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<SEC-DOCUMENT>/in/edgar/work/0000950131-00-005657/0000950131-00-005657.txt : 20001011
<SEC-HEADER>0000950131-00-005657.hdr.sgml : 20001011
ACCESSION NUMBER:		0000950131-00-005657
CONFORMED SUBMISSION TYPE:	PRE13E3
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20001010

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHOENIX INVESTMENT PARTNERS LTD/CT
		CENTRAL INDEX KEY:			0000883237
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6282
]		IRS NUMBER:				954191764
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231
</COMPANY-DATA>

		FILING VALUES:
			FORM TYPE:		PRE13E3
			SEC ACT:		
			SEC FILE NUMBER:	005-43022
			FILM NUMBER:		737795
</FILING-VALUES>

			BUSINESS ADDRESS:	
				STREET 1:		56 PROSPECT ST
				CITY:			HARTFORD
				STATE:			CT
				ZIP:			06115-0480
				BUSINESS PHONE:		8604035000
</BUSINESS-ADDRESS>

				MAIL ADDRESS:	
					STREET 1:		56 PROSPECT STREET
					CITY:			HARTFORD
					STATE:			CO
					ZIP:			06115
</MAIL-ADDRESS>

					FORMER COMPANY:	
						FORMER CONFORMED NAME:	PHOENIX DUFF & PHELPS CORP
						DATE OF NAME CHANGE:	19951117
</FORMER-COMPANY>

						FORMER COMPANY:	
							FORMER CONFORMED NAME:	DUFF & PHELPS CORP
							DATE OF NAME CHANGE:	19930328
</FORMER-COMPANY>
</SUBJECT-COMPANY>

							FILED BY:		

								COMPANY DATA:	
									COMPANY CONFORMED NAME:			PHOENIX INVESTMENT PARTNERS LTD/CT
									CENTRAL INDEX KEY:			0000883237
									STANDARD INDUSTRIAL CLASSIFICATION:	 [6282
]									IRS NUMBER:				954191764
									STATE OF INCORPORATION:			DE
									FISCAL YEAR END:			1231
</COMPANY-DATA>

									FILING VALUES:
										FORM TYPE:		PRE13E3
</FILING-VALUES>

										BUSINESS ADDRESS:	
											STREET 1:		56 PROSPECT ST
											CITY:			HARTFORD
											STATE:			CT
											ZIP:			06115-0480
											BUSINESS PHONE:		8604035000
</BUSINESS-ADDRESS>

											MAIL ADDRESS:	
												STREET 1:		56 PROSPECT STREET
												CITY:			HARTFORD
												STATE:			CO
												ZIP:			06115
</MAIL-ADDRESS>

												FORMER COMPANY:	
													FORMER CONFORMED NAME:	PHOENIX DUFF & PHELPS CORP
													DATE OF NAME CHANGE:	19951117
</FORMER-COMPANY>

													FORMER COMPANY:	
														FORMER CONFORMED NAME:	DUFF & PHELPS CORP
														DATE OF NAME CHANGE:	19930328
</FORMER-COMPANY>
</FILED-BY>
</SEC-HEADER>
<DOCUMENT>
<TYPE>PRE13E3
<SEQUENCE>1
<FILENAME>0001.txt
<DESCRIPTION>TRANSACTION STATEMENT
<TEXT>

<PAGE>

================================================================================
                       SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                                 Schedule 13E-3

                             Transaction Statement
           Under Section 13(e) of the Securities Exchange Act of 1934

                       PHOENIX INVESTMENT PARTNERS, LTD.
                              (Name of the Issuer)

                       PHOENIX INVESTMENT PARTNERS, LTD.
                   PHOENIX HOME LIFE MUTUAL INSURANCE COMPANY
                               PM HOLDINGS, INC.
                     (Name of the Persons Filing Statement)

                          Common Stock, $.01 par value
                         (Title of Class of Securities)

                                   719085102
                                 (CUSIP Number)

                              Philip R. McLoughlin
                            Chief Executive Officer
                       Phoenix Investment Partners, Ltd.
                               56 Prospect Street
                          Hartford, Connecticut 06115
                                 (860) 403-5000
      (Name, Address and Telephone Number of Person Authorized to Receive
     Notices and Communications on Behalf of the Persons Filing Statement)

                                   Copies to:

    Tracy L. Rich, Esq.       John S. Chapman, Esq.     Gregory V. Gooding, Esq.
  Senior Vice President &    J. Brett Pritchard, Esq.     Debevoise & Plimpton
     General Counsel          Lord, Bissell & Brook         875 Third Avenue
 Phoenix Home Life Mutual    115 South LaSalle Street      New York, New York
     Insurance Company        Chicago, Illinois 60603            10022
     One American Row
Hartford, Connecticut 06115

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

a. [x] The filing of solicitation materials or an information statement subject
to Regulation 14A ((S)(S)240.14a-1 through 240.14b-2), Regulation 14C
((S)(S)240.14c-1 through 240.14c-101) or Rule 13e-3(c) ((S)240.13e-3(c)) under
the Securities Exchange Act of 1934 ("the Act").

b. [_] The filing of a registration statement under the Securities Act of 1933.

c. [_] A tender offer.

d. [_] None of the above.

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

Calculation of Filing Fee
- --------------------------------------------------------------------------------
          Transaction valuation*                Amount of filing fee**
          $433,895,397                          $86,779
- --------------------------------------------------------------------------------

*The "transaction valuation" amount referred to above is approximately the sum
of (i) the product of 19,424,865 outstanding shares of Common Stock and $15.75,
the cash price per share to be paid in the merger, plus (ii) cash consideration
of up to $58,232,771 to be paid for options to purchase 7,373,662 shares of
Common Stock being surrendered in connection with the merger, plus (iii) cash
consideration up to $69,721,002 to be paid for the 4,545,778 shares of Common
Stock into which the 6% convertible subordinated debentures may be converted
prior to the merger.

**In accordance with Rule 0-11 under the Securities Exchange Act of 1934, as
amended, the filing fee is determined by multiplying the transaction valuation
by 1/50th of 1%.

[x]  Check the box if any part of the fee is offset as provided by
     (S)240.0-11(a)(2) 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: $86,779
          Form or Registration No.: 14A
          Filing Party: Phoenix Investment Partners, Ltd.
          Date Filed: October 10, 2000
<PAGE>

================================================================================

                                  INTRODUCTION

     This Rule 13e-3 Transaction Statement on Schedule 13E-3 ("Statement") is
being filed jointly by Phoenix Investment Partners, Ltd., a Delaware corporation
("PXP"), Phoenix Home Life Mutual Insurance Company, a New York mutual life
insurance company ("Phoenix Home Life"), and PM Holdings, Inc., a Connecticut
corporation ("PM Holdings"), in connection with the merger of a Delaware
corporation to be formed by Phoenix Home Life with and into PXP, with PXP as the
surviving entity, pursuant to an Agreement and Plan of Merger, dated September
10, 2000, among Phoenix Home Life, PM Holdings, a wholly-owned subsidiary of
Phoenix Home Life, and PXP (the "Merger Agreement"). The independent directors
committee of the board of directors of PXP unanimously recommended that the
entire board of directors of PXP approve the merger agreement.  PXP's board of
directors, based on the recommendation of the independent directors committee,
unanimously approved the merger agreement and recommended that it be submitted
to PXP's stockholders for adoption. PXP's stockholders will be asked to vote
upon and approve the Merger Agreement at a special meeting of the stockholders
of PXP to be held on _______________, 2000.

     This Statement is intended to satisfy the reporting requirements of Section
13(e) of the Securities Exchange Act of 1934, as amended. Concurrently with the
filing of this Statement, PXP is filing a preliminary proxy statement relating
to the solicitation of proxies for the special meeting (the "Proxy Statement").
The Proxy Statement is incorporated herein by reference. Except as otherwise set
forth below, the information set forth in the Proxy Statement, including all
appendices thereto, is hereby expressly incorporated herein by reference in
response to the items of this Statement, and the responses to each item in this
Statement are qualified in their entirety by the information contained in the
Proxy Statement and the appendices thereto. Capitalized terms used but not
defined herein shall have the meanings ascribed to such terms in the Proxy
Statement.

ITEM 1.   SUMMARY TERM SHEET.

     The information set forth in the Proxy Statement under the captions
"SUMMARY TERM SHEET" and "QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING" is
incorporated herein by reference.

ITEM 2.   SUBJECT COMPANY INFORMATION.

     (a)     The information set forth on the cover page of the Proxy Statement
             and in the Proxy Statement under the caption "SUMMARY TERM SHEET -
             The Companies" is incorporated herein by reference.

     (b)     The information set forth in the Proxy Statement under the caption
             "INFORMATION CONCERNING THE SPECIAL MEETING - Record Date, Quorum
             Requirement, and Vote Required" and on the cover page of the Proxy
             Statement is incorporated herein by reference.
<PAGE>

     (c)-(d) The information set forth in the Proxy Statement under the caption
             "COMMON STOCK MARKET PRICE AND DIVIDEND INFORMATION" is
             incorporated herein by reference.

     (e)     The information set forth in the Proxy Statement under the caption
             "SPECIAL FACTORS - Public Offerings and Repurchases of Common
             Stock" is incorporated herein by reference.

     (f)     The information set forth in the Proxy Statement under the caption
             "COMMON STOCK PURCHASE INFORMATION" is incorporated herein by
             reference.

ITEM 3.   IDENTITY AND BACKGROUND OF FILING PERSONS.

     (a)-(c) The information set forth in the Proxy Statement under the captions
             "SUMMARY TERM SHEET - The Companies", "CURRENT MANAGEMENT OF PXP",
             "PHOENIX HOME LIFE", "SPECIAL FACTORS - Interests of Certain
             Persons in the Merger;- Consequences of the Merger; - Plans for
             Surviving Company After the Merger" and "SECURITY OWNERSHIP OF
             CERTAIN BENEFICIAL OWNERS AND MANAGEMENT" is incorporated herein by
             reference.

ITEM 4.   TERMS OF THE TRANSACTION.

     (a)     The information set forth in the Proxy Statement and under the
             captions "SUMMARY TERM SHEET", "INFORMATION CONCERNING THE SPECIAL
             MEETING - Record Date, Quorum Requirement, and Vote Required",
             "SPECIAL FACTORS" and "THE MERGER AGREEMENT" is incorporated herein
             by reference and Appendix A to the Proxy Statement is also
             incorporated herein by reference.

     (c)     The information set forth in the Proxy Statement under the captions
             "SUMMARY TERM SHEET", "INFORMATION CONCERNING THE SPECIAL MEETING",
             "SPECIAL FACTORS - Interests of Certain Persons in the Merger",
             "THE MERGER AGREEMENT - The Merger; Time of Closing; - Treatment of
             Stock Options" and "SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
             OWNERSHIP AND MANAGEMENT" is incorporated herein by reference and
             Appendix A to the Proxy Statement is also incorporated herein by
             reference.

     (d)     The information set forth in the Proxy Statement under the caption
             "APPRAISAL RIGHTS" is incorporated herein by reference and Appendix
             C to the Proxy Statement is also incorporated herein by reference.

     (e)     The information set forth in the Proxy Statement under the caption
             "WHERE YOU CAN FIND MORE INFORMATION" is incorporated herein by
             reference.

     (f)     Not applicable.

ITEM 5.   PAST CONTACTS, TRANSACTIONS OR NEGOTIATIONS AND AGREEMENTS.
<PAGE>

     (a)          The information set forth in the Proxy Statement under the
                  caption "RELATED PARTY TRANSACTIONS" is incorporated herein by
                  reference.

     (b)-(c)      The information set forth in the Proxy Statement under the
                  caption "SPECIAL FACTORS - Background of the Merger" is
                  incorporated herein by reference.

     (e)          The information set forth in the Proxy Statement under the
                  captions "SUMMARY TERM SHEET - The Merger; - Vote
                  Required/Security Ownership of Phoenix Home Life and PXP's
                  Directors and Executive Officers; - Interests of Certain
                  Persons in the Merger", "THE MERGER AGREEMENT", "SECURITY
                  OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT" and
                  "RELATED PARTY TRANSACTIONS" is incorporated herein by
                  reference and Appendix A to the Proxy Statement is also
                  incorporated herein by reference.

ITEM 6.   PURPOSES OF THE TRANSACTION AND PLANS OR PROPOSALS.

     (b)          The information set forth in the Proxy Statement under the
                  captions "SUMMARY TERM SHEET - Consequences of the Merger" and
                  "SPECIAL FACTORS; - Consequences of the Merger; - Plans for
                  Surviving Company After the Merger" is incorporated herein by
                  reference.

     (c)(1)-(8)   The information set forth in the Proxy Statement under the
                  captions "SUMMARY TERM SHEET - Consequences of the Merger",
                  "SPECIAL FACTORS- Interests of Certain Persons in the Merger;
                  - Consequences of the Merger; - Plans for Surviving Company
                  After the Merger" and "PHOENIX HOME LIFE" is incorporated
                  herein by reference.

ITEM 7.   PURPOSES, ALTERNATIVES, REASONS AND EFFECTS.

     (a)-(d)      The information set forth in the Proxy Statement under the
                  captions "SUMMARY TERM SHEET - Consequences of the Merger; -
                  Recommendation of the Independent Directors Committee and
                  PXP's Board of Directors; - Reasons for the Merger; -
                  Interests of Certain Persons in the Merger; - Material Federal
                  Income Tax Consequences", "SPECIAL FACTORS - Background of the
                  Merger; -Recommendations of the Independent Directors
                  Committee and Board of Directors; Reasons for the Merger; -
                  Benefits and Detriments of the Merger to PXP and PXP's
                  Stockholders; - Interests of Certain Persons in the Merger; -
                  Consequences of the Merger; - Plans for Surviving Company
                  After the Merger; - U.S. Federal Income Tax Consequences" and
                  "THE MERGER AGREEMENT" is incorporated herein by reference.

ITEM 8.   FAIRNESS OF THE TRANSACTION.

     (a)-(e)      The information set forth in the Proxy Statement under the
                  captions "SUMMARY TERM SHEET - Fairness Opinion of Salomon
                  Smith Barney"; Vote Required/Security Ownership of Phoenix
                  Home Life and PXP's Directors and Executive Officers",
                  "SPECIAL FACTORS -Background of the Merger; - Recommendations
                  of the Independent Directors Committee and Board of Directors;
                  Reasons for the Merger;- Opinion of the Financial
<PAGE>

             Advisor for the Independent Directors Committee; - Position of
             Phoenix Home Life as to Fairness of the Merger", "THE MERGER
             AGREEMENT", "SELECTED HISTORICAL CONSOLIDATED FINANCIAL DATA",
             "FINANCIAL PROJECTIONS", "COMMON STOCK MARKET PRICE AND DIVIDEND
             INFORMATION" and "SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
             AND MANAGEMENT" is incorporated herein by reference and Appendix B
             to the Proxy Statement is also incorporated herein by reference.

     (f)     Not applicable.

ITEM 9.   REPORTS, OPINIONS, APPRAISALS AND CERTAIN NEGOTIATIONS.

     (a)-(c) The information set forth in the Proxy Statement under the captions
             "SUMMARY TERM SHEET - Fairness Opinion of Salomon Smith Barney" and
             "SPECIAL FACTORS - Background of the Merger; - Recommendations of
             the Independent Directors Committee and Board of Directors; Reasons
             for the Merger; - Opinion of the Financial Advisor for the
             Independent Directors Committee; - Position of Phoenix Home Life as
             to the Fairness of the Merger" is incorporated herein by reference
             and Appendix B to the Proxy Statement is also incorporated herein
             by reference.

ITEM 10.  SOURCE AND AMOUNTS OF FUNDS OR OTHER CONSIDERATION.

     (a)-(b) The information set forth in the Proxy Statement under the captions
             "SUMMARY TERM SHEET - The Merger; - Financing; Source of Funds" and
             "THE MERGER AGREEMENT" is incorporated herein by reference.

     (c)     The information set forth in the Proxy Statement under the captions
             "INFORMATION CONCERNING THE SPECIAL MEETING - Solicitation,
             Revocation and Use of Proxies" and "SPECIAL FACTORS - Fees and
             Expenses" is incorporated herein by reference.

     (d)     Not applicable.

ITEM 11.  INTEREST IN SECURITIES OF THE SUBJECT COMPANY.

     (a)     The information set forth in the Proxy Statement under the captions
             "SUMMARY TERM SHEET - Interests of Certain Persons in the Merger",
             "SPECIAL FACTORS - Interests of Certain Persons in the Merger",
             "SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT"
             and "COMMON STOCK PURCHASE INFORMATION" is incorporated herein by
             reference.

     (b)     The information set forth in the Proxy Statement under the caption
             "COMMON STOCK PURCHASE INFORMATION - Recent Transactions" is
             incorporated herein by reference.

ITEM 12.  THE SOLICITATION OR RECOMMENDATION.
<PAGE>

     (d)     The information set forth in the Proxy Statement under the captions
             "QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING", "INFORMATION
             CONCERNING THE SPECIAL MEETING" and "THE MERGER AGREEMENT" is
             incorporated herein by reference.

     (e)     The information set forth in the Proxy Statement under the captions
             "SUMMARY TERM SHEET - Recommendation of the Independent Directors
             Committee and PXP's Board of Directors; Reasons for the Merger",
             "INFORMATION CONCERNING THE SPECIAL MEETING - Solicitation,
             Revocation and Use of Proxies" and "SPECIAL FACTORS - Background of
             the Merger; - Recommendations of the Independent Directors
             Committee and Board of Directors; Reasons for the Merger; -
             Position of Phoenix Home Life as to Fairness of the Merger" is
             incorporated herein by reference.

ITEM 13.  FINANCIAL STATEMENTS.

     (a)     The information set forth in the Proxy Statement under the captions
             "SELECTED HISTORICAL CONSOLIDATED FINANCIAL DATA" is incorporated
             herein by reference.

     (b)     Not applicable.

ITEM 14.  PERSONS/ASSETS, RETAINED, EMPLOYED, COMPENSATED OR USED.

     (a)-(b) The information set forth in the Proxy Statement under the caption
             "INFORMATION CONCERNING THE SPECIAL MEETING - Solicitation,
             Revocation and Use of Proxies" is incorporated herein by reference.

ITEM 15.  ADDITIONAL INFORMATION.

     (b)     The information set forth in the Proxy Statement under the captions
             "SUMMARY TERM SHEET - Stockholder Lawsuit Challenging the Merger"
             and "SPECIAL FACTORS - Stockholder Lawsuit Challenging the Merger"
             is incorporated herein by reference.

ITEM 16.  EXHIBITS.

     (a)     Preliminary Proxy Statement, including all appendices thereto
             (incorporated herein by reference to the Preliminary Proxy
             Statement filed concurrently with this Statement).

     (b)     None.

     (c)(1)  Fairness Opinion of Salomon Smith Barney dated September 10, 2000
             (incorporated herein by reference to Appendix B to the Proxy
             Statement filed as Exhibit (a) to this Statement).

     (c)(2)  Presentation to the Independent Directors Committee of the Board of
             Directors of PXP prepared and presented by Salomon Smith Barney in
             connection with its fairness opinion dated September 10, 2000.
<PAGE>

     (c)(3)  Preliminary presentation to the Independent Directors Committee of
             the Board of Directors of PXP prepared and presented by Salomon
             Smith Barney dated August 10, 2000.

     (d)     Agreement and Plan of Merger, dated September 10, 2000, among
             Phoenix Home Life, PM Holdings and PXP (incorporated herein by
             reference to Appendix A to the Proxy Statement filed as Exhibit (a)
             to this Statement).

     (f)     Statement of Appraisal Rights and Procedures (incorporated herein
             by reference to Appendix C to the Proxy Statement filed as Exhibit
             (a) to this Statement).

     (g)     None.

SIGNATURE

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

                              PHOENIX INVESTMENT PARTNERS, LTD.

                              By:   /s/ Philip R. McLoughlin
                                    Philip R. McLoughlin
                                    Chief Executive Officer

                              PHOENIX HOME LIFE MUTUAL INSURANCE COMPANY

                              By:   /s/ Robert W. Fiondella
                                    Robert W. Fiondella
                                    Chief Executive Officer

                              PM HOLDINGS, INC.

                              By:   /s/ Robert W. Fiondella
                                    Robert W. Fiondella
                                    Chief Executive Officer

Dated:  _______________, 2000.
<PAGE>

                                 EXHIBIT INDEX

     (a)    Preliminary Proxy Statement, including all appendices thereto
            (incorporated herein by reference to the Preliminary Proxy
            Statement, filed concurrently with this Statement).

     (c)(1) Fairness Opinion of Salomon Smith Barney dated September 10, 2000
            (incorporated herein by reference to Appendix B to the Proxy
            Statement filed as Exhibit (a) to this Statement).

     (c)(2) Presentation to the Independent Directors Committee of the Board of
            Directors of PXP prepared and presented by Salomon Smith Barney in
            connection with its fairness opinion dated September 10, 2000.

     (c)(3) Preliminary presentation to the Independent Directors Committee of
            the Board of Directors of PXP prepared and presented by Salomon
            Smith Barney dated August 10, 2000.

     (d)    Agreement and Plan of Merger, dated September 10, 2000, among
            Phoenix Home Life, PM Holdings and PXP (incorporated herein by
            reference to Appendix A to the Proxy Statement filed as Exhibit (a)
            to this Statement).

     (f)    Statement of Appraisal Rights and Procedures (incorporated herein by
            reference to Appendix C to the Proxy Statement filed as Exhibit (a)
            to this Statement).
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(C)(2)
<SEQUENCE>2
<FILENAME>0002.txt
<DESCRIPTION>PRESENTATION
<TEXT>

<PAGE>

                                                                  Exhibit (c)(2)

Confidential


Presentation to:

The Independent Directors Committee
of the Board of Directors of
Phoenix Investment Partners, Ltd.


PROJECT GRISWOLD



September 10, 2000
<PAGE>

                                                                PROJECT GRISWOLD

                                  Disclaimer

CONFIDENTIAL MATERIALS PRESENTED TO THE INDEPENDENT DIRECTORS COMMITTEE OF THE
BOARD OF DIRECTORS OF PHOENIX INVESTMENT PARTNERS, LTD. ("PXP" OR THE "COMPANY")


The following pages contain material provided to the Independent Directors
Committee of the Board of Directors of PXP. The basic information utilized in
preparing this study was obtained from PXP and public sources. Estimates and
projections for PXP used herein have been prepared by PXP, or are from public
sources, and were not prepared by Salomon Smith Barney. Such estimates and
projections involve numerous and significant subjective determinations, which
may or may not prove to be correct. No representation or warranty, express or
implied, is made as to the accuracy or completeness of any information contained
herein and nothing contained herein is, or shall be relied upon as, a promise or
representation, whether as to the past or the future. Because this material was
prepared for use in the context of an oral presentation to the Independent
Directors Committee of the Board of Directors of PXP, which is familiar with the
business and affairs of PXP, none of PXP or Salomon Smith Barney or any of their
respective legal or financial advisors or accountants take any responsibility
for the accuracy or completeness of any of the material contained herein if used
by persons other than the Independent Directors Committee of the Board of
Directors of PXP. Neither PXP nor Salomon Smith Barney undertakes any obligation
to update or otherwise revise the accompanying materials. The materials
contained herein supersede in their entirety any previous drafts of presentation
materials relating to the subject matter hereof.
<PAGE>

                                                                PROJECT GRISWOLD

Table of Contents


      1    TRANSACTION SUMMARY AND OVERVIEW

      2    BUSINESS OVERVIEW

      3    COMPARISON WITH PEERS

      4    VALUATION CONSIDERATIONS

           APPENDIX
<PAGE>

                                                                PROJECT GRISWOLD



1    TRANSACTION SUMMARY AND OVERVIEW
<PAGE>

                                                                PROJECT GRISWOLD

Summary of Proposal

- --------------------------------------             -----------------------------
ITEM                                               OFFER TERMS
- --------------------------------------             -----------------------------

Transaction                                        PHL will purchase all of the
                                                   outstanding shares of PXP
                                                   common stock that it does not
                                                   currently own (18.0 million
                                                   shares) for $15.75 per share
                                                   in cash.

