9% 2.4% 36.2% Median 82.8% 145.5% 5.8x 7.8x 1.9x 14.3x 12.8x 15.6% 1.2% 33.2% Mean 81.5% 148.4% 7.7x 7.4x 2.2x 13.6x 15.4x 28.3% 1.3% 27.3% Low 68.2% 110.2% 3.3x 2.7x 0.7x 8.2x 6.7x 0.0% 0.4% 6.5% Alternative KKR $12.14 95.6% 370.1% $8,292 $9,521 $52,200 NA NA 15.8x 6.9x 6.3x 24.8% 18.2% 0.5% Melvin 3.57 63.2% 112.0% 5,987 3,642 39,100 4.5x 5.2x 2.3x 10.9x 12.1x 28.6% 9.3% 18.3% 3i Group 4.14 65.3% 126.5% 3,954 5,165 10,921 NA 9.5x NA NM 6.1x 94.6% 47.3% NM Partners Group 129.26 91.7% 149.5% 3,451 3,288 23,826 14.0x 11.8x 10.0x 14.9x 12.5x 0.0% 13.8% 5.6% Ashmore Group 4.04 85.8% 145.8% 2,886 2,428 29,945 9.1x 8.2x 6.4x 14.7x 13.4x 0.0% 8.1% 25.6% BlueBay 5.44 91.6% 202.0% 1,060 916 32,504 9.5x 7.2x 3.7x 15.2x 11.5x 0.0% 2.8% 22.3% Gottex 7.22 56.5% 136.7% 220 191 7,800 13.7x 7.1x 2.6x 17.8x 9.1x 0.0% 2.5% 4.9% Polar Capital 1.47 96.5% 187.5% 111 68 2,084 10.4x 8.0x 1.5x 20.4x 16.2x 0.0% 3.3% 27.9% Charlemagne 0.26 86.2% 181.6% 73 39 3,050 5.9x 1.5x 1.4x 11.3x 8.7x 0.0% 1.3% 6.4% High 96.5% 370.1% 14.0x 11.8x 15.8x 20.4x 16.2x 94.6% 47.3% 27.9% Median 86.2% 149.5% 9.5x 7.6x 3.2x 14.8x 11.5x 0.0% 8.1% 12.3% Mean 81.4% 179.1% 9.6x 7.3x 5.5x 14.0x 10.6x 16.4% 11.8% 13.9% Low 56.5% 112.0% 4.5x 1.5x 1.4x 6.9x 6.1x 0.0% 1.3% 0.5% Illustrative George (Undiluted) Current Price $3.22 69.8% 128.3% $839 $1,123 $22,175 13.1x 7.3x 2.0x 17.9x 9.7x 63.6% 5.1% 0.6% $0.53 Premium 3.75 81.3% 149.4% 977 1,262 22,175 14.7x 8.2x 2.3x 20.8x 11.3x 54.6% 5.7% 0.6% $1.28 Premium 4.50 97.6% 179.3% 1,173 1,457 22,175 17.0x 9.5x 2.7x 25.0x 13.5x 45.5% 6.6% 0.6% $1.78 Premium 5.00 108.5% 199.2% 1,303 1,587 22,175 18.5x 10.3x 3.0x 27.8x 15.0x 40.9% 7.2% 0.6% [ 23 ] Sources: Public filings and Capital IQ

PRELIMINARY & CONFIDENTIAL Precedent Transactions Alternative Asset Manager Precedent Transactions Target % Interest Deal Value Implied Implied Value/ Implied Value/ Date Target Acquirer AUM (US$m) Acquired (US$m) Value (US$m) Target AUM LTM EBITDA 3/30/2010 Rensburg Sheppards Investec 19,591 52.7% 346 656 3.3% NA 2/10/2010 Pantheon Ventures Inc. Affiliated Managers Group Inc. 22,000 85.0% 1,000 1,176 5.3% NA 2/1/2010 Artemis Investment Management Affiliated Managers Group Inc. 16,000 100.0% NA NA NA NA 1/8/2010 RBS Asset Mgmt Inv. Strategies fund of funds Aberdeen Asset Management 21,495 100.0% 135 135 0.6% 8.5x 9/30/2009 Columbia Management Group Ameriprise Financial 165,000 100.0% 1,000 1,000 0.6% NA 3/13/2008 Halcyon Asset Management LLC Alt. Asset Mgmt Acquisition Corp 11,500 100.0% 974 974 8.5% 10.8x 2/20/2008 Vision Investment Management Agnelli Family (IFIL Group) 1,330 40.0% 90 225 16.9% NA 2/10/2008 Capula Investment Management Goldman Sachs 3,000 20.0% 90 450 15.0% NA 1/31/2008 HedgeWorks, LLC Deutsche Bank 10,000 100.0% NA NA NA NA 1/10/2008 GSO Capital Partners, L.P. Blackstone Group L.P. 10,000 100.0% 930 930 9.3% NA 1/9/2008 Silver Lake CalPERS Alternative Investment 16,000 9.9% 275 2,778 17.4% NA 1/8/2008 Asset Alliance Tailwind Financial 3,500 100.0% 80 80 2.3% 8.1x 1/7/2008 Lincoln Vale ING Investment Management 13,000 NA NA NA NA NA 12/31/2007 Alpha Equity Management LLC Trusco Capital Management 200 NA NA NA NA NA 12/18/2007 Deerfield & Company Deerfield Triac Capital Corp. 15,400 100.0% 181 181 1.2% NA 12/11/2007 BlueMountain Capital Management Affiliated Managers Group 4,800 Minority NA NA NA NA 12/10/2007 MetalMark Capital Partners Citigroup 1,200 100.0% NA NA NA NA 11/26/2007 Key Asset Management Skandinaviska Enskilda Banken AB 3,000 100.0% NA NA NA NA 11/19/2007 R6 Capital Management Eton Park Capital Management 300 100.0% NA NA NA NA 11/14/2007 Traxis Partners Morgan Stanley Private Equity 1,500 20.0% NA NA NA NA 11/8/2007 ValueAct Capital Affiliated Managers Group 6,000 Minority NA NA NA NA High $165,000 $1,000 $2,778 17.4% 10.8x Median $10,000 $275 $656 5.3% 8.5x Mean $16,420 $464 $781 7.3% 9.1x Low $200 $80 $80 0.6% 8.1x [ 24 ] Source: Public filings and press releases

PRELIMINARY & CONFIDENTIAL Premiums Paid Analysis Over the Last 6 Months SELECTED PURCHASE PRICE PREMIUMS OVER STOCK PRICE⁽¹⁾ SELECTED TRANSACTIONS Stock Price Premium Taget Acquiror 1-Day 5-Day 20-Day HealthTronics Inc. Endo Pharmaceuticals Holdings Inc. 24.6% 45.2% 31.8% Interactive Data Corporation Warburg Pincus LLC; Silver Lake Partners 17.3% 2.1% 4.9% 40.0% SenoRx, Inc. CR Bard Inc. 18.1% 13.2% 42.3% 37.9% Continental Airlines, Inc. UAL Corporation 44.9% 3.0% 3.1% ATS Medical Inc. Medtronic, Inc. 37.2% 54.4% 50.9% American Homepatient Inc. Highland Capital Management, L.P. 16.8% 123.3% 235.0% 35.0% Protection One Inc. GTCR Golder Rauner, LLC — 23.9% 40.1% Burntsand Inc. Open Text Corp. 12.4% 150.0% 130.8% Cienega Creek Holdings, Inc. China Sheng Yong Bio-pharmaceutical 49.4% (38.4%) (20.2%) Dollar Thrifty Automotive Group Inc. Hertz Global Holdings, Inc. 1.8% (1.5%) 0.6% 30.0% Thomas Weisel Partners Group, Inc. Stifel Financial Corp. 22.4% 81.0% 95.0% ToyZap.com, Inc. — 28.3% (19.3%) (19.3%) 27.1% 26.1% Enerchem International Inc. - - 13.4% 44.7% 43.2% CPEX Pharmaceuticals, Inc. Arcadia Capital Advisors, LLC 12.7% 3.3% 3.1% 25.0% Qwest Communications International Inc. CenturyTel, Inc. 7.6% 12.7% 17.5% CyberSource Corporation Visa, Inc. 30.1% 36.7% 41.3% Gryphon Resources, Inc — 60.1% (98.0%) (99.0%) Cornell Companies Inc. Geo Group Inc. 74.4% 37.8% 30.5% Union National Financial Corporation Donegal Financial Services Corporation 58.1% 66.2% 143.6% 20.0% Bella Viaggio, Inc. — 45.7% (46.1%) (46.1%) Mariner Energy, Inc. Apache Corp. 34.8% 54.6% 68.1% Phase Forward Inc. Oracle Corp. 13.6% 26.4% 35.6% Gold Summit Corp. Crown Minerals Inc. — 104.6% 143.6% 15.0% Dialysis Corp. of America U.S. Renal Care, Inc. 27.7% 72.0% 69.7% Mirant Corporation RRI Energy, Inc. 40.6% 4.6% (12.2%) DynCorp International Inc. Cerberus Capital Management, L.P. 15.0% 50.3% 59.7% Boots & Coots, Inc. Halliburton Company 222.2% 25.0% 42.9% 10.0% Javelin Pharmaceuticals, Inc. Hospira Inc. 46.0% 71.9% 52.8% World Point Terminals Inc. — 108.9% 26.2% 25.0% Crowflight Minerals Inc. Jinchuan Group Ltd. 82.9% 47.4% 47.4% Symyx Technologies Inc. Accelrys Inc. (4.3%) 13.0% 12.5% 5.0% iDcentrix, Inc. — 40.0% (59.1%) 15.2% Arena Resources Inc. SandRidge Energy, Inc. 20.3% 26.0% 22.3% National Dentex Corp. GeoDigm Corporation 2360.5% 74.0% 108.9% CKE Restaurants Inc. Apollo Management, L.P. 48.2% 14.4% 11.7% 0.0% North American Galvanizing & Coatings Inc. AZZ incorporated 25.0% 33.5% 47.6% BWAY Holding Company Madison Dearborn Partners, LLC (56.1%) 18.3% 32.7% 1-Day 5-Day 20-Day Bell Microproducts Inc. Avnet Inc. (21.7%) 32.3% 54.2% Cagim Real Estate Corp. BTB Real Estate Investment Trust (52.4%) 16.7% 75.0% FNX Mining Company, Inc. Quadra Mining Ltd. 26.4% 2.1% 20.0% [ 25 ] Sources: Capital IQ 1. All public US controlled acquisitions

PRELIMINARY & CONFIDENTIAL IV. Next Steps and Key Process Considerations

PRELIMINARY & CONFIDENTIAL Timing Considerations & Next Steps If the Special Committee decides to continue exploring a potential transaction with Melvin, there are a number of key issues to consider in order to maximize shareholder value Clearly communicating George’s expectations to Melvin will be critical — George is not “for sale” Communicating the significant opportunity for a combined George and Melvin to grow business is key to any discussion of transaction value — The market has demonstrated tremendous demand for George’s products — Melvin’s distribution expertise and infrastructure present opportunities to strengthen the combined businesses Preparing a clear roadmap around the process is critical — Process will be controlled by and will proceed under the direction of the Special Committee — Stock Purchase Agreement to be negotiated by the Special Committee with Moelis’ and Counsel’s assistance and drafted in parallel with the due diligence — Price to be negotiated by the Special Committee with Moelis’ assistance — When the transaction is fully negotiated, Moelis to analyze the offer and, if requested and appropriate, to provide fairness opinion to the Special Committee — Special Committee may reject the offer or recommend the offer to the Board. If the Special Committee rejects the offer, the transaction shall not be approved by the Board - - If the Special Committee recommends the transaction to the Board, the Board may approve the transaction and take the necessary steps to consummate the transaction Any chosen process should preserve flexibility to the Special Committee to evaluate and make appropriate decisions throughout the process [ 27 ]

PRELIMINARY & CONFIDENTIAL Appendix A — Synergy Analysis Detail

PRELIMINARY & CONFIDENTIAL Preliminary G&A and Personnel Cost Synergy Estimates Cost Synergies Analysis — G&A (Pre-tax) Base Case High Case Low Case COMMENTARY Amount Synergy Synergy Synergy Expense Type ($m) Factor (%) $m Factor (%) $m Factor (%) $m Audit & Taxation 4.5 50% 2.2 55% 2.5 45% 2.0 Bank Charges 0.3 0% 0.0 0% 0.0 0% 0.0 Significant estimated savings in the following line items: Business Development 2.1 50% 1.0 55% 1.2 45% 0.9 Communications 2.6 25% 0.7 30% 0.8 20% 0.5 Depreciation 3.9 25% 1.0 30% 1.2 20% 0.8 Facilities & Occupancy 17.2 20% 3.4 25% 4.3 15% 2.6 — Facilities & Occupancy FX Loss (Added where Negative) (2.2) 0% 0.0 0% 0.0 0% 0.0 Human Resources 0.7 0% 0.0 0% 0.0 0% 0.0 Insurance 7.1 50% 3.5 55% 3.9 45% 3.2 — Insurance Irrecoverable VAT (0.3) 0% 0.0 0% 0.0 0% 0.0 IT 8.0 30% 2.4 35% 2.8 25% 2.0 Legal 6.7 50% 3.4 55% 3.7 45% 3.0 — IT Market Data 10.2 10% 1.0 15% 1.5 5% 0.5 Other 1.5 25% 0.4 30% 0.4 20% 0.3 Legal & Professional Fees — Non Recurring 2.8 50% 1.4 55% 1.5 45% 1.2 — Legal Research & Subscriptions 0.5 0% 0.0 0% 0.0 0% 0.0 Stationery Postage & Printing 0.9 0% 0.0 0% 0.0 0% 0.0 Temporary Staff 14.0 30% 4.2 35% 4.9 25% 3.5 — Temporary Staff Trading Errors 0.5 0% 0.0 0% 0.0 0% 0.0 Transaction Costs 0.0 0% 0.0 0% 0.0 0% 0.0 Travel and Related Expenditure 10.1 30% 3.0 35% 3.5 25% 2.5 — Marketing Fund Administration Costs 3.3 0% 0.0 0% 0.0 0% 0.0 Withholding Tax 0.0 0% 0.0 0% 0.0 0% 0.0 Total G&A 94.2 29% 27.6 34% 32.2 25% 23.1 — $4.0bn of additional AUM at 2.5% fees Cost Synergies Analysis - - Personnel Expenses (Pre-tax) Base Case High Case Low Case Base Case G&A and Personnel total cost synergies estimated to Amount Synergy Synergy Synergy be $47 million Expense Type ($m) Factor (%) $m Factor (%) $m Factor (%) $m Converts/Market Neutral 15.8 0% 0.0 0% 0.0 0% 0.0 DG Business 1.5 0% 0.0 0% 0.0 0% 0.0 Emerging Markets 18.3 0% 0.0 0% 0.0 0% 0.0 Europe 66.0 0% 0.0 0% 0.0 0% 0.0 Fund of Funds 1.8 70% 1.3 75% 1.4 65% 1.2 Japan Equity 9.3 0% 0.0 0% 0.0 0% 0.0 Macro, Fixed Income & Special Situations 8.6 0% 0.0 0% 0.0 0% 0.0 NA Opp 13.3 0% 0.0 0% 0.0 0% 0.0 Marketing 19.4 30% 5.8 35% 6.8 25% 4.9 Administration 0.7 0% 0.0 0% 0.0 0% 0.0 Business Management 4.1 40% 1.6 45% 1.8 35% 1.4 Client Administration 1.1 40% 0.5 45% 0.5 35% 0.4 Compliance 2.6 40% 1.0 45% 1.2 35% 0.9 Equity Finance 1.7 0% 0.0 0% 0.0 0% 0.0 Finance 4.8 50% 2.4 55% 2.6 45% 2.2 HR & Facilities 0.4 70% 0.3 75% 0.3 65% 0.3 IT 3.5 30% 1.0 35% 1.2 25% 0.9 Legal 6.8 50% 3.4 55% 3.7 45% 3.1 Operations & Middle Office 5.2 30% 1.6 35% 1.8 25% 1.3 Risk Management 1.5 0% 0.0 0% 0.0 0% 0.0 Total Personnel Expenses 186.5 10% 18.9 11% 21.4 9% 16.4 Total Expenses 280.7 17% 46.6 19% 53.6 14% 39.5 [ 29 ] Source: Management

PRELIMINARY & CONFIDENTIAL Preliminary Revenue Synergy Estimates An additional $4 billion of assets under management at a 2.50% blended fee would generate $100 million of incremental revenue per annum which translates to $26 million of pre-tax income — At an assumed 26% operating income margin⁽¹⁾ and 20% tax rate⁽²⁾, the incremental $100 million of revenue synergies contribute $21 million to net income which increases FY2011 and FY2012 net income by 35%and 22%, respectively Annual Gross Revenue Synergies ($m) Blended Fee (%) ###### 1.00% 1.25% 1.50% 1.75% 2.00% 2.25% 2.50% 2.75% 3.00% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50% 4.75% 5.00% bn) $1.0 $10 $13 $15 $18 $20 $23 $25 $28 $30 $33 $35 $38 $40 $43 $45 $48 $50 $ AUM ( $2.0 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 $3.0 30 38 45 53 60 68 75 83 90 98 105 113 120 128 135 143 150 Additional $4.0 40 50 60 70 80 90 100 110 120 130 140 150 160 170 180 190 200 $5.0 50 63 75 88 100 113 125 138 150 163 175 188 200 213 225 238 250 Annual Pre-Tax Income from Gross Revenue Synergies ($m) Blended Fee (%) $26 1.00% 1.25% 1.50% 1.75% 2.00% 2.25% 2.50% 2.75% 3.00% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50% 4.75% 5.00% bn) $1.0 $3 $3 $4 $5 $5 $6 $6 $7 $8 $8 $9 $10 $10 $11 $12 $12 $13 $ AUM ( $2.0 5 6 8 9 10 12 13 14 16 17 18 19 21 22 23 25 26 $3.0 8 10 12 14 16 18 19 21 23 25 27 29 31 33 35 37 39 Additional $4.0 10 13 16 18 21 23 26 29 31 34 36 39 42 44 47 49 52 $5.0 13 16 19 23 26 29 32 36 39 42 45 49 52 55 58 62 65 [ 30 ] Source: Management (1) Source: Credit Suisse equity research (2) Source: Represents Melvin 2009 effective tax rate

PRELIMINARY & CONFIDENTIAL Appendix B — Economic Accretion / Dilution Sensitivity Analysis

PRELIMINARY & CONFIDENTIAL Economic Accretion / (Dilution) Analysis — $4.50 cash per share The analysis below illustrates Melvin EPS acc./(dil.) assuming a range of interest rates on foregone cash income and per share offer prices for controlling shareholdersAssumes non-controlling shareholders receive $4.50 in cash100% of estimated synergies are recognized in FYE 3/31/2011 and FYE 3/31/2012Note: Potential tax consequences of the contemplated transaction may impact the following analysis and are still under diligence FY 2011 — $13MM Pre-Tax Revenue Synergies⁽¹⁾ / $50MM Cost Synergies FY 2012 — $14MM Pre-Tax Revenue Synergies⁽¹⁾ / $50MM Cost Synergies Offer Price to Offer Price to Controlling Assumed Foregone Interest Income on Cash Controlling Assumed Foregone Interest Income on Cash Shareholders 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% Shareholders 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% $3.40 9.6% 8.9% 8.2% 7.6% 6.9% 6.2% $3.40 9.0% 8.5% 8.0% 7.5% 7.0% 6.5% $3.50 9.3% 8.7% 8.0% 7.3% 6.6% 5.9% $3.50 8.7% 8.2% 7.7% 7.2% 6.8% 6.3% $3.75 8.7% 8.0% 7.3% 6.6% 5.9% 5.2% $3.75 8.0% 7.5% 7.1% 6.6% 6.1% 5.6% $4.00 8.0% 7.3% 6.6% 5.9% 5.3% 4.6% $4.00 7.4% 6.9% 6.4% 5.9% 5.4% 4.9% $4.25 7.3% 6.6% 5.9% 5.3% 4.6% 3.9% $4.25 6.7% 6.2% 5.7% 5.2% 4.8% 4.3% $4.50 6.6% 6.0% 5.3% 4.6% 3.9% 3.3% $4.50 6.0% 5.5% 5.1% 4.6% 4.1% 3.6% FY 2011 — $26MM Pre-Tax Revenue Synergies⁽²⁾ / $50MM Cost Synergies FY 2012 — $29MM Pre-Tax Revenue Synergies⁽²⁾ / $50MM Cost Synergies Offer Price to Offer Price to Controlling Assumed Foregone Interest Income on Cash Controlling Assumed Foregone Interest Income on Cash Shareholders 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% Shareholders 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% $3.40 11.4% 10.7% 10.1% 9.4% 8.7% 8.0% $3.40 10.4% 9.9% 9.4% 9.0% 8.5% 8.0% $ 3.50 11.2% 10.5% 9.8% 9.1% 8.4% 7.7% $3.50 10.2% 9.7% 9.2% 8.7% 8.2% 7.7% $3.75 10.4% 9.8% 9.1% 8.4% 7.7% 7.0% $3.75 9.5% 9.0% 8.5% 8.0% 7.5% 7.0% $4.00 9.8% 9.1% 8.4% 7.7% 7.0% 6.4% $4.00 8.8% 8.3% 7.8% 7.3% 6.8% 6.3% $4.25 9.1% 8.4% 7.7% 7.0% 6.4% 5.7% $4.25 8.1% 7.6% 7.1% 6.6% 6.2% 5.7% $4.50 8.4% 7.7% 7.0% 6.4% 5.7% 5.0% $4.50 7.4% 6.9% 6.5% 6.0% 5.5% 5.0% [ 32 ] (1) Assumes $50 million of gross revenue synergies, which results in $13 million and $14 million of pre-tax revenue synergies after applying 2011E and 2012E EBT margins of 25.9% and 28.7%, respectively (2) Assumes $100 million of gross revenue synergies, which results in $26 million and $29 million of pre-tax revenue synergies after applying 2011E and 2012E EBT margins of 25.9% and 28.7%, respectively

PRELIMINARY & CONFIDENTIAL Economic Accretion / (Dilution) Analysis — $5.00 cash per share The analysis below illustrates Melvin EPS acc./(dil.) assuming a range of interest rates on foregone cash income and per share offer prices for controlling shareholdersAssumes non-controlling shareholders receive $5.00 in cash100% of estimated synergies are recognized in FYE 3/31/2011 and FYE 3/31/2012Note: Potential tax consequences of the contemplated transaction may impact the following analysis and are still under diligence FY 2011 — $13MM Pre-Tax Revenue Synergies⁽¹⁾ / $50MM Cost Synergies FY 2012 — $14MM Pre-Tax Revenue Synergies⁽¹⁾ / $50MM Cost Synergies Offer Price to Offer Price to Controlling Assumed Foregone Interest Income on Cash Controlling Assumed Foregone Interest Income on Cash Shareholders 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% Shareholders 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% $3.40 9.6% 8.8% 8.0% 7.3% 6.5% 5.8% $3.40 9.0% 8.4% 7.9% 7.3% 6.8% 6.2% $3.50 9.3% 8.5% 7.8% 7.0% 6.3% 5.5% $3.50 8.7% 8.1% 7.6% 7.1% 6.5% 6.0% $3.75 8.6% 7.8% 7.1% 6.3% 5.6% 4.8% $3.75 8.0% 7.5% 6.9% 6.4% 5.8% 5.3% $4.00 7.9% 7.2% 6.4% 5.7% 4.9% 4.2% $4.00 7.3% 6.8% 6.2% 5.7% 5.2% 4.6% $4.25 7.2% 6.5% 5.7% 5.0% 4.3% 3.5% $4.25 6.6% 6.1% 5.6% 5.0% 4.5% 4.0% $4.50 6.6% 5.8% 5.1% 4.4% 3.6% 2.9% $4.50 6.0% 5.5% 4.9% 4.4% 3.9% 3.3% FY 2011 — $26MM Pre-Tax Revenue Synergies⁽²⁾ / $50MM Cost Synergies FY 2012 — $29MM Pre-Tax Revenue Synergies⁽²⁾ / $50MM Cost Synergies Offer Price to Offer Price to Controlling Assumed Foregone Interest Income on Cash Controlling Assumed Foregone Interest Income on Cash Shareholders 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% Shareholders 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% $3.40 11.4% 10.6% 9.9% 9.1% 8.3% 7.6% $3.40 10.4% 9.8% 9.3% 8.8% 8.2% 7.7% $ 3.50 11.1% 10.3% 9.6% 8.8% 8.1% 7.3% $3.50 10.1% 9.6% 9.0% 8.5% 7.9% 7.4% $3.75 10.4% 9.6% 8.9% 8.1% 7.4% 6.6% $3.75 9.4% 8.9% 8.3% 7.8% 7.3% 6.7% $4.00 9.7% 8.9% 8.2% 7.4% 6.7% 6.0% $4.00 8.7% 8.2% 7.7% 7.1% 6.6% 6.1% $4.25 9.0% 8.3% 7.5% 6.8% 6.0% 5.3% $4.25 8.0% 7.5% 7.0% 6.4% 5.9% 5.4% $4.50 8.3% 7.6% 6.9% 6.1% 5.4% 4.6% $4.50 7.4% 6.8% 6.3% 5.8% 5.3% 4.7% [ 33 ] (1) Assumes $50 million of gross revenue synergies, which results in $13 million and $14 million of pre-tax revenue synergies after applying 2011E and 2012E EBT margins of 25.9% and 28.7%, respectively (2) Assumes $100 million of gross revenue synergies, which results in $26 million and $29 million of pre-tax revenue synergies after applying 2011E and 2012E EBT margins of 25.9% and 28.7%, respectively

PRELIMINARY & CONFIDENTIAL Appendix C — Special Committee Follow-up Requests

PRELIMINARY & CONFIDENTIAL Follow-Up & Discussion Topics DUAL PURCHASE Consider caps on management shares PRICE DYNAMICS $9.8 billion of George’s $13.2 billion performance fee generating AUM (74%) was above or close to above high-water marks as of March PROXIMITY TO HIGH- 31, 2010 WATER MARKS Melvin’s weighted average distance from its high-water marks is 11.6% Since 2009, US financial M&A transactions have occurred at 31% and 32% premium to the target’s 1-day and 5-day average closing FINANCIAL price, respectively INDUSTRY Since 2008, UK financial M&A transactions have occurred at 29% and 24% premium to the target’s 1-day and 5-day average closing M&A PREMIA⁽¹⁾ price, respectively Based on preliminary analysis, it appears that a transaction at a $4.50 per share purchase price for George implies an equity value that may exceed 25% of the current market capitalization of Melvin and therefore would be classified by the FSA as a Class 1 transaction CLASS 1 TEST In the case of a Class 1 transaction, an explanatory circular must be sent to shareholders, shareholder approval must be obtained and a notification to an RIS containing specific details of the transaction must be released WARRANT PRICINGWarrants currently trading at $0.13 CURRENT Public ownership - - Lehman (11%), Fidelity (7%), Landsdowne Partners (6%) and BlackRock (3%) SHAREHOLDER Management ownership — over 50% held by the group of Noam Gottesman, Pierre Lagrange, Emmanuel Roman, Martin Franklin and COMPOSITION related trusts [ 35 ] Note: (1) Data per Goldman Sachs presentation

PRELIMINARY & CONFIDENTIAL Performance Relative to High Water Marks GEORGE — AUM ABOVE HIGH WATER MARK⁽¹⁾ ($BN) $8.0 $6.7 $6.0 1.1 1.5 $3.1 $4.0 0.4 $1.8 $2.0 4.1 $0.6 $1.0 2.1 $0.0 0.6 Above Water 0 — 5% from Peak 5 — 10% from Peak 10 — 30% from Peak Over 30% from Peak Alternative 130/30 Long Only $ $9.8 billion of potential9.8 $ $13.2 billion AUM (74%) in position to .2 generate performance fees MELVIN — AHL FUNDS DISTANCE FROM PEAK (SEPTEMBER 2009) 57% 60% 50% 40% 30% 18% 20% 11% 8% 5% 10% 1% 0% At Peak 0 — 5% from Peak 5 — 10% from Peak 10 — 15% from Peak 15 - 20% from Peak Over 20% from Peak Weighted average distance from peak — -(11.6%) . [ 36 ] Sources: George March 31, 2010 Internal Management Presentation and Man Group April 2010 Investor Presentation 1. Includes managed accounts

PRELIMINARY & CONFIDENTIAL Shareholder Vote Threshold The table below summarizes the tests performed to determine whether a particular transaction is classified as the following: - Class 3 Transaction — all percentage ratios are less than 5% — Class 2 Transaction — any percentage ratio is 5% or more but each is less than 25% — Class 1 Transaction — any percentage ratio is 25% or more — Reverse Takeover Class 1 requirements state that a listed acquiror must make public disclosure of certain transaction details and obtain shareholder approval via a vote to effect a transaction NOTES Date (in US$) George Melvin George Melvin Comments Test 1: Th e Gross Assets Test divides Test 1: Gross Assets the gross assets of the target by the Total Gross Assets 500.8 5,399.0 12/31/2009 9/30/2009Latest reported figures gross assets of the listed company Ratio 9.3% acquiror Test 2: Profits Test 2: The Profits Test is calculated by Profit Before Tax (361.5) 743.0 12/31/2009 3/31/2009Latest annual figures dividing pre-tax profits of the target by Ratio NM the pre-tax profits of the listed company acquiror Test 3: Consideration Equity Consideration⁽¹⁾ 1,559.4 Including impact of change of control on convertibleTest 3: The Consideration Test Market Value of Shares 5,986.9 5/4/2010 calculates transaction consideration as Total 1,559.4 5,986.9 the percentage of aggregate market Ratio 26.0% value of the listed acquiror’s shares Test 4: Gross Capital Test 4: The Gross Capital Test divides Equity Consideration 1,559.4 1/0/1900 Including impact of change of control on convertible the gross capital of the target by the Market Value of Shares 5,986.9 5/4/2010 gross capital of the listed company For George, excluding $228.5m of convertible debt acquiror Long Term Liabilities⁽²⁾ 303.3 1,459.3 12/31/2009 9/30/2009For Melvin, assuming all Trade Payables are ST Minority Interests 14.2 1.0 12/31/2009 9/30/2009Latest reported figures Current Liabilities vs. Current Assets Exc 0.0 0.0 12/31/2009 9/30/2009Latest reported figures Total 1,876.9 7,447.3 Ratio 25.2% [ 37 ] Source: Model received from Goldman Sachs (1) Assumes offer price to non-controlling shareholders of $4.50 and offer price to controlling shareholders of $3.40 (2) Melvin Long Term Liabilities pro forma for issuance of EUR600m of senior debt (converted into USD at EUR/USD exchange rate of 0.76 : 1 as of May 4, 2010

PRELIMINARY & CONFIDENTIAL Overview of George Convertible Subordinated Notes As part of the proposed transaction, Melvin will pay cash consideration to holders of George’s $228.5 million 5.00% Convertible Subordinated Notes due May 2014 (the “Convertible Notes”) — In May 2009, George issued $214 million of Convertible Notes to pay down a portion of its existing senior secured credit facility, and subsequently issued an additional $14.5 million under the same indenture in June 2009 — At issuance, the initial conversion rate per $1,000 of Convertible Notes principal was 268.8 shares of common stock, which represents an underlying share price of $3.72 per shareAs a result of the Change of Control, the holders of the Convertible Notes are entitled to additional shares per $1,000 of principal amount as set forth in the table below — Per the indenture, the table below outlines the additional shares due to holders of the Convertible Notes based on various share pricesThe holders of the Convertible Notes will then receive cash consideration from Melvin for their as-converted ownership of George’s common stock Additional Change of Control Shares Issued per $1,000 of Convertible Notes Share Price Effective $3.10 $3.25 $3.50 $3.75 $4.00 $5.00 $5.58 $6.00 $7.00 $8.00 $9.00 $10.00 $11.00 $12.00 Date 53.763 48.916 42.102 36.604 32.113 20.534 16.560 14.393 10.730 8.327 6.629 5.360 4.372 3.579 5/15/2010 53.763 46.835 39.262 33.224 28.363 16.331 12.510 10.539 7.450 5.621 4.424 3.571 2.921 2.404 5/15/2011 53.763 45.450 36.750 29.839 24.304 10.976 7.129 5.345 3.034 2.056 1.575 1.278 1.060 0.884 5/15/2012 53.763 44.656 34.834 27.129 20.957 5.410 0.938 — - — - — - -5/15/2013 53.763 40.324 28.961 20.752 14.826 3.133 0.539 — - — - — - -5/15/2014 53.763 38.875 16.897 — - — - — - — - — - - [ 38 ] Source: Public filings

PRELIMINARY & CONFIDENTIAL Current Shareholder Composition INSTITUTIONAL HOLDERS SHARES % Lehman Ltd. 33,659,998 10.8% Fidelity Investments 22,489,268 7.2% Lansdowne Partners Limited Partnership 19,837,389 6.4% BlackRock 7,987,454 2.6% JPMorgan Asset Management Holdings 4,123,738 1.3% The Vanguard Group 4,002,715 1.3% Neuberger Berman 3,510,675 1.1% Morgan Stanley Investment Management 3,056,878 1.0% State Street Global Advisors 2,098,781 0.7% Goldman Sachs Group 1,715,789 0.6% Northern Trust Global Investments 648,122 0.2% The Bank of New York Mellon 542,543 0.2% Geode Capital Management 484,222 0.2% California Public Employees’ Retirement System 474,045 0.2% Henderson Global Investors 459,691 0.1% Pictet Asset Management 400,000 0.1% Susquehanna International Group 367,741 0.1% Ohio Public Employees Retirement System 340,368 0.1% Florida State Board of Administration 339,000 0.1% California State Teachers Employees’ Retirement System 333,182 0.1% Top 20 Institutions 106,871,599 34.3% Other Institutions 5,201,575 1.7% Total Institutions 112,073,174 36.0% [ 39 ] Sources: Public filings and Capital IQ

EX-99.C.IV

Exhibit (c)(iv)

CONFIDENTIAL Project Escalator Presentation to the Special Committee of the Board of Directors May 16, 2010

CONFIDENTIAL Disclaimer This presentation has been prepared on a confidential basis solely for the exclusive use and benefit of the intended recipient. The information contained in this document is confidential and may not be disseminated, distributed or reviewed without the express written consent of Moelis & Company (“Moelis”). If the recipient of this document is not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this document is strictly prohibited and you are required to either destroy or return this document to Moelis. This presentation has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. “George” or the “Company” should consult its own counsel, tax and other advisors as to legal and related matters concerning any transaction described herein. This presentation does not purport to be all-inclusive or to contain all of the information that the Company may require. No decision on the transaction referred to herein or any other transaction should be based solely on the information in this presentation. In this presentation, Moelis made many assumptions with respect to industry performance, general business and economic conditions and other matters. Any estimates contained in these analyses — whether expressed or implied — are not necessarily indicative of actual values or predictive of future results or values, which may be significantly more or less favorable than as set forth herein. Moelis reserves rights to change any or all of the estimations, proposals, or recommendations offered herein as a result of any changes in the above referenced information, market factors or at its discretion.

