SC 13E3/A

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13E-3

(Amendment No. 1)

(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
Man Principal Strategies Holdings LLC
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)
$1,440,445,651	$	102,704

(1)	Calculated solely for purposes of determining the filing fee, the transaction value was determined based on the sum of (i) the product of 160,887,080 shares of common stock, par value $0.0001 per share (“Common Stock”), of GLG Partners, Inc. that may be exchanged for cash in the transaction, multiplied by the $4.50 per share cash merger consideration, (ii) the product of 149,900,926(3) shares of Common Stock that will be exchanged by the Selling Stockholders (as defined below) for shares of Man Group plc in the transaction, multiplied by the average of the high and low sales prices of Common Stock on The New York Stock Exchange on August 5, 2010 of $4.40 per share, and (iii) the product of awards outstanding under GLG Partners, Inc.’s stock plans which represent a right to receive 12,929,481 shares of Common Stock upon satisfaction of vesting conditions, which shall be assumed by Man Group plc in the transaction and shall be settleable in shares of Man Group plc following the transaction upon satisfaction of such vesting conditions, multiplied by the average of the high and low sales prices of Common Stock on The New York Stock Exchange on August 5, 2010 of $4.40 per share (collectively, 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.
(3)	Includes 58,904,993 shares of Common Stock that are issuable upon conversion of 58,904,993 shares of Ordinary Class B Shares, par value $0.0001 per share, of FA Sub 2 Limited that are held by the Selling Stockholders.

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: 102,704
Form or Registration No.: Schedule 14A — Preliminary Proxy Statement
Filing Party: GLG Partners, Inc.
Date Filed: June 29, 2010 and August 10, 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.XII
EX-99.C.XIII
EX-99.C.XIV
EX-99.C.XV

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) Man Principal Strategies Holdings LLC, a Delaware limited liability company and a wholly owned subsidiary of Man (“Holdco”), (d) Escalator Sub 1 Inc., a Delaware corporation and a wholly owned subsidiary of Holdco, and, indirectly, a wholly owned subsidiary of Man (“Merger Sub”), (e) Noam Gottesman, (f) Pierre Lagrange, (g) Emmanuel Roman, (h) the Gottesman GLG Trust, (i) TOMS International Ltd., a British Virgin Islands company, (j) Jackson Holding Services Inc., a British Virgin Islands company, (k) the Lagrange GLG Trust, (l) the Roman GLG Trust, and (m) Point Pleasant Ventures Ltd., a British Virgin Islands company (collectively, the “Filing Persons”). The persons listed in clauses (e)-(g) and (j)-(m) 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 Blue Hill Trust and Green Hill Trust, as permitted transferees of the partnerships are collectively referred to herein as the “Selling Stockholders”. The persons listed in clauses (e)-(g) above are collectively referred to herein as the “Principals” and the trustees of each of the trusts listed in clauses (h), (k) and (l) 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 such Filing Person takes responsibility for the accuracy of such information.

     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.

     Each of Goldman Sachs International, Moelis & Company LLC and Perella Weinberg Partners has consented to the inclusion of its respective materials filed as Exhibits under Item 16 of this Transaction Statement.

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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, HOLDCO 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, HOLDCO 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”

11

• “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.*
(c)(xii)	October 1, 2009 Discussion Materials for a Presentation of Goldman Sachs International to the Management of the Company.
(c)(xiii)	February 23, 2010 Discussion Materials for a Presentation of Goldman Sachs International to the Management of the Company.
(c)(xiv)	March 6, 2010 Background Materials for a Discussion Between Goldman Sachs International and the Management of the Company.
(c)(xv)	April 30, 2010 Background Materials for a Discussion Between Goldman Sachs International and the Management of the Company.
(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).
*	Previously filed 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: August 10, 2010

GLG PARTNERS, INC.
By:	/s/ Alejandro San Miguel
	Name:	Alejandro San Miguel
	Title:	General Counsel and Corporate Secretary
Dated: August 10, 2010 MAN GROUP PLC
By:	/s/ Kevin Hayes
	Name:	Kevin Hayes
	Title:	Director
Dated: August 10, 2010
MAN PRINCIPAL STRATEGIES HOLDINGS LLC
By:	/s/ Orly Lax
	Name:	Orly Lax
	Title:	Vice President
Dated: August 10, 2010 ESCALATOR SUB 1 INC.
By:	/s/ Orly Lax
	Name:	Orly Lax
	Title:	Vice President
Dated: August 10, 2010 NOAM GOTTESMAN
/s/ Noam Gottesman
Dated: August 10, 2010 EMMANUEL ROMAN
/s/ Emmanuel Roman

Dated: August 10, 2010 PIERRE LAGRANGE
/s/ Pierre Lagrange
Dated: August 10, 2010
/s/ Leslie J. Schreyer
Leslie J. Schreyer, in his capacity as trustee of the Gottesman GLG Trust
Dated: August 10, 2010 TOMS INTERNATIONAL LTD.
By:	/s/ Jeffrey A. Robins
	Name:	Jeffrey A. Robins
	Title:	Vice President and Assistant Secretary
Dated: August 10, 2010
/s/ Jeffrey A. Robins
Jeffrey A. Robins, in his capacity as trustee of the
Roman GLG Trust
Dated: August 10, 2010 JACKSON HOLDING SERVICES INC.
By:	/s/ Jeffrey A. Robins
	Name:	Jeffrey A. Robins
	Title:	Director

Dated: August 10, 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: August 10, 2010 POINT PLEASANT VENTURES LTD.
By:	/s/ Nigel Bentley
	Name:	Nigel Bentley
	Title:	Director

EX-99.C.XII

Exhibit (c)(xii)

Exhibit (c)(vii) SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 1/52 STRICTLY PRIVATE AND CONFIDENTIAL Project Sugarcane Discussion Materials Goldman Sachs International 01-Oct-2009

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 2/52 STRICTLY PRIVATE AND CONFIDENTIAL Executive Summary (1/2) What is Melvin’s Investment Case on a Standalone Basis? Access to extensive distribution network Strong competitive positioning in the private investors business Proven ability to gather new assets even in difficult market conditions Critical mass and leading position in CTA and fund of funds segments through Audrey and Rupert Is Melvin’s Valuation Attractive? Currently undervalued compared to average of peer group, despite expected growth rates are broadly in line: — 20% discount in terms of P/E and 15% discount in terms of EV/EBITDA based on 2010 and 2011 forecasts Recent EV/EBITDA multiples largely below long-term historical average, showing material upside potential However Relative to George, Melvin seems to be fairly valued / slightly overvalued — 2010 P/E: 13.4x for George vs. 12.4x for Melvin; 2011 P/E: 8.1x for George vs. 10.1x for Melvin Melvin’s discount to peers might be justified by higher concentration of business mix (with Audrey representing approximately 70% of estimated profits for 2009) and concerns over sustainability of margins Why a Strategic Combination Would Make Sense for George? Potential to boost George’s AUM thanks to improved distribution capacity and access to private investors sector Diversification of business mix and combination with anti-cyclical / uncorrelated business (Audrey) Expansion of geographic reach and entry point into Asia and US market

STRICTLY PRIVATE AND CONFIDENTIAL Executive Summary (2/2) Why a Strategic Combination Would Make Sense for Melvin? Rebalancing of Melvin’s business mix and mitigation of business concentration issue Access to core strategies estimated to be key drivers of AUM growth in the medium / long term Potential to use George’s products as underlying for Melvin product offer to private investors Improved earnings quality What Would be the Key Areas of Investigation by George ahead of a Potential Transaction? Degree of leverage in Melvin’s capital guaranteed products and difference between mark-to-market and guaranteed capital Degree of fidelisation of distribution network and Melvin’s key advantages vs. competitors Recent trends in fees associated to newly launched products Potential goodwill impairment due to reduced economic value of capital guaranteed products Overlapping of George and Melvin’s client base How Could George Approach Melvin for a Strategic Combination? Call to Chairman of Melvin would imply minimal leak risk and provide an opportunity to gather information about Melvin’s Board objectives and position Any more aggressive approach could imply a public disclosure of George’s interest and be seen as hostile by Melvin’s Board and by the market more broadly

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 4/52 STRICTLY PRIVATE AND CONFIDENTIAL Agenda I. Melvin’s Business Case II. Considerations on Valuation III. Considerations on Strategic Rationale IV. Preliminary Considerations on Transaction Structures V. Equity Capital Markets Considerations Appendix A: Additional Materials

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 1/52 STRICTLY PRIVATE AND CONFIDENTIAL I. Melvin’s Business Case Melvin’s Business Case 1

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 2/52 STRICTLY PRIVATE AND CONFIDENTIAL Melvin Relative EPS Growth Melvin EPS expected by analysts in 2010 broadly in line with 5 years ago levels 25% expected EPS CAGR between 2009 and 2012 compares with 19% on average for selected comparables Melvin EPS Evolution and EPS Growth from Continued Operations (Calendarised to 31-Dec) Max 0.82 18-Jul-2007 Avg 0.53 IPO of MF Global for $1.8bn 05A-12E CAGR: 5%Min 0.33 09E-12E CAGR: 25% 0.82 0.64 0.54 0.54 0.53 0.46 0.43 EPS (USD) 0.33 2005A 2006A 2007A 2008A 2009E 2010E 2011E 2012E YoY 33% 17% 52% (33)% (40)% 30% 23% 21% Growth: Melvin EPS Growth Relative to Selected Comparables (Calendarised to 31-Dec) 2006A 2007A 2008A 2009E 2010E 2011E 2012E Melvin 17% 52% (33)% (40)% 30% 23% 21% George — (24)% (53)% (7)% (21)% 67% - Ashmore — 42% (15)% 4% 20% 21% 21% BlueBay — 18% (44)% 17% 46% 22% 9% Partners Group 70% 60% (32)% 9% 27% 10% — Henderson 78% 105% (8)% (37)% 24% 21% 12% Julius Baer 135% (28)% (27)% (2)% 15% 16% 8% Schroders 17% 36% (28)% (43)% 48% 8% 9% Median (ex Melvin) 74% 36% (28)% (2)% 24% 21% 9% Source: Company public disclosures, Datastream as of 30-Sep-2009 Note: EPS from continuing operations for Melvin, adjusted for exceptional items. Non GAAP adjusted EPS for George. EPS before non-recurring items for Henderson and Schroders. Cells in red indicate growth rates higher than Melvin’s. Cells in green indicate growth rates lower than Melvin’s Melvin’s Business Case 2

STRICTLY PRIVATE AND CONFIDENTIAL Melvin EPS Dispersion vs. Selected Comparables Melvin EPS dispersion around historical average not substantially different than for selected peers, indicating similar level of risk in terms of earnings volatility Melvin¹ Selected Comparables ¹ Ashmore 170% 180% Average EPS: 100% 140% 35% Max EPS as % of Average EPS: 151% 110% 100% 80% Min EPS as % of Average EPS: 61% 2005A-2012E Min EPS vs. Max EPS Delta: 90% 2005A 2006A 2007A 2008A 2009E 2010E 2011E 2012E BlueBay 160% 180% 130% 54% 89% 80% 30% 2005A 2006A 2007A 2008A 2009E 2010E 2011E 2012E 140% George 150% 100% 96% 105% 50% 0% 2005A 2006A 2007A 2008A 2009E 2010E 2011E 2012E 120% Partners Group 190% 140% 90% 110% 95% 40% 2005A 2006A 2007A 2008A 2009E 2010E 2011E 2012E 100% Henderson 190% 140% 90% 128% 128% 90% 90% 40% 2005A 2006A 2007A 2008A 2009E 2010E 2011E 2012E 80% Julius Baer 160% 120% 86% 80% 86% 40% 60% 2005A 2006A 2007A 2008A 2009E 2010E 2011E 2012E Schroders 160% 120% 82% 80% 82% 40% 40% 2005A 2006A 2007A 2008A 2009E 2010E 2011E 2012E 2005A 2006A 2007A 2008A 2009E 2010E 2011E 2012E EPS Rebased to Average Max EPS Min EPS Source: Company public disclosures ¹ Black arrows and percentages show the delta in EPS dispersion between 2005A — 2012E; orange arrows and percentages show the delta in EPS dispersion between 2005A — 2009E. Melvin’s Business Case 3

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 4/52 STRICTLY PRIVATE AND CONFIDENTIAL Melvin Fund Raising Capabilities Redemptions have peaked between Sep-2008 and Mar-2009 with $11bn gross outflows (16% of beginning AuM) but have decelerated most recently Concerns that Audrey’s recent returns could impact future inflows negatively Six months period ended Latest Forecasts $bn Sep-2004 Mar-2005 Sep-2005 Mar-2006 Sep-2006 Mar-2007 Sep-2007 Mar-2008 Sep-2008 Mar-2009 Jun-2009 Sep-2009 Mar-2010 Mar-2011 Mar-2012 FuM Start of period 38.5 39.1 43.0 44.4 49.9 56.8 61.7 68.6 74.6 67.6 46.8 43.3 46.8 44.8 49.8 Sales 7.7 4.4 3.5 5.6 10.6 5.3 8.0 7.9 10.2 4.7 3.7 2.0 11.1 11.6 12.8 Redemptions (2.0) (2.3) (2.5) (3.2) (3.6) (3.0) (4.4) (6.3) (6.0) (11.0) (5.1) (2.5) (14.3) (9.7) (11.5) Net Sales 5.7 2.1 1.0 2.4 7.0 2.3 3.6 1.6 4.2 (6.3) (1.4) (0.5) (3.2) 1.9 1.4 Investment mvt. (2.2) 2.3 1.6 2.8 (1.1) 2.2 2.9 2.7 (5.9) (0.7) (1.2) 0.6 1.7 3.8 4.2 Other ¹ (2.9) (0.5) (1.2) 0.3 1.0 0.4 0.4 1.7 (5.3) (13.8) (0.9) 0.4 (0.5) (0.7) (1.3) Period end 39.1 43.0 44.4 49.9 56.8 61.7 68.6 74.6 67.6 46.8 43.3 43.8 44.8 49.8 54.0 FuM Split ($bn) Audrey 9.7 11.0 11.9 15.0 17.1 18.5 20.9 24.7 24.4 20.4 — - — -RMF 16.8 18.7 19.4 20.4 23.4 24.2 25.8 28.7 24.9 16.1 — - — -MGS 12.6 13.3 13.1 14.5 16.3 17.0 18.4 16.9 14.8 6.9 — - — -Other — - — - — 2.0 3.5 4.3 3.5 3.4 — - — - FuM Split (%) Audrey 25% 26% 27% 30% 30% 30% 30% 33% 36% 44% — - — -RMF 43% 43% 44% 41 % 41% 39% 38% 38% 37% 34% — - — -MGS 32% 31% 30% 29% 29% 28% 27% 23% 22% 15% — - - - -Other NM NM NM NM NM 3% 5% 6% 5% 7% — - — ^- Source: Company public disclosures, selected broker reports Melvin’s Business Case 4

STRICTLY PRIVATE AND CONFIDENTIAL Melvin Pricing Power and Operating Margins Reduction in margins expected to further accelerate given that structured product business line has momentarily disappeared Management fee levels expected to stabilise at approximately 260bps, level slightly lower than in 2006 Fees / Average AuM (bps) EBITDA / Average AuM (bps) Mgt Fees Perf. Fees 291 315 298 307 276 285 253 268 264 228 209 192 181 175 150 113 103 75 69 76 27 2006A 2007A 2008A 2009A 2010E 2011E 2012E 2006A 2007A 2008A 2009A 2010E 2011E 2012E Operating Costs / Average AuM (bps) EBITDA Margin Personnel SG&A Other Forecasts 207 186 69% 174 173 178 176 61% 62 163 58% 57 % 51% 53% 53% 59 59 60 45 35 36 32 92 100 79 82 2006A 2007A 2008A 2009A 2010E 2011E 2012E 2006A 2007A 2008A 2009A 2010E 2011E 2012E Source: Company public disclosures, Capital IQ, selected broker reports Note: Yellow bubbles indicate cost income ratios Melvin’s Business Case 5

STRICTLY PRIVATE AND CONFIDENTIAL Melvin Distribution Strategy (1/2) What are the Key Drivers of Melvin’s Growth and Profitability? AUM Breakdown by Investor Base Private Investor Distribution AUM Stock — As of 30-Sep-2009 Historical Evolution of Distribution Channels Avg Gross Margin: Avg Gross Margin: 18% 13% 7% 12% 9% 13% 9% 18% 0.94%¹ 4.20%¹ 29% 35% 33% 43% 51% 44% 45% Institutional 22% 34% 14.7 Guaranteed 15.2 Private 66% 2000 2006 2007 2008 Banks IFA/Brokers Asset Managers Other Dedicated distribution team of over 300 individuals Open-ended Direct presence in key regions, where Melvin offices are used as base to 13.9 establish partnership and proximity with local intermediaries and banks Local sales force to sell and directly promote products to large financial institutions and to cover major institutional clients such as banks, trust banks and insurance companies Access to large network of intermediaries (2,200 on aggregate), including AUM Gross Inflows — 6 Months to 30-Sep-2009 financial advisers as well as major financial institutions Strong relationship with large international banks that not only distribute Institutional products but also provide guarantees and leverage (Westpac, Citi, NAB, 12% Barclays, Merrill Lynch, Credit Suisse, HSBC) Dedicated HNWI sales force 0.7 Top 10 private investors distributors account for 22% of Private AUM on Guaranteed aggregate 1.3 Institutional Investors Distribution Private 88% Dedicated sales force and specialised client service teams, serving 250 institutional investors in total Open-ended Principal locations in London and Switzerland complemented by regional office 3.7 network in Asia Pacific, Middle East and North America Access to mid size and large pension funds, insurance companies, asset managers and corporations, with Europe representing more than 80% of Institutional AUM Top 10 institutional investors hold 20% of Institutional AUM on aggregate ¹ FY 2009. Melvin’s Business Case 6

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 7/52 STRICTLY PRIVATE AND CONFIDENTIAL Melvin Distribution Strategy (2/2) What are the Key Mechanisms Used to Incentivise Distribution Network? Melvin incentivises its distribution network through the payment of “upfront” and “trail” commissions aiming at driving gross sales particularly when a new fund product is launched Such commissions are amortised over time, hence boosting Melvin’s net revenues when sales are strong but affecting overall profitability in more difficult market environments Type of Commissions Purpose Accounting Policy Typical Rate Upfront Commissions Placement fee payable to Generally capitalised as an intangible asset 4% of investor money distributors and employees to and amortised over the period in which income raised stimulate the launch of a new from the fund product is expected to be earned product in future periods (generally over 5 years) Subject to impairment test Trail Commissions Servicing fee payable to distributors Charged in the income statement in the period 0.5% of the product’s for ongoing services in which the services are incurred NAV Historical Commissions Paid over Last 3 Years Mar Y/E — In $ million 2007 2008 2009 Sales Commissions Through P&L (335) (391) (518) — o/w Upfront Commissions (185) (216) (240) - -o/w Amortisation (129) (141) (133) -o/w Paid to Employees (30) (39) (62) — o/w Trail Commissions (150) (175) (171) — o/w Acceleration of Amortisation of Upfront Commissions — - (107) Capitalised Sales Commissions — BoY 353 405 427 Additions 219 217 217 Amortisation of Sales Commissions (129) (141) (133) Other (Redemptions, disposals, etc.) (38) (54) (194) Capitalised Sales Commissions - EoY 405 427 ³¹⁷ Source: Company disclosure Melvin’s Business Case 7

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 8/52 STRICTLY PRIVATE AND CONFIDENTIAL Relative Evolution of Melvin FoHF Business Melvin (Rupert) vs. Top 5 FoHF by AuM $bn Melvin FoHF AUM in 2008 broadly in line with 2005, versus 7% growth for top 5 FoHF Ranking went from 6^th in 2005 to 8^th in 2008 2005A 2006A 2007A 2008A CAGR UBS UBS UBS 31 43 58 UBS A&Q 34 3.5% A&Q A&Q A&Q UBP 25 UBP 35 UBP 53 UBP 33 9.7% GAM 23 Permal 29 HSBC 42 HSBC 32 16.0% Permal 21 GAM 28 Permal 38 Permal 24 5.1% HSBC 21 HSBC 28 GAM 33 Blackstone 24 31.5% Melvin 20 Melvin 24 Melvin 27 Melvin 21 1.0% Source: InvestHedge Melvin’s Business Case 8

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 9/52 STRICTLY PRIVATE AND CONFIDENTIAL Relative Evolution of Melvin HF Business Melvin (Audrey) vs. Key Competitors AuM ($bn) / Net Returns (%) After 3 years of exceptional growth, Audrey’s AuM went from $24.4bn to c.$23.0bn (E) from 2008 to 1H2009 down 5% (vs. 8% for Winton and 12% for BlueTrend) H1 2009 performance of Audrey’s funds significantly lower then for Winton and BlueTrend 2005 2006 2007 2008 H1 2009 2x 3x 13x 24.4 c.23.0(E) 20.9 17.1 13.0 11.9 12.0 11.4 8.0 7.0 7.0 4.0 4.0 2.0 0.5 Audrey Winton BT Audrey Winton BT Audrey Winton BT Audrey Winton BT Audrey Winton BT Net 17% 10% 19% 6% 18% 11% 20% 18% 28% 33% 21% 43% (15)% (7)% (5)% Return Melvin’s Business Case 9

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 10/52 STRICTLY PRIVATE AND CONFIDENTIAL II. Considerations on Valuation Considerations on Valuation 10

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 11/52 STRICTLY PRIVATE AND CONFIDENTIAL Melvin Relative Share Price Performance Last 5 Years ¹²³ Share price performance of Melvin slightly better than George’s since George IPO YTD performance materially higher for George Since L5Y George IPO ¹ YTD Trough ¹ 660% Melvin 68% (46)% 39% 113% 600% George NA (64)% 78% 47% Ashmore NA (9)% 89% 119% 540% Bluebay NA (39)% 321% 237% Blackstone NA (56)% 117% 153% 480% Julius Baer 78% (39)% 29% 152% Eur. Trad. AM ² 35% (31)% 37% 58% Price 420% Eur. Alt. AM ³ 207% (25)% 87% 131% 360% Indexed 300% 207% 240% 78% 180% 68% 35% 120% 31% (6)% 60% (56)% 0% (59)% Sep-2004 Jul-2005 May-2006 Mar-2007 Jan-2008 Nov-2008 Sep-2009 Melvin George Ashmore Bluebay Blackstone Julius Baer European Traditional AM ² European Alternative AM ³ Source: Bloomberg as of 30-Sep-2009 ¹ Since 25-Jun-2007 for “George IPO”; since 09-Mar-2009 for “Trough”. ² Includes Schroders, Intermediate Capital, Aberdeen AM, Henderson, F&C AM, Invista and Liontrust AM. Market cap weighted index. ³ Includes Ashmore, Partners Group, Gottex, BlueBay, Rab Capital and Charlemagne Capital. Market cap weighted index. Considerations on Valuation 11