Value of Shares to be Purchased (a)                $430 Million

Form                                               Merger

Shareholder Voting                                 Simple majority of all PXP
                                                   shareholders

Other Approvals Required                           Customary regulatory

Offer Price/ 2000 Earnings (b)                     21.2 x

Firm Value as a Multiple of: (b)(c)
 As % of AUM                                          1.9 %
 LTM Revenues                                         3.7 x
 LTM EBITDA                                           9.8
 LQA EBITDA                                           9.2

Premium to Market:
 Day Prior to Initial Offer, 7/24($10.81)            45.7 %
 One Week Prior to Initial Offer, 7/17($11.25)       40.0
 Four Weeks Prior to Initial Offer, 6/26($9.69)      62.6

- --------------------------------------------------------------------------------

(a) Reflects the conversion of all options and convertibles using the treasury
    method.
(b) Assumes conversion of convertible debt and exercise of all options. Adjusted
    for Seneca minority interest.
(c) Adjusted for Engemann liability.
<PAGE>

                                                                PROJECT GRISWOLD

Summary of Transaction Process

      * On July 24th, 2000, Phoenix Home Life Mutual Insurance Company ("PHL")
        made an initial offer to purchase all of the outstanding shares of
        Phoenix Investment Partners, Ltd. ("PXP" or the "Company") for a cash
        price of $12.50 per share

        .  Not interested in selling its interest in PXP
        .  Seek an agreed transaction

      * SSB met with Independent Directors Committee on July 28/th/ to review
        PHL's proposal

      * After completing its due diligence, SSB met with Independent Directors
        Committee on August 10/th/ to discuss PHL's proposal and possible
        counter-proposals

      * Since that time, Independent Directors Committee and its advisors have
        communicated frequently among themselves and with PHL and its advisors
        to negotiate the terms of the final proposal

        . Price

        . Merger Agreement

      * On September 5/th/, PHL and the Independent Directors Committee
        tentatively agreed on a price of $15.75 per PXP share, subject to
        agreement on other deal terms

      * This presentation will assist the Independent Directors Committee
        evaluate PHL's final offer

        . Review of PXP

        . Comparison with selected peers

        . Alternative valuation methodologies

        . Delivery of SSB fairness opinion
<PAGE>

                                                                PROJECT GRISWOLD

Phoenix Home Life - Buy-in Rationale

     STRATEGIC RATIONALE - BASED ON CONVERSATIONS WITH PXP AND PHL MANAGEMENT

     * PHL is redefining its business model towards wealth management

       . PXP is an integral component of PHL's wealth management strategy: Life,
         Annuities, Asset Management

       . Divestiture of non-core lines: Group L&H, Life Reinsurance, P&C
         Distribution, Real Estate Management

     * As a wholly-owned subsidiary of PHL, PXP will have additional operating
       flexibility

       . Increased flexibility to pursue additional acquisition opportunities
         (reduced leverage constraints)

       . Enhanced ability to sell variable annuity product

     * Full ownership of PXP may improve PHL's anticipated IPO valuation

       . Increase relative contribution of asset management segment earnings
         (valued at a higher multiple than insurance earnings)

       . Reduce complexity of PHL IPO story

       . Increasing importance of variable annuities in a demutualized
         environment

     * Utilize PHL available capital/excess debt capacity

       . No issuance required
       . Eliminate sharing of PHL guarantee with PXP shareholders
       . Offset PXP leverage constraints

     * PXP public ownership, which provided currency for acquisitions and
       management compensation, is less important
<PAGE>

                                                                PROJECT GRISWOLD

       . Public valuation limited negative impact on statutory capital:
         Contemplated transaction has minimal impact on PHL risk-based capital
         ratios

       . Anticipated IPO, supplemented by phantom equity plan for PXP, reduces
         PXP's need for a publicly-traded currency
<PAGE>

                                                                PROJECT GRISWOLD

2  BUSINESS OVERVIEW
<PAGE>

                                                                PROJECT GRISWOLD

Overview

  BACKGROUND

  * Phoenix Investment Partners was formed in 1995 through the merger of Phoenix
    Securities Group (a wholly-owned subsidiary of Phoenix Home Life Mutual
    Insurance Company, "PHL") and Duff & Phelps Corporation

    .  PHL owns approximately 60% of PXP (50% assuming exercise of all options
       and convertibles)

  * PXP's operating structure allows its eight investment partners to focus on
    research and investments. As of 6/30/00, the Company had almost $61 billion
    in AUM (including approximately $10 billion from PHL), declining from $65
    billion at 12/31/99.

    .  Sales / marketing and back-office functions are largely centralized


<TABLE>
                                                                 PXP
          ---------------------------------------------------------------------------------------------------
          Institutional                                                                        Private Client
                                                             Alternative                           Group
          7 Salespeople,                                  Financial Products
          Chicago based                                                                        37 Salespeople,
                                                                                               Hartford based

<S>                <C>              <C>          <C>           <C>          <C>               <C>          <C>          <C>
   PIC /(1)/       Aberdeen /(2)/     Goodwin     Hollister     Oakhurst    Duff & Phelps       Engemann     Zweig      Seneca /(3)/
  $17.5 B AUM      $0.8 B AUM       $3.2 B AUM   $1.3 B AUM    $3.8 B AUM     $9.6 B AUM      $11.8 B AUM  $2.9 B AUM   $10.9 B AUM
</TABLE>

Source: Company data, SEC Filings

(1) Includes PHL AUM
(2) Subadvised for Aberdeen via PIC and Duff & Phelps
(3) Approximately 75% owned

6/30/00 AUM: $60.8

Equity:                   49%

Balanced:                 17%

Fixed Income:             33%

Money Market:              1%


Retail:                   48%

Institutional:            52%


Domestic:                 99%

International:             1%



<PAGE>

                                                                PROJECT GRISWOLD

Description of PXP's Investment Partners

<TABLE>
<CAPTION>
                                 PHOENIX INV.   DUFF &                             ROGER
                                   COUNSEL      PHELPS           SENECA            ENGEMANN              ZWEIG
<S>                             <C>             <C>             <C>              <C>                 <C>
Date Acquired                         ---       4Q 1995          1Q 1997            2Q 1997              1Q 1999

AUM Detail
6/30 AUM                         $   25.7 B      $  9.6 B       $  10.9 B        $  11.8 B           $   2.9 B
     % of Total                      42.3 %        15.8 %          17.9 %           19.4 %               4.7 %
     Growth vs. 6/99                  7.1         (20.1) /(1)/     60.4             32.9               (22.8)

Client Mix
   Open-End Funds                      39 %           2 %             0 %             16 %                43 %
   Managed Accounts                     0             7               8               84                   0
   Closed-end Funds                     0            33               0                0                  48
   Separate Accounts/(2)/              26            58              92                0                   8
   General Accounts                    35             0               0                0                   0

Asset Mix
   Fixed Income                        40 %          43 %            52 %              0 %                 0 %
   Equity                              35            18              48               95                  93
   Balanced                            23            39               0                5                   0
   Money Market                         1             0               0                0                   7

Brands                     Aberdeen,            Duff & Phelps      Seneca         Engemann               Zweig
                           Goodwin,
                           Hollister,
                         Oakhurst, PIC
Revenue Detail
12/99 Revenues                   $   88.9 M      $ 48.0 M       $  36.7 M        $  59.7 M           $  26.9 M /(3)/
     % of Total                      34.2 %        18.4 %          14.1 %           22.9 %              10.3 %
     Growth vs. 98                    8.2 %        10.1 %          45.6 %           32.1 %             (16.1)% /(4)/

Other Data
Employees                              48            65              63               86                  44
Portfolio Managers                     15             8               7                3                   3
Research Analysts                      11            11               9                6                   5
</TABLE>

(1) Excludes impact of sale of Cleveland office.
(2) Includes Alternative Financial Products, Aberdeen Funds and Edge (Variable)
    products.
(3) Based upon 10 months ended December 31, 1999.
(4) CAGR based upon quarterly growth from 9/30/99 to 6/30/00.

PXP has a diversified investment organization.
<PAGE>

                                                                PROJECT GRISWOLD

Business Model

<TABLE>
<CAPTION>
     Distribution Strategy         Mutual Funds          Managed Accounts         Closed End Funds       Separate Accounts
     <S>                           <C>                   <C>                      <C>                    <C>
     Intermediated
     -------------
     ----------------------------------------------------------------------------------------------------------------------
        Banks                           X
     ----------------------------------------------------------------------------------------------------------------------
        Broker Dealers                  X                       X                         X
     ----------------------------------------------------------------------------------------------------------------------
        401(k)                          X
     ----------------------------------------------------------------------------------------------------------------------
        RIAs                            X                       X
     ----------------------------------------------------------------------------------------------------------------------
        Supermarkets                    X
     ----------------------------------------------------------------------------------------------------------------------
     Direct                                                                                                        X
     ------
     ----------------------------------------------------------------------------------------------------------------------
</TABLE>

Branding Strategy              *  9 distinct brands under Phoenix overlay

Product Diversity              *  98 Mutual Funds

                               *  Multiple Styles

                               *  11 Managed Account product offerings

                               *  Separate Accounts

Geographic Focus               *  Distribution - U.S. Domestic

                               *  Asset Classes - U.S. Domestic

Primary Marketing Focus        *  Managed Accounts

                               *  Alternative Financial Products
<PAGE>

                                                                PROJECT GRISWOLD

AUM Breakdown at June 30, 2000


CLIENT BREAKDOWN: 100% = $61 B

[PIECHART]


Variable                      6%      $ 3.7
Aberdeen /(1)/                1%      $ 0.8
Open-End Mutual Funds        22%      $13.3
Managed Accounts             19%      $11.5
Closed-End Funds              7%      $ 4.5
Institutional Accounts       26%      $15.6
PHL General                  15%      $ 9.0
CBOs                          3%      $ 1.7
PHL Associated                1%      $ 0.7


ASSET ALLOCATION: 100% = $61 B

[PIECHART]

Fixed Income        33%     $20.1
Money Market         1%     $ 0.5
Equity              49%     $29.9
Balanced            17%     $10.2


GEOGRAPHIC ASSET BREAKDOWN: 100% = $61 B

[PIECHART]

Int'l               1%     $ 0.9
Domestic           99%     $60.0


EQUITY STYLE: 100% = $30 B

[PIECHART]

Growth             31%     $ 9.2
Int'l               3%     $ 0.9
Other               2%     $ 0.3
Value              40%     $11.9
Blend              25%     $ 7.6

Source: Company data

(1) Includes $0.5 million of Aberdeen Retail and $0.3 million of Aberdeen
    Institutional

PXP exhibits broad client and product diversity.

The Company's equity products offer broad diversity.
<PAGE>

                                                                PROJECT GRISWOLD

AUM Growth by Product

     TOTAL AUM
     ($ in billions)

     [GRAPH]

<TABLE>
<CAPTION>
                                  12/31/96       12/31/97       12/31/98        12/31/99        6/30/00
     <S>                          <C>            <C>            <C>             <C>             <C>
     Open-End Mutual Funds        $ 11.3          $13.0          $14.4            $18.1          $17.6
     Managed Accounts             $  0.2          $ 5.6          $ 7.3            $10.4          $11.5
     Closed-End Funds             $  3.0          $ 3.3          $ 3.5            $ 4.6          $ 4.5
     Institutional Accounts       $ 12.3          $16.2          $19.5            $22.5          $17.6
     PHL                          $  6.9          $ 8.4          $ 8.8            $ 9.1          $ 9.7

                                  $ 33.6          $46.4          $53.5            $64.6          $60.8
</TABLE>

     PERCENT OF TOTAL AUM

<TABLE>
<CAPTION>
                                                                                                                    CAGR
                                 12/31/96        12/31/97      12/31/98     12/31/99           6/30/00            12/96-6/30
                                 --------        --------      --------     --------           -------            ----------
        <S>                      <C>             <C>           <C>          <C>                <C>                <C>
        Open-End Mutual Funds      33.6 %          28.0 %        26.9 %       28.0 %             28.9 %             13.4 %
        Managed Accounts            0.7            12.0          13.7         16.1               18.9               33.6/(1)/
        Closed-End Funds            8.9             7.2           6.6          7.1                7.5               12.8
        Institutional Accounts     36.5            34.8          36.4         34.8               28.9               10.9
        PHL                        20.4            18.0          16.4         14.0               15.9               10.3
                                 --------        --------      --------     --------           -------            ----------
                                  100.0 %         100.0 %       100.0 %      100.0 %            100.0 %             18.4 %
                                 ========        ========      ========     ========           =======            ==========


   Memo: Structured Products as % of Total:         0.0 %         0.5 %        2.0 %              2.8 %            249.5 %/(1)/
</TABLE>

Source: SEC Filings, Company Data
N.B. Institutional accounts include structured products.
(1) CAGR calculations for Managed Accounts and Structured Products use 12/97 and
    12/98 as the base year, respectively.

PXP operates in a number of highly attractive segments.

While each of PXP's businesses has experienced growth, the managed accounts have
been strongest and are expected by management to continue improving.

Acquisitions and divestitures have impacted growth rates.
<PAGE>

                                                                PROJECT GRISWOLD

AUM Growth by Asset Class

     TOTAL AUM
     ($ in billions)

     [GRAPH]


                        12/31/96   12/31/97   12/31/98    12/31/99   6/30/00
     Fixed Income           8.1      18.4        20.7      20.7       20.1
     Equity                10.7      15.9        19.1      30.1       29.9
     Balanced              14.2      11.7        13.3      13.2       10.2
     Money Market           0.6       0.4         0.4       0.7        0.5

                           33.6      46.4        53.5      64.6       60.8

PERCENT OF TOTAL AUM

<TABLE>
<CAPTION>
                                                                                            CAGR
                          12/31/96    12/31/97    12/31/98     12/31/99      6/30/00     12/96-6/30
                          --------    --------    --------     --------      -------     ----------
    <S>                   <C>         <C>         <C>          <C>           <C>         <C>
    Fixed Income              24.1 %      39.6 %      38.7 %       32.0 %       33.1 %         29.7 %
    Equity                    31.9        34.3        35.7         46.5         49.2           34.1
    Balanced                  42.3        25.3        24.9         20.4         16.8           (9.1)
    Money Market               1.8         0.8         0.7          1.0          0.9            3.1
                          --------    --------    --------     --------      -------     ----------
                             100.0 %     100.0 %     100.0 %      100.0 %      100.0 %         18.4 %
                          ========    ========    ========     ========      =======     ==========
</TABLE>

Source: SEC Filings; 6/30 data from Company

Over time, the change in asset mix reflects the competitive performance of PXP's
equity products.
<PAGE>

                                                                PROJECT GRISWOLD

Mutual Fund Product Summary


* 45% of rated mutual fund assets under management are in 4- or 5- star
rated funds.

<TABLE>
<CAPTION>
                          AUM at     % of   Products Per Style       Ratings              Net Flows
                                             ................   ..................   ...................
                        06/30/00    Total    Total      Rated   5 Stars    4 Stars   YTD 2000       1999
                        --------  --------  ------------------ --------    -------   --------   --------
<S>                     <C>       <C>       <C>         <C>     <C>        <C>       <C>        <C>
Equity
    Value                $ 1,507      8.3%         1        1         0          0      ($137)   ($  233)
    Growth                 7,843     43.4         30       15         7          6        (67)      (645)
    Blend                    784      4.3          6        3         0          1       (210)      (304)
    International            991      5.5         12        8         0          4       (133)      (152)
    Other                    924      5.1         12        6         0          0        (93)      (161)
                        --------  --------  --------  -------- --------    -------   --------   --------
     Subtotal             12,049     66.7         61       33         7         11       (640)    (1,496)
Fixed Income
    Taxable Fixed Income     987      5.5         26       13         2          0       (104)      (258)
    Municipal                163      0.9          5        2         0          0        (15)       (30)
                        --------  --------  --------  -------- --------    -------   --------   --------
     Subtotal              1,150      6.4         31       15         2          0       (119)      (287)
Money Market                 380      2.1          2        0         0          0        (55)      (115)

Closed End Funds           4,496     24.9          5        5         0          0         NM         NM
                        --------  --------  --------  -------- --------    -------   --------   --------
    Total Mutual Fund    $18,075    100.0%        99       53         9         11      ($814)   ($1,668)
                        ========  ========  ========  =======  ========    =======   ========   ========

                              Morningstar Rating Per Investment Style - By AUM
                        ..........................................................
                               5         4         3        2         1    Unrated
                        ========  ========  ========  =======  ========    =======
Equity
    Value                     --        --   $ 1,507       --        --         --
    Growth                 1,909     4,936        --      338        --        660
    Blend                     --       205       297      176        --        106
    International             --       425       444       13       101          8
    Other                     --        --       874       32        18         --
                        --------  --------  --------  -------    ------    -------
     Subtotal              1,909     5,567     3,122      559       120        774
Fixed Income
    Taxable Fixed Income      47        --       464      462        15         --
    Municipal                 --        --        78       85        --         --
                        --------  --------  --------  -------    ------    -------
     Subtotal                 47        --       542      547        15         --
Money Market                  --        --        --       --        --        380

Closed End Funds              --        --     1,475     3,021       --         --
                        --------  --------  --------  -------    ------    -------
    Total Mutual Funds    $1,955     5,567    $5,139   $4,126      $135     $1,154
                        ========  ========  ========  =======    ======    =======

                % of Total Rated AUM   11.6 %  32.9 %     30.4 %    24.4 %    0.8 %
<CAPTION>
MUTUAL FUND SUMMARY BY FAMILY

                          AUM at     % of  Products Per Family       Ratings              Net Flows
                                           ...................   ..................   ...................
                        06/30/00    Total    Total      Rated   5 Stars    4 Stars   YTD 2000       1999
                        --------  --------  -----------------  --------    -------   --------   --------
PIC                      $ 8,889      49.2 %    45         23         3          6     ($159)      ($884)
Duff & Phelps                358       2.0       9          3         0          0       (96)        (28)
Seneca                       500       2.8       8          5         3          1      (459)        (54)
Engemann                   2,597      14.4      12         11         3          4       191          94
Zweig                      1,237       6.8      20          6         0          0      (291)       (796)
                        --------  --------  --------  -------   -------   --------   -------    --------
    Total Open End Funds  13,580      75.1      94         48         9         11      (814)     (1,668)

    Closed End Funds       4,496      24.9       5          5         0          0        --          --
                        --------  --------  --------  -------   -------   --------   -------    --------
Total Mutual Funds       $18,075     100.0%     99         53         9         11     ($814)    ($1,668)
                        ========  ========  ========  =======   =======   ========   =======    ========

                               Morningstar Rating Per Family Style - By AUM
                        ..........................................................
                               5         4         3        2         1    Unrated
                        --------  --------  --------  -------  --------    -------
PIC                      $   782    $3,876    $3,027     $425      $101       $678
Duff & Phelps                ---       ---       ---      137       ---        221
Seneca                       119       356       ---      ---        18          6
Engemann                   1,054     1,334       193      ---        15        ---
Zweig                        ---       ---       444      544       ---        249
                        --------  --------  --------  -------  --------    -------
    Total Open End Funds   1,955     5,567     3,664    1,105       135      1,154

    Closed End Funds          --        --     1,475    3,021       ---        ---
                        --------  --------  --------  -------  --------    -------
Total Mutual Funds       $ 1,955    $5,567   $ 5,139   $4,126      $135     $1,154
                        ========  ========  ========  =======  ========    =======
</TABLE>

Source: Financial Research Corporation as of 6/30/00. May not tie to Company
        data.
<PAGE>

Comparative Performance - 15 Largest Mutual Funds

* Top 15 mutual funds represent 62% of total mutual fund assets.

<TABLE>
<CAPTION>
                                                                              YTD
                                       Assets       % of     Morningstar     Return       Annualized Return (as of 6/30/00)
                                                                                          ---------------------------------
        Top Fifteen Mutual Funds      06/30/00      Total    Objective      06/30/00       1 Year      3 Year       5 Year
        ------------------------     ----------   ---------  -----------   ----------     --------    --------     -------
     <S>                             <C>           <C>       <C>           <C>            <C>         <C>          <C>
      1 PhnxGdwn Grth                  $ 3,246      17.96%    Growth          0.29%        22.61%      23.20%       21.47%
      2 PhnxGdwn Bal                     1,507       8.34     Balanced        0.43          6.87       11.85        13.15
      3 PhnxEng FocsGr                     788       4.36     Growth          1.23         31.83       29.77        25.63
      4 PhnxGdwn StrThm                    776       4.29     Growth         12.45         46.16       39.26           --
      5 PhnxEng AggGr                      684       3.79     Agg Growth      7.11         63.38       42.13        32.84
      6 PhnxGdwn I&G                       681       3.77     Balanced        0.85          3.98        8.20        11.03
      7 PhnxEng NftyFty                    546       3.02     Growth          2.49         21.14       23.46        24.11
      8 PhnxOakh G&I                       504       2.79     Growth&Inc      0.15          6.95          --           --
      9 PhnxZwg MngdAst                    444       2.46     MultiGlobl      0.53          4.14        9.50        10.64
     10 PhnxGdwn Hi Yld                    421       2.33     Corp:HY        (3.25)         3.03        1.72         7.05
     11 PhnxEng Sm&MdCp                    370       2.05     Growth          3.59         80.78       33.81        36.20
     12 PhnxSnca Grth                      356       1.97     Growth          0.48         24.73       25.56           --
     13 PhnxZwg Stratgy                    320       1.77     Growth         (0.94)        (1.58)       3.34         7.06
     14 PhnxOakh StrAll                    297       1.64     Asset Allo      0.34          6.97       13.35        13.02
     15 PhnxAbrdn WWOpp                    213       1.18     World Stk      (1.26)        11.00       16.44        16.61
                                    -----------   ---------
          Top Fifteen Mutual Funds      11,153      61.71
          Other Open-End Funds           2,426      13.42
          Closed-End Funds               4,496      24.87
                                    -----------   ---------
           Total Mutual Funds          $18,075     100.00%
                                    ===========   =========
<CAPTION>
                                                         Net Flows                   Morningstar
                                        -----------------------------------------
          Top Fifteen Mutual Funds       YTD 6/30/00       1999           1998        Rating (1)
          ------------------------      -------------   -----------    ----------    ------------
     <S>                                <C>             <C>            <C>           <C>
      1 PhnxGdwn Grth                     ($160.5)        ($339.7)      ($345.6)           4
      2 PhnxGdwn Bal                       (136.8)         (233.4)       (278.8)           3
      3 PhnxEng FocsGr                       (7.4)           (9.6)        (80.1)           4
      4 PhnxGdwn StrThm                     503.5            20.0         (41.6)           5
      5 PhnxEng AggGr                        67.5            17.2         (29.2)           5
      6 PhnxGdwn I&G                       (103.2)         (181.7)          5.3            3
      7 PhnxEng NftyFty                       1.5            26.7          (1.2)           4
      8 PhnxOakh G&I                         36.4           197.8         165.4           NR
      9 PhnxZwg MngdAst                     (81.9)          (97.1)        (26.1)           3
     10 PhnxGdwn Hi Yld                     (41.7)          (95.8)        (26.7)           3
     11 PhnxEng Sm&MdCp                     121.6            35.8          36.7            5
     12 PhnxSnca Grth                       252.6             9.4           9.2            4
     13 PhnxZwg Stratgy                    (127.7)         (453.1)       (275.6)           2
     14 PhnxOakh StrAll                     (20.8)          (41.7)        (45.6)           3
     15 PhnxAbrdn WWOpp                     (12.4)            0.5          (4.1)           4
          Top Fifteen Mutual Funds
          Other Open-End Funds
          Closed-End Funds
           Total Mutual Funds
</TABLE>

Source: Financial Research Corporation as of 6/30/00. May not tie to Company
        data.