CONFIDENTIAL Table of Contents I. Transaction Overview II. Valuation Analysis Appendix [ 3 ]

CONFIDENTIAL I. Transaction Overview

CONFIDENTIAL Situation Overview Moelis & Company (“Moelis”) understands that a transaction between George (the “Company”) and Melvin (the “Acquiror”) was explored in March 2010 - However, we understand that due to information leaks, negotiations were terminated on March 26, 2010 On April 28, 2010, Melvin submitted a non-binding Indication of Interest (the “4/28 IOI”) regarding an acquisition of George on the following terms: — Share Exchange at an exchange ratio with a valuation reflecting $3.40 per George Controlling Holders’⁽¹⁾ common share⁽²⁾, and — Cash Merger at a valuation of $3.75 per George Non-Controlling Holders’ common share⁽³⁾ - Melvin indicated its intention to pay the entire cash consideration portion from its existing liquidity resources — Implied enterprise value of the transaction outlined in the 4/28 IOI of $1.4 billion Subsequent to receipt of the 4/28 IOI, the Board of Directors (the “Board”) appointed a Special Committee comprised solely of independent directors (Ian Ashken — Chairman, James Hauslein and William Lauder) to review Melvin’s proposal and make a final recommendation to the Board regarding any possible transaction The Special Committee engaged Moelis as its exclusive independent financial advisor and retained independent legal counsel, Winston & Strawn (“Counsel”) on April 30th — Moelis was asked to provide advice and assistance to the Special Committee in connection with a potential transaction and, should a transaction agreement be reached, render an opinion to the Special Committee addressing the fairness, from a financial point of view, of the consideration received by the Non-Controlling Holders of the Company The Special Committee reviewed the Cash Merger offer per the 4/28 IOI and sought a higher valuation — The Special Committee offered Melvin the opportunity to submit a revised proposal [ 5 ] (1) Controlling Holders as defined in the Merger Agreement (2) Assumes Series A Preferred Stock redeemed and FA Sub 2 Ltd. Exchangeable Shares exchanged for an equal number of shares of the Company’s common stock (3) Includes shares underlying convertible debt

CONFIDENTIAL Situation Overview (cont’d) Beginning May 1, 2010 and continuing up to the date of this presentation, business and financial due diligence was conducted by Moelis, Counsel and Goldman Sachs (financial advisor to the Company). Diligence included, but was not limited to, the following: — Discussions with members of George’s and Melvin’s management — Review of public documentation and disclosure — Review of an online data room for George and Melvin - Review of materials prepared by George and Melvin for the Transaction — Review of 2010E financial forecast summary from George management — Review of a draft of the Agreement and Plan of Merger - Participation in due diligence sessions and calls with George management On May 6, 2010, Moelis discussed with the Special Committee its preliminary thoughts on, among other things, valuation and negotiating tactics On May 12, 2010, Ian Ashken and Manny Roman (Co-CEO of George), met with Peter Clarke (Melvin CEO) in London to discuss a potential transaction - Discussion addressing a range of topics including timing, diligence and documentation On May 14, 2010, Melvin verbally indicated its interest in acquiring George on the following terms: — Share Exchange at an exchange ratio with a valuation reflecting $3.50 per George Controlling Holders’ common share, and — Cash Merger at a valuation of $4.50 per George Non-Controlling Holders’ common share — Implied enterprise value of the transaction of $1.7 billion⁽¹⁾ A majority of the outstanding George shares held by George Non-Controlling Holders must be voted in favor of the transaction. This is a non-waivable condition [ 6 ] (1) As of the date hereof, it has not been determined what treatment the outstanding out-of-the money warrants will receive. Additionally, there may be de minimis movements in shares outstanding due to certain compensation arrangements

CONFIDENTIAL Key Transaction Terms Share Exchange for Controlling Holders at a ratio of 1.0729 — Implied value of $3.50 per share at signing (implies a 20.3% premium to the George May 14, 2010 closing price), subject to a cap of $4.10 per share TRANSACTION Cash Merger at $4.50 per George Non-controlling Holders’ common share — Implies a 54.6% premium to the George May 14, 2010 closing price Termination Merger Agreement may be terminated at any time prior to the Effective Time (whether before or after receipt of George stockholder approval) for the following reasons: — By mutual written consent of George and Melvin — If Merger is not consummated by the Outside Date (December 31, 2010) — If any Governmental Authority issues an order, decree, law, injunction or ruling prohibiting the Transaction or making its consummation illegal — George/Melvin stockholder approval not obtained — George/Melvin breaches or fails to perform with respect to any of its representations, warranties, covenants or agreements — If George Board of Directors or the Special Committee has an adverse recommendation change or if George enters into a transaction that is a superior proposal prior to George stockholder approval. — If the Melvin Board of Directors does not make or withdraws its recommendation that its shareholders vote in favor of the transaction — George experiences a Material Adverse Event No Shop KEY MERGER No shop with fiduciary out for unsolicited superior proposals AGREEMENT Conditions Precedent PROVISIONS⁽¹⁾ Customary closing conditions including: George/Melvin stockholder approval, no Governmental Authority restraints (i.e. injunction, order, judgment, ruling or decree), HSR and other regulatory approvalsShare exchange completed Required Stockholder Votes George — (i) affirmative vote of the majority of the outstanding shares of common stock and preferred stock voting as a single class and (ii) non-waivable affirmative vote of a majority of the outstanding shares of common stock excluding the Controlling Holders (majority of the minority vote)Melvin — affirmative vote of the majority of outstanding ordinary shares Fees and Expenses George break up fee of $[46] million ([3]% of equity value) plus expenses (subject to a cap)Melvin break up fee of $[ ] million ([ ]% of equity value) plus expenses (subject to a cap)If stockholder approval is not obtained, must pay other party’s expenses (subject to a cap) Financing No financing required by Melvin to fund cash consideration George management contracts in line with the existing ones, with [$1] million salary per manager MANAG EMENT Required notice period of 12 months versus 12 weeks in existing management contracts CONTRACTS Lockup agreement for George management with 100% lockup in year one, 2/3 cash out in year two and 1/3 cash out in year three Voting and Support Agreement to be entered into by Melvin and the Controlling Holders of George; terminates if the Merger Agreement Terminates OTHER KEY Share Exchange Agreement whereby Controlling Holders of George exchange George shares for Melvin shares AGREEMENTS Covenants not to compete (1) Per draft Merger Agreement dated May 16, 2010 [ 7 ]

CONFIDENTIAL Overview of Transaction Valuation 5/14/2010 Offer Implied Value Assuming Current All Shares Receive ($ and shares in millions, except per share data) 5/14/10 Per Offer Offer of $4.50 per Share Per Share Purchase Price — Non-Controlling Holders $2.91 $4.50 $4.50 Per Share Purchase Price — Controlling Holders 2.91 3.50 4.50 Per Share Purchase Price — Wtd. Avg. Overall 2.91 4.10 4.50 Non-Controlling Shares of Common Stock 160.2 160.2 160.2 Plus: Shares Underlying Convertible (including Additional C-O-C Shares) ⁽¹⁾ — 66.1 66.1 Plus: Controlling Shares of Common Stock ⁽²⁾ 149.9 149.9 149.9 Total Fully Diluted Shares Outstanding 310.1 376.3 376.3 Equity Purchase Price — Non-Controlling Holders (Cash) $466.2 $721.0 $721.0 Consideration for Convertible Debt (Cash) — 297.6 297.6 Equity Purchase Price — Controlling Holders (Melvin Stock) 436.3 524.7 674.7 Implied Equity Value $902.5 $1,543.3 $1,693.2 Plus: Debt $302.7 $302.7 $302.7 Plus: Convertible Debt 228.5 — -Less: Cash (194.1) (194.1) (194.1) Total Enterprise Value $1,239.6 $1,651.9 $1,801.8 PREMIUM TO: METRIC Non-Controlling Holders: Current $2.91 0.0% 54.6% Prior to Transaction Leak (3/25/10) $2.78 4.7% 61.9% 1 Month Average $3.21 (9.2%) 40.3% 6 Month Average $3.05 (4.6%) 47.6% 1 Year Average $3.40 (14.3%) 32.5% 52-Week High (08/07/09) $4.52 (35.6%) (0.4%) 52-Week Low (11/12/09) $2.58 12.8% 74.4% VALUATION SUMMARY: TEV/2010E EBITDA⁽³⁾ $87.6 14.2x 20.6x TEV/2011E EBITDA⁽³⁾ $161.7 7.7x 11.1x Price/2010E EPS⁽⁴⁾ $0.19 15.1x 23.4x Price/2011E EPS⁽⁴⁾ $0.30 9.7x 15.1x (1) Assumes that convertible debt holders convert their claim to common stock if the offer price is above the share price underlying the convertible debt ($3.72 per share). At the current market [ 8 ] trading price of $2.91, it is assumed that the convertible debt holders would not convert their claim. At the offer price of $4.50 per share, it is assumed that they convert to common stock (2) Includes preferred stock issued to controlling holders, which is convertible to common stock on a one-to-one ratio (3) At the direction of George’s management, George’s 2010E and 2011E EBITDA are the average of Wall Street research (4) At the direction of George’s management, George’s 2010E and 2011E EPS are the average of Wall Street research, with projected interest and tax assumptions per George’s management

CONFIDENTIAL II. Valuation Analysis

CONFIDENTIAL Valuation Analysis Moelis & Company employed two standard corporate finance valuation methodologies — Comparable Companies Analysis and Precedent Transactions Analysis: Comparable Companies Analysis — Analysis is current and forward looking, giving consideration to fund types/investment strategies, growth prospects, profitability margins and recent operating performance of George, relative to peers Precedent Transactions Analysis - No pure-play public company hedge fund transactions exist — Only 8 asset management comparable transactions with adequate target LTM EBITDA disclosure since the end of 2007 — Transactions consummated for similar companies prior to the end of 2007 were completed in a more robust deal and market environment, while transactions consummated from mid-2008 through 2009 were completed in a very challenging deal environment, rendering relative multiples less comparable [ 10 ]

CONFIDENTIAL George Historical and Projected Financial Summary Moelis has not been provided with, and did not have any access to, internal forecasts for George prepared by management of George; with the exception of a 2010E financial forecast summary from George management that is derived from a base case revenue scenario — This 2010E financial forecast summary leads to a lower 2010E EBITDA of $70 million vs. 2010E EBITDA⁽¹⁾ of $88 million per Wall Street research and management assumptions; and fully diluted 2010E EPS of $0.16 vs. 2010E EPS⁽²⁾ of $0.19 per Wall Street research and management assumptionsAccordingly, George has directed Moelis to use the average of publicly available Wall Street analyst estimates for the company for 2010E and 2011E, as set forth belowProjected line items below EBITDA have been projected using assumptions provided by George’s management 2010 Financial Projections per Analyst Estimates with Forecast Summary Management Assumptions Historical Financial Information ⁽³⁾ 2008 2009 Projected Financial Information 2010E 2010E 2011E Revenue $495 $301 Revenue $403 $413 $536 Expenses 1,076 735 Expenses (333) (326) (374) Loss from Operations ($581) ($434) Cost/Income Ratio 82.7% 78.8% 69.8% EBITDA $70 $88 $162 Non-GAAP Net Income $127 $81 Non-GAAP EPS $0.41 $0.26 D&A ($4) ($4) ($5) Interest Expense (14) (14) (21) EBT $52 $70 $137 Income Tax (5) (7) (34) Net Income $47 $63 $102 Shares Outstanding, Fully Diluted 370 372 372 EPS, Fully Diluted $0.16 $0.19 $0.30 [ 11 ] Sources: Public filings, Wall Street research and Management (1) At the direction of George’s management, George’s 2010E and 2011E EBITDA are the average of Wall Street research (2) At the direction of George’s management, George’s 2010E and 2011E EPS are the average of Wall Street research, with projected interest and tax assumptions per George’s management (3) Historical financial information per Annual Report 2009 and Proxy Statement

CONFIDENTIAL George Wall Street Analyst Perspectives WALL STREET COMMENTARY “...we believe 2010 will be another transition year for George, as the company works its way back to its full earnings power. We view shares of George as fairly valued, trading at 14x our revised 2010 EPS estimate of $0.20.” “Given a 60%/40% mgmt fee/performance fee revenue split, we would put fair value for George closer to 14x than the 12x at which it currently trades on our 2010 EPS forecast.” “Overall, while we believe interest is broad based on the institutional, sovereign and endowment side, the company did indicate its traditional private clients are not showing much interest currently.” ”...Exacerbating that pressure, we believe, is some optionality that George has preserved in the size of its investment professional footprint in order to have capacity to manage higher levels of alternatives AUM as inflows to that asset class improve. This comes, to some extent, at the February 18-19, 2010 cost of near term earnings, but ultimately allows for more leverage longer term — so long as that AUM growth pans out as the company is “Neutral” expecting.” “In our view, George has considerable earnings power as performance fees come back into the revenue stream in a more meaningful way, although this is shaping up to be more of a 2011 story barring exceptional absolute returns in 2010 in the portion of the AUM that is above high-water marks.” “While the underlying fundamentals are improving for hedge fund organic growth, expense headwinds continue to weigh on George’s EPS and drove us to estimate negative EPS again in 1Q10.” February 18, 2010 “Neutral” “...we also believe stock price volatility for the George stock will exceed most asset managers due to lower trading volume.” “We also slightly lowered our price target to $4.00 (from $4.25). Our price target is 20x our 2010 EPS estimate but 12.6x our 2011 EPS estimate discounted one year at 20%, and reflects fine tuning to our sum-of-the-parts valuation model to reflect our modestly lower EPS forecast.” “Maintain Outperform rating. We think George should have substantial earnings leverage to any improvement in revenue growth and February 19, 2010 performance fee generation, as the company works through high water marks and assuming positive performance trends can continue. The “Outperform” emergence of earnings power as 2010 progresses, coupled with strong organic growth, ultimately should drive stock price performance.” SUMMARY OF WALL STREET ESTIMATES Price Revenue EBITDA ⁽¹⁾ EPS ⁽²⁾ Firm Research Analyst Date Recommendation Target 2010E 2011E 2010E 2011E 2010E 2011E Credit Suisse Craig Siegenthaler 5/6/10 Neutral $4.00 $429 $558 $66 $145 $0.13 $0.28 Barclays Roger Freeman 5/6/10 Neutral 3.00 433 556 106 163 0.22 0.33 KBW Robert Lee 5/7/10 Outperform 4.00 NA NA NA NA 0.12 0.31 Consensus $3.67 $431 $557 $86 $154 $0.16 $0.31 Projections per Analyst Estimates and Management Assumptions $413 $536 $88 $162 $0.19 $0.30 [ 12 ] Source: Wall Street Research (1) At the direction of George’s management, George’s 2010E and 2011E EBITDA are the average of Wall Street research (2) At the direction of George’s management, George’s 2010E and 2011E EPS are the average of Wall Street research, with projected interest and tax assumptions per George’s management

CONFIDENTIAL Comparable Companies Analysis Overview Moelis focused on 2010E & 2011E EBITDA and P/E multiples for comparable asset management companies Given George’s AUM mix (51% traditional long-only / 49% hedge fund & fund of funds), it is appropriate to consider both forward EBITDA and P/E multiples across a universe of long-only as well as its traditional comparable universe of alternative asset managers when comparing the Company to its peers We believe the closest publicly traded peers (the “Peer Group”) are Och-Ziff Capital, Fortress Investment Group, Ashmore Group, BlueBay and Melvin 2010E and 2011E EBITDA Multiples In conducting comparable companies trading analysis, we focused on asset management companies with similar operations to GeorgeProjected 2010E and 2011E EBITDA for George is $88 million and $162 million, respectively ⁽¹⁾The Peer Group trades in a range of approx. 4.1x — 11.0x 2010E EBITDA — A range of 8.0x — 11.0x 2010E EBITDA implies an enterprise value of $701 to $963 million, or $1.56 to $2.26 of equity value per shareThe Peer Group trades in a range of approx. 4.4x — 9.4x 2011E EBITDA — A range of 8.0x — 10.0x 2011E EBITDA implies an enterprise value of $1,294 to $1,617 million, or $3.06 to $3.96 of equity value per share 2010E and 2011E P/E Multiples We also considered 2010E and 2011E P/E multiples to compare George with its Peer GroupProjected 2010E and 2011E EPS for George is $0.19 and $0.30, respectively ⁽²⁾The Peer Group trades in a range of 9.4x — 14.6x CY 2010E P/E — A range of 11.0x — 15.0x CY 2010E P/E implies an equity value per share of $2.12 to $2.89, which implies an enterprise value of $910 to $1,196 million The Peer Group also trades in a range of 6.9x — 13.0x CY 2011E P/E — A range of 9.0x — 13.0x CY 2011E P/E implies an equity value per share of $2.69 to $3.88, which implies an enterprise value of $1,121 to $1,583 million [ 13 ] (1) At the direction of George’s management, George’s 2010E and 2011E EBITDA are the average of Wall Street research (2) At the direction of George’s management, George’s 2010E and 2011E EPS are the average of Wall Street research, with projected interest and tax assumptions per George’s management

CONFIDENTIAL Benchmarking Analysis ($ in millions) ASHMORE BLUEBAY FORTRESS OCH ZIFF MELVIN GEORGE Gross AUM $29,945 $32,504 $31,800 $25,300 $39,100 $25,844 Market Capitalization $2,697 $979 $2,100 $5,884 $5,398 $731 67% of AUM has the Approximately 75% of 90% of AUM in liquid All funds above high 11% of funds above $9.8bn of potential High Water Marks potential to earn the current performance hedge funds is within water marks HWM, 8% are 5% away, $13.2bn (74%) above or performance fees, of fees were generated by 2% of high water marks 5% are 10-15% away within 5% of watermark these, at year end 2009, the BlueBay Multi- or greater, while the and remainder >10% 14% were ineligible Strategy Fund, which Drawbridge Special away reached its previous Opportunities Fund is high water mark again roughly 1% from its in July 2009 mark Comp Ratio (Latest FY) 14.7% 51.2% 86.4% 46.4% 20.0% 63.3% Earnings (EBITDA) CY 2009A $270 $76 $209 $371 $808 ⁽¹⁾ $20 CY 2010E $255 $93 $239 $670 $744 $84⁽²⁾ CY 2011E $284 $122 $282 $852 $702 $158⁽²⁾ AUM by Asset Class 8% Fixed Income and Currency 1% 4% 14% 30% 22% 14% 30% Private Equity 51% 49% 11% Hedge Funds / Funds of Funds 77% 56% 96% 37% 100% Equity [ 14 ] Sources: Public filings and Wall Street research Note: Market data as of May 14, 2010 (1) Melvin LTM EBITDA as of September 30, 2009 (2) At the direction of George’s management, George’s 2010E and 2011E EBITDA are the average of Wall Street research

CONFIDENTIAL Asset Management Sector Performance STOCK PRICE PERFORMANCE — 1/1/2008 TO PRESENT 125% 100% S&P 500: (20%) 75% Alternative Asset Managers: (48%) 50% Melvin: (70%) 25% George: (77%) 0% 1/1/08 4/1/08 7/1/08 10/1/08 1/1/09 4/1/09 7/1/09 10/1/09 1/1/10 4/1/10 5/13/10 STOCK PRICE PERFORMANCE — 1/1/2010 TO PRESENT 110% S&P 500: +2% 100% Alternative Asset Managers: (1%) 90% George: (12%) 80% 70% Me lvin: (33%) 60% 1/1/10 1/13/10 1/25/10 2/6/10 2/18/10 3/2/10 3/14/10 3/26/10 4/7/10 4/19/10 5/1/10 5/13/10 March 26^th: News Leak of Potential Transaction [ 15 ] Source: Capital IQ Alternative Asset Managers Index Includes: 3i Group, Ashmore, Blackstone, BlueBay, Charlemagne, Fortress, Gottex, KKR, Och-Ziff, Partners Group and Polar Capital

CONFIDENTIAL Publicly Traded Comparables — Alternative Asset Managers Price as of % of 52 Week Market EV / EBITDA (1) EV / Revenue P/E (2) Debt / EV / Effective (US$ in millions, except per share) 5/14/10 High Low Cap EV AUM CY 2010E CY 2011E CY 2010E CY 2010E CY 2011E Market Cap AUM Tax Rate North American The Blackstone Group $12.25 71.1% 143.4% $13,459 $13,164 $98,100 11.5x 9.1x 4.5x 10.6x 8.3x 4.9% 13.4% NM Och-Ziff Capital 16.34 88.3% 217.3% 5,884 7,027 25,300 10.5x 8.3x 7.0x 11.4x 9.8x 11.1% 27.8% NM Fortress Investment Group 4.63 77.7% 177.4% 2,100 2,639 31,800 11.0x 9.4x 4.4x 9.4x 6.9x 18.9% 8.3% 0.5% High 88.3% 217.3% 11.5x 9.4x 7.0x 11.4x 9.8x 18.9% 27.8% 0.5% Median 77.7% 177.4% 11.0x 9.1x 4.5x 10.6x 8.3x 11.1% 13.4% 0.5% Mean 79.0% 179.4% 11.0x 8.9x 5.3x 10.5x 8.3x 11.6% 16.5% 0.5% Low 71.1% 143.4% 10.5x 8.3x 4.4x 9.4x 6.9x 4.9% 8.3% 0.5% European KKR $11.08 87.2% 337.8% $7,568 $8,797 $52,200 NA NA 14.4x 5.9x 6.9x 27.2% 16.9% 0.5% Melvin 3.22 59.3% 106.4% 5,398 3,053 39,100 4.1x 4.4x 2.1x 10.1x 11.0x 31.7% 7.8% 50.4% 3i Group 3.98 65.3% 126.5% 3,802 4,965 10,496 NA 9.5x NA NM 6.4x 94.5% 47.3% NM Partners Group 121.75 88.8% 144.8% 3,251 3,092 23,826 13.5x 11.4x 9.6x 14.4x 12.1x 0.0% 13.0% 5.6% Ashmore Group 3.77 83.5% 141.7% 2,697 2,256 29,945 8.8x 8.0x 6.1x 14.3x 13.0x 0.0% 7.5% 25.6% BlueBay 5.02 88.0% 194.0% 979 840 32,504 9.0x 6.9x 3.6x 14.6x 11.0x 0.0% 2.6% 22.3% Gottex 6.72 54.1% 130.8% 205 176 7,800 12.6x 6.5x 2.4x 16.6x 8.5x 0.0% 2.3% 4.9% Polar Capital 1.37 93.1% 180.8% 103 62 2,084 9.7x 7.6x 1.4x 19.7x 15.6x 0.0% 3.0% 27.9% Charlemagne 0.24 82.5% 173.7% 67 34 3,050 5.2x 1.3x 1.2x 10.4x 8.0x 0.0% 1.1% 6.4% High 93.1% 337.8% 13.5x 11.4x 14.4x 19.7x 15.6x 94.5% 47.3% 50.4% Median 83.5% 144.8% 9.0x 7.2x 3.0x 14.4x 11.0x 0.0% 7.5% 14.3% Mean 78.0% 170.7% 9.0x 6.9x 5.1x 13.3x 10.3x 17.0% 11.3% 18.0% Low 54.1% 106.4% 4.1x 1.3x 1.2x 5.9x 6.4x 0.0% 1.1% 0.5% North American and European High 93.1% 337.8% 13.5x 11.4x 14.4x 19.7x 15.6x 94.5% 47.3% 50.4% Median 83.0% 159.2% 10.1x 8.0x 4.4x 11.4x 9.1x 2.4% 8.1% 6.4% Mean 78.2% 172.9% 9.6x 7.5x 5.2x 12.5x 9.8x 15.7% 12.6% 16.0% Low 54.1% 106.4% 4.1x 1.3x 1.2x 5.9x 6.4x 0.0% 1.1% 0.5% Illustrative George (Undiluted) ⁽³⁾ Current Price $2.91 64.4% 112.8% $731 $1,082 $25,844 12.4x 6.7x 2.6x 15.1x 9.7x 72.7% 4.2% 4.0% 5/14 Bid ⁽⁴⁾ 4.50 99.6% 174.4% 1,131 1,131 25,844 12.9x 7.0x 2.7x 23.4x 15.1x 47.0% 4.4% 4.0% Sources: Public filings and Capital IQ Note: Bold denotes companies deemed most comparable to George. Unless otherwise noted, market capitalization not presented on a fully-diluted basis (e.g., giving effect to RSUs and other dilutive securities) (1) At the direction of George’s management, George’s 2010E and 2011E EBITDA are the average of Wall Street research (2) At the direction of George’s management, George’s 2010E and 2011E EPS are the average of Wall Street research, with projected interest and tax assumptions per George’s management [ 16 ] (3) Does not give effect to the conversion of either the Series A Preferred Stock or convertible notes into shares of common stock (4) Market capitalization is based on $4.50 for all outstanding shares

CONFIDENTIAL Publicly Traded Comparables — Traditional Asset Managers Price as of % of 52 Week Market EV / EBITDA (1) EV / Revenue P/E (2) Debt / EV / Effective (US$ in millions, except per share) 5/14/10 High Low Cap EV AUM CY 2010E CY 2011E CY 2010E CY 2010E CY 2011E Market Cap AUM Tax Rate North American BlackRock $169.72 69.6% 126.2% $32,244 $33,237 $3,364,000 9.9x 8.8x 3.9x 16.2x 14.1x 17.6% 1.0% 31.2% Franklin Resources 106.09 87.0% 178.8% 24,212 19,645 586,800 8.5x 7.0x 3.2x 15.6x 13.4x 1.3% 3.3% 28.6% T. Rowe Price 52.47 88.3% 143.1% 13,619 12,855 419,000 11.0x 9.3x 5.3x 20.1x 17.0x 0.0% 3.1% 37.3% Invesco 20.82 86.5% 151.9% 8,988 9,469 417,600 11.1x 8.5x 2.9x 16.4x 13.0x 8.3% 2.3% 27.0% AllianceBernstein 29.64 84.7% 178.4% 8,157 7,730 484,000 9.5x 9.0x 2.5x 13.7x 11.9x 2.5% 1.6% 6.9% Legg Mason 33.57 96.4% 189.3% 5,423 7,024 681,600 12.9x 11.3x 2.6x 21.9x 18.7x 55.1% 1.0% 70.9% Eaton Vance 32.80 90.9% 142.5% 3,886 4,033 173,100 9.6x 8.0x 3.5x 18.6x 15.3x 12.9% 2.3% 34.6% Affiliated Managers Group 77.12 87.6% 148.5% 3,266 4,789 260,000 11.7x 9.3x 3.7x 12.3x 10.3x 34.8% 1.8% 10.2% Waddell & Reed Financial 32.25 82.2% 149.2% 2,787 2,664 74,232 9.4x 7.8x 2.4x 16.9x 13.5x 7.0% 3.6% 34.9% Federated Investors 23.16 81.8% 107.2% 2,391 2,545 349,867 7.6x 7.0x 2.7x 13.4x 11.9x 8.9% 0.7% 36.6% Janus Capital Group 12.31 76.7% 144.0% 2,262 2,769 165,500 8.1x 6.9x 2.6x 15.7x 12.6x 35.1% 1.7% 34.1% Artio Global Investors 21.16 75.3% 112.7% 1,270 1,258 56,400 5.9x 5.1x 3.5x 11.0x 10.1x 4.7% 2.2% NM GAMCO Investors 45.22 81.8% 116.0% 1,245 960 28,000 8.5x 7.5x 3.4x 19.0x 16.6x 16.4% 3.4% 36.1% Cohen & Steers 25.68 87.9% 196.8% 1,093 869 27,200 13.1x 10.3x 4.5x 25.6x 20.2x 0.0% 3.2% 32.1% Sprott 3.96 80.4% 139.0% 594 540 4,975 8.0x 6.6x 3.9x 13.1x 10.4x 0.0% 10.9% 29.5% Pzena Investment Management 7.31 77.9% 137.7% 470 480 15,400 10.5x 8.6x 5.7x 18.6x 14.6x 3.1% 3.1% NM High 96.4% 196.8% 13.1x 11.3x 5.7x 25.6x 20.2x 55.1% 10.9% 70.9% Median 83.4% 143.5% 9.5x 8.3x 3.5x 16.3x 13.5x 7.7% 2.3% 33.1% Mean 83.4% 147.6% 9.7x 8.2x 3.5x 16.8x 14.0x 13.0% 2.8% 32.1% Low 69.6% 107.2% 5.9x 5.1x 2.4x 11.0x 10.1x 0.0% 0.7% 6.9% European Schroders $20.22 96.0% 182.2% $5,642 $1,633 $239,722 3.6x 2.9x 1.1x 16.8x 13.9x 2.1% 0.7% 30.4% Aberdeen 2.00 88.4% 124.0% 2,210 2,712 220,057 9.3x 7.9x 3.0x 11.2x 9.6x 16.8% 1.2% 36.0% Henderson 2.08 90.6% 185.6% 1,712 1,743 93,853 11.1x 9.6x 3.5x 14.5x 12.5x 15.4% 1.9% 6.5% Gartmore 2.09 62.7% 148.7% 644 765 35,861 5.5x 5.3x 1.8x 7.5x 6.2x 58.1% 2.1% NM F&C 0.89 65.1% 114.4% 437 577 149,663 5.3x 4.8x 1.6x 8.8x 7.2x 87.8% 0.4% NM Liontrust 1.39 70.2% 105.5% 42 19 1,836 3.4x 9.9x 0.7x 13.1x 37.0x 0.0% 1.0% 36.2% High 96.0% 185.6% 11.1x 9.9x 3.5x 16.8x 37.0x 87.8% 2.1% 36.2% Median 79.3% 136.3% 5.4x 6.6x 1.7x 12.2x 11.1x 16.1% 1.1% 33.2% Mean 78.8% 143.4% 6.4x 6.7x 1.9x 12.0x 14.4x 30.0% 1.2% 27.3% Low 62.7% 105.5% 3.4x 2.9x 0.7x 7.5x 6.2x 0.0% 0.4% 6.5% North American and European High 96.4% 196.8% 13.1x 11.3x 5.7x 25.6x 37.0x 87.8% 10.9% 70.9% Median 83.4% 143.5% 9.4x 7.9x 3.1x 15.6x 13.2x 8.6% 2.0% 33.1% Mean 82.2% 146.4% 8.8x 7.8x 3.1x 15.5x 14.1x 17.6% 2.4% 31.1% Low 62.7% 105.5% 3.4x 2.9x 0.7x 7.5x 6.2x 0.0% 0.4% 6.5% Illustrative George (Undiluted) ⁽³⁾ Current Price $2.91 64.4% 112.8% $731 $1,082 $25,844 12.4x 6.7x 2.6x 15.1x 9.7x 72.7% 4.2% 4.0% 5/14 Bid ⁽⁴⁾ 4.50 99.6% 174.4% 1,131 1,481 25,844 16.9x 9.2x 3.6x 23.4x 15.1x 47.0% 5.7% 4.0% Sources: Public filings and Capital IQ Note: Bold denotes companies deemed most comparable to George. Unless otherwise noted, market capitalization not presented on a fully-diluted basis (e.g., giving effect to RSUs and other dilutive securities) (1) At the direction of George’s management, George’s 2010E and 2011E EBITDA are the average of Wall Street research [ 17 ] (2) At the direction of George’s management, George’s 2010E and 2011E EPS are the average of Wall Street research, with pro jected interest and tax assumptions per George’s management (3) Does not give effect to the conversion of either the Series A Preferred Stock or convertible notes into shares of common stock (4) Market capitalization is based on $4.50 for all outstanding shares

CONFIDENTIAL Precedent Transaction Analysis Overview Moelis focused on Implied Equity Value / LTM EBITDA and Implied Equity Value / AUM to evaluate precedent transactions for asset management companies Implied Equity Value / LTM EBITDA Multiples — There have only been 8 sizable M&A transactions in the asset management space since the peak of the markets in late-2007 with adequate LTM EBITDA disclosure for the target — Given the sharp decrease in 2009 earnings due to the global economic downturn, the use of LTM EBITDA in a precedent transaction does not provide an accurate representation of the normalized cash flow profile of George on a go-forward basis — As such, we have applied precedent transaction multiples to George’s 2010E and 2011E EBITDA for the purposes of this valuation While it is helpful and relevant in this case to analyze forward multiples, most precedent transactions occur without the disclosure of forward-looking EBITDA multiples, resulting in a less robust data setThe majority of the asset management precedent transactions shown in our analysis have occurred under different credit and other market conditions from those prevailing currentlyWe believe the 2 alternative asset management and 6 traditional asset management transactions which were announced subsequent to January 2008 with adequate LTM EBITDA disclosure for the target are the most appropriate precedents to use for the purpose of our analysis — The 2 alternative asset management transactions occurred at an average EV multiple of 8.3x LTM EBITDA — The 6 traditional asset management transactions occurred at an average EV multiple of 9.5x LTM EBITDA⁽¹⁾George is projected to have $88 million of 2010E EBITDA and $162 million of 2011E EBITDA⁽²⁾ - A range of 7.0x to 10.0x 2010E EBITDA implies an enterprise value of $735 to $998 million, or $1.65 to $2.36 of equity value per share — A range of 7.0x to 10.0x 2011E EBITDA implies an enterprise value of $1,254 to $1,739 million, or $3.05 to $4.28 of equity value per share Implied Equity Value / AUM Alternative and traditional asset manager transactions presented on the next two pages occurred at an average of 7.6% and 2.4% of AUM, respectivelyA range of 4% to 6% of AUM applied to George’s $25.8 billion of AUM implies an equity value of $1,034 million to $1,551 million, which implies $2.72 to $4.13 of equity value per share [ 18 ] (1) Two transactions were based on run-rate EBITDA (2) At the direction of George’s management, George’s 2010E and 2011E EBITDA are the average of Wall Street research

