Exhibit (c)(3)

HIGHLY CONFIDENTIAL P r o j e c t P a n d a P r e s e n t a t i o n t o t h e S p e c i a l C o m m i t t e e o f t h e B o a r d o f D i r e c t o r s July 26, 2022

HIGHLY CONFIDENTIAL Summary of Transaction Panda Investment Management, LLC will acquire all outstanding Class A shares of Panda Investment Transaction Management, Inc. by way of a merger of a newly formed subsidiary of Panda Investment Management, LLC with Structure Panda Investment Management, Inc. Merger Consideration for $9.60 per share of Class A common stock Class A Shares Implied Transaction Equity Value $168mm (at $9.60 / Class A common stock)1 [To update per merger agreement] $200mm of total debt commitments for a senior secured term loan facility â–ª Lead Arranger / Agent: JPMorgan Chase Bank, N.A. Financing â–ª Maturity: five years from the closing date â–ª Pricing: SOFR + 0.10% credit spread adjustment + 2.50% drawn pricing (subject to change based on leverage-based grid) “No-shop” / non-solicitation with ability to consider unsolicited, potentially superior proposals Other Provisions Reverse termination fee: If the merger agreement is terminated due to certain conditions, Panda Investment Management, LLC is subject to pay a reverse termination fee (subject to negotiation), to the Class A shareholders as a special dividend Source: Merger Agreement and Senior Credit Facility Commitment Letter. 1 [Based on diluted Class A shares outstanding as of 30-June-2022, per Panda management, consisting of approximately 16.8M of Class July 2022 2 A shares, 689K of phantom Class A units, 50K of 2017 Class A unit options and 190K of delayed Class A options (note: options dilution calculated using treasury stock method).]

HIGHLY CONFIDENTIAL P r e m i u m s a n d M u l t i p l e s O v e r v i e w Class B-1 Units Treated as Economically Equivalent to Class B Units ($ in millions except per share data) Merger Consideration Purchase Price per Class A Share $9.60 Implied Premium to Spot (22-July-2022) $6.84 40.4% Implied Premium / (Discount) to 30-Day VWAP $6.59 45.6% Implied Premium / (Discount) to 52-Week High $11.87 (19.1%) Class A Diluted Shares Outstanding (as of 30-June-2022) 17.5 Implied Transaction Equity Value $168 Total Diluted Shares Outstanding (as of 30-June-2022) 87.9 Implied Equity Value $844 Excess Cash (3) Investments (19) Debt 0 Present Value of Existing Tax Benefits (2) Implied Enterprise Value $820 Metric Peers Median EV / 2022E EBITDA $96 8.5x 7.3x P / 2022E EPS $0.74 12.9x 9.6x Source: Company filings and Panda management projections. Market data as of 22-July-2022. Note: Assumes $30M of minimum cash requirement per management. Peers median multiple represents median multiples of AMG, JHG, FHI, APAM, BSIG, VCTR and VRTS. Class B-1 units treated as economically equivalent to Class B units. See appendix for treatment of Class B-1 units with treasury stock method. Options dilution calculated using treasury stock method. Management equity value to July 2022 3 enterprise value bridge is based on 30-June-2022 balance sheet and Panda management’s guidance related to assumptions on excess cash and investments. Based on public share count and balance sheet information as of 31-March-2022 (10-K and 10-Q) and management’s 2022E EBITDA estimate, EV / 2022E EBITDA would be 8.0x at the merger consideration of $9.60.

HIGHLY CONFIDENTIAL HIGHLY CONFIDENTIAL S u m m a r y F i n a n c i a l A n a l y s e s Class B-1 Units Treated as Economically Equivalent to Class B Units Current (22-July- Merger Treasury Stock Method Value for Class B-1 Units 2022): $6.84 Consideration: $9.60 $9.85 Terminal P / E Multiple 8.0x – 12.0x Discounted Cash $7.51 $10.65 Flow Analysis Discount Rate 11.0% – 9.5% P / LTM EPS 8.0x – 12.0x Present Value of Future Stock Dividend Payout Ratio 65.0% $5.97 $9.53 Price and Dividends1 Cost of Equity 11.0% – 10.0% 1st to 3rd Quartile of Final Premia to Closing Premia for 13E-3 $9.01 $10.78 Price of $6.81 as Transactions with US 32% – 58% of 3-June-2022 Incorporated Targets with Public Initial Proposals2 $15.62 $8.13 $16.47 EV / LTM EBITDA 6.4x – 12.8x Precedent Transactions (Change of Control $14.07 Transactions) EV / 2022E EBITDA 6.4x – 12.8x $7.35 $14.93 Source: Company filings, Panda management projections and FactSet. Market data as of 22-July-2022. 1 Class B-1 units treated as economically equivalent to Class B units. 2 For 13E-3 transactions, original premium is the premium implied by the July 2022 4 first publicly announced proposal (which may or may not have reflected an agreed to transaction price in an definitive agreement) over the price of the unaffected date. Final premium is implied by the transaction price over the same unaffected date.