(1) Rating for Class A shares.
<PAGE>

                                                                PROJECT GRISWOLD

Mutual Fund Performance

     BY MORNINGSTAR RATED FUNDS                BY MORNINGSTAR RATED ASSETS

           [GRAPH]                                    [GRAPH]

    Source: Financial Research Corporation as of 6/30/00

* PXP management expects to achieve 4- or 5-star ratings on several funds
       that will soon be attaining the minimum performance record for
       consideration under the Morningstar rating system

       .  Phoenix Oakhurst Growth & Income ($523 MM as of July 13, 2000)

       .  Phoenix Hollister Value Equity ($72 MM in AUM as of July 13, 2000)

       .  Phoenix Hollister Small Blend Fund ($109 in AUM as of July 13, 2000)

    Source: Company data.
<PAGE>

                                                                PROJECT GRISWOLD

Summary of Selected Institutional Account Products

<TABLE>
<CAPTION>
($ in Millions)                                                           Performance Data as of 6/30/2000
                                                                ---------------------------------------------------
                                                      AUM (1)  Quarter      YTD      1 Year       3 Year     5 Year
                                                      -------  -------      ---      ------       ------     ------
<S>                                                   <C>      <C>         <C>       <C>          <C>        <C>
PIC              Multi-Sector Fixed Income Composite  $   408      1.3 %    3.5 %       5.8 %        5.0 %      7.2 %
                    Median Performance                             1.5      3.8         4.6          6.0        6.4

                 Small Cap Value Composite                110     (1.7)    20.8        61.9         29.0         NA
                    Median Performance                             0.9      6.4         3.3          5.9         NA

                 Large Cap Value Composite                104     (5.9)     1.2         5.4         15.2       19.4
                    Median Performance                            (1.4)    (2.6)       (9.4)         8.3       15.5

                 Quantitative Value Composite             466     (2.2)     1.0         8.4         23.2       26.1
                    Median Performance                            (1.4)    (2.6)       (9.4)         8.3       15.5

D&P Chicago      Quality Value Equity Management      $   278     (3.5)%     NA        (1.1)%       12.9 %     20.6 %
                    Median Performance                            (2.2)      NA        (6.6)         8.8       16.2

                 Balanced Composite Performance         1,067     (1.4)      NA         1.1          9.8       14.0
                    Median Performance                            (0.6)      NA         4.9         12.0       14.4

                 Core Fixed Income                        981      1.7       NA         4.2          5.7        6.0
                    Median Performance                             1.6       NA         4.3          5.9        6.3
                 Intermediate Fixed Income                175      1.9      3.2         4.4          5.5        5.7
                    Median Performance                             1.7      3.3         4.4          5.7        6.0
                 Enhanced Cash                             16      1.6      3.0         5.6          5.5        5.8
                    Median Performance                             1.6      3.1         5.8          5.5        5.6

Engemann         Small Cap Growth Composite           $   244      4.8 %     NA        84.8 %       36.9 %     38.1 %
                    Median Performance                            11.7       NA        59.5         27.2       25.0

Seneca           Growth Equity                        $   831      2.7 %    1.1 %      26.1 %       27.8 %     26.6 %
                 Earnings Driven Growth                   704      1.0     24.5        76.5         40.9       33.2
                    Median Performance                            (3.6)     4.4        27.2         30.3       28.4
                 Small Capital Growth Equity               20      6.0     26.4        92.2         37.3         NA
                    Median Performance                            (4.5)    11.7        59.5         27.2       25.0
                 Core Fixed Income                        267      2.0      3.6         4.6          6.8        7.9
                 Investment Grade Only VDFI               513      1.8      4.1         4.7          6.1        6.7
                    Median Performance                             1.5      3.8         4.5          6.1        6.4
                 Enhanced Core - Avg. Inv. Grade VDFI     484      1.9      3.1         4.5          7.0        8.6
                    Median Performance                             1.5      3.8         4.6          6.0        6.4
Benchmarks       Lehman Brothers Investment Grade                  1.7 %    3.2 %       4.4 %        5.5 %      5.7 %
                 S&P 500                                          (2.9)    (0.4)        7.4         19.7       23.8
                 S&P Midcap                                       (3.3)     9.0        17.0         20.3       21.2
                 Russell 1000 Value                               (4.7)    (4.2)       (8.9)        10.9       17.8
                 Russell 2000                                     (3.8)     3.0        14.3          7.7       10.6
                 Russell 2000 Growth                              (7.4)     1.2        28.4         16.3       15.8
</TABLE>

Source: Company reports.
(1) Duff & Phelps AUM as of 6/30; Seneca as of 3/31; PIC and Engemann as of
12/31/99.
Note: Total institutional AUM were $20.2 billion and $15.6 billion at 12/31/99
and 6/30/00 respectively. Data for other products not available.
<PAGE>

                                                                PROJECT GRISWOLD

Managed Account Product Summary

 * PXP is a leading participant and the only multi-manager in the managed
   account business

   . Offers 11 products through four investment partners, with one product
     under development

SENECA                   HOLLISTER           ENGEMANN             DUFF & PHELPS

Large Cap Growth         Large Cap Value     Large Cap Growth     Large Cap Core

Mid Cap Growth           Small Cap Value     Small-Mid Cap Growth Balanced

Tax Sensitive Growth     New Economy Value   Balanced

Balanced (pending)


 * Marketing strategy emphasizes importance of portfolio construction
   approach to building relationships with HNW brokers/clients
   .  Use multiple products to construct portfolio solutions
   .  Performance "OK" - not a "hot dot" approach


 * Growth strategy
   .  Leverage Engemann reputation to introduce other brands ("bridging")
   .  Expand wholesaler salesforce
   .  Introduce additional products with 3 year track records
<PAGE>

                                                                PROJECT GRISWOLD

Managed Account Performance

<TABLE>
<CAPTION>
($ in millions)
                                                                                 Performance Data as of 6/30/2000
                                                   AUM       Quarter           YTD         1 Year        3 Year        5 Year
                                               ---------    ---------       ---------     ---------    ---------     ---------
<S>                                            <C>          <C>             <C>           <C>          <C>           <C>
Seneca           Large Cap Growth                $ 469         (2.7)%          1.1 %        26.1 %        27.8 %        26.6 %


                 Mid Cap Growth                    433         (1.0)          24.5          76.5          40.9          33.2


                 Tax Sensitive Growth               NA         (4.8)           2.2          22.5          30.3            NA


Engemann         Large Cap Growth                7,441          1.0           (4.3)         17.4          22.5          24.4


                 Balanced                          274          3.1           (2.0)         14.9          18.9          20.3


Duff & Phelps    Large Cap Core                    323         (3.3)          (1.7)         (1.5)         12.3          20.4


                 Balanced                          298         (1.4)          (0.4)          1.1          19.8          14.0


Benchmarks       Lehman Brothers Investment Grade               1.7 %          3.2 %         4.4 %         5.5 %         5.7 %
                 S&P 500                                       (2.9)          (0.4)          7.4          19.7          23.8
                 S&P Midcap                                    (3.3)           9.0          17.0          20.3          21.2
                 Russell 1000 Value                            (4.7)          (4.2)         (8.9)         10.9          17.8
                 Russell 2000                                  (3.8)           3.0          14.3           7.7          10.6
                 Russell 2000 Growth                           (7.4)           1.2          28.4          16.3          15.8
</TABLE>

Source: Company reports.
<PAGE>

                                                                PROJECT GRISWOLD

Analysis of AUM Growth

          NET CASH FLOWS /(a)/


          ($ in millions)
<PAGE>

                                                                PROJECT GRISWOLD

                                    [GRAPH]




AUM ROLLFORWARD
<PAGE>

                                                                PROJECT GRISWOLD

<TABLE>
<CAPTION>
                                        1996            1997           1998           1999               1H 00          2000P
                                     ---------      ----------     ----------      ---------        -----------     ----------
<S>                                  <C>            <C>            <C>             <C>              <C>             <C>
   Beginning Balance                 $  35,046      $   33,649     $   46,403      $  53,491        $    64,602     $   64,602
     Net Flows                          (3,307)         (3,075)           234            368             (1,292)        (2,754)/(b)/
     Performance                         1,246           3,703          6,494          7,130                791          4,952
                                     ---------      ----------     ----------      ---------        -----------     ----------
     Organic Growth                     (2,061)            628          6,728          7,498               (501)         2,198
     Acq. / Divestitures/ Other            664          12,126            360          3,613             (3,268)           ---
                                     ---------      ----------     ----------      ---------        -----------     ----------
   Ending Balance                    $  33,649      $   46,403     $   53,491      $  64,602        $    60,833     $   66,800
                                     =========      ==========     ==========      =========        ===========     ==========
   Organic Growth / BOP AUM               (5.9)%          1.9 %          14.5 %         14.0 %             (0.8)%         3.4 %
</TABLE>

Source: Company data.

(a) Excludes charges attributable to performance, acquisitions and divestitures.

(b) Includes $(283) million of net flows in closed-end funds.


<PAGE>

                                                                PROJECT GRISWOLD

Distribution Channels - Mutual Funds and Managed Accounts

          ($ in millions)

* Phoenix Equity and Planning Corporation acts as national distributor and
  transfer agent for each investment partner

- --------------------------------------------------------------------------------
1999 Domestic Mutual Fund Sales
- --------------------------------------------------------------------------------
[PIE CHART APPEARS HERE]

Bank                 1.0%
Financial Planner   42.2%
Wirehouse           31.6%
Regional Wirehouse  15.3%
Insurance            9.9%

<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Top 10 Domestic Fund Sales by Distributor
- -----------------------------------------------------------------------------------------------------------------------------------
Institution                       1999 Sales                     1998 Sales               % 1999 Sales
- -----------------------------------------------------------------------------------------------------------------------------------
<S>                               <C>                            <C>                      <C>
1                                   $  174                       $   122                     14.4 %
2                                       89                            77                      7.4
3                                       39                             0                      3.2
4                                       39                            41                      3.2
5                                       37                            44                      3.0
6                                       35                            39                      2.9
7                                       34                            62                      2.8
8                                       29                            44                      2.4
9                                       28                            70                      2.3
10                                      19                             0                      1.5
                                   -------                       -------                   -------
Top 10 Total                           523                           498                     43.3
   Other                               683                           543                     56.7
                                   -------                       -------                   -------
Total                              $ 1,206                       $ 1,041                    100.0 %
                                   =======                       =======                   =======
</TABLE>

- --------------------------------------------------------------------------------
1999 Domestic Managed Account Sales
- --------------------------------------------------------------------------------

[PIE CHART APPEARS HERE]

Financial Planner                  9.8%
Regional Wirehouse                 3.0%
Wirehouse                         87.2%

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Top 10 Domestic Fund Sales by Distributor
- -----------------------------------------------------------------------------------------------------------------------------------
Institution                       1999 Sales                     1998 Sales               % 1999 Sales
- -----------------------------------------------------------------------------------------------------------------------------------
<S>                               <C>                            <C>                      <C>
1                                   $ 1,226                         $  746                    61.2 %
2                                       366                             79                    18.3
3                                       148                             57                     7.4
4                                        52                             20                     2.6
5                                        28                             13                     1.4
6                                        21                             15                     1.1
7                                        12                             11                     0.6
8                                        11                              4                     0.6
9                                        10                              4                     0.5
10                                       10                              7                     0.5
                                    -------                         ------                  ------
Top 10 Total                          1,885                            955                    94.1
   Other                                118                             26                     5.9
                                    -------                         ------                  ------
Total                               $ 2,003                         $  982                   100.0 %
                                    =======                         ======                  ======
</TABLE>

Source: Company data.

<PAGE>

                                                                PROJECT GRISWOLD
Historical Results of Operations

<TABLE>
<CAPTION>
($ in millions except per share data)         Twelve Months Ended December 31,           6 Months Ended June 30,            CAGR
                                        -------------------------------------------      ----------------------- -------   -------
                                                                                                                 6/30/00   1996 to
                                         1996        1997        1998         1999         1999          2000      LTM       LTM
<S>                                     <C>         <C>         <C>         <C>          <C>           <C>        <C>      <C>
REVENUES
    Investment Management Fees          $ 118.2     $ 138.5     $ 193.1     $ 249.0      $ 118.1       $ 143.1    $274.0     27.2%
    Mutual Funds - Ancillary Fees          22.0        22.5        25.7        33.2         15.5          18.6      36.3     15.3
    Other Income and Fees                  12.3         3.6         2.7         4.5          2.4           3.3       5.3    (21.3)
                                        -------     -------     -------     -------      -------       -------    ------
    Total Revenues                        152.5       164.6       221.5       286.6        136.0         165.0     315.7     23.1
                                        -------     -------     -------     -------      -------       -------    ------
EXPENSES
    Employment Expenses                    58.8        72.7        90.4       114.0         55.8          63.7     121.9     23.2
    Other Operating Expenses               36.5        40.3        55.0        67.7         31.2          37.4      73.9     22.3
                                        -------     -------     -------     -------      -------       -------    ------
EBITDA                                     57.2        51.6        76.2       104.9         49.0          64.0     119.9     23.6

    D&A of leasehold improvements           2.2         3.0         3.7         3.9          1.8           2.0       4.1     19.0
    Amortization of deferred
    commissions                             6.1         3.0         1.4         1.6          1.0           0.4       1.0    (40.8)
    Amortization of G/W & intangibles       9.6        14.0        22.1        30.3         14.3          15.9      31.9     40.8
                                        -------     -------     -------     -------      -------       -------    ------
Operating Income                           39.3        31.7        49.1        69.1         31.8          45.7      83.0     23.8
    Equity in Earnings of Uncons.
    Affiliates/(1)/                         5.3         6.4         3.5         0.9          0.5           0.1       0.6
    Interest (Expense)/ Income              0.4        (3.3)      (12.6)      (15.8)        (7.4)         (8.7)    (17.1)
    Income to Minority Interest              --        (0.7)       (2.2)       (3.7)        (1.6)         (2.8)     (4.9)
                                        -------     -------     -------     -------      -------       -------    ------
Pre-Tax Income from Cont. Operations       45.0        34.1        37.7        50.5         23.2          34.3      61.5      9.3
    Other Non-Operating Items              (0.1)       (0.0)        1.0         1.5          0.7           0.8       1.6
    Non-Recurring Items/(2)/                 --         6.2        16.2        (5.9)          --          13.4       7.5
                                        -------     -------     -------     -------      -------       -------    ------
Pre-Tax Income                             44.9        40.2        55.0        46.1         23.9          48.5      70.6     13.8
    Income Tax Expense                     18.2        16.1        20.3        19.3         10.5          22.5      31.4
                                        -------     -------     -------     -------      -------       -------    ------
Net Income                              $  26.7     $  24.1     $  34.6     $  26.7      $  13.4       $  26.0   $  39.3     11.6%
                                        =======     =======     =======     =======      =======       =======   =======
Basic Net Income Per Share              $  0.50     $  0.44     $  0.76     $  0.61      $  0.31       $  0.59   $  0.89     18.0%
Diluted Net Income Per Share               0.50        0.44        0.68        0.55         0.28          0.51      0.80     14.2%

Memo: Adjusted EBITDA/(3)/              $  57.2     $  50.9     $  74.0       101.2      $  47.4       $  61.2   $ 115.0     22.1%
- ----------------------------------------------------------------------------------------------------------------------------------
Key Ratios
Revenues from PHL / Total Rev's             9.5%        8.3%        7.4%        6.3%         6.4%          5.9%      6.1%
Management Fees / Average AUM:
    As reported                            0.34        0.31        0.39        0.42         0.42          0.45      0.44
    Excluding PHL General Account          0.40        0.34        0.45        0.47         0.47          0.50      0.49
Adjusted EBITDA Margin                     37.5        30.9        33.4        35.3         34.8          37.1      36.4
Note: Average AUM/(4)/                  $34,348     $45,003     $49,426     $59,134      $56,555       $64,087   $62,900     18.9%
</TABLE>


(1)  Includes gains and losses on equity investments in PXP limited partnership
     investments (e.g., Inverness/Phoenix Capital, Windy City CBO Partners, and
     Greystone Partners).
(2)  Includes gains on sale of $6.9 million and $16.6 million in 1997 and 1998,
     respectively. Includes restructuring charges (due to outsourcing of
     accounting services) of $0.7 million and $0.4 million in 1997 and 1998,
     respectively. One-time mutual fund reimbursement of $5.9 million in 1999
     was offset by $8.9 million gain on sale and $4.5 million reimbursement
     insurance income in 2000.
(3)  Adjusted to exclude Seneca minority interest.
(4)  AUM calculated based upon period-end average for 1996; thereafter, Company
     data used.
Source: SEC Filings, Company data.
<PAGE>

                                                                PROJECT GRISWOLD

Common Size Income Statement

<TABLE>
<CAPTION>
                                                  Twelve Months Ended December 31,                6 Months Ended June 30,
                                            ---------------------------------------------         -----------------------   -------
                                                                                                                            6/30/00
                                            1996          1997        1998           1999         1999           2000         LTM
                                            ----          ----        ----           ----         ----           ----       -------
<S>                                         <C>          <C>          <C>           <C>           <C>           <C>         <C>
REVENUES
 Investment Management Fees                  77.5%        84.1%        87.2%         86.9%         86.9%         86.7%         86.8%
 Mutual Funds - Ancillary Fees               14.4         13.7         11.6          11.6          11.4          11.3          11.5
 Other Income and Fees                        8.1          2.2          1.2           1.6           1.8           2.0           1.7
                                            -----        -----        -----         -----         -----         -----         -----
 Total Revenues                             100.0        100.0        100.0         100.0         100.0         100.0         100.0
                                            -----        -----        -----         -----         -----         -----         -----
EXPENSES
 Employment Expenses                         38.6         44.2         40.8          39.8          41.0          38.6          38.6
 Other Operating Expenses                    23.9         24.5         24.8          23.6          23.0          22.6          23.4
                                            -----        -----        -----         -----         -----         -----         -----
EBITDA                                       37.5         31.3         34.4          36.6          36.0          38.8          38.0
 D&A of leasehold improvements                1.5          1.8          1.7           1.4           1.4           1.2           1.3
 Amortization of deferred commissions         4.0          1.8          0.6           0.6           0.7           0.2           0.3
 Amortization of goodwill                     6.3          8.5         10.0          10.6          10.5           9.6          10.1
                                            -----        -----        -----         -----         -----         -----         -----
Operating Income                             25.8         19.3         22.1          24.1          23.4          27.7          26.3
 Equity in Uncons. Affiliate Earnings (1)     3.5          3.9          1.6           0.3           0.3           0.1           0.2
 Net Interest Expense                         0.3         (2.0)        (5.7)         (5.5)         (5.5)         (5.3)         (5.4)
 Income to Minority Interest                 ----         (0.4)        (1.0)         (1.3)         (1.2)         (1.7)         (1.5)
                                            -----        -----        -----         -----         -----         -----         -----
Pre-Tax Income from Cont. Operations         29.5         20.7         17.0          17.6          17.1          20.8          19.5
 Other Non-Operating Items (2)               (0.1)        (0.0)         0.5           0.5           0.5           0.5           0.5
 Non-Recurring Items                         ----          3.8          7.3          (2.1)         ----           8.1           2.4
                                            -----        -----        -----         -----         -----         -----         -----
Pre-Tax Income                               29.4         24.5         24.8          16.1          17.6          29.4          22.4
 Income Tax Expense                          11.9          9.8          9.2           6.7           7.7          13.7           9.9
                                            -----        -----        -----         -----         -----         -----         -----
Net Income                                   17.5%        14.7%        15.6%          9.3%          9.9%         15.7%         12.4%
                                            =====        =====        =====         =====         =====         =====         =====

Memo: Adjusted EBITDA (3)                    37.5%        30.9%        33.4%         35.3%         34.8%         37.1%         36.4%
</TABLE>

- --------------------------------------------------------------------------------

(1) Includes gains and losses on equity investments in PXP limited partnership
    investments (e.g., Inverness/Phoenix Capital, Windy City CBO Partners, and
    Greystone Partners).
(2) Includes gains on sale of $6.9 million and $16.6 million in 1997 and 1998,
    respectively. Includes restructuring charges (due to outsourcing of
    accounting services) of $0.7 million and $0.4 million in 1997 and 1998,
    respectively. One-time mutual fund reimbursement of $5.9 million in 1999 was
    offset by $8.9 million gain on sale and $4.5 million reimbursement insurance
    income in 2000.
(3) Adjusted to exclude Seneca minority interest.
<PAGE>