CONFIDENTIAL Precedent Transactions — Alternative Asset Managers Alternative Asset Manager Precedent Transactions Target % Interest Equity Value Implied Total Implied Equity Value/ Implied Equity Value/ Date Target Acquirer AUM (US$m) Acquired (US$m) Equity Value (US$m) Target AUM LTM EBITDA 3/30/2010 Rensburg Sheppards Investec 19,591 52.7% 346 656 3.3% NA 2/10/2010 Pantheon Ventures Inc. Affiliated Managers Group Inc. 22,000 85.0% 1,000 1,176 5.3% NA 2/1/2010 Artemis Investment Management Affiliated Managers Group Inc. 16,000 100.0% NA NA NA NA 1/8/2010 RBS Asset Mgmt Inv. Strategies fund of funds Aberdeen Asset Management 21,495 100.0% 135 135 0.6% 8.5x 10/9/2009 Phibro LLC Occidental Petroleum Corp NA 100.0% 250 250 NA NA 6/16/2009 Conning & Company Aquiline Capital Partners LLC 70,000 100.0% NA NA NA NA 11/10/2008 European Capital Limited American Capital 3,500 32.3% 158 489 14.0% NA 9/29/2008 Eagle Energy Partners I, L.P. EDF Group NA NA NA NA NA NA 2/20/2008 Vision Investment Management Agnelli Family (IFIL Group) 1,330 40.0% 90 225 16.9% NA 2/10/2008 Capula Investment Management Goldman Sachs 3,000 20.0% 90 450 15.0% NA 1/31/2008 HedgeWorks, LLC Deutsche Bank 10,000 100.0% NA NA NA NA 1/10/2008 GSO Capital Partners, L.P. Blackstone Group L.P. 10,000 100.0% 930 930 9.3% NA 1/8/2008 Asset Alliance Tailwind Financial 3,500 100.0% 80 80 2.3% 8.1x 1/7/2008 Lincoln Vale ING Investment Management 13,000 NA NA NA NA NA 12/31/2007 Alpha Equity Management LLC Trusco Capital Management 200 NA NA NA NA NA 12/18/2007 Deerfield & Company Deerfield Triac Capital Corp. 15,400 100.0% 181 181 1.2% NA 12/11/2007 BlueMountain Capital Management Affiliated Managers Group 4,800 Minority NA NA NA NA 12/10/2007 MetalMark Capital Partners Citigroup 1,200 100.0% NA NA NA NA 11/26/2007 Key Asset Management Skandinaviska Enskilda Banken AB 3,000 100.0% NA NA NA NA 11/19/2007 R6 Capital Management Eton Park Capital Management 300 100.0% NA NA NA NA 11/14/2007 Traxis Partners Morgan Stanley Private Equity 1,500 20.0% NA NA NA NA 11/8/2007 ValueAct Capital Affiliated Managers Group 6,000 Minority NA NA NA NA High $70,000 $1,000 $1,176 16.9% 8.5x Median $5,400 $169 $350 5.3% 8.3x Mean $11,291 $326 $457 7.6% 8.3x Low $200 $80 $80 0.6% 8.1x [ 19 ] Source: Public filings and press releases

CONFIDENTIAL Precedent Transactions — Traditional Asset Managers Traditional Asset Manager Precedent Transactions Target % Interest Equity Value Implied Total Implied Equity Value/ Implied Equity Value/ Date Target Acquirer AUM (US$m) Acquired (US$m) Equity Value (US$m) Target AUM LTM EBITDA 2/19/2010 INTECH Investment Management Janus Capital Group 45,900 3.0% 31 1,047 2.3% NA 2/12/2010 Prudential Investment & Securities Co., Ltd. Hanwha Securities Co. Ltd. NA 99.8% 422 423 NA NA 1/5/2010 River Road Asset Management, LLC Aviva Plc 3,600 100.0% 122 122 3.4% NA 12/20/2009 Advisory Research Holdings, Inc. Piper Jaffray Companies 5,500 100.0% 220 220 4.0% 8.5x 12/14/2009 Highbury Financial Inc. Affiliated Managers Group Inc. 6,000 100.0% 113 113 1.9% 17.7x 10/19/2009 Morgan Stanley Retail Asset Management Invesco Ltd. 119,000 100.0% 1,500 1,500 1.3% 7.7x (1) 9/30/2009 Columbia Management Group Ameriprise Financial 165,000 100.0% 1,000 1,000 0.6% 7.0x (1) 9/5/2009 AIG Investment Advisory and Asset Mgmt. Pacific Century Group 88,700 NA 500 NA NA NA 8/17/2009 Delaware Management Holdings, Inc. Macquarie Group Ltd. 125,000 100.0% 452 452 0.4% NA 8/12/2009 Insight Investment Management Limited Bank of New York Mellon Corp 131,872 100.0% 387 387 0.3% NA 7/29/2009 Nikko Asset Management Co. Ltd Sumitomo Trust & Banking Co. 92,563 64.0% 808 1,262 1.4% NA 6/12/2009 Barclays Global Investors BlackRock, Inc. 1,495,000 100.0% 13,500 13,500 0.9% 7.4x 5/14/2009 Great American Group, LLC Alternative Asset Management NA 27.7% 120 305 NA 9.0x 11/24/2008 Winslow Capital Management, Inc. Windy City Invts Holdings LLC 4,500 100.0% 257 257 5.7% NA 8/14/2008 Lazard Asset Management LLC Lazard Freres & Co. LLC 134,100 23.0% 240 1,043 0.8% NA 7/14/2008 Prudent Bear & Global Income Fund Federated Investors Inc. 1,464 NA 143 143 9.7% NA 7/7/2008 J. & W. Seligman & Co. Incorporated Ameriprise Financial 18,000 100.0% 440 440 2.4% NA 4/16/2008 American Beacon Advisors, Inc. Pharos Capital and TPG 65,000 90.0% 480 533 0.8% NA High $1,495,000 $13,500 $13,500 9.7% 17.7x Median $76,850 $405 $440 1.4% 8.1x Mean $156,325 $1,152 $1,338 2.4% 9.5x Low $1,464 $31 $113 0.3% 7.0x [ 20 ] Source: Public filings and press releases (1) Based on run-rate EBITDA

CONFIDENTIAL Additional Analyses Moelis also conducted an analysis of trading activity in George shares and purchase price premia paid in recent control M&A transactions Shares Traded Analysis 356.2 million shares of George common stock traded in the trailing twelve month period - Represents 1.4x the number of common shares outstanding at March 31, 2010Approximately 99.5% of shares traded at or below $4.50 over the LTM period Purchase Price Premium Analysis A sample of 16 announced control M&A transactions with total transaction value under $3 billion over the last twelve months where the target was a North American public company indicated a median purchase price premium over the 1-day, 5-day average and 20-day average closing price to be 26.7%, 24.9% and 30.1%, respectively — A purchase price premium of 25% to 30% over George’s closing stock price of $2.91 on May 14, 2010 implies a valuation range of $3.64 to $3.78 per share — A purchase price premium of 23% to 28% over George’s 5-day average closing stock price of $2.98 on May 14, 2010 implies a valuation range of $3.67 to $3.81 per share — A purchase price premium of 28% to 33% over George’s 20-day average closing stock price of $3.12 on May 14, 2010 implies a valuation range of $3.99 to $4.15 per share [ 21 ]

CONFIDENTIAL George Shares Traded Analysis 356,185,962 shares of George common stock have traded in the last twelve month period — 1.4x the number of common shares outstanding LAST THREE MONTHS TOTAL SHARES TRADED $2.91 Current Price $4.50 Offer Price 45.0% 36.9% 32.6% 30.0% 16.1% 12.0% 15.0% 2.4% 0.0% 0.0% 0.0% 0.0% 0.0% $2.50 — $2.75 $2.75 — $3.00 $3.00 — $3.25 $3.25 — $3.50 $3.50 — $3.75 $3.75 — $4.00 $4.00 — $4.25 $4.25 — $4.50 $4.50 — $4.75 LAST SIX MONTHS TOTAL SHARES TRADED $2.91 Current Price $4.50 Offer Price 45.0% 35.2% 37.7% 30.0% 16.0% 9.7% 15.0% 1.4% 0.0% 0.0% 0.0% 0.0% 0.0% $2.50 — $2.75 $2.75 — $3.00 $3.00 — $3.25 $3.25 — $3.50 $3.50 — $3.75 $3.75 - $4.00 $4.00 — $4.25 $4.25 — $4.50 $4.50 — $4.75 LAST TWELVE MONTHS TOTAL SHARES TRADED $2.91 Current Price $4.50 Offer Price 45.0% 21.1% 24.2% 30.0% 11.1% 10.8% 13.3% 15.0% 8.1% 8.1% 2.9% 0.5% 0.0% $2.50 — $2.75 $2.75 — $3.00 $3.00 — $3.25 $3.25 — $3.50 $3.50 — $3.75 $3.75 — $4.00 $4.00 - $4.25 $4.25 — $4.50 $4.50 — $4.75 [ 22 ] Source: Capital IQ Note: Data as of May 14, 2010

CONFIDENTIAL Premia Paid Analysis Over the Last Year MEDIAN PURCHASE PRICE PREMIUM OVER STOCK PRICE⁽¹⁾ SELECTED TRANSACTIONS 60.0% Stock Price Premium Implied 1-Day premium per $4.50 offer price: 54.6% Target Acquiror 1-Day 5-Day 20-Day CPI International Comtech Telecommunications 25.7% 23.0% 20.6% Implied 5-Day premium per $4.50 offer price: 51.0% Rock of Ages Swenson Granite Company 27.3% 27.0% 28.7% 50.0% Dollar Thrifty Automotive Group Hertz Global Holdings (12.2%) (9.1%) (2.8%) Implied 20-Day premium per $4.50 offer price: 44.2% Union National Financial Donegal Financial Services 48.2% 53.3% 75.8% Cornell Companies Geo Group 34.9% 24.3% 31.9% 40.0% Boots & Coots Halliburton 26.1% 25.4% 33.7% Medistem Entest Biomedical 513.0% 513.0% 408.5% 30.1% Arena Resources SandRidge Energy 16.8% 20.0% 22.3% 30.0% 26.7% (56.1%) (50.0%) (43.4%) Jones Soda Co. REEDS 24.9% RiskMetrics Group MSCI 16.8% 16.3% 18.8% Southern Connecticut Bancorp Naugatuck Valley Financial 86.6% 77.2% 70.1% 20.0% VCG Holding Rick’s Cabaret International 18.3% 18.7% 19.4% Broadview Security Tyco International 35.3% 34.2% 31.5% Zygo II-VI 38.5% 41.3% 47.0% 10.0% Fremont Michigan Insuracorp Biglari Holdings 8.9% 6.5% 3.9% Iowa Telecommunications Services Windstream Corporation 28.3% 28.0% 32.8% 0.0% 1-Day 5-Day 20-Day [ 23 ] Sources: Capital IQ (1) All announced public North American controlled acquisitions under $3 billion total transaction value with both stock and cash considerations

CONFIDENTIAL Summary Valuation Fully diluted equity value per share for all comparable metrics gives effect to the additional shares to be issued to the convertible notes upon a change-of-control as well as conversion of Series A Preferred Stock into shares of common stock Indicative Equity Value Per Share Valuation Methodology Assuming All Shareholders Receive the Same Per Share Price Assumptions Comparable Companies Analysis $1.56 $2.26 8.0x — 11.0x 2010E EBITDA Multiple 2010E EBITDA 2011E EBITDA Multiple $3.06 $3.96 8.0x — 10.0x 2011E EBITDA 2010E P/E $2.12 $2.89 11.0x — 15.0x 2010E EPS Fully Diluted 2011E P/E $2.69 $3.88 9.0x — 13.0x / With 2011E EPS Transaction⁽¹⁾ Precedent Transactions (2) 7.0x — 10.0x 2010E EBITDA Multiple $1.65 $2.36 2010E EBITDA (2) $3.05 $4.28 7.0x — 10.0x 2011E EBITDA Multiple 2011E EBITDA Implied Equity Value / AUM $2.78 $4.11 4% — 6% of AUM Basic Shares / 52 Week Low/High Value $2.58 $4.52 $2.58 — $4.52 per share No 25% — 35% Premia Paid $3.64 $3.93 Premium to Current Transaction Share Price $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 Current Price (5/14): $2.91 5/14 Offer Price: $4.50 [ 24 ] (1) Gives effect to the redemption of Series A Preferred Stock, exchange of FA Sub 2 Ltd. Exchangeable Shares and conversion of the convertible notes into George common shares (2) Precedent transaction analysis based on a data set of eight transactions. A range of precedent transaction LTM EBITDA multiples are applied to 2010E and 2011E George EBITDA to reflect more normalized cash flow levels versus George’s current LTM EBITDA

CONFIDENTIAL Appendix

CONFIDENTIAL Overview of George Convertible Subordinated Notes As part of the proposed transaction, Melvin will pay cash consideration to holders of George’s $228.5 million 5.00% Convertible Subordinated Notes due May 2014 (the “Convertible Notes”) — In May 2009, George issued $214 million of Convertible Notes to pay down a portion of its existing senior secured credit facility, and subsequently issued an additional $14.5 million under the same indenture in June 2009 - - At issuance, the initial conversion rate per $1,000 of Convertible Notes principal was 268.8 shares of common stock, which represents an underlying share price of $3.72 per shareAs a result of the Change of Control, the holders of the Convertible Notes are entitled to additional shares per $1,000 of principal amount as set forth in the table below — Per the indenture, the table below outlines the additional shares due to holders of the Convertible Notes based on various share prices — To the extent that the offer price is between two share prices or the effective date is between two effective dates in the table below, the number of additional change of control shares will be determined by an interpolation between the share prices and effective datesThe holders of the Convertible Notes will then receive cash consideration from Melvin for their as-converted ownership of George’s common stock Additional Change of Control Shares Issued per $1,000 of Convertible Notes Share Price Effective $3.10 $3.25 $3.50 $3.75 $4.00 $ 5.00 $5.58 $6.00 $7.00 $8.00 $9.00 $10.00 $11.00 $12.00 Date 53.763 48.916 42.102 36.604 32.113 20.534 16.560 14.393 10.730 8.327 6.629 5.360 4.372 3.579 5/15/2010 53.763 46.835 39.262 33.224 28.363 16.331 12.510 10.539 7.450 5.621 4.424 3.571 2.921 2.404 5/15/2011 53.763 45.450 36.750 29.839 24.304 10.976 7.129 5.345 3.034 2.056 1.575 1.278 1.060 0.884 5/15/2012 53.763 44.656 34.834 27.129 20.957 5.410 0.938 — - — - — - -5/15/2013 53.763 40.324 28.961 20.752 14.826 3.133 0.539 — - — - — - -5/15/2014 53.763 38.875 16.897 — - — - — - — - — - — [ 26 ] Source: Public filings

EX-99.C.V

Exhibit (c)(v)

CONFIDENTIAL Project Escalator Presentation to the Special Committee of the Board of Directors May 16, 2010

CONFIDENTIAL Disclaimer This presentation has been prepared on a confidential basis solely for the exclusive use and benefit of the intended recipient. The information contained in this document is confidential and may not be disseminated, distributed or reviewed without the express written consent of Moelis & Company (“Moelis”). If the recipient of this document is not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this document is strictly prohibited and you are required to either destroy or return this document to Moelis. This presentation has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. “George” or the “Company” should consult its own counsel, tax and other advisors as to legal and related matters concerning any transaction described herein. This presentation does not purport to be all-inclusive or to contain all of the information that the Company may require. No decision on the transaction referred to herein or any other transaction should be based solely on the information in this presentation. In this presentation, Moelis made many assumptions with respect to industry performance, general business and economic conditions and other matters. Any estimates contained in these analyses — whether expressed or implied — are not necessarily indicative of actual values or predictive of future results or values, which may be significantly more or less favorable than as set forth herein. Moelis reserves rights to change any or all of the estimations, proposals, or recommendations offered herein as a result of any changes in the above referenced information, market factors or at its discretion.

CONFIDENTIAL Table of Contents I. Transaction Overview II. Valuation Analysis Appendix

CONFIDENTIAL I. Transaction Overview

CONFIDENTIAL Situation Overview Moelis & Company (“Moelis”) understands that a transaction between George (the “Company”) and Melvin (the “Acquiror”) was explored in March 2010 - However, we understand that due to information leaks, negotiations were terminated on March 26, 2010 On April 28, 2010, Melvin submitted a non-binding Indication of Interest (the “4/28 IOI”) regarding an acquisition of George on the following terms: — Share Exchange at an exchange ratio with a valuation reflecting $3.40 per George Controlling Holders’⁽¹⁾ common share⁽²⁾, and — Cash Merger at a valuation of $3.75 per George Non-Controlling Holders’ common share⁽³⁾ - Melvin indicated its intention to pay the entire cash consideration portion from its existing liquidity resources — Implied enterprise value of the transaction outlined in the 4/28 IOI of $1.4 billion Subsequent to receipt of the 4/28 IOI, the Board of Directors (the “Board”) appointed a Special Committee comprised solely of independent directors (Ian Ashken — Chairman, James Hauslein and William Lauder) to review Melvin’s proposal and make a final recommendation to the Board regarding any possible transaction The Special Committee engaged Moelis as its exclusive independent financial advisor and retained independent legal counsel, Winston & Strawn (“Counsel”) on April 30th — Moelis was asked to provide advice and assistance to the Special Committee in connection with a potential transaction and, should a transaction agreement be reached, render an opinion to the Special Committee addressing the fairness, from a financial point of view, of the consideration received by the Non-Controlling Holders of the Company The Special Committee reviewed the Cash Merger offer per the 4/28 IOI and sought a higher valuation — The Special Committee offered Melvin the opportunity to submit a revised proposal [ 5 ] (1) Controlling Holders as defined in the Merger Agreement (2) Assumes Series A Preferred Stock redeemed and FA Sub 2 Ltd. Exchangeable Shares exchanged for an equal number of shares of the Company’s common stock (3) Includes shares underlying convertible debt

CONFIDENTIAL Situation Overview (cont’d) Beginning May 1, 2010 and continuing up to the date of this presentation, business and financial due diligence was conducted by Moelis, Counsel and Goldman Sachs (financial advisor to the Company). Diligence included, but was not limited to, the following: — Discussions with members of George’s and Melvin’s management — Review of public documentation and disclosure — Review of an online data room for George and Melvin - Review of materials prepared by George and Melvin for the Transaction — Review of 2010E financial forecast summary from George management — Review of a draft of the Agreement and Plan of Merger - Participation in due diligence sessions and calls with George management On May 6, 2010, Moelis discussed with the Special Committee its preliminary thoughts on, among other things, valuation and negotiating tactics On May 12, 2010, Ian Ashken and Manny Roman (Co-CEO of George), met with Peter Clarke (Melvin CEO) in London to discuss a potential transaction - Discussion addressing a range of topics including timing, diligence and documentation On May 14, 2010, Melvin verbally indicated its interest in acquiring George on the following terms: — Share Exchange at an exchange ratio with a valuation reflecting $3.50 per George Controlling Holders’ common share, and — Cash Merger at a valuation of $4.50 per George Non-Controlling Holders’ common share — Implied enterprise value of the transaction of $1.7 billion A majority of the outstanding George shares held by George Non-Controlling Holders must be voted in favor of the transaction. This is a non-waivable condition [ 6 ] Note: Prior to the closing of the transaction, George has agreed to make an offer (conditional on the closing) to purchase all of the 54,484,677 outstanding warrants at a price of $0.129 per warrant. Warrants that remain outstanding at closing will be converted into the right to receive the $4.50 cash merger consideration upon exercise of the warrants.

CONFIDENTIAL Key Transaction Terms Share Exchange for Controlling Holders at a ratio of 1.0856 — Implied value of $3.50 per share at signing (implies a 20.3% premium to the George May 14, 2010 closing price), subject to a cap of $4.25 per share TRANSACTION Cash Merger at $4.50 per George Non-controlling Holders’ common share — Implies a 54.6% premium to the George May 14, 2010 closing price Termination Merger Agreement may be terminated at any time prior to the Effective Time (whether before or after receipt of George stockholder approval) for the following reasons: — By mutual written consent of George and Melvin — If Merger is not consummated by the Outside Date (December 31, 2010) — If any Governmental Authority issues an order, decree, law, injunction or ruling prohibiting the Transaction or making its consummation illegal — George/Melvin stockholder approval not obtained — George/Melvin breaches or fails to perform with respect to any of its representations, warranties, covenants or agreements — If George Board of Directors or the Special Committee has an adverse recommendation change — If George enters into a transaction that is a superior proposal prior to George stockholder approval — If the Melvin Board of Directors does not make or withdraws its recommendation that its shareholders vote in favor of the transaction — George experiences a Material Adverse Event No Shop KEY MERGER No shop with fiduciary out for unsolicited superior proposals AGREEMENT Conditions Precedent PROVISIONS Customary closing conditions including: George/Melvin stockholder approval, no Governmental Authority restraints (i.e. injunction, order, judgment, ruling or decree), HSR and other regulatory approvals Share exchange completed Required Stockholder Votes George — (i) affirmative vote of the majority of the outstanding shares of common stock and preferred stock voting as a single class and (ii) non-waivable affirmative vote of a majority of the outstanding shares of common stock excluding the Controlling Holders (majority of the minority vote) Melvin — affirmative vote of the majority of outstanding ordinary shares Fees and Expenses George break up fee of $48 million Melvin break up fee of $48 million If stockholder approval is not obtained, must pay other party’s expenses (subject to a $15 million cap) Financing No financing required by Melvin to fund cash consideration George employment contracts for principals in line with the existing ones, with $1 million salary per principal EMPLOYMENT Required notice period of 12 months to terminate versus 12 weeks in existing employment contracts CONTRACTS Lockup agreement for George principals with 100% lockup in year one, 2/3 cash out permitted in year two and 1/3 cash out permitted in year three Voting and Support Agreement to be entered into by Melvin and the Controlling Holders of George; terminates if the Merger Agreement Terminates OTHER KEY Share Exchange Agreement whereby Controlling Holders of George exchange George shares for Melvin shares AGREEMENTS Covenants not to compete [ 7 ]

CONFIDENTIAL Overview of Transaction Valuation 5/14/2010 Offer Implied Value Assuming Current All Shares Receive ($ and shares in millions, except per share data) 5/14/10 Per Offer Offer of $4.50 per Share Per Share Purchase Price — Non-Controlling Holders $2.91 $4.50 $4.50 Per Share Purchase Price — Controlling Holders 2.91 3.50 4.50 Per Share Purchase Price — Wtd. Avg. Overall 2.91 4.10 4.50 Non-Controlling Shares of Common Stock 160.2 160.2 160.2 Plus: Shares Underlying Convertible (including Additional C-O-C Shares) ⁽¹⁾ — 66.1 66.1 Plus: Controlling Shares of Common Stock ⁽²⁾ 149.9 149.9 149.9 Total Fully Diluted Shares Outstanding 310.1 376.3 376.3 Equity Purchase Price — Non-Controlling Holders (Cash) $466.2 $721.0 $721.0 Consideration for Convertible Debt (Cash) — 297.6 297.6 Equity Purchase Price — Controlling Holders (Melvin Stock) 436.3 524.7 674.7 Implied Equity Value $902.5 $1,543.3 $1,693.2 Plus: Debt $302.7 $302.7 $302.7 Plus: Convertible Debt 228.5 — -Less: Cash (194.1) (194.1) (194.1) Total Enterprise Value $1,239.6 $1,651.9 $1,801.8 PREMIUM TO: METRIC Non-Controlling Holders: Current $2.91 0.0% 54.6% Prior to Transaction Leak (3/25/10) $2.78 4.7% 61.9% 1 Month Average $3.21 (9.2%) 40.3% 6 Month Average $3.05 (4.6%) 47.6% 1 Year Average $3.40 (14.3%) 32.5% 52-Week High (08/07/09) $4.52 (35.6%) (0.4%) 52-Week Low (11/12/09) $2.58 12.8% 74.4% VALUATION SUMMARY: TEV/2010E EBITDA⁽³⁾ $87.6 14.2x 20.6x TEV/2011E EBITDA⁽³⁾ $161.7 7.7x 11.1x Price/2010E EPS⁽⁴⁾ $0.19 15.1x 23.4x Price/2011E EPS⁽⁴⁾ $0.30 9.7x 15.1x (1) Assumes that convertible debt holders convert their claim to common stock if the offer price is above the share price underlying the convertible debt ($3.72 per share). At the current market [ 8 ] trading price of $2.91, it is assumed that the convertible debt holders would not convert their claim. At the offer price of $4.50 per share, it is assumed that they convert to common stock (2) Includes preferred stock issued to controlling holders, which is convertible to common stock on a one-to-one ratio (3) At the direction of George’s management, George’s 2010E and 2011E EBITDA are the average of Wall Street research (4) At the direction of George’s management, George’s 2010E and 2011E EPS are the average of Wall Street research, with projected interest and tax assumptions per George’s management

CONFIDENTIAL II. Valuation Analysis

CONFIDENTIAL Valuation Analysis Moelis & Company employed two standard corporate finance valuation methodologies — Comparable Companies Analysis and Precedent Transactions Analysis: Comparable Companies Analysis — Analysis is current and forward looking, giving consideration to fund types/investment strategies, growth prospects, profitability margins and recent operating performance of George, relative to peers Precedent Transactions Analysis - No pure-play public company hedge fund transactions exist — Only 8 asset management comparable transactions with adequate target LTM EBITDA disclosure since the end of 2007 — Transactions consummated for similar companies prior to the end of 2007 were completed in a more robust deal and market environment, while transactions consummated from mid-2008 through 2009 were completed in a very challenging deal environment, rendering relative multiples less comparable [ 10 ]

CONFIDENTIAL George Historical and Projected Financial Summary Moelis has not been provided with, and did not have any access to, internal forecasts for George prepared by management of George; with the exception of a 2010E financial forecast summary from George management that is derived from a base case revenue scenario — This 2010E financial forecast summary leads to a lower 2010E EBITDA of $70 million vs. 2010E EBITDA⁽¹⁾ of $88 million per Wall Street research and management assumptions; and fully diluted 2010E EPS of $0.16 vs. 2010E EPS⁽²⁾ of $0.19 per Wall Street research and management assumptions Accordingly, George has directed Moelis to use the average of publicly available Wall Street analyst estimates for the company for 2010E and 2011E, as set forth below Projected line items below EBITDA have been projected using assumptions provided by George’s management 2010 Financial Projections per Analyst Estimates with Forecast Summary Management Assumptions Historical Financial Information ⁽³⁾ 2008 2009 Projected Financial Information 2010E 2010E 2011E Revenue $495 $301 Revenue $403 $413 $536 Expenses 1,076 735 Expenses (333) (326) (374) Loss from Operations ($581) ($434) Cost/Income Ratio 82.7% 78.8% 69.8% EBITDA $70 $88 $162 Non-GAAP Net Income $127 $81 Non-GAAP EPS $0.41 $0.26 D&A ($4) ($4) ($5) Interest Expense (14) (14) (21) EBT $52 $70 $137 Income Tax (5) (7) (34) Net Income $47 $63 $102 Shares Outstanding, Fully Diluted 370 372 372 EPS, Fully Diluted $0.16 $0.19 $0.30 [ 11 ] Sources: Public filings, Wall Street research and Management (1) At the direction of George’s management, George’s 2010E and 2011E EBITDA are the average of Wall Street research (2) At the direction of George’s management, George’s 2010E and 2011E EPS are the average of Wall Street research, with projected interest and tax assumptions per George’s management (3) Historical financial information per Annual Report 2009 and Proxy Statement

CONFIDENTIAL George Wall Street Analyst Perspectives WALL STREET COMMENTARY “...we believe 2010 will be another transition year for George, as the company works its way back to its full earnings power. We view shares of George as fairly valued, trading at 14x our revised 2010 EPS estimate of $0.20.” “Given a 60%/40% mgmt fee/performance fee revenue split, we would put fair value for George closer to 14x than the 12x at which it currently trades on our 2010 EPS forecast.” “Overall, while we believe interest is broad based on the institutional, sovereign and endowment side, the company did indicate its traditional private clients are not showing much interest currently.” ”...Exacerbating that pressure, we believe, is some optionality that George has preserved in the size of its investment professional footprint in order to have capacity to manage higher levels of alternatives AUM as inflows to that asset class improve. This comes, to some extent, at the February 18-19, 2010 cost of near term earnings, but ultimately allows for more leverage longer term — so long as that AUM growth pans out as the company is “Neutral” expecting.” “In our view, George has considerable earnings power as performance fees come back into the revenue stream in a more meaningful way, although this is shaping up to be more of a 2011 story barring exceptional absolute returns in 2010 in the portion of the AUM that is above high-water marks.” “While the underlying fundamentals are improving for hedge fund organic growth, expense headwinds continue to weigh on George’s EPS and drove us to estimate negative EPS again in 1Q10.” February 18, 2010 “Neutral” “...we also believe stock price volatility for the George stock will exceed most asset managers due to lower trading volume.” “We also slightly lowered our price target to $4.00 (from $4.25). Our price target is 20x our 2010 EPS estimate but 12.6x our 2011 EPS estimate discounted one year at 20%, and reflects fine tuning to our sum-of-the-parts valuation model to reflect our modestly lower EPS forecast.” “Maintain Outperform rating. We think George should have substantial earnings leverage to any improvement in revenue growth and February 19, 2010 performance fee generation, as the company works through high water marks and assuming positive performance trends can continue. The “Outperform” emergence of earnings power as 2010 progresses, coupled with strong organic growth, ultimately should drive stock price performance.” SUMMARY OF WALL STREET ESTIMATES Price Revenue EBITDA ⁽¹⁾ EPS ⁽²⁾ Firm Research Analyst Date Recommendation Target 2010E 2011E 2010E 2011E 2010E 2011E Credit Suisse Craig Siegenthaler 5/6/10 Neutral $4.00 $429 $558 $66 $145 $0.13 $0.28 Barclays Roger Freeman 5/6/10 Neutral 3.00 433 556 106 163 0.22 0.33 KBW Robert Lee 5/7/10 Outperform 4.00 NA NA NA NA 0.12 0.31 Consensus $3.67 $431 $557 $86 $154 $0.16 $0.31 Projections per Analyst Estimates and Management Assumptions $413 $536 $88 $162 $0.19 $0.30 [ 12 ] Source: Wall Street Research (1) At the direction of George’s management, George’s 2010E and 2011E EBITDA are the average of Wall Street research (2) At the direction of George’s management, George’s 2010E and 2011E EPS are the average of Wall Street research, with projected interest and tax assumptions per George’s management

CONFIDENTIAL Comparable Companies Analysis Overview Moelis focused on 2010E & 2011E EBITDA and P/E multiples for comparable asset management companies Given George’s AUM mix (51% traditional long-only / 49% hedge fund & fund of funds), it is appropriate to consider both forward EBITDA and P/E multiples across a universe of long-only as well as its traditional comparable universe of alternative asset managers when comparing the Company to its peers We believe the closest publicly traded peers (the “Peer Group”) are Och-Ziff Capital, Fortress Investment Group, Ashmore Group, BlueBay and Melvin 2010E and 2011E EBITDA Multiples In conducting comparable companies trading analysis, we focused on asset management companies with similar operations to George Projected 2010E and 2011E EBITDA for George is $88 million and $162 million, respectively ⁽¹⁾ The Peer Group trades in a range of approx. 4.1x — 11.0x 2010E EBITDA — A range of 8.0x — 11.0x 2010E EBITDA implies an enterprise value of $701 to $963 million, or $1.56 to $2.26 of equity value per share The Peer Group trades in a range of approx. 4.4x — 9.4x 2011E EBITDA — A range of 8.0x — 10.0x 2011E EBITDA implies an enterprise value of $1,294 to $1,617 million, or $3.06 to $3.96 of equity value per share 2010E and 2011E P/E Multiples We also considered 2010E and 2011E P/E multiples to compare George with its Peer Group Projected 2010E and 2011E EPS for George is $0.19 and $0.30, respectively ⁽²⁾ The Peer Group trades in a range of 9.4x — 14.6x CY 2010E P/E — A range of 11.0x — 15.0x CY 2010E P/E implies an equity value per share of $2.12 to $2.89, which implies an enterprise value of $910 to $1,196 million The Peer Group also trades in a range of 6.9x — 13.0x CY 2011E P/E — A range of 9.0x — 13.0x CY 2011E P/E implies an equity value per share of $2.69 to $3.88, which implies an enterprise value of $1,121 to $1,583 million [ 13 ] (1) At the direction of George’s management, George’s 2010E and 2011E EBITDA are the average of Wall Street research (2) At the direction of George’s management, George’s 2010E and 2011E EPS are the average of Wall Street research, with projected interest and tax assumptions per George’s management

CONFIDENTIAL Benchmarking Analysis ($ in millions) ASHMORE BLUEBAY FORTRESS OCH ZIFF MELVIN GEORGE Gross AUM $29,945 $32,504 $31,800 $25,300 $39,100 $25,844 Market Capitalization $2,697 $979 $2,100 $5,884 $5,398 $731 67% of AUM has the Approximately 75% of 90% of AUM in liquid All funds above high 11% of funds above $9.8bn of potential High Water Marks potential to earn the current performance hedge funds is within water marks HWM, 8% are 5% away, $13.2bn (74%) above or performance fees, of fees were generated by 2% of high water marks 5% are 10-15% away within 5% of watermark these, at year end 2009, the BlueBay Multi- or greater, while the and remainder >10% 14% were ineligible Strategy Fund, which Drawbridge Special away reached its previous Opportunities Fund is high water mark again roughly 1% from its in July 2009 mark Comp Ratio (Latest FY) 14.7% 51.2% 86.4% 46.4% 20.0% 63.3% Earnings (EBITDA) CY 2009A $270 $76 $209 $371 $808 ⁽¹⁾ $20 CY 2010E $255 $93 $239 $670 $744 $84⁽²⁾ CY 2011E $284 $122 $282 $852 $702 $158⁽²⁾ AUM by Asset Class 8% Fixed Income and Currency 1% 4% 14% 30% 22% 14% 30% Private Equity 51% 49% 11% Hedge Funds / Funds of Funds 77% 56% 96% 37% 100% Equity [ 14 ] Sources: Public filings and Wall Street research Note: Market data as of May 14, 2010 (1) Melvin LTM EBITDA as of September 30, 2009 (2) At the direction of George’s management, George’s 2010E and 2011E EBITDA are the average of Wall Street research