STRICTLY PRIVATE AND CONFIDENTIAL Melvin Relative Valuation over Time 12-Month Forward P/E Evolution and Premium / Discount to Peer Group ¹²³ 12-month forward P/E re-rating for Melvin from 5 years ago (from 8.1x to 14.3x) Relative evolution of 12-month forward P/E favors Melvin vs. selected peers 12-Month Forward P/E Change in Gap on 12-Month Forward P/E Basis (% points) 40x Average since 200% Average since L5Y George IPO ¹ Trough ¹ L5Y George IPO ¹ Trough ¹ Melvin 11.1 x 10.5 x 10.1 x vs. George 30% 30% 20% 35x George 11.4 x 11.4 x 12.4 x vs. Ashm ore 19% 21% (2)% Ashm ore 13.2 x 12.2 x 15.4 x 150% vs. Bluebay 17% 20% (25)% Bluebay 12.9 x 12.1 x 18.7 x vs. Blackstone (15)% (15)% (36)% 30x Blackstone 14.8 x 14.8 x 19.7 x vs. Julius Baer 15% 19% 11% Julius Baer 15.2 x 13.4 x 14.4 x vs. Eur. Trad. AM ¹ 16% 20% 2% Eur. Trad. AM ¹ 13.8 x 12.5 x 14.9 x 100% vs. Eur. Alt. AM ² 43% 52% 33% 25x Eur. Alt. AM ² 14.9 x 12.3 x 15.0 x 18.2 x 18.2 x 52% 20x 50% 17.4 x 46% 17.0 x 27% 16.7 x 19% 15x 16.6 x 14% 0% 14.3 x (0)% 13.0 x (9)% 10x (50)% 5x 0x (100)% Sep-2004 Sep-2005 Sep-2006 Sep-2007 Sep-2008 Sep-2009 Sep-2004 Sep-2005 Sep-2006 Sep-2007 Sep-2008 Sep-2009 Melvin George Ashmore Bluebay Blackstone Julius Baer European Traditional AM ² European Alternative AM ³ Source: Bloomberg as of 30-Sep-2009 ¹ Since 25-Jun-2007 for “George IPO”; since 09-Mar-2009 for “Trough”. ² Includes Schroders, Intermediate Capital, Aberdeen AM, Henderson, F&C AM, Invista and Liontrust AM. Market cap weighted index. ³ Includes Ashmore, Partners Group, Gottex, BlueBay, Rab Capital and Charlemagne Capital. Market cap weighted index. Considerations on Valuation 12

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 13/52 STRICTLY PRIVATE AND CONFIDENTIAL Evolution of Historical EV/EBITDA Multiples for Melvin Over the last 7 years, Melvin’s historical EV/EBITDA multiple has been on average 10.0x vs. 4.3x as of today... ... However, lower growth rates expected for the alternative asset management business compared to 7 years ago could justify a component of the current discount LTM Multiple Average of Period 18-Jul-2007 IPO of MF Global for $3.8bn 15.7x 15.5x 12.6x 12.2x 12.2x 11.3x 10.7x 10.2x Average: 10.0x 9.8x 9.1x 8.5x 8.1x 7.6x 4.3x 2.8x Apr-02 to Oct-02 to Apr-03 to Oct-03 to Apr-04 to Oct-04 to Apr-05 to Oct-05 to Apr-06 to Oct-06 to Apr-07 to Oct-07 to Apr-08 to Oct-08 to Apr-09 to Sep-02 Mar-03 Sep-03 Mar-04 Sep-04 Mar-05 Sep-05 Mar-06 Sep-06 Mar-07 Sep-07 Mar-08 Sep-08 Mar-09 Current Source: Bloomberg as of 30-Sep-2009, Capital IQ Considerations on Valuation 13

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 14/52 STRICTLY PRIVATE AND CONFIDENTIAL Analysis of Publicly Traded Comparables Melvin is trading on average at 20% discount to peer group (based on 2010E and 2011E P/E); based on EV/EBITDA, discount to peer group is in the 15% range Equity Closing % of Enterprise Value Dividend Market Price 52 Week Calendarized P / E Multiples EBITDA ¹ Yield Company Cap 30-Sep-2009 High 2009 2010 2011 2011 AUM 2009 2010 2009 North American Alternative Managers - DE Basis Blackstone $16,035 $14.20 92.6% 23.9 x 11.7 x 7.3 x 60% 19.4% 20.3 x 10.0 x 8.5% Och-Ziff 4,934 12.17 100.0 35.8 11.3 11.1 2 21.2 31.2 9.5 2.1 Oaktree 1,904 13.00 45.2 6.3 4.6 NA NA 5.0 4.4 3.2 NA Fortress 2,402 5.20 49.5 18.6 11.8 7.4 60 10.0 23.0 11.2 NA Apollo 843 2.50 14.2 8.3 8.3 NA NA 1.2 6.9 6.9 NA George 1,243 4.03 74.4 10.6 13.4 8.1 67 10.0 NA NA 1.5 Median - Alternative Asset Managers — DE Basis 61.9% 14.6 x 11.5 x 7.7 x 60% 10.0% 20.3 x 9.5 x 2.1% U.S. Alternative Asset Managers — ENI Basis Blackstone $16,093 $14.20 92.6% 56.8 x 20.3 x 7.3 x 177% 19.4% 20.3 x 10.0 x 8.5% Apollo 843 2.50 9.1 5.6 1.9 NA NA 1.2 6.9 6.9 NA Median — U.S. Alternative Asset Managers — ENI Basis 50.8% 31.2 x 11.1 x 7.3% 177% 10.3% 13.6 x 8.4 x 8.5% Overseas Alternative Asset Managers Melvin $9,067 $5.30 82.2% 14.5 x 12.4 x 10.1 x 23% 13.8% 8.8 x 8.4 x 7.9% Ashmore Group 2,821 4.01 99.5 16.9 16.3 13.6 20 9.5 10.2 9.7 4.8 Partners Group 3,253 121.83 90.3 16.9 13.3 12.1 10 13.1 13.8 12.4 3.3 Gottex Fund Management 302 10.02 76.8 25.4 22.8 13.3 72 2.8 19.2 18.0 1.6 BlueBay Asset Management 941 4.72 92.2 25.6 16.1 10.5 54 5.0 15.2 9.2 2.6 Median — Overseas Alternative Asset Managers 90.3% 16.9 x 16.1 x 12.1 x 23% 9.5% 13.8 x 9.7 x 3.3% Mean 70.6% 20.4 x 12.6 x 10.1 x 54% 10.1% 15.0 x 9.6 x 4.5% Median 82.2 16.9 12.4 10.3 57 % 10.0 14.5 9.6 3.3 Source: IBES, Capital IQ as of 30-Sep-2009 Considerations on Valuation 14

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 15/52 STRICTLY PRIVATE AND CONFIDENTIAL Analysts’ Estimates and Recommendations on Melvin Analyst estimates indicate a target value of Melvin lower to current trading level (£3.31), due to strong rally on 30-Sep-2009 Despite a material reduction in “Buy” recommendations over the last 6 months, Melvin is still among analysts’ favorite plays in the selected sample Analyst Consensus — Selected Brokers Only Analysts’ Recommendations — All Brokers Target EPS ($) 6 Months Ago Today Rec. Price (£) Upside Mar-2010 Mar-2011 Mar-2012 Ashmore 45% 36% 18% 55% 36% 9% BoA Buy 3.89 17.5% 0.26 0.49 0.78 Julius Baer 39% 50% 11% 47% 47% 5% Henderson 64% 21% 14% 39% 44% 17% Citi Hold 2.56 (22.8)% 0.28 0.37 0.48 Aberdeen 61% 11% 28% 39% 28% 33% Melvin 63% 19% 19% 36% 50% 14% CS Buy 3.49 5.4% 0.26 0.48 0.58 Schroders 19% 31% 50% 33% 40% 27% HSBC Hold 2.86 (13.5)% 0.37 0.47 0.58 BlueBay 25% 38% 38% 25% 50% 25% George 75% 25% 75% 25% MS Hold 2.81 (15.0)% 0.23 0.28 0.34 Buy Hold Sell Nomura Sell 2.61 (21.1)% 0.44 0.54 — Current Upside / (Downside) vs. Target Price — All Brokers UBS Sell 2.48 (25.0)% 0.28 0.46 0.55 5.9% 1.0 % 0.8% Minimum 2.48 (25.0)% 0.23 0.28 0.34 (0.8)% (7.0)% ^{(7.6)% (10.0)%} (15.7)% Median 2.81 (15.0)% 0.28 0.47 0.57 Julius Baer BlueBay Ashmore George Henderson Schroders Aberdeen Melvin Maximum 3.89 17.5% 0.44 0.54 0.78 Source: Datastream, Reuters as of 30-Sep-2009 Considerations on Valuation 15

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 16/52 STRICTLY PRIVATE AND CONFIDENTIAL Melvin Valuation Based on Bifurcated Approach 2009E Calendarized Net Income ($m) 2010E Calendarized Net Income ($m) 2011E Calendarized Net Income ($m) Mgmt. Profit 357 Mgmt. Profit 476 Mgmt. Profit 545 Perf. Profit 156 Perf. Profit 192 Perf. Profit 262 Total Profit 513 Total Profit 669 Total Profit 807 EBITDA 824 EBITDA 850 EBITDA 929 Implied Share Price (£) Implied Share Price (£) Implied Share Price (£) Management Profit Multiple (x) Management Profit Multiple (x) Management Profit Multiple (x) 12.0 x 13.0 x 14.0 x 15.0 x 16.0 x 17.0 x 18.0 x 8.0 x 9.0 x 10.0 x 11.0 x 12.0 x 13.0 x 14.0 x 6.0 x 7.0 x 8.0 x 9.0 x 10.0 x 11.0 x 12.0 x Multiple 3.0 x 2.34 2.47 2.60 2.73 2.85 2.98 3.11 Multiple 3.0 x 2.21 2.38 2.55 2.72 2.89 3.06 3.23 Multiple 3.0 x 2.09 2.29 2.48 2.68 2.87 3.07 3.26 Performance Performance Performance 4.0 x 2.40 2.53 2.65 2.78 2.91 3.04 3.16 4.0 x 2.28 2.45 2.62 2.79 2.96 3.13 3.30 4.0 x 2.19 2.38 2.58 2.77 2.97 3.16 3.36 Profit 5.0 x 2.45 2.58 2.71 2.84 2.96 3.09 3.22 Profit 5.0 x 2.35 2.52 2.69 2.86 3.03 3.20 3.37 Profit 5.0 x 2.28 2.48 2.67 2.87 3.06 3.26 3.45 Implied Blended Multiple Sensitivity Implied Blended Multiple Sensitivity Implied Blended Multiple Sensitivity Management Profit Multiple (x) Management Profit Multiple (x) Management Profit Multiple (x) 12.0 x 13.0 x 14.0 x 15.0 x 16.0 x 17.0 x 18.0 x 8.0 x 9.0 x 10.0 x 11.0 x 12.0 x 13.0 x 14.0 x 6.0 x 7.0 x 8.0 x 9.0 x 10.0 x 11.0 x 12.0 x Multiple 3.0 x 12.8 x 13.5 x 14.2 x 14.9 x 15.6 x 16.2 x 16.9 x Multiple 3.0 x 9.3 x 10.0 x 10.7 x 11.4 x 12.1 x 12.8 x 13.5 x Multiple 3.0 x 7.3 x 7.9 x 8.6 x 9.3 x 10.0 x 10.6 x 11.3 x Performance Performance Performance 4.0 x 13.1 x 13.8 x 14.5 x 15.2 x 15.9 x 16.6 x 17.2 x 4.0 x 9.5 x 10.3 x 11.0 x 11.7 x 12.4 x 13.1 x 13.8 x 4.0 x 7.6 x 8.3 x 8.9 x 9.6 x 10.3 x 11.0 x 11.6 x Profit 5.0 x 13.4 x 14.1 x 14.8 x 15.5 x 16.2 x 16.9 x 17.6 x Profit 5.0 x 9.8 x 10.5 x 11.3 x 12.0 x 12.7 x 13.4 x 14.1 x Profit 5.0 x 7.9 x 8.6 x 9.3 x 9.9 x 10.6 x 11.3 x 12.0 x Implied Preliminary Valuation/EBITDA Implied Preliminary Valuation/EBITDA Implied Preliminary Valuation/EBITDA Management Profit Multiple (x) Management Profit Multiple (x) Management Profit Multiple (x) 12.0 x 13.0 x 14.0 x 15.0 x 16.0 x 17.0 x 18.0 x 8.0 x 9.0 x 10.0 x 11.0 x 12.0 x 13.0 x 14.0 x 6.0 x 7.0 x 8.0 x 9.0 x 10.0 x 11.0 x 12.0 x Multiple 3.0 x 5.9 x 6.3 x 6.7 x 7.2 x 7.6 x 8.0 x 8.5 x Multiple 3.0 x 5.3 x 5.8 x 6.4 x 6.9 x 7.5 x 8.1 x 8.6 x Multiple 3.0 x 4.5 x 5.0 x 5.6 x 6.2 x 6.8 x 7.4 x 8.0 x Performance Performance Performance 4.0 x 6.1 x 6.5 x 6.9 x 7.4 x 7.8 x 8.2 x 8.7 x 4.0 x 5.5 x 6.0 x 6.6 x 7.2 x 7.7 x 8.3 x 8.8 x 4.0 x 4.7 x 5.3 x 5.9 x 6.5 x 7.1 x 7.7 x 8.3 x Profit 5.0 x 6.2 x 6.7 x 7.1 x 7.5 x 8.0 x 8.4 x 8.8 x Profit 5.0 x 5.7 x 6.3 x 6.8 x 7.4 x 8.0 x 8.5 x 9.1 x Profit 5.0 x 5.0 x 5.6 x 6.2 x 6.8 x 7.4 x 8.0 x 8.5 x Note: Assuming excess capital of $1.8bn and net debt of $(1.7)bn Considerations on Valuation 16

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 17/52 STRICTLY PRIVATE AND CONFIDENTIAL Historical Development of Melvin and George Valuation Since Completion of George Reverse Acquisition Exchange ratio implied by current share prices of Melvin and George at the lowest point in Q3 due to strong rally on 30-Sep-2009 but in line with H2 2008 and H1 2009 averages Exchange Ratio (Melvin Shares x 1 George Share) Market Cap Contribution 1.70x 2007 2008 2009 100% H2 H1 H2 H1 Q3 1.60x Maximum 1.33x 1.33x 0.96x 1.28x 1.03x 95% Average 1.22x 0.96x 0.72x 0.83x 0.90x 1.50x Minimum 1.16x 0.63x 0.48x 0.64x 0.76x Max. vs. Avg. +0.11x +0.36x +0.24x +0.44x +0.13x 90% 1.40x Min. vs. Avg. -0.06x -0.34x -0.24x - -0.20x -0.14x 85% 1.30x 1.20x 80% Average 12M 6M 3M 1M Current Geo rge 10.4% 11.0% 11.5% 11.1% 10.0% 1.10x M elvin 89.6% 89.0% 88.5% 88.9% 90.0% 75% Average: 0.88x 1.00x 70% 0.90x 65% 0.80x 0.76x 0.70x 60% 0.60x 55% 0.50x 50% 0.40x Nov-2007 Jun-2008 Feb-2009 Sep-2009 Nov-2007 Jun-2008 Feb-2009 Sep-2009 Melvin George Source: Bloomberg as of 30-Sep-2009 Note: Market cap contribution analysis based on non-diluted market capitalisation of George Considerations on Valuation 17

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 18/52 STRICTLY PRIVATE AND CONFIDENTIAL Melvin and George Side by Side Analysis Contribution in terms of market cap broadly in line with expected management fees but slightly in favor of Melvin if compared to relative weight of net incomes Melvin George Total Fully Diluted Market Cap 88% 12% $10,511m AuM¹ 69% 31% $62bn Management Fees 2009E² 90% 10% $1,476m Management Fees 2010E² 89% 11% $1,388m Management Fees 2011E² 88% 12% $1,518m Revenue 2009E² 84% 16% $2,060m Revenue 2010E² 78% 22% $2,133m Revenue 2011E² 74% 26% $2,590m Net Income 2009E² 83% 17% $678m Net Income 2010E² 89% 11% $824m Net Income 2011E² 85% 15% $1,054m Average: 83% Source: Company public disclosures, Datastream as of 30-Sep-2009 ¹ As of 30-Jun-2009. ² Calendarised to 31-Dec fiscal year end. Considerations on Valuation 18

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 19/52 STRICTLY PRIVATE AND CONFIDENTIAL Analysis at Various Exchange Ratios Implied Premiums Exchange Ratio Exchange Ratio Analysis George Melvin Melvin 0.70x 0.76x 0.80x 0.90x 1.00x 1.10x 1.20x Implied Value for 1 George Share 3.71 4.03 4.24 4.77 5.30 5.83 6.36 Implied 2010E P/E for George 12.4 x 13.4 x 14.1 x 15.9 x 17.7 x 19.4 x 21.2 x Implied 2011E P/E for George 7.4 x 8.1 x 8.5 x 9.5 x 10.6 x 11.7 x 12.7 x Historical Share Price USD GBP Spot 4.03 5.30 3.31 0.76x (7.9)% 0.0% 5.2% 18.4% 31.5% 44.7% 57.8% Last Month VWAP 4.05 4.78 2.93 0.85x (17.2)% (10.1)% (5.4)% 6.4% 18.2% 30.1% 41.9% Last 3 Months VWAP 4.05 4.53 2.76 0.89x (21.8)% (15.0)% (10.6)% 0.6% 11.8% 22.9% 34.1% Last 12 Months VWAP 3.37 4.00 2.54 0.84x (16.9)% (9.8)% (5.1)% 6.8% 18.7% 30.5% 42.4% Last 2 Year VWAP 7.65 7.32 3.97 1.04x (33.0)% (27.2)% (23.4)% (13.8)% (4.3)% 5.3% 14.9% Actual Financials — Calendarised USD Jun-2009A AuM ($bn) 19.1 43.3 2.44x (71.3)% (68.9)% (67.2)% (63.1)% (59.1)% (55.0)% (50.9)% Dec-2008A Revenues ($m) 495 2,672 1.03x (31.8)% (25.9)% (22.0)% (12.3)% (2.5)% 7.2% 17.0% Dec-2008A Net Income ($m) 128 806 0.88x (20.4)% (13.5)% (9.0)% 2.3% 13.7% 25.1% 36.5% Broker Estimates USD Dec-2009E Net Income ($m) 117 561 1.16x (39.5)% (34.3)% (30.9)% (22.3)% (13.6)% (5.0)% 3.6% Dec-2010E Net Income ($m) 93 731 0.70x (0.1)% 8.5% 14.2% 28.4% 42.7% 57.0% 71.2% Dec-2011E Net Income ($m) 154 900 0.95x (26.2)% (19.9)% (15.7)% (5.2)% 5.4% 15.9% 26.4% Median Target Prices ($) 4.00 4.60 0.87x (19.5)% (12.6)% (8.0)% 3.5% 15.0% 26.5% 38.0% Note: Market data as of 30-Sep-2009. Based on 1,709m shares for Melvin and 309m for George. Green font denotes a premium Considerations on Valuation 19

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 20/52 STRICTLY PRIVATE AND CONFIDENTIAL EPS Impacts for Melvin of a George / Melvin Merger Based on 2011 estimates and assuming all share deal, Melvin could recognize a 30% premium to George shareholders without affecting its shareholders, prior to any potential synergies EPS Impact for Melvin — 100% Stock Transaction Melvin EPS Accretion / (Dilution) at No Premium Melvin EPS Accretion / (Dilution) at 30% Premium 3.3% (0.7)% (0.3)% (4.1)% 2010E 2011E 2010E 2011E Synergies 2010E 2011E Synergies 2010E 2011E Gross Synergies to Break Even ($m) 7.7 0.0 Gross Synergies to Break Even ($m) 48.6 9.8 Assuming 100% Cost Synergies Assuming 100% Cost Synergies Gross Cost Synergies / Combined Operating Costs 0.3% 0.0% Gross Cost Synergies / Combined Operating Costs 2.1% 0.4% Assuming 100% Revenue Synergies Assuming 100% Revenue Synergies Additional RR AuM @ 1.5% Avg. Fee ($bn) 0.5 0.0 Additional RR AuM @ 1.5% Avg. Fee ($bn) 3.2 0.7 Additional RR AuM / Combined AuM 0.8% 0.0% Additional RR AuM / Combined AuM 5.2% ^1.0% Sensitivity Analysis — Pre-Synergies Melvin 2010E EPS Accretion / (Dilution) Melvin 2011E EPS Accretion / (Dilution) Premium (%) Premium (%) -4.1% 0% 10% 20% 30% 40% -0.3% 0% 10% 20% 30% 40% m) / 0 0% (0.7)% (1.8)% (3.0)% (4.1)% (5.2)% m) / 0 0% 3.3% 2.1% 0.9% (0.3)% (1.4)% $404 25% 1.0% (0.1)% (1.1)% (2.1)% (3.1)% $404 25% 5.3% 4.2% 3.2% 2.2% 1.1% Cash ( % Cash 808 50% 2.7% 1.8% 0.9% (0.0)% (0.9)% Cash ( % Cash 808 50% 7.4% 6.5% 5.6% 4.8% 3.9% 1,212 75% 4.6% 3.8% 3.0% 2.2% 1.5% 1,212 75% 9.7% 9.0% 8.3% 7.6% 6.9% Considerations on Valuation 20

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 21/52 STRICTLY PRIVATE AND CONFIDENTIAL III. Considerations on Strategic Rationale Considerations on Strategic Rationale 21

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 22/52 STRICTLY PRIVATE AND CONFIDENTIAL Key Benefits and Areas of Concerns for George Key Benefits Key Issues Improved distribution capacity from Melvin’s access to Potential decrease in profitability from capital guaranteed comprehensive distribution network and strength in private products as low return environment and scarcity of leverage will investors sector depress forecasted product returns Diversification of business mix and combination with anti- Sustainability of Melvin’s margins going forward, as structured cyclical / uncorrelated business (Audrey) product business is no longer there Improved earnings stability and reduction of risk profile Recent underperformance of Melvin’s funds and potential implications on ability to raise new funds Geographic diversification and entry point into US market Distribution model largely dependent on upfront sales commissions Synergy potential on both revenue and cost side Potential conflicts from adjacency of leading fund of funds Melvin’s scale and reputation to support future inflows business and leading single-manager hedge fund business Competitive edge in the fund of funds business given Melvin’s Relative valuation of Melvin and George not favourable to strong internal capabilities in managed account platforms George’s shareholders at current levels Melvin’s leadership role in the combined Group Considerations on Strategic Rationale 22

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 23/52 STRICTLY PRIVATE AND CONFIDENTIAL Key Benefits for Melvin How Would a Combination with George Respond to Melvin’s Perceived Issues? Key Factors Affecting Melvin Valuation George Contribution Impact Concentration risk as AHL accounts for 75% of profit and is Strong complementarity of business mix core to private clients sales Completion of Melvin business model with Equity strategies and traditional assets Business Mix Material portion of AUM and profitability historically deriving from structured products business, which is no longer there Concentration Slow recovery of fund of funds business increasing concentration risk around AHL in the next 18 / 24 months Trading multiples capped absent moves to diversify as Consensus over long term growth prospects of investors are pricing in risks to longer-term growth/capacity Equity strategies, which represent George’s core Historical correlation of sales to AHL performance is an area business Growth of concern Strong performance of selected George’s funds Prospects Difficult to identify areas of organic growth for Melvin as AHL and close distance from HWM to boost revenue is underperforming and fund of funds business is unlikely to growth grow materially in the next 6 / 12 months Decreasing margins, as low return environment and scarce Lower margins of George’s business compared leverage are affecting structured products opportunity to Melvin’s but opportunity for structured products around George’s core products to Margins / Upfront fees paid on the basis of expected profitability at time maximise revenue synergies and improve pro- Profitability of product sale might be written off because of changes in forma margins expected profitability Earnings quality affected by concentration risk and high Strengthening of low volatility business, given contribution of performance fee net income George’s recent expansion in the traditional business Earnings High historical volatility of Melvin’s revenues and profits Increased diversification and combination of Quality uncorrelated businesses (Equity L/S, Macro, Managed Futures) to improve stability across cycles Considerations on Strategic Rationale 23