HIGHLY CONFIDENTIAL D i s c o u n t e d C a s h F l o w A n a l y s i s O u t p u t s Class B-1 Units Treated as Economically Equivalent to Class B Units Implied Price per Class A Share Discount Rate $8.6 9.50% 9.88% 10.25% 10.63% 11.00% 12.0x $9.85 $9.72 $9.59 $9.47 $9.35 Terminal 11.0x $9.36 $9.24 $9.12 $9.01 $8.89 Earnings 10.0x $8.86 $8.75 $8.65 $8.54 $8.43 Multiple 9.0x $8.37 $8.27 $8.17 $8.07 $7.97 8.0x $7.88 $7.78 $7.69 $7.60 $7.51 Implied Price / EPS (2022E EPS of $0.74) Discount Rate 9.50% 9.88% 10.25% 10.63% 11.00% 12.0x 13.3x 13.1x 12.9x 12.8x 12.6x Terminal 11.0x 12.6x 12.4x 12.3x 12.1x 12.0x Earnings 10.0x 11.9x 11.8x 11.6x 11.5x 11.4x Multiple 9.0x 11.3x 11.1x 11.0x 10.9x 10.7x 8.0x 10.6x 10.5x 10.4x 10.2x 10.1x Implied Perpetuity Growth Rate Discount Rate ($0.0) 9.50% 9.88% 10.25% 10.63% 11.00% 12.0x 0.7% 1.0% 1.4% 1.7% 2.0% Terminal 11.0x (0.0%) 0.3% 0.6% 1.0% 1.3% Earnings 10.0x (0.9%) (0.5%) (0.2%) 0.1% 0.4% Multiple 9.0x (1.9%) (1.6%) (1.3%) (1.0%) (0.6%) 8.0x (3.2%) (2.9%) (2.5%) (2.2%) (1.9%) Source: Company filings and Panda management. Note: Class B-1 units treated as economically equivalent to Class B units. July 2022 5

HIGHLY CONFIDENTIAL P r e s e n t Va l u e o f F u t u r e S t o c k P r i c e a n d D i v i d e n d s 1 0 . 5 % C o s t o f E q u i t y | LT M M u l t i p l e | D i v i d e n d P a y o u t o f 6 5 % Class B-1 Units Treated as Economically Equivalent to Class B Units $ / Panda Share At 10.5% Cost of Equity $12.00 Low of 8.0x LTM EPS Mid of 10.0x LTM EPS High of 12.0x LTM EPS $9.47 $8.90 $9.03 $8.57 $8.27 $8.04 $7.98 $7.74 $8.00 $7.49 $7.42 $7.23 $7.04 $6.61 $6.46 $6.28 $6.08 $6.19 $6.10 $4.00 2022E 2023E 2024E 2025E 2026E 2027E LTM EPS / Share $0.74 $0.83 $0.83 $0.81 $0.82 $0.82 DPS Estimate¹ $0.45 $0.54 $0.54 $0.53 $0.53 $0.53 Source: Panda management projections and company filings. Note: Future share price and dividends discounted to 30-June-2022. 1 Panda management targets a cash dividend payout ratio (per share) of 60% to 70% of EPS. 2022E dividend per share calculated using dividend payout July 2022 6 ratio of 65% multiplied by 2022E EPS less $0.03 of dividend per share paid on 20-May-2022.

HIGHLY CONFIDENTIAL P r e m i a P a i d i n P r e c e d e n t 1 3 E—3 Tr a n s a c t i o n s o v e r $ 1 0 0 M w i t h C o n t r o l l i n g S h a r e h o l d e r s ( % H e l d > 5 0 % ) ($mm) Median Average Number of Median Original Final Original Final Deals Consideration Premium Premium Premium Premium All Precedents 27 $486 22% 35% 25% 39% Of Which US 16 $356 26% 44% 26% 45% Incorporated Only First Proposal Price per Share Consideration Premium vs. Closing Price of $6.81 on 03-June-2022 June 3rd Non-Binding Proposal $8.50 $149 25% Final Price per Share Consideration Premium vs. Closing Price of $6.81 on 03-June-2022 Merger Consideration $9.60 $168 41% Source: Deal Point Data and company filings. Includes pending and completed acquisitions of public targets listed in the US. Excludes GP-LP transactions. Original premium is the premium implied by the first publicly announced proposal (which may or may not have reflected an July 2022 7 agreed to transaction price in an definitive agreement) over the price of the unaffected date. Final premium is implied by the transaction price over the same unaffected date. For US Incorporated targets, 1st quartile of final premium is 32% and 3rd quartile of final premium is 58%.

HIGHLY CONFIDENTIAL S e l e c t e d Tr a d i t i o n a l A s s e t M a n a g e m e n t C h a n g e o f C o n t r o l Tr a n s a c t i o n s (AUM and Implied Purchase Price in billions) Annoucement Implied Purchase Purchase Price Implied Referenced Year Date Target Buyer Target AUM Price (100%) as % of AUM Multiple Multiple 1 2022 Apr-22 Manning & Napier Callodine Group $21 $0.3 1.4% 6.4x EV / LTM EBITDA As Reported EV / 1H 2021A 2 Thompson, Siegel 2021 May-21 Pendal Group 25 0.3 1.3% 7.6x Annualized EBITDA (Excluding & Walmsley Synergies) 3 As Reported Headline Acquisition 2020 Dec-20 Waddell & Reed Macquarie / LPL 131 1.7 1.3% 10.0x EV / EBITDA Barrow, Hanley, 2020 4 Jul-20 Mewhinney & Perpetual 44 0.4 1.0% 8.0x As Reported EV / Pro Forma EBITDA Strauss As Reported EV / EBITDA 5 USAA Asset 2018 Nov-18 Victory Capital 69 0.9 1.2% 6.9x (Excluding Earnout, Expected Management Synergies and Tax Benefit) Hermes 6 Federated As Reported EV / 2017A EBITDA 2018 Apr-18 Investment 45 0.6 1.3% 12.8x Investors (Post Minority Interest) Management Median 1.3% 7.8 x Mean 1.3% 8.6 x Source: Company filings. Please see appendix for detailed footnotes. July 2022 8