CONFIDENTIAL Asset Management Sector Performance STOCK PRICE PERFORMANCE — 1/1/2008 TO PRESENT 125% 100% S&P 500: (20%) 75% Alternative Asset Managers: (48%) 50% Melvin: (70%) 25% George: (77%) 0% 1/1/08 4/1/08 7/1/08 10/1/08 1/1/09 4/1/09 7/1/09 10/1/09 1/1/10 4/1/10 5/13/10 STOCK PRICE PERFORMANCE — 1/1/2010 TO PRESENT 110% S&P 500: +2% 100% Alternative Asset Managers: (1%) 90% George: (12%) 80% 70% Me lvin: (33%) 60% 1/1/10 1/13/10 1/25/10 2/6/10 2/18/10 3/2/10 3/14/10 3/26/10 4/7/10 4/19/10 5/1/10 5/13/10 March 26^th: News Leak of Potential Transaction [ 15 ] Source: Capital IQ Alternative Asset Managers Index Includes: 3i Group, Ashmore, Blackstone, BlueBay, Charlemagne, Fortress, Gottex, KKR, Och-Ziff, Partners Group and Polar Capital

CONFIDENTIAL Publicly Traded Comparables — Alternative Asset Managers Price as of % of 52 Week Market EV / EBITDA (1) EV / Revenue P/E (2) Debt / EV / Effective (US$ in millions, except per share) 5/14/2010 High Low Cap EV AUM CY 2010E CY 2011E CY 2010E CY 2010E CY 2011E Market Cap AUM Tax Rate North American The Blackstone Group $12.25 71.1% 143.4% $13,459 $13,164 $98,100 11.5x 9.1x 4.5x 10.6x 8.3x 4.9% 13.4% NM Och-Ziff Capital 16.34 88.3% 217.3% 5,884 7,027 25,300 10.5x 8.3x 7.0x 11.4x 9.8x 11.1% 27.8% NM Fortress Investment Group 4.63 77.7% 177.4% 2,100 2,639 31,800 11.0x 9.4x 4.4x 9.4x 6.9x 18.9% 8.3% 0.5% High 88.3% 217.3% 11.5x 9.4x 7.0x 11.4x 9.8x 18.9% 27.8% 0.5% Median 77.7% 177.4% 11.0x 9.1x 4.5x 10.6x 8.3x 11.1% 13.4% 0.5% Mean 79.0% 179.4% 11.0x 8.9x 5.3x 10.5x 8.3x 11.6% 16.5% 0.5% Low 71.1% 143.4% 10.5x 8.3x 4.4x 9.4x 6.9x 4.9% 8.3% 0.5% European KKR $11.08 87.2% 337.8% $7,568 $8,797 $52,200 NA NA 14.4x 5.9x 6.9x 27.2% 16.9% 0.5% Melvin 3.22 59.3% 106.4% 5,398 3,053 39,100 4.1x 4.4x 2.1x 10.1x 11.0x 31.7% 7.8% 50.4% 3i Group 3.98 65.3% 126.5% 3,802 4,965 10,496 NA 9.5x NA NM 6.4x 94.5% 47.3% NM Partners Group 121.75 88.8% 144.8% 3,251 3,092 23,826 13.5x 11.4x 9.6x 14.4x 12.1x 0.0% 13.0% 5.6% Ashmore Group 3.77 83.5% 141.7% 2,697 2,256 29,945 8.8x 8.0x 6.1x 14.3x 13.0x 0.0% 7.5% 25.6% BlueBay 5.02 88.0% 194.0% 979 840 32,504 9.0x 6.9x 3.6x 14.6x 11.0x 0.0% 2.6% 22.3% Gottex 6.72 54.1% 130.8% 205 176 7,800 12.6x 6.5x 2.4x 16.6x 8.5x 0.0% 2.3% 4.9% Polar Capital 1.37 93.1% 180.8% 103 62 2,084 9.7x 7.6x 1.4x 19.7x 15.6x 0.0% 3.0% 27.9% Charlemagne 0.24 82.5% 173.7% 67 34 3,050 5.2x 1.3x 1.2x 10.4x 8.0x 0.0% 1.1% 6.4% High 93.1% 337.8% 13.5x 11.4x 14.4x 19.7x 15.6x 94.5% 47.3% 50.4% Median 83.5% 144.8% 9.0x 7.2x 3.0x 14.4x 11.0x 0.0% 7.5% 14.3% Mean 78.0% 170.7% 9.0x 6.9x 5.1x 13.3x 10.3x 17.0% 11.3% 18.0% Low 54.1% 106.4% 4.1x 1.3x 1.2x 5.9x 6.4x 0.0% 1.1% 0.5% North American and European High 93.1% 337.8% 13.5x 11.4x 14.4x 19.7x 15.6x 94.5% 47.3% 50.4% Median 83.0% 159.2% 10.1x 8.0x 4.4x 11.4x 9.1x 2.4% 8.1% 6.4% Mean 78.2% 172.9% 9.6x 7.5x 5.2x 12.5x 9.8x 15.7% 12.6% 16.0% Low 54.1% 106.4% 4.1x 1.3x 1.2x 5.9x 6.4x 0.0% 1.1% 0.5% Illustrative George (Undiluted) ⁽³⁾ Current Price $2.91 64.4% 112.8% $731 $1,082 $25,844 12.4x 6.7x 2.6x 15.1x 9.7x 72.7% 4.2% 4.0% 5/14 Bid ⁽⁴⁾ 4.50 99.6% 174.4% 1,131 1,481 25,844 16.9x 9.2x 3.6x 23.4x 15.1x 47.0% 5.7% 4.0% Sources: Public filings and Capital IQ Note: Bold denotes companies deemed most comparable to George. Unless otherwise noted, market capitalization not presented on a fully-diluted basis (e.g., giving effect to RSUs and other dilutive securities) (1) At the direction of George’s management, George’s 2010E and 2011E EBITDA are the average of Wall Street research (2) At the direction of George’s management, George’s 2010E and 2011E EPS are the average of Wall Street research, with projected interest and tax assumptions per George’s management [ 16 ] (3) Does not give effect to the redemption of the Series A Preferred Stock or the conversion of convertible notes into shares of common stock (4) Market capitalization is based on $4.50 for all outstanding shares

CONFIDENTIAL Publicly Traded Comparables — Traditional Asset Managers Price as of % of 52 Week Market EV / EBITDA (1) EV / Revenue P/E (2) Debt / EV / Effective (US$ in millions, except per share) 5/14/10 High Low Cap EV AUM CY 2010E CY 2011E CY 2010E CY 2010E CY 2011E Market Cap AUM Tax Rate North American BlackRock $169.72 69.6% 126.2% $32,244 $33,237 $3,364,000 9.9x 8.8x 3.9x 16.2x 14.1x 17.6% 1.0% 31.2% Franklin Resources 106.09 87.0% 178.8% 24,212 19,645 586,800 8.5x 7.0x 3.2x 15.6x 13.4x 1.3% 3.3% 28.6% T. Rowe Price 52.47 88.3% 143.1% 13,619 12,855 419,000 11.0x 9.3x 5.3x 20.1x 17.0x 0.0% 3.1% 37.3% Invesco 20.82 86.5% 151.9% 8,988 9,469 417,600 11.1x 8.5x 2.9x 16.4x 13.0x 8.3% 2.3% 27.0% AllianceBernstein 29.64 84.7% 178.4% 8,157 7,730 484,000 9.5x 9.0x 2.5x 13.7x 11.9x 2.5% 1.6% 6.9% Legg Mason 33.57 96.4% 189.3% 5,423 7,024 681,600 12.9x 11.3x 2.6x 21.9x 18.7x 55.1% 1.0% 70.9% Eaton Vance 32.80 90.9% 142.5% 3,886 4,033 173,100 9.6x 8.0x 3.5x 18.6x 15.3x 12.9% 2.3% 34.6% Affiliated Managers Group 77.12 87.6% 148.5% 3,266 4,789 260,000 11.7x 9.3x 3.7x 12.3x 10.3x 34.8% 1.8% 10.2% Waddell & Reed Financial 32.25 82.2% 149.2% 2,787 2,664 74,232 9.4x 7.8x 2.4x 16.9x 13.5x 7.0% 3.6% 34.9% Federated Investors 23.16 81.8% 107.2% 2,391 2,545 349,867 7.6x 7.0x 2.7x 13.4x 11.9x 8.9% 0.7% 36.6% Janus Capital Group 12.31 76.7% 144.0% 2,262 2,769 165,500 8.1x 6.9x 2.6x 15.7x 12.6x 35.1% 1.7% 34.1% Artio Global Investors 21.16 75.3% 112.7% 1,270 1,258 56,400 5.9x 5.1x 3.5x 11.0x 10.1x 4.7% 2.2% NM GAMCO Investors 45.22 81.8% 116.0% 1,245 960 28,000 8.5x 7.5x 3.4x 19.0x 16.6x 16.4% 3.4% 36.1% Cohen & Steers 25.68 87.9% 196.8% 1,093 869 27,200 13.1x 10.3x 4.5x 25.6x 20.2x 0.0% 3.2% 32.1% Sprott 3.96 80.4% 139.0% 594 540 4,975 8.0x 6.6x 3.9x 13.1x 10.4x 0.0% 10.9% 29.5% Pzena Investment Management 7.31 77.9% 137.7% 470 480 15,400 10.5x 8.6x 5.7x 18.6x 14.6x 3.1% 3.1% NM High 96.4% 196.8% 13.1x 11.3x 5.7x 25.6x 20.2x 55.1% 10.9% 70.9% Median 83.4% 143.5% 9.5x 8.3x 3.5x 16.3x 13.5x 7.7% 2.3% 33.1% Mean 83.4% 147.6% 9.7x 8.2x 3.5x 16.8x 14.0x 13.0% 2.8% 32.1% Low 69.6% 107.2% 5.9x 5.1x 2.4x 11.0x 10.1x 0.0% 0.7% 6.9% European Schroders $20.22 96.0% 182.2% $5,642 $1,633 $239,722 3.6x 2.9x 1.1x 16.8x 13.9x 2.1% 0.7% 30.4% Aberdeen 2.00 88.4% 124.0% 2,210 2,712 220,057 9.3x 7.9x 3.0x 11.2x 9.6x 16.8% 1.2% 36.0% Henderson 2.08 90.6% 185.6% 1,712 1,743 93,853 11.1x 9.6x 3.5x 14.5x 12.5x 15.4% 1.9% 6.5% Gartmore 2.09 62.7% 148.7% 644 765 35,861 5.5x 5.3x 1.8x 7.5x 6.2x 58.1% 2.1% NM F&C 0.89 65.1% 114.4% 437 577 149,663 5.3x 4.8x 1.6x 8.8x 7.2x 87.8% 0.4% NM Liontrust 1.39 70.2% 105.5% 42 19 1,836 3.4x 9.9x 0.7x 13.1x 37.0x 0.0% 1.0% 36.2% High 96.0% 185.6% 11.1x 9.9x 3.5x 16.8x 37.0x 87.8% 2.1% 36.2% Median 79.3% 136.3% 5.4x 6.6x 1.7x 12.2x 11.1x 16.1% 1.1% 33.2% Mean 78.8% 143.4% 6.4x 6.7x 1.9x 12.0x 14.4x 30.0% 1.2% 27.3% Low 62.7% 105.5% 3.4x 2.9x 0.7x 7.5x 6.2x 0.0% 0.4% 6.5% North American and European High 96.4% 196.8% 13.1x 11.3x 5.7x 25.6x 37.0x 87.8% 10.9% 70.9% Median 83.4% 143.5% 9.4x 7.9x 3.1x 15.6x 13.2x 8.6% 2.0% 33.1% Mean 82.2% 146.4% 8.8x 7.8x 3.1x 15.5x 14.1x 17.6% 2.4% 31.1% Low 62.7% 105.5% 3.4x 2.9x 0.7x 7.5x 6.2x 0.0% 0.4% 6.5% Illustrative George (Undiluted) ⁽³⁾ Current Price $2.91 64.4% 112.8% $731 $1,082 $25,844 12.4x 6.7x 2.6x 15.1x 9.7x 72.7% 4.2% 4.0% 5/14 Bid ⁽⁴⁾ 4.50 99.6% 174.4% 1,131 1,481 25,844 16.9x 9.2x 3.6x 23.4x 15.1x 47.0% 5.7% 4.0% Sources: Public filings and Capital IQ Note: Bold denotes companies deemed most comparable to George. Unless otherwise noted, market capitalization not presented on a fully-diluted basis (e.g., giving effect to RSUs and other dilutive securities) (1) At the direction of George’s management, George’s 2010E and 2011E EBITDA are the average of Wall Street research [ 17 ] (2) At the direction of George’s management, George’s 2010E and 2011E EPS are the average of Wall Street research, with pro jected interest and tax assumptions per George’s management (3) Does not give effect to the redemption of the Series A Preferred Stock or the conversion of convertible notes into shares of common stock (4) Market capitalization is based on $4.50 for all outstanding shares

CONFIDENTIAL Precedent Transaction Analysis Overview Moelis focused on Implied Equity Value / LTM EBITDA and Implied Equity Value / AUM to evaluate precedent transactions for asset management companies Implied Equity Value / LTM EBITDA Multiples — There have only been 8 sizable M&A transactions in the asset management space since the peak of the markets in late-2007 with adequate LTM EBITDA disclosure for the target — Given the sharp decrease in 2009 earnings due to the global economic downturn, the use of LTM EBITDA in a precedent transaction does not provide an accurate representation of the normalized cash flow profile of George on a go-forward basis — As such, we have applied precedent transaction multiples to George’s 2010E and 2011E EBITDA for the purposes of this valuation While it is helpful and relevant in this case to analyze forward multiples, most precedent transactions occur without the disclosure of forward-looking EBITDA multiples, resulting in a less robust data set The majority of the asset management precedent transactions shown in our analysis have occurred under different credit and other market conditions from those prevailing currently We believe the 2 alternative asset management and 6 traditional asset management transactions which were announced subsequent to January 2008 with adequate LTM EBITDA disclosure for the target are the most appropriate precedents to use for the purpose of our analysis — The 2 alternative asset management transactions occurred at an average EV multiple of 8.3x LTM EBITDA — The 6 traditional asset management transactions occurred at an average EV multiple of 9.5x LTM EBITDA⁽¹⁾ George is projected to have $88 million of 2010E EBITDA and $162 million of 2011E EBITDA⁽²⁾ - A range of 7.0x to 10.0x 2010E EBITDA implies an enterprise value of $735 to $998 million, or $1.65 to $2.36 of equity value per share — A range of 7.0x to 10.0x 2011E EBITDA implies an enterprise value of $1,254 to $1,739 million, or $3.05 to $4.28 of equity value per share Implied Equity Value / AUM Alternative and traditional asset manager transactions presented on the next two pages occurred at an average of 7.6% and 2.4% of AUM, respectively A range of 4% to 6% of AUM applied to George’s $25.8 billion of AUM implies an equity value of $1,034 million to $1,551 million, which implies $2.78 to $4.11 of equity value per share [ 18 ] (1) Two transactions were based on run-rate EBITDA (2) At the direction of George’s management, George’s 2010E and 2011E EBITDA are the average of Wall Street research

CONFIDENTIAL Precedent Transactions — Alternative Asset Managers Alternative Asset Manager Precedent Transactions Target % Interest Equity Value Implied Total Implied Equity Value/ Implied Equity Value/ Date Target Acquirer AUM (US$m) Acquired (US$m) Equity Value (US$m) Target AUM LTM EBITDA 3/30/2010 Rensburg Sheppards Investec 19,591 52.7% 346 656 3.3% NA 2/10/2010 Pantheon Ventures Inc. Affiliated Managers Group Inc. 22,000 85.0% 1,000 1,176 5.3% NA 2/1/2010 Artemis Investment Management Affiliated Managers Group Inc. 16,000 100.0% NA NA NA NA 1/8/2010 RBS Asset Mgmt Inv. Strategies fund of funds Aberdeen Asset Management 21,495 100.0% 135 135 0.6% 8.5x 10/9/2009 Phibro LLC Occidental Petroleum Corp NA 100.0% 250 250 NA NA 6/16/2009 Conning & Company Aquiline Capital Partners LLC 70,000 100.0% NA NA NA NA 11/10/2008 European Capital Limited American Capital 3,500 32.3% 158 489 14.0% NA 9/29/2008 Eagle Energy Partners I, L.P. EDF Group NA NA NA NA NA NA 2/20/2008 Vision Investment Management Agnelli Family (IFIL Group) 1,330 40.0% 90 225 16.9% NA 2/10/2008 Capula Investment Management Goldman Sachs 3,000 20.0% 90 450 15.0% NA 1/31/2008 HedgeWorks, LLC Deutsche Bank 10,000 100.0% NA NA NA NA 1/10/2008 GSO Capital Partners, L.P. Blackstone Group L.P. 10,000 100.0% 930 930 9.3% NA 1/8/2008 Asset Alliance Tailwind Financial 3,500 100.0% 80 80 2.3% 8.1x 1/7/2008 Lincoln Vale ING Investment Management 13,000 NA NA NA NA NA 12/31/2007 Alpha Equity Management LLC Trusco Capital Management 200 NA NA NA NA NA 12/18/2007 Deerfield & Company Deerfield Triac Capital Corp. 15,400 100.0% 181 181 1.2% NA 12/11/2007 BlueMountain Capital Management Affiliated Managers Group 4,800 Minority NA NA NA NA 12/10/2007 MetalMark Capital Partners Citigroup 1,200 100.0% NA NA NA NA 11/26/2007 Key Asset Management Skandinaviska Enskilda Banken AB 3,000 100.0% NA NA NA NA 11/19/2007 R6 Capital Management Eton Park Capital Management 300 100.0% NA NA NA NA 11/14/2007 Traxis Partners Morgan Stanley Private Equity 1,500 20.0% NA NA NA NA 11/8/2007 ValueAct Capital Affiliated Managers Group 6,000 Minority NA NA NA NA High $70,000 $1,000 $1,176 16.9% 8.5x Median $5,400 $169 $350 5.3% 8.3x Mean $11,291 $326 $457 7.6% 8.3x Low $200 $80 $80 0.6% 8.1x [ 19 ] Source: Public filings and press releases

CONFIDENTIAL Precedent Transactions — Traditional Asset Managers Traditional Asset Manager Precedent Transactions Target % Interest Equity Value Implied Total Implied Equity Value/ Implied Equity Value/ Date Target Acquirer AUM (US$m) Acquired (US$m) Equity Value (US$m) Target AUM LTM EBITDA 2/19/2010 INTECH Investment Management Janus Capital Group 45,900 3.0% 31 1,047 2.3% NA 2/12/2010 Prudential Investment & Securities Co., Ltd. Hanwha Securities Co. Ltd. NA 99.8% 422 423 NA NA 1/5/2010 River Road Asset Management, LLC Aviva Plc 3,600 100.0% 122 122 3.4% NA 12/20/2009 Advisory Research Holdings, Inc. Piper Jaffray Companies 5,500 100.0% 220 220 4.0% 8.5x 12/14/2009 Highbury Financial Inc. Affiliated Managers Group Inc. 6,000 100.0% 113 113 1.9% 17.7x 10/19/2009 Morgan Stanley Retail Asset Management Invesco Ltd. 119,000 100.0% 1,500 1,500 1.3% 7.7x (1) 9/30/2009 Columbia Management Group Ameriprise Financial 165,000 100.0% 1,000 1,000 0.6% 7.0x (1) 9/5/2009 AIG Investment Advisory and Asset Mgmt. Pacific Century Group 88,700 NA 500 NA NA NA 8/17/2009 Delaware Management Holdings, Inc. Macquarie Group Ltd. 125,000 100.0% 452 452 0.4% NA 8/12/2009 Insight Investment Management Limited Bank of New York Mellon Corp 131,872 100.0% 387 387 0.3% NA 7/29/2009 Nikko Asset Management Co. Ltd Sumitomo Trust & Banking Co. 92,563 64.0% 808 1,262 1.4% NA 6/12/2009 Barclays Global Investors BlackRock, Inc. 1,495,000 100.0% 13,500 13,500 0.9% 7.4x 5/14/2009 Great American Group, LLC Alternative Asset Management NA 27.7% 120 305 NA 9.0x 11/24/2008 Winslow Capital Management, Inc. Windy City Invts Holdings LLC 4,500 100.0% 257 257 5.7% NA 8/14/2008 Lazard Asset Management LLC Lazard Freres & Co. LLC 134,100 23.0% 240 1,043 0.8% NA 7/14/2008 Prudent Bear & Global Income Fund Federated Investors Inc. 1,464 NA 143 143 9.7% NA 7/7/2008 J. & W. Seligman & Co. Incorporated Ameriprise Financial 18,000 100.0% 440 440 2.4% NA 4/16/2008 American Beacon Advisors, Inc. Pharos Capital and TPG 65,000 90.0% 480 533 0.8% NA High $1,495,000 $13,500 $13,500 9.7% 17.7x Median $76,850 $405 $440 1.4% 8.1x Mean $156,325 $1,152 $1,338 2.4% 9.5x Low $1,464 $31 $113 0.3% 7.0x [ 20 ] Source: Public filings and press releases (1) Based on run-rate EBITDA

CONFIDENTIAL Additional Analyses Moelis also conducted an analysis of trading activity in George shares and purchase price premia paid in recent control M&A transactions Shares Traded Analysis 356.2 million shares of George common stock traded in the trailing twelve month period - Represents 1.4x the number of common shares outstanding at March 31, 2010 Approximately 99.5% of shares traded at or below $4.50 over the LTM period Purchase Price Premium Analysis A sample of 16 announced control M&A transactions with total transaction value under $3 billion over the last twelve months where the target was a North American public company indicated a median purchase price premium over the 1-day, 5-day average and 20-day average closing price to be 26.7%, 24.9% and 30.1%, respectively — A purchase price premium of 25% to 30% over George’s closing stock price of $2.91 on May 14, 2010 implies a valuation range of $3.64 to $3.78 per share - - A purchase price premium of 23% to 28% over George’s 5-day average closing stock price of $2.98 on May 14, 2010 implies a valuation range of $3.67 to $3.81 per share — A purchase price premium of 28% to 33% over George’s 20-day average closing stock price of $3.12 on May 14, 2010 implies a valuation range of $3.99 to $4.15 per share [ 21 ]

CONFIDENTIAL George Shares Traded Analysis 356,185,962 shares of George common stock have traded in the last twelve month period — 1.4x the number of common shares outstanding LAST THREE MONTHS TOTAL SHARES TRADED $2.91 Current Price $4.50 Offer Price 45.0% 36.9% 32.6% 30.0% 16.1% 12.0% 15.0% 2.4% 0.0% 0.0% 0.0% 0.0% 0.0% $2.50 — $2.75 $2.75 — $3.00 $3.00 — $3.25 $3.25 — $3.50 $3.50 — $3.75 $3.75 — $4.00 $4.00 — $4.25 $4.25 — $4.50 $4.50 — $4.75 LAST SIX MONTHS TOTAL SHARES TRADED $2.91 Current Price $4.50 Offer Price 45.0% 35.2% 37.7% 30.0% 16.0% 9.7% 15.0% 1.4% 0.0% 0.0% 0.0% 0.0% 0.0% $2.50 — $2.75 $2.75 — $3.00 $3.00 — $3.25 $3.25 — $3.50 $3.50 — $3.75 $3.75 - $4.00 $4.00 — $4.25 $4.25 — $4.50 $4.50 — $4.75 LAST TWELVE MONTHS TOTAL SHARES TRADED $2.91 Current Price $4.50 Offer Price 45.0% 21.1% 24.2% 30.0% 11.1% 10.8% 13.3% 15.0% 8.1% 8.1% 2.9% 0.5% 0.0% $2.50 — $2.75 $2.75 — $3.00 $3.00 — $3.25 $3.25 — $3.50 $3.50 — $3.75 $3.75 — $4.00 $4.00 - $4.25 $4.25 — $4.50 $4.50 — $4.75 [ 22 ] Source: Capital IQ Note: Data as of May 14, 2010

CONFIDENTIAL Premia Paid Analysis Over the Last Year MEDIAN PURCHASE PRICE PREMIUM OVER STOCK PRICE⁽¹⁾ SELECTED TRANSACTIONS 60.0% Stock Price Premium Implied 1-Day premium per $4.50 offer price: 54.6% Target Acquiror 1-Day 5-Day 20-Day CPI International Comtech Telecommunications 25.7% 23.0% 20.6% Implied 5-Day premium per $4.50 offer price: 51.0% Rock of Ages Swenson Granite Company 27.3% 27.0% 28.7% 50.0% Dollar Thrifty Automotive Group Hertz Global Holdings (12.2%) (9.1%) (2.8%) Implied 20-Day premium per $4.50 offer price: 44.2% Union National Financial Donegal Financial Services 48.2% 53.3% 75.8% Cornell Companies Geo Group 34.9% 24.3% 31.9% 40.0% Boots & Coots Halliburton 26.1% 25.4% 33.7% Medistem Entest Biomedical 513.0% 513.0% 408.5% 30.1% Arena Resources SandRidge Energy 16.8% 20.0% 22.3% 30.0% 26.7% (56.1%) (50.0%) (43.4%) Jones Soda Co. REEDS 24.9% RiskMetrics Group MSCI 16.8% 16.3% 18.8% Southern Connecticut Bancorp Naugatuck Valley Financial 86.6% 77.2% 70.1% 20.0% VCG Holding Rick’s Cabaret International 18.3% 18.7% 19.4% Broadview Security Tyco International 35.3% 34.2% 31.5% Zygo II-VI 38.5% 41.3% 47.0% 10.0% Fremont Michigan Insuracorp Biglari Holdings 8.9% 6.5% 3.9% Iowa Telecommunications Services Windstream Corporation 28.3% 28.0% 32.8% 0.0% 1-Day 5-Day 20-Day [ 23 ] Sources: Capital IQ (1) All announced public North American controlled acquisitions under $3 billion total transaction value with both stock and cash considerations

CONFIDENTIAL Summary Valuation Fully diluted equity value per share for all comparable metrics gives effect to the additional shares to be issued to the convertible notes upon a change-of-control as well as redemption of Series A Preferred Stock Indicative Equity Value Per Share Valuation Methodology Assuming All Shareholders Receive the Same Per Share Price Assumptions Comparable Companies Analysis $1.56 $2.26 8.0x — 11.0x 2010E EBITDA Multiple 2010E EBITDA 2011E EBITDA Multiple $3.06 $3.96 8.0x — 10.0x 2011E EBITDA 2010E P/E $2.12 $2.89 11.0x — 15.0x 2010E EPS Fully Diluted 2011E P/E $2.69 $3.88 9.0x — 13.0x / With 2011E EPS Transaction⁽¹⁾ Precedent Transactions (2) 7.0x — 10.0x 2010E EBITDA Multiple $1.65 $2.36 2010E EBITDA (2) $3.05 $4.28 7.0x — 10.0x 2011E EBITDA Multiple 2011E EBITDA Implied Equity Value / AUM $2.78 $4.11 4% — 6% of AUM Basic Shares / 52 Week Low/High Value $2.58 $4.52 $2.58 — $4.52 per share No 25% — 35% Premia Paid $3.64 $3.93 Premium to Current Transaction Share Price $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 Current Price (5/14): $2.91 5/14 Offer Price: $4.50 [ 24 ] (1) Gives effect to the redemption of Series A Preferred Stock, exchange of FA Sub 2 Ltd. Exchangeable Shares and conversion of the convertible notes into George common shares (2) Precedent transaction analysis based on a data set of eight transactions. A range of precedent transaction LTM EBITDA multiples are applied to 2010E and 2011E George EBITDA to reflect more normalized cash flow levels versus George’s current LTM EBITDA

CONFIDENTIAL Appendix

CONFIDENTIAL Overview of George Convertible Subordinated Notes As part of the proposed transaction, Melvin will pay cash consideration to holders of George’s $228.5 million 5.00% Convertible Subordinated Notes due May 2014 (the “Convertible Notes”) — In May 2009, George issued $214 million of Convertible Notes to pay down a portion of its existing senior secured credit facility, and subsequently issued an additional $14.5 million under the same indenture in June 2009 - - At issuance, the initial conversion rate per $1,000 of Convertible Notes principal was 268.8 shares of common stock, which represents an underlying share price of $3.72 per share As a result of the Change of Control, the holders of the Convertible Notes are entitled to additional shares per $1,000 of principal amount as set forth in the table below — Per the indenture, the table below outlines the additional shares due to holders of the Convertible Notes based on various share prices — To the extent that the offer price is between two share prices or the effective date is between two effective dates in the table below, the number of additional change of control shares will be determined by an interpolation between the share prices and effective dates The holders of the Convertible Notes will then receive cash consideration from Melvin for their as-converted ownership of George’s common stock Additional Change of Control Shares Issued per $1,000 of Convertible Notes Share Price Effective $3.10 $3.25 $3.50 $3.75 $4.00 $5.00 $ 5.58 $6.00 $7.00 $8.00 $9.00 $10.00 $11.00 $12.00 Date 53.763 48.916 42.102 36.604 32.113 20.534 16.560 14.393 10.730 8.327 6.629 5.360 4.372 3.579 5/15/2010 53.763 46.835 39.262 33.224 28.363 16.331 12.510 10.539 7.450 5.621 4.424 3.571 2.921 2.404 5/15/2011 53.763 45.450 36.750 29.839 24.304 10.976 7.129 5.345 3.034 2.056 1.575 1.278 1.060 0.884 5/15/2012 53.763 44.656 34.834 27.129 20.957 5.410 0.938 — - — - — - -5/15/2013 53.763 40.324 28.961 20.752 14.826 3.133 0.539 — - - - — - — -5/15/2014 53.763 38.875 16.897 — - — - — - — - — - — [ 26 ] Source: Public filings

EX-99.C.VI

Exhibit (c)(vi)

CONFIDENTIAL Project Escalator Discussion Materials Regarding Melvin May 16, 2010

CONFIDENTIAL Disclaimer This presentation has been prepared on a confidential basis solely for the exclusive use and benefit of the intended recipient. The information contained in this document is confidential and may not be disseminated, distributed or reviewed without the express written consent of Moelis & Company (“Moelis”). If the recipient of this document is not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this document is strictly prohibited and you are required to either destroy or return this document to Moelis. This presentation has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. “George” or the “Company” should consult its own counsel, tax and other advisors as to legal and related matters concerning any transaction described herein. This presentation does not purport to be all-inclusive or to contain all of the information that the Company may require. No decision on the transaction referred to herein or any other transaction should be based solely on the information in this presentation. In this presentation, Moelis made many assumptions with respect to industry performance, general business and economic conditions and other matters. Any estimates contained in these analyses — whether expressed or implied — are not necessarily indicative of actual values or predictive of future results or values, which may be significantly more or less favorable than as set forth herein. Moelis reserves rights to change any or all of the estimations, proposals, or recommendations offered herein as a result of any changes in the above referenced information, market factors or at its discretion. [ 2 ]

CONFIDENTIAL Melvin Situation Overview 3 Melvin is one of the largest publicly-listed asset managers in Europe by market capitalization and by AUM 3$ 39.1 billion of AUM as of March 31, 2010; Principal business segments include: — Private Investor Segment — AHL (managed futures) with $21.1 billion in AUM — Institutional Investor Segment — multi-manager fund of funds (RMF, Glenwood) with $14.6 billion in AUM HISTORY — Credit — Ore Hill with $3.4 billion in AUM 3 Founded in 1783 as a sugar cooperage and brokerage in London — Entered the alternative investments arena in 1983 — In 1994, went public on the London Stock Exchange — Changed its name to current name in 2000 as a result of demerger of its agricultural commodities business 3 Melvin shares have underperformed its asset management peers over the last two years 3 Drivers of underperformance include: — Decreasing AUM ($39.1 billion of AUM at 3/31/10 versus $46.8 billion at 3/31/09 and $74.6 billion at 3/31/08) — Recent negative AHL performance CURRENT SITUATION — Expectation of future dividend reductions OVERVIEW 3 Currently, Melvin maintains a cash balance of approximately $4.1 billion comprised of — $2,139 million of cash — $1,132 million of short-term investments — $785 million cash from the February 2010 Fixed Rates Notes offering of 600 million Sources: Public filings and Wall Street research [ 3 ]

CONFIDENTIAL Melvin Market Valuation and Stock Price Performance MARKET VALUATION⁽¹⁾ ($ MM, ex. per share) THREE YEAR STOCK PRICE PERFORMANCE Share Price as of (05/14/10) $3.22 $16.00 90.0 As of 5/14/10: $3.22% of 52-Week High 59.3% 6 Month Closing Avg.: $4.26% of 52-Week Low 106.4% 1 Year Closing Avg.: $4.48 80.0 $14.00 3 Year Closing Avg.: $7.62 Shares Outstanding - Common 1,678 70.0 Market Capitalization $5,398.0 $12.00 60.0 Fixed Rate Notes⁽²⁾ $1,011.3 $10.00 (millions) ) Floating Rate Notes 399.0 $ ( 50.0 Perpetual Subordinated Capital Securities 300.0 Price $8.00 Minority Interest 1.0 Volume Share 40.0 Cash and Short-Term Investments⁽³⁾ (4,056.3) $6.00 30.0 $4.00 20.0 $2.00 10.0 $0.00 0.0 5/14/07 5/14/08 5/14/09 5/14/10 Volume S hare Price Sources: Public filings, Capital IQ, Wall Street research [ 4 ] (1) Balance sheet data as of September 30, 2009, except for Fixed Rate Notes and cash balance, which are adjusted to reflect 600 million offering in Feb. 2010 (2) Balance of Fixed Rate Notes incorporates 600 million offering in Feb. 2010 and preexisting balance of $226 million already outstanding under the indenture (3) Includes cash balance at September 30, 2009 ($2,139MM), short-term investments ($1,132MM) and cash from the Feb. 2010 Fixed Rate Notes offering of 600 million (at an exchange rate of 0.76)

CONFIDENTIAL George and Melvin Comparison GEORGE⁽¹⁾ MELVIN⁽²⁾ Gross AUM $25.8 billion $39.1 billion Market Capitalization $731 million $5,398 million High Water Marks $9.8bn of potential $13.2bn (74%) above or within 5% of 11% of funds above HWM, 8% are 5% away, 5% are 10-watermark 15% away and remainder >10% away Employees 390 1,765 Ratings Not Rated BBB+ / Baa1 AUM by Asset Class Equity 49% 51% Hedge Funds / Funds of Funds 100% Note: Market data as of May 14, 2010 [ 5 ] (1) Sources: Public filings (2) Sources: Public filings. Market data assumes exchange rate of GBP : USD of 0.69 as of May 14, 2010