                                                                PROJECT GRISWOLD

Projected Statement of Operations

<TABLE>
<CAPTION>
                                          --------      ----------------------     --------      --------    --------   ----------
($ in millions, except per share data)      1999           6 Months 2000             2000          2001        2002      1999-02E
                                           Actual        Actual         Plan         Plan          Plan        Plan        CAGR
                                          --------      --------      --------     --------      --------    --------   ----------
<S>                                       <C>           <C>           <C>          <C>           <C>         <C>        <C>
REVENUES
   Investment Management Fees             $  249.0      $  143.1      $  143.5     $  292.4      $  312.4    $  347.5      11.8 %
   Mutual Funds - Ancillary Fees              33.2          18.6          17.3         35.2          35.9        39.2       5.7
   Other Income and Fees                       4.5           3.3           2.3          3.6           5.1         5.5       7.0
                                          --------      --------      --------     --------      --------    --------
   Total Revenues                            286.6         165.0         163.1        331.2         353.4       392.2      11.0
                                          --------      --------      --------     --------      --------    --------
EXPENSES
   Employment Expenses                       114.0          63.7          62.5        124.2         134.8       147.6       9.0
   Other Operating Expenses                   67.7          37.4          36.2         71.7          75.3        79.3       5.4
                                          --------      --------      --------     --------      --------    --------
EBITDA                                       104.9          64.0          64.4        135.4         143.4       165.2      16.4
   D&A of Leasehold improvements               3.9           2.0           2.2          4.6           4.2         4.4       3.9
   Amortization of deferred commissions        1.6           0.4           0.5          1.0           0.3         ---        NM
   Amortization of Goodwill                   30.3          15.9          16.0         32.7          34.3        34.3       4.2
                                          --------      --------      --------     --------      --------    --------
Operating Income                              69.1          45.7          45.7         97.1         104.6       126.6      22.4
   Equity in Earnings of Unconsol.
   Affiliates /(1)/                            0.9           0.1           ---          ---           ---         ---        NM
   Net Interest Expense                      (15.8)         (8.7)        (10.0)       (20.0)        (20.1)      (18.0)      4.4
   Income to Minority Interest                (3.7)         (2.8)         (3.1)        (6.3)         (7.2)       (8.4)     31.2
                                          --------      --------      --------     --------      --------    --------
Pre-tax Income from Continuing Operations     50.5          34.3          32.6         70.9          77.2       100.2      25.7
   Non-Recurring Items                        (5.9)         13.4           ---          ---           ---         ---
   Other Non-Operating Items                   1.5           0.8           0.7          1.4           1.4         1.4      (2.0)
                                          --------      --------      --------     --------      --------    --------
Pre-Tax Income                                46.1          48.5          33.3         72.3          78.7       101.7      30.2
   Income Tax Expense                         19.3          22.5          14.3         31.8          34.6        44.5      32.0
                                          --------      --------      --------     --------      --------    --------
Net Income                                $   26.7      $   26.0      $   19.0     $   40.5      $   44.0    $   57.1      28.8
                                          ========      ========      ========     ========      ========    ========
Basic Net Income Per Share                $   0.61      $   0.59      $   0.43     $   0.92      $   1.01    $   1.30      28.8
Diluted Net Income Per Share                  0.55          0.51          0.38         0.80          0.87        1.11      26.7

Memo: Adjusted EBITDA  /(2)/              $  101.2      $   61.2      $   61.3     $  129.1      $  136.2    $  156.9      15.7 %
- ----------------------------------------------------------------------------------------------------------------------------------
Key Ratios
Revenues from PHL / Total Rev's                6.2 %         5.9 %         5.9 %        6.0 %         6.1 %       6.0 %
Management Fees/ Average AUM:
   As reported                                0.42          0.46          0.45         0.45          0.45        0.45
   Excluding PHL General Account              0.47          0.51            NA         0.50          0.50        0.50
Adjusted EBITDA Margin                        35.3          37.1          37.6         39.0          38.5        40.0
Note: Average AUM /(3)/                   $ 59,134      $ 62,717      $ 63,895     $ 65,700      $ 69,981    $  77,307      9.3 %
</TABLE>

(1)  Includes gains and losses on equity investments in PXP limited partnership
     investments (e.g., Inverness/Phoenix Capital, Windy City CBO Partners, and
     Greystone Partners).
(2)  Excludes Seneca minority interest.
(3)  Projected data based on period end average.
Source: Management 2000 Plan
<PAGE>

                                                                PROJECT GRISWOLD

Comparison of Selected Earnings Forecasts

<TABLE>
<CAPTION>
                                                 -------------------------------------------------------------------------
                                                                                                Long-Term
                                                     2000            2001           2002          Growth        2005 /(1)/
                                                 ------------    ------------   ------------   ------------   ------------
     <S>                                         <C>             <C>            <C>            <C>            <C>
     "Street" Estimates

        Putnam, Lovell & Thornton                  $   0.86        $   1.03            na          na                 na
        Barrington Research /(2)/                      0.85            0.98            na        15.0               1.71
        IBES Median                                    0.86            1.01            na        15.0  /(3)/        1.76

     Management 2000 Financial Plan

        As Reported                                $   0.80        $   0.87      $   1.11        14.5% /(4)/    $   1.67
        Adjusted /(5)/                                 0.79            0.85          1.09        14.8  /(4)/        1.65

     Morgan Stanley Estimates                      $   0.78        $   0.83            na        14.0  /(6)/    $   1.40
</TABLE>

_________________________________
(1) Based on long-term growth rate.
(2) Research dated 7/25/00, one day after initial offer received from PHL.
(3) Includes only Barrington Research.
(4) Assumes long-term growth rate of Adjusted EBITDA equal to 10.5%, the 2000-
    2002 growth rate. Fixed expenses held constant.
(5) Adjusted to reflect sale of Duff & Phelps Cleveland, assumed to contribute
    approximately $2.0 million per annum to operating income.
(6) Estimated by SSB based on conversations with Morgan Stanley, advisor to PHL.
<PAGE>

                                                                PROJECT GRISWOLD

Historical Statement of Condition

<TABLE>
<CAPTION>
($ in Millions)                                                                                                      CAGR
                                              ------------------------------------------------------------------- ---------- -------
                                                                                                                   12/31/96  % of
                                              12/31/96      12/31/97     12/31/98      12/31/99      6/30/00      to 6/30/00 Total
<S>                                           <C>           <C>          <C>           <C>           <C>          <C>        <C>
ASSETS
Current Assets
   Cash and cash equivalents                  $    22.5     $    21.9    $    29.3     $    42.2    $    43.2      20.5%       6.4%
   Marketable securities, at market                 4.1          12.0         16.3           7.9         13.5      40.9        2.0
   Accounts receivable                             25.7          31.5         35.0          45.7         51.6      22.1        7.7
   Prepaid expenses and other CA                    4.3           2.7          3.0           3.5          3.2      (7.9)       0.5
                                              ---------     ---------    ---------     ---------    ---------                -----
     Total current assets                          56.5          68.1         83.5          99.3        111.5      21.4       16.6
Deferred commissions                               17.7           4.0          2.8           1.2          0.8     (58.4)%      0.1%
Furniture, equipment and leaseholds                 8.4          10.1          8.6          12.5         12.3      11.5        1.8
Intangible assets, net                             55.1         159.7        146.4         202.9        191.5 (1)  42.8       28.5
Goodwill                                          171.7         308.5        300.3         353.7        340.6      21.6       50.6
Long-term investments and other assets             56.3          54.6         22.1          12.2         16.0     (30.2)       2.4
                                              ---------     ---------    ---------     ---------    ---------                -----
Total Assets                                  $   365.7     $   604.9    $   563.7     $   681.7    $   672.6      19.0%     100.0%
                                              =========     =========    =========     =========    =========                =====
LIABILITIES
Current liabilities
   Accounts payable and other accrued liabs.  $     1.0     $     4.3    $    39.7     $    46.0    $    48.0     203.7%       7.1%
   Payables to related parties                     16.2          24.6          3.0           4.7          3.1     (37.9)       0.5
   Broker-dealer payable                            8.5           9.2          9.6          13.2         12.5      11.6        1.9
   Current portion of long-term debt                2.5           8.1          1.0           1.0          1.1     (21.7)       0.2
                                              ---------     ---------    ---------     ---------    ---------                -----
     Total current liabilities                     28.2          46.1         53.2          64.9         64.6      26.7        9.6

Deferred taxes, net                                33.9          66.0         53.4          45.7         43.7       7.6%       6.5%
Long-term debt, net of current portion              ---           2.7          1.7           0.8          0.2 (1)    NM        0.0
Convertible subordinated debentures                 ---           ---         76.4          76.4         76.2        NM       11.3
Credit facilities                                  14.0         185.0        140.0         235.0        210.0     116.8       31.2
Lease obligations and other LT liabs.               7.9           6.6          4.8           3.8          4.5     (14.8)       0.7
                                              ---------     ---------    ---------     ---------    ---------                -----
Total Liabilities                                  83.9         306.4        329.6         426.4        399.2      56.2       59.4

Minority Interest                                   ---           1.0          2.5           4.3          1.1        NM        0.2
Convertible Preferred Stock                        78.5          78.8          ---           ---          ---        NM        0.0
Common Stockholders' Equity                       203.3         218.7        231.6         251.0        272.3       8.7       40.5
                                              ---------     ---------    ---------     ---------    ---------                -----
Total Liabilities and Equity                  $   365.7     $   604.9    $   563.7     $   681.7    $   672.6      19.0%     100.0%
                                              =========     =========    =========     =========    =========                =====

Memo: Tangible Equity, Converted Basis:       $    55.0     $  (170.6)   $  (138.7)    $  (229.2)   $  (183.5)
</TABLE>

(1) Excludes $50 million payable to Engemann.
Sources: SEC filings and Company data.
<PAGE>

                                                                PROJECT GRISWOLD

PXP Acquisition History
<TABLE>
<CAPTION>

                                                Duff & Phelps
                                                    Corp. (1)                GMG-Seneca       Roger Engemann           Zweig Group

Announcement Date                               June 13, 1995         February 27, 1997         June 9, 1997       December 16, 1998
Effective Date                               November 1, 1995             July 17, 1997    September 3, 1997           March 1, 1999
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                          <C>                     <C>                   <C>                     <C>
Transaction Values (in millions):

   Enterprise Value                                       ---               $   54                $  180 /(2)/            $ 135
   % Purchased                                            100 %                 75 %                 100 %                  100 %
   Earn-out:

     Amount                                               ---               $    4 /(2)/          $   66 /(3)/            $  29
     Term (year)                                          ---                    2 /(4)/             3-5                     3
     Basis                                                 NM       Account Retention     Management fee          Management fee
                                                                                          revenue targets        revenue targets
   Enterprise Value with PV of Earn-out /(5)/             ---               $   57                $  213                  $ 157
- ------------------------------------------------------------------------------------------------------------------------------------
Valuation Multiples /(6)/
   AUM                                                    ---                  1.4 %                 3.5 %                  3.0 %
   Revenues                                               ---                  3.2 x                 4.3 x                  3.4 x
   EBITDA                                                 ---                  9.9                   9.8                    7.6
Valuation Multiples Adjusted for Earn-out /(5)/
   AUM                                                    ---                  1.5 %                 4.1 %                  3.5 %
   Revenues                                               ---                  3.3 x                 5.0 x                  3.9 x
   EBITDA                                                 ---                 10.5                  11.6                    8.9
- ------------------------------------------------------------------------------------------------------------------------------------
AUM at close of acquisition($b)                        $ 14.8               $  4.2                 $ 6.3                  $ 2.8

   % Open-End Fund                                        0.9 %                0.0                  15.4 %                 39.6 %
   % Closed-End Fund                                     20.6                  0.0                   0.0                   51.2
   % Separate Acct.                                      78.5                100.0                  84.6                    9.2

   Equity                                                10.3 %               43.0 %                98.8 %                 57.1 %
   Fixed Income                                          48.7                 57.0                   0.0                   29.0
   Balanced                                              41.0                  0.0                   1.2 %                 13.9
- ------------------------------------------------------------------------------------------------------------------------------------
Source: Company data and SEC Filings

(1) Reverse merger in which Duff & Phelps shareholders retained 40% of Newco.
(2) Accrues interest at 6.125% per annum.
(3) First payable on September 3rd, 2000 for $50 million; may be deferred for up to 2 years at 15% interest, less any performance
    loss.
(4) Payment occurred January 1, 1999.
(5) Discounted earn-out payments at 15% per year.
(6) Based on payment at closing and most recent fiscal year prior to announcement.
</TABLE>
<PAGE>

                                                                PROJECT GRISWOLD

PXP Ownership Summary - 6/30/00

   (shares in thousands)

<TABLE>
<CAPTION>
                                                    Outstanding                    Diluted /(1)/              Fully Converted
                                             -------------------------      -------------------------    -------------------------
                                                             Percent                        Percent                      Percent
   Owner                                      Shares        Ownership        Shares        Ownership      Shares        Ownership
   <S>                                       <C>            <C>             <C>            <C>           <C>            <C>
   Institutional Holders/(2)/
     Wanger Asset Management, L.P.             3,857            8.7%          3,857            6.6%        3,857            6.2%
     Dimensional FD Advisors, Inc.             2,234            5.0           2,234            3.8         2,234            3.6
     Tweedy, Browne Company, L.L.C.            2,135            4.8           2,135            3.7         2,135            3.4
     I. G. Investment Mgmt, Ltd.               1,000            2.3           1,000            1.7         1,000            1.6
     Royce & Associates, Inc.                    924            2.1             924            1.6           924            1.5
     Keeley Asset Management                     541            1.2             541            0.9           541            0.9
     Rothschild Asset Mgmt, Inc.                 368            0.8             368            0.6           368            0.6
     Vanguard Group                              354            0.8             354            0.6           354            0.6
     State Str Bk & Trust Co Boston              304            0.7             304            0.5           304            0.5
     College Retire Equities                     277            0.6             277            0.5           277            0.4
     Mellon Private Asset Mgmt                   265            0.6             265            0.5           265            0.4
     Barclays Bank Plc                           255            0.6             255            0.4           255            0.4
     Scudder Kemper Invts, Inc.                  250            0.6             250            0.4           250            0.4
     General Motors Invt Mgmt Corp.              140            0.3             140            0.2           140            0.2
     Northern Trust Company                      138            0.3             138            0.2           138            0.2
     Lyon Str Asset Mgmt Co                      130            0.3             130            0.2           130            0.2
     Fuller & Thaler Asset Mgmt Inc.              99            0.2              99            0.2            99            0.2
     Taunus Corporation                           96            0.2              96            0.2            96            0.2
     Charles Schwab Investment Mgmt               83            0.2              83            0.1            83            0.1
     California State Teach Retire                80            0.2              80            0.1            80            0.1
     Other Institutional Shareholders            794            1.8           5,940/(3)/      10.2         5,940/(3)/       9.6
   ------------------------------------------------------------------------------------------------------------------------------
   Total Institutional Shareholders           14,321           32.3          19,466           33.5%       19,466           31.3%

   Retail and Other Owners                     1,863            4.2           1,863            3.2         1,863            3.0

   Insiders/(4)/                               1,797            4.0           5,958/(5)/      10.3        10,059/(5)/      16.2
   ------------------------------------------------------------------------------------------------------------------------------
   Sub-Total                                  17,981           40.5          27,287           47.0        31,388           50.5

   Phoenix Home Life                          26,400           59.5          30,754           53.0        30,754           49.5
   ==============================================================================================================================
   Total                                      44,381          100.0%         58,041          100.0%       62,142          100.0%
</TABLE>

   (1) Based on the final offer price of $15.75 and uses the treasury method.
   (2) Source: CDA/Spectrum as of July 24, 2000
   (3) Includes $41.4 million of convertible subordinated debentures not held by
       Phoenix Home Life, which are convertible into 5.1 million shares at an
       effective exercise price of $8.04.
   (4) Source:Proxy statement dated May 11, 2000.
   (5) Based on 8.3 million stock options held by management with an average
       exercise price of $7.75 and debenture options with an average exercise
       price of $10.01.
<PAGE>

                                                                PROJECT GRISWOLD

Price Volume Graph

WEEKLY DATA:  11/1/95 TO 9/8/00


                                 [LINE GRAPH]


______________
(a)  May 15, 1996: Company announced plans to exit research, investment banking
     and financial advisory business to re-focus on the retail and institutional
     lines of asset management.

(b)  February 27, 1997: Announced purchase of Seneca.

(c)  June 9, 1997: Announced purchase of Roger Engemann and Associates.

(d)  September 6, 1998: Sale of Beutel Goodman.

(e)  December 16, 1998: Announced purchase of Zweig.

(f)  May 15, 2000: Unicredito Italiano Group announces intention to purchase
     Pioneer Group.

(g)  July 24, 2000: Phoenix Home Life makes initial offer to acquire the
     remaining outstanding shares of PXP.


                7/24         9/08
              -------     -------
Price:        $ 10.81     $ 14.50

Equity Value  $   624     $   836
Public Float      231         309

Valuation Multiples: (a)
AUM               1.4%        1.7%
Revenues          2.7x        3.5x
EBITDA            7.2         9.2

Pretax Inc.       9.2        12.7
Op. CF            7.7        10.6
Earnings:
   LTM           14.5x       20.0x
   2000E (b)     14.1        19.4
   2001E (b)     13.0%       17.9%

   Div. Yield     3.0%        2.2%

N.B. Share count on a diluted basis using the treasury stock method.

(a)  LTM Revenue and EBITDA adjusted for minority interest. Net debt adjusted
     for Pasadena contingent payment.

(b)  Source: PXP Management.


<PAGE>

                                                                PROJECT GRISWOLD


Price Volume Graph (Daily)

DAILY DATA: 1/1/2000 TO 9/8/00

                                 [LINE  GRAPH]

(a)  May 15, 2000: Unicredito Italiano Group announces intention to purchase
     Pioneer Group.

(b)  July 24, 2000: Phoenix Home Life makes initial offer to acquire the
     remaining outstanding shares of PXP.



                 7/24           9/08
               -------        -------
Price:         $10.81         $ 14.50

Equity Value   $  624         $   836
Public Float      231             309

Valuation Multiples: (a)
AUM               1.4             1.7
Revenues          2.7x            3.5x
EBITDA            7.2             9.2

Pretax Inc.       9.2            12.7
Op. CF            7.7            10.6
Earnings:
   LTM           14.5x           20.0x
   2000E (b)     14.1            19.4
   2001E (b)     13.0            17.9

   Div. Yield     3.0             2.2

N.B. Share count on a diluted basis using the treasury stock method.

(a)  LTM Revenue and EBITDA adjusted for minority interest. Net debt adjusted
for Pasadena contingent payment.

(b)  Source: PXP Management.


<PAGE>

                                                                PROJECT GRISWOLD

3   COMPARISON WITH PEERS
<PAGE>

                                                                PROJECT GRISWOLD

Selected Comparable Company Analysis: AUM

<TABLE>
<CAPTION>
($ in Millions)
                                                              Assets Under Management                  FYE        As % of AUM (1):
                                                    ----------------------------------------------               -------------------
                                                       Client Type              Asset Type         3 Yr. CAGR    Total  Adv.
                                                    ----------------------------------------------
                                              AUM    Retail   Inst'l  Equity    FI   Dom.    Int'l     AUM       Rev.   Rev.   EBT
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                      <C>         <C>      <C>     <C>     <C>   <C>     <C>      <C>         <C>    <C>    <C>
Phoenix Investment Partners       (2)    $ 60,832    47.7%    52.3%   57.6%   42.4%  99.0%   1.0%    24.3%       0.52%  0.45%  0.11%
- ------------------------------------------------------------------------------------------------------------------------------------

Affiliated Managers Group, Inc.            89,300     9.0     91.0    65.0    35.0    73.0   27.0    62.7        0.57   0.57   0.10
AMVESCAP PLC                              389,000    61.0     39.0    66.0    34.0    61.0   39.0    55.8        0.54   0.54   0.13
BlackRock Inc.                            177,337    37.0     63.0    13.2    86.8    98.0    2.0    25.8        0.24   0.23   0.07
Eaton Vance Corporation                    44,300    63.0     37.0    48.0    52.0   100.0   ----    33.2        0.89   0.46   0.56
Federated Investors, Inc.                 125,809    83.0     17.0    17.9    82.1    97.0    3.0    18.6        0.50   0.28   0.18
Franklin Resources, Inc.                  229,900    73.0     27.0    66.6    33.4    30.0   70.0    12.9        1.01   0.61   0.32
Gabelli Asset Management Inc.              22,997    54.0     46.0    91.3     8.7   100.0   ----    32.1        0.91   0.75   0.38
John Nuveen                                60,299    65.4     34.6    25.1    74.9   100.0   ----    21.7        0.58   0.51   0.28
Neuberger Berman Inc.                      54,406    31.4     68.6    79.0    21.0   100.0   ----      na        1.08   0.70   0.38
Stilwell Financial                        313,000    75.0     25.0    95.0     5.0    75.0   25.0    72.3        0.58   0.47   0.26
T. Rowe Price Associates, Inc.            179,000    62.5     37.5    77.8    22.2    78.1   21.9    21.7        0.65   0.49   0.25
Waddell & Reed Financial Inc.              39,751    84.9     15.1    74.7    25.3    92.5    7.5    25.1        1.13   0.57   0.50


ALL COMPANIES (2)
- ------------------------------------------------------------------------------------------------------------------------------------
Mean                                                 58.3%    41.7%   60.0%   40.0%   83.7%  16.3%   34.7%       0.72%  0.51%  0.50%

Median                                               62.8     37.2    66.3    33.7    94.7    5.3    25.8        0.62   0.52   0.27
- ------------------------------------------------------------------------------------------------------------------------------------
SMALL CAP COMPANIES (2) (3)
- ------------------------------------------------------------------------------------------------------------------------------------
Mean                                                 55.3%    44.7%   60.8%   39.2%   93.1%   6.9%   34.9%       0.82%  0.57%  0.50%

Median                                               63.0     37.0    65.0    35.0   100.0    ---    32.1        0.89   0.57   0.38
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

N.B. Financial data as of or for the twelve months ended June 30, 2000.