A A p p e n d i x July 2022 9

HIGHLY CONFIDENTIAL P r e m i u m s a n d M u l t i p l e s O v e r v i e w Treasury Stock Method Value for Class B-1 Units ($ in millions except per share data) Merger Consideration Purchase Price per Class A Share $9.60 Implied Premium to Spot (22-July-2022) $6.84 40.4% Implied Premium / (Discount) to 30-Day VWAP $6.59 45.6% Implied Premium / (Discount) to 52-Week High $11.87 (19.1%) Class A Diluted Shares Outstanding (as of 30-June-2022) 17.5 Implied Transaction Equity Value $168 Total Diluted Shares Outstanding (as of 30-June-2022) 79.7 Implied Equity Value $765 Excess Cash (3) Investments (19) Debt 0 Present Value of Existing Tax Benefits (2) Implied Enterprise Value $741 Metric Peers Median EV / 2022E EBITDA $96 7.7x 7.3x P / 2022E EPS $0.74 12.9x 9.6x Source: Company filings and Panda management projections. Market data as of 22-July-2022. Note: Assumes $30M of minimum cash requirement per management. Peers median multiple represents median multiples of AMG, JHG, FHI, APAM, BSIG, VCTR and VRTS. Class B-1 units and options dilution calculated using treasury stock method. Management equity value to enterprise value bridge is based on 30-June-2022 balance sheet and Panda management’s July 2022 10 guidance related to assumptions on excess cash and investments. Based on public share count and balance sheet information as of 31-March-2022 (10-K and 10- Q) and management’s 2022E EBITDA estimate, EV / 2022E EBITDA would be 7.4x at the merger consideration of $9.60.

HIGHLY CONFIDENTIAL S u m m a r y F i n a n c i a l A n a l y s e s C l a s s B—1 U n i t s T r e a t e d E c o n o m i c a l l y E q u i v a l e n t t o C l a s s B U n i t s Current (22-July- Merger 2022): $6.84 Consideration: $9.60 Terminal P / E Multiple 8.0x – 12.0x $7.51 $9.85 Discounted Cash Flow Analysis Discount Rate 11.0% – 9.5% EV / LTM EBITDA 6.4x – 12.8x $8.13 $15.62 Precedent Transactions (Change of Control Transactions) EV / 2022E EBITDA 6.4x – 12.8x $7.35 $14.07 Source: Company filings, Panda management projections and FactSet. Market data as of 22-July-2022. July 2022 11

HIGHLY CONFIDENTIAL S u m m a r y F i n a n c i a l A n a l y s e s Tr e a s u r y S t o c k M e t h o d V a l u e f o r C l a s s B—1 U n i t s Current (22-July- Merger 2022): $6.84 Consideration: $9.60 Terminal P / E Multiple 8.0x – 12.0x $8.24 $10.65 Discounted Cash Flow Analysis Discount Rate 11.0% – 9.5% EV / LTM EBITDA 6.4x – 12.8x $8.98 $16.47 Precedent Transactions (Change of Control Transactions) EV / 2022E EBITDA 6.4x – 12.8x $8.19 $14.93 Source: Company filings, Panda management projections and FactSet. Market data as of 22-July-2022. July 2022 12

HIGHLY CONFIDENTIAL D i s c o u n t e d C a s h F l o w A n a l y s i s I n p u t s Class B-1 Units Treated as Economically Equivalent to Class B Units ($M) Jul—Dec 2022E 2023E 2024E 2025E 2026E 2027E Year-End AUM ($B) $52.2 $55.7 $58.2 $60.6 $62.9 $65.0 Total Revenue $103 $212 $220 $223 $228 $233 YoY Growth (%) N/A 3.8% 3.7% 1.4% 2.5% EBITDA $44 $99 $100 $100 $102 $104 EBITDA Margin (%) 43.2% 46.6% 45.5% 45.0% 44.7% 44.5% D&A (1) (1) (1) (1) (1) (1) Investment G&L 8 2 3 3 3 3 Operating Income $51 $100 $101 $102 $104 $106 UBT (2) (4) (4) (4) (4) (4) Unlevered Net Income $49 $96 $97 $98 $100 $102 D&A 1 1 1 1 1 1 Rent Expense Adjustment 2 2 1 1 2 (0) Changes in Net Working Capital 4 0 0 0 0 0 CapEx (0) (2) (1) (1) (1) (1) Seed Investment 0 (5) (5) (5) (5) (5) Distributable Cash Flow $56 $92 $94 $94 $97 $97 YoY Growth (%) N/A 2.1% 0.5% 3.5% (0.6%) Inc. Diluted Class A Shares 17.5 17.5 17.5 17.5 17.5 17.5 Diluted Shares Outstanding 87.9 87.9 87.9 87.9 87.9 87.9 Inc. Ownership 20% 20% 20% 20% 20% 20% Cash Flow Distribution to Inc. $11 $18 $19 $19 $19 $19 Tax (3) (5) (5) (5) (5) (5) Inc. Unlevered Net Income $8 $14 $14 $14 $14 $14 â–ª Balance sheet and share count as of 30-June-2022 â–ª Mid-year cash flow convention â–ª UBT cash tax rate of 4.0% and Panda Inc. marginal cash tax rate of 25.7% Source: Company filings and Panda management projections. Note: Assumes $30M of minimum cash requirement per management. Class B-1 units treated as economically equivalent to Class B units. July 2022 13