CONFIDENTIAL Melvin Wall Street Analyst Perspectives WALL STREET COMMENTARY “The recent round of downgrades will have softened the blow of what is undoubtedly a disappointing H2 performance relative to the management’s and the market’s hopes at the start of the period. H2 management fee income is just $235m if we add back March 24, 2010 “one offs”, compared with $603m in H2 2008. A recovery is possible, and is clearly still anticipated by management, but it is also “Neutral” still discounted in market consensus too, we believe, which remains a hurdle to share price performance” “Despite the downgrade, in our modeling we continue to believe that the business “works”. We assume that AHL delivers 10% annual returns. We assume that flows return to positive values. We assume management optimism about the future finally March 19, 2010 translates into the present. Our interpretation of consensus is that others are making similar assumptions, while those still “Neutral” estimating over 40c per share in 2011E are presumably assuming something rather more.” “We believe Man group’s valuation is increasingly attractive but believe that more certainty and visibility on private flows are required for the shares to start outperforming again.” “Man group has strong long-term growth prospects given the investment record of AHL, the demand for liquid and uncorrelated strategies such as managed futures and the unique distribution footprint that Man group has across Asia. That said we believe the key to becoming more positive is an end of the EPS downgrade cycle. We believe a sustained pick up in March 24, 2010 AHL performance is needed before net inflows are to be seen and hence there remains risk to our $3.6bn net inflow forecast for “Neutral” the coming Year.” “The lack of a Japan launch evidences subdued demand for Man’s core AHL offering given its performance. We expect this to weigh on sales in cal 1Q10e and into FY11e.” “Consensus expectations for FY11 fund raising and performance fees face downside risks given AHL performance (down 11% LTM) and gap to higher watermark.” “Strong Asian distribution complemented by new open ended onshore product, and managed account offerings offer March 17, 2010 reasonable growth channels longer term with longer term track record of AHL and low correlation to other asset classes also “Equal-weight” positive.” SUMMARY OF WALL STREET ESTIMATES Price Revenue EBITDA ⁽²⁾ EPS Firm Research Analyst Date Recommendation Target⁽¹⁾ 2011E 2012E 2011E 2012E 2011E 2012E J.P.Morgan Rae Maile 3/24/10 Neutral NA $1,284 $1,478 $543 $647 $0.25 $0.30 Credit Suisse Rupak Ghose 3/24/10 Neutral $3.99 1,042 1,413 550 815 0.25 0.37 Morgan Stanley Bruce Hamilton 3/17/10 Equal-weight 3.94 1,029 1,471 610 944 0.27 0.43 Mean $3.96 $1,118 $1,454 $568 $802 $0.26 $0.37 Source: Wall Street Research [ 6 ] (1) Price target converted at GBP/USD exchange rate of 1.504 on 3/24/2010 and 1.514 on 3/17/2010 (2) Pre-tax profit used as a proxy for EBITDA for J.P.Morgan research

CONFIDENTIAL Performance Relative to High Water Marks MELVIN — AHL FUNDS DISTANCE FROM PEAK (SEPTEMBER 2009) 57% 60% 50% 40% 30% 18% 20% 11% 8% 5% 10% 1% 0% At Peak 0 — 5% from Peak 5 — 10% from Peak 10 — 15% from Peak 15 — 20% from Peak Over 20% from Peak Weighted average distance from peak — -(11.6%) . Source: Public filings and investor presentations [ 7 ]

EX-99.C.VII

Exhibit (c)(vii)

CONFIDENTIAL GLG Partners, Inc. BRIEFING MATERIALS APRIL 29, 2010

TABLE OF CONTENTS I. Overview of Melvin Group II. George and Melvin in Context III. Valuation Framework Appendix: Additional Materials 1

I. OVERVIEW OF MELVIN GROUP

MELVIN GROUP OVERVIEW 1 • Largest listed asset manager in Europe by market capitalisation ($6.5bn vs. $5.8bn for Schroders, 2nd largest), listed on the LSE, included in the FTSE100 index • Largest alternative manager in Europe by AuM, with estimated $39.1bn as of 31-Mar-2010 ¹: 2 • Managed futures (AHL): $21.1bn in AuM • Multi-manager (RMF, Glenwood): $14.6bn in AuM • Credit (Ore Hill): $3.4bn in AuM • Melvin product offering revolving mainly around 3 • AHL: quantitative managed futures manager • Multi-manager solutions • Diversified business mix by investor base and geography: 4 • Private Clients ($26.7bn; 68.3% of AuM), Institutional Investors ($12.4bn; 31.7%¹) • Top 3 geographies in AuM for Private Clients: Japan (33%), Australia/NZ (12%) and S.E. Asia (11%); Institutional Investors: Switzerland (35%), UK (17%) and the Americas (10)% • Dedicated distribution team of over 300 individuals and access to more than 2,200 5 intermediaries for Private Clients; dedicated direct sales force and specialised client service teams for Institutional Investors • Revenues of $2,488m and Net Income of $503m from Sep-08 to Sep-09; Shareholder Equity of 6$4,192m as of Sep-09 • Estimated regulatory capital surplus of $1.5bn for the year ending 31 March 2010 • Credit ratings: BBB+/Baa1/BBB+ (S&P/Moody’s/Fitch) 1 Source: Melvin pre-close trading update. 3

LARGEST LISTED ASSET MANAGER IN 1 EUROPE Market Capitalisation ($m) Average Daily Trading Volume L6M 6,480 5,788 Melvin ranks #67 in the FTSE100 based on market cap 3,642 2,910 2,347 1,853 1,753 1,102 668 483 234 182 125 74 51 Melvin            Schroders            Partners            Ashmore            Aberdeen            Henderson            BlueBay Gartmore            F&C            Gottex            RAB            Charlemagne            Liontrust Intermediate Capital            Invista Real Estate 0.66% 0.21% 0.09% 0.09% 0.30% 0.25% 0.31% 0.14% 1.03% 0.40% 0.08% 0.04% 0.08% 0.13% 0.18% Source: Datastream as of 27-Apr-2010 4

LARGEST ALTERNATIVE ASSET MANAGER IN 2 EUROPE BY AUM AuM ($bn) $39.1 $26.8 $22.2 $17.3 $15.0 $13.0 $11.0 $9.0 $7.1 $6.0 Melvin Brevan            George BlueCrest Lansdowne Eton Park            Winton            Sloane Transtrend Spinnaker Howard Partners            Robinson Note: Melvin estimated as of 31-Mar-2010, based on Melvin pre-close statement. Other asset managers based on Eurohedge ranking and press articles 5

3 PRODUCT OFFERING Product Offering            Investor Type            Key Features Capital Guaranteed Private • Blended content from managed futures AHL manager and ($13.9bn FUM; 36%) fund of funds operations • A portion of the investment is invested in fixed income securities designed to pay out the total amount invested at a fixed maturity date • The remaining portion is invested in riskier strategies, providing profit upside potential to the investor • The profit upside potential is enhanced by use of leverage Open-Ended            Private • Provide more concentrated access to single manager content ($12.8bn; 33%) such as AHL, with monthly liquidity, as well as to diversified and concentrated fund of fund offerings, either multi-strategy or theme / sector based Institutional • Full range of products consisting of both diversified and ($12.4bn; 32%) strategy specific portfolios, as well as fully customised solutions • Fund of fund products offer access to 170+ underlying managers representing five complementary hedge funds styles: equity hedge, event driven, global macro, managed futures and relative value Source: Company public disclosures 6

BUSINESS MIX (1/2) 4 AUM BREAKDOWN BY INVESTOR BASE AuM Stock ($bn)— Estimated as of 31-Mar-2010 AUM Gross Inflows ($bn) — 12 Months to 31-Mar-2010 2010E Gross Avg Gross Margin: Avg Gross Margin: Inflows: $8.2bn 0.91%¹ 4.27%¹ Institutional 18% Institutional 32% 1.5 Guarant’d 1.4 12.4 Guarant’d 13.9 Open-ended Open-ended 5.3 Private 12.8 68% Private 82% Source: Company public disclosures 1 H1 2010 (annualised). 7

BUSINESS MIX (2/2) 4 AUM BREAKDOWN BY GEOGRAPHY AND DISTRIBUTION Private Investor FUM By Geography            Distribution Channel Other Insurance 4% 1% Other ¹ 11% Professional 6% North America 6% Asset Managers 10% Japan Benelux 6% 33% Banks Germany 6% 51% Middle East 7% IFA-Brokers Australia/NZ 28% Switzerland 8% 12% SE Asia 11% Institutional Investor FUM By Geography            Distribution Channel Corporate 1% Middle East 2% Fund of Hedge Funds 2% Benelux 6% Family Office 1% Endowment 3% Italy 6% Switzerland            Sovereign Wealth 6% Rest of Europe 7% 35% Asset Manager 8% Pension 39% Asia Pacific 8% Bank 18% Germany 9% Americas            United Kingdom Insurance 10% 17% 22% Source: Company public disclosures (as of 30-Sep-2009) 1 Other includes Rest of Europe, UK, Latin America, Africa. 8

5 DISTRIBUTION CAPABILITIES Private Investors Distribution Historical Evolution of Distribution Channels 18% 9% 9% 11% 12% 13% 10% 18% 35% 33% 28% 43% 44% 45% 51% 22% 2000 2007 2008 H1 2009 Banks            IFA/Brokers            Asset Managers            Other • Dedicated distribution team of over 300 individuals • Direct presence in key regions, where Melvin offices are used as base to establish partnership and proximity with local intermediaries and banks • Local sales force to sell products to large financial institutions and to cover institutional clients such as banks, trust banks and insurance companies • Access to large network of intermediaries (2,200 on aggregate), including financial advisers as well as major financial institutions • Strong relationship with large international banks that not only distribute products but also provide guarantees and leverage (Westpac, Citi, NAB, Barclays, Merrill Lynch, Credit Suisse, HSBC) • Dedicated HNWI sales force • Top 10 private investors distributors account for 37% of Private AUM on aggregate Institutional Investors Distribution • Dedicated sales force and specialised client service teams, serving 240 institutional investors in total • Principal locations in London and Switzerland complemented by regional office network in Asia Pacific, Middle East and North America • Access to pension funds, insurance companies, asset managers and corporations, with Europe representing more than 80% of Institutional AUM • Average institution holds $60m; top 5 and top 10 institutions hold $5.8bn and $10.7bn respectively Source: Company public disclosures 1 Other includes Rest of Europe, UK, Latin America, Africa. 9

KEY FINANCIALS AND OPERATING DATA 6 FISCAL YEAR ENDING 31 MARCH ($m) Revenues Management and Other Fees 3,222 Performance Fees 2,488 2,179 1,849 2,030 1,861 1,325 1,758 1,192 NA 524 421 627 2006 2007 2008 2009 2010E Net Income 42.7% 43.7% 40.0% 58.0% NA 1,716 1,109 960 394 ¹ 503 2006 2007 2008 2009 2010E C/I Ratio ² AuM AuM ($bn) 74.6 61.7 49.9 46.8 39.1 ³ 2006 2007 2008 2009 2010E Source: Company public disclosures 1 Based on expected diluted EPS on total operations of $23 cents as per pre-close statement and 1,712m fully diluted number of shares. 2 Defined as the ratio of operating costs to revenues including gains on FV investments. 3 Based on pre-close statement. 10

KEY DRIVERS OF RECENT UNDERPERFORMANCE Melvin Share Price Evolution since 2009 Drivers of Melvin’s Underperformance 280% • Decreasing AUM 250% • Negative AHL performance 124.0% 220% • Fund de-leveraging 190% • Lack of additional products 160% • Subdued inflows 26.4% 130% • Expectation of future DPS 4.3% reductions 100% 70% 40% Jan-2009 Jun-2009 Nov-2009 Apr-2010 Melvin            European Alternative AM ¹ FTSE 100 Source: Bloomberg as of 27-Apr-2010 1 Includes Ashmore, BlueBay, Gartmore and Gottex. 11

UPDATE ON MELVIN’S STRATEGY • Continued Focus on AHL Team expansion Growth of the Melvin Research Laboratory Product range widening — launch of a new trend following product, Melvin AHL Diversity New markets focus Trading floor expansion including new execution desk in Hong Kong • Business Model Strengthening Creation of a new integrated hedge fund management platform Managed accounts initiative in cooperation with Credit Suisse Onshore product range expansion focused on providing liquid, regulated investment products Flows from new managed accounts initiative expected to be modest until Q2 2010 • International Expansion New offices to be opened in Europe and Asia Launch of distribution activities in Austria Japanese fund launch slowed down • Financial Discipline Focus on maintaining regulatory capital surplus and net cash position Near term dividend policy unclear until the Board meeting in May • Strategic Actions/M&A Historically focused on opportunities to access capacity through distribution agreements rather than deploying cash in deals Management focused on acquiring a significant minority or control in an equity long/short manager 12

KEY AREAS OF FOCUS • Concentration risk: AHL accounting for 54% of Melvin’s FUM and core of private clients sales • Continued net outflows in the institutional business (estimated total FUM of $12.7bn as of 31-Mar-2010) Investment Capabilities • $1.0bn gross inflows estimated for the quarter ending 31-Mar-2010; $8.2bn gross inflows estimated for the year ending 31-Mar-2010 • Need to address capacity / content concerns to keep accessing sizeable institutional clients • Recent underperformance of AHL: AHL diversified (AHL flagship fund) total return: calendar year to 28- Fund Feb-2010: -3.0%; financial year to 28-Feb-2010: -12.5% Performance • Sustainability of use of leverage in current product offering • Investments in associates/joint ventures and related impairment calculations Associates • BlueCrest, Ore Hill, Nephila • Investments in funds products •$1.1bn as of Sep-09, including $372m owed by fund products and $760m investments in fund products Accounting • Unamortised upfront sales commission ($317m) • Subject to impairment testing each period to ensure that the future economic benefit arising from each fund product is in excess of the remaining unamortised commission • Historical volatility of Melvin’s revenues and profits Valuation • Dividend sustainability • 2009: $0.44 per share vs. EPS of $0.284 per share; 2010: $0.44 per share vs. EPS of $0.23 per share 13

II. George and Melvin in Context 14

UK TRADITIONAL ASSET MANAGERS OVERVIEW OF SELECTED PLAYERS VS. GEORGE George ¹ • Total AUM: £138.9bn • Total AUM: $224bn • Total AUM: $92.3bn • Total AUM: $22.2bn (Sep-2009) (Dec-2009) (Sep-2009) (Dec-2009) Scale • Employees: 2,614 • Employees: 1,850 • Employees: 940 • Employees: 390 • Market Cap: $5.8bn • Market Cap: $2.4bn • Market Cap: $1.9bn • Market Cap: $1.0bn • A/A+ (S&P/Fitch) • Not rated • Not rated • Not rated • Share of Perf. Fee: NA • Share of Perf. Fee: NA • Share of Perf. Fee: 10% • Share of Perf. Fee: 48% 1% 35% 3% 18% 15% AUM Split: 38% 43% 48% 14% 46% Asset 37% 57% Class 30% 14% Fixed Income and Currency            Equity            Private Equity            Hedge Funds/Funds of Funds            Property Other AUM Split: 36% 32% 47% 53% 54% 46% Investor 64% 68% Base Institutional            Other 5% 12% 8% 12% 14% AUM 40% 32% 24% 15% Split: 64% 66% 81% Geography 16% 3% 9% Asia            Americas            Europe            Middle East and Africa            Other Note: AUM splits for Henderson and Schroders as at 30-Sep-2009. Aberdeen AUM split by asset class is pro forma for RBS asset management (31-Dec-2009) and investor base and geographic split is as of 30-Sep 2009 (excluding RBS asset management). Performance fee split based on revenue split for 2011E as per selected broker research reports 1 George AUM split as at 31-Dec-2009. “Other” in geographic split includes Global and Emerging Markets, “Other” in asset class breakdown includes all the securities except for equities and equities long. 15

US ALTERNATIVE ASSET MANAGERS OVERVIEW OF SELECTED PLAYERS VS. GEORGE 1 2 George 3 • Total AUM: $96.1bn • Total AUM: $24.6 • Total AUM: $31.8 • Total AUM: $22.2bn (Dec-2009) (Mar-2010) (Dec-2009) (Dec-2009) Scale • Employees: 1,295 • Employees: 378 • Employees: 819 • Employees: 390 • Market Cap: $16.3bn • Market Cap: $7.2bn • Market Cap: $2.3bn • Market Cap: $1.0bn • A+ (Fitch) • Not rated • BBB (Fitch) • Not rated • Share of Perf. Fee: NA • Share of Perf. Fee: 51% • Share of Perf. Fee: 29% • Share of Perf. Fee: 48% 25% 36% 30% 50% 30% 46% AUM Split: 43% Asset 57% Class 25% 11% 22% 41% Fixed Income and Currency            Equity            Private Equity            Hedge Funds/Funds of Funds            Property            Other 17% AUM Split: NA            NA 32% Investor 68% Base 83% Institutional            Other 3% 6% 2% AUM 16% 32% 40% NA Split: 89% 27% 57% Geography 16% 3% 9% Asia            Americas            Europe            Middle East and Africa            Other Note: AUM splits as of 31-Dec-2009. Performance fee split based on revenue split for 2011E as per selected broker research reports 1 Geographic Breakdown based on the geographic mix of investments of consolidated Blackstone funds. 2 AUM split by product for OZ Market Fund which accounts for 67% of total funds. 3 “Other” in geographic split includes Global and Emerging Markets, “Other” in asset class breakdown includes all the securities except for equities and equities long. 16

EUROPEAN ALTERNATIVE ASSET MANAGERS OVERVIEW OF SELECTED PLAYERS VS. GEORGE Melvin            George ¹ • AUM: $34.9bn • AUM: $31.1bn • AUM: $31.1bn • AUM: $8.1bn (Dec • AUM: $39.1bn • AUM: $22.2bn (Sep-2009) (Sep-2009) (Sep-2009) 2009) (Mar-2010) (Dec-2009) • Employees: 359 • Employees: 142 • Employees: 211 • Employees:118 • Employees: 1,765 • Employees: 390 Scale • MCap: $0.7bn • MCap: $2.9bn • MCap: $1.1bn • MCap: $234m • MCap: $6.5bn • MCap: $1.0bn • Not rated • Not rated • Not rated • Not rated • BBB+/Baa1 • Not rated • Perf. Fee: 25% • Perf. Fee: 10% • Perf. Fee: 23% • Perf. Fee: 39% (S&P/Moody’s) • Perf. Fee: 48% • Perf. Fee: 23% 10% 1% 4% 4% 14%8% AUM Split: 5% NA 43% Asset 81% 57% 77% 96% 100% Class Fixed Income and Currency            Equity            Private Equity            Hedge Funds/Funds of Funds Property            Other 3% 7% 32% 9% AUM Split: 28% 32% Investor 72% 91% 68% 68% 93% 97% Base Institutional            Other 9% 7% 4% 1% 5% 4% 6% 24% 9% 47% 45% 40% 32% AUM 14% Split: 31% 60% 40% 77% 11% 88% 16% Geography 3% 9% 18% Asia            Americas            Europe            Middle East and Africa            Other Note: AUM splits for Ashmore and BlueBay as at 30-Jun-2009, Gartmore, George as at 31-Dec-2009, Gottex as at 31-Dec-2009. Melvin AUM split (asset class and investor base) is as of 31-Mar-2010 and geographic split is as of 30-Sep-2009. Performance fee split based on revenue split for 2011E as per selected broker research reports 1 “Other” in geographic split includes Global and Emerging Markets, “Other” in asset class breakdown includes all the securities except for equities and equities long. 17

III.Valuation Framework

HISTORICAL SHARE PRICE DEVELOPMENT Since George’s IPO George IPO ¹ L12M            L6M            L3M            YTD            George IPO L12M 6M 3M            YTD Current George (76)% 44% 13% 5% 2% Melvin (£) 3.72 2.79 2.81 2.44 2.56 2.48 Melvin (57)% 2% (25)% 1% (20)% Melvin ($) 6.67 4.48 4.47 3.74 3.98 3.78 UK Trad. AM ¹ (16)% 51% 12% 12% 6% George ($) 5.82 3.39 3.01 2.96 3.02 3.28 US Alt. AM ² (52)% 83% 12% 15% 15% $16 European Alt. AM ³ (33)% 28% (15)% 5% (4)% $14 $12 (16)% Price $10 Share (33)% George’s $8 to (52)% Rebased $6 (57)% $4 (76)% $2 $0 Nov-2007 Apr-2008 Aug-2008 Jan-2009 Jun-2009 Nov-2009 Apr-2010 Source: Bloomberg as of 27-Apr-2010 George            Melvin            UK Trad. AM ² US Alt. AM ³ European Alt. AM4 Note: USD to GBP exchange rate of 0.65 as of 27-Apr-2010 1 Since close of 02-Nov-2007 for “George IPO”. 2 Includes Schroders, Aberdeen and Henderson. 3 Includes Blackstone, Och-Ziff and Fortress. 4 Includes Ashmore, BlueBay, Gartmore and Gottex. 19

TOTAL SHAREHOLDERS’ RETURN One Year 160% 121% 91% 83% 79% 77% 63% 53% 42% 31% 14% 7% George            Melvin            Och-Ziff BlueBay Blackstone Henderson Schroders Fortress Partners Gottex            Ashmore Aberdeen Three Years 18% 5% (2)% (4)% (12)% (29)% (37)% (43)% (46)% (76)% (82)% (87)% Melvin            George ¹ Schroders Partners Henderson Ashmore BlueBay Aberdeen Och-Ziff ² Blackstone ² Fortress            Gottex4 North American Alternatives            European Alternatives            UK Traditional Source: Bloomberg as of 27-Apr-2010 1 3 Year return since 02-Nov-2007. 2 3 Year return since 13-Nov-2007. 3 3 Year return since 21-Jun-2007. 4 3 Year return since 6-Nov-2007. 20

Trading Performance since 25-March Share Price Performance since 25-Mar            Share Price Performance for Peers 140% ADTV L6M            Since 25-Mar 130% George 22.4% 0.55% 0.76% Och-Ziff 20.1% 0.17% 0.21% 22.4% 120% Fortress 17.5% 1.19% 1.98% 12.1% Aberdeen 7.5% 0.30% 0.15% 110% Henderson 2.1% 0.25% 0.17% 2. 7% 100% Ashmore (0.5)% 0.09% 0.10% (1.5)% Blackstone (1.2)% 0.30% 0.40% (8.4)% 90% BlueBay (1.4)% 0.14% 0.09% Schroders (1.5)% 0.21% 0.15% 80% 25-Mar-2010 5-Apr-2010 16-Apr-2010 27-Apr-2010 Melvin (1.5)% 0.66% 0.56% George            Melvin            UK Trad. AM ¹ Gottex (10.8)% 0.08% 0.09% US Alt. AM ² European Alt. AM ³ Gartmore (21.1)% 1.03% 2.09% Source: Bloomberg as of 27-Apr-2010 1 Includes Schroders, Aberdeen and Henderson. 2 Includes Blackstone, Och-Ziff and Fortress. 3 Includes Ashmore, BlueBay, Gartmore and Gottex. 21

PUBLIC MARKET MULTIPLES OF SELECTED COMPANIES SELECTED TRADITIONAL AND ALTERNATIVE ASSET MANAGERS Excluding Convertible Conversion Equity Closing            Calendarized            Enterprise Value            Div. George Implied Price / Share ($) Market Price            P / E Multiples            EBITDA            Yield            P/E            EV/EBITDA Company            Cap ($m) 27-Apr-2010 2010E 2011E AUM 2010E 2011E 2010 2010E 2011E 2010E 2011E UK Traditional AM Schroders $5,788 $21.06 17.1 x 13.9 x 2.0% 7.5 x 6.2 x 2.5% 2.90 4.60 1.42 2.40 Aberdeen 2,347 2.12 12.3 10.5 1.8 8.9 7.5 4.8 2.09 3.47 1.84 3.13 Henderson 1,853 2.25 15.0 13.3 2.4 11.8 10.3 4.4 2.54 4.40 2.75 4.59 Median 15.0 x 13.3 x 2.0% 8.9 x 7.5 x 4.4% 2.54 4.40 1.84 3.13 North American Alternative AM Blackstone — ENI Basis $16,303 $14.51 23.6 x 16.7 x 17.1% 19.9 x 14.1 x 5.1% 4.01 5.50 5.26 6.62 Och-Ziff 7,198 17.68 13.0 11.3 35.5 11.7 9.1 5.7 2.22 3.72 2.71 3.98 Fortress 2,255 4.98 12.1 8.3 7.9 9.1 7.7 NA 2.06 2.74 1.91 3.22 Median 13.0 x 11.3 x 17.1% 11.7 x 9.1 x 5.4% 2.22 3.72 2.71 3.98 European Alternative AM Ashmore $2,910 $4.10 14.8 x 13.2 x 10.7% 9.1 x 8.2 x 4.6% 2.51 4.35 1.93 3.50 BlueBay 1,102 5.55 14.7 11.4 4.5 10.4 8.2 4.5 2.51 3.78 2.32 3.48 Gartmore 668 2.17 7.6 6.4 1.1 5.9 5.2 2.5 1.30 2.12 0.91 1.87 Gottex 234 7.68 18.8 9.2 2.7 14.7 8.3 2.1 3.19 3.03 3.64 3.54 Median 14.7 x 10.3 x 3.6% 9.8 x 8.2 x 3.5% 2.51 3.40 2.12 3.49 Melvin $6,480 $3.78 13.0 x 9.5 x 15.3% 7.2 x 5.4 x 11.6% George Pre Conversion 1,025 3.28 19.3 9.9 4.6 13.5 7.8 Post Conversion ¹ $1,253 20.7 x 11.3 x 5.7% 13.5 x 7.8 x Source: Datastream, IBES as of 27-Apr-2010 1 Illustrative post conversion market capitalisation based on $1,025m market capitalisation and $228.5m convertible notional assuming no change of control share premium. 22

GEORGE IMPLIED MULTIPLES AT DIFFERENT VALUES ($m) Consideration per Share ($) 3.28 3.40 3.61 3.75 3.80 4.00 4.25 4.50 4.75 5.00 Premium vs. Current 0% 4% 10% 14% 16% 22% 30% 37% 45% 52% Total Number of Shares 384 383 381 381 381 380 379 379 378 377 ow/ Convertible Debt 72 71 69 69 69 68 67 66 65 65 Equity Consideration 1,260 1,304 1,377 1,430 1,448 1,520 1,612 1,704 1,795 1,886 ow/ Convertible Debt 236 241 248 258 260 270 284 298 311 324 Enterprise Value 1,316 1,359 1,432 1,485 1,503 1,576 1,668 1,760 1,851 1,942 Base ($m) P/E Multiples 2010E Net Income Pre Conversion 53 19.3 x 20.0 x 21.2 x 22.1 x 22.4 x 23.5 x 25.0 x 26.5 x 27.9 x 29.4 x Post Conversion 62 20.4 21.1 22.3 23.1 23.4 24.6 26.1 27.6 29.0 30.5 2011E Net Income Pre Conversion 103 9.9 10.3 10.9 11.4 11.5 12.1 12.9 13.6 14.4 15.2 Post Conversion 112 11.3 11.7 12.3 12.8 13.0 13.6 14.4 15.2 16.1 16.9 EV/EBITDA Multiples 2010 EV/EBITDA Pre Conversion 97 13.5 13.9 14.6 15.0 15.2 15.8 16.6 17.4 18.2 19.1 Post Conversion 97 13.6 14.0 14.8 15.3 15.5 16.3 17.2 18.2 19.1 20.0 2011 EV/EBITDA Pre Conversion 167 7.8 8.0 8.4 8.7 8.8 9.2 9.6 10.1 10.6 11.0 Post Conversion 167 7.9 x 8.1 x 8.6 x 8.9 x 9.0 x 9.4 x 10.0 x 10.5 x 11.1 x 11.6 x Note: $3.61 per share corresponding to the implied blended consideration per share based on a $3.40 stock consideration paid to the controlling stockholders (152m shares, including Sage Summit LP and Lavender Heights Capital LP) and a $3.75 cash consideration paid to all stockholders other than controlling stockholders (including all convertible debt holders). Common shares from conversion of convertible debt include additional change of control shares as detailed on page 29. 23

GEORGE — ANALYSTS’ TARGET PRICES CURRENT SHARE PRICE: $3.28 Broker Recommendations 6M Ago            Today Sell 25% Buy 33% Hold 75% Hold 67% Target Prices ($) 6M Ago            Today Upside vs. Upside vs. Broker            Date Target            Trading Price            Broker            Date            Target            Trading Price CS 06-Aug-2009 5.5 31.0% KBW 20-Apr-2010 4.0 22.0% KBW 12-May-2009 4.0 (4.8)% CS 15-Apr-2010 4.0 22.0% BarCap 07-Aug-2009 3.0 (28.6)% BarCap 21-Apr-2010 3.0 (8.5)% Median 4.0 (4.8)% Median 4.0 22.0% Average 4.2 (0.8)% Average 3.7 11.8% Source: Datastream, IBES as of 27-Apr-2010 24

Appendix: Additional Materials

HISTORICAL EVOLUTION OF MELVIN AUM Melvin Six months period ended            Latest $bn            Sep-2004 Mar-2005 Sep-2005 Mar-2006 Sep-2006 Mar-2007 Sep-2007 Mar-2008 Sep-2008 Mar-2009 Sep-2009 Mar-2010 FuM Start of period 38.5 39.1 43.0 44.4 49.9 56.8 61.7 68.6 74.6 67.6 46.8 44.0 Sales 7.7 4.4 3.5 5.6 10.6 5.3 8.0 7.9 10.2 4.7 5.7 2.5 Redemptions (2.0) (2.3) (2.5) (3.2) (3.6) (3.0) (4.4) (6.3) (6.0) (11.0) (7.6) (5.1) Net Sales 5.7 2.1 1.0 2.4 7.0 2.3 3.6 1.6 4.2 (6.3) (1.9) (2.6) Investment mvt. (2.2) 2.3 1.6 2.8 (1.1) 2.2 2.9 2.7 (5.9) (0.7) (0.6) (0.8) Other ¹ (2.9) (0.5) (1.2) 0.3 1.0 0.4 0.4 1.7 (5.3) (13.8) (0.3) (1.5) Acqu. / (disp.) — (0.8) — — — — — - (0.6) 1.4 — -Maturities (3.1) (0.1) (0.5) — — (0.3) (0.2) (0.1) (0.3) (0.1) — -De-risking — — — — — — — — (1.7) (10.4) — -FX and other 0.2 0.4 (0.7) 0.3 1.0 0.7 0.6 1.8 (2.7) (4.7) — -Period end 39.1 43.0 44.4 49.9 56.8 61.7 68.6 74.6 67.6 46.8 44.0 39.1 Key Ratios Net Sales / Op. FuM 14.8% 5.4% 2.3% 5.4% 14.0% 4.0% 5.8% 2.3% 5.6% (9.3)% (4.1)% (5.9)% Invt. Mvt. / Op. FuM (5.7)% 5.9% 3.7% 6.3% (2.2)% 3.9% 4.7% 3.9% (7.9)% (1.0)% (1.3)% (1.8)% Other / Op. FuM (7.5)% (1.3)% (2.8)% 0.7% 2.0% 0.7% 0.6% 2.5% (7.1)% (20.4)% (0.6)% (3.4)% $12bn reduction resulting from de-risking and de-leveraging of MGS products 1 Includes acquisitions, disposals, maturities, de-risking, FX and other. 26

HISTORICAL EVOLUTION OF MELVIN FINANCIALS Fiscal year ending 31-Mar            CAGR $m 2006 2007 2008 2009 06-09 Income statement Performance fees 524 421 1,192 627 6.2% Management and other fees 1,325 1,758 2,030 1,861 12.0% Revenue 1,849 2,179 3,222 2,488 10.4% Gains / (losses) on FV investments 38 35 (51) (260) (289.8)% Sales commissions (273) (335) (391) (518) 23.8% Compensation costs (368) (456) (639) (500) 10.8% Other expenses (165) (176) (238) (275) 18.6% Operating profit 1,081 1,247 1,903 935 (4.7)% Associates 33 44 86 144 63.4% Goodwill impairment — — — (299) NA Other — — — (57) NA Net finance income 40 10 90 20 (20.6)% Profit before tax 1,154 1,301 2,079 743 (13.7)% Net income 960 1,109 1,716 503 (19.4)% Balance sheet Net cash 1,301 1,832 1,474 1,718 9.7% Total assets 4,026 4,885 6,236 5,570 11.4% Shareholders’ equity 3,569 4,539 4,710 4,192 5.5% Other key figures Funds under management ($bn) 49.9 61.7 74.6 46.8 (2.1)% Average headcount 1,364 1,548 1,731 1,776 9.2% RoAE 27% 27% 37% 11% (25.1)% Equity / Assets 89% 93% 76% 75% (5.3)% 27

ENTERPRISE VALUE AND SHARE COUNT CALCULATION FOR MELVIN AND GEORGE George ($m) Melvin ($m) George (No Conversion of Convertible) Melvin Equity Value            Equity Value Number of Shares Outstanding (m) 312 Number of Shares Outstanding (m) 1,712 ow/ Common 254 ow/ Common 1,712 ow/ FA Sub 2 Limited Exchangeable Shares 59 — - Share Price ($) 3.28 Share Price ($) 3.78 Market Capitalisation 1,025 Market Capitalisation 6,480 Fully Diluted Number of Shares 312 Fully Diluted Number of Shares 1,712 ow/ NOSH Outstanding 312 ow/ NOSH Outstanding 1,712 ow/ Treasury Shares 0 ow/ Treasury Shares 0 Fully Diluted Market Cap 1,025 Fully Diluted Market Cap 6,480 Enteprise Value            Enteprise Value Equity Value 1,025 Equity Value 6,480 Net Debt 270 Net Debt (1,194) ow/ Cash (264) ow/ Cash (2,957) ow/ Revolving Credit Facility 12 ow/ Bank Loans & Overdrafts 2 ow/ Loan Payable 293 ow/ Fixed Rate Notes 244 ow/ Convertible Notes 229 ow/ Euro Bond 818 - - — ow/ Floating Rate Notes 399 - - — ow/ Hybrid 300 Minority Interests 14 Minority Interests 1 Associates 0 Associates (950) - - — ow/ BlueCrest (850) - - — ow/ Ore Hill (59) - - — Other (41) Enterprise Value 1,309 Enterprise Value 4,337 Source: Company information, Bloomberg as of 27-Apr-2010 28