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 24/52 STRICTLY PRIVATE AND CONFIDENTIAL Upside Potential for the Combined Entity Calendarised P/E 2010E 2011E Melvin 12.4 x 10.1 x George 13.4 x 8.1 x Net Income 2010E (Calendarised) Net Income 2011E (Calendarised) $m Base +5% +10% +15% +20% Base +5% +10% +15% +20% Melvin 731 768 805 841 878 900 945 990 1035 1080 Gorge 93 97 102 106 111 154 162 170 177 185 Proforma 824 865 906 948 989 1054 1107 1160 1213 1265 Cumulated Delta 41 82 124 165 53 105 158 211 Assuming 100% Cost Synergies % of Combined Op. Costs 1.8% 3.5% 5.3% 7.1% 2.3% 4.5% 6.8% 9.0% Assuming 100% Revenue Synergies Additional AuM Equivalent ($bn) 2.7 5.5 8.2 11.0 3.5 7.0 10.5 14.1 % of Combined AuM 4.4% 8.8% 13.2% 17.6% 5.6% 11.3% 16.9% ^22.5% Melvin 2011E Implied Value ($m) P/E Net Income 2010E ($m) Net Income 2011E ($m) 824 865 906 948 989 1054 1107 1160 1213 1265 Multiples 9.0x 7,416 7,787 8,158 8,528 8,899 9,490 9,965 10,439 10,914 11,388 10.1x 8,288 8,702 9,116 9,531 9,945 10,606 11,136 11,666 12,196 12,727 11.0x 9,064 9,517 9,971 10,424 10,877 11,599 12,179 12,759 13,339 13,919 P/E 12.4x 10,200 10,710 11,220 11,730 12,240 13,053 13,705 14,358 15,010 15,663 13.0x 10,712 11,248 11,783 12,319 12,855 13,708 14,394 15,079 15,765 16,450 Melvin 2010E Implied Upside (%) P/E Net Income 2010E ($m) Net Income 2011E ($m) 824 865 906 948 989 1054 1107 1160 1213 1265 Multiples 9.0x (29)% (26)% (22)% (19)% (15)% (10)% (5)% (1)% 4% 8% 10.1x (21)% (17)% (13)% (9)% (5)% 1% 6% 11% 16% 21% 11.0x (14)% (9)% (5)% (1)% 3% 10% 16% 21% 27 % 32% P/E 12.4x (3)% 2% 7% 12% 16% 24% 30% 37% 43% 49% 13.0x 2% 7% 12% 17% 22% 30% 37% 43% 50% 57% Considerations on Strategic Rationale 24

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 25/52 STRICTLY PRIVATE AND CONFIDENTIAL IV. Preliminary Considerations on Transaction Structures Preliminary Considerations on Transaction Structures 25

STRICTLY PRIVATE AND CONFIDENTIAL Securing Engagement with Melvin (1/2) Potential Alternatives and Key Considerations Alternative Comments Pros and Considerations George will need to consider the script to the Chairman of Minimal leak risk Melvin May provide an opportunity to gather information — Form of proposal: about the Board’s position on the proposal Melvin and George should consider “strategic Relatively easy for Chairman to dismiss the alternatives in relation to a combination of their proposal, in particular if a combination of Melvin (A) Call to Chairman of respective businesses” and George has already been considered by the Melvin Board More specific proposal with selected terms Aggressiveness What are George’s due diligence requirements prior to engaging in this conversation with Melvin? Aside from the Chairman, should George approach any other members of the Melvin Board? As (A) above As (A) above Creates “audit trail” of attempted engagement with Increasing Board of Melvin (B) Private Letter to Unlikely to bring real incremental pressure on the Board of Melvin Board of Melvin Increases the number of individuals that are aware of George’s proposal George will need to form a view on Melvin’s Board As (B) above dynamics and level of influence of key directors Can positively influence Chairman in case of Success of lobbying efforts likely to depend on balance of neutral position toward the transaction (C) Lobby Members of influence between Chairman and other directors Melvin Board Approach likely to be more successful if Melvin Board has a split view on the merits of pursuing a dialogue with George Preliminary Considerations on Transaction Structures 26

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 27/52 STRICTLY PRIVATE AND CONFIDENTIAL Securing Engagement with Melvin (2/2) Potential Alternatives and Key Considerations Alternative Comments Pros and Considerations Announce desire to enter into strategic dialogue with Makes George’s desire to pursue a combination Melvin in relation to a combination of Melvin and George with Melvin public (D) Announce Desire to Communications plan / key messages for both Melvin and What is George’s backstop if it fails to secure Pursue Strategic George shareholders will be critical engagement from Melvin given that George is the Dialogue and Contact Successful engagement of Melvin shareholders will be key target and not the offeror? Selected Melvin — How does George’s proposal compare to the strategic Likely to be seen as aggressive by both the Board Shareholders if alternatives available to Melvin? of Melvin and the market more broadly Appropriate — What is the probability that Melvin shareholders will Very difficult to back away from once intentions are support George (vs. the Board of Melvin)? publicly announced What is Melvin’s likely response? Aggressiveness Blocked from acquiring shares in Melvin if George has any What is the likelihood that Melvin shareholders will price sensitive information in relation to Melvin not back the Board of Melvin by supporting any attempt by George to requisition an EGM? Aggressiveness In order to requisition a shareholder meeting (and therefore apply maximum pressure on the Board of Melvin) Relatively unprecedented in the UK market (in George will need a voting position in Melvin’s shares particular, by a corporate (vs. activist fund) seeking (E) Acquire a Stake in to secure engagement from a potential acquirer) — i.e. ownership of underlying shares and not economic Melvin and Seek and likely to be seen as very aggressive exposure via CFDs Increasing Shareholder Support to If Melvin is not under an offer period under the Takeover To the extent that George seeks to build a large Requisition an EGM stake (e.g. 10% or more), it is unlikely to secure Code, key disclosure threshold is 3% Increasing Board representation Key threshold for requisition of a shareholder meeting is 10% Can George defend an investment in Melvin (in terms of value upside) in the event that George walks away? If Melvin continues to resist engagement and Melvin Numerous structuring issues to be considered, shareholders do not provide the required level of support including: to George, George could consider a hostile reverse offer — Relative sizes of George and Melvin (F) Hostile Reverse — Premium / value leakage Offer — US vs. UK listings and flowback — Likelihood of success / Melvin defence — Level of support from George shareholders — Damage to Melvin (and George) businesses? Preliminary Considerations on Transaction Structures 27

STRICTLY PRIVATE AND CONFIDENTIAL Regulatory Considerations at Shareholding Levels % of Voting Rights Action Regulation Any Amount Disclosure of identity of beneficial owner upon request Companies Act Disclosure of all dealings by parties to an offer, once an offer has been announced City Code* Highest price paid in three month period prior to announcing offer determines City Code* minimum level of consideration 1% Disclose any dealings once an offer has been announced or in an offer period City Code* 3% Must disclose interest within 2 business days Companies Act >3% Must disclose changes of 1% or more within 2 business days Companies Act 10% Purchaser can block compulsory purchase Companies Act Notification of “material interests” Companies Act Ability to call an EGM Companies Act 25% Power to block special resolutions / Scheme of Arrangement Companies Act 30% Mandatory bid threshold City Code* 50% Offer may become unconditional as to acceptances City Code* 75% Power to pass special resolutions Companies Act 90% Power to compulsorily purchase minorities (subject to the offer) Companies Act * Only a consideration in the event that Melvin is in an offer period or if George launches an offer for Melvin Preliminary Considerations on Transaction Structures 28

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 29/52 STRICTLY PRIVATE AND CONFIDENTIAL Overview of Melvin Board of Directors Jon Aisbitt was appointed a non-executive director in Aug- Phillip Colebatch was appointed a non-executive director 2003 and non-executive Chairman in Sep-2007. He was in Sep-2007. He was previously a member of the previously a Partner and Managing Director in the Investment Executive Boards of Swiss Reinsurance Company and Banking Division of Goldman Sachs and has 20 years’ Credit Suisse Group. He is a non-executive director of experience in international corporate finance Insurance Australia Group and Lend Lease Corporation Jon Aisbitt Phillip Colebatch Chairman Independent Non-executive Director Peter Clarke joined Man Group in 1993 from the investment Dugald Eadie was appointed a non-executive director in banking industry, having worked at Morgan Grenfell and Jan-2002. He has held a number of senior executive Citicorp. He became Head of Corporate Finance & Corporate positions in the fund management industry. He was most Affairs and was Company Secretary from Apr-1996 to Nov- recently Group Managing Director of Henderson plc until 2007. He was appointed to the Board in 1997 and became his retirement in 1999, following its acquisition by AMP. Peter Clarke Finance Director in May-2000. Peter was Deputy Group Chief Dugald Eadie He is an Honorary Fellow of the Faculty of Actuaries, and Chief Executive Executive from Nov-2005 until his appointment as Group Chief Independent Non-executive a Fellow of the UK Society of Investment Professionals Executive in Mar-2007 Director Kevin Hayes joined Man Group as Chief Financial Officer in Patrick O’Sullivan was appointed a non-executive director Mar-2007 from Lehman Brothers, where he served in a variety in Sep-2007. He was previously Vice Chairman of the of senior finance and strategy positions, in London and New Zurich Financial Services Group Management Board, as York. He was previously a Partner in the Financial Services well as Chief Growth Officer of that Group. He is a non- practice of Ernst & Young LLP in New York. He was appointed executive director of Collins Stewart plc as well as of Kevin Hayes to the Board in May-2007 and became Company Secretary in Patrick O’Sullivan COFRA Holding Finance Director Nov-2007 Independent Non-executive Director Alison Carnwath was appointed a non-executive director in Frédéric Jolly was Chief Executive Officer of Russell Jan-2001. Prior to joining the Board she spent 20 years Investments (Europe, Middle and Africa) until the summer working in investment banking. She is Chairman of MF Global of 2008, when he set up his own advisory business. Ltd, listed on the New York Stock Exchange, Chairman of Before this, Frédéric was Head of Investment Consulting Land Securities Group plc and a director of Paccar Inc. at The Wyatt Company, Paris (now Watson Wyatt) Alison Carnwath Frédéric Jolly Senior Independent Non- Independent Non-executive executive Director Director^, Ruud Hendriks recently retired from Goldman Sachs Asset Management where he had been a Managing Director and Co-head of Sales for Europe, Middle East and Africa. Prior to this, Ruud was Global Head of Institutional Sales for Robeco, a leading international asset manager Ruud Hendriks Independent Non-executive Director Preliminary Considerations on Transaction Structures 29

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 30/52 STRICTLY PRIVATE AND CONFIDENTIAL Considerations on Shareholder Value Accretion Impact From Different Levels of Aggressiveness in Pursuing a Strategic Combination In the event George pursues an aggressive path to force a combination with Melvin hence at worse relative terms vs. current status, value accretion would only be possible in case of a material P/E re-rating Value Creation to George at Various P/Es Implied Exchange Ratio 0.67 x 0.71 x 0.74 x 0.78 x 0.82 x 0.85 x 0.89 x 0.93 x 0.97 x NOSH Issued 206.4 217.8 229.3 240.8 252.2 263.7 275.2 286.6 298.1 George Ownership 10.8% 11.3% 11.8% 12.3% 12.9% 13.4% 13.9% 14.4% 14.9% Premium to George (10)% (5)% 0% 5% 10% 15% 20% 25% 30% 9.0 x (27.7)% (24.1)% (20.6)% (17.1)% (13.6)% (10.2)% (6.9)% (3.6)% (0.3)% 10.0 x (19.5)% (15.5)% (11.6)% (7.7)% (3.9)% (0.1)% 3.6% 7.3% 11.0% 11.0 x (11.3)% (7.0)% (2.7)% 1.6% 5.8% 10.0% 14.1% 18.2% 22.2% 2010 P/E 12.0 x (3.2)% 1.6% 6.3% 10.9% 15.5% 20.1% 24.6% 29.0% 33.4% 13.0 x 5.0% 10.1% 15.2% 20.3% 25.3% 30.2% 35.1% 39.9% 44.7% 14.0 x 13.1% 18.7% 24.2% 29.6% 35.0% 40.3% 45.6% 50.8% 55.9% 15.0 x 21.3% 27.2% 33.1% 39.0% 44.7% 50.4% 56.1% 61.6% 67.1% Value Creation to Melvin at Various P/Es Melvin Ownership 89.2% 88.7% 88.2% 87.7% 87.1% 86.6% 86.1% 85.6% 85.1% Premium to Melvin 11% 5% 0% (5)% (9)% (13)% (17)% (20)% (23)% 9.0 x (19.6)% (20.1)% (20.6)% (21.0)% (21.5)% (21.9)% (22.4)% (22.8)% (23.3)% 10.0 x (10.6)% (11.1)% (11.6)% (12.1)% (12.6)% (13.2)% (13.7)% (14.2)% (14.6)% 11.0 x (1.5)% (2.1)% (2.7)% (3.2)% (3.8)% (4.4)% (4.9)% (5.5)% (6.0)% 2010 P/E 12.0 x 7.6% 6.9% 6.3% 5.7% 5.0% 4.4% 3.8% 3.2% 2.6% 13.0 x 16.6% 15.9% 15.2% 14.6% 13.9% 13.2% 12.6% 11.9% 11.3% 14.0 x 25.7% 24.9% 24.2% 23.5% 22.7% 22.0% 21.3% 20.6% 19.9% 15.0 x 34.7% 33.9% 33.1% 32.4% 31.6% 30.8% 30.1% 29.3% 28.6% ¹ Assuming pre-tax cost synergies at 5% of George & Melvin 2008 combined cost base of $2.3bn and no revenue synergies. NPV of synergies estimated based on 2010E P/E multiple less implementation costs equivalent to 1 year of synergies, resulting in a valuation in a range of $900m to $1.6bn. Preliminary Considerations on Transaction Structures 30

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 31/52 STRICTLY PRIVATE AND CONFIDENTIAL V. Equity Capital Markets Considerations Equity Capital Markets Considerations 31

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 32/52 STRICTLY PRIVATE AND CONFIDENTIAL Current Melvin Shareholder Base UK Focused in the Top 25, With Some Recent Churn ¹ Current Q2 ‘09 Q1 ‘09 Q4 ‘08 Q3 ‘08 Q2 ‘08 Breakdown of Institutional Holders Investor Name Country Style (% S/O) (% S/O) (% S/O) (% S/O) (% S/O) (% S/O) By Country By Style Fidelity International UK Growth 5.0 5.0 4.9 5.8 4.5 4.3 Baillie Gifford UK Growth 5.0 5.0 5.0 5.0 5.0 5.0 RoW Other AllianceBernstein US Growth 4.7 9.0 8.9 8.9 10.3 5.0 10% GARP 7% 7% BlackRock IM UK Growth 4.6 4.9 6.7 6.7 6.7 6.7 L & G UK Index 4.5 5.0 5.5 5.5 5.5 5.5 US Growth BGI UK Index 2.3 2.0 1.7 1.8 1.5 2.0 Index 15% 37% UK 12% F & C UK Growth 2.2 2.1 2.2 2.1 1.7 1.6 52% Value Mc-Grath (Harvey) UK Core 1.9 1.9 1.9 1.9 1.9 1.9 14% AllianceBernstein UK Value 1.8 1.9 2.1 2.3 2.1 1.9 SSGA UK Index 1.6 1.5 1.7 2.4 3.1 2.3 Insight UK Value 1.4 1.4 1.8 1.4 1.0 1.2 Retail / Unidentified Retail / Unidentified 23% 23% M & G UK Value 1.4 1.0 1.6 1.5 1.5 1.4 JP Morgan AM UK Growth 1.3 1.7 2.0 1.9 1.6 0.5 Aviva UK Value 1.2 0.4 0.7 1.2 0.8 0.6 Main Disclosed Changes over the Past Year IG IM Canada GARP 1.2 1.2 0.8 0.7 0.5 0.0 Top Sellers Top Buyers TT International UK GARP 1.2 1.0 1.0 1.0 0.7 0.8 (2.1) BlackRock IM TT International 1.2 IG IM Ireland Growth 1.0 1.0 1.0 0.7 0.7 0.5 (1.5) Aegon Ignis 0.9 BlackRock Financial Management US Growth 1.0 0.9 1.0 1.4 1.4 0.9 SAFE Hong Kong Value 0.9 0.9 0.9 1.0 0.0 0.0 (1.4) Standard Life Aviva 0.9 Ignis UK Growth 0.9 0.7 0.8 0.8 0.8 1.1 Fidelity (1.2) Wellington 0.7 International Scottish Widows UK Growth 0.8 0.7 0.8 0.7 1.2 1.2 (1.0) William Blair F & C 0.7 USS UK Value 0.6 0.0 0.6 0.6 0.1 0.0 UBS GAM UK Value 0.6 0.2 0.2 0.1 0.0 0.0 (1.0) L & G UBS GAM 0.6 Franklin Templeton UK Value 0.6 0.6 0.0 0.0 0.0 0.0 (0.7) SSGA IG IM 0.6 Mellon Capital US Value 0.6 0.3 0.2 0.0 0.0 0.0 (0.6) Lord, Abbett & Co Franklin Templeton 0.6 Total Top 25 Investors 48.5% 50.2% 54.3% 55.5% 52.7% 44.3% (0.5) TIAA-CREF Eaton Vance 0.5 Denotes an increase of over 0.1% of ownership Denotes a decrease of over 0.1% of ownership over the previous period over the previous period (0.5) Halbis CM Greenlight Capital 0.5 Source: Thomson Financial, as of Sep-2009 ¹ Holding on a pro-forma basis Equity Capital Markets Considerations 32

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 33/52 STRICTLY PRIVATE AND CONFIDENTIAL Current George Shareholder Base US Centric, With Limited Recent Movements in the Top 25 ¹ Current Q2 ‘09 Q1 ‘09 Q4 ‘08 Q3 ‘08 Q2 ‘08 Breakdown of Institutional Holders Investor Name Country Style (% S/O) (% S/O) (% S/O) (% S/O) (% S/O) (% S/O) By Country By Style Lagrange (Pierre) US Core 23.6 23.6 23.6 23.6 23.6 23.6 Lansdowne Partners UK Hedge Fund 7.9 7.9 7.9 7.9 7.9 8.1 Private UK Index Other Roman (Emmanuel) US Core 7.5 7.5 7.5 7.5 7.5 7.5 11% Equity 5% 2% 6% FMR US GARP 6.9 6.9 4.4 4.4 6.9 5.8 Sage Summit US Core 4.2 4.2 4.2 5.2 5.2 5.2 Core Berggruen Holdings US Private Equity 4.1 4.1 4.1 4.1 4.1 4.1 37% BGI US Index 2.5 2.5 1.2 1.5 1.7 1.4 US Growth 61% 13% Marlin Equities US Private Equity 2.3 2.3 2.4 2.4 2.4 2.4 Turner Investment Partners US Growth 1.3 1.3 0.0 0.0 0.0 0.0 SSGA US Index 1.3 1.3 1.1 1.2 1.4 1.0 Hedge MSIM US GARP 1.1 1.1 0.0 0.0 1.7 1.8 Retail / Unidentified Fund Retail / Unidentified 28% 9% 28% RBC UK GARP 0.9 0.9 0.9 0.6 0.0 0.0 Franklin (Martin) US Core 0.8 0.8 0.8 0.8 0.8 0.8 Putnam US Growth 0.6 0.6 0.0 0.0 0.0 0.2 Main Disclosed Changes over the Past Year Gottesman (Noam) UK Core 0.6 0.6 0.6 0.6 0.2 0.2 Top Sellers Top Buyers Fidelity International UK Growth 0.5 0.5 2.2 2.2 2.2 0.1 Turner Investment (1.2) Third Point 1.3 Partners Oppenheimer Capital US Value 0.4 0.4 0.0 0.0 0.0 0.0 (1.0) Van Kampen AM BGI 1.1 TIAA-CREF US GARP 0.4 0.4 0.1 0.1 0.1 0.2 GLG Partners UK Hedge Fund 0.4 0.4 0.0 0.0 0.0 0.4 (1.0) Sage Summit FMR 1.1 BNY Mellon Wealth Management UK Broker-Dealer 0.4 0.4 0.3 0.3 0.0 0.0 (0.6) RBC Franklin (Martin) 0.9 Geode Capital Management US Index 0.2 0.2 0.1 0.2 0.1 0.1 (0.4) Oppenheimer 0.5 Castle Creek Galleon Management US Index 0.2 0.2 0.2 0.2 0.1 0.1 Capital Ashken (Ian) US Growth 0.2 0.2 0.0 0.0 0.0 0.0 (0.3) Analytic Investors TIAA-CREF 0.4 American Century US Core 0.2 0.2 0.2 0.2 0.2 0.2 Gottesman (0.2) JP Morgan AM 0.4 (Noam) CPERS US GARP 0.2 0.2 0.0 0.0 0.0 0.0 (0.2) Bogle IM Fidelity International 0.4 Total Top 25 Investors 68.7% 68.7% 61.7% 62.9% 66.1% 63.0% (0.2) Henderson Geode Capital 0.4 Denotes an increase of over 0.1% of ownership Denotes a decrease of over 0.1% of ownership over the previous period over the previous period (0.1) Vanguard SSGA 0.2 Source: Thomson Financial, as of Sep-2009 ¹ Holding on a pro-forma basis Equity Capital Markets Considerations 33

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 34/52 STRICTLY PRIVATE AND CONFIDENTIAL Current Crossover Analysis No Substantial Overlap Between the Top 25 Holders Current Top 25 Holders of Melvin Current Top 25 Holders of George Investor Name Country Style Melvin George Investor Name Country Style George Melvin Fidelity International UK Growth 5.0 UK Growth Lagrange (Pierre) US Core 23.6 US Core Baillie Gifford UK Growth 5.0 UK Growth Lansdowne Partners UK Hedge Fund 7.9 UK Hedge Fund AllianceBernstein US Growth 4.7 US Growth Roman (Emmanuel) US Core 7.5 US Core BlackRock IM UK Growth 4.6 UK Growth FMR US GARP 6.9 US GARP L & G UK Index 4.5 UK Index Sage Summit US Core 4.2 US Core BGI UK Index 2.3 UK Index Berggruen Holdings US Private Equity 4.1 US Private Equit F & C UK Growth 2.2 UK Growth BGI US Index 2.5 US Index Mc-Grath (Harvey) UK Core 1.9 UK Core Marlin Equities US Private Equity 2.3 US Private Equit AllianceBernstein UK Value 1.8 UK Value Turner Investment Partners US Growth 1.3 US Growth SSGA UK Index 1.6 UK Index SSGA US Index 1.3 US Index Insight UK Value 1.4 UK Value MSIM US GARP 1.1 US GARP M & G UK Value 1.4 UK Value RBC UK GARP 0.9 UK GARP JP Morgan AM UK Growth 1.3 UK Growth Franklin (Martin) US Core 0.8 US Core Aviva UK Value 1.2 UK Value Putnam US Growth 0.6 US Growth IG IM Canada GARP 1.2 Canada GARP Gottesman (Noam) UK Core 0.6 UK Core TT International UK GARP 1.2 UK GARP Fidelity International UK Growth 0.5 UK Growth IG IM Ireland Growth 1.0 Ireland Growth Oppenheimer Capital US Value 0.4 US Value BlackRock Financial Management US Growth 1.0 US Growth TIAA-CREF US GARP 0.4 US GARP SAFE Hong Kong Value 0.9 ong Kong Value GLG Partners UK Hedge Fund 0.4 UK Hedge Fund Ignis UK Growth 0.9 UK Growth BNY Mellon Wealth Management US Index 0.2 US Index Scottish Widows UK Growth 0.8 UK Growth Geode Capital Management US Index 0.2 US Index USS UK Value 0.6 UK Value Galleon Management US Growth 0.2 US Growth UBS GAM UK Value 0.6 UK Value Ashken (Ian) US Core 0.2 US Core Franklin Templeton UK Value 0.6 UK Value American Century US GARP 0.2 US GARP Mellon Capital US Value 0.6 US Value CPERS US Index 0.2 US Index Total Top 25 Investors 48.5% 0.0% Total Top 25 Investors 68.5% 0.0% Source: Thomson Financial, as of Sep-2009 Equity Capital Markets Considerations 34