HIGHLY CONFIDENTIAL D i s c o u n t e d C a s h F l o w A n a l y s i s I n p u t s Treasury Stock Method Value for Class B-1 Units ($M) Jul—Dec 2022E 2023E 2024E 2025E 2026E 2027E Year-End AUM ($B) $52.2 $55.7 $58.2 $60.6 $62.9 $65.0 Total Revenue $103 $212 $220 $223 $228 $233 YoY Growth (%) N/A 3.8% 3.7% 1.4% 2.5% EBITDA $44 $99 $100 $100 $102 $104 EBITDA Margin (%) 43.2% 46.6% 45.5% 45.0% 44.7% 44.5% D&A (1) (1) (1) (1) (1) (1) Investment G&L 8 2 3 3 3 3 Operating Income $51 $100 $101 $102 $104 $106 UBT (2) (4) (4) (4) (4) (4) Unlevered Net Income $49 $96 $97 $98 $100 $102 D&A 1 1 1 1 1 1 Rent Expense Adjustment 2 2 1 1 2 (0) Changes in Net Working Capital 4 0 0 0 0 0 CapEx (0) (2) (1) (1) (1) (1) Seed Investment 0 (5) (5) (5) (5) (5) Distributable Cash Flow $56 $92 $94 $94 $97 $97 YoY Growth (%) N/A 2.1% 0.5% 3.5% (0.6%) Inc. Diluted Class A Shares 17.5 17.5 17.5 17.5 17.5 17.5 Diluted Shares Outstanding 79.7 79.7 79.7 79.7 79.7 79.7 Inc. Ownership 22% 22% 22% 22% 22% 22% Cash Flow Distribution to Inc. $12 $20 $21 $21 $21 $21 Tax (3) (5) (5) (5) (5) (5) Inc. Unlevered Net Income $9 $15 $15 $15 $16 $16    Balance sheet and share count as of 30-June-2022    Mid-year cash flow convention    UBT cash tax rate of 4.0% and Panda Inc. marginal cash tax rate of 25.7% Source: Company filings and Panda management projections. Note: Assumes $30M of minimum cash requirement per management. Class B-1 units and options dilution calculated using treasury stock method. July 2022 14

HIGHLY CONFIDENTIAL D i s c o u n t e d C a s h F l o w A n a l y s i s O u t p u t s Treasury Stock Method Value for Class B-1 Units Implied Price per Class A Share Discount Rate $9.4 9.50% 9.88% 10.25% 10.63% 11.00% 12.0x $10.65 $10.55 $10.45 $10.35 $10.25 Terminal 11.0x $10.12 $10.02 $9.93 $9.84 $9.75 Earnings 10.0x $9.59 $9.50 $9.41 $9.33 $9.24 Multiple 9.0x $9.05 $8.97 $8.89 $8.82 $8.74 8.0x $8.52 $8.45 $8.38 $8.31 $8.24 Implied Perpetuity Growth Rate Discount Rate ($0.0) 9.50% 9.88% 10.25% 10.63% 11.00% 12.0x 0.7% 1.0% 1.4% 1.7% 2.0% Terminal 11.0x (0.0%) 0.3% 0.6% 1.0% 1.3% Earnings 10.0x (0.9%) (0.5%) (0.2%) 0.1% 0.4% Multiple 9.0x (1.9%) (1.6%) (1.3%) (1.0%) (0.6%) 8.0x (3.2%) (2.9%) (2.5%) (2.2%) (1.9%) Source: Company filings and Panda management projections. Note: Class B-1 units and options dilution calculated using treasury stock method. Implied P / 2022E EPS not shown due to 2022E EPS assuming Class B-1 units are treated as economically equivalent to Class B July 2022 15 units per Panda management.

HIGHLY CONFIDENTIAL P r e s e n t Va l u e o f F u t u r e S t o c k P r i c e a n d D i v i d e n d s LT M M u l t i p l e | D i v i d e n d P a y o u t o f 6 5 % Class B-1 Units Treated as Economically Equivalent to Class B Units Sensitivity Analysis Cost of Equity LTM P/E Multiple 2022E 2023E 2024E 2025E 2026E 2027E 10.0% 8.0x $6.09 $6.65 $6.52 $6.36 $6.30 $6.22 10.0% 10.0x 7.51 8.09 7.82 7.53 7.36 7.19 10.0% 12.0x 8.92 9.53 9.12 8.70 8.42 8.15 10.5% 8.0x 6.08 6.61 6.46 6.28 6.19 6.10 10.5% 10.0x 7.49 8.04 7.74 7.42 7.23 7.04 10.5% 12.0x 8.90 9.47 9.03 8.57 8.27 7.98 11.0% 8.0x 6.06 6.57 6.39 6.19 6.08 5.97 11.0% 10.0x 7.47 7.98 7.66 7.32 7.10 6.89 11.0% 12.0x 8.88 9.40 8.93 8.45 8.12 7.81 Source: Panda management projections and company filings. Note: Future share price and dividends discounted to 30-June-2022. Panda management targets a cash dividend payout ratio (per share) of 60% to 70% of EPS. 2022E dividend per share calculated using dividend payout July 2022 16 ratio of 65% multiplied by 2022E EPS less $0.03 of dividend per share paid on 20-May-2022.

HIGHLY CONFIDENTIAL WA C C A n a l y s i s Previously Multi- Multi-Boutiques Boutique (Ongoing Other Managers Divestiture Program) Affiliated Victory Janus Artisan Federated ($M) Virtus BrightSphere Median Panda Managers Capital Henderson Partners Hermes 2Y Weekly Beta (BBG) 1.34 0.99 1.44 1.37 1.31 1.38 1.06 1.34 1.33 5Y Week ly Beta (BBG) 1.37 1.04 1.58 1.43 1.27 1.32 1.22 1.32 1.20 Market Cap $4,951 $1,849 $1,505 $799 $4,263 $3,194 $3,354 $592 Net Debt 2,110 1,043 179 274 (501) 12 138 (3) Total Capital $7,061 $2,892 $1,684 $1,073 $3,763 $3,206 $3,492 $589 Equity as % of Total Cap. 70% 64% 89% 74% 113% 100% 96% 89% 101% Debt as % of Total Cap. 30% 36% 11% 26% (13%) 0% 4% 11% (1%) Cost of Equity 10.8% 8.9% 11.4% 11.0% 10.7% 11.1% 9.3% 10.8% 10.8% Panda WACC Calculation Beta Range 1.20—1.33 Selected Cost of Equity Cost of Equity 10.1%—10.8% Range of 10.0% – 11.0% BSIG YTW (Maturity: 4 Years) 7.0% Duration Adjustment 0.5% Cost of Debt (Pre-Tax) 7.5% Marginal Tax Rate 25.7% Cost of Debt 5.6% Target Equity Funding 90.0%—100.0% Target Debt Funding 10.0%—0.0% Selected WACC Range of WACC 9.6%—10.8% 9.5% – 11.0% Source: Bloomberg, Duff & Phelps, FactSet and public filings. Market data as of 22-July-2022. Note: Assumes equity risk premium of 5.6% per Duff & Phelps. Risk free rate represents YTW of 30-year UST with 20-year remaining July 2022 17 life. Marginal tax rate per Panda management. Panda’s market cap assumes Class B-1 units treated as economically equivalent to Class B units. Assumes $30M of minimum cash requirement per Panda management.