(1)  Based on period end AUM.
(2)  PXP has been excluded from the mean and median calculations. Revenues,
     Advisory Revenues and EBT as a % of AUM include Seneca minority interest.
(3)  Includes companies with less than $2 billion in market capitalization (AMG,
     GBL, EV, JNC and WDR).
<PAGE>

                                                                PROJECT GRISWOLD

Selected Comparable Company Analysis: Profitability Statistics

<TABLE>
<CAPTION>
      ($ in Millions)



                                                                                    LTM Profitability Statistics
                                                                                  --------------------------------
                                                                                        Comp.
                                            Last Twelve Month Performance:        Adv./ Exp./        Margin (%):    FYE - 3 Yr. CAGR
                                      ------------------------------------------                ------------------  ----------------
                                      Total  Advisory            Net    Op. Cash  Total Total                  Net             Net
                                      Rev.     Rev.    EBITDA    Inc.   Flow (1)   Rev.  Rev.   EBITDA   EBT   Inc.    Rev.  Income
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                             <C>          <C>      <C>      <C>      <C>       <C>   <C>     <C>     <C>    <C>    <C>    <C>
Phoenix Investment Partners     (2) $  303.6 $  262.0 $  115.0 $   41.8 $   78.7  86.3%  38.6%  37.9%   21.8%  13.8%  23.4%    4.1%
- ------------------------------------------------------------------------------------------------------------------------------------

Affiliated Managers Group, Inc.     $  513.1 $  513.1 $  115.1 $   49.8 $   78.7 100.0%  44.0%  22.4%   17.2%   9.7% 105.0%     nm
AMVESCAP PLC                    (3)  2,086.0  2,086.0    811.2    259.7    522.9 100.0   ----   38.9    24.2   12.5   63.3    39.5%
BlackRock Inc.                         421.5    402.1    145.4     73.5     92.1  95.4   35.9   34.5    30.2   17.4   37.5    87.9
Eaton Vance Corporation                396.2    203.5    242.2    153.6    236.0  51.4   17.6   61.1    63.2   38.8   24.1    37.8
Federated Investors, Inc.              627.1    355.4    259.5    141.1    211.8  56.7   25.4   41.4    35.2   22.5   22.4   108.9
Franklin Resources, Inc.             2,321.1  1,392.2    781.7    553.9    754.0  60.0   22.6   33.7    31.4   23.9   14.2    14.3
Gabelli Asset Management Inc.          208.8    171.7     83.7     49.8     50.5  82.2   40.6   40.1    41.6   23.8     na      na
John Nuveen                            350.7    305.2    168.8    102.4    118.4  87.0   27.7   48.1    48.6   29.2   16.6    10.3
Neuberger Berman Inc.           (4)    586.1    378.7    218.9     69.7     79.9  64.6   46.1   37.3    35.6   11.9     na      na
Stilwell Financial                   1,804.9  1,483.5    862.5    483.3    539.5  82.2   23.8   47.8    44.8   26.8   35.7    38.4
T. Rowe Price Associates, Inc.       1,161.8    879.7    512.2    276.7    313.5  75.7   30.2   44.1    37.9   23.8   20.9    34.5
Waddell & Reed Financial Inc.          449.0    227.7    215.7    121.4    128.3  50.7   12.2   48.0    44.0   27.0   17.3    13.0

ALL COMPANIES (2)
- ------------------------------------------------------------------------------------------------------------------------------------
Mean                                                                              75.5%  27.2%  41.5%   37.8%  22.3%  35.7%   42.7%

Median                                                                            79.0   26.6   40.7    36.8   23.8   23.2    37.8
- ------------------------------------------------------------------------------------------------------------------------------------
SMALL CAP COMPANIES (2)(5)
- ------------------------------------------------------------------------------------------------------------------------------------
Mean                                                                              74.3%  28.4%  44.0%   42.9%  25.7%  40.7%   20.4%

Median                                                                            82.2   27.7   48.0    44.0   27.0   20.7    13.0
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

N.B. Financial data as of or for the twelve months ended June 30, 2000.
(1) Operating Cash Flow equals net income plus depreciation and amortization.
(2) PXP has been excluded from the mean and median calculations. Income
    Statement data adjusted for Seneca minority interest and interest on
    convertible debt.
(3) Financial data is adjusted to reflect US GAAP.
(4) Revenue CAGR for Neuberger Berman is only available for 1 year.
(5) Includes companies with less than $2 billion in market capitalization (AMG,
    GBL, EV, JNC and WDR).
<PAGE>

                                                                PROJECT GRISWOLD

Summary Operating Statistics

<TABLE>
<CAPTION>
($ in Millions)

                                               Total Revenue as a % of AUM (1)     Advisory Revenue as a % of AUM (1)
                                              ---------------------------------   ------------------------------------
                                                1997        1998        1999          1997        1998        1999
                                              --------    --------    --------      --------    --------    --------
- ----------------------------------------------------------------------------------------------------------------------
<S>                                           <C>         <C>         <C>         <C>           <C>         <C>
Phoenix Investment Partners
   As Reported                                  0.37%       0.45%       0.48%         0.31%       0.39%       0.42%
   Excluding PHL General Account                0.41        0.52        0.55          0.34        0.45        0.47
- ----------------------------------------------------------------------------------------------------------------------

Affiliated Managers Group, Inc.                 0.21        0.39        0.52          0.21        0.38        0.52
AMVESCAP PLC                                    0.46        0.50        0.49          0.46        0.49        0.49
BlackRock Inc.                                  0.21        0.27        0.23          0.18        0.25        0.22
Eaton Vance Corporation                         0.89        0.96        0.89          0.51        0.59        0.46
Federated Investors, Inc.                       0.44        0.47        0.49          0.37        0.45        0.27
Franklin Resources, Inc.                        1.09        1.16        0.99          0.62        0.63        0.59
Gabelli Asset Management Inc.                   0.89        0.88        0.85          0.73        0.77        0.69
John Nuveen                                     0.54        0.56        0.58          0.45        0.49        0.51
Neuberger Berman Inc.                           0.93        1.04        1.04          0.61        0.68        0.67
Stilwell Financial                              0.68        0.59        0.47          0.54        0.48        0.39
T. Rowe Price Associates, Inc.                  0.61        0.60        0.60          0.47        0.46        0.46
Waddell & Reed Financial Inc.                   1.08        1.04        0.97          0.50        0.50        0.49

ALL COMPANIES (2)
- ----------------------------------------------------------------------------------------------------------------------
Mean                                            0.67        0.70        0.68          0.47        0.51        0.48
- ----------------------------------------------------------------------------------------------------------------------
SMALL CAP COMPANIES (2)(3)
- ----------------------------------------------------------------------------------------------------------------------
Mean                                            0.72        0.76        0.76          0.48        0.55        0.54
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>

N.B. Financial data as of or for the twelve months ended June 30, 2000.

(1) Based on period end AUM except PXP which uses average AUM.
(2) Mean excludes PXP.
(3) Includes companies with less than $2 billion in market capitalization
    (AMG, GBL, EV, JNC and WDR).
<PAGE>

                                                                PROJECT GRISWOLD

Summary Operating Statistics (continued)

<TABLE>
<CAPTION>
                                                    EBITDA Margin                                 EBT Margin
                                     ------------------------------------------   ------------------------------------------
                                         1997           1998           1999           1997           1998           1999
                                     ------------   ------------   ------------   ------------   ------------   ------------
- ----------------------------------------------------------------------------------------------------------------------------
<S>                                  <C>            <C>            <C>            <C>            <C>            <C>
Phoenix Investment Partners (1)           30.9%          33.4%          35.3%          20.7%          17.0%          17.6%
- ----------------------------------------------------------------------------------------------------------------------------

Affiliated Managers Group, Inc.           33.5           47.8           22.0            3.1           17.7           16.8
AMVESCAP PLC                              39.8           33.1           39.2           24.8           21.4           22.3
BlackRock Inc.                            35.9           28.7           34.2           22.2           22.1           28.8
Eaton Vance Corporation                   60.0           46.4           61.1           32.8           22.3           63.2
Federated Investors, Inc.                 35.4           43.9           41.2           20.3           27.9           34.8
Franklin Resources, Inc.                  32.7           31.5           32.4           27.3           25.0           30.5
Gabelli Asset Management Inc.             36.6           40.4           38.6           33.6           35.9           43.3
John Nuveen                               50.8           50.2           47.4           45.4           44.8           47.4
Neuberger Berman Inc.                     44.4           46.2           42.0           44.4           44.7           40.1
Stilwell Financial                        43.8           44.3           46.6           42.3           42.6           44.1
T. Rowe Price Associates, Inc.            57.5           57.4           43.8           31.0           31.7           37.6
Waddell & Reed Financial Inc.             51.6           51.7           48.1           45.5           46.8           43.5

ALL COMPANIES (2)
- ----------------------------------------------------------------------------------------------------------------------------
Mean                                      43.5           43.5           41.4           31.1           31.9           37.7
- ----------------------------------------------------------------------------------------------------------------------------

SMALL CAP COMPANIES (2)(3)
- ----------------------------------------------------------------------------------------------------------------------------
Mean                                      46.5           47.3           43.4           32.1           33.5           42.8
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>

N.B. Financial data as of or for the twelve months ended June 30, 2000.

(1) PXP's financial information has been adjusted for Seneca minority interest.
(2) Mean excludes PXP.
(3) Includes companies with less than $2 billion in market capitalization (AMG,
    GBL, EV, JNC and WDR).
<PAGE>

                                                                PROJECT GRISWOLD
Summary Operating Statistics (continued)

<TABLE>
<CAPTION>

                                            EBT as a % of AUM (1)                         Comp. Expense to Total Revenue
                                  --------------------------------------------    -------------------------------------------------
                                        1997           1998            1999             1997            1998               1999
                                  --------------  ---------------  -----------    -------------  ------------------  --------------

- ------------------------------------------------------------------------------------------------------------------------------------
Phoenix Investment Partners             0.08%          0.08%           0.09%            44.2%                40.8%         39.8%
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                <C>               <C>             <C>              <C>                  <C>            <C>
Affiliated Managers Group, Inc.         0.01           0.07            0.09             43.1                 36.4          44.0
AMVESCAP PLC                            0.11           0.11            0.11             ----                 ----          ----
BlackRock Inc.                          0.05           0.06            0.07             38.0                 44.0          35.3
Eaton Vance Corporation                 0.29           0.21            0.56             22.5                 23.2          17.6
Federated Investors, Inc.               0.09           0.13            0.17             34.5                 28.1          25.7
Franklin Resources, Inc.                0.30           0.29            0.30             20.0                 21.6          22.3
Gabelli Asset Management Inc.           0.30           0.31            0.37             47.4                 43.3          41.0
John Nuveen                             0.25           0.25            0.28             28.7                 28.9          27.8
Neuberger Berman Inc.                   0.41           0.46            0.42             38.7                 37.2          41.3
Stilwell Financial                      0.29           0.25            0.21             24.3                 25.0          25.0
T. Rowe Price Associates, Inc.          0.19           0.19            0.22             33.6                 34.3          30.8
Waddell & Reed Financial Inc.           0.49           0.49            0.42             10.5                 10.9          12.4

ALL COMPANIES (2)
- ------------------------------------------------------------------------------------------------------------------------------------
Mean                                    0.23           0.24            0.27             28.5                 27.8          26.9
- ------------------------------------------------------------------------------------------------------------------------------------
SMALL CAP COMPANIES (2)(3)
Mean                                    0.27           0.27            0.34             30.5                 28.6          28.6
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

N.B. Financial data as of or for the twelve months ended June 30, 2000.
(1) Based on period end AUM except PXP which uses average AUM.
(2) Mean excludes PXP.
(3) Includes companies with less than $2 billion in market capitalization (AMG,
    GBL, EV, JNC and WDR).
<PAGE>

                                                                PROJECT GRISWOLD

Selected Comparable Company Analysis:
Market Statistics

($ in Millions, except per share data)

<TABLE>
<CAPTION>

                                                                                    Firm Value as a Multiple of:
                                                                                  ---------------------------------
                                      Stock Price  As % of 52-Wk  Mkt.      Firm    as % of   LQA             LTM
                                                 ----------------                                     ----------------------
                                        9/8/00   High     Low     Cap.     Value(1)   AUM    EBITDA   Rev.   EBITDA    EBIT
- ----------------------------------------------------------------------------------------------------------------------------
   Phoenix Investment Partners      (4) $14.50    95%    230%      $836    $1,055     1.7%     8.2x   3.5x     9.2x    13.5x
- ----------------------------------------------------------------------------------------------------------------------------
   <S>                               <C>         <C>     <C>     <C>       <C>        <C>    <C>      <C>    <C>       <C>
   Affiliated Managers Group, Inc.      $58.00    97%    264%    $1,283    $1,485     1.7%     7.5x   2.9x    12.9x    17.1x
   AMVESCAP PLC                     (5)  97.88    84     272     12,725    13,336     3.4     15.2    6.4     16.4     24.3
   BlackRock Inc.                        37.00    87     296      2,363     2,246     1.3     15.2    5.3     15.5     17.7
   Eaton Vance Corporation               50.06    91     183      1,769     1,743     3.9      6.6    4.4      7.2      7.3
   Federated Investors, Inc.             22.63    82     221      2,680     2,966     2.4      8.6    4.7     11.4     12.1
   Franklin Resources, Inc.              39.88    98     162      9,711     8,935     3.9     11.2    3.8     11.4     13.4
   Gabelli Asset Management Inc.         28.88    95     204        854       815     3.5      8.4    3.9      9.7      9.8
   John Nuveen                           47.63   101     142      1,487     1,505     2.5      9.1    4.3      8.9      9.6
   Neuberger Berman Inc.                 61.13    99     259      3,015     3,120     5.7      7.0    5.3     14.3     14.9
   Stilwell Financial                    51.81    99     141     11,635    11,276     3.6      9.4    6.2     13.1     14.0
   T. Rowe Price Associates, Inc.        46.88    98     181      5,657     5,240     2.9     12.7    4.5     10.2     11.0
   Waddell & Reed Financial Inc.         37.13    94     276      1,555     1,474     3.7      5.9    3.3      6.8      7.1

   ALL COMPANIES (4)
- ----------------------------------------------------------------------------------------------------------------------------
   Mean                                                                               3.2%     9.8x   4.6x    11.5x    13.2x
   Median                                                                             3.5      8.9    4.5     11.4     12.7
- ----------------------------------------------------------------------------------------------------------------------------

   SMALL CAP COMPANIES (4) (6)
- ----------------------------------------------------------------------------------------------------------------------------
   Mean                                                                               3.1%     7.5x   3.8x     9.1x    10.2x
   Median                                                                             3.5      7.5    3.9      8.9      9.6
- ----------------------------------------------------------------------------------------------------------------------------

<CAPTION>
                                        Market Cap. as a Multiple of:                                  IBES
                                -----------------------------------------------------
                                     LTM       LTM     Op. Cash      12 Mos.          Calendar:       Growth
                                                                                 -------------------
                                   Pre-Tax   Net.Inc.   Flow(2)    Fwd. EE (3)   00EE (3)  01EE (3)    Rate
- --------------------------------------------------------------------------------------------------------------
   Phoenix Investment Partners     12.7x       20.0x     10.6x       18.3x        19.4x     17.9x      15.0%
- --------------------------------------------------------------------------------------------------------------
   <S>                             <C>       <C>        <C>        <C>           <C>       <C>        <C>
   Affiliated Managers Group, In   14.6x   c.  25.7x     16.4x       13.6x        15.2x     13.2x      22.5%
   AMVESCAP PLC                    25.2        49.0      24.3        24.5         27.6      23.6       20.0
   BlackRock Inc.                  18.6        32.2      25.7        24.9         28.5      23.9       16.0
   Eaton Vance Corporation          7.1        11.5       7.5        14.6         15.9      14.2       20.0
   Federated Investors, Inc.       12.1        19.0      12.7        16.7         18.5      16.1       16.0
   Franklin Resources, Inc.        13.3        17.5      12.9        15.6         17.0      15.2       15.0
   Gabelli Asset Management Inc.    9.8        17.2      16.9        13.6         15.0      13.1       15.0
   John Nuveen                      8.7        14.5      12.6        14.0         14.9      13.7       10.0
   Neuberger Berman Inc.           14.4        43.3      37.8        19.6         21.4      19.1       12.5
   Stilwell Financial              14.4        24.1      21.6        17.1         19.7      16.3       17.0
   T. Rowe Price Associates, Inc   12.8        20.4      18.0        20.3         21.4      20.0       15.0
   Waddell & Reed Financial Inc.    7.9        12.8      12.1        20.7         22.6      20.1       15.0

   ALL COMPANIES (4)
- --------------------------------------------------------------------------------------------------------------
   Mean                            13.3x       23.9x     18.2x       17.9x        19.8x     17.4x      16.2%
   Median                          13.1        19.7      16.7        16.9         19.1      16.2       15.5
- --------------------------------------------------------------------------------------------------------------

   SMALL CAP COMPANIES (4) (6)
- --------------------------------------------------------------------------------------------------------------
   Mean                             9.6x       16.4x     13.1x       15.3x        16.7x     14.9x      16.5%
   Median                           8.7        14.5      12.6        14.0         15.2      13.7       15.0
- --------------------------------------------------------------------------------------------------------------
</TABLE>


N.B. Financial data as of or for the twelve months ended June 30, 2000.

(1) Represents market capitalization plus long-term debt and minority interest
    less cash and cash equivalents.
(2) Represents Net Income plus Depreciation and Amortization.
(3) Based on IBES median estimates except for PXP which uses management
    estimates.
(4) PXP has been excluded from the mean and median calculations. PXP's financial
    information has been adjusted for Seneca minority interest, interest on
    convertible debt and Engemann liability.
(5) Market data represents that of the American Depository Shares (which each
    represent 5 ordinary shares). Financial data is adjusted to reflect US GAAP.
(6) Includes companies with less than $2 billion in market capitalization (AMG,
    GBL, EV, JNC and WDR).
<PAGE>

                                                                PROJECT GRISWOLD

Price Performance

          WEEKLY DATA: 11/15/95 TO 9/8/00

                                    [GRAPH]




____PXP    _____ Small Cap Managers    _____ All Asset Managers   ____ SPX

<TABLE>
<CAPTION>
RETURN MATRIX
                                                       Return through 7/24
                            ---------------------------------------------------------------------------------
                             Since 11/15/95 /(1)/       3 Years/(1)/     1 Year      YTD    3 Month   1 Month    Since 7/24
                            ---------------------      -------------    --------   -------- -------- ---------  ------------
<S>                         <C>                        <C>              <C>        <C>      <C>      <C>        <C>
PXP                                19.5%                  24.4%           67.4%      89.3%    60.4%      2.2%       5.2%/(2)/
Small Cap Managers/(3)/            19.6                   24.3            57.8       54.3     25.3      (5.3)      13.6
All Asset Managers/(4)/            24.7                   18.4            58.5       65.3     30.4       9.7       13.0
S&P 500                            21.1                   17.2            10.9        2.7      1.8       2.2        2.1
</TABLE>

(1) Annualized returns.
(2) Excludes increase of $3.07 per share on 7/25/00.
(3) Small Cap Managers Index includes AMG, GBL, EV, JNC, and WDR.
(4) All Asset Managers Index includes AMG, AVZ, BLK, EV, FII, BEN, GBL, JNC,
NEU, TROW and WDR.
<PAGE>

                                                                PROJECT GRISWOLD

4   VALUATION CONSIDERATIONS
<PAGE>

                                                                PROJECT GRISWOLD

Analysis of Premium to Market

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Premium Analysis                                                                                      Premium to
                                                                                  --------------------------------------------------
                                                                                         Initial Offer              Final Offer
                                                                                   ----------------------      ---------------------
                                                                  Benchmark              $  12.50                    $   15.75
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                                         <C>                     <C>                        <C>
   Normalized Price                                          $       12.29     (a)            nm                         28.2 %

   LTM high prior to initial offer                                   12.06                   3.6 %                       30.6
- -----------------------------------------------------------------------------------------------------------------------------------
   Day prior to initial offer (7/24)                                 10.81                  15.6                         45.7
- -----------------------------------------------------------------------------------------------------------------------------------
   One week prior to initial offer (7/17)                            11.25                  11.1                         40.0

   Average during last week                                          11.04                  13.2                         42.6
- -----------------------------------------------------------------------------------------------------------------------------------
   Four weeks prior to initial offer (6/26)                           9.69                  29.0                         62.6

   Average during four weeks                                         10.86                  15.1                         45.0
- -----------------------------------------------------------------------------------------------------------------------------------
   Three months prior to initial offer (4/24)                         7.94                  57.5                         98.4

   Average during three months                                        9.49                  31.7                         65.9
- -----------------------------------------------------------------------------------------------------------------------------------
   LTM low prior to initial offer (2/2)                               6.38                  96.1                        147.1
</TABLE>

(a) Based on increase in Small Cap Managers Index since July 24, 2000.
<PAGE>

                                                                PROJECT GRISWOLD

<TABLE>
<CAPTION>
Implied Valuation Summary

($ in Millions, Except Per Share Data)
                                                                           ---------
                                                                            Initial
                                                                             Offer
                                                                           ---------
Valuation Methodology                               $ 10.75  $11.75  $12.75 $ 13.75   $ 14.75
                                                     -------------------------------------------------
<S>                                                  <C>      <C>     <C>    <C>       <C>
COMPARABLE COMPANIES ANALYSIS
   Small Companies                                                    $12.08 - $13.50
       All Metrics
       Prospective Metrics                             $10.80-$12.07
   All Companies
       All Metrics
       Prospective Metrics                                                        $13.28 - $14.81

GOING PRIVATE PREMIUMS (1992 to Present)                         $11.77 - $13.49
       Financial Institutions
       All Cash Transactions                                        $12.09 - $13.74

GOING PRIVATE PREMIUMS (1999 to Present)                                                $14.17 - $15.72
       Financial Institutions
       All Cash Transactions                                           $13.62    $14.17

DISCOUNTED CASH FLOW ANALYSIS/(1)(2)/

PRIVATE MARKET ANALYSIS
                                  Reference Data
                              ---------------------------
Transaction Metrics           Reported Adjusted/(1)(3)/   $ 10.75    $11.75  $12.75  $  13.75  $  14.75
                              --------------------------------------------------------------------------
  Diluted Market Cap.         $  607.3      N/A           $603.4    $665.6  $727.7  $  789.9  $  852.0

  Implied Firm Value (4)         825.5      N/A            821.6     883.7   945.9   1,008.0   1,070.1

  Premium to Market as
  of July 24                  $  10.81      N/A             (0.6)%     8.7%   17.9%     27.2%     36.4%
   1 week prior                  11.25      N/A             (4.4)      4.4    13.3      22.2      31.1
   4 weeks prior                  9.69      N/A             11.0      21.3    31.6      41.9      52.3

  Valuation Metrics
   Firm Value Multiples
     As % of AUM              $ 60,832                       1.4%      1.5 %   1.6%      1.7%      1.8%
     LTM Revenues                315.7   $303.6              2.7x      2.9 x   3.1x      3.3x      3.5x
     LTM EBITDA                  119.9    115.0              7.1       7.7     8.2       8.8       9.3
     LQA EBITDA                  128.5    122.5              6.7       7.2     7.7       8.2       8.7
   Equity Value Multiples
     LTM Pre-tax Earnings     $   61.5   $ 66.1              9.1 x    10.1 x  11.0x     11.9x     12.9x
     LTM Net Income               39.3     41.8             14.4      15.9    17.4      18.9      20.4
     LTM Cash Flow (5)            76.2     78.7              7.7       8.5     9.2      10.0      10.8
     2000E Earnings (1)           40.5     43.1             14.0      15.5    16.9      18.3      19.8
     2001E Earnings (1)           44.0     46.6             12.9      14.3    15.6      16.9      18.3

<CAPTION>

                                       ----------
                                          Final
                                          Offer
                                       ----------
Valuation Methodology                   $ 15.75    $16.75    $17.75    $18.75   $19.75
                                      -------------------------------------------------
<S>                                     <C>         <C>       <C>       <C>      <C>
COMPARABLE COMPANIES ANALYSIS
   Small Companies
       All Metrics
       Prospective Metrics
   All Companies
       All Metrics                         $15.64 - $17.44
       Prospective Metrics

GOING PRIVATE PREMIUMS (1992 to Present)
       Financial Institutions
       All Cash Transactions

GOING PRIVATE PREMIUMS (1999 to Present)
       Financial Institutions
       All Cash Transactions

DISCOUNTED CASH FLOW ANALYSIS/(1)(2)/                    $15.85 - $21.23

PRIVATE MARKET ANALYSIS                                           $18.33 - $20.45


Transaction Metrics                      $   15.75  $  16.75 $  17.75    $18.75  $  19.75
                                         -----------------------------------------------
  Diluted Market Cap.                    $  914.1   $ 976.3 $1,038.4  $1,100.6  $1,162.7

  Implied Firm Value (4)                  1,132.3   1,194.4  1,256.6   1,318.7   1,380.9

  Premium to Market as
  of July 24                                 45.7%     54.9%    64.2%     73.4%     82.7%
   1 week prior                              40.0      48.9     57.8      66.7      75.6
   4 weeks prior                             62.6      72.9     83.2      93.5     103.9

  Valuation Metrics
   Firm Value Multiples
     As % of AUM                              1.9%      2.0%    21.1%      2.2%      2.3%
     LTM Revenues                             3.7x      3.9x     4.1x      4.3x      4.5x
     LTM EBITDA                               9.8      10.4     10.9      11.5      12.0
     LQA EBITDA                               9.2       9.8     10.3      10.8      11.3
   Equity Value Multiples
     LTM Pre-tax Earnings                    13.8x     14.8x    15.7x     16.6x     17.6x
     LTM Net Income                          21.8      23.3     24.8      26.3      27.8
     LTM Cash Flow (5)                       11.6      12.4     13.2      14.0      14.8
     2000E Earnings (1)                      21.2      22.7     24.1      25.6      27.0
     2001E Earnings (1)                      19.6      20.9     22.3      23.6      24.9
- -----------------------------------------------------------------------------------------
</TABLE>

(1)  Based on PXP 2000 Financial Plan.