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 35/52 STRICTLY PRIVATE AND CONFIDENTIAL Who Will Buy the Stock Targeting the Right Investors in the European Space Top Holders of European Sector Peers Target Institutions Top Holders of UK Market Equity No. U/W Avg Equity U/W UK Investor Name Geog Assets ($m) of Inv % % Investor Name Geog Assets ($m) % Market% Aegon UK 12,418 4 (1.4) 1.8 Norges Bank Nor 159,832 (1.0) 1.0 Threadneedle UK 25,438 4 (0.8) 0.9 Standard Life UK 47,400 (0.9) 1.2 Columbia US 96,187 3 (0.5) 0.5 Invesco UK 40,418 (0.9) 0.9 Schroder UK 51,418 5 (0.4) 0.6 AXA UK 32,554 (0.8) 1.3 Norges Bank NOR 159,832 7 (0.3) 0.3 Capital World Investors US 299,614 (0.7) 0.7 Putnam US 35,877 6 (0.2) 0.2 Capital Research US 323,791 (0.5) 0.5 DWS GER 44,347 2 (0.1) 0.1 Threadneedle UK 25,438 (0.5) 0.5 UBS GAM SWI 41,370 5 (0.1) 0.1 Schroder UK 51,418 (0.3) 0.5 Julius Bär AM SWI 1,652 2 (0.1) 0.1 Capital Guardian US 35,953 (0.3) 0.3 Allianz GER 32,023 5 (0.1) 0.1 Wellington US 222,710 (0.3) 0.3 Significant Hedge Funds Long Only Players in Recent Corporate Activity Investor Name Geog Equity Assets ($m) Investor Name Geog Equity Assets ($m) Lone Pine Capital US 9,113 Fidelity UK 451,342 Citadel US 8,071 BlackRock UK 74,054 Lansdowne Partners UK 6,265 Standard Life UK 47,400 TT International UK 4,485 DWS Ger 44,347 Eton Park US 2,951 Scottish Widows UK 32,798 Och Ziff US 2,837 Insight UK 32,611 York Capital US 2,005 Aviva UK 29,119 Moore Capital UK 1,491 AllianceBernstein UK 24,455 Marshall Wace UK 512 UBS GAM UK 19,123 Algebris UK 233 MSIM UK 18,795 Source: Thomson Financial Note: Sector includes Ashmore, 3i Group, BlueBay, Partners Group, Henderson, Julius Baer, Schroders. Equity Capital Markets Considerations 35

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 36/52 STRICTLY PRIVATE AND CONFIDENTIAL Who Will Drive the Decision Making Process in the Market? Equity Active in Investor Assets Melvin Grg Corporate Name Key Contact(s) ($m) (%) (%) Actions Comment Allianz Global Isabell Albus 32,023 — - Leading European fund. Has ability to take substantial positions Well know UK active fund. Has been increasingly involved in deal flow. John Aviva John Wood 29,119 1.2 - has recently taken over the UK growth fund AXA Matthew Huddard 32,554 0.5 — Top holder of UK market and holder of the peer group Well know European long-only fund. No UK specific funds but have been active DWS Michael Sieghart 44,347 — - in European corporate activities Moore Capital Charles Long 1,491 — - UK hedge fund with strong presence in the market Invesco Neil Woodford 37,465 — - Has ability to take large positions in deal situations. Can be a long term holder Long term, well established hedge fund. Large position in GLG and may have Lansdowne Stuart Roden & Jon Regis 6,265 — 7.9 appetite following transaction Very prominent fund, particularly following 2008. Ola is focused on any deal Norges Bank Marianne Brammer, Ola Stavin 159,832 — - related positions Och Ziff Karl Spielmann 2,837 — - Well regarded hedge fund, active in across the UK Large US fund with recovering presence in the UK. Holding across the Putnam David Morgan 35,877 0.1 0.6 European peer group Schroder Andy Brough 51,418 0.2 - Well know UK house. Holder of both the UK market and the peer group Threadneedle Chris White 25,438 — - Blue chip investor in the UK market and the sector UBS GAM Mohammed Maskeen 41, 370 — - Part of one of the world’s largest global funds. Active investors in the UK Wellington Yolanda Cortines 222,710 - - - Large US fund with a presence in the UK market. Increasingly active in deal flow Equity Capital Markets Considerations 36

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 37/52 STRICTLY PRIVATE AND CONFIDENTIAL Flowback Analysis Melvin Acquiring George, Assuming 100% Stock Offer and 0% Premium Flowback — Likely selling by Georges’ current holders Flowback Assumptions (%) Est. Flowback (£m) Shareholder Type Azures (%) Likely reaction Low Mid High Low Mid High Core 36 Medium Sell — Buy in important 40 60 80 88 132 176 US Quasi Passive 15 Majority Sell — US Mandate 80 90 100 73 82 92 US Active 14 Majority Sell 70 80 90 60 68 77 Hedge/PE 14 Medium Sell 50 65 80 43 56 68 Index 9 Forced Sell 100 100 100 55 55 55 RoW 6 Majority Sell 60 70 80 22 26 29 Other 6 Medium Sell 50 65 80 18 24 29 Total 100 59 73 86 359 442 526 Demand from UK institutions with a domestic tracking mandate, and other UK trackers Demand Assumptions Est. Demand (£m) Shareholder Type Melvin (%) Likely reaction High Mid Low High Mid Low Index 10 Full reweighting — UK trackers 100 90 80 61 55 49 Total 10 10 9 8 61 55 49 Summary of Flowback Assumptions: Gross Flowback Net Flowback Mkt Price Mcap (£m) Low High Low High Melvin £3.312 5,668 Value (£) 359 442 298 387 George $4.03 610 As % of Total Stock Consideration 59% 73% 49% 64% As % of Pro Forma Company Market Cap 6% 7% 5% 6% Consideration x 6 month Melvin Average Daily Trading Volume 12.9x 15.9x 10.7x 13.9x Cash (0%) £0m x 6 month Pro Forma ADTV 11.6x 14.3x 9.6x 12.5x Stock (100%) £610m Premium 0% Sensitivity Analysis — Impact of Change in Financing Structure and Premium Value (£m) — medium flowback Cash and other Sources (%) x 6 month ADTV Cash and other Sources (%) #REF! 0% 20% 35% 49% 75% 95% #REF! 0% 20% 35% 49% 75% 95% 15% (%) 702 561 456 359 175 35 15% (%) 22.7 x 18.2 x 14.8 x 11.6 x 5.7 x 1.1 x 20% 732 586 476 374 183 37 20% 23.7 x 18.9 x 15.4 x 12.1 x 5.9 x 1.2 x Premium 25% Premium 763 610 496 390 191 38 25% 24.7 x 19.7 x 16.0 x 12.6 x 6.2 x 1.2 x 30% 793 634 516 405 198 40 30% 25.7 x 20.5 x 16.7 x 13.1 x 6.4 x 1.3 x 35% 824 659 535 421 206 41 35% 26.6 x 21.3 x 17.3 x 13.6 x 6.7 x 1.3 x 40% 854 683 555 437 214 43 40% 27.6 x 22.1 x 18.0 x 14.1 x 6.9 x 1.4 x 45% 885 708 575 452 221 44 45% 28.6 x 22.9 x 18.6 x 14.6 x 7.2 x 1.4 x Source: Bloomberg, Thomson Financial Equity Capital Markets Considerations 37

STRICTLY PRIVATE AND CONFIDENTIAL Flowback Analysis George Acquiring Melvin, Assuming 100% Stock Offer and 0% Premium Flowback — Likely selling by Melvin’s current holders Flowback Assumptions (%) Est. Flowback (£m) Shareholder Type Cromarty (%) Likely reaction Low Mid High Low Mid High UK Active 43 Majority Sell 70 80 90 1,706 1,950 2,194 UK Quasi Passive 15 Majority Sell — UK Mandate 80 85 90 680 723 765 US Active 13 Medium Sell 70 80 90 516 589 663 Hedge/PE 4 Medium Sell 50 65 80 113 147 181 Index 12 Forced sellers 100 100 100 680 680 680 RoW 10 Majority Sell 80 85 90 453 482 510 Other 3 Medium Sell 50 65 80 85 111 136 Total 100 75 83 91 4,234 4,682 5,130 Demand from US institutions with a domestic tracking mandate, and other US trackers Demand Assumptions Est. Demand (£m) Shareholder Type George (%) Likely reaction High Mid Low High Mid Low Index 12 Full reweighting — US trackers 100 95 90 680 646 612 Total 12 12 11 11 680 646 612 Summary of Flowback Assumptions: Gross Flowback Net Flowback Mkt Price Mcap (£m) Low High Low High George $4.03 610 Value (£) 4,234 4,682 3,554 4,036 Melvin £3.312 5,668 As % of Total Stock Consideration 75% 83% 63% 71% As % of Pro Forma Company Market Cap 67% 75% 57% 64% Consideration x 6 month George Average Daily Trading Volume 1,737.8x 1,921.6x 1,458.6x 1,656.4x Cash (0%) £0m x 6 month Pro Forma ADTV 168.9x 186.7x 141.7x 161.0x Stock (100%) £5,668m Premium 0% Sensitivity Analysis — Impact of Change in Financing Structure and Premium Value (£m) — medium flowback Cash and other Sources (%) x 6 month ADTV Cash and other Sources (%) #REF! 0% 20% 35% 49% 75% 95% #REF! 0% 20% 35% 49% 75% 95% 15% (%) 6,518 5,215 4,237 3,331 1,630 326 15% (%) 260.0 x 208.0 x 169.0 x 132.9 x 65.0 x 13.0 x 20% 6,802 5,441 4,421 3,476 1,700 340 20% 271.3 x 217.0 x 176.3 x 138.6 x 67.8 x 13.6 x Premium Premium 25% 7,085 5,668 4,605 3,621 1,771 354 25% 282.6 x 226.1 x 183.7 x 144.4 x 70.6 x 14.1 x 30% 7,368 5,895 4,789 3,766 1,842 368 30% 293.9 x 235.1 x 191.0 x 150.2 x 73.5 x 14.7 x 35% 7,652 6,121 4,974 3,911 1,913 383 35% 305.2 x 244.2 x 198.4 x 156.0 x 76.3 x 15.3 x 40% 7,935 6,348 5,158 4,055 1,984 397 40% 316.5 x 253.2 x 205.7 x 161.7 x 79.1 x 15.8 x 45% 8,219 6,575 5,342 4,200 2,055 411 45% 327.8 x 262.2 x 213.1 x 167.5 x 81.9 x 16.4 x Source: Bloomberg, Thomson Financial Equity Capital Markets Considerations 38

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 39/52 STRICTLY PRIVATE AND CONFIDENTIAL Goldman Sachs Trading Flows in Melvin Trading in the Last Twelve Months Trading in the Last Three Months Breakdown by Geography Breakdown by Geography RoW US RoW 10% 7% 3% RoE RoE 12% 8% UK US 63% UK 15% 82% Breakdown by Type Breakdown by Type Hedge Fund Proprietry Trading 5% 2% Proprietry Trading Hedge Fund 7% 7% Other Other 17% 16% Long Only Long Only 73% 74% Source: CADM Equity Capital Markets Considerations 39

STRICTLY PRIVATE AND CONFIDENTIAL Goldman Sachs Trading Flows in George Trading in the Last Twelve Months Trading in the Last Three Months Breakdown by Geography Breakdown by Geography RoW UK RoW 1% UK 8% 1% 8% RoE RoE 11% 12% US US 80% 80% Breakdown by Type Breakdown by Type Other Other 14% 18% Hedge Fund Hedge Fund Long Only Long Only 30% 20% 56% 61% Source: CADM Equity Capital Markets Considerations 40

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 41/52 STRICTLY PRIVATE AND CONFIDENTIAL Appendix A: Additional Materials Additional Materials 41

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 42/52 STRICTLY PRIVATE AND CONFIDENTIAL Historical Financials Fiscal year ending 31-Mar $m 2006 2007 2008 2009 Income statement Performance fees 524 421 1,192 627 Management and other fees 1,325 1,758 2,030 1,861 Revenue 1,849 2,179 3,222 2,488 Gains / (losses) on FV investments 38 35 (51) (260) Sales commissions (273) (335) (391) (518) Compensation costs (368) (456) (639) (500) Other expenses (165) (176) (238) (275) Operating profit 1,081 1,247 1,903 935 Associates 33 44 86 144 Goodwill impairment — - — (299) Other — - — (57) Net finance income 40 10 90 20 Profit before tax 1,154 1,301 2,079 743 Net income 960 1,109 1,716 503 Balance sheet Net cash 1,301 1,832 1,474 1,718 Total assets 4,026 4,885 6,236 5,570 Shareholders’ equity 3,569 4,539 4,710 4,192 Other key figures Funds under management ($bn) 49.9 61.7 74.6 46.8 Average headcount 1,364 1,548 1,731 1,776 RoAE 27% 27% 37% 11% Equity / Assets 89% 93% 76% 75% Source: Company public disclosures Additional Materials 42

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 43/52 STRICTLY PRIVATE AND CONFIDENTIAL Melvin Funds Performance ¹²³ Annual Returns HFRI Fund HFRI Fund of MSCI World Citigroup Athena Melvin AHL RMF Four MG Multi- Weighted Funds hedged to High Grade Guaranteed Diversified Seasons Strategy Composite Composite USD (price Corp Bond Futures Ltd plc ¹ Strategies Fund Man-IP 220 ² Index Index return) TR 1991 13.5% 32.2% 14.5% 11.8% 19.9% 1992 (7.0)% 21.2% 12.3% (5.5)% 9.4% 1993 31.5 % 30.9% 26.3% 17.5% 13.2% 1994 (1.9)% 4.1% (3.5)% (2.2)% (5.7)% 1995 29.3% 21.5% 11.1% 18.5 % 27.2% 1996 26.6% 17.3% 21.1% 14.4% 16.1% 1.4% 1997 18.8% 23.5% 14.5% 18.1% 16.8% 16.2 % 21.9% 13.0% 1998 48.2% 41.1% (7.8)% 33.1% 2.6% (5.1)% 20.0% 10.7% 1999 2.0% 6.5% 28.1% 16.9% 31.3% 26.5% 27.7% (7.4)% 2000 18.8% 19.9% 7.2% 10.8% 18.9% 5.0% 4.1% (9.4)% 12.9% 2001 18.8% 19.7% 5.0% 6.4% 19.1% 4.6% 2.8% (15.0)% 10.6% 2002 11.1% 11.4% 4.9% (2.1)% 8.0% (1.4)% 1.0% (25.8)% 16.3% 2003 21.4% 22.3% 10.0% 5.3% 23.6% 19.6% 11.6% 22.3% 5.3% 2004 1.3% 5.1% 4.7% 2.0% 0.8% 9.0% 6.9% 9.2% 8.7% 2005 14.3% 16.8% 7.0% 6.1% 17.0% 9.3% 7.5% 14.1% 5.9% 2006 6.0% 6.4% 9.7% 7.2% 6.3% 12.9% 10.4% 14.8% 3.2% 2007 13.5% 19.6% 10.2% 9.9% 17.3% 10.1% 10.3% 3.7% 2.6% 2008 24.9% 33.2% (16.2)% (20.4)% 9.2% (18.4)% (21.4)% (39.9)% 8.8% YTD ³ (13.8)% (13.6)% 2.9% 5.2% (14.2)% 12.4% 7.0% 11.4% 0.1% L12M 0.6% 2.3% (11.4)% (12.4)% (10.2)% (5.1)% (11.5)% (20.3)% ^14.2% Source: Company public disclosures ¹ Man AHL Diversified plc is valued weekly; however, performance statistics have been calculated using the last weekly valuation of the month. ² Represented by Man-IP 220 Ltd from 18 December 1996 to 31 December 2005 and Man IP 220 Ltd — USD class bonds from 1 January 2006. ³ As at 31-Jul-2009. Additional Materials 43

STRICTLY PRIVATE AND CONFIDENTIAL Melvin Geographic Diversification Private Investor FUM Institutional Investor FUM Rest of Europe 4% Latin America Rest of Europe 2% 9% Middle East Benelux 1% 5% Germany Americas 5% 6% North America Japan Benelux 6% 25% 6% Switzerland Middle East Asia Pacific 45% 7% 7% UK Australia/NZ 7% 14% Germany 10% SE Asia 12% Switzerland UK 13% 16% Additional Materials 44

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 45/52 STRICTLY PRIVATE AND CONFIDENTIAL Melvin CEO Compensation Over Time Remuneration for Year Ended 31-Mar (£000’s) Salary Benefits Annual cash bonus 7,197 5,159 4,306 3,978 6,724 2,458 2,359 4,752 2,049 3,490 1,729 3,600 1,411 962 2,100 2,000 1,700 1,400 1,150 67 70 281 750 35 49 22 11 63 49 36 177 212 262 279 295 310 342 385 462 535 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Other Awards for Year Ended 31-Mar (£000’s) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Gain on share options — - 2,577 — - — 277 — 2,851 968 Value of vested shares — - 582 1,301 2,356 1,903 1,109 1,910 — 300 Accrued pension 10 12 15 17 19 21 24 47 70 95 # of Shares Held (‘000) 528 573 625 689 689 669 669 4,348 4,423 4,631 Source: Company public disclosures Note: “Value of vested shares” reflects the value of shares actually transferred to Peter Clarke under the various existing long-term incentive schemes, at time of the transfer. The value of shares awarded every year but not yet vested is not included. 2009 remuneration figures converted from USD to GBP using average exchange rate from 01-Apr-2008 to 31-Mar-2009 Additional Materials 45

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 46/52 STRICTLY PRIVATE AND CONFIDENTIAL Public Market Valuation Benchmarks European Asset Managers Enterprise Equity Closing % of GAAP PE Value Multiples (2) Dividend 5-Year 2010 Market Price 52 Week P/E Multiples (2) AUM Revenue EBITDA Yield EPS PE/5-Year Company Cap (1) 30-Sep-2009 High 2009 2010 LTM LTM LTM 2009 2010 LTM 2009 CAGR (2)EPS CAGR Traditional Asset Managers Schroders $4,600 $17.48 92% 25.3 x 17.0 x 1.8% 1.8 x 7.4 x 13.2 x 8.6 x 2.8% 2.8% 5.0% 3.4 x Schroders (Excluding Excess Capital) 3,152 13.95 74 22.7 14.7 1.3 1.3 5.5 9.8 6.4 3.6 3.6 5.0 2.7 x Intermediate Capital 1,858 4.78 57 (232.2) 15.4 38.3 7.2 13.7 NA 38.7 5.7 5.7 NA NA Aberdeen Asset Management 2,407 2.40 100 20.5 14.4 1.3 4.1 15.5 15.8 11.0 3.9 3.9 5.0 2.9 Henderson Group 1,699 2.06 92 19.0 15.4 1.8 3.4 13.3 13.7 11.0 4.7 4.4 3.0 5.1 F&C Asset Management 604 1.24 84 12.9 11.2 0.5 2.0 4.2 7.8 7.4 7.7 7.7 NA NA Invista Real Estate 220 0.83 93 22.2 22.5 2.1 2.9 NM 14.1 13.8 4.4 4.4 NA NA Liontrust Asset Management 63 1.86 61 10.6 19.1 0.8 0.6 1.7 NA 9.5 6.4 4.4 NA NA Median 88% 19.0 x 15.4 x 1.5% 2.4 x 7.4 x 13.5 x 10.2 x 4.6% 4.4% 5.0% 3.1% Alternative Asset Managers Man Group 9,067 5.30 82 14.5 12.4 13.8 3.0 5.8 8.8 8.4 8.3 7.9 2.0 6.2 Ashmore Group 2,821 4.01 100 16.9 16.3 9.5 4.5 7.2 10.2 9.7 0.0 4.8 8.0 2.0 Partners Group 3,253 121.83 90 16.9 13.3 13.1 9.9 13.3 13.8 12.4 3.4 3.3 NA NA Gottex Fund Management 302 10.02 77 25.4 22.8 2.8 1.6 4.4 19.2 18.0 6.0 1.6 NA NA BlueBay Asset Management 941 4.72 92 25.6 16.1 5.0 4.5 16.6 15.2 9.2 2.2 2.6 12.0 1.3 RAB Capital 151 0.32 78 (33.3) (200.0) 3.3 1.0 9.0 NM 16.5 12.0 12.0 NA NA Charlemagne Capital 74 0.26 70 26.4 13.9 2.1 1.1 2.7 12.3 7.5 14.0 3.8 2.0 6.9 Median 82% 16.9 x 13.9 x 5.0% 3.0 x 7.2 x 13.0 x 9.7 x 6.0% 3.8% 5.0% 4.1% High 100% 26.4 x 22.8 x 38.3 % 9.9 x 16.6 x 19.2 x 38.7 x 14.0% 12.0% 12.0% 6.9 x Mean 83 (2.3) 0.5 6.5 3.3 8.6 12.8 12.5 5.7 4.9 5.3 3.8 Median 84 17.9 15.0 2.1 2.9 7.3 13.5 9.7 4.7 4.4 5.0 3.1 Low 57 (232.2) (200.0) 0.5 0.6 1.7 7.8 6.4 0.0 1.6 2.0 1.3 (1) Source: Latest publicly available financial statements. Equity Market Cap based on diluted shares outstanding. (2) Sources: LTM numbers are based on latest publicly available financial statements. Projected revenues, EBITDA, EBIT, and EPS are based on IBES median estimates and/or other Wall Street research. All research estimates have been calendarized Additional Materials 46

SUGARCANE\Presentations\2009-09-25 Discussion Materials\FINAL\2009-10-01 Discussion Materials.doc GBERTAIL 1 Oct 2009 13:02 47/52 STRICTLY PRIVATE AND CONFIDENTIAL Public Market Valuation Benchmarks US Traditional Asset Managers Equity Closing % of GAAP PE Enterprise Value Multiples Dividend 5-Year Market Price 52 Week Multiples EBITDA Yield EPS Company Cap 30-Sep-2009 High 2009 2010 AUM 2009 2010 2009 CAGR Large Cap Companies BlackRock $26,024 $216.82 100.0% 33.8 x 22.3 x 2.0% 15.8 x 13.2 x 1.4% 13.0% Franklin Resources 23,378 100.60 97.2 25.4 18.2 5.1 14.9 11.2 0.8 10.0 T. Rowe Price 12,059 45.70 82.3 31.3 22.6 4.9 16.5 12.5 2.2 12.0 Invesco 8,671 22.76 99.0 30.6 19.4 2.8 19.4 12.7 1.8 10.0 AllianceBernstein 7,597 27.28 73.7 21.0 16.3 1.6 13.2 10.8 4.9 9.0 Legg Mason 4,462 31.03 81.5 (12.0) 22.5 0.9 NA 11.6 1.1 7.0 Median — Large Cap 89.8% 28.0 x 20.8 x 2.4 % 15.8 x 12.1 x 1.6% 10.0% Mid & Small Cap Companies Eaton Vance $3,418 $27.99 79.4% 25.9 x 18.2 x 3.0% 13.7 x 9.7 x 2.3% 12.0% Federated Investors 2,697 26.37 91.4 13.8 12.9 0.7 8.0 7.7 3.6 10.0 Affiliated Managers 2,757 65.01 78.5 15.1 12.8 2.4 17.2 12.1 NA 13.0 Waddell & Reed 2,426 28.45 99.4 24.8 17.9 5.1 13.5 9.9 2.7 10.0 Janus 2,582 14.18 56.4 34.6 20.0 2.8 15.2 10.8 0.3 10.0 GAMCO 1,269 45.70 77.1 26.3 25.7 5.6 17.6 14.0 0.3 8.0 Cohen & Steers 1,071 24.00 84.7 (150.0) 32.7 5.5 43.7 20.5 1.5 5.0 Calamos 1,287 13.06 72.9 22.1 17.0 6.3 14.5 11.0 1.7 10.5 Pzena 528 8.17 86.2 30.3 18.6 5.1 18.7 12.1 5.4 17.5 Median — Mid & Small Cap 79.4% 24.8 x 18.2 x 5.1% 15.2 x 11.0 x 2.0% 10.0% High 100.0% 34.6 x 32.7 x 6.3% 43.7 x 20.5 x 5.4% 17.5% Mean 84.0 11.5 19.8 3.6 17.3 12.0 2.1 10.5 Median 82.3 25.4 18.6 3.0 15.5 11.6 1.7 10.0 Low 56.4 (150.0) 12.8 0.7 8.0 7.7 0.3 5.0 Additional Materials 47