GEORGE CONVERTIBLE ECONOMICS • In case of a change of control, convertible debt holders are entitled to convert their holding into common stock. Depending on the stock price at which the transaction closes, convertible debt holders are eligible to receive additional Change of Control Shares as per the table below • If the stock price is below $3.10 or above $12.00, no additional Change of Control Shares will be issued Additional Change of Control Shares Issuable per $1,000 Principal Amount of Notes Stock Price ($) 3.10 3.25 3.50 3.75 4.00 5.00 5.58 6.00 7.00 8.00 9.00 10.00 11.00 12.00 15-May-2009 53.76 48.92 42.10 36.60 32.11 20.53 16.56 14.39 10.73 8.33 6.63 5.36 4.37 3.58 Date 15-May-2010 53.76 46.83 39.26 33.22 28.36 16.33 12.51 10.54 7.45 5.62 4.42 3.57 2.92 2.40 15-May-2011 53.76 45.45 36.75 29.84 24.30 10.98 7.13 5.34 3.03 2.06 1.57 1.28 1.06 0.88 Effective 15-May-2012 53.76 44.66 34.83 27.13 20.96 5.41 0.94 0.00 0.00 0.00 0.00 0.00 0.00 0.00 15-May-2013 53.76 40.32 28.96 20.75 14.83 3.13 0.54 0.00 0.00 0.00 0.00 0.00 0.00 0.00 15-May-2014 53.76 38.88 16.90 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Impact of Convertible Conversion on Total Equity Consideration Consideration per Share ($) 3.10 3.25 3.50 3.75 4.00 5.00 5.58 6.00 7.00 8.00 9.00 10.00 11.00 12.00 Premium vs. Current 12% 17% 26% 35% 44% 80% 101% 116% 152% 188% 224% 260% 296% 332% Common Shares (ex. Treasury) 238 238 238 238 238 238 238 238 238 238 238 238 238 238 Exchangeable Shares 59 59 59 59 59 59 59 59 59 59 59 59 59 59 Convertible Shares 61 61 61 61 61 61 61 61 61 61 61 61 61 61 Change of Control Shares ¹ 12 11 9 7 6 3 2 2 1 1 1 1 1 0 Fully Diluted Number of Shares 371 369 367 366 365 362 361 361 360 360 359 359 359 359 Paid to Common Holders 739 774 834 893 953 1,191 1,329 1,430 1,668 1,906 2,144 2,383 2,621 2,859 Paid to Exchangeable Holders 183 191 206 221 236 295 329 353 412 471 530 589 648 707 Paid to Convertible Holders 228 234 246 258 270 324 357 381 440 500 560 621 682 742 Premium vs. Notional 0% 2% 8% 13% 18% 42% 56% 67% 92% 119% 145% 172% 198% 225% Total Equity Consideration 1,150 1,200 1,286 1,372 1,459 1,810 2,015 2,164 2,520 2,877 3,235 3,592 3,950 4,308 1 Assuming conversion happens on 04-Sep-2010. 29

EX-99.C.VIII

Exhibit (c)(viii)

SUGARCANE\Presentations\2010-05-16 Revised Board Book\04 2010-05-16 Revised Board Presentation.doc gbertail 20 May 2010 13:10 1/37 Project SUGARCANE Presentation to the Board of George 16-May-2010

SUGARCANE\Presentations\2010-05-16 Revised Board Book\04 2010-05-16 Revised Board Presentation.doc gbertail 20 May 2010 13:10 2/37 Disclaimer Goldman Sachs International (“GSI”) has prepared and provided these materials and GSI’s related presentation (the “Confidential Information”) solely for the information and assistance of the Board of Directors (the “Board”) of George (the “Company”) in connection with its consideration of the matters referred to herein. Without GSI’s prior written consent, the Confidential Information may not be circulated or referred to publicly, disclosed to or relied upon by any other person, or used or relied upon for any other purpose. Notwithstanding anything hereinto 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 GSI imposing any limitation of any kind. The Confidential Information, including this disclaimer, is subject to, and governed by, any written agreement between the Company, the Board and/or any committee thereof, on the hand, and GSI, on the other hand. GSI and its affiliates are engaged in investment banking, commercial banking and financial advisory services, securities trading, investment management, principal investment, financial planning, benefits counseling, risk management, hedging, financing, brokerage activities and other financial and non-financial activities and services for various persons and entities. In the ordinary course of these activities and services, GSI and its affiliates may at any time make or hold long or short positions and investments, as well as actively trade or effect transactions, in the equity, debt and other securities (or related derivative securities) and financial instruments (including bank loans and other obligations) of third parties, 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 for their own account and for the accounts of their customers. The Confidential Information has been prepared and based on information obtained by GSI from publicly available sources, the Company’s management and/or other sources. In preparing the Confidential Information, GSI 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 GSI, and GSI does not assume any liability for any such information. GSI does not provide accounting, tax, legal or regulatory advice. GSI’s role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company. Analyses based upon forecasts of future results are not necessarily indicative of actual future results, which may be significantly more or less favorable than suggested by these analyses, and GSI does not assume responsibility if future results are materially different from those forecast. GSI has not made an independent evaluation or appraisal of the assets and liabilities of the Company or any other person and has no obligation to evaluate the solvency of the Company or any person under any law. The analyses in the Confidential Information are not appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. The Confidential Information does not address the underlying business decision of the Company to engage in any transaction, or the relative merits of any strategic alternative referred to herein as compared to any other alternative that may be available to the Company. The Confidential Information is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to GSI as of, the date of such Confidential Information and GSI assumes no responsibility for updating or revising the Confidential Information.

SUGARCANE\Presentations\2010-05-16 Revised Board Book\04 2010-05-16 Revised Board Presentation.doc gbertail 20 May 2010 13:10 1/37 Table of Contents I. Summary Overview II. Financial Analysis A. George B. Melvin III. Pro Forma Analysis Appendix A: Melvin Dividend Forecasts Appendix B: Melvin Pro Forma Capital Impact Analysis Appendix C: Cost of Equity Calculation

SUGARCANE\Presentations\2010-05-16 Revised Board Book\04 2010-05-16 Revised Board Presentation.doc gbertail 20 May 2010 13:10 1/37 I. Summary Overview            Summary Overview 1

Consideration Summary Price and Form of Consideration for George Securities            Consideration Securities            Beneficiaries            Number            Offered $m            Emmanuel Roman, Pierre Lagrange, their affiliated entities and trusts, and two equity participation limited 1.0856 Melvin shares Principal Group partnerships (Sage Summit LP and Lavender Heights            per George share Shares of Common 90,995,933 318.51 Capital LP), except with respect to shares into which subject to cap of $4.25 Stock convertible notes are converted and shares acquired in            at closing open market purchases To be converted into 1.0856 Melvin shares Principal Group 58,904,993 per George share Noam Gottesman and his affiliated trust 206.2 ¹ Exchangeable Shares            shares of George            subject to cap of $4.25 common stock            at closing All other George shareholders (other than Melvin and Other Shares of            its affiliates), as well as Noam Gottesman and $4.50 per George share 160,247,036 721.1 Common Stock            Emmanuel Roman with respect to shares acquired in            in cash open market purchases Total Consideration to Holders of Shares of Common Stock and Exchangeable Shares 310,147,962 1,245.8 To be converted into Convertible note holders (including Noam Gottesman, 66,127,3424 $4.50 per George share Convertible Notes            Emmanuel Roman and Pierre Lagrange whose affiliates 297.64 shares of George            in cash hold 13%2 out of the total $228.5m3 outstanding) common stock Aggregate Consideration 376,275,304 1,543.3 Private and institutional investors Warrants George’s founders 54,484,677 $0.129 per warrant 7.0 Certain affiliates of George Outstanding Debt (Excluding Convertible            Banks            To be refinanced5 302.7 ³ Notes) 1 Based on the Melvin share closing price (£2.215) and USD to GBP exchange rate (USD/GBP 1.45555) of May 14. 2 Based on February 19 Schedule 13Ds for Gottesman, Roman and Lagrange. 3 Based on March 31 Form 10-Q. 4 Based on George estimates. 5 Confirmed by Melvin on due diligence calls. Summary Overview 2

Valuation Overview Transaction Multiples and Premiums of Aggregate Consideration ($ in millions) 12 Transaction Terms Consideration to Equity Holders 1,246 Consideration to Convertible Bond Holders 298 Aggregate Consideration 1,543 Enterprise Value ¹ 1,659 Premium to Market Capitalisation 25-Mar-2010 Close ² 827 51% LTM High 1,395 (11)% LTM Low 798 56% Current 903 38% Enterprise Value Multiple of Assets Under Management 23,668 7.0% LTM Revenue (Non GAAP) 303 5.5 x LTM EBITDA (Non GAAP) (5) NM 2010E EBITDA 84 19.8 x 2011E EBITDA 158 10.5 x Aggregate Consideration Multiple of 2010E Net Income (As Converted) 68 22.6 x 2011E Net Income (As Converted) 108 14.3 x 1 Net of $7.0m cash use to fund self tender of warrants at 12.9 cents per warrant pre closing pursuant to the Agreement. 2 Day prior to market rumours about a potential acquisition of George by Melvin. Summary Overview 3

II. Financial Analysis            Financial Analysis 4

Historical Share Price Development Since George’s Merger1234 Performance (%) George Merger1 LTM 3M 6M            YTD 16 George (79)% (19)% 8% 2% (10)% Melvin (61)% (3)% 1% (40)% (28)% 14 European Alt. AM (35)% 17% 3% (20)% (7)% North America Alt. AM (67)% 24% 14% 17% 8% ) UK Trad. AM (16)% 45% 23% 6% 6% $ ( George 12 (16)% for 10 Price (35)% 8 Closing 6 to (61)% Rebased 4 (67)% (79)% 2 0 Nov-2007 Apr-2008 Sep-2008 Feb-2009 Jul-2009 Dec-2009 May-2010 George Melvin            UK Trad. AM4 North America Alt. AM ³ European Alt. AM ² Source: Bloomberg as of 14-May-2010 Note: Market capitalisation weighted indices 1 Since close of 02-Nov-2007 for “George merger” (reverse acquisition transaction with Freedom Acquisition Holdings). 2 Includes Ashmore, BlueBay, Gartmore and Gottex. 3 Includes Och-Ziff, Fortress and Sprott. 4 Includes Schroders, Aberdeen and Henderson. Financial Analysis 5

Historical Exchange Ratio Development Since George’s Merger Exchange Rate USD/GBP 1.456 1.70x            Average Exchange Ratio Since Average Share Price G. Merger 2Y 1Y 6M 3M            YTD Current            George IPO L12M 6M 3M            YTD            Current 1.60x 0.84x 0.76x 0.77x 0.73x 0.81x 0.78x 0.90x Melvin (£) 3.70 2.79 2.71 2.43 2.52 2.22 Melvin ($) 6.60 4.48 4.28 3.70 3.90 3.22 George ($) 5.76 3.39 3.04 2.99 3.02 2.91 1.50x            Apr-2008 George announces resignation 1.40x            of portfolio manager Greg            May-2009 Coffey (responsible for            George reports positive Q1 1.30x            managing $7.0bn of funds) results and announces amendment of Credit Agreement 1.20x            and issuance of Convertible bond Oct-2009 1.10x            Galleon insider trading probe 1.00x 0.90x 0.90x 0.80x Average: 0.84x 0.70x 0.60x 0.50x 0.40x Nov-2007 Apr-2008 Sep-2008 Feb-2009 Jul-2009 Dec-2009 May-2010 Source: Bloomberg as of 14-May-2010 Financial Analysis 6

A. George            Financial Analysis 7

SUGARCANE\Presentations\2010-05-16 Revised Board Book\04 2010-05-16 Revised Board Presentation.doc gbertail 20 May 2010 13:10 8/37 Market Prices: Share Price Performance Last 12 Months1234 George Average Share Price 1M 3M 6M 12M Prior to 14-May ($3.02)1 3.21 3.00 3.04 3.40 Prior to 26-Mar ($2.68)1 2.81 2.96 3.09 3.34 George Minimum Share Price 26-Mar-2010 1M 3M 6M 12M Prior to 14-May ($3.02)1 2.72 2.65 2.65 2.58 Melvin reported to be in talk Prior to 26-Mar ($2.68)1 2.65 2.65 2.58 2.28 with SAC, George on George Maximum Share Price            potential acquisition 1M 3M 6M 12M ) 5.8 Prior to 14-May ($3.02)1 3.52 3.52 3.52 4.52 $ ( Prior to 26-Mar ($2.68)1 2.99 3.47 4.23 4.52 45% George 5.1 24% 4.5 Price for 17% 3.8 (3)% Closing 3.1 (19)% to Rebased 2.5 1.8 May-2009 Jul-2009 Sep-2009 Nov-2009 Jan-2010 Mar-2010 May-2010 George Melvin            UK Trad. AM4 North America Alt. AM ³ European Alt. AM ² Source: Bloomberg as of 14-May-2010 Note: Market capitalisation weighted indices 1 Share price for George as of 13-May-2010 and 25-Mar-2010. 2 Includes Ashmore, BlueBay, Gartmore and Gottex. 3 Includes Sprott, Och-Ziff and Fortress. 4 Includes Schroders, Aberdeen and Henderson. Financial Analysis 8

SUGARCANE\Presentations\2010-05-16 Revised Board Book\04 2010-05-16 Revised Board Presentation.doc gbertail 20 May 2010 13:10 9/37 Market Prices: Historical Valuation Metrics 1 Year Forward P/E Evolution 18x 16x 14x 14.2 x 12.9 x 12x Multiple NTM P/E 10x 8x 6x 4x 2x May-2008 Nov-2008 May-2009 Nov-2009 May-2010 George 1 Year Average Source: Bloomberg as of 14-May-2010 Financial Analysis 9

2 George Detailed Enterprise Value Calculation $m 25-Mar-2010 14-May-2010 Total Number of Shares Outstanding (m) 309 310 ow/ Common Shares Outstanding 250 251 ow/ FA Sub 2 Limited Exchangeable Shares 59 59 Share Price ($) 2.68 2.91 Market Capitalisation 827 903 Convertible Notes 229 229 Warrants (In the Money Value) 0 0 Equity Value 1,055 1,131 Net Debt 41 109 ow/ Cash (264) (194) ow/ Revolving Credit Facility 12 12 ow/ Loan Payable 293 290 Enterprise Value 1,097 1,240 Financial Analysis 10

2 Equity Research Analysts Projections            George is covered by three equity analysts: Barclays, KBW and Credit Suisse Barclays (19-Feb-2010) KBW (19-Feb-2010) CS (06-May-2010) Average $m 2010 2011 2010 2011 2010 2011 2010 2011 Revenues 411 555 378 494 429 558 406 536 Expenses (316) (404) (287) (317) (363) (413) (322) (378) Cost/Income Ratio 77% 73% 76% 64% 85% 74% 79% 71% EBITDA 95 152 91 177 66 145 84 158 Net Income 66 112 64 132 49 103 60 116 Fully Diluted EPS 0.20 0.30 0.20 0.38 0.13 0.28 0.18 0.32 Source: Research reports Financial Analysis 11

SUGARCANE\Presentations\2010-05-16 Revised Board Book\04 2010-05-16 Revised Board Presentation.doc gbertail 20 May 2010 13:10 12/37 2 George Income Statement Management Projections $m 2010 2011 Revenues 406 536 Expenses (322) (378) Cost/Income Ratio 79% 71% EBITDA 84 158 D&A (4) (5) Interest Expense (14) (21) ow/ Convertible Interest Expense (11) (11) Profit Before Tax 66 133 Tax Expense (6) (33) Net Income 60 100 Net Income (As Converted) 68 108 Basic Number of Shares 310.1 310.1 Basic EPS 0.19 0.32 FD Number of Shares (As Converted) 371.6 371.6 FD EPS (As Converted) 0.18 0.29 Source: Management projections Note: Increase in interest expense in 2011 reflects expectations of higher interest rate on floating debt            Financial Analysis 12

2 Public Market Multiples — Public Market Multiples of Selected Companies Selected Traditional and Alternative Asset Managers Equity            Closing            Calendarized Enterprise Value            Div. Market            Price            P / E Multiples            EBITDA            Yield Company Cap ($m) 14-May-2010 2010E 2011E            AUM 2010E 2011E 2010 European Alternative AM Melvin $5,521 $3.22 11.2 x 7.7 x 8.4% 5.1 x 3.9 x 13.7% Ashmore 2,674 3.77 14.4 12.9 7.2 8.9 8.0 4.8 BlueBay 998 5.02 14.0 10.6 2.4 8.7 6.9 4.7 Gartmore 644 2.09 7.7 6.5 2.4 6.2 5.4 2.5 Gottex 205 6.72 16.6 8.0 2.2 11.9 6.6 2.4 Average 12.8 9.1 4.5 8.2 6.2 5.6 North American Alternative AM Och-Ziff $5,895 $16.34 11.3 x 9.6 x 24.9% 9.4 x 7.2 x 6.9% Fortress 2,100 4.63 9.1 6.6 6.3 11.0 9.4 NA Sprott 597 3.96 13.2 10.8 12.9 8.3 7.1 3.2 Average 11.2 9.0 14.7 9.6 7.9 5.0 UK Traditional AM Schroders $5,483 $20.22 16.7 x 14.0 x 1.4% 7.3 x 6.0 x 2.4% Aberdeen 2,210 2.00 11.0 9.5 1.1 9.6 8.0 5.0 Henderson 1,703 2.08 14.4 12.8 2.1 11.4 10.0 4.5 Average 14.0 12.1 1.5 9.5 8.0 4.0 George (Broker Average - Undisturbed) $1,055 $2.68 15.3 x 8.4 x 4.6% 13.1 x 6.9 x George (As Converted - Undisturbed) $1,055 $2.68 14.6 x 9.2 x 4.6% 13.1 x 6.9 x George (As Converted — 14-May-10) $1,131 $2.91 15.8 x 10.0 x 5.2% 14.8 x 7.8 x Source: Bloomberg, IBES as of 14-May-2010 Note: FX rate used for conversion are as of 14-May-2010: USD/GBP 1.456. George undisturbed price represents 25-Mar-2010 closing price            Financial Analysis 13

3 Discounted Future Value Analysis — George Based on P/E Multiple Discounted Future Value Analysis1 Sensitivity Analysis Median U.S. Alt. AM P/E Multiple $1,234 Discounted 12/31/10 Value Median Alt. AM P/E Multiple P/E Multiple $1,138 U.S. Median            Alt. Median $1,138 11.3 x 12.3 x 10.0% $1,151 $1,248 12/31/10 12/31/10 Discount Forward Year Net Income (as converted)² $108 12.0 1,138 1,234 Rate Forward P/E Multiple Median U.S. Alt. Asset Managers 11.3 x Median Alt. Asset Managers 12.3 14.0 1,125 1,220 Implied Future Value Median U.S. Alt. Asset Managers $1,222 Median Alt. Asset Managers 1,325 Discounted Future Value @ 12.0% Discount Rate Median U.S. Alt. Asset Managers $1,138 Median Alt. Asset Managers 1,234 1 Discounted to 14-May-10 at a 12.0% discount rate. 2 Figure excludes interest expense associated with convertible debt. Financial Analysis 14

4 George: Analysts’ Target Prices Current Share Price: $2.91 Broker Recommendations 6M Ago Today Buy            Buy 33% 33% Hold            Hold 67% 67% Target Prices ($) 6M Ago            Today Upside vs. Upside vs. Broker            Date            Target            Trading Price            Broker            Date Target            Trading Price CS 06-Aug-2009 4.0 50.4% KBW 07-May-2010 4.0 37.5% KBW 06-Nov-2009 3.5 31.6% CS 07-May-2010 4.0 37.5% BarCap 06-Nov-2009 4.0 50.4% BarCap 07-May-2010 3.0 3.1% Median 4.0 50.4% Median 4.0 37.5% Average 3.8 44.1% Average 3.7 26.0% Source: Datastream as of 14-May-2010 Financial Analysis 15

Recent M&A Activity Control Transactions in Traditional and Alternative Asset Management ($ in millions, except where otherwise noted) Upfront Consideration Stake            Transaction Multiples Date/ Upfront Plus PV of Full Acquired AuM            LTM EBITDA            Run Rate EBITDA            AUM (%) Month Acquirer            Target            Consideration Cont. Pmnt.¹ (%) ($bn) Upfront Upfront + PV Upfront Upfront + PV Upfront Upfront + PV Apr-10 F&C Investments Thames River Capital $82 — 100% $6.4 — — — — 1.3% — Feb-10 AMG            Pantheon 700 $908 85 22.0 — — 8.8 x 11.4 x 3.7 4.9% Jan-10 Aberdeen            RBS A.M. 135 — 100 21.6 8.7x ² — — — 0.6 —Oct-09 Invesco            MS Retail AM (Van Kampen) 1,500 — 100 118.7 — — 7.7 — 1.3 — Sep-09 Ameriprise            Columbia Management 1,000 — 100 166.7 — — 7.0 — 0.6 —Aug-09 Macquarie            Delaware Investments 428 — 100 125.0 — — — — 0.3 — Jun-09 BlackRock BGI 13,500 — 100 1,495.0 7.4 — — — 0.9 —Jan-09 Henderson Group New Star 165 — 100 14.3 2.2 ³ — — — 1.2 —Dec-08 Aberdeen CSG-fund Mgmt. 360 — 100 57.8 2.8 — — — 0.6 —Jan-08 Blackstone GSO 620 855 100 8.0 — — — — 7.8 10.7 Jul-07 HFA            Lighthouse 661 — 100 7.3 — — 11.34 — 9.1 — Jun-07 BlackRock            Quellos 750 1,569 100 17.4 5.0 10.5 x — — 4.3 9.0 Jun-07 Madison Dearborn Nuveen 6,302 — 100 165.8 18.0 — 16.5 — 3.8 —Apr-07 Citigroup            Old Lane 800 100 4.5 — — — — 17.8 — Feb-07 Great-West            Putnam 3,900 — 100 195.0 12.9 — — — 2.0 —Feb-06 BlackRock            ML Asset Management 9,487 — 100 527.1 15.3 — — — 1.8 — Dec-05 Bank of Ireland Guggenheim 184 — 72 2.8 — — — — 9.2 —Nov-05 Legg Mason            Permal 800 1,2405 80 19.3 — — — — 5.2 6.4 Jun-05 Legg Mason            Citigroup 3,700 — 100 462.5 9.3 — 8.0 — 0.8 — Note: Represents selected control transactions with available public data. RBS A.M consideration converted at USD/GBP of 1.5959 as of 08-Jan-10; Lighthouse consideration converted at USD/AUD of 0.91 as of 31-Oct-07. 1 Upfront Consideration Plus PV of Full Contingent Payment calculated assumes full notional contingent payment discounted to transaction date at 10% annual discount rate. 2 Based on operating profit for twelve months to 30-Sep-2009. 3 Based on estimated marginal cost income ratio for the business acquired following the integration, as indicated by the acquirer. 4 NTM multiple per HFA investor presentation. 5 Represents consideration for 100% stake. Financial Analysis 16

SUGARCANE\Presentations\2010-05-16 Revised Board Book\04 2010-05-16 Revised Board Presentation.doc gbertail 20 May 2010 13:10 17/37 B. Melvin            Financial Analysis 17

Market Prices: Share Price Performance Last 12 Months1234 Melvin Average Share Price 1M 3M 6M 12M 26-Mar-2010 Prior to 14-May (GBP2.30)1 2.45 2.44 2.71 2.78 Prior to 26-Mar (GBP2.51)1 2.38 2.64 2.95 2.77 Melvin Reported to be in talk with SAC, George on Melvin Minimum Share Price potential acquisition 1M 3M 6M 12M Prior to 14-May (GBP2.30)1 2.10 2.10 2.10 2.10 Prior to 26-Mar (GBP2.51)1 2.18 2.15 2.15 1.99 Melvin Maximum Share Price (GBP) 1M 3M 6M 12M 3.7 Prior to 14-May (GBP2.30)1 2.71 2.72 3.71 3.71 Prior to 26-Mar (GBP2.51)1 2.52 3.27 3.71 3.71 45% Melvin 3.3 24% for 2.9 17% Price 2.4 (3)% Closing 2.0 (19)% to 1.6 Rebased 1.2 May-2009 Jul-2009 Sep-2009 Nov-2009 Jan-2010 Mar-2010 May-2010 Melvin George            UK Trad. AM4 North America Alt. AM ³ European Alt. AM ² Source: Bloomberg as of 14-May-2010 Note: Market capitalisation weighted indices 1 Share price for Melvin as of 25-Mar-2010 and 13-May-2010. 2 Includes Ashmore, BlueBay, Gartmore and Gottex. 3 Includes Sprott, Och-Ziff and Fortress. 4 Includes Schroders, Aberdeen and Henderson. Financial Analysis 18

Market Prices: Historical Valuation Metrics 1 Year Forward EV/EBITDA 1 Year Forward P/E 10x 16x 14x 8x 12x 11.7 x Multiple            Multiple 6x 6.0 10x 10.1 x EBITDA 4.5 x 8x NTM 4x            NTM P/E 6x 2x 4x 0x 2x May-2008 Nov-2008 May-2009 Nov-2009 May-2010 May-2008 Nov-2008 May-2009 Nov-2009 May-2010 Melvin 1 Year Average            Melvin 1 Year Average Source: Bloomberg as of 14-May-2010 Financial Analysis 19

2 Melvin Detailed Enterprise Value Calculation As of 31-Mar-2010 $m Total Number of Shares Outstanding (m) 1,712 ow/ Common 1,712 Share Price ($) 3.22 Market Capitalisation 5,511 Net Debt (1,440) ow/ Cash (3,229) ow/ Bank Loans & Overdrafts 55 ow/ Fixed Rate Notes 1,034 ow/ Euro Bond 0 ow/ Floating Rate Notes 400 ow/ Hybrid 300 Minority Interests 0 Associates (815) ow/ BlueCrest (720) ow/ Ore Hill (53) Other (42) Enterprise Value 3,256 Note: Market prices as of 14-May-2010 Financial Analysis 20

2 Public Market Multiples — Public Market Multiples of Selected Companies Selected Traditional and Alternative Asset Managers Equity            Closing            Calendarized Enterprise Value            Div. Market            Price            P / E Multiples            EBITDA            Yield Company Cap ($m) 14-May-2010 2010E 2011E            AUM 2010E 2011E 2010 European Alternative AM Ashmore $2,674 $3.77 14.4 x 12.9 x 7.2% 8.9 x 8.0 x 4.8% BlueBay 998 5.02 14.0 10.6 2.4 8.7 6.9 4.7 Gartmore 644 2.09 7.7 6.5 2.4 6.2 5.4 2.5 Gottex 205 6.72 16.6 8.0 2.2 11.9 6.6 2.4 Average 13.2 9.5 3.6 8.9 6.7 3.6 North American Alternative AM Och-Ziff $5,895 $16.34 11.3 x 9.6 x 24.9% 9.4 x 7.2 x 6.9% Fortress 2,100 4.63 9.1 6.6 6.3 11.0 9.4 NA George 1,131 2.91 15.8 10.0 5.2 14.8 7.8 Sprott 597 3.96 13.2 10.8 12.9 8.3 7.1 3.2 Average 12.4 9.3 12.4 10.9 7.9 5.0 UK Traditional AM Schroders $5,483 $20.22 16.7 x 14.0 x 1.4% 7.3 x 6.0 x 2.4% Aberdeen 2,210 2.00 11.0 9.5 1.1 9.6 8.0 5.0 Henderson 1,703 2.08 14.4 12.8 2.1 11.4 10.0 4.5 Average 14.0 12.1 1.5 9.5 8.0 4.0 Melvin $5,521 $3.22 11.2 x 7.7 x 8.4% 5.1 x 3.9 x 13.7% Source: Bloomberg, IBES as of 14-May-2010 Note: FX rate used for conversion are as of 14-May-2010: USD/GBP 1.456 Financial Analysis 21

SUGARCANE\Presentations\2010-05-16 Revised Board Book\04 2010-05-16 Revised Board Presentation.doc gbertail 20 May 2010 13:10 22/37 2 Public Market Multiples: Implied Multiples at Different Values Fiscal Year-End 31-Dec Value per Share ($) 2.90 3.06 3.22 3.38 3.54 3.70 3.86 Premium vs. Current (10)% (5)% 0% 5% 10% 15% 20% Total Number of Shares 1712 1712 1,712 1,712 1,712 1,712 1,712 Equity Value 4,960 5,235 5,511 5,787 6,062 6,338 6,613 Enterprise Value 2,705 2,981 3,256 3,532 3,807 4,083 4,358 Base ($m) P/E Multiples 2010E 491 10.1 x 10.7 x 11.2 x 11.8 x 12.3 x 12.9 x 13.5 x 2011E 717 6.9 7.3 7.7 8.1 8.5 8.8 9.2 EV/EBITDA Multiples 2010E 643 4.2 4.6 5.1 5.5 5.9 6.4 6.8 2011E 834 3.2 x 3.6 x 3.9 x 4.2 x 4.6 x 4.9 x 5.2 x EV/AuM Multiples Latest Reported 39,100 6.9% 7.6% 8.3% 9.0% 9.7% 10.4% 11.1% Note: Market data as of 14-May-2010 Financial Analysis 22

3 Present Value of Future Share Price Analysis — Melvin Based on P/E Multiple            Calendarised to 31-Dec Fiscal Year End Present Value of Future Share Price Analysis1 Sensitivity Analysis Median Eur. Alt. AM P/E Multiple $3.22 Current Stock Price Median Alt. AM P/E Multiple Present Value of 12/31/10 Stock Price Current P/E Multiple $5.32 $5.09 $4.19 P/E Multiple Eur. Median Alt. Median            Current $5.32 14.2 x 13.6 x 11.2 x 9.0% $5.38 $5.15 $4.24 12/31/10 12/31/10 Discount 11.0 5.32 5.09 4.19 Forward Year EPS (IBES) $0.40 Rate Forward P/E Multiple Median Eur. Alt. Asset Managers 14.2 x Median Alt. Asset Managers 13.6 13.0 5.26 5.04 4.15 Current 11.2 Implied Share Price Median Eur. Alt. Asset Managers $5.68 Median Alt. Asset Managers 5.44 Current 4.48 Present Value of Share Price @ 11.0% Discount Rate Median Eur. Alt. Asset Managers $5.32 Median Alt. Asset Managers 5.09 Current 4.19 1 Discounted to 14-May-10 at a 11.0% discount rate. Financial Analysis 23

SUGARCANE\Presentations\2010-05-16 Revised Board Book\04 2010-05-16 Revised Board Presentation.doc gbertail 20 May 2010 13:10 24/37 4 Melvin: Analysts’ Target Prices Current Share Price: £2.22 / $3.22 Target Prices            Analysts’ Recommendations Target Price      % vs. Current Today Broker            Date£ $ Share Price            Sell 6% BofA-ML 25-Mar-2010 3.65 5.44 69% Buy Charles Stanley 18-Nov-2009 3.12 4.65 45% 48% Citi 07-May-2010 3.24 4.84 50% CS 26-Mar-2010 2.68 4.00 24% Evolution 26-Mar-2010 3.34 4.99 55% Hold HSBC 04-May-2010 3.39 5.06 57% 47% KBW 25-Mar-2010 2.43 3.63 13% Macquari 09-Apr-2010 3.49 5.21 62% 6M Ago Morgan Stanley 06-May-2010 2.63 3.93 22% Sell 6% Nomura 08-Apr-2010 3.04 4.53 41% Buy Numis 22-Apr-2010 2.89 4.31 34% 48% Shore 25-Mar-2010 1.93 2.88 (10)% Singer 31-Mar-2010 3.85 5.74 78% Median 3.12 4.65 45% Hold Mean 3.05 4.55 42% 47% Source: Datastream as of 14-May-2010 Note: USD to GBP exchange rate applied is 1.456 Financial Analysis 24

4 Melvin Annotated Share Price LTM Share Price Performance            Dividend Analysis 2010E 2011E 2012E 27-Jan-2010 (Oriel Securities) 17-Mar-2010 (Morgan Stanley) We continue to anticipate an unchanged dividend for FY10 of 44c given the large            Despite surplus capital, we expect a re-base and            IBES EPS ($) 0.25 0.30 0.43 170% capital surplus of $1.6bn. This means that            forecast $0.25 DPS FY11 (Cons $0.44). Surplus capital confers the shares are currently yielding 11%. options and management has indicated interest in acquiring a 25-However on the basis of an EPS for FY11 of 50% stake in an equity L/S manager to address capacity/content 160% only 32c, the sustainability of the dividend            concerns which we could see as positive. However, accessing must be in question and there is a risk of re- institutional names with capacity and a need to access Man’s            IBES Net Income ($m) 426 513 786 basing. distribution strength will be tough, in our view. 150% IBES DPS ($) 0.44 0.44 0.44 26-Mar-2010 140% Melvin reported to be Price            in talk with SAC, George on potential            Implied Dividend ($m) 753 753 753 130% acquisition Indexed 120% Payout Ratio 176% 147% 102% 110% 12-Mar-2010 (Credit Suisse) Dividend Yield (%) 13.6% 13.6% 13.6% 100% Given the weak earnings trends we have reduced            our dividend per share forecast for the coming year (3.4)% to be line in with our EPS forecasts 90% 80% May-2009 Aug-2009 Nov-2009 Feb-2010 May-2010 Melvin Source: Datastream as of 14-May-2010 Financial Analysis 25

SUGARCANE\Presentations\2010-05-16 Revised Board Book\04 2010-05-16 Revised Board Presentation.doc gbertail 20 May 2010 13:10 26/37 III. Pro Forma Analysis            Pro Forma Analysis 26

Accretion / (Dilution) Analysis Assuming $50m Pre-tax Synergies Fiscal Year End 31-Mar 2011E $m            Phased-in Synergies            Fully Phased Synergies Combined Earnings (Pre Synergies) Melvin Net Income 513 513 George Net Income 70 70 Convertible Notes Interest Expense 9 9 Return on Excess Capital Consumed (15) (15) Pro Forma Net Income 576 576 Combined Earnings (Post Synergies) Pre-tax Synergies 50 50 Phasing 25% 100% Post-tax Synergies (Phased in) 10 40 Pro Forma Net Income 586 616 Pro Forma Number of Shares Melvin Total Shares Outstanding 1,712 1,712 Shares Issued 163 163 Pro Forma Number of Shares 1,875 1,875 Accretion / (Dilution) Pro Forma EPS (Pre Synergies) ($) 0.31 0.31 Current Melvin EPS ($) 0.30 0.30 EPS Accretion / (Dilution) (Pre Synergies) 2.5% 2.5% Pro Forma EPS (Post Synergies) ($) 0.31 0.33 Current Melvin EPS ($) 0.30 0.30 EPS Accretion / (Dilution) (Post Synergies) 4.3% 9.6% Pro Forma Analysis 27