(2)  Assuming 13% to 15% range of discount rates used by SSB Research, value
     range would be $15.18 to $20.35.

(3)  Adjusted for Seneca minority interest, interest on convertible debt and
     Engemann liability.

(4)  Adjusted for net debt.

(5)  Net income plus depreciation and amortization.
<PAGE>

                                                                PROJECT GRISWOLD

Valuation Summary Implied Median Multiples

<TABLE>
<CAPTION>
                               REFERENCE DATA (a)                         ALL COMPANIES                         SMALL CAP COMPANIES
                               ------------------                         -------------                         -------------------
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                     Implied Equity
(Dollars in millions)         Reported Adjusted (b)     Median Valuation (c)        Valuation Range           Median Valuation (c)
- ------------------------------------------------------------------------------------------------------------------------------------
PUBLIC MARKET ANALYSIS -
   ALL METRICS (d)
<S>                           <C>                        <C>                    <C>                           <C>
Firm Value/ LTM Revenues         $ 315.7  $  303.6        4.2 x  ---   4.7 x    $ 1,066.8  ---    $1,202.0      3.7 x ---   4.1 x
Firm Value/ LQA EBITDA             128.5     122.5        8.4    ---   9.3          812.5  ---       921.0      7.1   ---   7.9
Firm Value/ LTM EBITDA             119.9     115.0       10.9    ---  12.0        1,030.3  ---     1,161.7      8.5   ---   9.4
Market Value/ LTM Cash Flow (e)     76.2      78.7       15.8    ---  17.5        1,246.7  ---     1,378.0     11.9   ---  13.2
Market Value/ LTM Pre-tax Earnings  61.5      66.1       12.4    ---  13.7          821.9  ---       908.5      8.3   ---   9.2
Market Value/ LTM Earnings          39.3      41.8       18.7    ---  20.7          784.0  ---       866.5     13.8   ---  15.2
Market Value/ 2000E Earnings (e)    40.5      43.1       18.2    ---  20.1          782.3  ---       864.6     14.4   ---  15.9
Market Value/ 2001E Earnings (e)    44.0      46.6       15.4    ---  17.0          717.8  ---       793.4     13.0   ---  14.4

- ------------------------------------------------------------------------------------------------------------------------------------
Average Valuation Range (d)                                                       $ 907.8         $1,012.0
Per Share                                                                         $ 15.64         $  17.44
- ------------------------------------------------------------------------------------------------------------------------------------

PUBLIC MARKET ANALYSIS -
   PROSPECTIVE METRICS (d)

Firm Value/ LQA EBITDA           $ 128.5  $  122.5        8.4 x  ---   9.3 x      $ 812.5 ---     $  921.0      7.1 x ---   7.9 x
Market Value/ 2000E Earnings (e)    40.5      43.1       18.2    ---  20.1          782.3 ---        864.6     14.4   ---  15.9
Market Value/ 2001E Earnings (e)    44.0      46.6       15.4    ---  17.0          717.8 ---        793.4     13.0   ---  14.4
- ------------------------------------------------------------------------------------------------------------------------------------
Average Valuation Range (d)                                                       $ 770.9         $  859.7
Per Share                                                                         $ 13.28         $  14.81
- ------------------------------------------------------------------------------------------------------------------------------------

PRIVATE MARKET ANALYSIS
   RECENT PRECEDENTS (f)

Firm Value/ LTM Revenues         $ 315.7  $  303.6        4.8 x  ---   5.3 x   $  1,227.8 ---     $1,380.0
Firm Value/ LTM EBITDA             119.9     115.0       12.0    ---  13.3        1,161.3 ---      1,306.5
Market Value/ LTM Pre-tax
Earnings                            61.5      66.1       14.8    ---  16.4          979.4 ---      1,082.5
Market Value/ LTM Earnings          39.3      41.8       21.2    ---  23.4          886.1 ---        979.3

- ------------------------------------------------------------------------------------------------------------------------------------
Average Valuation Range                                                        $  1,063.6 --      $1,187.1
Per Share                                                                      $    18.33 --      $  20.45
- ------------------------------------------------------------------------------------------------------------------------------------

<CAPTION>
- -------------------------------------------------------------------
                                           Implied Equity
                                           Valuation Range
- -------------------------------------------------------------------
<S>                                    <C>
Firm Value/ LTM Revenues               $ 907.4   ---  $ 1,025.9
Firm Value/ LQA EBITDA                   652.9   ---      744.6
Firm Value/ LTM EBITDA                   755.3   ---      857.7
Market Value/ LTM Cash Flow (e)          939.3   ---    1,038.1
Market Value/ LTM Pre-tax Earnings       548.3   ---      606.0
Market Value/ LTM Earnings               576.9   ---      637.6
Market Value/ 2000E Earnings             620.3   ---      685.6
Market Value/ 2001E Earnings (e)         606.9   ---      670.8
- --------------------------------------------------------------------
Average Valuation Range (d)            $ 700.9        $   783.3
Per Share                              $ 12.08        $   13.50
- --------------------------------------------------------------------

PUBLIC MARKET ANALYSIS -
   PROSPECTIVE METRICS (d)

Firm Value/ LQA EBITDA                 $ 652.9  ---   $   744.6
Market Value/ 2000E Earnings (e)         620.3  ---       685.6
Market Value/ 2001E Earnings (e)         606.9  ---       670.8
- --------------------------------------------------------------------
Average Valuation Range (d)            $ 626.7        $   700.3
Per Share                              $ 10.80        $   12.07
- --------------------------------------------------------------------
</TABLE>

N.B. Assumes 58.0 million shares outstanding on a diluted basis.

(a) As of 6/30/00.
(b) Adjusted for Seneca minority interest, interest on convertible debt and
    Engemann liability.
(c) Range is +/- 5% of the median multiple from the Selected Comparable Company
    Analysis.
(d) Based upon trading statistics for comparable companies.Historical financial
    information for comparable companies are as of 6/30/00.
(e) Based on PXP 2000 Financial Plan.
(f) Based upon selected transactions since 1997 involving a domestic asset
    manager with purchase price greater than $300 million. Includes full change
    -of-control premium.
<PAGE>

                                                                PROJECT GRISWOLD

Summary of Going Private Premiums Analysis

<TABLE>
<CAPTION>
                                                                           Premiums                       Implied  Valuation (a)
                                                               ----------------------------------    -------------------------------
                                                                    1 Week          4 Weeks                1 Week        4 Weeks
                                                               --------------  ------------------    ---------------  --------------
<S>                                                            <C>             <C>                   <C>              <C>
Selected Recent FIG Deals

   Met Life/ Conning Corp.                                          $38.9            $52.1                 $15.63         $14.73
   Hartford Financial/ Hartford Life                                 40.3             43.3                  15.78          13.88
   Citigroup/ Travelers                                              39.5             35.1                  15.70          13.08

All Deals Since 1999
   Financial Institutions                                           $39.7            $46.3                 $15.72         $14.17
   All Cash                                                          26.0             40.6                  14.17          13.62

All deals since 1992
   Financial Institutions                                           $20.0            $21.5                 $13.49         $11.77
   All Cash                                                          22.1             24.9                  13.74          12.09
</TABLE>

(a) Based on median premia of final offer price to the price at the indicated
    time prior to announcement. Includes all non-withdrawn transactions with a
    value greater than $40 million involving a domestic target where the
    acquiror owns at least 40% or 60% prior to acquisition.
<PAGE>

                                                                PROJECT GRISWOLD

Discounted Cash Flow Analysis

     ($ in Millions)

<TABLE>
<CAPTION>
                                                                 2000          2001         2002         2003         2004
- ------------------------------------------------------------------------------------------------------------------------------
<S>                                                           <C>           <C>          <C>          <C>          <C>
     EBITDA (a)                                                $   129.1     $  136.2     $  156.9     $  173.3     $   191.5
        Less: Taxes (b)                                            (56.8)       (59.9)       (69.0)       (76.3)        (84.2)
                                                              -----------   ----------   ----------   ----------   -----------
     After-tax Cash Flows                                           72.3         76.3         87.8         97.0         107.2
     Depreciation - CapEx                                            0.0          0.0          0.0          0.0           0.0
     Change in Working Capital (c)                                 (10.0)        (4.4)        (8.3)        (8.3)         (9.2)
     Estimated Engemann Liability (d)                              (50.0)          --           --           --            --
     Terminal value (e)                                               --           --           --           --       1,723.2
                                                              -----------   ----------   ----------   ----------   -----------
        Total cash flows                                       $    12.3     $   71.9     $   79.6     $   88.8     $ 1,821.2
        Present value of cash flows at June 30, 2000 (e)       $ 1,238.7
        Less: Net Debt (f)                                        (168.1)
                                                              -----------
- -------------------------------------------------------------------------
          Equity Value                                         $ 1,070.6

          Equity Value per Share(g)                            $   18.44
- -------------------------------------------------------------------------
                                            Discount          Assumed Terminal Multiple on EBITDA (h)
                                            Rate (i)   -------------------------------------------------------
                                                            7.0x         8.0x           9.0x         10.0x
                                                       -------------------------------------------------------
                                            12.0 %       $ 15.29        $17.27       $19.25          $21.23

                                            13.0           14.64         16.54        18.44           20.35

                                            14.0           14.02         15.85        17.67           19.50
                                                                    ------------------------------------------
                                            15.0           13.42         15.18        16.94           18.70

                                            16.0           12.85         14.55        16.24           17.93
</TABLE>

(a)  2000-02 from PXP 2000 Financial Plan; thereafter based on an EBITDA long
     term growth rate of 10.5%.
(b)  Assumes an effective tax rate of 44.0%, per PXP management.
(c)  Assumed equal to one-twelfth the change in expense and one-fourth the
     change in revenue.
(d)  Payable at Engemann's option on September 3, 2000.
(e)  Calculated using terminal multiple of 0.0x 2004 EBITDA and 13.00% discount
     rate.
(f)  Excludes convertible debentures which are assumed to have been converted
     into shares of common stock.
(g)  Based on 58.0 million diluted shares (option data as of 6/30/00), using the
     treasury method.
(h)  Based on current range of LTM EBITDA trading multiples for asset managers
     with less than $2 billion in market capitalization.
(i)  SSB research uses a range of discount rates of 13% to 15% in its analysis.
<PAGE>

                                                                PROJECT GRISWOLD

Selected Private Market Asset Management Transactions (a)

<TABLE>
<CAPTION>
In Millions
                       Acquiror                                                           Target
                                           -------------------------------------------------------------------------------------
 Announce                                                                                                 Product Info
   Date     Name                           Name                         AUM      % Mut.Fund   % Inst.   % HNW     Equity    FI
- ----------  -----------------------------  -------------------------------------------------------------------------------------
<S>         <C>                            <C>                          <C>      <C>          <C>       <C>       <C>      <C>
  06/20/00  Alliance Capital Management    Sanford C. Bernstein & Co     85,500          -      62.8     37.2%     80.0%   19.0%
  06/20/00  Old Mutual Plc                 United Asset Management      188,000       25.0      64.8     10.1      88.0    19.0
  06/16/00  CDC Asset Mgmt.                Nvest, L.P.                  134,000       27.6      64.9      7.5      42.0    48.0
  06/12/00  Liberty Financial Companies    Wanger Asset Mgmt., LP         9,133       91.6       8.4        -      91.7       -
  05/15/00  Unicredito Italiano Group      Pioneer Group                 24,500       95.6       4.4       na      94.2     4.0
  01/13/00  Charles Schwab                 U.S. Trust Corp.              86,000       12.6      19.4     68.0      54.0    46.0
  11/01/99  Allianz AG                     PIMCO Advisors LP            256,153       17.0      83.0       na      33.0    66.0
  08/10/98  Northwestern Mutual Life       Frank Russell Company         42,000          -     100.0       na      67.0    23.0
  11/05/97  PIMCO Advisors L.P.            Oppenheimer Capital           61,393       13.0      87.0       na      82.0    13.0

<CAPTION>
In Millions
                                        FV as a     FV as a Multiple of:   Price as a Multiple of:
            ----------                             ---------------------- -------------------------
 Announce                 Purchase    Percent of      LTM         LTM         LTM         LTM
   Date     Money Mkt.     Price         AUM        Revenues     EBITDA      Pretax      Net Inc.
- ----------  ---------------------------------------------------------------------------------------
<S>         <C>           <C>         <C>          <C>           <C>         <C>         <C>
  06/20/00       1.0%     3,500.0             nd          nd       10.5x         nd           nd
  06/20/00       1.0      1,460.0           1.18         2.5x       7.1        13.0x        22.6x
  06/16/00      10.0      1,909.0           1.64         3.4       12.3        18.2           na
  06/12/00       8.3        388.0           4.21          nd         nd          nd           nd
  05/15/00       1.8      1,226.0           5.14         5.7       18.5        26.7         40.3
  01/13/00        na      2,700.0           3.14         5.1       18.1        29.8         34.6
  11/01/99       1.0      3,220.1           1.85         5.0       15.6        20.5         22.0
  08/10/98      10.0      1,200.0             nd          nd         nd          na           nd
  11/05/97       5.0        792.8           1.91         5.7       12.6        12.8         21.0
                     ------------------------------------------------------------------------------
                     Mean                   2.89%        4.5x      13.9x       17.8x        27.3x
                     Median                 2.86         5.0       12.6        15.6         22.3
                     ------------------------------------------------------------------------------
</TABLE>

N.B. "nd" indicates that transaction pricing was not publicly disclosed,
although actual pricing has been incorporated into the mean and median.
(a) Based upon selected transactions since 1997 involving a domestic asset
manager with purchase price greater than $300 million.
<PAGE>

                                                                PROJECT GRISWOLD

APPENDIX
<PAGE>

                                                                PROJECT GRISWOLD

Going Private Transactions:
Implied Premiums Analysis Since 1992

<TABLE>
<CAPTION>
ACQUIRORS HOLDING 40% OR MORE AT ANNOUNCEMENT, 1992 - TODAY
- ---------------------------------------------------------------------------------------------------------------------------------
                                                          Premium                                 Implied Valuation
                                         ----------------------------------------------------------------------------------------
                             Number of           25th                        75th          25th                           75th
                               Deals       Percentile     Median       Percentile    Percentile       Median        Percentile
- ---------------------------------------------------------------------------------------------------------------------------------
<S>                          <C>           <C>           <C>           <C>           <C>            <C>             <C>
One Week Prior
 All Transactions               119          11.5%        20.4%          39.8%         $12.54         $13.55          $15.73
 Financial Institutions          29          15.5         21.4           38.9           12.99          13.66           15.63
 All Cash                        92          15.2         23.0           42.0           12.95          13.84           15.98

Four Weeks Prior
 All Transactions               119           9.2%        23.2%          41.0%         $10.57         $11.94          $13.66
 Financial Institutions          29           9.9         23.2           42.0           10.65          11.94           13.76
 All Cash                        92          11.5         26.0           44.2           10.80          12.21           13.97

<CAPTION>
ACQUIRORS HOLDING 60% OR MORE AT ANNOUNCEMENT, 1992 - TODAY
- ---------------------------------------------------------------------------------------------------------------------------------
                                                          Premium                                 Implied Valuation
                                         ----------------------------------------------------------------------------------------
                             Number of           25th                        75th          25th                           75th
                               Deals       Percentile     Median       Percentile    Percentile       Median        Percentile
- ---------------------------------------------------------------------------------------------------------------------------------
<S>                          <C>           <C>           <C>           <C>           <C>              <C>           <C>
One Week Prior
 All Transactions               82           11.5%        18.6%          38.0%         $12.54         $13.34          $15.52
 Financial Institutions         18            8.5         18.5           29.1           12.20          13.33           14.53
 All Cash                       63           12.8         21.3           38.6           12.69          13.65           15.59

Four Weeks Prior
 All Transactions               82            6.4%        21.8%          41.8%         $10.30         $11.80          $13.74
 Financial Institutions         18            4.2         19.7           33.2           10.09          11.60           12.90
 All Cash                       63            9.2         23.7           43.3           10.57          11.98           13.88

                                       -----------------------------------------------------------------------
                                         Financial Institutions       One Week                        $13.49
                                                                      Four Weeks                       11.77
                                       -----------------------------------------------------------------------
                                       -----------------------------------------------------------------------
                                         All Cash                     One Week                         13.74
                                                                      Four Weeks                       12.09
                                       -----------------------------------------------------------------------
</TABLE>

N.B. Includes all non-withdrawn transactions with a value greater than $40
     million involving a domestic target firm.
<PAGE>

                                                                PROJECT GRISWOLD

Going Private Transactions:
Implied Premiums Analysis Since 1999


<TABLE>
<CAPTION>
        ACQUIRORS HOLDING 40% OR MORE AT ANNOUNCEMENT, 1999 - TODAY
        --------------------------------------------------------------------------------------------------------------
                                                          Premium                          Implied Valuation
        --------------------------------------------------------------------------------------------------------------
                                   Number of        25th                  75th        25th                        75th
                                     Deals    Percentile   Median   Percentile  Percentile       Median     Percentile
        --------------------------------------------------------------------------------------------------------------
        <S>                        <C>        <C>         <C>       <C>         <C>        <C>              <C>
        One Week Prior
         All Transactions                32         10.4%    23.3%        42.9%    $  12.42     $ 13.87       $  16.08
         Financial Institutions           8         36.5     39.9         54.7        15.36       15.74          17.41
         All Cash                        27         17.1     30.7         45.1        13.18       14.70          16.32

        Four Weeks Prior
         All Transactions                32         15.6%    38.3%        52.4%    $  11.20     $ 13.40       $  14.77
         Financial Institutions           8         41.2     49.2         66.2        13.68       14.46          16.10
         All Cash                        27         25.6     41.2         53.9        12.17       13.68          14.91

<CAPTION>
                                         --------------------------------------
                                                        % Change Initial to Fin
                                         --------------------------------------
                                         Mean                    Median
                                         --------------------------------------
        <S>                              <C>            <C>
        One Week Prior
         All Transactions                  6.0%                      0.0%
         Financial Institutions           14.1                      13.4
         All Cash                          7.1                       0.0

        Four Weeks Prior
         All Transactions                  6.0%                      0.0%
         Financial Institutions           14.1                      13.4
         All Cash                          7.1                       0.0
</TABLE>


<TABLE>
<CAPTION>
        ACQUIRORS HOLDING 60% OR MORE AT ANNOUNCEMENT, 1999 - TODAY
        -------------------------------------------------------------------------------------------------------------------
                                                         Premium                             Implied Valuation
        -------------------------------------------------------------------------------------------------------------------
                                Number of          25th                  75th         25th                            75th
                                    Deals    Percentile   Median   Percentile   Percentile        Median        Percentile
        -------------------------------------------------------------------------------------------------------------------
        <S>                     <C>          <C>          <C>       <C>          <C>                <C>          <C>
        One Week Prior
         All Transactions              22           3.6%    20.9%        42.2%     $ 11.66        $ 13.60         $  16.00
         Financial Institutions         5          29.5     39.5         40.3        14.57          15.70            15.78
         All Cash                      20           8.9     21.3         42.9        12.25          13.64            16.08

        Four Weeks Prior
         All Transactions              22          14.8%    38.7%        54.2%     $ 11.12        $ 13.44         $  14.94
         Financial Institutions         5          35.1     43.3         64.8        13.08          13.88            15.97
         All Cash                      20          17.8     40.0         55.8        11.41          13.56            15.10
</TABLE>

              --------------------------------------------------
               Financial Institutions     One Week       $15.72
                                          Four Weeks      14.17
              --------------------------------------------------

              --------------------------------------------------
               All Cash                   One Week        14.17
                                          Four Weeks      13.62
              --------------------------------------------------


N.B. Includes all non-withdrawn transactions with a value greater than $40
     million involving a domestic target firm.
<PAGE>

                                                                PROJECT GRISWOLD

Going Private Transactions Deal List

<TABLE>
<CAPTION>
                                Per Share      % Change
                            -----------------
             Date            Initial  Final   From Initial
      -------------------
      Announced  Completed    Price   Price     Offer          Acquiror Name                      Target Name
      ---------------------------------------------------------------------------------------------------------------------
      <S>        <C>        <C>     <C>       <C>         <C>                               <C>
      4/25/00    Pending    $  8.00 $  8.00       -       Investor Group                    MPW Industrial Services Group
      4/24/00    Pending      18.75   26.40    40.8%      Investor Group                    Cherry Corp
      3/27/00    6/27/00      44.00   50.50    14.8       Hartford Financial Services       Hartford Life (ITT Hartford)
      3/23/00    Pending       3.40       -       -       Security Capital Group Inc        Homestead Village Inc
      3/21/00    4/20/00      41.50   41.95     1.1       Citigroup Inc                     Travelers Property Casualty
      3/17/00    Pending      71.00       -       -       BP Amoco PLC                      Vastar Resources Inc
      2/22/00    Pending      62.01   62.01       -       Global Crossing Ltd               IXnet Inc(IPC Information)
      2/14/00    Pending      71.50   71.50       -       Healtheon/WebMD Inc               CareInsite Inc(Synetic Inc)
      1/31/00    Pending      15.00   15.00       -       Thermo Instrument Systems Inc     Thermo Optek Corp
      1/31/00    Pending      17.00   17.00       -       Thermo Instrument Systems Inc     ThermoQuest Corp
      1/31/00    Pending      28.00   28.00       -       Thermo Instrument Systems Inc     Thermo BioAnalysis(Thermo)
      1/19/00    4/19/00      10.50   12.50    19.0       Metropolitan Life Insurance Co    Conning Corp
      1/19/00    Pending      49.00   49.00       -       Dexter Corp                       Life Technologies Inc(Dexter)
      1/19/00    2/9/00       23.50   23.50       -       Elyo(Suez Lyonnaise des Eaux)     Trigen Energy Corp
      1/11/00    Pending      21.00   21.00       -       Investor Group                    Hayes Lemmerz International
      12/21/99   12/21/99         -       -       -       Guardian Industries Corp          OIS Optical Imaging Systems
      12/8/99    Pending          -       -       -       Heico Companies LLC               Robertson-Ceco Corp
      12/1/99    Pending      13.25   16.50    24.5       Boise Cascade Corp                Boise Cascade Office Products
      11/16/99   Pending       6.00    6.00       -       Thermo Electron Corp              Thermo TerraTech Inc(Thermo)
      11/12/99   Pending      17.00   17.00       -       Cordant Technologies Inc          Howmet International Inc
      11/5/99    11/5/99      36.50   36.50       -       Discount Investment Corp (IDB)    PEC Israel Economic Corp
      9/20/99    Pending      22.00   22.00       -       Elyo(Suez Lyonnaise des Eaux)     Trigen Energy Corp
      9/3/99     Pending      10.30   10.30       -       Investor Group                    Digital Link Corp
      7/29/99    Pending       8.75    8.75       -       Cactus Acquisitions Inc           Western Beef Inc
      6/8/99     7/28/99      37.00   37.00       -       Merck E(Merck AG)                 VWR Scientific Products Corp
      5/7/99     7/30/99      35.62   35.62       -       McDermott International Inc       J Ray McDermott SA
      4/12/99    6/30/99       8.00   10.00    25.0       Investor Group                    Meadowcraft Inc
      4/1/99     8/15/99       2.00    2.90    45.0       Vivendi SA                        Aqua Alliance Inc
      3/24/99    9/21/99      25.00   28.00    12.0       Warburg, Pincus Ventures Inc      Knoll Inc(Warburg, Pincus)
      3/21/99    7/1/99        9.00    9.75     8.3       Viacom Inc(Natl Amusements)       Spelling Entertainment Group
      2/8/99     2/8/99       17.00   17.00       -       Cordant Technologies Inc          Howmet International Inc
      1/6/99     3/1/99       14.00   14.00       -       Marriott International Inc        ExecuStay Corp
      12/3/98    4/8/99        9.75   11.00    12.8       Fairchild Corp                    Banner Aerospace Inc
      12/2/98    4/23/99      20.00   24.50    22.5       Pinault-Printemps Redoute         Brylane Inc
      11/12/98   5/14/99       8.00    8.00       -       UtiliCorp United Inc              Aquila Gas Pipeline Corp
      10/27/98   12/14/98     29.00   33.25    14.7       Allmerica Financial Corp          Citizens Corp(Hanover Ins Co)
      10/22/98   4/29/99      15.50   20.50    32.3       Bank of America National Trust    BA Merchant Svcs(BankAmerica)