STRICTLY PRIVATE AND CONFIDENTIAL Precedent Transactions in Alternative Asset Management Space Selected Transactions Only Transaction Multiples EV/ EV/ Date/ Stake Consideration for AuM P/E EV/ EBITDA Sales AuM Month Acquirer Target Consideration ($m) Acquired (%) 100% ($m) ($bn) (x) (x) (x) (%) Jun-2009¹ $3,757m 100% $3,757m $50.8bn 8.8x 5.7x NA 7.4% Mar-2008 c. 130 50 c. 260 4.6 >20.0 >15.0 >2.5 <6.0 Jan-2008 855² 100 855 10.0 NA NA NA 8.6 Dec-2007 1,067³ 100 1,067 4.4 <10.0x NA NA 24.3 Oct-2007 NA c.30 NA 24.0 NA c.10.0x NA NA H&F Jun-2007 Quellos Group 1,507⁴ 100 1,507 20.0 NA 10.0 5.0 7.5 Jan-2007 679 70 970 26.0 30.6 21.4 8.3 3.7 Jun-2005 1,095 100 1,095 20.4 22.7 13.6 7.3 5.4 Sep-2004 1,060 100 1,060 7.0 NA NA NA 15.1 Source: Companies’ websites, press releases, financials, Capital IQ, Merger Market, Factiva ¹ KKR combined group market cap is based on KPE’s market cap as of 23-Jun-2009 (one day prior to revised terms announcement), P/E multiple is based on 2010 estimated net income (from Sandler O’Neill) which has been grossed up by US statutory tax rate of 35% to calculate EBITDA multiple. ² Consideration calculated as upfront payment of $620m and earn out payment of $310m to be paid over the five years. Earn out payments have been discounted at 10% for present value factor. ³ Calculated as upfront payment + average of range of contingent payment. ⁴ Consideration calculated as upfront payment of $750m and earn out payment of $969m to be paid as follows: $374m in year 2 and $595m in year 3. Earn out payments have been discounted at 10% for present value factor. Additional Materials 48

EX-99.C.XIII

Exhibit (c)(xiii)

Exhibit (c)(viii) SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 1/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Project Sugarcane Discussion Materials Goldman Sachs International 23-Feb-2010

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 2/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Disclaimer This document is confidential. Accordingly, it should not be copied, distributed, published or reproduced, in whole or in part, or disclosed by any recipient to any other person. The information contained in this document was obtained from publicly available sources and has not been independently verified by GSI and does not constitute a recommendation from GSI to the recipient. GSI has relied upon the accuracy and completeness of all of the financial, accounting and other information discussed with or reviewed by it and has assumed such accuracy and completeness for purposes of this document. Neither GSI nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this document and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. This document does not purport to contain all of the information that may be required to evaluate any potential transaction and should not be relied on in connection with any such potential transaction. The receipt of this document by any recipient is not to be taken as constituting the giving of investment advice by GSI to that recipient, nor to constitute such person a client of GSI.

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 3/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Table of Contents I. Financial Projections for Melvin and George II. Valuation Framework III. Illustrative Synergies IV. Financial Impact Analysis V. Preliminary Key Areas of Investigation on Melvin Appendix A: Additional Materials

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 1/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL I. Financial Projections for Melvin and George Financial Projections for Melvin and George 1

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 2/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL AuM and Financial Projections for Melvin and George Key Assumptions and Methodology Melvin — Based on selected recent broker research reports: Credit Suisse (27-Jan-2010), Evolution (25-Jan-2010), HSBC (19-Jan-2010) and UBS (18-Jan-2010) — Provides detailed view on profitability at both group level and management / performance P&L level — Net income forecasts very close to IBES consensus (respectively 3% higher, 1% lower and 3% higher in 2010E, 2011E and 2012E) George — Net income forecasts based on IBES figures — Illustrative EBITDA figures based on 23% effective tax rate (from CS, 08-Nov-2009) Annualised Q4 2010 interest expense Annualised 9M 2009 D&A figure Financial Projections for Melvin and George 2

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 3/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL AuM and Financial Projections for Melvin and George Fiscal Year End 31-Dec AuM Schedule ($bn) P&L Forecasts ($m) Bifurcated P&L — Net Income ($m) CAGR: 14% Revenues EBITDA Net Income Management Performance 53.3 55.2 523 49.1 470 42.4 2,672 451 1,963 336 334 1,622 288 Melvin 1,241 1,531 807 943 811 139 117 646 473 650 569 2008A 2009E 2010E 2011E 2008A 2009E 2010E 2011E 2008A 2009E 2010E 2011E Net Sales 3% (11)% 8% 6% Revenues 10% Management 25% 09E-11E 09E-11E Mkt. Mvt. (5)% (7)% 9% 8% EBITDA 21% Performance 44% CAGR CAGR Other (23)% (2)% (1)% (2)% Net Income 31% CAGR: 20% Revenues EBITDA Net Income Management Performance 495 32.1 26.3 22.2 301 15.0 177 George 127 153 107 105 81 69 NA NA NA NA NA NA 17 2008A 2009A 2010E 2011E 2008A 2009A 2010E 2011E 2008A 2009E 2010E 2011E Net Sales (5)% 20% 9% 9% Revenues NA Management NA 09E-11E 09E-11E Mkt. Mvt. (31)% 22% 12% 13% EBITDA NM Performance NA CAGR CAGR Other (3)% 8% 0% 0% Net Income 14% Financial Projections for Melvin and George 3

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 4/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Melvin Financial Projections Adjusted for Excess Capital and Capital Securities Interest Expense Fiscal Year End 31-Dec Broker Consensus Base Capital Estimated NI. ex. Excess Estimated NI. ex. USDm Figure Securities Capital Securities Capital Excess Capital EBITDA 2009E 646 — 646 — 646 2010E 650 — 650 - 650 2011E 943 — 943 — 943 Net Income 2009E 473 (24) 449 (54) 395 2010E 569 (24) 545 (54) 491 2011E 811 (24) 788 (54) 734 Note: Based on $300m of RegS Fixed Rate Perpetual Subordinated Capital Securities at 11% interest rate; and based on $1,500m of excess capital, 5% return on cash and 28% tax rate Net income projections throughout the presentation adjusted for post tax capital securities interest expense given accounting dividend-like treatment Financial Projections for Melvin and George 4

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 5/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL II. Valuation Framework Valuation Framework 5

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 6/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Historical Development of Melvin and George Share Prices Last 5 Years ¹²³ USD to GBP at 0.648 Since Average Share Price Since 500% L5Y George IPO ¹ L12M L6M L3M YTD 5Y George IPO L12M 6M 3M YTD Current 460% Melvin 1% (61)% 33% (5)% (32)% (23)% Melvin (£) 3.95 4.03 2.72 3.01 2.90 2.66 2.37 George NA (76)% 36% (34)% (2)% (15)% Melvin ($) 7.33 7.43 4.34 4.89 4.69 4.25 3.66 420% Ashmore NA (15)% 87 % 4% (22)% (14)% George ($) NM 6.75 3.30 3.34 3.08 3.04 2.73 Bluebay NA (28)% 264% 35% 0% 13% 380% Blackstone NA (58)% 239% 4% (10)% 5% Julius Baer 21% (49)% 28% (10)% (7)% (8)% Eur. Trad. AM ² 3% (35)% 39% 7% (8)% (9)% 340% Eur. Alt. AM ³ 73% (24)% 105% 13% (8)% (2)% 300% Price 260% Indexed 220% 180% 73% 22% 140% 21% 10% 100% 3% 1% 60% (61)% 20% (70)% (20)% Feb-2005 Dec-2005 Oct-2006 Aug-2007 Jun-2008 Apr-2009 Feb-2010 Melvin George Ashmore Bluebay Blackstone Julius Baer European Traditional AM ² European Alternative AM ³ Source: Bloomberg as of 19-Feb-2010 ¹ Since 25-Jun-2007 for “George IPO”. ² Includes Schroders, Intermediate Capital, Aberdeen AM, Henderson, F&C AM, Invista and Liontrust AM. Market cap weighted index. ³ Includes Ashmore, Partners Group, Gottex, BlueBay, Rab Capital and Charlemagne Capital. Market cap weighted index. Valuation Framework 6

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 7/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Historical Development of Melvin and George Valuation Since Completion of George Reverse Acquisition (05-Nov-2007) Exchange Ratio (Melvin Shares x 1 George Share) Market Cap Contribution 1.70x 100% Average Exchange Ratio Since 1.60x George IPO 1Y 6M 3M YTD 95% 0.86x 0.79x 0.70x 0.67x 0.73x 1.50x 90% 1.40x 85% 1.30x 1.20x 80% Average L12M 6M 3M 1M Current George 10.2% 9.2% 8.9% 10.0% 9.8% 1.10x Melvin 89.8% 90.8% 91.1% 90.0% 90.2% 75% 1.00x Average: 0.81x 70% 0.90x 65% 0.80x 0.74x 0.70x 60% 0.60x 55% 0.50x 50% 0.40x Nov-2007 Apr-2008 Sep-2008 Feb-2009 Aug-2009 Jan-2010 Jan-2008 Aug-2008 Apr-2009 Nov-2009 Melvin George Source: Bloomberg as of 19-Feb-2010 Note: Market cap contribution analysis based on non-diluted market capitalisation of George Valuation Framework 7

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 8/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Public Market Multiples of Comparable Companies Selected Traditional and Alternative Asset Managers USDm Equity Closing % of Calendarized Enterprise Value Dividend 5-Year Market Price 52 Week P / E Multiples EBITDA Yield EPS Company Cap 19-Feb-2010 High 2010 2011 AUM 2010 2011 2010 CAGR UK Traditional AM Schroders $5,085 $18.42 88% 15.7 x 12.7 x 1.9% 7.5 x 6.0 x 2.8% 8.0% Aberdeen 1,995 1.80 78 10.5 9.0 1.6 8.1 7.2 5.6 31.0 Henderson 1,534 1.86 86 13.1 11.4 2.0 9.9 8.5 5.1 7.0 Median 86% 13.1 x 11.4 x 1.9% 8.1 x 7.2 x 5.1% 8.0% North American Alternative AM Blackstone — ENI Basis $15,427 $13.73 80% 38.1 x 18.3 x 15.7% 18.8 x 13.3 x 4.0% 15.0% Och-Ziff 5,308 13.07 87 10.3 8.4 27.1 9.2 8.0 7.3 15.0 Fortress 1,897 4.19 60 9.7 6.5 7.2 11.5 10.5 3.5 12.0 Median 80% 10.3 x 8.4 x 15.7% 11.5 x 10.5 x 4.0% 15.0% European Alternative AM Partners $3,353 $125.56 95% 14.5 x 12.5 x 14.1% 13.4 x 11.1 x 3.5% 10.4% Ashmore 2,570 3.63 76 13.7 11.9 9.1 8.3 7.3 5.2 8.0 BlueBay 1,036 5.34 89 15.0 10.4 4.1 9.5 7.2 3.6 24.0 Gottex 243 8.09 65 19.3 9.3 2.8 14.3 9.2 1.9 NA Median 83% 14.7 x 11.2 x 6.6% 11.4 x 8.2 x 3.6% 10.4% Melvin (Broker Consensus) $6,265 $3.66 64% 11.5 x 8.0 x 9.7% 6.3 x 4.4 x 12.0% Excluding Excess Capital 4,765 9.7 6.5 6.3 4.4 George (IBES) $811 $2.73 60% 11.7 x 7.7 x 4.9% 10.2 x 7.1 x 5.1% Source: Datastream, IBES as of 19-Feb-2010 Valuation Framework 8

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 9/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Melvin AVP — Implied P/E and EV/EBITDA Multiples USDm Public Market Multiples for Key Comparables Market Price % of Calendarized P/E EV / EBITDA Div. Yield Company Cap 19-Feb-2010 52W High 2010 2011 EV /AUM 2010 2011 2010 Schroders $5,085 $18.42 88% 15.7 x 12.7 x 1.9% 7.5 x 6.0 x 2.8% Aberdeen 1,995 1.80 78 10.5 9.0 1.6 8.1 7.2 5.6 Henderson 1,534 1.86 86 13.1 11.4 2.0 9.9 8.5 5.1 Blackstone — ENI Basis 15,427 13.73 80 38.1 18.3 15.7 18.8 13.3 4.0 Och-Ziff 5,308 13.07 87 10.3 8.4 27.1 9.2 8.0 7.3 Fortress 1,897 4.19 60 9.7 6.5 7.2 11.5 10.5 3.5 Partners 3,353 125.56 95 14.5 12.5 14.1 13.4 11.1 3.5 Ashmore 2,570 3.63 76 13.7 11.9 9.1 8.3 7.3 5.2 BlueBay 1,036 5.34 89 15.0 10.4 4.1 9.5 7.2 3.6 Gottex 243 8.09 65 19.3 9.3 2.8 14.3 9.2 1.9 Median 83% 14.1 x 10.9 x 5.7% 9.7 x 8.3 x 3.8% Analysis at Various Illustrative Valuations Equity Value 6,265 6,891 7,518 8,144 8,771 9,397 10,024 10,650 11,277 Per Share ($) 3.66 4.03 4.39 4.76 5.12 5.49 5.86 6.22 6.59 Premium vs. Current 0% 10 % 20% 30% 40% 50% 60% 70% 80% Equity Value ex. Excess Capital 4,765 5,391 6,018 6,644 7,271 7,897 8,524 9,150 9,777 Enterprise Value 4,122 4,748 5,375 6,001 6,628 7,254 7,881 8,507 9,134 Broker Consensus (ex. Excess Capital) Net Income 2010E 491 9.7x 11.0x 12.3x 13.5x 14.8x 16.1x 17.4x 18.6x 19.9x 2011E 734 6.5x 7.3x 8.2x 9.1x 9.9x 10.8x 11.6x 12.5x 13.3x EBITDA 2010E 650 6.3x 7.3x 8.3x 9.2x 10.2x 11.2x 12.1x 13.1x 14.0x 2011E 943 4.4x 5.0x 5.7x 6.4x 7.0x 7.7x 8.4x 9.0x 9.7x Valuation Framework 9

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 10/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL George AVP — Implied P/E and EV/EBITDA Multiples USDm Public Market Multiples for Key Comparables Market Price % of Calendarized P/E EV / EBITDA Div. Yield Company Cap 19-Feb-2010 52W High 2010 2011 EV /AUM 2010 2011 2010 Schroders $5,085 $18.42 88% 15.7 x 12.7 x 1.9% 7.5 x 6.0 x 2.8% Aberdeen 1,995 1.80 78 10.5 9.0 1.6 8.1 7.2 5.6 Henderson 1,534 1.86 86 13.1 11.4 2.0 9.9 8.5 5.1 Blackstone — ENI Basis 15,427 13.73 80 38.1 18.3 15.7 18.8 13.3 4.0 Och-Ziff 5,308 13.07 87 10.3 8.4 27.1 9.2 8.0 7.3 Fortress 1,897 4.19 60 9.7 6.5 7.2 11.5 10.5 3.5 Partners 3,353 125.56 95 14.5 12.5 14.1 13.4 11.1 3.5 Ashmore 2,570 3.63 76 13.7 11.9 9.1 8.3 7.3 5.2 BlueBay 1,036 5.34 89 15.0 10.4 4.1 9.5 7.2 3.6 Gottex 243 8.09 65 19.3 9.3 2.8 14.3 9.2 1.9 Median 83% 14.1 x 10.9 x 5.7% 9.7 x 8.3 x 3.8% Analysis at Various Illustrative Valuations Equity Value ($m) 811 892 974 1,055 1,136 1,217 1,298 1,379 1,460 Per Share ($) 2.73 3.00 3.28 3.55 3.82 4.10 4.37 4.64 4.91 Premium vs. Current 0% 10% 20% 30% 40% 50% 60% 70% 80% Enterprise Value ($m) 1,095 1,176 1,258 1,339 1,420 1,501 1,582 1,663 1,744 Broker Consensus P/E Multiples 2010E 69 11.7x 12.8x 14.0x 15.2x 16.4x 17.5x 18.7x 19.9x 21.0x 2011E 105 7.7x 8.5x 9.3x 10.0x 10.8x 11.6x 12.4x 13.1x 13.9x EV/EBITDA Multiples 2010E 107 10.2x 11.0x 11.8x 12.5x 13.3x 14.0x 14.8x 15.6x 16.3x 2011E 153 7.1x 7.7x 8.2x 8.7x 9.3x 9.8x 10.3x 10.8x 11.4x Valuation Framework 10

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 11/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Implied Management Fee P/E Multiples of Comparable Companies Bifurcated Analysis of Multiples for Selected Traditional and Alternative Asset Managers Market Calendarised P/E Performance Fees at 3.0x Performance Fees at 5.0x $m Capitalisation 2010E 2011E 2010E Mgt. P/E 2011E Mgt. P/E 2010E Mgt. P/E 2011E Mgt. P/E Och-Ziff $5,308 10.3 x 8.4 x 24.1 x 18.4 x 20.3 x 14.6 x Ashmore 2,570 13.7 11.9 14.5 12.5 14.3 12.4 Fortress 1,897 9.7 6.5 11.5 7.9 11.0 7.1 Henderson 1,534 13.1 11.4 14.4 12.9 14.1 12.5 BlueBay 1,036 15.0 10.4 15.2 10.4 15.2 10.4 Median 13.1 x 10.4 x 14.5 x 12.5 x 14.3 x 12.4 x Melvin (ex. Excess Capital) $4,765 9.7 x 6.5 x 11.4 x 8.4 x 10.9 x 7.3 x George (IBES) $811 11.7 x 7.7 x NA NA NA NA Valuation Framework 11

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 12/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Melvin AVP — Based on Bifurcated P/E Multiples Bifurcated Multiples for Key Comparables Market Calendarised P/E Performance Fees at 3.0x Performance Fees at 5.0x $m Capitalisation 2010E 2011E 2010E Mgt. P/E 2011E Mgt. P/E 2010E Mgt. P/E 2011E Mgt. P/E Och-Ziff $5,308 10.3 x 8.4 x 24.1 x 18.4 x 20.3 x 14.6 x Ashmore 2,570 13.7 11.9 14.5 12.5 14.3 12.4 Fortress 1,897 9.7 6.5 11.5 7.9 11.0 7.1 Henderson 1,534 13.1 11.4 14.4 12.9 14.1 12.5 BlueBay 1,036 15.0 10.4 15.2 10.4 15.2 10.4 Median 13.1 x 10.4 x 14.5 x 12.5 x 14.3 x 12.4 ^x Bifurcated Valuation Sensitivity Analysis (GBP) 2010E Net Income 2011E Net Income Management Profit Multiple Management Profit Multiple 9.0 x 11.0 x 13.0 x 15.0 x 17.0 x 8.0 x 10.0 x 12.0 x 14.0 x 16.0 x Profit 3.0 x Per Share 2.01 2.31 2.60 2.90 3.19 Profit 3.0 x Per Share 2.30 2.66 3.02 3.38 3.73 Multiple Multiple Performance 3.0 x Premium (15.2)% (2.8)% 9.7% 22.1% 34.6% Performance 3.0 x Premium (3.2)% 12.0% 27.1% 42.2% 57.3% 5.0 x Per Share 2.09 2.38 2.68 2.98 3.27 5.0 x Per Share 2.50 2.86 3.21 3.57 3.93 5.0 x Premium (12.0)% 0.5% 12.9% 25.4% 37.8% 5.0 x Premium 5.2% 20.3% 35.4% 50.5% 65.6% Valuation Framework 12

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 13/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Melvin — Analysts’ Target Prices Current Share Price: £2.37 / $3.66 Target Prices Analysts’ Recommendations Target Price % vs. Current Today Broker Date £ $ Share Price BofA — ML 16-Feb-2010 3.96 6.11 67% Charles Stanley 18-Nov-2009 3.11 4.81 31% Buy Citi 12-Feb-2010 3.23 4.99 36% 44% CS 28-Jan-2010 3.03 4.68 28% Evolution 10-Feb-2010 3.65 5.64 54% Hold HSBC 11-Feb-2010 3.39 5.23 43% 56% Jefferies 17-Nov-2009 3.03 4.68 28% KBW 14-Dec-2009 4.04 6.24 70% Macquarie 24-Jan-2010 3.48 5.38 47% Morgan Stanley 12-Feb-2010 3.44 5.31 45% 6M Ago Nomura 05-Jan-2010 3.84 5.93 62% Sell Numis 08-Feb-2010 3.03 4.68 28% 13% Shore 01-Feb-2010 1.86 2.88 (21)% Buy Singer 18-Jan-2010 4.55 7.02 92% 38% UBS 20-Jan-2010 3.12 4.82 32% High 4.55 7.02 92% Median 3.39 5.23 43% Mean 3.38 5.23 43% Hold Low 1.86 2.88 (21)% 50% Source: Datastream as of 19-Feb-2010 Note: USD to GBP exchange rate applied is 0.648 Valuation Framework 13

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 14/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL George — Analysts’ Target Prices Current Share Price: $2.73 Broker Recommendations 6M Ago Today Sell 25% Buy 33% Hold 75% Hold 67% Target Prices ($) 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 19-Feb-2010 4.0 46.5% KBW 12-May-2009 4.0 (4.8)% CS 18-Feb-2010 4.0 46.5% BarCap 07-Aug-2009 3.0 (28.6)% BarCap 19-Feb-2010 3.0 9.9% Median 4.0 (4.8)% Median 4.0 46.5% Source: Datastream as of 19-Feb-2010 Valuation Framework 14

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 15/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL III. Illustrative Synergies Illustrative Synergies 15

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 16/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Preliminary and Illustrative Outside-In Synergies Estimates Revenue Synergies Two main sources of potential revenue synergies can be easily identified, although with a number of key questions to be considered Sources of Potential Revenue Synergies Key Questions for Considerations Entire cash portion of the total consideration received by Melvin and investors might consider such revenue George’s principals in the context of the transaction to be synergies only for the lock-up period and therefore might reinvested in George’s existing or new hedge funds at value such revenue synergies on a NPV basis, not market terms (2% management fee / 20% performance fee) attributing any terminal value at expiry of lock-up with long-term lock up Melvin and investors might ascribe lower value to performance fees given higher perceived risk Additional AUM net inflows as a consequence of the Melvin and investors might question the ability of George / combination between Melvin and George, driven by Melvin to achieve net sales in excess of levels currently additional net sales of George’s products (either through estimated by equity analysts and in light of recent and George’s network or Melvin’s network) or Melvin’s new historical development of net sales products through Melvin’s network: Melvin discloses that upfront commissions associated to their — George could benefit from increased net sales after products are payable in full to distributors and employees becoming part of larger group with strong balance sheet, when a fund product is first launched and that trail strong brand and presence in geographic areas where commissions are also paid for ongoing service George is less strong — Melvin and investors might question the “real” profitability — Melvin could benefit from increased net sales after and therefore the value of such new products accessing George’s products / structuring new products to be distributed to its private clients base Investors generally do not value in full revenue synergies which have a degree of uncertainty Illustrative Synergies 16

