Merger M.12322: Acquisition of joint control over Ryan

Commission européenne/Europese Commissie, 1049 Bruxelles/Brussel, BELGIQUE/BELGIË - Tel. +32 22991111 Disclaimer : The Competition DG makes the information provided by the notifying parties in section 4 of Short Form CO available to the public in order to increase transparency. This information has been prepared by the notifying parties under their sole responsibility, and its content in no way prejudges the view the Commission may take of the planned operation. Nor can the Commission be held responsible for any incorrect or misleading information contained therein. M.12322 - NEUBERGER / ARES / ONEX / FOUNDER / RYAN SECTION 4 Description of the concentration This notification concerns the proposed acquisition of joint control over Ryan, LLC (“Ryan”) by funds managed by NB Alternatives Advisers LLC (“Neuberger”), an affiliate of Neuberger Berman Group LLC (“Neuberger Group”), within the meaning of Article 3(1)(b) and 3(4) of the EU Merger Regulation, by way of purchase of shares. The transaction will result in joint control of Ryan, by Neuberger, Onex Corporation (“Onex”), Ares Management Corporation (“Ares”), and the founder of the business (the “Founder”). The primary business activities of the undertakings concerned are: • Neuberger is an affiliate of the Neuberger Group, which is a US-based private, employee-owned global investment manager founded in 1939, that manages equities, fixed income, private equity, real estate, and hedge fund portfolios for institutions, advisors, and individuals. • Ares is a US-based global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. • Onex is a Canadian-based corporation listed on the Toronto Stock Exchange that invests in companies directly and through a number of private equity funds. Companies currently controlled and jointly controlled by private equity funds managed by subsidiaries of Onex are active in a number of industries including industrials, services, healthcare, consumer and retail, and financial services. Onex also invests in private credit strategies, which primarily consist of non-investment grade debt in collateralized loan obligations, and structured, opportunistic, liquid and direct lending strategies. • Founder is G. Brint Ryan. G. Brint Ryan is a U.S. citizen who serves as Chairman and Chief Executive Officer of Ryan. Mr. Ryan controls and has minority investments in other businesses that collectively generate immaterial revenues solely in the US. Mr. Ryan founded Ryan in 1991 and has since grown the firm into an award-winning tax services and software provider.

Commission européenne/Europese Commissie, 1049 Bruxelles/Brussel, BELGIQUE/BELGIË - Tel. +32 22991111 • Ryan is a tax services and consulting firm and provider of tax management software solutions. Ryan is headquartered in Dallas, Texas, USA, and is currently jointly controlled by Onex, Ares and Founder.