HIGHLY CONFIDENTIAL C o s t o f D e b t – S e l e c t e d P e e r s Duration Spread vs. Bond Adjustment Treasury Treasury 20-Year Adjusted Debt / Rating Maturity YTW to 20-Year Maturity Yield (YTW) Treasury¹ Cost of Debt Capital    Janus Henderson JHG 4    08/01/25 Corp BBB 01-Aug-2025 4.34% 17.0 16.8 2.95% 0.40% 4.74% (13.3%) AMG AMG 3.3 06/15/30 Corp BBB+ 15-Jun-2030 4.50% 12.1 13.6 2.70% 0.64% 5.14% 29.9% AMG 4 ¹⁄₄ 02/15/24 Corp BBB+ 15-Feb-2024 3.75% 18.4 18.3 3.27% 0.07% 3.81% 29.9% AMG 3 ¹⁄₂ 08/01/25 Corp BBB+ 01-Aug-2025 3.55% 17.0 16.8 2.95% 0.40% 3.95% 29.9% APAM APAM 4.53 08/16/27 Corp NR 16-Aug-2027 9.80% 14.9 14.8 2.79% 0.55% 10.35% 0.4% APAM 5.82 08/16/22 Corp NR 16-Aug-2022 1.02% 19.9 19.8 3.26% 0.09% 1.11% 0.4% APAM 4.29 08/16/25 Corp NR 16-Aug-2025 6.18% 16.9 16.8 2.95% 0.40% 6.57% 0.4% BSIG BSIG 4.8 07/27/26 Corp BB+ 27-Jul-2026 6.97% 16.0 15.8 2.84% 0.51% 7.48% 25.6% Median 4.42% 4.94% Average 5.01% 5.39% Source: Bloomberg, FactSet and public filings. Market data as of 22-July-2022. ¹ vs. YTW of 30-year UST with 20-year remaining life of 3.34%. July 2022 18

HIGHLY CONFIDENTIAL P r e c e d e n t 1 3 E—3 Tr a n s a c t i o n s P r e m i u m ( % H e l d > 5 0 % ) D e a l S i z e $ 1 0 0 m i l l i o n + | S i n c e 2 0 1 2 Consideration Original Final Announced Date Acquirer Name Target Name Incorporated Held % ($bn) Premium Premium US Incorporated 30-Aug-2021 Geneve Holdings, Inc. Independence Holding Company Delaware 63% $0.3 19% 36% 02-Jul-2021 Banco Santander, S.A. Santander Consumer USA Holdings Inc. Delaware 80% 2.5 7% 14% 04-Sep-2020 Farm Bureau Mutual, Iowa Farm Bureau Federation FBL Financial Group, Inc. Iowa 61% 0.6 26% 64% 31-Aug-2020 Ionis Pharmaceuticals, Inc. Akcea Therapeutics, Inc. Delaware 76% 0.5 59% 59% 27-Nov-2019 Kyocera Corporation AVX Corporation Delaware 72% 1.0 30% 45% 11-Nov-2019 Insider Buyout Cellular Biomedicine Group, Inc. Delaware 52% 0.2 10% 12% 24-Apr-2019 Sonic Financial Corporation Speedway Motorsports, Inc. Delaware 71% 0.3 29% 42% 16-Nov-2018 Employers Mutual Casualty Company EMC Insurance Group Inc. Iowa 55% 0.4 25% 50% 09-Nov-2018 NASCAR Holdings, Inc. International Speedway Corporation Florida 75% 1.3 6% 14% 19-Jun-2018 Roche Holding Ltd Foundation Medicine, Inc. Delaware 57% 2.3 29% 29% 09-Jan-2018 Insider Buyout AmTrust Financial Services, Inc. Delaware 55% 1.4 21% 45% 06-Mar-2017 Steel Partners Holdings L.P. Handy & Harman Ltd. Delaware 70% 0.1 4% 33% 07-Mar-2016 American Financial Group, Inc. National Interstate Corporation Ohio 51% 0.3 33% 44% 29-Feb-2016 Icahn Enterprises L.P. Federal-Mogul Holdings Corporation Delaware 82% 0.3 41% 101% 15-Jan-2016 Insider Buyout Synutra International, Inc. Delaware 63% 0.1 54% 58% 20-Feb-2013 Chiesi Farmaceutici S.p.A. Cornerstone Therapeutics Inc. Delaware 65% 0.3 22% 73% Non-US Incorporated 10-Feb-2021 Insider Buyout New Frontier Health Corporation Cayman Islands 40%1 $0.8 24% 24% 17-Sep-2020 Insider Buyout 51job, Inc. Cayman Islands 56% 1.9 16% N/A 08-Jun-2020 Insider Buyout China Distance Education Holdings Cayman Islands 50% 0.2 26% 36% 09-Sep-2019 Sohu.com Limited Changyou.com Limited Cayman Islands 67%2 0.2 69% 82% 25-Apr-2017 Baring Private Equity Asia, CPPIB Nord Anglia Education, Inc. Cayman Islands 67% 1.2 18% 18% 17-Feb-2017 FountainVest Partners, Hillhouse Capital, SEEK Limited Zhaopin Limited Cayman Islands 61%3 0.5 13% 14% 23-Jun-2016 Ocean Management Qunar Cayman Islands Limited Cayman Islands 94% 0.2 15% 15% 03-Aug-2015 Ctrip.com International, Ltd., Tencent Holdings Limited eLong, Inc. Cayman Islands 78% 0.2 24% 24% 23-Oct-2014 Brookfield Asset Management Inc. Brookfield Residential Properties Inc. Canada 69% 0.9 21% 28% 27-Jan-2014 Insider Buyout, Ningxia Silkroad Equity Investment etc. Shanda Games Limited Cayman Islands 76% 0.5 22% 26% 30-May-2012 Fiat Industrial S.p.A. CNH Global N.V. Netherlands 88% 2.8 0% 25% US Incorporated 26% 44% Median Total 22% 35% US Incorporated 26% 45% Average Total 25% 39% US Incorporated 17% 32% 1st Quartile Total 16% 24% US Incorporated 30% 58% 3rd Quartile Total 29% 49% Source: Deal Point Data and company filings. Includes pending and completed acquisitions of public targets listed in the US. Excludes GP-LP transactions. Announced date reflects the date of the first publicly announced proposal. Original premium is the premium implied by the first publicly announced proposal (which may or may not have reflected an agreed to transaction price in an definitive agreement) over the price of the unaffected date. Final premium is implied by the transaction price over the same unaffected date. 1 Excludes voting proxies granted by shareholders of the company (not including any shareholder who is already a member of the insider) in respect of 17,316,625 issued and outstanding shares, representing approximately 13% of the total issued and outstanding shares. 2 Sohu.com owns approximately 67% of the combined total of the target’s outstanding Class A ordinary shares and Class B ordinary July 2022 19 shares and approximately 95% of the total voting power. 3 SEEK beneficially owned ordinary shares representing approximately 75% of the voting power and 61% of the share capital.