<CAPTION>
                                Deal                            Offer Premium    Held at
                                                               ---------------
             Date              Value        %         %        1 Week   4 Week     Ann     Percent
      --------------------
      Announced  Completed      ($M)      Stock      Cash       Prior    Prior     Date     Sought
      --------------------------------------------------------------------------------------------
      <S>        <C>        <C>           <C>       <C>        <C>       <C>     <C>       <C>
      4/25/00    Pending    $   122.4        -      100.0       58.0     16.4      52.4        -
      4/24/00    Pending        144.5        -      100.0      109.1     70.3      51.1     48.9
      3/27/00    6/27/00      1,324.6        -      100.0       40.3     43.3      80.4     18.3
      3/23/00    Pending        130.1        -      100.0       29.5     64.8      72.3        -
      3/21/00    4/20/00      2,449.3        -      100.0       39.5     35.1      85.0     15.0
      3/17/00    Pending         35.5        -      100.0       15.4     44.9      80.1        -
      2/22/00    Pending        876.9    100.0          -       22.8     25.9      72.4        -
      2/14/00    Pending      1,883.8    100.0        0.0       (0.7)    (3.4)     64.9        -
      1/31/00    Pending         51.8        -      100.0       (5.1)    41.2      90.0        -
      1/31/00    Pending         96.9        -      100.0       47.0     61.9      85.4        -
      1/31/00    Pending        167.9        -      100.0       55.6     53.4      70.1        -
      1/19/00    4/19/00         84.6        -      100.0       38.9     52.1      56.6        -
      1/19/00    Pending        356.9        -      100.0          -        -      70.0        -
      1/19/00    2/9/00         159.2        -      100.0       42.4     31.9      49.6        -
      1/11/00    Pending        165.2        -      100.0       23.5     38.8      72.0        -
      12/21/99   12/21/99        40.2        -      100.0          -        -      79.6        -
      12/8/99    Pending         49.6        -      100.0          -        -      69.2        -
      12/1/99    Pending        205.3        -      100.0       55.3     60.0      80.5        -
      11/16/99   Pending         80.7    100.0        0.0       (9.4)    11.6      53.7        -
      11/12/99   Pending        261.4        -      100.0       18.8     38.1      84.6        -
      11/5/99    11/5/99        205.8        -      100.0        1.0      2.8      69.3        -
      9/20/99    Pending        132.7        -      100.0       20.5     18.1      49.6        -
      9/3/99     Pending         50.7        -      100.0       23.0     32.9      42.4        -
      7/29/99    Pending         89.2        -      100.0       42.9     38.6      71.4        -
      6/8/99     7/28/99        581.1        -      100.0       30.7     46.5      49.9     50.1
      5/7/99     7/30/99        514.5        -      100.0       13.1     19.2      63.0     37.0
      4/12/99    6/30/99         53.2        -      100.0       63.3     77.8      73.0     27.0
      4/1/99     8/15/99        117.1        -      100.0       19.0    101.7      77.8     22.2
      3/24/99    9/21/99        490.8        -      100.0       51.9     46.4      58.2        -
      3/21/99    7/1/99         191.6        -      100.0       43.1     54.5      80.9     19.1
      2/8/99     2/8/99         385.1        -      100.0       11.5     13.3      62.0        -
      1/6/99     3/1/99          64.8        -      100.0        7.2      9.8      42.8     55.0
      12/3/98    4/8/99          82.4    100.0          -       41.9     40.8      69.2        -
      12/2/98    4/23/99        230.6        -      100.0       88.5     44.1      49.0     49.2
      11/12/98   5/14/99         43.2        -      100.0       17.4     68.4      81.6     18.4
      10/27/98   12/14/98       212.4        -      100.0       17.2     20.9      81.8     18.2
      10/22/98   4/29/99        339.4        -      100.0       56.2     42.0      65.4        -
</TABLE>

Source: Thompson Financial Securities Data.
<PAGE>

                                                                PROJECT GRISWOLD

    Going Private Transactions Deal List (continued)

<TABLE>
<CAPTION>
                              Per Share       % Change
                        -----------------
           Date            Initial  Final   From Initial
    -------------------
    Announced Completed     Price   Price      Offer           Acquiror Name                       Target Name
    ------------------------------------------------------------------------------------------------------------------------------
    <S>       <C>         <C>      <C>      <C>                <C>                                 <C>
    10/16/98  2/12/99     $ 19.00  $ 19.00             -       Affiliated Computer Services        BRC Holdings Inc
    10/5/98   3/1/99        13.10    13.10             -       Apartment Investment & Mgmt Co      Insignia Properties Trust
    9/29/98   10/7/98       25.37    25.37             -       Newmont Mining Corp                 Newmont Gold Co
    9/23/98   2/25/99       10.46    11.44           9.4%      Inland Steel Industries Inc         Ryerson Tull Inc
    9/23/98   12/17/98       5.75     6.38          11.0       Usinor SA                           J&L Specialty Steel Inc
    9/8/98    12/15/98      25.50    30.00          17.6       Investor Group                      PEC Israel Economic Corp
    8/24/98   11/19/98      20.77    20.77             -       Liberty Media(Tele-Commun)          Tele-Commun Intl(Tele-Commun)
    8/19/98   8/19/98       24.00    24.00             -       Tracinda Corp                       Metro-Goldwyn-Mayer Inc
    7/7/98    12/23/98      37.00    39.13           5.7       Dexter Corp                         Life Technologies Inc(Dexter)
    5/11/98   6/10/98       12.10    12.10             -       Fairchild Corp                      Banner Aerospace Inc
    4/30/98   11/2/98       20.50    28.00          36.6       Dow AgroSciences(Dow Chemical)      Mycogen Corp(Dow AgroSciences)
    3/31/98   3/26/99        7.00     7.00             -       Thermedics(Thermo Electron)         Thermo Voltek Corp
    3/27/98   7/15/98       18.25    18.25             -       ISP Holdings Inc                    Intl Specialty Prods
    3/17/98   7/31/98       48.00    63.00          31.3       Investor Group                      BET Holdings Inc
    3/16/98   11/5/98       17.00    12.00         (29.4)      Trace International Holdings        Foamex International Inc
    3/10/98   3/25/98       13.63    13.63             -       IP Forest Resources Co              IP Timberlands Ltd
    3/5/98    5/20/98       20.00    20.00             -       Xerox Corp                          XLConnect Solutions Inc
    2/6/98    3/18/98       12.00    12.00             -       Kohlberg Kravis Roberts & Co        PRIMEDIA Inc
    1/29/98   1/29/98       27.60    27.60             -       Flowers Industries Inc              Keebler Foods Co
    1/22/98   9/29/98       10.50    13.75          31.0       Buhrmann NV                         BT Office Products Intl Inc
    1/20/98   4/16/98       17.50    17.50             -       World Access Inc                    NACT Telecommunications(GST)
    1/8/98    1/30/98       13.00    13.00             -       Rayonier Inc                        Rayonier Timberlands LP
    12/18/97  Pending       33.00    33.00             -       Telephone and Data Systems Inc      United States Cellular Corp
    12/18/97  NA             8.00     8.00             -       Telephone and Data Systems Inc      Aerial Communications Inc
    10/20/97  6/24/98       25.00    29.70          18.8       HSN Inc                             Ticketmaster Group Inc
    8/29/97   12/29/97      19.50    22.50             -       Rexel SA (Pinault-Printemps)        Rexel Inc
    7/9/97    12/23/97      24.00    22.05             -       Investor Group                      Seaman Furniture Co
    6/26/97   11/26/97      97.00    92.00             -       Rhone-Poulenc SA (France            Rhone-Poulenc Rorer Inc
    6/20/97   3/30/98       15.00    16.50             -       Waste Management Inc                Wheelabrator Technologies Inc
    6/13/97   3/26/98       52.75        -             -       Hilton Hotels Corp                  Bally's Grand Inc
    6/2/97    7/15/97       40.00    40.00             -       Anthem Inc                          Acordia Inc (Anthem Inc)
    5/22/97   7/30/97       14.25    15.50             -       Texas Industries Inc                Chaparral Steel Co
    5/14/97   11/18/97      32.00    33.94             -       Enron Corp                          Enron Global Power & Pipelines
    3/3/97    12/3/97       37.00    37.00             -       American Financial Group Inc        American Finl Enterprises Inc
    2/25/97   8/5/98        60.00        -             -       Petrofina SA                        Fina Inc
    1/28/97   5/21/97        7.25     8.00          10.3       Monsanto Co                         Calgene Inc (Monsanto Co)
    1/21/97   7/9/97        38.50    33.50         (13.0)      Mafco Holdings                      Mafco Consolidated Grp (Mafco)
    1/13/97   9/4/97        36.00    39.50           9.7       Zurich Group                        Zurich Reinsurance Centre Holding
    12/17/96  7/16/97       29.00    33.00          13.8       Allmerica Financial Corporation     Allmerica Property & Casualty
    11/27/96  3/27/97       14.25    14.25             -       JW Childs Equity Partners LP        Central Tractor Farm & Country
    10/14/96  5/31/94       11.00    12.10          10.0       Valero Energy Corp                  Valero Natural Gas Partners LP
    10/13/96  4/6/94        27.25    27.75           1.8       Medco Containment Services Inc      Medical Marketing Group Inc

<CAPTION>
                                    Deal                                    Offer Premium        Held at
                                                                       -----------------------
           Date                    Value          %          %            1 Week     4 Week        Ann       Percent
    -------------------
    Announced Completed             ($M)        Stock       Cash           Prior      Prior       Date       Sought
    -----------------------------------------------------------------------------------------------------------------
    <S>                            <C>          <C>         <C>           <C>        <C>          <C>        <C>
    10/16/98   2/12/99             $ 131.9        -         100.0%         16.9%       15.2%      63.0%        -
    10/5/98    3/1/99                 63.6      100.0%        -             7.5         -         75.0         -
    9/29/98    10/7/98               264.8      100.0         -            20.8        62.4       93.8         6.3%
    9/23/98    2/25/99                61.2      100.0         -           (11.6)      (40.8)      86.4         -
    9/23/98    12/17/98              115.0        -         100.0         112.5        37.8       53.5        46.5
    9/8/98     12/15/98              102.7        -         100.0          28.0        23.7       81.4        18.6
    8/24/98    11/19/98              379.1      100.0         0.0          (4.5)       (9.9)      81.1         -
    8/19/98    8/19/98               394.8        -         100.0          51.8         9.4       65.0         -
    7/7/98     12/23/98              215.8        -         100.0          24.7        19.0       78.0        22.0
    5/11/98    6/10/98                48.4      100.0         -             0.3         2.4       67.0        14.0
    4/30/98    11/2/98               379.3        -         100.0          40.0        52.4       62.2        37.8
    3/31/98    3/26/99                43.9        -         100.0          60.0        40.0       50.0         -
    3/27/98    7/15/98               324.5      100.0         0.0           1.7        14.5       79.9         -
    3/17/98    7/31/98               462.3        -         100.0          58.5        58.2       57.9        42.1
    3/16/98    11/5/98               166.6        -         100.0         (14.7)       (9.4)      43.3         -
    3/10/98    3/25/98                99.5        -         100.0           -           -         84.4         -
    3/5/98     5/20/98                93.0        -         100.0          15.1        22.1       69.7         -
    2/6/98     3/18/98               200.0        -         100.0          (5.9)        -         71.7         -
    1/29/98    1/29/98               309.1        -         100.0           -           -         41.8         -
    1/22/98    9/29/98               138.1        -         100.0          78.9        78.9       70.0         -
    1/20/98    4/16/98                53.1      100.0         -            12.5        16.7       61.0         -
    1/8/98     1/30/98                65.8        -         100.0          25.3        17.5       74.7         -
    12/18/97   Pending               539.2      100.0         -             2.3         1.1       80.7        19.3
    12/18/97   NA                    107.6      100.0         0.0         325.8       288.2       82.1        17.9
    10/20/97   6/24/98               340.8       50.0        50.0           8.1        31.6       44.6        55.4
    8/29/97    12/29/97              250.8        -         100.0           3.3         5.4       50.6        49.4
    7/9/97     12/23/97               31.6        -         100.0          21.5        21.5       66.9        33.1
    6/26/97    11/26/97            4,000.6        -         100.0          16.5        22.7       31.4        34.3
    6/20/97    3/30/98               774.7        -         100.0          16.5        18.8       34.0        33.0
    6/13/97    3/26/98                42.6        -         100.0          29.8        31.1       86.2         6.9
    6/2/97     7/15/97               172.7        -         100.0          11.5        26.0       66.8        33.2
    5/22/97    7/30/97                65.9        -         100.0          15.2        18.8       60.0        18.7
    5/14/97    11/18/97              403.9      100.0         -             7.6        13.3       41.6        49.4
    3/3/97     12/3/97                83.6      100.0                       -           -         83.0        17.0
    2/25/97    8/5/98                257.0        -         100.0          18.5        21.5       70.6        14.7
    1/28/97    5/21/97               242.6        -         100.0          60.0        60.0       44.6        43.7
    1/21/97    7/9/97                116.8        -         100.0          23.5        27.6       85.0        15.0
    1/13/97    9/4/97                322.5        -         100.0          18.5        12.1       65.7        34.3
    12/17/96   7/16/97               796.9       47.0        53.0          12.8        15.3       59.5        40.5
    11/27/96   3/27/97                53.6        -         100.0          21.3        26.7       64.5        35.5
    10/14/96   5/31/94               117.4        -         100.0          29.1        36.3       49.0        51.0
    10/13/96   4/6/94                122.5        -         100.0            NA        (5.9)      51.5        48.5
</TABLE>

    Source: Thompson Financial Securities Data.
<PAGE>

                                                                PROJECT GRISWOLD

Going Private Transactions Deal List (continued)

<TABLE>
<CAPTION>
                                  Per Share          % Change
                            ----------------------
         Date               Initial      Final      From Initial
- -------------------------
Announced     Completed     Price        Price        Offer      Acquiror Name                   Target Name
- ------------------------------------------------------------------------------------------------------------------------------------
<S>          <C>            <C>         <C>         <C>          <C>                              <C>
10/10/96     11/27/96       $ 10.00     $ 10.00         - %      Renco Group Inc                  WCI Steel Inc
9/9/96        9/23/96             -       11.05         -        Highwoods Property               Crocker Realty Trust Inc
8/8/96        9/17/96         41.00       41.00         -        Chemed Corp                      Roto-Rooter Inc
7/31/96      11/13/96          8.00        8.00         -        Monsanto Co                      Calgene Inc (Monsanto Co)
5/27/96       2/16/97         17.00       19.50         -        Sandoz Ltd (Novartis)            SyStemix Inc
5/10/96      12/11/96         23.52       23.52      34.0        PXRE Corp                        Transnational Re Corp
5/7/96         7/3/96         17.50       18.50       5.7        Orion Capital Corp               Guaranty National Corp
4/8/96        8/16/96         55.00       55.00         -        AirTouch Communications          Cellular Communications Inc
3/29/96       4/26/96         50.00       50.00         -        Equity Holdings Ltd              Great American Mgmt & Invt Inc
1/26/96       5/31/96         25.80       25.80         -        NationsBank Corp                 Charter Bancshares Inc
10/18/95     11/28/95         11.75       11.75         -        Rhone-Poulenc Rover Inc          Applied Immune Sciences Inc
9/26/95      12/21/95         14.00       15.25       8.9        SCOR SA                          SCOR SA Corp
8/25/95        1/2/96         70.00       70.00         -        Berkshire Hathaway Inc           GEICO Corp
7/14/95      12/11/95         18.00       20.00      11.1        COBE Laboratories (Gambro AB)    REN Corp-USA
5/19/95       12/6/95         36.50       40.50      11.0        BICSA                            Bic Corp
4/7/95        10/3/95        127.50      129.90       1.9        McCaw Cellular Commun (AT&T)     LIN Bdcstg
4/5/95         8/2/95         26.25       32.00      21.9        Club Mediterranee SA             Club Med Inc
2/27/95       8/31/95         22.50       23.25       3.3        Conseco                          CCP Insurance Inc
2/27/95       6/22/95         22.00       20.63         -        Conseco                          Bankers Life Holding Corp
2/7/95        7/12/95         14.00       16.35      16.8        WMX Technologies Inc             Rust International Inc
1/31/95        2/1/95             -       69.54         -        Sandoz AG                        SyStemix Inc
1/18/95        8/9/95         26.00       29.00      11.5        Arcadian Crop                    Arcadian Partners LP
12/28/94      4/28/95         20.00       20.00         -        Fleet Financial Group Inc        Fleet Mortgage Group Inc
11/2/94       9/27/95         28.00       30.00       7.1        PacifiCorp                       Pacific Telecom
9/8/94        5/12/95         22.50       25.50      13.3        GTE Corp                         Contel Cellular Inc (Contel)
8/24/94       3/24/95         14.00       15.75      12.5        Dole Food Co Inc                 Castle & Cooke Homes Inc
6/6/94       12/29/94         18.38       18.38         -        Ogden Corp                       Ogden Projects Inc
4/26/94       7/26/94          4.48        4.48         -        Burlington Resources Inc         Diamond ShamrocO Offshore
2/17/94       9/15/94         84.75       84.75         -        EW Scripps (Edward Scripps Tr)   Scripps Howard Broadcasting Co
1/7/94        2/23/94          7.65        7.65         -        Holderbank Financiere Glarus     Holnam Inc (Holdernam  Inc)
10/22/93     10/22/93         14.70       14.70         -        Manville Corp                    Riverwood International Corp
9/20/93      12/10/93         48.00       46.00      (4.2)       Valley Fashions Corp             West Point-Pepperell Inc
9/13/93       10/5/93         13.00        7.56     (41.8)       Blockbuster Entertainment Corp   Spelling Entertainment Inc
3/22/93        5/7/93         25.00       30.00      20.0        New Marvel Holdings Inc          Marvel Entertainment Group Inc
11/13/92       5/7/93         17.88       18.75       4.9        Rust International Inc           Brand Cas Inc
9/9/92        2/26/93         21.04       25.50      21.2        American Maize-Products Co       American Fructose Corp
8/19/92      11/19/92         13.50       13.50         -        Investor Group                   FoxMeyer Corp (Natl Intergroup)
8/17/92      12/31/92         14.72       25.78      75.1        Leucadia National Corp           PHLCORP Inc
3/2/92        7/14/92         16.50       19.00      15.2        WR Grace & Co                    Grace Energy Corp
2/6/92        7/30/92          6.00        7.25      20.8        Charter Co (American Financial)  Spelling Entertainment Inc

<CAPTION>
                                 Deal                                Offer Premium    Held at
                                                                   ----------------
         Date                   Value         %           %        1 Week    4 Week   Ann      Peercent
- -------------------------
Announced    Completed          ($M)        Stock       Cash       Prior     Prior    Date     Sought
- -------------------------------------------------------------------------------------------------------
<S>          <C>            <C>            <C>          <C>        <C>       <C>      <C>      <C>
10/10/96     11/27/96       $   56.5           -        100.0%    29.0%      77.8%    84.5%    15.5%
9/9/96        9/23/96           73.7           -        100.0      0.5        0.5     77.1     22.9
8/8/96        9/17/96           88.3           -        100.0     20.6       19.7     54.9     45.1
7/31/96      11/13/96           50.0           -        100.0     80.3       39.1     49.0      4.7
5/27/96       2/16/97           76.2           -        100.0     69.5       59.2     73.0     27.0
5/10/96      12/11/96          130.5       100.0%           -     16.5        9.9     22.3     77.7
5/7/96         7/3/96           85.1           -        100.0     15.6       22.3     49.5     30.7
4/8/96        8/16/96        1,606.5           -        100.0      7.8        6.3     40.0     60.0
3/29/96       4/26/96           55.6           -        100.0      4.2        3.6     87.9     12.1
1/26/96       5/31/96           94.7       100.0            -     15.9       22.8     42.0     58.0
10/18/95     11/28/95           84.6           -        100.0     51.6       38.2     46.0     54.0
9/26/95      12/21/95           55.4           -        100.0     35.6       38.6     80.0     20.0
8/25/95        1/2/96        2,347.0           -        100.0     23.1       25.3     52.4     47.6
7/14/95      12/11/95          177.7           -        100.0     20.3       26.0     53.0     47.0
5/19/95       12/6/95          212.6           -        100.0     12.5       28.6     78.0     22.0
4/7/95        10/3/95        3,323.4           -        100.0      6.7        1.3     52.0     48.0
4/5/95         8/2/95          153.4           -        100.0     39.9       44.6     67.0     33.0
2/27/95       8/31/95          273.7           -        100.0     30.1       23.2     48.1     51.9
2/27/95       6/22/95          458.5           -        100.0     21.4        6.0     63.2     36.8
2/7/95        7/12/95           50.5           -        100.0     39.1       39.1     96.3      3.7
1/31/95        2/1/95           80.0           -        100.0    315.2      303.1     60.0     11.6
1/18/95        8/9/95          428.4           -         50.0     21.5       26.1     45.0     55.0
12/28/94      4/28/95          188.1           -        100.0     18.5       18.5     81.0     19.0
11/2/94       9/27/95          159.0           -        100.0     23.7       23.7     86.6     13.4
9/8/94        5/12/95          254.3           -        100.0     37.8       36.0     90.0     10.0
8/24/94       3/24/95           81.5           -        100.0     41.6       55.6     81.7     18.3
6/6/94       12/29/94          110.3       100.0            -     17.6       20.5     84.2     15.8
4/26/94       7/26/94           42.6           -        100.0     (0.4)       5.4     87.1     12.9
2/17/94       9/15/94          115.9       100.0            -     13.0       13.0     86.0     14.0
1/7/94        2/23/94           51.7           -        100.0     15.5        7.4     95.0      5.0
10/22/93     10/22/93           50.0           -        100.0     12.0        8.9     80.5      1.0
9/20/93      12/10/93           66.3           -        100.0    (19.8)     (19.8)    95.1      4.9
9/13/93       10/5/93          101.3       100.0            -     (5.5)       0.8     50.3     20.9
3/22/93        5/7/93          300.0           -        100.0     42.9       58.9     59.6     20.7
11/13/92       5/7/93          185.0        30.0         70.0     13.6        4.9     55.8     44.2
9/9/92        2/26/93          130.3       100.0            -     23.6       29.1     42.7     57.3
8/19/92      11/19/92           44.6           -        100.0     18.7        1.9     66.5     10.4
8/17/92      12/31/92          139.9       100.0            -     15.2       28.9     63.1     36.9
3/2/92        7/14/92           77.3           -        100.0     21.6        7.8     83.4     16.6
2/6/92        7/30/92           43.0           -            -     45.0       45.0     82.3     17.7
</TABLE>

Source: Thompson Financial Securities Data.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(C)(3)
<SEQUENCE>3
<FILENAME>0003.txt
<DESCRIPTION>PRELIMINARY PRESENTATION
<TEXT>

<PAGE>

                                                                  EXHIBIT (c)(3)

Confidential

Presentation to:

The Independent Directors Committee
of the Board of Directors of Phoenix
Investment Partners, Ltd.