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 17/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Preliminary and Illustrative Outside-In Synergies Estimates Potential Cost Synergies Sources of Potential Cost Synergies Key Questions for Considerations George’s general and administrative expenses to be Melvin and investors might assess estimated synergies reduced as part of the transaction against synergies announced / achieved in precedent transactions — Historical evidence suggests that Occupancy, IT and Communication expenses are areas where cost savings could be more material; in addition, as a consequence of the transaction, George US-listing costs could no longer exist George’s personnel expenses to be reduced as part of the Melvin and investors might assess estimated synergies transaction against synergies announced / achieved in precedent transactions — Historical evidence suggests that Commercial / Marketing, Operations and Corporate Centre expenses are the areas where cost savings would be more material Illustrative Synergies 17

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 18/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Illustrative Outside-in Synergies Estimate (1/2) Sensitivity Analysis: Synergies per Year Revenue Synergies Cash Reinvestment Additional Net Sales of George Products Add. AuM Expected Net Return on Funds Add. AuM Expected Net Return on Funds $m 12% 13% 14% 15% 16% $m 12% 13% 14% 15% 16% 0 0 0 0 0 0 0 0 0 0 0 0 250 11 12 12 13 13 500 22 23 24 25 26 500 22 23 24 25 26 1,000 44 46 48 50 52 750 33 35 36 38 39 1,500 66 69 72 75 78 1,000 44 46 48 50 52 2,000 88 92 96 100 104 Additional Net Sales of Melvin Products Add. AuM Net Management Fee $m 1.33% 1.53% 1.73% 1.93% 2.13% 0 0 0 0 0 0 1,000 13 15 17 19 21 2,000 27 31 35 39 43 3,000 40 46 52 58 64 4,000 53 61 69 77 85 Cost Synergies General and Administrative Expenses Personnel Expenses Savings as % of George Cost Base Savings as % of George Cost Base Base 0% 15% 20% 25% 30% 40% Base 0% 15% 20% 25% 30% 40% Total 91 0 14 18 23 27 36 Total 194 0 29 39 48 58 77 Illustrative Synergies 18

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 19/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Illustrative Outside-in Synergies Estimate (2/2) Sensitivity Analysis: Synergies NPV (Post-tax) Assumed 2014E P/E 8.0 x 8.5 x 9.0 x 9.5 x 10.0 x 10.5 x 11.0 x 11.5 x 12.0 x 0 0 0 0 0 0 0 0 0 0 25 119 124 129 134 139 144 149 154 158 m) 50 238 248 258 268 278 287 297 307 317 $ ( Synergies 75 357 372 387 402 416 431 446 461 475 100 476 496 516 535 555 575 594 614 634 Annual 125 596 620 645 669 694 718 743 768 792 Pre-tax 150 715 744 774 803 833 862 892 921 951 175 834 868 903 937 971 1,006 1,040 1,075 1,109 200 953 992 1,032 1,071 1,110 1,150 1,189 1,228 1,267 Note: Assuming 12.9% discount rate based on Melvin’s cost of equity as per Bloomberg on 22-Feb-2010 (risk free rate of 4.23%, adjusted beta of 1.132 and equity risk premium of 7.63%). Assuming restructuring costs of 1.0x synergies, phased in 50% in 2010E and 50% in 2011E. Synergies are phased 50% in 2010E and 100% from 2011E onwards. Assuming 28% tax rate Illustrative Synergies 19

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 20/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Blue Page Illustrative Synergies 20

DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Historical Net Sales Melvin and George 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 Dec-2009 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 1.5 Redemptions (2.0) (2.3) (2.5) (3.2) (3.6) (3.0) (4.4) (6.3) (6.0) (11.0) (7.6) (2.6) Net Sales 5.7 2.1 1.0 2.4 7.0 2.3 3.6 1.6 4.2 (6.3) (1.9) (1.1) Investment mvt. (2.2) 2.3 1.6 2.8 (1.1) 2.2 2.9 2.7 (5.9) (0.7) (0.6) (1.2) Other ¹ (2.9) (0.5) (1.2) 0.3 1.0 0.4 0.4 1.7 (5.3) (13.8) (0.3) 0.7 Period end 39.1 43.0 44.4 49.9 56.8 61.7 68.6 74.6 67.6 46.8 44.0 42.4 Key Ratios Net Sales / Opening FuM 14.8% 5.4% 2.3% 5.4% 14.0% 4.0% 5.8% 2.3% 5.6% (9.3)% (4.1)% (2.5)% Investment Mvt. / Opening FuM (5.7)% 5.9% 3.7% 6.3% (2.2)% 3.9% 4.7% 3.9% (7.9)% (1.0)% (1.3)% (2.7)% Other / Opening FuM (7.5)% (1.3)% (2.8)% 0.7% 2.0% 0.7% 0.6% 2.5% (7.1)% (20.4)% (0.6)% 1.6% George 6 months period ended Latest $bn Jun-2008 Dec-2008 Jun-2009 Sep-2009 Dec-2009 FuM Start of period 24.6 23.7 15.0 19.1 21.6 Net Sales 0.1 (1.4) 2.3 0.2 0.7 Investment mvt. (1.8) (5.8) 1.0 1.9 0.0 Other 0.7 (1.4) 0.8 0.4 (0.2) Period end 23.7 15.0 19.1 21.6 22.2 Key Ratios Net Sales / Opening FuM 0.6% (6.0)% 15.1% 1.1% 3.3% Investment Mvt. / Opening FuM (7.4)% (24.5)% 6.6% 9.9% 0.1% Other / Opening FuM 3.0% (6.1)% 5.2% 2.3% (0.9)% Source: Company public disclosures, selected broker reports Illustrative Synergies 21

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 22/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Precedent Transaction Synergies Cost Synergies as a % Transaction Date Consideration Estimated Synergies of Target’s Expenses Phase-In 50% in first year, / Estimated $130-$150 million in annual cost Approximately 12% — 14% of 9/30/2009 ~$1,000 almost 100% in savings Target’s 2008 expenses second year Approximately 11% of Target’s Fully phased over / ^6/11/09 13,344 $200 million in annual pre-tax cost synergies 2008 operating expenses 18 months Target achieving 28% operating margins post- Approximately 10% of Target’s 2/21/2008 3,900 transactions (from 18% pre-transaction), NA expenses / achieved via revenue and expense synergies. Approximately 14% of Target’s / ^2/15/2006 9,487 Estimated $140 million in costs savings Two years 2005 expenses Approximately 10% of Target’s / 6/24/2005 3,700 Estimated $80-$115 million pre-tax cost savings Annualized Q1 2005 segment One year expenses / $20 million in pre-tax cost savings; $30 million Total Synergies / Target’s 7/22/2003 2,625 pre-tax revenue synergies Annualized Q1 2003 Expenses Two years = 8.0% Illustrative Synergies 22

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 23/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL IV. Financial Impact Analysis Financial Impact Analysis 23

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 24/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Melvin EPS Accretion / Dilution Analysis Melvin George 2010E P/E 11.5 x 11.7 x Assuming $100m Pre-tax Synergies per Annum (Mid Point of Page 19) 2011E P/E 8.0 x 7.7 x Equity Value ($m) 974 1,014 1,055 1,095 1,136 1,176 1,217 1,257 1,298 1,339 1,379 Per Share ($) 3.28 3.41 3.55 3.69 3.82 3.96 4.10 4.23 4.37 4.50 4.64 Premium 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 70% 100% Stock / 0% Cash Broker Consensus 2010E Pre Synergies (2.4)% (3.0)% (3.5)% (4.0)% (4.6)% (5.1)% (5.6)% (6.1)% (6.6)% (7.1)% (7.6)% 2011E Pre Synergies (1.9)% (2.5)% (3.0)% (3.5)% (4.1)% (4.6)% (5.1)% (5.6)% (6.1)% (6.6)% (7.1)% 2010E Post Synergies 3.3% 2.7% 2.2% 1.6% 1.0% 0.5% (0.1)% (0.6)% (1.1)% (1.7)% (2.2)% 2011E Post Synergies 6.0% 5.4% 4.8% 4.2% 3.7% 3.1% 2.6% 2.0% 1.5% 0.9% 0.4% 50% Stock / 50% Cash Broker Consensus 2010E Pre Synergies 1.6% 1.2% 0.8% 0.4% (0.1)% (0.5)% (0.9)% (1.3)% (1.7)% (2.1)% (2.5)% 2011E Pre Synergies 3.1% 2.7% 2.3% 1.9% 1.5% 1.1% 0.8% 0.4% 0.0% (0.4)% (0.7)% 2010E Post Synergies 7.8% 7.3% 6.9% 6.4% 6.0% 5.6% 5.1% 4.7% 4.3% 3.8% 3.4 % 2011E Post Synergies 11.6% 11.2% 10.7% 10.3% 9.9% 9.5% 9.1% 8.7% 8.3% 7.9% 7.5 ^% Note: Assuming 5% pre-tax return on cash and 28% tax rate. Synergies phased in 50% in year 1, then 100% in year 2. Restructuring costs not taken into account in this analysis due to their non recurring nature Financial Impact Analysis 24

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 25/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Melvin EPS Accretion / Dilution Sensitivities to Premium, Cash Consideration and Synergies 2010E Accretion / (Dilution) excluding Synergies 2010E Accretion/(Dilution) including Synergies Premium Paid Premium Paid (2.4)% 0% 10% 20% 30% 40% 50% 3.3% 0% 10% 20% 30% 40% 50% 0% (0.2)% (1.3)% (2.4)% (3.5)% (4.6)% (5.6)% 0% 5.7% 4.5% 3.3% 2.2% 1.0% (0.1)% Consideration Consideration 10% 0.5% (0.6)% (1.7)% (2.7)% (3.7)% (4.7)% 10% 6.4% 5.3% 4.1% 3.0% 2.0% 0.9% 20% 1.2% 0.2% (0.9)% (1.9)% (2.8)% (3.8)% 20% 7.2% 6.1% 5.0% 4.0% 2.9% 1.9% 30% 1.9% 0.9% (0.1)% (1.0)% (1.9)% (2.9)% 30% 8.0% 6.9% 5.9% 4.9% 3.9% 2.9% % Cash 40% 2.6% 1.7% 0.8% (0.1)% (1.0)% (1.9)% % Cash 40% 8.8% 7.8% 6.8% 5.9% 4.9% 4.0% 50% 3.4% 2.5% 1.6% 0.8% (0.1)% (0.9)% 50% 9.6% 8.7% 7.8% 6.9% 6.0% 5.1% 2011E Accretion / (Dilution) excluding Synergies 2011E Accretion / (Dilution) excluding Synergies Premium Paid Premium Paid (1.9)% 0% 10% 20% 30% 40% 50% 6.0% 0% 10% 20% 30% 40% 50% 0% 0.3% (0.8)% (1.9)% (3.0)% (4.1)% (5.1)% 0% 8.4% 7.2% 6.0% 4.8% 3.7% 2.6% Consideration Consideration 10% 1.2% 0.1% (1.0)% (2.0)% (3.0)% (4.0)% 10% 9.4% 8.2% 7.1% 5.9% 4.8% 3.8% 20% 2.0% 1.0% 0.0% (1.0)% (1.9)% (2.9)% 20% 10.3% 9.2% 8.1% 7.1% 6.1% 5.0% 30% 2.9% 1.9% 1.0% 0.1% (0.8)% (1.7)% 30% 11.3% 10.3% 9.3% 8.3% 7.3% 6.3% % Cash 40% 3.8% 2.9% 2.0% 1.2% 0.3% (0.5)% % Cash 40% 12.3% 11.3% 10.4% 9.5% 8.6% 7.7% 50% 4.7% 3.9% 3.1% 2.3% 1.5% 0.8% 50% 13.3% 12.4% 11.6% 10.7% 9.9% 9.1% Financial Impact Analysis 25

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 26/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Value Creation Analysis ¹ $m 100% Stock 50% Stock / 50% Cash Equity Value 811 892 974 1,055 1,136 1,217 811 892 974 1,055 1,136 1,217 Per Share ($) 2.73 3.00 3.28 3.55 3.82 4.10 2.73 3.00 3.28 3.55 3.82 4.10 Premium 0% 10% 20% 30% 40% 50% 0% 10% 20% 30% 40% 50% Cash 0 0 0 0 0 0 406 446 487 527 568 608 Cash Per Share ($) 0.00 0.00 0.00 0.00 0.00 0.00 1.37 1.50 1.64 1.77 1.91 2.05 Exchange Ratio 0.75 x 0.82 x 0.90 x 0.97 x 1.04 x 1.12 x 0.37 x 0.41 x 0.45 x 0.48 x 0.52 x 0.56 x Pro Forma Ownership % Held by Melvin 89% 88% 87% 86% 85% 84% 94% 93% 93% 92% 92% 91% % Held by George 11% 12% 13% 14% 15% 16% 6% 7% 7% 8% 8% 9% Equity Value (+) Current Melvin Market Cap 6,265 6,265 6,265 6,265 6,265 6,265 6,265 6,265 6,265 6,265 6,265 6,265 (+) George Equity Value 811 892 974 1,055 1,136 1,217 811 892 974 1,055 1,136 1,217 (-) Cash Paid Out 0 0 0 0 0 0 (406) (446) (487) (527) (568) (608) (+) NPV of Synergies ¹ 476 476 476 476 476 476 476 476 476 476 476 476 Total Equity Value ($m) 7,553 7,634 7,715 7,796 7,877 7,958 7,147 7,187 7,228 7,269 7,309 7,350 Stock Consideration to George 866 952 1,038 1,123 1,209 1,294 435 478 521 564 607 651 Cash Consideration to George 0 0 0 0 0 0 406 446 487 527 568 608 Total Value to George 866 952 1,038 1,123 1,209 1,294 840 924 1,008 1,092 1,175 1,259 Per Share 2.91 3.20 3.49 3.78 4.07 4.36 2.83 3.11 3.39 3.67 3.96 4.24 Value Accretion/(Dilution) to George 0% Melvin Multiple Rerating 7% 17% 28% 38% 49% 60% 4% 14% 24% 35% 45% 55% 10% Melvin Multiple Rerating 17% 29% 41% 52% 64% 76% 9% 20% 31% 42% 52% 63% 20% Melvin Multiple Rerating 28% 41% 53% 66% 79% 91% 14% 26% 37% 48% 60% 71% ¹ Assuming $100m pre-tax synergies per annum. Assuming 12.9% discount rate based on Melvin’s cost of equity as per Bloomberg on 22-Feb-2010 (risk free rate of 4.23%, adjusted beta of 1.132 and equity risk premium of 7.63%). Assuming restructuring costs of 1.0x synergies, phased in 50% in 2010E and 50% in 2011E. Synergies are phased 50% in 2010E and 100% from 2011E onwards. Assuming 28% tax rate Financial Impact Analysis 26

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 27/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Melvin and George Combined See-Through Value Assuming 50% Cash & 20% Premium Paid (No Synergies) 2010E EBITDA 2011E EBITDA Combined EBITDA ($m) 681 757 833 908 984 987 1,097 1,206 1,316 1,426 Per Share ($) 0.37 0.41 0.45 0.49 0.53 0.54 0.59 0.65 0.71 0.77 vs. Broker Consensus (%) (10)% 0% 10% 20% 30% (10)% 0% 10% 20% 30% vs. Broker Consensus ($m) (76) 0 76 151 227 (110) 0 110 219 329 Implied Enterprise Value ($m) Implied Enterprise Value ($m) 7.0 x 4,769 5,299 5,829 6,359 6,889 6.0 x 5,922 6,579 7,237 7,895 8,553 7.5 x 5,110 5,678 6,245 6,813 7,381 6.5 x 6,415 7,128 7,841 8,553 9,266 8.0 x 5,451 6,056 6,662 7,267 7,873 7.0 x 6,908 7,676 8,444 9,211 9,979 8.5 x 5,791 6,435 7,078 7,722 8,365 7.5 x 7,402 8,224 9,047 9,869 10,692 9.0 x 6,132 6,813 7,495 8,176 8,857 8.0 x 7,895 8,773 9,650 10,527 11,404 9.5 x 6,473 7,192 7,911 8,630 9,349 8.5 x 8,389 9,321 10,253 11,185 12,117 10.0 x 6,813 7,570 8,327 9,084 9,841 9.0 x 8,882 9,869 10,856 11,843 12,830 Implied Price Per Share (GBP) Implied Price Per Share (GBP) 7.0 x 2.16 2.35 2.53 2.72 2.90 6.0 x 2.56 2.80 3.03 3.26 3.49 7.5 x 2.28 2.48 2.68 2.88 3.08 6.5 x 2.74 2.99 3.24 3.49 3.74 8.0 x 2.40 2.61 2.82 3.04 3.25 7.0 x 2.91 3.18 3.45 3.72 3.99 8.5 x 2.52 2.75 2.97 3.20 3.42 7.5 x 3.09 3.37 3.66 3.95 4.24 9.0 x 2.64 2.88 3.12 3.36 3.60 8.0 x 3.26 3.57 3.88 4.18 4.49 9.5 x 2.76 3.01 3.26 3.52 3.77 8.5 x 3.43 3.76 4.09 4.42 4.74 10.0 x 2.88 3.14 3.41 3.68 3.94 9.0 x 3.61 3.95 4.30 4.65 4.99 Implied Premium vs. Current Melvin Share Price Implied Premium vs. Current Melvin Share Price 7.0 x (9)% (1)% 7% 15% 22% 6.0 x 8% 18% 28% 37% 47% 7.5 x (4)% 4% 13% 21% 30% 6.5 x 15% 26% 36% 47% 58% 8.0 x 1% 10% 19% 28% 37% 7.0 x 23% 34% 45% 57% 68% 8.5 x 6% 16% 25% 35% 44% 7.5 x 30% 42% 54% 67% 79% 9.0 x 11% 21% 31% 41% 52% 8.0 x 37% 50% 63% 76% 89% 9.5 x 16% 27% 37% 48% 59% 8.5 x 45% 58% 72% 86% 100% 10.0 x 21% 32% 44% 55% 66% 9.0 x 52% 67% 81% 96% ^110% Note: Pro-forma share count of 1,845m equal to 1,712m fully diluted shares of Melvin pre-transaction plus 133m shares issued to acquire a 100% of George in a 50 / 50 cash / stock transaction at a 20% premium. Delta between pro-forma enterprise value and equity value equal to $(1,372)m ($487m cash paid; for Melvin: $(1,194)m net debt, $(950)m associates and $1m minorities; for George: $270m net debt and $14m minorities) Financial Impact Analysis 27

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 28/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Melvin See-Through Trading and Theoretical Value Sensitivity to Change in Premium, Cash Consideration and Melvin Share Price (No Synergies) Current Share Prices of Melvin and George: £2.37 ($3.66) / $2.73 Sensitivity to Premium Paid & Melvin Share Price Sensitivity to Cash Consideration & Melvin Share Price $4.50 $3.80 Assuming 50% Cash Consideration Assuming 20% Premium Paid 7p Share $4.00 30p Share $3.60 George George $3.50 $3.40 Value per $3.00 Value per $3.20 $2.50 $3.00 $2.00 $2.80 (20)% (10)% 0% 10% 20% (20)% (10)% 0% 10% 20% Change in Melvin Share Price Change in Melvin Share Price 10% Premium 20% Premium 30% Premium 40% Premium 40% Cash 50% Cash 60% Cash 70% Cash Melvin Share Price ($) 2.93 3.29 3.66 4.03 4.39 Melvin Share Price ($) 2.93 3.29 3.66 4.03 4.39 Melvin Share Price (20)% (10)% 0% 10% 20% Melvin Share Price (20)% (10)% 0% 10% 20% 0% 2.46 2.59 2.73 2.87 3.00 George 30% 2.82 3.05 3.28 3.51 3.73 to Offered 10% 2.70 2.85 3.00 3.15 3.30 40% 2.88 3.08 3.28 3.47 3.67 George 20% 2.95 3.11 3.28 3.44 3.60 50% 2.95 3.11 3.28 3.44 3.60 Premium 30% 3.19 3.37 3.55 3.73 3.90% Cash Paid to 60% 3.01 3.14 3.28 3.41 3.54 40% 3.44 3.63 3.82 4.01 4.20 70% 3.08 3.18 3.28 3.37 3.47 Financial Impact Analysis 28

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 29/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL V. Preliminary Key Areas of Investigation on Melvin Preliminary Key Areas of Investigation on Melvin 29

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 30/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Preliminary Key Areas of Investigation Key Areas of Investigation Comments 1. Regulatory capital surplus Stated regulatory capital surplus in excess of US$1.5bn as of Dec-2009 includes $300m of — Detailed calculation of financial Tier 1 and $400m of Tier 2 capital resources requirement including Minimum requirement calculation and “board cushion” amount not disclosed board cushion 2. Investments in associates/joint ventures BlueCrest (global multistrategy HF): 25% stake owned; carrying value of $217m; estimated and related impairment calculations equity value based on comparable P/E multiples of ~$850m to be refined; 2% stake acquired — BlueCrest in Feb-09 for $50m, implying a valuation of the 25% stake of $625m — Ore Hill Ore Hill: (US based credit specialist fund manager): 50% stake acquired in May-08 for — Nephila $272m; $214m subsequent write-off resulting in carrying value of $59m Nephila (alternative asset manager specializing in weather derivatives and catastrophe reinsurance): 25% stake acquired in Jun-08 for $40m 3. Variable Forward Sale (“VFS”) In Aug-09 Melvin sold its entire stake in MF Global under a VFS Agreement with Nomura, at a agreement regarding the stake in MF sale price of $5.95 per share, resulting in an initial net gain of $34m; under the VFS the Global eventual sale price is capped at $7.14 per share with a floor at $5.35 per share 4. De-risking of Man Global Strategies The reduction of investment exposure across the MGS product range to protect investor (MGS) capital and the associated product rebalancing reduced FUM by $12.1 billion in 2009 Accelerated amortisation of MGS sales commissions of $107m related to unamortised upfront sales commissions associated with MGS products 5. Upfront sale commissions — intangibles $317m related to unamortised upfront sales commission Currently deducted from regulatory capital 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 6. Investments in funds products $1.1bn as of Sep-09, including $372m owed by fund products and $760m investments in fund products 7. AHL funds AHL is a quantitative investment manager specialising in systematic trading; accounts for — Performance and redemption 51% of Melvin FUM as of Dec-09 ($21.7bn out of $42.4bn) — AHL diversified (AHL flagship fund) total return: -16.9% in 2009; -5.6% in 3M to Dec-09 8. Tax rate sustainability The effective tax rate on profits before tax is 17.9% (Sep-09) The majority of Melvin’s profit is earned in Switzerland and the UK Preliminary Key Areas of Investigation on Melvin 30

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 31/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Appendix A: Additional Materials Additional Materials 31