HIGHLY CONFIDENTIAL P / LT M E P S O v e r T i m e S e l e c t e d Tr a d i t i o n a l A s s e t M a n a g e r s | L a s t 3 Y e a r s Average 3-Year 1-Year YTD 45.0x Panda EPS Panda (GAAP EPS) 15.3x 9.7x 8.1x GAAP Adjusted Panda (Adjusted EPS) 11.5x 9.7x 8.1x Q1 2018 $0.20 $0.20 Q2 2018 0.20 0.20 Selected Comparables¹ 12.1x 10.1x 9.1x 40.0x Q3 2018 0.22 0.22 Q4 2018 0.15 0.16    Quarterly GAAP EPS declined to ($0.08) per share in Q4 2019 Q1 2019 0.17 0.17 • Decline was mainly due to one-time compensation relating 35.0x Q2 2019 0.18 0.18 to the one-time issuance of certain unit-based and other Q3 2019 0.19 0.19 awards to a number of the firm’s key contributors pursuant Q4 2019 (0.08) 0.20 to the terms of equity incentive plans in addition to costs Q1 2020 0.00 0.00 related to certain employee departures 30.0x Q2 2020 0.13 0.13 Q3 2020 0.16 0.16 Q4 2020 0.22 0.22 25.0x Q1 2021 0.24 0.24 Q2 2021 0.25 0.25 Q3 2021 0.27 0.27 Q4 2021 0.24 0.24 20.0x Q1 2022 0.16 0.16 15.0x 10.0x 7.8x 7.4x 5.0x 7.4x    0.0x Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Panda (GAAP EPS) Panda (Adjusted EPS) Selected Comparables¹ Source: FactSet and company filings. Market data as of 22-July-2022. Note: selected comparables represent median P / LTM EPS per FactSet. Panda adjusted EPS per filings (there was no adjustment made to GAAP earnings except for Q4 2018 and Q4 2019). July 2022 20 ¹ Selected Comparables include AMG, JHG, FHI, APAM, BSIG, VCTR and VRTS.

HIGHLY CONFIDENTIAL P / N T M E P S O v e r T i m e P a n d a a n d S e l e c t e d P e e r s Range Average 30.0x AMG JHG FHI APAM BSIG VCTR VRTS Median Average Last 10 Years 10.8x 10.2x 13.2x 12.7x 9.5x 5.6x 12.0x 10.8x 10.6x Last 5 Years 7.8x 10.1x 11.0x 10.7x 8.6x 5.6x 8.2x 8.6x 8.9x Last 3 Years 6.9x 9.6x 10.4x 10.4x 9.2x 5.6x 7.3x 9.2x 8.5x Last 1 Year 7.5x 9.8x 10.8x 9.2x 12.6x 6.3x 6.7x 9.2x 9.0x Since 12-Jul-19 6.9x 9.6x 10.4x 10.4x 9.2x 5.6x 7.3x 9.2x 8.5x Jun-12 to 12-Jul-19 12.5x 11.1x 14.4x 13.8x 9.7x 5.6x 14.1x 12.5x 11.6x 25.0x Delta (5.6x) (1.5x) (4.0x) (3.4x) (0.5x) (0.1x) (6.8x) (3.3x) (3.1x) 20.0x Last Available NTM Consensus EPS Estimate (12-July-2019) 15.0x 10.6x    11.4x 10.0x 11.3x 10.0x 9.8x 6.5x 5.0x 6.6x 5.6x    0.0x Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21 Jul-22 Panda AMG JHG FHI APAM BSIG VCTR VRTS Source: FactSet. Market data as of 22-July-2022. NTM EPS per FactSet consensus median and represents time-weighted NTM EPS median estimates. Note: No NTM EPS consensus estimate was available for certain dates for Panda in January 2019. July 2022 21