Future Share Price Analysis — Pro Forma Based on P/E Multiple Future Share Price Analysis            Blended Multiple Calculation Melvin P/E Mult. — ex. Synergies $3.22 Current Melvin Market Cap. Multiple Blended P/E Mult. — ex. Synergies            Stock Price Melvin P/E Mult. — inc. Synergies $5.35 Melvin $5,511 11.2 x Blended P/E Mult — inc. Synergies $5.15 $5.06 George 903 15.8 $4.87 Blended $6,414 11.8 x 12/31/10 Value Creation Breakdown            Present Value of Future Share Price1 12/31/10 PV of 12/31/10 Excl. Synergies            Incl. Synergies Standalone Melvin Forward EPS (IBES) $0.40 Transaction EPS Acc / (Dil) w/o synergies 0.04 Stock Price            Melvin            Blended            Melvin            Blended Synergies EPS Acc / (Dil) 0.02 $4.56 11.2 x 11.8 x 11.2 x 11.8 x Pro Forma EPS $0.45 9.0% $4.61 $4.88 $4.79 $5.07 Melvin P/E Multiple 11.2 x Discount PF Stock Price w/o Multiple Expansion $5.06 11.0 4.56 4.83 4.74 5.01 Rate Multiple Expansion to Blended Multiple 11.8 x 13.0 4.51 4.77 4.69 4.96 PF Stock Price w/ Multiple Expansion $5.35 1 Discounted to 14-May-10. Pro Forma Analysis 28

Appendix A: Melvin Dividend Forecasts            Melvin Dividend Forecasts 29

Melvin Dividend Forecast Dividend Per Share Individual Analyst Estimates ($) Broker            Last Confirmed Date 2010E 2011E 2012E BAML 25-Mar-2010 0.44 0.44 0.44 Charles Stanley 18-Nov-2009 0.44 0.44 0.44 Citi 10-May-2010 0.44 0.44 0.44 Credit Suisse 13-May-2010 0.44 0.22 0.34 Evolution 25-Mar-2010 0.40 0.40 -HSBC 13-May-2010 0.44 0.44 0.44 KBW 25-Mar-2010 0.44 0.44 0.44 Macquarie 09-Apr-2010 0.44 0.44 0.44 Morgan Stanley 10-May-2010 0.44 0.25 0.33 Nomura 08-Apr-2010 0.44 0.44 0.46 Numis 12-May-2010 0.44 0.44 0.44 Oriel 14-Apr-2010 0.44 0.41 -Shore 25-Mar-2010 0.44 0.44 0.44 Singer 01-Apr-2010 0.40 0.40 0.40 Median 0.44 0.44 0.44 Note: 2009A dividend per share was $0.44. Melvin Dividend Forecasts 30

Appendix B: Melvin Pro Forma Capital Impact Analysis            Melvin Pro Forma Capital Impact Analysis 31

Capital Impact Analysis As of 31-Mar-2010 Transaction Impacts $m            Melvin            George Share Issuance            Goodwill            Other            PF 31-Mar-2010 Core Tier 1 Capital 2,107 68 525 (1,640) 992 Innovative Tier 1 Capital 300 0 300 Tier 1 Capital 2,407 68 1,292 Tier 2 Capital 400 12 400 Own Funds 2,807 79 1,692 Material Holdings Deductions (200) (0) (200) Total Capital 2,607 79 1,492 Capital Requirements 1,098 29 (150) 948 Solvency Ratio 237% 272% 157% Regulatory Surplus Capital 1,509 50 544 Net decrease of $150m in pro forma capital requirements include — $250m lower capital requirements due to the intention of Man not to call $400m FRN Tier II subordinated debt callable in September 2010 — $100m additional capital requirements            Melvin Pro Forma Capital Impact Analysis 32

Appendix C: Cost of Equity Calculation            Cost of Equity Calculation 33

$E—BNE—US—Standard            Centerhead

Cost of Equity Calculation George            Melvin U.S. Risk-Free Rate 4.16% U.K. Risk-Free Rate 4.30% Axioma Historical Equity Beta 0.82 Axioma Historical Equity Beta 1.20 U.S. Equity Risk Premium 6.67% U.K. Equity Risk Premium 5.44% U.S. Size Premium 1.73 Cost of Equity 11.37% Cost of Equity 10.82% Note: Market data as of 14-May-10. U.S. risk-free rate based on 20 Yr, 5 3/8% Feb 2031; U.K. risk-free rate based on benchmark 20 year Ds. Govt. Index. Cost of Equity Calculation 34

EX-99.C.IX

Exhibit (c)(ix)

DRAFT PROJECT CAMEL PRELIMINARY BOARD PRESENTATION 9 March 2010 Confidential

DRAFT LEGAL NOTICE This Presentation has been provided to M (“you” or the “Company”) by Perella Weinberg Partners and its affiliates (collectively “Perella Weinberg Partners” or the “Firm”) and may not be used or relied upon for any purpose without the written consent of Perella Weinberg Partners. The information contained herein (the “Information”) is confidential. By accepting this Information, you agree that you and your directors, partners, officers, employees, attorney(s), agents and representatives agree to use it for informational purposes only and will not divulge any such Information to any other party. Reproduction, dissemination, quotation, summarization or reference to this Information, in whole or in part, is prohibited. These contents are proprietary and a product of Perella Weinberg Partners. The Information contained herein is not an offer to buy or sell or a solicitation of an offer to buy or sell any corporate advisory services or security or to participate in any corporate advisory services or trading strategy and are not a commitment by the firm (or any affiliate) to provide or arrange any financing for any transaction or to purchase any security in connection therewith. Any decision regarding corporate advisory services or to invest in the investments described herein should be made after, as applicable, conducting such investigations as you deem necessary and consulting the investor’s own investment, legal, accounting and tax advisors in order to make an independent determination of the suitability and consequences of an investment or service. The information used in preparing these materials may have been obtained from or through you or your representatives or from public sources. Perella Weinberg Partners assumes no responsibility for independent investigation or verification of such information and has relied on such information being complete and accurate in all material respects. The Firm has no obligation (express or implied) to update any or all of the Information or to advise you of any changes; nor do we make any express or implied warranties or representations as to the completeness or accuracy of the information or accept responsibility for errors. Nothing contained herein should be construed as tax, accounting or legal advice. You (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the transactions contemplated by these materials and all materials of any kind (including opinions or other tax analyses) that are provided to you relating to such tax treatment and structure. For this purpose, the tax treatment of a transaction is the purported or claimed U.S. federal income tax treatment of the transaction and the tax structure of a transaction is any fact that may be relevant to understanding the purported or claimed U.S. federal income tax treatment of the transaction. These materials were designed for use by specific persons familiar with the business and affairs of the Company and are being furnished and should be considered only in connection with other information, oral or written, being provided by Perella Weinberg Partners in connection herewith. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter. Prior to entering into any transaction the Company should determine, without reliance on the Firm or its affiliates, the economic risks and merits as well as the legal, tax and accounting characterizations and consequences of any such transaction. In this regard, by accepting the Information, the Company acknowledges that (a) the Firm is not in the business of providing (and the Company is not relying on the Firm for) legal, tax or accounting advice, (b) there may be legal, tax or accoun ting risks associated with any transaction, (c) the Company should receive (and rely on) separate and qualified legal, tax and accounting advice and (d) the Company should apprise senior management as to such legal, tax and accounting advice (and any risks associated with any transaction) and the Firm’s disclaimer as to these matters. Perella Weinberg Partners is not acting in any other capacity as a fiduciary to the Company. In the ordinary course of our business activities, Perella Weinberg Partners or its affiliates may at any time hold long or short positions, and may trade or otherwise effect transactions, for our own account or the accounts of customers, in debt or equity or other securities (or related derivative securities) or financial instruments (including bank loans or other obligations) of the Company, potential counterparties, or any other company that may be involved in a transaction or any of their respective affiliates. Confidential            LEGAL NOTICE 2

DRAFT EXECUTIVE SUMMARY • We have been requested by the Board of M to provide initial perspectives on a potential combination with Camel — Camel is a leading global alternative asset manager with a primary focus on equity long / short strategies and complementary activities in long-only products • There is a clear strategic logic for an acquisition of Camel — Provides well established investment product (particularly in equity long/short) under one of the best brands in the market - Potential for incremental AUM growth by combining Camel product with M distribution • An acquisition of Camel is likely to be structurally complex — Camel’s status as a US-listed public company, combined with a non-standard capital structure, will compel M to ensure that all constituents are treated fairly in the context of a transaction — Additionally, as with all alternative asset management acquisitions, motivation and retention of key Camel principals and employees will be crucial in ensuring successful post-transaction integration — However, we believe that the synergy and pro-forma post-transaction growth case merits M’s continued focus on consummating a combination • We would emphasise that this presentation has been prepared purely on the basis of public disclosure — Any outside-in assessment of Camel is, by necessity, preliminary, given the non-public nature of certain key data items, combined with limited coverage by the broker community — Before any firm proposal were made to the Board of Camel, we expect that M will undertake significant diligence of non-public information including (but not limited to) management business plans — As such, all valuation ranges and associated financial analysis in this presentation should be viewed as wholly illustrative, presented for the purposes of laying out a conceptual framework in respect of a potential Camel transaction — We would fully expect such valuation ranges and financial analysis to change materially on the basis of due diligence, with the result that any eventual offer may be at a level, or may feature a transactional structure, materially different to those presented herein Confidential            EXECUTIVE SUMMARY 3

DRAFT TABLE OF CONTENTS I. OVERVIEW OF CAMEL II. COMBINATION RATIONALE III. COMPARATIVE TRADING IV. FINANCIAL EFFECTS V. TRANSACTION STRUCTURING APPENDIX Confidential            TABLE OF CONTENTS 4

DRAFT I. OVERVIEW OF CAMEL Confidential

HISTORY OF CAMEL DRAFT Track record initiated in 1995 1995 1997 2000 2003 2004 Sep-05 Jan Jun Nov-07 Dec-08 May-09 $16 11/12-May-09 $14 Camel amended agreement which eliminates all financial covenants (purchase 1995 Introduction of first            Independence from            Sep-05 of a portion of senior $12 Founded as a            Camel funds including: Lehman Brothers, Emmanuel Roman joins loans at 60% of par division of • Balanced Fund            which initially held a            Camel from Goldman Sachs, value). Lehman Brothers • Capital Appreciation            post-separation 20% with remit to institutionalise            Issue of $214m $ Europe by Noam            Fund            minority stake            compliance and convertible Gottesman, • Performance Fund (currently 10.8%) infrastructure Nov-07 subordinated note $10 Pierre Lagrange • Global Convertible Approval granted for and Jonathan            Fund            transaction with Green • Opportunity Fund Freedom share price in US            Dec-08 Camel acquired $8 22-Jun-07 Société Générale Announcement of Asset Management / Camel            Freedom / Camel merger — Camel valued at $3.4bn            UK, a UK-based Freedom            long-only asset $6 manager 29-Jan-07 2003-2004 Listing of the Freedom Special Allegations of insider trading in Purpose Acquisition Company respect of convertible bond (“SPAC”) funds run by Philippe Jabre; Mr. $4 Jabre subsequently left Camel $24.6bn $22.2bn $15.2bn $15.0bn AUM (net) $2$11.7bn $10.3bn $8.4bn $4.1bn $3.8bn $0 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Source: Company disclosure; Factset Note: Market data as of 03-Mar-10; assets under management shown as of year-end Confidential OVERVIEW OF CAMEL 6

PRODUCT OFFERING — ALTERNATIVE STRATEGIES DRAFT Equity long-short strategies continue to underpin the Camel fund offering EQUITY LONG-SHORT ($3.0BN AUM) $10.4BN AUM (47% OF TOTAL AUM) CONVERTIBLE & OTHER ARBITRAGE Equity long-short ($0.8BN AUM) • European Long-Short ($1.0bn, P. Lagrange) 14% - - Performance: 1yr (+15%); 2yrs (+4%); 3yrs (+13%) • Market Neutral ($0.9bn, S. Roth) • Alpha Select ($0.6bn, J. Mackay) -Performance: 1yr (89%); 2yrs (-10%); 3yrs (-4%) 130/30 or similar - -Performance: 1yr (+21%); 2yrs (+29%); 3yrs (+54%) 12% •North American Opportunity ($0.5bn, N. Gottesman) - - Performance: 1yr (+27%); 2yrs (+10%); 3yrs (-3%) MIXED ASSET LONG-SHORT Mixed asset long-short ($1.4BN AUM) • Emerging Markets Special Situations ($0.3bn, D. Ben-Brahm) 6% - - Performance: 1yr (-32%); 2yrs (-67%) Internal multi manager 4% • Emerging Markets ($0.3bn, K. Abdel-Motaal) • European Opportunity ($0.2bn, M. Mez) - - Performance: 1yr (32%); 2yrs (-16%); 3yrs (+24%) - - Performance: 1yr (+13%); 2yrs (+20%); 3yrs (+34%) Convertible & other arbitrage • Global Mining ($0.1bn, T. Midland) 4% - - Performance: 1yr (+13%); 2yrs (+2%) EXTERNAL MULTI-MANAGER External Multi Manager 3% ($0.6BN AUM) Others 5% 130/30 OR SIMILAR ($2.7BN AUM) • MMI Enhanced ($0.2bn, N. Hobson) Long- only            Alternative strategies • Pure Alpha ($0.2bn, P. Isvy) • MMI Diversified ($0.06bn, N. Hobson) - - Performance since inception: 5% OTHERS ($1.1BN AUM) • MMI Macro ($0.02bn, F. Gochez) •Emerging Markets Equity ($0.02bn, K. Abdel-Motaal) • MMI Japanese Opportunity ($0.01bn, N. Hobson) - - Performance since inception: 6% • Convertible Bond ($0.3bn, S. Roth) • Emerging Markets UCITS III ($0.03bn, K. Abdel-Motaal) -Performance: 1yr (+42%); 2yrs (+3%); 3yrs (+2%) - - Performance since inception: 1% • Atlas Macro ($0.1bn, D. Ben-Brahm) • Emerging Markets Fixed Income & Currency UCITS III -Performance since inception: 9% ($0.01bn, K. Abdel-Motaal) • Atlas Value ($0.08bn, D. Ben-Brahm) - - Performance since inception: 1% INTERNAL MULTI-MANAGER - - Performance since inception: 115% ($0.8BN AUM) • Emerging Markets Credit Opportunity ($0.02bn, K. Abdel- Motaal) • Global Opportunity ($0.4bn - - Performance: 1yr (+19%); 2yrs (-7%); 3 yrs (+4%) - - Performance since inception: 4% Source: Company disclosure; Bloomberg; PWP analysis Confidential OVERVIEW OF CAMEL 7

PRODUCT OFFERING — LONG-ONLY FUNDS DRAFT SGAM UK acquisition has materially rebalanced Camel’s focus EQUITY ($2.3BN AUM) $11.8BN AUM (53% OF TOTAL AUM) CONVERTIBLE BOND ($0.7BN AUM) Covertible bond 3% • European Equity Fund ($0.3bn, P. Lagrange) Balanced            Others 4% 3% • Global Convertible UCITS Fund ($0.7bn, S. Roth) - - Performance: 1yr (+38%); 2yrs (-31%); 3yrs (-35%) - - Performance: 1yr (+39%); 2yrs (+14%); 3yrs (+19%) • Performance Distributing Fund ($0.2bn, B. Funnell) - - Performance: 1yr (+35%); 2yrs (-26%); 3yrs (-29%) • Performance Fund ($0.2bn, P. Lagrange) - - Performance: 1yr (+41%); 2yrs (-29%); 3yrs (-28%) SG 33% • UK Select Fund ($0.02bn, J. White) - - Performance since inception: 33% Equity S FUND ($7.4BN AUM) 10% Long- only            Alternative strategies • Japan Core Alpha Fund ($0.8bn, S. Harker) OTHER LONG-ONLY FUNDS ($0.6BN AUM) - - Performance: 1yr (+35%); 2yrs (+30%); 3yrs (+14%) • Ocean Equity MENA Fund ($0.3bn, M. Krombas) BALANCED ($0.8BN AUM) •Environment Fund ($0.02bn, B. Funnell) • American Growth Fund ($0.2bn, K. Sri-Kumar) -Performance: 1yr (+28%); 2yrs (-38%); 3yrs (-40%) - - Performance: 1yr (+38%); 2yrs (+7); 3yrs (+1%) • Balanced Fund ($0.7bn, D. Benson) •Multi-Strategy ($0.3bn) • UK Growth Fund ($0.2bn) -Performance: 1yr (+32%); 2yrs (-4%) - - Performance: 1yr (+43%); 2yrs (-19%); 3yrs (-29%) • Stockmarket Managed Fund ($0.2bn, B. Funnell) - - Performance: 1yr (+39%); 2yrs (-6%); 3yrs (-13%) Source: Company disclosure; Bloomberg; PWP analysis Confidential            OVERVIEW OF CAMEL 8

CAMEL FINANCIAL PERFORMANCE DRAFT Market anticipates AUM and performance-driven recovery post a poor 2009 Yearly accounts — year to 31-Dec $ millions 2008A 2009A 2010E 2011E 2012E AUM BASE AUM schedule            Market expects return to AUM growth, driven by both inflows and Opening AUM 24,612 15,039 22,175 25,733 31,537 fund performance Closing AUM 15,039 22,175 25,733 31,537 34,690 Average AUM 19,826 18,607 23,954 28,635 33,114 REVENUE BASE P&L            Management fee volume returning as AUM inflows into alternative Net management fees 318 149 184 241 265 products gather pace Market performance fee expectations remain muted compared to Net performance fees 108 115 193 272 300 2007 highs, but some credit awarded for incentive income Net admin fees 69 26 33 41 45 - - Of performance fee-charging funds, 47% (by number) and 40% Other revenues 1 8 2 2 2 (by AUM) remain materially below high-water mark(1) Net revenues 495 298 411 555 611 Fixed costs (288) (185) (219) (256) (288) COST STRUCTURE (ESTIMATED) Variable costs (28) (92) (91) (141) (129) EBITDA 179 20 101 159 194 As for many hedge fund managers, variable (performance fee-related) costs represent key element of the underlying costbase Depreciation (3) (4) (6) (7) (7) - - Head count has been steadily grown over the last year, totalling EBITA 176 16 95 152 187 393 employees as of Dec-09 Finance costs (17) (12) (7) (7) (7) PWP normalised non-GAAP PBT 159 5 88 145 180 Tax on normalised PBT (18) 1 (20) (33) (34) TAX PWP normalised non-GAAP net income 141 6 68 112 146 Camel’s taxation position is complicated, with the group’s global US tax exposure offset by the tax-deductibility of amortisation on Exceptionals — 85 goodwill arising from the Freedom transaction Cumulative dividends to NG (15) (10) - - As such, tax structure may be materially different post-acquisition Camel reported non-GAAP net income 127 81 Exceptionals — (1) Intangible amortisation — (2) GAAP ACCOUNTING Acquisition-related items (739) (438) Camel’s US GAAP financials include material non-cash expenses Camel reported GAAP net income (612) (359) related to Camel’s transaction with Freedom - - As such, GAAP figures not viewed as economically-meaningful; PWP normalised EPS ($) 0.44 0.02 0.21 0.35 0.45 key element of any transaction process will be presentation of underlying economic performance under IFRS Source: company disclosure, BarCap estimates, PWP analysis Note: due to lack of broker forecasts and company disclosure, forecasts and management fee / performance fee P&L segmentation represent PWP estimates; financial figures (and forecasts based on such figures) expected to be revised once due diligence has been undertaken. Net income is based on PWP definition and hence demonstrates reconciliation differences to Camel’s stated GAAP and non-GAAP financials (1) Assessed on the basis that the fund is trading at least 5% below the 3-year high water mark Confidential            OVERVIEW OF CAMEL 9

CAMEL PRINCIPALS DRAFT Camel’s three principals represent key constituents, in respect of both voting power and management talent VOTING POWER OF CAMEL PRINCIPALS            AUM MANAGED BY CAMEL PRINCIPALS N. Gottesman 19% The three principals, together with unallocated employee trust shares, participate in a voting agreement, N. Gottesman whereby all signatories to the voting 5% agreement will vote their shareholdings in accordance with the majority decision of the signatories. Others Others            As such, Camel’s principals enjoy 79% 51% effective control of 48.7% of Camel’s P. Lagrange P. Lagrange voting power 16% 19% Additionally, Pierre Lagrange and Noam Gottesman together manage E. Roman            c. 21% of Camel’s AUM 6% Employee trust 5% NOAM GOTTESMAN            PIERRE LAGRANGE            EMMANUEL ROMAN •Founder & Managing Director •Founder & Managing Director •Managing Director •BA, Columbia University, New York •MA, Solvay Business School, Brussels •MBA, University of Chicago •10 years — Goldman Sachs — managing global equities •5 years — JP Morgan — managing bond portfolios •18 years — Goldman Sachs — Partner and Co-Head of portfolios            European equities •5 years — Goldman Sachs — managing global equities portfolios •Camel since inception in 1995 as a division of Lehman •Joined Camel in September 2005 as a non-investment manager •Camel since inception in 1995 as a division of Lehman Brothers International (Europe) Co-CEO Brothers International (Europe) •Co-CEO and Chairman •Head of European equities Source: company disclosure Note: voting power based on holdings of Camel common stock and Camel A preferred shares as set out more fully on p28. AUM by manager based on disclosed fund-based AUM by manager, scaled-up to Camel’s full AUM base assuming that managed accounts are distributed between managers proportionally to fund AUM Confidential            OVERVIEW OF CAMEL 10

CAMEL OWNERSHIP DRAFT Core voting block holds 48.7% of voting power CAMEL VOTING POWER Party            Ownership            Directors Individual            Cumulative NG 19.3% 19.3% NG PL 18.9% 38.3% PL Core voting agreement ER 5.9% 44.2% ER Employee trusts 4.5% 48.7% Martin Franklin 1.8% 50.5% Martin Franklin Ian Ashken Peripheral voting agreement Lehman administrator 10.8% 61.3% Fidelity 9.5% 70.9% Not within voting agreement Lansdowne 6.4% 77.2% Berggruen Holdings 3.3% 80.5% Other holders 19.5% 100.0% James Hauslein Other holders            William Lauder Source: Company disclosure Confidential            OVERVIEW OF CAMEL 11

DRAFT II. COMBINATION RATIONALE Confidential

BROKERS’ VIEWS ON M DRAFT Broadly supportive franchise outlook, but AHL-dependence remains a concern BROKER COMMENTS (27-Jan-10) (15-Jan-10) (7-Jan-10) ”...M has seen improving sales momentum in line “Positive managed accounts platform win for a “AHL performance remains the critical risk, with the of the rest of the hedge fund industry in large mandate which could potentially reach            despite supportive themes of increasing onshore recent quarters.” ~$1bn.” client demand for absolute return, re-engaged “...some concerns about the importance to M of this “...until AHL’s performance improves significantly institutional and demand for managed accounts. one fund with AHL related private client products            we remain cautious over sales environment, With AHL reporting its first negative calendar year contributing 97% of management fee earnings in the            particularly for the more profitable Private Investor            and 15% below watermark, we see downside risk first half of the year.” business.” to estimates (we are 10-15% below consensus) from the impact on performance fees and sales.” EVOLUTION OF BROKER RATING LTM            BROKER COMMENTS ON TARGET SHARE PRICE FOR M Name            Date            Recommendation            Target price Upside / (downside) 100%£4.50 25%£4.00 (1-Mar-10) Hold            n.a. n.a. 33% 46%£3.50 75% 50% 50% 50% Recommendation 56% 55% 58% 62% (27-Jan-10) Hold 300p 25.7% 67% 67%£3.00 £2.50 50% Price (19-Jan-10) Hold 335p 40.4% £2.00 75% 67%£1.50 (18-Jan-10) Buy 390p 63.5% Broker 54% 25% 50% 50% 50% 44% 45%£1.00 38% 42% 33% 33% (15-Jan-10) Hold 320p 34.1% £0.50 0% £0.00 (7-Jan-10) Hold 340p 42.5% Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Consensus(1) Hold 356p 49.2% Buy            Hold            Sell            Share price            Target price Source: Factset; Bloomberg; broker reports Note: Market data as of 03-Mar-10 (1) Based on Reuters consensus as of 03-Mar-10 Confidential COMBINATION RATIONALE 13

COMBINATIONAL RATIONALE DRAFT M / Camel combination delivers strong complementary match of manufacturing and distribution capabilities M            Camel Multi-manager            Long-only AHL            Alternative strategies platform strategies Manufacturing Transaction would rebut criticism that M is overly “AHL-dependent”, and allow AHL to            Camel enjoys a proven return to its historical track record of            ability to attract            Camel’s exposure investment out-performance without            management teams and            to long-only and spotlight of equity market focus            develop new alternative            retail product, strategy opportunities            developed both organically and via the SGAM UK transaction, Camel’s attractive alternative strategy investment products fills            facilitates M’s asset a clear demand from M’s global investor network; based on            class convergence experience in distributing fund-of-fund offerings, investor            aspirations, and demand for equity long / short and other alternative strategy            positions the pro-offerings is clearly established (including, when market            forma group well conditions are favourable, inclusion in structured product) for increasing retail interest in semi-alternative offerings Distribution HNWI            Institutional            Retail HNWI network            Institutional network network network            network Note: only key manufacturing centres and retail channels are shown Confidential COMBINATION RATIONALE 14

MAN PRO-FORMA BUSINESS MODEL DRAFT Complementary investment strategies, investor base and distribution channels Manufacturing platform Alternatives platform            Retail fund platform Fund-of-fund offering            Single-manager strategies Ex-SGAM UK            Camel long-only funds            funds M multi-manager            Camel “external            M managed            Camel alternative            M credit multi-manager” futures (AHL) strategies strategies (Ore Hill) AUM $17.1bn            AUM $0.6bn            AUM $21.7bn            AUM $9.8bn(1) AUM $3.6bn(2) AUM $7.4bn            AUM $4.4bn Product structuring M: $28.7bn            M: $13.7bn G: $12.9bn(3) G: $9.3bn(3) Distribution HNWI / retail            Institutional Concentrated investor base with top 20 holding Global network of over 2,200 distributors with            Direct and bank-intermediated U/HNWI over 80% of institutional AUM with            Strong platform and direct institutional investor a particularly strong presence across Asia (incl. distribution platform, complemented by IFA Switzerland, UK and Germany representing the            relationship network Japan), Australia and Switzerland            relationships for ex-SGAM / long-only funds core geographies Investment management platform Sourcing, research and            Asset allocation and            Risk management and Advisory            Reporting due diligence            portfolio management            monitoring Source: company disclosure, PWP analysis Notes: (1) Alternative strategies include all 130/30 or similar strategy managed accounts or similar strategy funds, cash and other holdings are included under alternative strategies as “Funds” and “Others” (2) Includes Pemba AUM (3) Estimated Confidential            COMBINATION RATIONALE 15

MAN PRO-FORMA BUSINESS MODEL DRAFT Complementary investment strategies, investor base and distribution channels Manufacturing platform Alternatives platform            Retail fund platform Fund-of-fund offering            Single-manager strategies Ex-SGAM UK            Camel long-only funds            funds M multi-manager            Camel “external            M managed            Camel alternative            M credit multi-manager” futures (AHL) strategies strategies (Ore Hill) AUM $17.1bn            AUM $0.6bn            AUM $21.7bn            AUM $9.8bn(1) AUM $3.6bn(2) AUM $7.4bn            AUM $4.4bn Product structuring M: $28.7bn            M: $13.7bn G: $12.9bn(3) G: $9.3bn(3) Distribution HNWI / retail            Institutional Concentrated investor base with top 20 holding Global network of over 2,200 distributors with            Direct and bank-intermediated U/HNWI over 80% of institutional AUM with            Strong platform and direct institutional investor a particularly strong presence across Asia (incl. distribution platform, complemented by IFA Switzerland, UK and Germany representing the            relationship network Japan), Australia and Switzerland            relationships for ex-SGAM / long-only funds core geographies Investment management platform Sourcing, research and            Asset allocation and            Risk management and Advisory            Reporting due diligence            portfolio management            monitoring Source: company disclosure, PWP analysis Notes: (1) Alternative strategies include all 130/30 or similar strategy managed accounts or similar strategy funds, cash and other holdings are included under alternative strategies as “Funds” and “Others” (2) Includes Pemba AUM (3) Estimated Confidential            COMBINATION RATIONALE 15

DRAFT III. COMPARATIVE TRADING Confidential

M AND CAMEL RECENT TRADING PERFORMANCE DRAFT Exchange ratio development 250 1.5x M price Camel price Exchange ratio 200 1.2x share) 150 0.9x per Camel to 100 as of 03-Mar-09) shares (rebased            ratio (M 100 0.6x Share price            Exchange 50 0.3x 0 0.0x 4-Mar-09 25-Apr-09 16-Jun-09 7-Aug-09 28-Sep-09 19-Nov-09 10-Jan-10 3-Mar-10 Source: Company disclosure; Factset; PWP analysis Note: Market data as of 03-Mar-10 Confidential            COMPARATIVE TRADING 18

DRAFT LISTED HEDGE FUND SECTOR VALUATION ALTERNATIVE ASSET MANAGEMENT PUBLIC TRADING COMPARABLES Share price performance            EV-to-EBITDA            Price-to-earnings % of 52 week % of 52 week Market Enterprise Company            Share price            high            low            capitalisation            value            AUM (latest) Mar-09 Mar-10 Mar-11 Mar-09 Mar-10 Mar-11 EV / AUM M£2.39 63.9% 158.6% $6,152m $4,333m $42.4bn 3.9x 6.9x 5.0x 6.3x 13.0x 9.0x 10.2% Och-Ziff $14.09 93.4% 293.5% $5,041m $5,611m $23.5bn 14.5x 10.4x 8.5x 18.1x 13.5x 12.4x 23.9% Ashmore£2.45 78.8% 217.9% $2,793m $2,362m $31.6bn 9.3x 9.1x 7.7x 14.2x 14.0x 12.1x 7.5% BlueBay£3.74 95.1% 427.1% $1,118m $1,025m $34.3bn 12.2x 8.6x 6.7x 21.7x 14.4x 11.5x 3.0% Camel $2.71 58.8% 126.6% $877m $1,285m $22.2bn 33.9x 9.4x 6.4x 8.0x            n/m 12.9x 5.8% Source: Company disclosure; Factset; PWP analysis Notes: Market data as of 03-Mar-10 Camel market capitalisation includes warrants and NG exchangeable shares Confidential COMPARATIVE TRADING 19

DRAFT IV. FINANCIAL EFFECTS Confidential

CONTRIBUTION ANALYSIS DRAFT M remains dominant partner, but Camel acquisition drives significant franchise diversification M Camel            Pro Forma AUM ($bn) 42.4 66% 34% 22.2 64.6 stats. PRO FORMA REVENUE Market capitalisation ($bn) (1) 6.2 88% 12% 0.9 7.0 2010E 2011E 2012E Market Enterprise value ($bn) 4.3 77% 23% 1.3 5.6 16% 29% 33% 67% March 2010E ($m) 1,116 79% 21% 299 1,414 71% 84% Revenues March 2011E ($m) 1,420 77% 23% 429 1,849 Performance fees            Management fees March 2012E ($m) 1,766 76% 24% 563 2,328 March 2010E ($m) 627 98% 2% 10 637 PRO FORMA EBITDA 2010E 2011E 2012E EBITDA March 2011E ($m) 873 89% 11% 110 983 56% 61% 18% March 2012E ($m) 1,125 88% 12% 158 1,284 82% 39% 44% March 2010E ($m) 489 100% n/m 0% (3) 486 income March 2011E ($m) 700 91% 9% 68 767 Net            Performance fees            Management fees March 2012E ($m) 860 88% 12% 112 972 Source: Company disclosure; PWP analysis & estimates Note: Market data as of 03-Mar-10 (1) Camel market capitalisation comprises current trading value of common shares, Series A preferred / exchangeable B shares, unissued employee shares and warrants Confidential FINANCIAL EFFECTS 21

FINANCIAL EFFECTS DRAFT M’s cash position and valuation allows for attractive financial effects TRANSACTION USES & SOURCES (50% CASH / 50% EQUITY, 0% PREMIUM) EPS ACCRETION TO M SHAREHOLDERS (50% CASH / 50% EQUITY, 0% PREMIUM ) USES            SOURCES 5.0% 4.7% Ordinary shares $684m Man equity to acquire Camel shares $435m 93% M ownership in combined entity Convertible B-shares $160m Man equity to acquire Camel warrants — Unvested shares $27m Total Man equity $435m 4.0% Convert shares — Man cash to acquire Camel shares $435m Warrant shares — Man cash to acquire Camel warrants $7m accretion 3.0% Warrant cash out $7m Man cash to redeem Camel debt $534m Camel equity value $877m Man cash to finance transaction fees $20m Camel cash on-BS (less accr. comp) ($125m) New Man cash from Camel ($125m) EPS 2.0% Warrant exercise cash — Total Man cash $870m 1.5% Citi debt $305m Man debt to acquire Camel shares -Residual convert $229m Man debt to acquire Camel warrants — 1.0% Camel enterprise value $1,285m Man debt to refinance Camel debt -Transaction fees $20m Total Man debt raised - 0.0% Total transactional uses $1,305m Total Man sources $1,305m 0% March 2011E            March 2012E SENSITIVITIES March 2011 EPS accretion / (dilution) to M shareholders March 2012 EPS accretion / (dilution) to M shareholders Premium to Camel share price            Premium to Camel share price - -4% (10%) 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% -1% (10%) 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 0.0% 7.9% 7.7% 7.5% 7.2% 7.0% 6.7% 6.5% 0.0% 11.4% 11.2% 11.1% 10.9% 10.7% 10.5% 10.3% finance            finance 25.0% 5.0% 4.5% 4.0% 2.7% 2.1% 1.5% 1.0% 25.0% 8.3% 7.8% 7.3% 6.0% 5.4% 4.9% 4.4% 50.0% 2.3% 1.5% 0.8% (1.5%) (2.3%) (3.1%) (3.9%) 50.0% 5.4% 4.7% 3.9% 1.6% 0.7% (0.1%) (0.9%) % of equity 75.0% (0.2%) (1.2%) (2.2%) (5.2%) (6.3%) (7.3%) (8.3%) % of equity 75.0% 2.7% 1.7% 0.7% (2.5%) (3.5%) (4.6%) (5.6%) 100.0% (2.6%) (3.8%) (5.0%) (8.7%) (9.9%) (11.1%) (12.3%) 100.0% 0.2% (1.1%) (2.3%) (6.2%) (7.4%) (8.6%) (9.8%) Source: Company disclosure; PWP analysis Notes: Market data as of 03-Mar-10 Financial effects assume: 31-Mar-10 acquisition date, warrants acquired for cash under all scenarios; zero synergies, and lost interest from on-balance sheet cash of 2% (pre-tax) p.a. Transactional levels presented purely for illustrative purposes; based on due diligence, potential offer levels may vary meaningfully from those shown Confidential            FINANCIAL EFFECTS 22