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 32/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Enterprise Value and Share Count Calculation for Melvin and George USDm George Melvin Equity Value Equity Value Number of Shares Outstanding (m) 311 Number of Shares Outstanding (m) 1,712 ow/ Common 252 ow/ Common 1,712 ow/ FA Sub 2 Limited Exchangeable Shares 59 — - Share Price ($) 2.73 Share Price ($) 3.66 Market Capitalisation 850 Market Capitalisation 6,265 Fully Diluted Number of Shares 297 Fully Diluted Number of Shares 1,712 ow/ NOSH Outstanding 311 ow/ NOSH Outstanding 1,712 ow/ Treasury Shares (14) ow/ Treasury Shares 0 Fully Diluted Market Cap 811 Fully Diluted Market Cap 6,265 Enteprise Value Enteprise Value Equity Value 811 Equity Value 6,265 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 1,095 Enterprise Value ^4,122 Source: Company disclosures, Bloomberg as of 19-Feb-2010 Additional Materials 32

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 33/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Melvin Shareholder Bases Latest Reported BlackRock IM 10% Baille Gifford 5% Fidelity 5% Alliance Bernstein 5% Other L&G IM 64% 4% F&C AM 2% Aviva 2% BlackRock State Street Advisors BlackRock Financial Management Global Advisors 2% 2% 1% Source: IBES Additional Materials 33

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 34/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Melvin — Volumes Traded at Different Prices Last 12 Months Last 6 Months Weighted Average Price: 2.93 GBP / 4.76 US$1,600,000 Weighted Average Price: 2.67 GBP / 4.22US$550,000 Total Shares Traded as Percent of Shares Outstanding: Total Shares Traded as Percent of Shares Outstanding: 165.25% 500,000 1,400,000 84.95% 450,000 1,200,000 400,000 (000) 35% (000) 24% 1,000,000 350,000 22% 22% Volume Volume 300,000 800,000 24% 16% 250,000 16% 20% 600,000 200,000 400,000 11% 150,000 9% 100,000 200,000 50,000 0 0 1.53 1.96 2.4 2.84 3.27 2.15 2.46 2.77 3.09 3.40 to to to to to to to to to to 1.95 2.39 2.83 3.26 3.71 2.45 2.76 3.08 3.39 3.71 Last 3 Months Last Month 400,000 Weighted Average Price: 2.75 GBP / 4.44 US$200,000 Weighted Average Price: 2.41 GBP / 3.83 US$ Total Shares Traded as Percent of Shares Outstanding: 44.22% Total Shares Traded as Percent of Shares Outstanding: 23.92% 350,000 175,000 300,000 150,000 (000) 33% (000) 32% 33% 250,000 125,000 Volume Volume 200,000 23% 100,000 20% 17% 150,000 75,000 13% 100,000 11% 12% 50,000 5% 50,000 25,000 0 0 2.15 2.42 2.7 2.97 3.25 2.15 2.29 2.43 2.57 2.71 to to to to to to to to to to 2.41 2.69 2.96 3.24 3.52 2.28 2.42 2.56 2.7 2.85 Source: Bloomberg as of 19-Feb-2010 Additional Materials 34

SUGARCANE\Presentations\2010-02-16 Discussion\FINAL\2010-02-23 Discussion Materials.doc gbertail 23 Feb 2010 2:20 35/38 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL George — Volumes Traded at Different Prices Last 12 Months Last 6 Months Weighted Average Price: 3.27 USD 135,000 Weighted Average Price: 3.38 USD 90,000 Total Shares Traded as Percent of Shares Outstanding: 69.02% 120,000 Total Shares Traded as Percent of Shares Outstanding: 123.37% 80,000 105,000 70,000 37% (000) 90,000 27% 28% (000) 60,000 28% 75,000 50,000 Volume 21% Volume 19% 60,000 40,000 45,000 30,000 14% 11% 30,000 20,000 9% 5% 15,000 10,000 0 0 2.01 2.51 3.01 3.52 4.02 2.58 2.93 3.29 3.64 4.00 to to to to to to to to to to 2.50 3 3.51 4.01 4.52 2.92 3.28 3.63 3.99 4.35 Last 3 Months Last Month 36,000 Weighted Average Price: 3.07 USD 9,000 Weighted Average Price: 2.94 USD 32,000 Total Shares Traded as Percent of Shares Outstanding: 26.98% 8,000 Total Shares Traded as Percent of Shares Outstanding: 8.06% 28,000 7,000 33% (000) 24,000 (000) 6,000 29% 20,000 Volume 5,000 Volume 24% 20% 21% 23% 16,000 4,000 15% 12,000 3,000 15% 12% 8,000 9% 2,000 4,000 1,000 0 0 2.70 2.85 3.01 3.16 3.32 2.70 2.81 2.92 3.02 3.13 to to to to to to to to to to 2.84 3.00 3.15 3.31 3.47 2.80 2.91 3.01 3.12 3.24 Source: Bloomberg as of 19-Feb-2010 Additional Materials 35

EX-99.C.XIV

Exhibit (c)(xiv)

Exhibit (c)(ix) SUGARCANE\Presentations\2010-03-05 Valuation Discussion\FINAL\2010-03-06 Valuation Discussion.doc gbertail 6 Mar 2010 15:04 1/20 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Project Sugarcane Discussion Materials Goldman Sachs International 06-Mar-2010

SUGARCANE\Presentations\2010-03-05 Valuation Discussion\FINAL\2010-03-06 Valuation Discussion.doc gbertail 6 Mar 2010 15:04 2/20 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Disclaimer This document is confidential. Accordingly, it should not be copied, distributed, published or reproduced, in whole or in part, or disclosed by any recipient to any other person. The information contained in this document was obtained from publicly available sources and has not been independently verified by GSI and does not constitute a recommendation from GSI to the recipient. GSI has relied upon the accuracy and completeness of all of the financial, accounting and other information discussed with or reviewed by it and has assumed such accuracy and completeness for purposes of this document. Neither GSI nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this document and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. This document does not purport to contain all of the information that may be required to evaluate any potential transaction and should not be relied on in connection with any such potential transaction. The receipt of this document by any recipient is not to be taken as constituting the giving of investment advice by GSI to that recipient, nor to constitute such person a client of GSI.

SUGARCANE\Presentations\2010-03-05 Valuation Discussion\FINAL\2010-03-06 Valuation Discussion.doc gbertail 6 Mar 2010 15:04 3/20 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Table of Contents I. George Valuation Framework II. Financial Impact Analysis Appendix A: Additional Materials

SUGARCANE\Presentations\2010-03-05 Valuation Discussion\FINAL\2010-03-06 Valuation Discussion.doc gbertail 6 Mar 2010 15:04 1/20 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL I. George Valuation Framework George Valuation Framework 1

SUGARCANE\Presentations\2010-03-05 Valuation Discussion\FINAL\2010-03-06 Valuation Discussion.doc gbertail 6 Mar 2010 15:04 2/20 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Historical Development of Melvin and George Share Price Last 5 Years ¹²³ USD to GBP at 0.67 Since Average Share Price 40.0 L5Y George IPO ¹ L12M L6M L3M YTD 5Y George IPO L12M 6M 3M YTD Current Melvin 1% (62)% 37% (9)% (28)% (24)% Melvin (£) 3.95 4.01 2.73 3.00 2.76 2.59 2.35 37.5 George NA (75)% 29% (26)% (6)% (13)% Melvin ($) 7.33 7.40 4.36 4.86 4.42 4.11 3.50 35.0 Eur. Trad. AM ² 4% (35)% 37% (1)% (5)% (9)% George ($) NM 6.71 3.31 3.25 3.06 2.99 2.80 Eur. Alt. AM ³ 75% (22)% 125% 17% 3% 2% 32.5 George) 30.0 27.5 to 25.0 (Rebased 22.5 20.0 75% 17.5 Price 15.0 12.5 4% Share 10.0 1% 7.5 5.0 (75)% 2.5 0.0 Mar-2005 Dec-2005 Oct-2006 Aug-2007 Jun-2008 Apr-2009 Feb-2010 Melvin George European Traditional AM ² European Alternative AM ³ Source: Bloomberg as of 02-Mar-2010 ¹ Since 25-Jun-2007 for “George IPO”. ² Includes Schroders, Intermediate Capital, Aberdeen AM, Henderson, F&C AM, Invista and Liontrust AM. Market cap weighted index. ³ Includes Ashmore, Partners Group, Gottex, BlueBay, Rab Capital and Charlemagne Capital. Market cap weighted index. George Valuation Framework 2

SUGARCANE\Presentations\2010-03-05 Valuation Discussion\FINAL\2010-03-06 Valuation Discussion.doc gbertail 6 Mar 2010 15:04 3/20 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Historical Development of Exchange Ratio Since Completion of George Reverse Acquisition (05-Nov-2007) Exchange Ratio (Melvin Shares x 1 George Share) 1.70x 1.60x Average Exchange Ratio Since George IPO 2Y 1Y 6M 3M YTD 1.50x 0.86x 0.78x 0.78x 0.68x 0.70x 0.74x 1.40x 1.30x 1.20x 1.10x 1.00x Average: 0.84x 0.90x 0.80x 0.80x 0.70x 0.60x 0.50x 0.40x Nov-2007 Apr-2008 Oct-2008 Mar-2009 Sep-2009 Mar-2010 Source: Bloomberg as of 02-Mar-2010 George Valuation Framework 3

SUGARCANE\Presentations\2010-03-05 Valuation Discussion\FINAL\2010-03-06 Valuation Discussion.doc gbertail 6 Mar 2010 15:04 4/20 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Public Market Multiples of Comparable Companies Selected Traditional and Alternative Asset Managers¹ $m Excluding Convertible Conversion Equity Closing Calendarized Enterprise Value Div. George Implied Price / Share ($) Market Price P / E Multiples EBITDA Yield P/E EV/EBITDA Company Cap 2-Mar-2010 2010 2011 AUM 2010 2011 2010 2010E 2011E 2010E 2011E UK Traditional AM Schroders $5,052 $18.27 16.0 x 13.0 x 2.0% 7.6 x 6.3 x 2.7% 3.01 4.49 1.52 2.42 Aberdeen 1,932 1.75 10.5 9.0 1.6 8.1 7.0 5.7 1.97 3.11 1.66 2.80 Henderson 1,526 1.85 12.7 11.4 2.1 10.5 8.9 5.2 2.38 3.92 2.46 3.81 Gartmore 844 2.75 9.1 7.3 2.1 9.6 8.0 2.5 1.72 2.53 2.18 3.31 Median 11.6 x 10.2 x 2.0% 8.8 x 7.5 x 3.9% 2.18 3.52 1.92 3.05 North American Alternative AM Blackstone — ENI Basis $15,854 $14.11 22.9 x 16.2 x 16.2% 19.3 x 13.7 x 6.2% 4.32 5.59 5.34 6.37 Och-Ziff 5,674 13.97 11.0 8.9 28.7 9.8 8.5 6.8 2.08 3.08 2.23 3.61 Fortress 1,856 4.10 9.1 6.4 7.1 11.3 10.3 NA 1.72 2.21 2.73 4.58 Median 11.0 x 8.9 x 16.2% 11.3 x 10.3 x 6.5% 2.08 3.08 2.73 4.58 European Alternative AM Partners $3,388 $126.89 14.6 x 12.6 x 14.2% 13.5 x 11.2 x 3.5% 2.74 4.34 3.44 5.05 Ashmore 2,534 3.57 13.5 11.9 9.3 8.6 7.6 5.1 2.55 4.11 1.84 3.12 BlueBay 1,102 5.65 16.0 11.7 4.6 10.4 8.3 4.1 3.02 4.04 2.44 3.50 Gottex 259 8.62 20.6 9.9 3.0 15.3 9.8 1.7 3.88 3.42 4.04 4.31 Median 15.3 x 11.8 x 7.0% 12.0 x 9.1 x 3.8% 2.88 4.07 2.94 3.90 Melvin (Broker Consensus) $5,996 $3.50 11.0 x 7.6 x 14.1% 5.9 x 4.1 x 12.6% George Pre Convesion 832 2.80 14.9 8.1 3.8 11.5 7.0 5.0 Post Conversion ¹ $1,061 16.7 x 9.6 x 4.8% 11.5 x 7.0 x Source: Datastream, IBES as of 02-Mar-2010 ¹ Illustrative post conversion market capitalisation based on $832m market capitalisation and $228.5m convertible notional. We have assumed that, in practice, the convertible debt would not be converted if George’s share price is below $3.72 (or, in case of a change of control, below $3.10), although the debt would technically still be convertible below these prices). George Valuation Framework 4

SUGARCANE\Presentations\2010-03-05 Valuation Discussion\FINAL\2010-03-06 Valuation Discussion.doc gbertail 6 Mar 2010 15:04 5/20 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL George AVP — Implied P/E and EV/EBITDA Multiples $m Consideration per Share ($) 2.80 3.00 3.20 3.40 3.60 3.80 4.00 4.20 4.40 4.60 4.80 Premium vs. Current 0% 7% 14% 21% 29% 36% 43% 50% 57% 64% 71% Implied Exchange Ratio 0.80 x 0.86 x 0.91 x 0.97 x 1.03 x 1.08 x 1.14 x 1.20 x 1.26 x 1.31 x 1.37 x Total Number of Shares 297 297 370 368 367 366 365 364 364 363 363 ow/ Convertible Debt 0 0 73 71 70 69 68 67 66 66 65 Equity Consideration 832 891 1,183 1,252 1,321 1,390 1,459 1,530 1,600 1,670 1,740 ow/ Convertible Debt 0 0 232 241 251 260 270 282 293 303 314 Enterprise Value 1,116 1,176 1,239 1,307 1,376 1,445 1,515 1,585 1,656 1,726 1,796 Base ($m) P/E Multiples 2010E Net Income Pre Conversion 56 14.9 x 15.9 x 17.0 x 18.0 x 19.1 x 20.2 x 21.2 x 22.3 x 23.3 x 24.4 x 25.5 x Post Conversion 63 NM NM 18.7 19.7 20.8 21.9 23.0 24.1 25.2 26.3 27.4 2011E Net Income Pre Conversion 103 8.1 8.7 9.3 9.9 10.4 11.0 11.6 12.2 12.8 13.3 13.9 Post Conversion 110 NM NM 10.8 11.4 12.0 12.6 13.3 13.9 14.6 15.2 15.8 EV/EBITDA Multiples 2010 EV/EBITDA 97 11.5 12.2 12.8 13.5 14.2 15.0 15.7 16.4 17.1 17.9 18.6 2011 EV/EBITDA 159 7.0 x 7.4 x 7.8 x 8.2 x 8.6 x 9.1 x 9.5 x 10.0 x 10.4 x 10.8 x 11.3 ^x George Valuation Framework 5

SUGARCANE\Presentations\2010-03-05 Valuation Discussion\FINAL\2010-03-06 Valuation Discussion.doc gbertail 6 Mar 2010 15:04 6/20 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL George - Analysts’ Target Prices Current Share Price: $2.80 Broker Recommendations 6M Ago Today Sell 25% Buy 33% Hold 75% Hold 67% Target Prices ($) 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 19-Feb-2010 4.0 42.9% KBW 12-May-2009 4.0 (4.8)% CS 18-Feb-2010 4.0 42.9% BarCap 07-Aug-2009 3.0 (28.6)% BarCap 19-Feb-2010 3.0 7.1% Median 4.0 (4.8)% Median 4.0 42.9% Source: Datastream as of 02-Mar-2010 George Valuation Framework 6

SUGARCANE\Presentations\2010-03-05 Valuation Discussion\FINAL\2010-03-06 Valuation Discussion.doc gbertail 6 Mar 2010 15:04 7/20 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Premia Analysis Average Premia Paid US Transactions Across Industries Financial Industry 67% 26% 27% 53% 23% 24% 21% 21% 22% 48% 46% 37% 37% 38% 33% 34% 29% 28% 30% 8% 3% 1 Day prior to 1 Week prior to 4 Weeks prior to 1 Day prior to 1 Week prior to 4 Weeks prior to Announcement Announcement Announcement Announcement Announcement Announcement UK Transactions Across Industries Financial Industry 43% 33% 33% 35% 33% 29% 30% 29% 30% 30% 28% 18% 20% 18% 25% 15% 14% 10% 1 Day prior to 1 Week prior to 4 Weeks prior to 1 Day prior to 1 Week prior to 4 Weeks prior to Announcement Announcement Announcement Announcement Announcement Announcement Since 2008 Since 2009 20 Years 10 Years Source: Thompson 03-Mar-2010 George Valuation Framework 7

SUGARCANE\Presentations\2010-03-05 Valuation Discussion\FINAL\2010-03-06 Valuation Discussion.doc gbertail 6 Mar 2010 15:04 8/20 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL II. Financial Impact Analysis Financial Impact Analysis 8

SUGARCANE\Presentations\2010-03-05 Valuation Discussion\FINAL\2010-03-06 Valuation Discussion.doc gbertail 6 Mar 2010 15:04 9/20 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Melvin Accretion / Dilution Analysis (1/2) Melvin George ¹ EU AAM 2010E P/E 11.0 x 16.7 x 15.3 x Assuming $100m Pre-tax Synergies per Annum¹ 2011E P/E 7.6 x 9.6 x 11.8 x Per Share Value ($) 3.20 3.40 3.60 3.80 4.00 4.20 4.40 4.60 4.80 Premium vs. Current 14% 21% 29% 36% 43% 50% 57% 64% 71% Equity Value ($m) 1,183 1,252 1,321 1,390 1,459 1,530 1,600 1,670 1,740 ow/ Convertible Debt 232 241 251 260 270 282 293 303 314 100% Stock / 0% Cash 2010E Pre Synergies (6.8)% (7.6)% (8.5)% (9.4)% (10.2)% (11.1)% (11.9)% (12.7)% (13.5)% 2011E Pre Synergies (4.8)% (5.7)% (6.6)% (7.5)% (8.3)% (9.2)% (10.0)% (10.9)% (11.7)% 2010E Post Synergies (1.2)% (2.2)% (3.1)% (4.0)% (4.9)% (5.8)% (6.7)% (7.5)% (8.4)% 2011E Post Synergies 2.8% 1.8% 0.9% (0.1)% (1.0)% (1.9)% (2.8)% (3.7)% (4.6)% 60% Stock / 40% Cash 2010E Pre Synergies (3.0)% (3.7)% (4.5)% (5.2)% (5.9)% (6.7)% (7.4)% (8.1)% (8.8)% 2011E Pre Synergies (0.0)% (0.8)% (1.5)% (2.2)% (2.9)% (3.6)% (4.3)% (5.0)% (5.7)% 2010E Post Synergies 2.9% 2.1% 1.4% 0.6% (0.2)% (1.0)% (1.7)% (2.5)% (3.2)% 2011E Post Synergies 8.1% 7.4% 6.6% 5.8% 5.1% 4.3% 3.6% 2.9% 2.1% 50% Stock / 50% Cash 2010E Pre Synergies (1.9)% (2.7)% (3.4)% (4.1)% (4.8)% (5.5)% (6.2)% (6.9)% (7.5)% 2011E Pre Synergies 1.3% 0.6% (0.1)% (0.7)% (1.4)% (2.0)% (2.7)% (3.3)% (4.0)% 2010E Post Synergies 4.1% 3.3% 2.6% 1.9% 1.1% 0.4% (0.3)% (1.1)% (1.8)% 2011E Post Synergies 9.6% 8.9% 8.2% 7.5% 6.8% 6.1% 5.4% 4.7 % 4.0 ^% Note: Assuming 5% pre-tax return on cash and 28% tax rate. Pre-tax synergies phased in 50% in year 1 ($50m), then 100% in year 2 ($100m). Restructuring costs not taken into account in this analysis due to their non recurring nature ¹ Market cap pro-forma for notional of convertible debt ($228.5m). We have assumed that, in practice, the convertible debt would not be converted if George’s share price is below $3.72 (or, in case of a change of control, below $3.10), although the debt would technically still be convertible below these prices. Financial Impact Analysis 9

SUGARCANE\Presentations\2010-03-05 Valuation Discussion\FINAL\2010-03-06 Valuation Discussion.doc gbertail 6 Mar 2010 15:04 10/20 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Melvin Accretion / Dilution Analysis (2/2) Melvin George ¹ EU AAM 2010E P/E 11.0 x 16.7 x 15.3 x Implied Melvin P/E Assuming Unchanged Share Price (£2.35) 2011E P/E 7.6 x 9.6 x 11.8 x ¹ Per Share Value ($) 3.20 3.40 3.60 3.80 4.00 4.20 4.40 4.60 4.80 Premium vs. Current 14% 21% 29% 36 % 43% 50% 57% 64% 71% Equity Value ($m) 1,183 1,252 1,321 1,390 1,459 1,530 1,600 1,670 1,740 ow/ Convertible Debt 232 241 251 260 270 282 293 303 314 100% Stock / 0% Cash 2010E Pre Synergies 11.8 x 11.9 x 12.0 x 12.1 x 12.3 x 12.4 x 12.5 x 12.6 x 12.7 x 2011E Pre Synergies 8.0 8.1 8.2 8.2 8.3 8.4 8.5 8.5 8.6 2010E Post Synergies 11.1 11.2 11.4 11.5 11.6 11.7 11.8 11.9 12.0 2011E Post Synergies 7.4 7.5 7.5 7.6 7.7 7.8 7.8 7.9 8.0 60% Stock / 40% Cash 2010E Pre Synergies 11.3 11.4 11.5 11.6 11.7 11.8 11.9 12.0 12.1 2011E Pre Synergies 7.6 7.7 7.7 7.8 7.8 7.9 8.0 8.0 8.1 2010E Post Synergies 10.7 10.8 10.9 10.9 11.0 11.1 11.2 11.3 11.4 2011E Post Synergies 7.0 7.1 7.1 7.2 7.2 7.3 7.3 7.4 7.5 50% Stock / 50% Cash 2010E Pre Synergies 11.2 11.3 11.4 11.5 11.6 11.6 11.7 11.8 11.9 2011E Pre Synergies 7.5 7.6 7.6 7.7 7.7 7.8 7.8 7.9 7.9 2010E Post Synergies 10.6 10.6 10.7 10.8 10.9 11.0 11.0 11.1 11.2 2011E Post Synergies 6.9 x 7.0 x 7.0 x 7.1 x 7.1 x 7.2 x 7.2 x 7.3 x 7.3 ^{x 1} Market cap pro-forma for notional of convertible debt ($228.5m). We have assumed that, in practice, the convertible debt would not be converted if George’s share price is below $3.72 (or, in case of a change of control, below $3.10), although the debt would technically still be convertible below these prices. Financial Impact Analysis 10