HIGHLY CONFIDENTIAL C o m p a r i s o n o f Tr a d i t i o n a l A s s e t M a n a g e r s Class B-1 Units Treated as Economically Equivalent to Class B Units Illustrative Purposes Only ($ in millions except per share data and AUM) Equity Closing Price % of 52 Dividend Dividend P/ E Rev. Growth EV / EBITDA EBITDA Margin AUM ($B) Company Name Value 22-Jul-22 Week High Yield (Ann.) Yield (LTM) LTM 2022E ‘22E-‘23E 2022E 2022E 31-Mar-22 Panda (Management) $ 592 $ 6.84 57.6 % 1.75 % 9.06 % 7.4 x 9.2 x 3.8% 5.9x 47.1 % $53 Selected Peers Affiliated Managers $ 4,951 $ 120.71 63.0 % 0.03 % 0.03 % 9.2 x 6.7 x (1.9 %) 7.3 x 41.0 % $777 Janus Henderson $ 4,263 $ 24.67 50.8 % 6.32 % 6.16 % 7.8 x 9.6 x (2.8 %) 6.1 x 28.1 % $361 Federated Hermes $ 3,354 $ 34.39 86.4 % 3.14 % 3.14 % 13.2 x 12.5 x 5.5 % 9.4 x 25.8 % $647 Artisan Partners $ 3,194 $ 37.43 70.2 % 11.01 % 12.56 % 7.8 x 11.3 x (1.1 %) 8.5 x 36.4 % $160 Victory Capital $ 1,849 $ 25.09 58.2 % 3.99 % 2.75 % 6.5 x 5.6 x 1.8 % 7.3 x 49.7 % $178 Virtus $ 1,505 $ 190.18 56.1 % 3.15 % 2.44 % 7.4 x 6.7 x (2.6 %) 5.6 x 40.4 % $183 BrightSphere $ 799 $ 18.71 60.0 % 0.21 % 0.21 % 9.7 x 10.6 x (4.1 %) 6.6 x 37.0 % $110 Median 60.0 % 3.15 % 2.75 % 7.8 x 9.6 x (1.9 %) 7.3 x 37.0 % Mean 63.5 % 3.98 % 3.90 % 8.8 x 9.0 x (0.7 %) 7.2 x 36.9 % Source: Bloomberg, FactSet and public filings. Panda 2022E metrics per Panda management. Market data as of 22-July-2022.    Note: Dividend yield (Ann.) represents latest dividend paid annualized. Dividend (LTM) represents LTM dividends paid as of 31-March-2022. Panda Class B-1 units treated as economically equivalent to Class B units. See appendix for treatment of Class B-1 units with treasury stock method. Management equity value to enterprise July 2022 22 value bridge is based on 30-June-2022 balance sheet and Panda management’s guidance related to assumptions on excess cash and investments. Based on public share count and balance sheet information as of 31-March-2022 (10-K and 10-Q) and management’s 2022E EBITDA estimate, EV / 2022E EBITDA would be 5.4x.

HIGHLY CONFIDENTIAL C o m p a r i s o n o f Tr a d i t i o n a l A s s e t M a n a g e r s Treasury Stock Method Value for Class B-1 Units Illustrative Purposes Only ($ in millions except per share data and AUM) Equity Closing Price % of 52 Dividend Dividend P/ E Rev. Growth EV / EBITDA EBITDA Margin AUM ($B) Company Name Value 22-Jul-22 Week High Yield (Ann.) Yield (LTM) LTM 2022E ‘22E-‘23E 2022E 2022E 31-Mar-22 Panda (Management) $ 526 $ 6.84 57.6 % 1.75 % 9.06 % 7.4 x 9.2 x 3.8% 5.2x 47.1 % $53 Selected Peers Affiliated Managers $ 4,951 $ 120.71 63.0 % 0.03 % 0.03 % 9.2 x 6.7 x (1.9 %) 7.3 x 41.0 % $777 Janus Henderson $ 4,263 $ 24.67 50.8 % 6.32 % 6.16 % 7.8 x 9.6 x (2.8 %) 6.1 x 28.1 % $361 Federated Hermes $ 3,354 $ 34.39 86.4 % 3.14 % 3.14 % 13.2 x 12.5 x 5.5 % 9.4 x 25.8 % $647 Artisan Partners $ 3,194 $ 37.43 70.2 % 11.01 % 12.56 % 7.8 x 11.3 x (1.1 %) 8.5 x 36.4 % $160 Victory Capital $ 1,849 $ 25.09 58.2 % 3.99 % 2.75 % 6.5 x 5.6 x 1.8 % 7.3 x 49.7 % $178 Virtus $ 1,505 $ 190.18 56.1 % 3.15 % 2.44 % 7.4 x 6.7 x (2.6 %) 5.6 x 40.4 % $183 BrightSphere $ 799 $ 18.71 60.0 % 0.21 % 0.21 % 9.7 x 10.6 x (4.1 %) 6.6 x 37.0 % $110 Median 60.0 % 3.15 % 2.75 % 7.8 x 9.6 x (1.9 %) 7.3 x 37.0 % Mean 63.5 % 3.98 % 3.90 % 8.8 x 9.0 x (0.7 %) 7.2 x 36.9 % Source: Bloomberg, FactSet and public filings. Panda 2022E metrics per Panda management. Market data as of 22-July-2022.    Note: Dividend yield (Ann.) represents latest dividend paid annualized. Dividend (LTM) represents LTM dividends paid as of 31-March-2022. Class B-1 units and options dilution calculated using treasury stock method. Management equity value to enterprise value bridge is based on 30-June-2022 balance sheet and Panda July 2022 23 management’s guidance related to assumptions on excess cash and investments. Based on public share count and balance sheet information as of 31-March-2022 (10-K and 10-Q) and management’s 2022E EBITDA estimate, EV / 2022E EBITDA would be 4.9x.