DRAFT V. TRANSACTION STRUCTURING Confidential

TRANSACTION STRUCTURING DRAFT Consideration mix represents key structural variable Part-cash / part-stock (with Differential consideration recipient “mix-and-match” Stock-only to all Camel shareholders (stock to Camel principals, Cash-only to all Camel shareholders election — Camel principals to cash to other shareholders) opt for stock) Least attractive financial effects given            Middle-ground, allowing some utilisation of on-balance sheet cash to            Most attractive financial effects due to low effective Financial effects current valuation of M stock            enhance financial effects            cost of on-balance sheet cash Requires recourse M’s existing capital; however, given Equity issuance delivers strongest pro- Middle-ground, likely resulting in broadly-neutral impact to pro-forma M capitalisation            excess capital position, fully-achievable within forma capital position group capitalisation regulatory limits Cash does not deliver interest alignment, although cash Incentivisation Receipt of stock consideration delivers alignment between Camel principals and enlarged M; however, additional            lock-up / performance-linked schemes can be of Camel protections (including share lock-up and “bad leaver” forfeit) will additionally be required            introduced. Possible to compel roll-over of cash into M principals shares by principals, but likely tax leakage US registration avoidable? No US registration required Requires US registration of M shares, with timetable implications(4-6 months) and ongoing SEC reporting requirements            Transaction may be classed as “take-private”, with consequently enhanced disclosure Process requirement implications In all cases, transaction expected to be effected via one-step merger (requiring filing of proxy statement) given complexity of Camel’s capital structure —requires approval of 50% of Camel shareholders Differential consideration Uniformity of consideration delivers lowest-risk scenario. Shareholder litigation provides greatest scope for            Cash-only deal gives rise to “appraisal rights”, allowing Vulnerability to            likely inevitable, but adherence to deal best-practice (approval by Camel Special challenge, although “relative            dissenting shareholders to request Court “fair legal challenge            Committee on basis of independent fairness opinion) would shift burden of proof to fairness” opinion may be            valuation” of their Camel shares plaintiffs to prove that deal was unfair obtained Greatest opportunity to participate in pro- Attractiveness to            Compelling Camel shareholders to take cash may be unattractive for those who have seen forma growth story, although some            Accommodates differential wishes public Camel material value destruction since investment, and would prefer to ride the economic recovery constituents may not be able to hold M            o f shareholders shareholders            via either Camel, or the pro-forma Camel + M proposition shares M shareholder Currently likely to be Class 2 transaction — no shareholder approval approvals Confidential TRANSACTION STRUCTURING 24

CAPITAL STRUCTURE DRAFT M’s strong capital base allows maximisation of cash component and repayment of Camel’s debt ILLUSTRATIVE PRO-FORMA CAPITAL POSITION (100% CASH, 0% PREMIUM) £6.0bn Full-cash funded acquisition results in pro-forma M surplus capital position of $1.1bn (vs. $1.6bn standalone Mar-10 surplus per PWP modelling), and M liquidity resources of £5.0bn $2.5bn (vs. $3.8bn standalone Mar-10 resources per PWP modelling) £4.0bn            Query whether board cushion £3.0bn            level should be increased post-transaction £2.0bn £1.0bn £0.0bn Credit risk            Market risk            Operational risk            Board cushion            Camel            Total reg requirement            Equity capital Non-equity capital            Intangibles            Material holdings            Total capital ILLUSTRATIVE PRO-FORMA CAPITAL POSITION (50% CASH / 50% EQUITY , 0% PREMIUM) 50% equity funded acquisition results in pro-forma M surplus capital position of $1.6bn £6.0bn (maintaining $1.6bn standalone Mar-10 surplus per PWP modelling), and M liquidity resources of $2.9bn (vs. $3.8bn standalone Mar-10 resources per PWP modelling) £5.0bn £4.0bn Query whether board cushion £3.0bn            level should be increased post-transaction £2.0bn £1.0bn £0.0bn Credit risk            Market risk            Operational risk            Board cushion            Camel            Total reg requirement            Equity capital Non-equity capital            Intangibles            Material holdings            Total capital Source: Company disclosure; PWP analysis and estimates; press releases Notes: analysis assumes Camel’s adjusted NAV of $495m (pre-transaction) Transactional levels presented purely for illustrative purposes; based on due diligence, potential offer levels may vary meaningfully from those shown Confidential            TRANSACTION STRUCTURING 25

DRAFT RETURN ANALYSIS Value creation at a premium of Total in-cost            Current value (10%) 0% 10% 20% 30% 40% 50% 0 0 0 0 0 0 0 NG            n/m $172.6m $405.8m $422.1m $438.4m $455.0m $471.9m $488.8m $505.8m 0 0 0 0 0 0 0 PL            n/m $169.1m $411.4m $427.4m $443.3m $459.6m $476.1m $492.7m $509.3m 0 0 0 0 0 0 0 ER            n/m $59.2m $130.8m $135.8m $140.7m $146.0m $151.5m $157.1m $162.7m 0 0 0 0 0 0 0 Berggruen $45.1m $28.7m ($19.2m) ($16.3m) ($13.5m) ($10.6m) ($7.7m) ($4.8m) ($2.0m) 0 0 0 0 0 0 0 Franklin $22.3m $16.7m ($7.3m) ($5.6m) ($3.9m) ($2.3m) ($0.6m) $1.1m $2.7m 0 0 0 0 0 0 0 Fidelity $257.5m $80.3m ($185.3m) ($177.3m) ($169.2m) ($161.2m) ($153.2m) ($145.2m) ($137.1m) 0 0 0 0 0 0 0 Lansdowne $228.7m $53.8m ($180.3m) ($174.9m) ($169.5m) ($164.1m) ($158.8m) ($153.4m) ($148.0m) Investment both via Marlin Equities and Martin Franklin in form of initial Freedom Positions within Berggruen Holdings in form SPAC capitalisation and co-investment at time of initial Freedom SPAC capitalisation, of transaction; in June 2009, Marlin distributed subsequent open market purchases and co-its Camel positions to its members, with investment at time of transaction majority distribution made to Martin Franklin directly Notes: NG, PL and ER value uplift includes cash received in initial Freedom transaction (not adjusted for subsequent losses relating to cash consideration invested in Camel funds), and are net of open market camel share purchases and Camel convertible bond subscriptions. In-cost not meaningful for Camel principals given contribution of “old” Camel business into Freedom; value uplift is presented as total transactional consideration Franklin positions relate to subscriptions by Martin Franklin and Marlin Equities, net of distributions made to non-Franklin Marlin members. Fidelity and Lansdowne entry price estimated based on disclosure of ownership development Transactional levels presented purely for illustrative purposes; based on due diligence, potential offer levels may vary meaningfully from those shown Confidential            TRANSACTION STRUCTURING 26

DRAFT APPENDIX Confidential

CAMEL CAPITAL STRUCTURE DRAFT Transactional activity has resulted in a complex distribution of Camel’s voting and economic interests Series A preferred / Common shares            Unissued employee shares exchangeable B shares 252,400,003 common shares, excluding            NG holding of 58,904,993 series A 9,820,000 unissued common shares, Shares            Equity            Equity            Equity treasury shares(1) preferred shares (pari passu voting rights            excluding treasury shares $ Trading at $2.71 with common shares) and 58,904,993 Assumed to trade at common stock price 870m exchangeable B shares (exchangeable into common shares) Assumed together to trade at stock price            Share market cap: Market cap: $684m            Market cap: $160m            Market cap: $27m Public            Sponsor            Co-investment            Founder            Equity market cap: $ warrants            warrants warrants            warrants Warrant 877m            Enterprise Warrants 32,984,674 warrants Equity 4,500,000 warrants Equity 5,000,000 warrants Equity 12,000,003 warrants Equity $7.50 strike price; $7.50 strike $7.50 strike $7.50 strike price $ exercisable until YE2011 Exercisable until YE2011 Exercisable until YE2011 Exercisable once share 7m            Trading at $0.12 Assumed to trade at public            Assumed to trade at public price reaches $14.25 price            price            Assumed to trade at public            value: price(2) market cap: $ Market cap: $4m            Market cap: $1m            Market cap: $1m            Market cap: $1m 1,285m Convertible bonds            Straight debt            On-balance sheet cash $229m of convertible bonds as at YE09 $305m as at YE09 $125m as at YE09 Equity            Equity            Equity Debt            Conversion price of $3.72 ($3.30 in offer $293m on main facility, plus $12m drawdown Net of $139m of accrued compensation $ situation given additional conversion rights            on revolver            payable as at YE09 409m on change of control) Net debt: Debt principal: $229m(3) Debt principal: $305m(3) Cash balance: $1 25m Notes: (1) US GAAP classifies issued but unvested employee share allocations as treasury shares; in order to present fully-distributed economic value, these shares are included in our total share count (2) In practice, founder warrants will be less valuable than public warrants given reduced exercise potential (3) Debt not marked-to-market. Convertible trades at 94.6% of par, but valuation likely driven by embedded option value, rather than straight debt component. Non-convertible facility does not trade; $285m of initial $570m principal was repurchased at 60% of face in May 2009, but this trade was authorised as part of a debt restructuring agreement, and does not imply a current debt trading value Confidential            APPENDIX 28

DRAFT CAMEL LEGAL STUCTURE Common            Warrant shareholders            holders G voting            Unissued employee power shares Camel Partners, Inc. A preferred shares (voting            Convert holders rights) NG            FA Sub 1 Limited Exchangeable B shares (economic rights) Straight debt FA Sub 2 Limited holders Guarantees from FASub1 Cayman operating            and FASub2 FA Sub 3 Limited businesses Lavender Heights            UK operating (employee vehicle) businesses Laurel Heights (employee vehicle) G entity            Equity interest            Debt interest A has ownership            A has partnership A            B            A            B interest in B            interest in B Source: Company disclosure Confidential            APPENDIX 29

EX-99.C.X

Exhibit (c)(x)

DRAFT GOLD’S PROFIT & LOSS ACCOUNT Historic            Forecast            Historic            Forecast $ millions Dec-08A Dec-09A Dec-10E Dec-11E Dec-12E            Mar-09A Mar-10E Mar-11E Mar-12E AUM schedule Opening AUM 24,612 15,039 22,175 27,100 33,213 15,039 15,400 23,074 28,628 Closing AUM 15,039 22,175 27,100 33,213 36,534 15,400 23,074 28,628 34,043 Average AUM 19,826 18,607 24,638 30,157 34,874 15,220 19,237 25,851 31,336 P&L Net management fees 318 149 193 253 278 253 160 211 259 Net performance fees 108 115 204 258 284 114 105 203 258 Net admin fees 69 26 34 43 47 52 28 37 44 Other revenues 1 8 4 2 2 (4) 8 4 2 Net revenues 495 298 435 556 612 415 301 455 563 Fixed costs (288) (185) (222) (262) (298) (247) (198) (232) (270) Variable costs (28) (92) (99) (125) (107) (28) (92) (99) (125) EBITDA 179 20 114 170 206 140 11 124 168 Depreciation (3) (4) (6) (7) (7) (3) (4) (6) (7) EBITA 176 16 108 163 199 137 7 118 162 Finance costs (17) (12) (7) (7) (7) (15) (11) (7) (7) PWP normalised non-GAAP PBT 159 5 101 156 192 122 (4) 111 155 Tax on normalised PBT (18) 1 (25) (35) (36) (12) 6 (38) (34) PWP normalised non-GAAP net income 141 6 76 121 156 109 2 74 121 Exceptionals — 85 -Cumulative dividends to NG (15) (10) (11) Gold reported non-GAAP net income 127 81 98 Exceptionals — (1) -Intangible amortisation — (2) -Acquisition-related items (739) (438) (608) Gold reported GAAP net income (612) (359) (510) PWP normalised EPS ($) 0.44 0.02 0.23 0.37 0.48 0.34 0.01 0.23 0.37 Source: Company disclosure; PWP analysis based on updated broker forecasts as at 23 Apr 2010 Confidential 1

DRAFT ALTERNATIVE ASSET MANAGER SHARE PRICE PERFROMANCE LTM SHARE PRICE DEVELOPMENT SINCE 25-MAR-10 20.9% 250 19.0% +99.1% -Och Ziff 200 1.7% +97.2% -BlueBay (1.9%) (3.2%) M            Och-Ziff            Ashmore BlueBay            Gold (Index 100) 150 performance +15.0% -Ashmore +11.3% - share price 100 Gold (1.9%) - Indexed M 50 M            Och-Ziff            Ashmore            BlueBay            Gold 0 May-09 Jun-09 Aug-09 Oct-09 Nov-09 Jan-10 Mar-10 Apr-10 Source: Factset Confidential 2

DRAFT AVP As at: 30-Apr-10 Shares outstanding (m) 322.0 322.0 322.0 322.0 322.0 322.0 322.0 322.0 322.0 Plus: Convertible bonds (m) 72.3 70.5 69.1 68.0 66.6 67.3 66.6 65.9 65.2 Total (including impact of convertible bonds) (m) 394.2 392.4 391.1 390.0 388.6 389.3 388.6 387.9 387.2 Blended Offer Price ($) 3.24 3.50 3.75 4.00 4.14 4.25 4.50 4.75 5.00 Premium (to $3.24) 0.0% 8.0% 15.7% 23.5% 27.9% 31.2% 38.9% 46.6% 54.3% Premium (to $2.68 undisturbed price) 20.9% 30.6% 39.9% 49.3% 54.6% 58.6% 67.9% 77.2% 86.6% Implied Equity Value ($m) 1,277 1,374 1,466 1,560 1,587 1,654 1,749 1,843 1,936 Debt ($m) 305 305 305 305 305 305 305 305 305 Cash ($m) (190) (190) (190) (190) (190) (190) (190) (190) (190) Net Debt ($m) 115 115 115 115 115 115 115 115 115 Implied Enterprise Value ($m) 1,393 1,489 1,582 1,675 1,702 1,770 1,864 1,958 2,051 ($m, M arch Year End) P / E            Net Income (Unadj.)(1)Net Income (Adj.)(2) 2011E 73.6 82.9 15.4x 16.6x 17.7x 18.8x 19.1x 20.0x 21.1x 22.2x 23.3x 2012E 120.7 130.1 9.8x 10.6x 11.3x 12.0x 12.2x 12.7x 13.4x 14.2x 14.9x P / E            Net Income (Adj.)(2) Plus Synergies(3) 2011E 82.9 103.4 12.4x 13.3x 14.2x 15.1x 15.3x 16.0x 16.9x 17.8x 18.7x 2012E 130.1 171.1 7.5x 8.0x 8.6x 9.1x 9.3x 9.7x 10.2x 10.8x 11.3x Denotes 2012 comps trading range(4) Note: (1) PWP normalised net income (2) Adjusted for after-tax interest expense of converted convertible bonds (3) Includes $25m of pre-tax synergies in 2011 and $50m in 2012, taxed at 18% (4) Comps consist of M, Ashmore and BlueBay Confidential 3

DRAFT ACCRETION/ (DILUTION) ANALYSIS (in $m, unless specified) Scenario 1 — Last Board            Scenario 2 Scenario 3 Principals Public Shareholders            Principals Public Shareholders            Principals Public Shareholders Offer Price ($) $3.60 $4.02 $3.50 $4.50 $3.75 $4.50 Premium to Last Close(1) 11.1% 24.1% 8.0% 38.9% 15.7% 38.9% Premium to Undis. Price(2) 34.3% 50.0% 30.6% 67.9% 39.9% 67.9% Exchange ratio(3) 0.9667 0.9398 1.0070 Fully Diluted Shares (m) 161 229 161 227 161 227 Consideration            Shares            Cash            Shares Cash            Shares            Cash Offer Value ($m) 581 919 565 1,022 605 1,022 Total Offer Value ($m) $1,500m $1,587m $1,628m M Market Cap (last close) ($m) $6,373m $6,373m $6,373m Offer Value / M Market Cap 23.5% 24.9% 25.5% M Shares Issued / Current 9.1% 8.9% 9.5% Blended Offer Price ($) $3.86 $4.14 $4.22 Premium to Last Close(1) 19.1% 27.9% 30.3% Premium to Undis. Price(2) 43.9% 54.6% 57.5% Value of Public Premium ($m) $96.0m $227.2m $170.4m Capitalised Synergies ($50m p.a. @ 12x) $432.0m $432.0m $432.0m Public Premium / Capitalised Synergies 22.2% 52.6% 39.4% Total Offer Premium ($m) $240.7m $352.5m $382.6m Total Offer Premium / Capitalised Synergies 55.7% 81.6% 88.6% Total Debt 305 305 305 Less: Cash (190) (190) (190) Net Debt 115 115 115 Implied Enterprise Value 1,615 1,702 1,743 Implied P / E            M Group Mar-11 11.3x 18.1x 19.1x 19.6x Mar-12 8.0x 11.5x 12.2x 12.5x Implied P / E including synergies(4) M Group Mar-11 11.3x 14.5x 15.3x 15.7x Mar-12 8.0x 8.8x 9.3x 9.5x Accretion / (Dilution)(4) Mar-11 5.02% 4.99% 4.38% Mar-12 9.05% 9.11% 8.47% Source: PWP analysis, Factset; Data as of 30-Apr-10; (1) Gold last close of $3.24 on 30 April 2010; (2) Gold undisturbed share price of $2.68 as at 25 Mar 2010; (3) Exchange ratio defined as stock offer price / acquiror share price; (4) Including synergies of $25m in 2011 and of $50m in 2012, tax rate of 18% Confidential 4

DRAFT PRO FORMA REGULATORY CAPITAL ANALYSIS M Regulatory Capital ($m) Gold Capital Requirement ($m) Capital position $m            Credit risk 17 Available equity tier 1 capital 2,365 Market risk - -Innovative tier 1 300 Operational risk 36 Available tier 1 capital 2,665 Total 53 Tier 2 399 Ow n funds 3,064 Transaction Adjustments ($m) Deductions (290) Total regulatory capital 2,774 Gold NAV (31 Dec 2009) (284) Less: Gold GW and Intangibles (35) Plus: Quarterly Net Income 2 Capital requirements            Plus: Converted Bonds 229 Credit risk 334 Gold NAV (Adjusted, 31 Mar 2010) (88) Market risk 98 Operational risk 653 Pro Forma Excess Capital ($m, unless stated) Total capital requirements 1,085 Offer Price (principals / public), $ $3.60 $4.02 $3.50 $4.50 $3.75 $4.50 Excess capital 1,689 Total Offer Value 1,500 1,587 1,628 Board cushion (175) Of Which Equity 581 565 605 Net excess capital (31 March 2010) 1,514 Net Excess Capital 1,514 1,514 1,514 Less: Gold Capital Requirement (53) (53) (53) Plus: New Equity Issued 581 565 605 Less: Goodw ill Created (Total Offer Value — Adj. Gold NAV) (1,587) (1,675) (1,715) Pro Forma Excess Capital 454 350 350 Confidential 5

DRAFT CAPITALISED VALUE OF SYNERGIES CAPITALISED VALUE OF SYNERGIES (1) CAPITALISED VALUE OF SYNERGIES PER SHARE(1) Synergy multiple            Synergy multiple 10.0x 11.0x 12.0x 13.0x 14.0x 10.0x 11.0x 12.0x 13.0x 14.0x $0m $0.0m $0.0m $0.0m $0.0m $0.0m $0m $0.00 $0.00 $0.00 $0.00 $0.00 $10m $72.0m $79.2m $86.4m $93.6m $100.8m $10m $0.18 $0.20 $0.22 $0.24 $0.26 $20m $144.0m $158.4m $172.8m $187.2m $201.6m $20m $0.37 $0.41 $0.44 $0.48 $0.52 $30m $216.0m $237.6m $259.2m $280.8m $302.4m $30m $0.55 $0.61 $0.67 $0.72 $0.78 synergies            synergies $40m $288.0m $316.8m $345.6m $374.4m $403.2m $40m $0.74 $0.81 $0.89 $0.96 $1.04 $50m $360.0m $396.0m $432.0m $468.0m $504.0m $50m $0.92 $1.02 $1.11 $1.20 $1.29 Full run-rate $60m $432.0m $475.2m $518.4m $561.6m $604.8m            Full run-rate $60m $1.11 $1.22 $1.33 $1.44 $1.55 $70m $504.0m $554.4m $604.8m $655.2m $705.6m $70m $1.29 $1.42 $1.55 $1.68 $1.81 $80m $576.0m $633.6m $691.2m $748.8m $806.4m $80m $1.48 $1.63 $1.78 $1.92 $2.07 $90m $648.0m $712.8m $777.6m $842.4m $907.2m $90m $1.66 $1.83 $2.00 $2.16 $2.33 $100m $720.0m $792.0m $864.0m $936.0m $1008.0m $100m $1.85 $2.03 $2.22 $2.40 $2.59 Note: (1) Based on Gold diluted shares and UK marginal tax rate of 28% Confidential 6

DRAFT EXCHANGE RATIO PROTECTION ASSUMPTIONS • Price to principals of $3.50 in M shares • M share price of 243p as at 30-Apr-10 • USD:GBP exchange rate of 1.53 M share price 207p 219p 231p 243p 255p 268p 280p $4.00 (15.0%) (10.0%) (5.0%) 0.0% 5.0% 10.0% 15.0% Implied share $3.00 $3.15 $3.33 $3.50 $3.68 $3.85 $4.00 ratio            price protection Exchange Exchange ratio 0.9477 0.9398 0.9398 0.9398 0.9398 0.9398 0.9340 (protected) $3.50 without ) $ Share price $2.98 $3.15 $3.33 $3.50 $3.68 $3.85 $4.03 ratio protection            Value ( Exchange Exchange 0.9398 0.9398 0.9398 0.9398 0.9398 0.9398 0.9398 ratio (fixed) $3.00 Value of protection $0.02 — — — — — -$0.03 per share Total value of protection / $4m — — — — — ($4m) $2.50 (cost of 207p 227p 260p 276p protection) M share price Confidential 7

DRAFT ALTERNATIVE ASSET MANAGEMENT TRADING COMPARABLES Share price performance            EV-to-EBITDA Price-to-earnings % of 52 week % of 52 week Market            Enterprise Company            Share price            high            low            capitalisation            value            AUM (latest) Mar-09 Mar-10 Mar-11 Mar-12 Mar-09 Mar-10 Mar-11 Mar-12 EV / AUM M£2.43 65.1% 115.4% $6,375m $4,556m $39.1bn 4.1x 8.6x 6.8x 5.0x 6.5x 14.2x 11.3x 8.0x 11.7% Och-Ziff $17.52 94.7% 239.0% $6,268m $6,838m $25.3bn 17.7x 12.7x 10.4x 8.6x 18.8x 12.4x 10.9x n.a. 27.0% Ashmore£2.65 85.0% 144.4% $3,064m $2,625m $33.0bn 9.8x 9.5x 8.3x 7.1x 14.3x 14.1x 12.3x 10.8x 8.0% BlueBay£3.74 95.1% 210.5% $1,136m $1,041m $37.0bn 13.3x 9.2x 7.6x            n.a. 20.9x 13.7x 11.0x 10.1x 2.8% Gold $3.24 70.3% 142.1% $1,040m $1,449m $22.2bn 10.3x            n/m 13.2x 9.2x 9.6x            n/m 15.5x 9.4x 6.5% Maximum 17.7x 12.7x 13.2x 9.2x 20.9x 14.2x 15.5x 10.8x 27.0% Mean 11.0x 10.0x 9.2x 7.5x 14.0x 13.6x 12.2x 9.6x 11.2% Median 10.3x 9.4x 8.3x 7.9x 14.3x 13.9x 11.3x 9.8x 8.0% Minimum 4.1x 8.6x 6.8x 5.0x 6.5x 12.4x 10.9x 8.0x 2.8% Source: Factset Note: Market data as of 30-Apr-10; AuM as of latest available Confidential 8

DRAFT TRADITIONAL ASSET MANAGEMENT TRADING COMPARABLES Share price performance            EV-to-EBITDA Price-to-earnings % of 52% of 52 Market Company 30-Apr-10 week high week low capitalisation Enterprise value AUM (latest) Dec-10 Dec-11 Dec-12 Dec-10 Dec-11 Dec-12 EV / AUM UK traditonal asset managers Invesco (1) $22.99 95.5% 167.7%£6,440m£6,712m£338bn 7.9x 5.5x 5.5x 18.1x 14.3x 12.8x 2.0% Schroders£13.89 95.8% 181.8%£3,987m£2,566m£148bn 8.8x 7.1x 6.4x 17.4x 14.2x 12.2x 1.7% Aberdeen£1.38 88.7% 124.3%£1,526m£1,734m£161bn 9.0x 7.6x 6.7x 12.3x 10.6x 9.3x 1.1% Henderson£1.47 93.4% 192.1%£1,216m£1,285m£58bn 11.8x 10.3x 9.3x 15.4x 13.3x 11.6x 2.2% Gartmore£1.56 67.6% 160.3%£478m£655m£22bn 7.4x 6.5x 5.7x 7.5x 6.2x 5.5x 2.9% F&C(2)£0.66 70.2% 123.4%£322m£446m£106bn 6.1x 5.5x 5.7x 9.6x 7.9x 7.2x 0.4% Mean 8.5x 7.1x 6.5x 13.4x 11.1x 9.8x 1.7% Source: Factset Note: Market data as of 30-Apr-10; AuM as of latest available (1) Pro-forma acquisition of Van Kampen (2) Pro-forma acquisition of Thames River Confidential 9

EX-99.C.XI

Exhibit (c)(xi)

PROJECT GOLD 13 May 2010 Confidential

DRAFT LEGAL NOTICE This Presentation has been provided to M (“you” or the “Company”) by Perella Weinberg Partners and its affiliates (collectively “Perella Weinberg Partners” or the “Firm”) and may not be used or relied upon for any purpose without the written consent of Perella Weinberg Partners. The information contained herein (the “Information”) is confidential. By accepting this Information, you agree that you and your directors, partners, officers, employees, attorney(s), agents and representatives agree to use it for informational purposes only and will not divulge any such Information to any other party. Reproduction, dissemination, quotation, summarization or reference to this Information, in whole or in part, is prohibited. These contents are proprietary and a product of Perella Weinberg Partners. The Information contained herein is not an offer to buy or sell or a solicitation of an offer to buy or sell any corporate advisory services or security or to participate in any corporate advisory services or trading strategy and are not a commitment by the firm (or any affiliate) to provide or arrange any financing for any transaction or to purchase any security in connection therewith. Any decision regarding corporate advisory services or to invest in the investments described herein should be made after, as applicable, conducting such investigations as you deem necessary and consulting the investor’s own investment, legal, accounting and tax advisors in order to make an independent determination of the suitability and consequences of an investment or service. The information used in preparing these materials may have been obtained from or through you or your representatives or from public sources. Perella Weinberg Partners assumes no responsibility for independent investigation or verification of such information and has relied on such information being complete and accurate in all material respects. The Firm has no obligation (express or implied) to update any or all of the Information or to advise you of any changes; nor do we make any express or implied warranties or representations as to the completeness or accuracy of the information or accept responsibility for errors. Nothing contained herein should be construed as tax, accounting or legal advice. You (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the transactions contemplated by these materials and all materials of any kind (including opinions or other tax analyses) that are provided to you relating to such tax treatment and structure. For this purpose, the tax treatment of a transaction is the purported or claimed U.S. federal income tax treatment of the transaction and the tax structure of a transaction is any fact that may be relevant to understanding the purported or claimed U.S. federal income tax treatment of the transaction. These materials were designed for use by specific persons familiar with the business and affairs of the Company and are being furnished and should be considered only in connection with other information, oral or written, being provided by Perella Weinberg Partners in connection herewith. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter. Prior to entering into any transaction the Company should determine, without reliance on the Firm or its affiliates, the economic risks and merits as well as the legal, tax and accounting characterizations and consequences of any such transaction. In this regard, by accepting the Information, the Company acknowledges that (a) the Firm is not in the business of providing (and the Company is not relying on the Firm for) legal, tax or accounting advice, (b) there may be legal, tax or accoun ting risks associated with any transaction, (c) the Company should receive (and rely on) separate and qualified legal, tax and accounting advice and (d) the Company should apprise senior management as to such legal, tax and accounting advice (and any risks associated with any transaction) and the Firm’s disclaimer as to these matters. Perella Weinberg Partners is not acting in any other capacity as a fiduciary to the Company. In the ordinary course of our business activities, Perella Weinberg Partners or its affiliates may at any time hold long or short positions, and may trade or otherwise effect transactions, for our own account or the accounts of customers, in debt or equity or other securities (or related derivative securities) or financial instruments (including bank loans or other obligations) of the Company, potential counterparties, or any other company that may be involved in a transaction or any of their respective affiliates. Confidential            PROJECT GOLD 2

DRAFT ALTERNATIVE ASSET MANAGER SHARE PRICE PERFORMANCE LAST 2 WEEKS SHARE PRICE DEVELOPMENT SINCE 25-MAR-10 4.2% 110 1.3% (0.6%) (0.9%) 105 (6.8%) M            Och-Ziff            Ashmore            BlueBay            Gold +0.8% — BlueBay 100 +0.2% — Ashmore (Index 100) (1.6%) — Och Ziff performance 95 (-7.5%) — M share price (8.4%) — Gold Indexed 90 85 M            Och-Z iff            Ashmore            BlueBay            Gold 80 29-Apr-10 30-Apr-10 1-May-10 2-May-10 3-May-10 4-May-10 5-May-10 6-May-10 7-May-10 8-May-10 9-May-10 10-May-10 11-May-10 12-May-10 Source: Factset Note: Market data as of 12-May-10 Confidential 3

DRAFT ACCRETION/ (DILUTION) ANALYSIS (in $m, unless specified) Scenario 1 Scenario 2 Scenario 3 Principals            Public Shareholders            Principals            Public Shareholders            Principals            Public Shareholders Offer Price ($) $3.25 $4.25 $3.50 $4.50 $3.75 $4.50 Premium to Last Close(1) 6.2% 38.9% 14.4% 47.1% 22.5% 47.1% Premium to Undis. Price(2) 21.3% 58.6% 30.6% 67.9% 39.9% 67.9% Exchange ratio(3) 0.9594 1.0332 1.1070 Fully Diluted Shares (m) 152 226 152 225 152 225 Consideration            Shares            Cash            Shares Cash            Shares            Cash Offer Value ($m) 493 960 530 1,013 568 1,013 Total Offer Value ($m) $1,452m $1,544m $1,581m M Market Cap (last close) ($m) $5,801m $5,801m $5,801m Offer Value / M Market Cap 25.0% 26.6% 27.3% M Shares Issued / Current 8.5% 9.1% 9.8% Blended Offer Price ($) $3.85 $4.10 $4.20 Premium to Last Close(1) 25.8% 33.9% 37.2% Premium to Undis. Price(2) 43.6% 52.9% 56.7% Value of Public Premium ($m) $225.8m $225.1m $168.8m Capitalised Synergies ($50m p.a. @ 10x) $360.0m $360.0m $360.0m Public Premium / Capitalised Synergies 62.7% 62.5% 46.9% Total Debt 303 303 303 Less: Cash (194) (194) (194) Net Debt 109 109 109 Implied Enterprise Value 1,561 1,652 1,690 Implied P / E            M Group Mar-11 11.3x 15.7x 16.7x 17.1x Mar-12 7.4x 10.6x 11.3x 11.6x Implied P / E including synergies(4) M Group Mar-11 11.3x 13.2x 14.0x 14.3x Mar-12 7.4x 8.4x 8.9x 9.2x Accretion / (Dilution)(4) Mar-11 8.62% 7.80% 7.14% Mar-12 11.26% 10.51% 9.88% Excess Capital (March 10) $482m $429m $429m Source: PWP analysis, Factset; Data as of 12-May-10; (1) Gold last close of $3.06 on 12-May-2010; (2) Gold undisturbed share price of $2.68 as at 25 Mar 2010; (3) Exchange ratio defined as stock offer price / acquiror share price; (4) Including synergies of $25m in 2011 and of $50m in 2012, tax rate of 18% Confidential 4

DRAFT CAPITALISED VALUE OF SYNERGIES CAPITALISED VALUE OF SYNERGIES (1) CAPITALISED VALUE OF SYNERGIES PER SHARE(1) Synergy multiple            Synergy multiple 9.0x 9.5x 10.0x 10.5x 11.0x 9.0x 9.5x 10.0x 10.5x 11.0x $0m $0.0m $0.0m $0.0m $0.0m $0.0m $0m $0.00 $0.00 $0.00 $0.00 $0.00 $10m $64.8m $68.4m $72.0m $75.6m $79.2m $10m $0.17 $0.18 $0.19 $0.20 $0.21 $20m $129.6m $136.8m $144.0m $151.2m $158.4m $20m $0.34 $0.36 $0.38 $0.40 $0.42 $30m $194.4m $205.2m $216.0m $226.8m $237.6m $30m $0.52 $0.54 $0.57 $0.60 $0.63 synergies            synergies $40m $259.2m $273.6m $288.0m $302.4m $316.8m $40m $0.69 $0.73 $0.76 $0.80 $0.84 $50m $324.0m $342.0m $360.0m $378.0m $396.0m $50m $0.86 $0.91 $0.95 $1.00 $1.05 Full run-rate $60m $388.8m $410.4m $432.0m $453.6m $475.2m            Full run-rate $60m $1.03 $1.09 $1.15 $1.20 $1.26 $70m $453.6m $478.8m $504.0m $529.2m $554.4m $70m $1.20 $1.27 $1.34 $1.40 $1.47 $80m $518.4m $547.2m $576.0m $604.8m $633.6m $80m $1.37 $1.45 $1.53 $1.60 $1.68 $90m $583.2m $615.6m $648.0m $680.4m $712.8m $90m $1.55 $1.63 $1.72 $1.80 $1.89 $100m $648.0m $684.0m $720.0m $756.0m $792.0m $100m $1.72 $1.81 $1.91 $2.00 $2.10 Note: (1) Based on Gold diluted shares and UK marginal tax rate of 28% Confidential 5