SUGARCANE\Presentations\2010-03-05 Valuation Discussion\FINAL\2010-03-06 Valuation Discussion.doc gbertail 6 Mar 2010 15:04 11/20 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Melvin Accretion / Dilution Sensitivities to Premium and Cash Consideration Assuming $100m Pre-tax Synergies per Annum¹ 2010E Accretion / (Dilution) excluding Synergies 2010E Accretion/(Dilution) including Synergies Premium Paid Premium Paid (7.5)% 0% 10% 20% 30% 40% 50% (2.0)% 0% 10% 20% 30% 40% 50% 0% (3.2)% (4.3)% (7.5)% (8.7)% (9.9)% (11.1)% 0% 2.6% 1.4% (2.0)% (3.3)% (4.5)% (5.8)% Consideration Consideration 10% (2.5)% (3.6)% (6.5)% (7.7)% (8.9)% (10.0)% 10% 3.4% 2.2% (1.0)% (2.2)% (3.4)% (4.7)% 20% (1.7)% (2.8)% (5.6)% (6.7)% (7.9)% (9.0)% 20% 4.2% 3.1 % 0.1% (1.1)% (2.3)% (3.5)% 30% (1.0)% (2.0)% (4.6)% (5.7)% (6.8)% (7.8)% 30% 5.0% 4.0% 1.2% 0.0% (1.1)% (2.2)% % Cash 40% (0.2)% (1.2)% (3.6)% (4.6)% (5.7)% (6.7)% % Cash 40% 5.9% 4.9% 2.3 % 1.2% 0.1% (1.0)% 50% 0.6% (0.4)% (2.5)% (3.5)% (4.5)% (5.5)% 50% 6.7% 5.8% 3.5% 2.4% 1.4% 0.4% 2011E Accretion / (Dilution) excluding Synergies 2011E Accretion / (Dilution) including Synergies Premium Paid Premium Paid (5.5)% 0% 10% 20% 30% 40% 50% 2.0% 0% 10% 20% 30% 40% 50% 0% (0.8)% (2.0)% (5.5)% (6.8)% (8.0)% (9.2)% 0% 7.3% 6.0% 2.0% 0.7% (0.6)% (1.9)% Consideration Consideration 10% 0.1% (1.0)% (4.4)% (5.6)% (6.7)% (7.9)% 10% 8.3% 7.0% 3.3% 2.0% 0.8% (0.5)% 20% 1.0% (0.0)% (3.2)% (4.3)% (5.4)% (6.5)% 20% 9.3% 8.1% 4.7% 3.5% 2.3% 1.1% 30% 2.0% 1.0 % (1.9)% (3.0)% (4.0)% (5.1)% 30% 10.3% 9.2% 6.1% 4.9% 3.8% 2.7% % Cash 40% 2.9% 2.0% (0.6)% (1.6)% (2.6)% (3.6)% % Cash 40% 11.4% 10.4% 7.5% 6.4% 5.4% 4.3% 50% 3.9% 3.1% 0.7% (0.2)% (1.1)% (2.0)% 50% 12.4% 11.5% 9.0% 8.0% 7.0% 6.1% ¹ Synergies are phased 50% in 2010E and 100% from 2011E onwards. Assuming 28% tax rate. Financial Impact Analysis 11

SUGARCANE\Presentations\2010-03-05 Valuation Discussion\FINAL\2010-03-06 Valuation Discussion.doc gbertail 6 Mar 2010 15:04 12/20 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Melvin Accretion / Dilution Sensitivities to Premium and Synergies 2010E Accretion / (Dilution) Assuming 100% Stock 2010E Accretion/(Dilution) Assuming 50% Stock/50% Cash Mix Premium Paid Premium Paid (2.0)% 0% 10% 20% 30% 40% 50% (2.0)% 0% 10% 20% 30% 40% 50% Synergies 0 (3.2)% (4.3)% (7.5)% (8.7)% (9.9)% (11.1)% Synergies 0 0.6% (0.4)% (2.5)% (3.5)% (4.5)% (5.5)% 25 (1.7)% (2.9)% (6.1)% (7.3)% (8.5)% (9.7)% 25 2.1% 1.2% (1.0)% (2.0)% (3.0)% (4.0)% 50 (0.3)% (1.5)% (4.7)% (6.0)% (7.2)% (8.4)% 50 3.6% 2.7% 0.5% (0.5)% (1.5)% (2.5)% m) m) $ $ ( 100 2.6% 1.4% (2.0)% (3.3)% (4.5)% (5.8)% ( 100 6.7% 5.8% 3.5% 2.4% 1.4% 0.4% 150 5.5% 4.3% 0.8% (0.6)% (1.9)% (3.2)% 150 9.8 % 8.9% 6.5% 5.4% 4.4% 3.3% Yearly Pre-tax 200 8.4% 7.1% 3.5% 2.1% 0.8% (0.5)% Yearly Pre-tax 200 12.9% 11.9% 9.5% 8.4% 7.3% 6.2% 2011E Accretion / (Dilution) Assuming 100% Stock 2011E Accretion / (Dilution) Assuming 50% Stock/50% Cash Mix Premium Paid Premium Paid 2.0% 0% 10% 20% 30% 40% 50% 2.0% 0% 10% 20% 30% 40% 50% Synergies 0 (0.8)% (2.0)% (5.5)% (6.8)% (8.0)% (9.2)% Synergies 0 3.9% 3.1% 0.7% (0.2)% (1.1)% (2.0)% 25 1.2% 0.0% (3.7)% (4.9)% (6.2)% (7.4)% 25 6.0% 5.2% 2.8% 1.9% 0.9% (0.0)% 50 3.3% 2.0% (1.8)% (3.1)% (4.3)% (5.6)% 50 8.2% 7.3% 4.9 % 3.9% 3.0% 2.0% m) m) $ $ ( 100 7.3% 6.0% 2.0% 0.7% (0.6)% (1.9)% ( 100 12.4% 11.5% 9.0% 8.0% 7.0% 6.1% 150 11.3% 9.9% 5.8% 4.4% 3.1% 1.7% 150 16.7% 15.8% 13.2% 12.1% 11.1% 10.1% Yearly Pre-tax 200 15.3% 13.9% 9.6% 8.2% 6.8% 5.4% Yearly Pre-tax 200 21.0% 20.0% 17.3% 16.3% 15.2% 14.2% Note: Synergies are phased 50% in 2010E and 100% from 2011E onwards. Assuming 28% tax rate Financial Impact Analysis 12

SUGARCANE\Presentations\2010-03-05 Valuation Discussion\FINAL\2010-03-06 Valuation Discussion.doc gbertail 6 Mar 2010 15:04 13/20 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Value Creation Analysis ¹ $m 100% Stock 50% Stock / 50% Cash Per Share Value ($) 2.80 3.00 3.20 3.40 3.60 3.80 4.00 2.80 3.00 3.20 3.40 3.60 3.80 4.00 Premium vs. Current 0% 7% 14% 21% 29% 36% 43% 0% 7% 14% 21% 29% 36% 43% Equity Value 832 891 1,183 1,252 1,321 1,390 1,459 832 891 1,183 1,252 1,321 1,390 1,459 ow/ Convertible Debt 0 0 232 241 251 260 270 0 0 232 241 251 260 270 Total Number of Shares (m) 297 297 370 368 367 366 365 297 297 370 368 367 366 365 Pro Forma Ownership % Held by Melvin 88% 87% 84% 83% 82% 81% 80% 94% 93% 91% 91% 90% 90% 89% % Held by George 12% 13% 16% 17% 18% 19% 20% 6% 7% 9% 9% 10% 10% 11% Equity Value (+) Current Melvin Market Cap 5,996 5,996 5,996 5,996 5,996 5,996 5,996 5,996 5,996 5,996 5,996 5,996 5,996 5,996 (+) George Equity Value 832 832 1,061 1,061 1,061 1,061 1,061 832 832 1,061 1,061 1,061 1,061 1,061 (-) Cash Paid Out 0 0 0 0 0 0 0 (416) (446) (592) (626) (660) (695) (730) (+) NPV of Synergies ¹ 476 476 476 476 476 476 476 476 476 476 476 476 476 476 Total Equity Value 7,304 7,304 7,532 7,532 7,532 7,532 7,532 6,888 6,858 6,941 6,906 6,872 6,837 6,803 Stock Consideration to George 890 945 1,241 1,301 1,360 1,417 1,474 447 475 623 653 682 710 738 Cash Consideration to George 0 0 0 0 0 0 0 416 446 592 626 660 695 730 Total Value to George 890 945 1,241 1,301 1,360 1,417 1,474 863 920 1,215 1,278 1,342 1,405 1,468 Per Share ($) 3.00 3.18 3.36 3.53 3.71 3.88 4.04 2.90 3.10 3.29 3.47 3.66 3.84 4.02 Value Acc.(Dil.) to George Common & Exchangeable Holders 0% Melvin Multiple Rerating 7% 14% 20% 26% 32% 38% 44% 4% 11% 17% 24% 31% 37% 44% 10% Melvin Multiple Rerating 18% 25% 32% 39% 46% 52% 59% 9% 16% 23% 30% 37% 44% 51% 20% Melvin Multiple Rerating 28% 36% 44% 51% 59% 66% 73% 14% 22% 29% 37% 44% 51% 58% ¹ Assuming $100m pre-tax synergies per annum. Assuming 12.9% discount rate based on Melvin’s cost of equity as per Bloomberg on 02-Mar-2010 (risk free rate of 4.23%, adjusted beta of 1.135 and equity risk premium of 7.63%). Assuming restructuring costs of 1.0x synergies, phased in 50% in 2010E and 50% in 2011E. Synergies are phased 50% in 2010E and 100% from 2011E onwards. Assuming 28% tax rate. Financial Impact Analysis 13

SUGARCANE\Presentations\2010-03-05 Valuation Discussion\FINAL\2010-03-06 Valuation Discussion.doc gbertail 6 Mar 2010 15:04 14/20 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Appendix A: Additional Materials Additional Materials 14

SUGARCANE\Presentations\2010-03-05 Valuation Discussion\FINAL\2010-03-06 Valuation Discussion.doc gbertail 6 Mar 2010 15:04 15/20 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL Enterprise Value and Share Count Calculation for Melvin and George $m George (No Conversion of Convertible) Melvin Equity Value Equity Value Number of Shares Outstanding (m) 311 Number of Shares Outstanding (m) 1,712 ow/ Common 252 ow/ Common 1,712 ow/ FA Sub 2 Limited Exchangeable Shares 59 - - - Share Price ($) 2.80 Share Price ($) 3.50 Market Capitalisation 872 Market Capitalisation 5,996 Fully Diluted Number of Shares 297 Fully Diluted Number of Shares 1,712 ow/ NOSH Outstanding 311 ow/ NOSH Outstanding 1,712 ow/ Treasury Shares (14) ow/ Treasury Shares 0 Fully Diluted Market Cap 832 Fully Diluted Market Cap 5,996 Enteprise Value Enteprise Value Equity Value 832 Equity Value 5,996 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 1,116 Enterprise Value 3,853 Source: Company disclosures, Bloomberg as of 02-Mar-2010 Additional Materials 15

SUGARCANE\Presentations\2010-03-05 Valuation Discussion\FINAL\2010-03-06 Valuation Discussion.doc gbertail 6 Mar 2010 15:04 16/20 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL George Financial Projections Pre Convertible Conversion Post Convertible Conversion $m 2009A 2010E 2011E CAGR 2009A 2010E 2011E CAGR Summary P&L Revenues 301 421 552 35% 301 421 552 35% Operating Costs (278) (324) (392) 19% (278) (324) (392) 19% EBITDA 23 97 159 163% 23 97 159 163% D&A (7) (7) (7) 0% (7) (7) (7) 0% Interest Expense (12) (19) (19) 28% (0) (8) (8) 904% Other 74 1 1 NM 74 1 1 NM Profit Before Tax 79 72 135 30% 91 83 146 27% Tax Expense 2 (16) (32) NM (2) (20) (36) NM Non GAAP Net Income 81 56 103 12% 89 63 110 11% Number of Shares 297 297 297 0% 359 359 359 0% EPS ($) 0.27 0.19 0.34 12% 0.25 0.18 0.31 11% IBES EPS ($) — 0.20 0.30 NM — 0.20 0.30 NM vs. IBES - - (6)% 15% NM — (12)% 2% NM AuM 22,174 26,066 31,872 20% 22,174 26,066 31,872 20% Note: Convertible conversion assumes issuance of 61m George shares (excluding additional change of control shares) and elimination of pre-tax yearly interest expense of $11.4m. Projections based on most recent research analysts’ estimates (see Appendix) Additional Materials 16

SUGARCANE\Presentations\2010-03-05 Valuation Discussion\FINAL\2010-03-06 Valuation Discussion.doc gbertail 6 Mar 2010 15:04 17/20 DRAFT FOR DISCUSSIONS / STRICTLY PRIVATE AND CONFIDENTIAL George Convertible Economics ¹ 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 11% 16% 25% 34% 43% 79% 99% 114% 150% 186% 221% 257% 293% 329% 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. Additional Materials 17

EX-99.C.XV

Exhibit (c)(xv)

Exhibit (c)(xi) SUGARCANE\Presentations\2010-04-30 Discussion Materials\04 2010-04-03 Background Materials.doc gbertail 30 Apr 2010 15:20 1/8 Background Materials Goldman Sachs International 30-Apr-2010

Topics for Discussion Key Elements of Melvin’s Proposal Key Elements to Be Agreed 1) Key elements of Melvin’s proposal 1) Minimum total consideration 2) Share exchange offer to controlling holders and cash 2) Price gap between share exchange offer and cash merger to public holders merger 3) Continuing involvement of controlling holders in the 3) Exchange ratio for share exchange offer enlarged business 4) Approval of Melvin’s shareholders might be required 4) Due diligence process (reciprocal) — areas of focus, timing 5) No financing contingency, cash merger to be funded from available cash resources 5) Revenue and cost synergies 6) Negotiation of employment and other incentive 6) Management positions arrangements, as well as customary voting commitments, with the controlling holders 7) Timetable and Announcement date 7) Definitive agreement as soon as possible and by no later than 26 May 8) Customary due diligence, no more than 3 weeks 9) Validation of cost synergies and operational benefits 1

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 67 15.4 x 16.0 x 16.9 x 17.6 x 17.8 x 18.8 x 19.9 x 21.1 x 22.3 x 23.5 x Post Conversion 75 16.7 17.3 18.3 19.0 19.2 20.2 21.4 22.6 23.9 25.1 2011E Net Income Pre Conversion 114 9.0 9.3 9.9 10.3 10.4 11.0 11.7 12.4 13.0 13.7 Post Conversion 123 10.3 10.6 11.2 11.7 11.8 12.4 13.2 13.9 14.7 15.4 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 2

Public Market Multiples of Selected Companies Selected Traditional and Alternative Asset Managers¹ 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% 3.64 5.08 1.42 2.40 Aberdeen 2,347 2.12 12.3 10.5 1.8 8.9 7.5 4.8 2.62 3.83 1.84 3.13 Henderson 1,853 2.25 15.0 13.3 2.4 11.8 10.3 4.4 3.19 4.86 2.75 4.59 Median 15.0 x 13.3 x 2.0% 8.9 x 7.5 x 4.4% 3.19 4.86 1.84 3.13 North American Alternative AM Blackstone — ENI Basis $16,303 $14.51 23.6 x 16.7 x 16.7% 19.9 x 14.1 x 5.1% 5.03 6.08 5.26 6.62 Och-Ziff 7,198 17.68 13.0 11.3 35.7 11.7 9.2 5.7 2.78 4.10 2.73 4.01 Fortress 2,255 4.98 12.1 8.3 7.9 9.0 7.7 NA 2.59 3.02 1.90 3.21 Median 13.0 x 11.3 x 16.7% 11.7 x 9.2 x 5.4% 2.78 4.10 2.73 4.01 European Alternative AM Ashmore $2,910 $4.10 14.8 x 13.2 x 10.7% 9.1 x 8.2 x 4.6% 3.14 4.80 1.93 3.50 BlueBay 1,102 5.55 14.7 11.4 4.5 10.4 8.2 4.5 3.14 4.17 2.32 3.48 Gartmore 668 2.17 7.6 6.4 1.1 5.9 5.2 2.5 1.63 2.34 0.91 1.87 Gottex 234 7.68 18.8 9.2 2.7 14.7 8.3 2.1 4.00 3.35 3.64 3.54 Median 14.7 x 10.3 x 3.6% 9.8 x 8.2 x 3.5% 3.14 3.76 2.12 3.49 Melvin $6,480 $3.78 13.2 x 9.0 x 15.3% 7.2 x 5.4 x 11.6% George Pre Conversion 1,025 3.28 15.4 9.0 4.6 13.5 7.8 Post Conversion ¹ $1,253 16.7 x 10.2 x 5.7% 13.5 x 7.8 x Source: Datastream 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. 3

Aggregate Consideration Calculation Aggregate Consideration ($m) Common Stock Outstanding 253.6 Exchangeable Shares 58.9 Total Number of Shares Excluding Convertible (in million) 312.5 Shares from Convertible @ $3.75 68.8 Total Number of Shares Including Convertible (in million) 381.2 Controlling Holders Common & Exchangeable Shares (in million) 151.6 Total Consideration to Controlling Holders @ $3.4 3.40 515.3 Total Consideration to Stockholders Other than Controlling Holders @$3.75 3.75 861.3 Total Reference Aggregate Consideration (in US$ million) ^1,377 Note: Controlling holders include Noam Gottesman, Manny Roman, Pierre Lagrange, Sage Summit and, Lavender Heights Capital 4

Aggregate Consideration and Blended Price Sensitivities Aggregate Consideration ($m) Blended Price Exchange Ratio ($) Exchange Ratio ($) 3.40 3.50 3.60 3.70 3.80 3.90 4.00 4.10 4.20 3.40 3.50 3.60 3.70 3.80 3.90 4.00 4.10 4.20 3.75 1,377 1,392 1,407 1,422 NM NM NM NM NM 3.75 3.61 3.65 3.69 3.73 NM NM NM NM NM ) 3.90 1,408 1,423 1,439 1,454 1,469 NM NM NM NM ) 3.90 3.70 3.74 3.78 3.82 3.86 3.90 NM NM NM $ $4.05 1,440 1,455 1,471 1,486 1,501 1,516 1,531 NM NM 4.05 3.79 3.83 3.87 3.91 3.95 3.99 4.03 NM NM Cash Price ( 4.20 1,473 1,488 1,503 1,518 1,533 1,548 1,564 1,579 NM Cash Price ( 4.20 3.88 3.92 3.96 4.00 4.04 4.08 4.12 4.16 4.20 4.35 1,505 1,520 1,535 1,550 1,566 1,581 1,596 1,611 1,626 4.35 3.97 4.01 4.05 4.09 4.13 4.17 4.21 4.25 4.29 4.50 1,537 1,552 1,568 1,583 1,598 1,613 1,628 1,643 1,658 4.50 4.06 4.10 4.14 4.18 4.22 4.26 4.30 4.34 4.38 Aggregate Consideration vs. Current Offer ($m) Blended Price vs. Current Offer ($) Exchange Ratio ($) Exchange Ratio ($) 3.40 3.50 3.60 3.70 3.80 3.90 4.00 4.10 4.20 3.40 3.50 3.60 3.70 3.80 3.90 4.00 4.10 4.20 3.75 0 15 30 45 NM NM NM NM NM 3.75 0.00 0.04 0.08 0.12 NM NM NM NM NM ) 3.90 32 47 62 77 92 NM NM NM NM ) 3.90 0.09 0.13 0.17 0.21 0.25 0.29 NM NM NM $ $4.05 64 79 94 109 124 139 155 NM NM 4.05 0.18 0.22 0.26 0.30 0.34 0.38 0.42 NM NM Cash Price ( 4.20 96 111 126 142 157 172 187 202 NM Cash Price ( 4.20 0.27 0.31 0.35 0.39 0.43 0.47 0.51 0.55 0.59 4.35 128 144 159 174 189 204 219 235 250 4.35 0.36 0.40 0.44 0.48 0.52 0.56 0.60 0.64 0.68 4.50 161 176 191 206 221 236 252 267 282 4.50 0.45 0.49 0.53 0.57 0.61 0.65 0.69 0.73 0.77 5

Synergies NPV Sensitivity Analysis Net Present Value ($m) Net Present Value per Share ($) Assumed 2014E P/E Assumed 2014E P/E 6.0 x 7.0 x 8.0 x 9.0 x 10.0 x 6.0 x 7.0 x 8.0 x 9.0 x 10.0 x 50 218 240 261 283 304 50 0.57 0.63 0.69 0.74 0.80 60 262 288 313 339 365 60 0.69 0.75 0.82 0.89 0.96 m) m) $70 305 335 366 396 426 $70 0.80 0.88 0.96 1.04 1.12 ( ( Pre-tax Synergies Pre-tax Synergies Annual Annual 80 349 383 418 452 487 80 0.92 1.01 1.10 1.19 1.28 90 393 431 470 509 548 90 1.03 1.13 1.23 1.33 1.44 100 436 479 522 565 609 100 1.14 1.26 1.37 1.48 1.60 Note: Assuming 12.9% cost of equity, implementation costs of 1.0x synergies, phasing 50% in 2011E and 100% onwards, and 21% blended tax rate 6

Accretion / (Dilution) Sensitivity Analysis Assuming $50m Pre-tax Synergies, Phased in 50% in 2011E / 100% in 2012E Fiscal Year End 31-Mar 2011E Accretion / (Dilution) Pre Synergies 2012E Accretion / (Dilution) Pre Synergies Exchange Ratio ($) Exchange Ratio ($) 6.1% 3.40 3.50 3.60 3.70 3.80 3.90 4.00 4.10 4.20 5.6% 3.40 3.50 3.60 3.70 3.80 3.90 4.00 4.10 4.20 3.75 6.1% 5.9% 5.7% 5.4% 5.2% 5.0% 4.8% 4.5% 4.3% 3.75 5.6% 5.4% 5.2% 4.9% 4.7% 4.5% 4.3% 4.0% 3.8% 3.90 6.0% 5.8% 5.6% 5.3% 5.1% 4.9% 4.7% 4.4% 4.2% 3.90 5.6% 5.3% 5.1% 4.9% 4.7% 4.4% 4.2% 4.0% 3.8 % ) ) $ $4.05 5.9% 5.7% 5.5% 5.3% 5.0% 4.8% 4.6% 4.4% 4.1% 4.05 5.5% 5.3% 5.0% 4.8% 4.6% 4.4% 4.1% 3.9% 3.7% Cash Price ( 4.20 5.8% 5.6% 5.4% 5.2% 4.9% 4.7% 4.5% 4.3% 4.0 % Cash Price ( 4.20 5.4% 5.2% 5.0% 4.8% 4.5% 4.3% 4.1% 3.9% 3.6% 4.35 5.8% 5.5% 5.3% 5.1% 4.9% 4.6% 4.4% 4.2% 4.0% 4.35 5.4% 5.2% 4.9% 4.7% 4.5% 4.3% 4.0% 3.8% 3.6% 4.50 5.7% 5.4% 5.2% 5.0% 4.8% 4.5% 4.3% 4.1% 3.9% 4.50 5.3% 5.1% 4.9% 4.6% 4.4% 4.2% 4.0 % 3.8% 3.5% 2011E Accretion / (Dilution) Post Synergies 2012E Accretion / (Dilution) Post Synergies Exchange Ratio ($) Exchange Ratio ($) 9.7% 3.40 3.50 3.60 3.70 3.80 3.90 4.00 4.10 4.20 ##### 3.40 3.50 3.60 3.70 3.80 3.90 4.00 4.10 4.20 3.75 9.7% 9.4% 9.2% 9.0% 8.7% 8.5% 8.3% 8.0% 7.8% 3.75 10.3% 10.0% 9.8% 9.6% 9.3% 9.1% 8.9% 8.6% 8.4% 3.90 9.6% 9.4% 9.1% 8.9 % 8.7% 8.4% 8.2% 8.0% 7.7% 3.90 10.2% 10.0% 9.7% 9.5% 9.3% 9.0% 8.8% 8.6% 8.3% ) ) $ $4.05 9.5% 9.3% 9.0% 8.8% 8.6% 8.3% 8.1% 7.9% 7.6% 4.05 10.2% 9.9% 9.7% 9.4% 9.2% 9.0 % 8.7% 8.5% 8.3% Cash Price ( 4.20 9.4% 9.2% 8.9% 8.7% 8.5% 8.2% 8.0% 7.8% 7.6% Cash Price ( 4.20 10.1% 9.9% 9.6% 9.4% 9.2% 8.9% 8.7% 8.5% 8.2% 4.35 9.3% 9.1% 8.9% 8.6% 8.4% 8.2% 7.9% 7.7% 7.5% 4.35 10.0% 9.8% 9.6% 9.3% 9.1% 8.9% 8.6% 8.4% 8.2% 4.50 9.2 % 9.0% 8.8% 8.5% 8.3% 8.1% 7.8% 7.6% 7.4% 4.50 10.0% 9.7% 9.5% 9.3% 9.0% 8.8% 8.6% 8.3% 8.1% Note: Assuming 2.0% return on excess capital (pre-tax) 7