HIGHLY CONFIDENTIAL S e l e c t e d Tr a d i t i o n a l A s s e t M a n a g e m e n t C h a n g e o f C o n t r o l Tr a n s a c t i o n s F o o t n o t e s 1 Metrics sourced from Merger Agreement and Q1 10Q 2022. Purchase price calculated as per share merger consideration of $12.85 multiplied by diluted shares outstanding. Implied multiple calculated as EV divided by LTM Q1 2022A EBITDA. EV calculated as purchase price less cash and cash equivalents and investment securities. LTM EBITDA calculated as LTM Q1 2022A operating income plus D&A. Target AUM as of 31-Mar-2022. 2 Per BrightSphere’s press release, Pendal Group acquired a 75.1% of ownership interest in Thompson, Siegel Walmsley (“TSW”) from BrightSphere (for $240M) and 24.9% from TSW management for a total consideration of ~$320M. In addition to acquiring BrightSphere’s equity interest in TSW, Pendal also agreed to acquire BrightSphere’s seed capital in TSW strategies post-close for approximately $14M. Purchase price shown excludes the purchase of seed investments. Implied multiple of 7.6x 1H2021A (annualized and excluding synergies) per Pendal Group’s investor presentation. Target AUM as of 31-Mar-2021. 3 Per Macquarie’s investor presentation: total headline consideration of ~$1.7B, headline acquisition multiple of ~10x EV/EBITDA and pro forma multiple of ~6x EV/EBITDA post sell down of balance sheet assets, before the sale of the wealth management business and realization of synergies. Macquarie intended to acquire all of the outstanding common shares of Waddell & Reed and, on completion, sell Waddell & Reed’s wealth management platform to LPL for $300M plus excess net assets. $131B of target AUM includes asset management AUM of ~$68B and wealth management AUA of ~$63B as of 30-Sep-2020. 4 Per BrightSphere’s press release, BrightSphere has agreed to sell its 75.1% ownership interest in Barrow Hanley to Perpetual Limited for $319M. In addition, Perpetual will redeem BrightSphere’s seed capital investments in Barrow Hanley at closing, which had a market value of ~$44M as of 30-Jun-2020. Purchase price shown calculated as $319M (75.1%) grossed up to 100% and does not include the $44M of redemption of seed capital. BrightSphere reported 1H CY2020A EBITDA attributable to controlling interest of $20M. Implied multiple per Perpetual press release. Target AUM as of 30-Jun-2020. 5 Purchase price represents $850M upfront payment. (Note: there are contingent payments of up to $150M over four years based on future business performance.) EBITDA multiple of 6.9x (upfront purchase price excluding expected synergies and tax benefit), 3.8x (upfront purchase price including expected synergies) and 3.2x (upfront purchase price including expected synergies and tax benefit) per Victory Capital’s investor presentation. Target AUM as of 30-Sep-2018. 6 Per Federated Investors’ press release, Federated Investors will pay ~$350M for a 60% interest in Hermes Investment Management. Purchase price shown of $0.6B represents $350M grossed-up to 100%. Per Federated Investors’ investor presentation, EV / EBITDA of 12.8x corresponds to 2017 Hermes standalone EBITDA (post-minority interests). Target AUM as of 31-Dec-2017. Target AUM of $45B represents Ł33B adjusted by GBP USD spot FX conversion rate of 1.35 as of 31-Dec-2017 per investor presentation. Source: Company filings. July 2022 24

D I S C L A I M E R Ardea Partners LP (“Ardea”) has prepared and provided these materials and Ardea’s related oral presentation (collectively, the “Confidential Information”) solely for the information and assistance of the Special Committee of the Board of Directors of Panda (the “Company”) in connection with their consideration of the matters referred to herein. Without Ardea’s prior written consent, the Confidential Information, and Ardea’s preparation and provision of such Confidential Information, may not be used for any other purpose or disclosed or otherwise referred to in any manner. The Confidential Information is (a) for discussion purposes only and (b) speaks only as of the date it is given, reflecting prevailing economic, monetary, market and other conditions as in effect on, and the information made available to Ardea as of, such date. Ardea assumes no responsibility for updating or revising the Confidential Information. The views expressed herein are subject to change based upon a number of factors, including economic, monetary, market and other conditions and the Company’s and any prospective counterparty’s business and prospects. Analyses based upon forecasts of future results are not necessarily indicative of actual future results, which may be significantly more or less favorable than suggested by these analyses, and Ardea does not assume responsibility if future results are materially different from those forecast. The Confidential Information is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by Ardea, if any. The Confidential Information has been prepared using publicly available information and information in reports, due diligence materials, forecasts, projections and other materials provided by or on behalf of the Company and/or any prospective counterparty. Ardea does not assume responsibility for and has relied on, without independent verification, the accuracy and completeness of such information. Ardea has not, and does not, provide advice for tax, legal, regulatory or accounting matters and the Company will remain solely responsible for all aspects of due diligence in connection with the Transaction and the commercial assumptions on which any advice provided by Ardea is based. The Confidential Information does not address the underlying business decision of the Company to engage in any transaction or the relative merits of any strategic alternatives referred to herein as compared to any other alternative that may be available to the Company. Ardea and its affiliates and/or their respective employees, as well as investment funds in which any of them may have a financial interest, may at any time, directly or indirectly, hold long or short positions and may trade or otherwise effect transactions for their own accounts or the accounts of customers, in debt or equity securities, senior loans and/or derivative products relating to the Company or its affiliates, potential parties to a Transaction and their affiliates or persons that are competitors, customers or suppliers of the Company. Nothing herein or any previous or existing relationship between the Company and Ardea will be deemed to create a fiduciary duty or fiduciary or agency relationship between Ardea and the Company, its security holders, affiliates, employees or creditors. July 2022 25