DISCUSSION MATERIALS



August 10, 2000
<PAGE>

                                                                PROJECT GRISWOLD

                                  Disclaimer

CONFIDENTIAL MATERIALS PRESENTED TO THE INDEPENDENT DIRECTORS COMMITTEE OF THE
BOARD OF DIRECTORS OF PHOENIX INVESTMENT PARTNERS, LTD. ("PXP" OR THE "COMPANY")

The following pages contain material provided to the Independent Directors
Committee of the Board of Directors of PXP.  The basic information utilized in
preparing this study was obtained from PXP and public sources.  Estimates and
projections for PXP used herein have been prepared by PXP, or are from public
sources, and were not prepared by Salomon Smith Barney. Such estimates and
projections involve numerous and significant subjective determinations, which
may or may not prove to be correct. No representation or warranty, express or
implied, is made as to the accuracy or completeness of any information contained
herein and nothing contained herein is, or shall be relied upon as, a promise or
representation, whether as to the past or the future. Because this material was
prepared for use in the context of an oral presentation to the Independent
Directors Committee of the Board of Directors of PXP, which is familiar with the
business and affairs of PXP, none of PXP or Salomon Smith Barney or any of their
respective legal or financial advisors or accountants take any responsibility
for the accuracy or completeness of any of the material contained herein if used
by persons other than the Independent Directors Committee of the Board of
Directors of PXP. Neither PXP nor Salomon Smith Barney undertakes any obligation
to update or otherwise revise the accompanying materials. The materials
contained herein supersede in their entirety any previous drafts of presentation
materials relating to the subject matter hereof.
<PAGE>

                                                                PROJECT GRISWOLD

Table of Contents


<TABLE>
     <S>       <C>
     1         INTRODUCTION

     2         BUSINESS OVERVIEW

     3         COMPARISON WITH PEERS

     4         VALUATION CONSIDERATIONS

               APPENDIX
</TABLE>
<PAGE>

                                                                PROJECT GRISWOLD

1  INTRODUCTION
<PAGE>

                                                                PROJECT GRISWOLD

Introduction

     *    On July 24/th/, 2000, Phoenix Home Life Mutual Insurance Company
          ("PHL") offered to purchase all of the outstanding shares of Phoenix
          Investment Partners, Ltd. ("PXP" or the "Company") for a cash price of
          $12.50 per share
          .    PHL is not interested in selling its interest in PXP
          .    PHL seeks an agreed transaction
          .    Stock has traded above $14.00 since that time

     *    Since that time, SSB has conducted due diligence
          .    PXP management
          .    PHL management
          .    PHL financial advisor

     *    Several important details of the offer have not yet been specified
          .    Form of transaction: Merger or tender offer
          .    Acceptance threshold
          .    Mechanics for convertible securities/options

     *    This presentation will assist the Independent Directors Committee's
          evaluation of PHL's initial offer
          .    Review of PXP
          .    Comparison with selected peers
          .    Alternative valuation methodologies
          .    Salomon Smith Barney's view of the adequacy of PHL's initial
               offer

     Phoenix Home Life Mutual Insurance Company is seeking to take Phoenix
     Investment Partners private.
<PAGE>

                                                                PROJECT GRISWOLD

Summary of Initial Proposal

<TABLE>
<CAPTION>
ITEM                                        OFFER TERMS                               COMMENTS
<S>                                         <C>                                       <C>
Transaction                                 PHL to purchase all of the outstanding   Based on discussion with Morgan Stanley, PHL
                                            shares of common stock of PXP that it    also intends:
                                            does not currently own (18.0 million     (i)  to purchase 5.1 million shares underlying
                                            shares).                                      debentures it does not own, and
                                                                                     (ii) to "cash out" all options (approximately
                                                                                          8.3 million in total.)

Price Per Share                             $12.50                                   --

Value of Shares to be Purchased             $225 Million                             $323 Million /(a)/

Form of Consideration                       100% Cash                                To be financed internally

Offer Price / 2000 Earnings/(b)/            16.4x

Firm Value as a Multiple of/(b)(c)/:
 As % of AUM                                 1.5%
 LTM Revenues                                3.0x
 LTM EBITDA                                  8.0

Premium to Market:
 Closing Price, 7/24 ($10.81)               15.6%
 52-Week High, 7/10 ($12.06)                 3.6
 One-Week Prior to Offer, 7/17 ($11.25)     11.1
 Four-Weeks Prior to Offer, 6/26 ($9.69)    29.0
</TABLE>

___________________________________

(a) Reflects the conversion of all options and convertibles using the treasury
    method.

(b) Assumes conversion of convertible debt and exercise of all options. Adjusted
    for Seneca minority interest.

(c) Adjusted for Engemann liability.
<PAGE>

                                                                PROJECT GRISWOLD

Phoenix Home Life - Buy-in Rationale

     STRATEGIC RATIONALE - BASED ON CONVERSATIONS WITH PHL MANAGEMENT

     *    PHL is redefining its business model towards wealth management
          .    PXP is an integral component of PHL's wealth management strategy:
               Life, Annuities, Asset Management
          .    Divestiture of non-core lines: Group L&H, Life Reinsurance, P&C
               Distribution, Real Estate Management

     *    As a wholly-owned subsidiary of PHL, PXP will have additional
          operating flexibility
          .    Increased flexibility to pursue additional acquisition
               opportunities (reduced leverage constraints)
          .    Enhanced ability to sell variable annuity product

     *    Full ownership of PXP may improve PHL's pending IPO valuation
          .    Increase relative contribution of asset management segment
               earnings (valued at a higher multiple than insurance earnings)
          .    Reduce complexity of PHL IPO story
          .    Increasing importance of variable annuities in a demutualized
               environment

     *    Utilize PHL available capital/excess debt capacity
          .    No issuance required
          .    Eliminate sharing of PHL guarantee with PXP shareholders
          .    Offset PXP leverage constraints

     *    PXP public ownership, which provided currency for acquisitions and
          management compensation, is less important
<PAGE>

                                                                PROJECT GRISWOLD

          .    Public valuation limited negative impact on statutory capital:
               Contemplated transaction has minimal impact on PHL risk-based
               capital ratios
          .    Pending IPO, supplemented by phantom equity plan for PXP, reduces
               PXP's need for a publicly-traded currency
<PAGE>

                                                                PROJECT GRISWOLD

2    BUSINESS OVERVIEW
<PAGE>

                                                                PROJECT GRISWOLD

Overview

  BACKGROUND

  * Phoenix Investment Partners was formed in 1995 through the merger of Phoenix
    Securities Group (a wholly-owned subsidiary of Phoenix Home Life Mutual
    Insurance Company, "PHL") and Duff & Phelps Corporation

    .  PHL owns approximately 60% of PXP (50% assuming exercise of all options
       and convertibles)

  * PXP's operating structure allows its eight investment partners to focus on
    research and investments. As of 6/30/00, the Company had almost $61 billion
    in AUM (including approximately $10 billion from PHL), declining from $65
    billion at 12/31/99.

    .  Sales / marketing and back-office functions are largely centralized

<TABLE>
                                                                 PXP
          ---------------------------------------------------------------------------------------------------
          Institutional                                                                        Private Client
                                                             Alternative                           Group
          7 Salespeople,                                  Financial Products
          Chicago based                                                                        37 Salespeople,
                                                                                               Hartford based

<S>                <C>              <C>          <C>           <C>          <C>               <C>          <C>          <C>
   PIC /(1)/       Aberdeen /(2)/     Goodwin     Hollister     Oakhurst    Duff & Phelps       Engemann     Zweig      Seneca /(3)/
  $17.5 B AUM      $0.8 B AUM       $3.2 B AUM   $1.3 B AUM    $3.8 B AUM     $9.6 B AUM      $11.8 B AUM  $2.9 B AUM   $10.9 B AUM
</TABLE>

Source: Company Data, SEC Filings

(1) Includes PHL AUM
(2) Subadvised for Aberdeen via PIC and Duff & Phelps
(3) Approximately 75% owned

6/30/00 AUM: $60.8

Equity:                   49%

Balanced:                 17%

Fixed Income:             33%

Money Market:              1%


Retail:                   52%

Institutional:            48%


Domestic:                 99%

International:             1%
<PAGE>

                                                                PROJECT GRISWOLD


Description of PXP's Investment Partners

<TABLE>
<CAPTION>
                                 PHOENIX INV.   DUFF &                             ROGER
                                   COUNSEL      PHELPS           SENECA            ENGEMANN              ZWEIG
<S>                             <C>             <C>             <C>              <C>                 <C>
Date Acquired                         ---       4Q 1995          1Q 1997            2Q 1997              1Q 1999

AUM Detail
6/30 AUM                         $   25.7 B      $  9.6 B       $  10.9 B        $  11.8 B           $   2.9 B
     % of Total                      42.3 %        15.8 %          17.9 %           19.4 %               4.7 %
     Growth vs. 6/99                  7.1         (20.1) /(1)/     60.4             32.9               (22.8)

Client Mix
   Open-End Funds                      39 %           2 %             0 %             16 %                43 %
   Managed Accounts                     0             7               8               84                   0
   Closed-end Funds                     0            33               0                0                  48
   Separate Accounts/(2)/              26            58              92                0                   8
   General Accounts                    35             0               0                0                   0

Asset Mix
   Fixed Income                        40 %          43 %            52 %              0 %                 0 %
   Equity                              35            18              48               95                  93
   Balanced                            23            39               0                5                   0
   Money Market                         1             0               0                0                   7

Brands                          Aberdeen,       Duff & Phelps      Seneca         Engemann               Zweig
                                Goodwin,
                                Hollister,
                              Oakhurst, PIC
Revenue Detail
12/99 Revenues                   $   88.9 M      $ 48.0 M       $  36.7 M        $  59.7 M           $  26.9 M /(3)/
     % of Total                      34.2 %        18.4 %          14.1 %           22.9 %              10.3 %
     Growth vs. 98                    8.2 %        10.1 %          45.6 %           32.1 %             (16.1)% /(4)/

Other Data
Employees                              48            65              63               86                  44
Portfolio Managers                     15             8               7                3                   3
Research Analysts                      11            11               9                6                   5
</TABLE>

(1) Excludes impact of sale of Cleveland office.
(2) Includes Alternative Financial Products, Aberdeen Funds and Edge (Variable)
    products.
(3) Based upon 10 months ended December 31, 1999.
(4) CAGR based upon quarterly growth from 9/30/99 to 6/30/00.

PXP has a diversified investment organization.
<PAGE>

                                                                PROJECT GRISWOLD

Business Model

<TABLE>
<CAPTION>
     Distribution Strategy         Mutual Funds        Managed Accounts         Closed End Funds         Separate Accounts
     <S>                           <C>                 <C>                      <C>                      <C>
     Intermediated
     -------------
     ---------------------------------------------------------------------------------------------------------------------
             Banks                        X
     ---------------------------------------------------------------------------------------------------------------------
             Broker Dealers               X                      X                        X
     ---------------------------------------------------------------------------------------------------------------------
             401(k)                       X
     ---------------------------------------------------------------------------------------------------------------------
             RIAs                         X                      X
     ---------------------------------------------------------------------------------------------------------------------
             Supermarkets                 X
     ---------------------------------------------------------------------------------------------------------------------
     Direct                                                                                                       X
     ------
     ---------------------------------------------------------------------------------------------------------------------
</TABLE>

     Branding Strategy             *    9 distinct brands under Phoenix overlay

     Product Diversity             *    98 Mutual Funds

                                   *    Multiple Styles

                                   *    11 Managed Account product offerings

                                   *    Separate Accounts

     Geographic Focus              *    Distribution - U.S. Domestic

                                   *    Asset Classes - U.S. Domestic

     Primary Marketing Focus       *    Managed Accounts

                                   *    Alternative Financial Products

<PAGE>

                                                                PROJECT GRISWOLD

AUM Breakdown at June 30, 2000

     CLIENT BREAKDOWN: 100% = $61 B               ASSET ALLOCATION: 100% = $61 B

             [PIECHART]                                      [PIECHART]

                                %      B $                          %       B $

     CBOs                       3%    $ 1.7       Fixed Income     33%     $20.1
     PHL General               15%    $ 9.0       Money Market      1%     $ 0.5
     PHL Associated             1%    $ 0.7       Balanced         17%     $10.2
     Variable                   6%    $ 3.7       Equity           49%     $29.9
     Open-ended  Mutual Funds  22%    $13.3
     Aberdeen/(1)/              1%    $ 0.8
     Managed Accounts          19%    $11.5
     Institutional Accounts    26%    $15.6
     Closed-End Funds           7%    $ 4.5

     GEOGRAPHIC ASSET BREAKDOWN: 100% = $61 B     EQUITY STYLE: 100% = $30 B

              [PIECHART]                                    [PIECHART]

                                 %     B $                           %      B $

     Int'l                       1%   $ 0.9       Blend            25%    $ 7.6
     DOMESTIC                   99%   $60.0       Growth           31%    $ 9.2
                                                  Int'l             3%    $ 0.9
                                                  Other             2%    $ 0.3
                                                  Value            40%    $11.9

Source: Company data

(1) Includes $0.5 million of Aberdeen Retail and $0.3 million of Aberdeen
    Institutional

PXP exhibits broad client and product diversity.

The Company's equity products offer broad diversity.
<PAGE>

                                                                PROJECT GRISWOLD

AUM Growth by Product

     TOTAL AUM
     ($ in billions)

                                    [GRAPH]

     PERCENT OF TOTAL AUM

     <TABLE>
     <CAPTION>
                                                                                                                    CAGR
                                 12/31/96        12/31/97      12/31/98     12/31/99           6/30/00            12/96-6/30
                                 --------        --------      --------     --------           -------            ----------
        <S>                      <C>             <C>           <C>          <C>                <C>                <C>
        Open-End Mutual Funds      33.6 %          28.0 %        26.9 %       28.0 %             28.9 %             13.4 %
        Managed Accounts            0.7            12.0          13.7         16.1               18.9               33.6/(1)/
        Closed-End Funds            8.9             7.2           6.6          7.1                7.5               12.8
        Institutional Accounts     36.5            34.8          36.4         34.8               28.9               10.9
        PHL                        20.4            18.0          16.4         14.0               15.9               10.3
                                 --------        --------      --------     --------           -------            ----------
                                  100.0 %         100.0 %       100.0 %      100.0 %            100.0 %             18.4 %
                                 ========        ========      ========     ========           =======            ==========
        Memo: Structured Products
              as % of Total:                        0.0 %         0.5 %        2.0 %              2.8 %            249.5 %/(1)/
</TABLE>

Source: SEC Filings, Company Data
N.B. Institutional accounts include structured products.
/(1)/ CAGR calculations for Managed Accounts and Structured Products use 12/97
      and 12/98 as the base year, respectively.

PXP operates in a number of highly attractive segments.

While each of PXP's businesses has experienced growth, the managed accounts have
been strongest and are expected by management to continue improving.

Acquisitions and divestitures have impacted growth rates.
<PAGE>

                                                                PROJECT GRISWOLD

AUM Growth by Asset Class

     TOTAL AUM
     ($ in billions)

                                   [GRAPH]


PERCENT OF TOTAL AUM

<TABLE>
<CAPTION>
                                                                                            CAGR
                          12/31/96    12/31/97    12/31/98     12/31/99      6/30/00     12/96-6/30
                          --------    --------    --------     --------      -------     ----------
    <S>                   <C>         <C>         <C>          <C>           <C>         <C>
    Fixed Income              24.1 %      39.6 %      38.7 %       32.0 %       33.1 %         29.7 %
    Equity                    31.9        34.3        35.7         46.5         49.2           34.1
    Balanced                  42.3        25.3        24.9         20.4         16.8           (9.1)
    Money Market               1.8         0.8         0.7          1.0          0.9            3.1
                          --------    --------    --------     --------      -------     ----------
                             100.0 %     100.0 %     100.0 %      100.0 %      100.0 %         18.4 %
                          ========    ========    ========     ========      =======     ==========
</TABLE>

Source: SEC Filings; 6/30 data from Company

Over time, the change in asset mix reflects the competitive performance of PXP's
equity products.
<PAGE>

                                                                PROJECT GRISWOLD

Mutual Fund Product Summary


*43% of mutual fund assets under management are 4- or 5- star rated funds.

<TABLE>
<CAPTION>
                                    AUM At       % of         Products Per Style           Ratings               Net Flows
                                                            ----------------------    -----------------    ----------------------
                                   04/30/00      Total          Total       Rated     5 Stars   4 Stars    YTD 2000         1999
                                   --------    ---------    ----------------------    -------   -------    ----------------------
<S>                                <C>         <C>          <C>         <C>           <C>       <C>        <C>             <C>
Equity
  Value                             $ 1,534       8.4%              1           1           0         0      ($102)        ($233)
  Growth                              7,822      42.7              29          16           7         6        (34)         (645)
  Blend                                 916       5.0               6           3           0         1        (71)         (304)
  International                       1,031       5.6              12           8           0         3        (89)         (152)
  Other                                 943       5.1              12           6           0         2        (69)         (161)
                                   --------    ---------    ----------   ---------    -------   -------    ---------   ----------
    Subtotal                         12,246      66.8              60          34           7        12       (366)       (1,496)
Fixed Income
  Taxable Fixed Income                1,004       5.5              26          13           2         0        (92)         (258)
  Municipal                             164       0.9               5           2           0         0        (11)          (30)
                                   --------    ---------    ----------   ---------    -------   -------    ---------   ----------
    Subtotal                          1,169       6.4              31          15           2         0       (103)         (287)
Money Market                            413       2.3               2           0           0         0        (18)          115
Closed End Funds                      4,496      24.5               5           5           0         0         NM            NM
                                   --------    ---------    ----------   ---------    -------   -------    ---------   ----------
Total Mutual Funds                  $18,323     100.0%             98          54           9        12      ($488)      ($1,668)
                                   ========    =========    ==========   =========    =======   =======    =========   ==========

<CAPTION>
                                             Morningstar Rating Per Investment Style - By AUM
                              ------------------------------------------------------------------------------
                                       5             4             3             2           1    Unrated
                              ----------    ----------    ----------    ----------    --------    ----------
<S>                           <C>           <C>           <C>           <C>           <C>         <C>
Equity
  Value                             --            --        $1,534            --          --            --
  Growth                         1,822         4,750            --           604          --           647
  Blend                             --           325           301           187          --           102
  International                     --           260           647            14         103             8
  Other                             --           190           705            30          18            --
                              ----------    ----------    ----------    ----------    --------    ----------
    Subtotal                     1,822         5,526         3,187           835         120           756
Fixed Income
  Taxable Fixed Income              44            --           469           474          18            --
  Municipal                         --            --            --           164          --            --
                              ----------    ----------    ----------    ----------    --------    ----------
    Subtotal                        44            --           469           638          18            --
Money Market                        --            --            --            --          --           413
Closed End Funds                    --            --         1,475         3,021          --            --
                              ----------    ----------    ----------    ----------    --------    ----------
Total Mutual Funds              $1,866        $5,526        $5,131        $4,493        $138        $1,169
                              ==========    ==========    ==========    ==========    ========    ==========

     % of Total Rated AUM         10.9%         32.2%         29.9%         26.2%        0.8%

MUTUAL FUND SUMMARY BY FAMILY

<CAPTION>
                                    AUM At       % of         Products Per Family          Ratings                Net Flows
                                                            ----------------------    -----------------    ----------------------
                                   04/30/00      Total          Total       Rated     5 Stars   4 Stars    YTD 2000       1999
                                   --------    ---------    ----------------------    -------   -------    ----------------------
<S>                                <C>         <C>          <C>         <C>           <C>       <C>        <C>        <C>
PIC                                 $ 9,148      49.9%             45          23           3         5       $ 95        ($884)
Duff & Phelps                           369       2.0               9           3           0         0        (82)         (28)
Seneca                                  469       2.6               7           6           3         1       (475)         (54)
Engemann                              2,522      13.8              12          11           3         6        160           94
Zweig                                 1,321       7.2              20           6           0         0       (186)        (796)
                                   --------    ---------    ----------   ---------    -------   -------    ---------   ----------
   Total Open End Funds              13,828      75.5              93          49           9        12       (488)      (1,668)
   Closed End Funds                   4,496      24.5               5           5           0         0         --           --
                                   --------    ---------    ----------   ---------    -------   -------    ---------   ----------
Total Mutual Funds                  $18,323     100.0%             98          54           9        12      ($488)     ($1,668)
                                   ========    =========    ==========   =========    =======   =======    =========   ==========

<CAPTION>
                                                 Morningstar Rating Per Family - By AUM
                              ------------------------------------------------------------------------------
                                       5             4             3             2           1    Unrated
                              ----------    ----------    ----------    ----------    --------    ----------
                              <C>           <C>           <C>           <C>           <C>         <C>
PIC                              $  784       $3,892        $3,184        $  515        $103        $  670
Duff & Phelps                        --           --            --           135                       234
Seneca                              106          107            --           238          18            --
Engemann                            976        1,527            --            --          18            --
Zweig                                --           --           472           584          --           265
                              ----------    ----------    ----------    ----------    --------    ----------
   Total Open End Funds           1,866        5,526         3,656         1,472         138         1,169
   Closed End Funds                  --           --         1,475         3,021          --            --
                              ----------    ----------    ----------    ----------    --------    ----------
Total Mutual Funds               $1,866       $5,526        $5,131        $4,493        $138        $1,169
                              ==========    ==========    ==========    ==========    ========    ==========
</TABLE>

Source: Financial Research Corporation as of 4/30/00. May not tie to Company
data.
<PAGE>

                                                                PROJECT GRISWOLD

Comparative Performance - 15 Largest Mutual Funds

Top 15 mutual funds represent 61% of total mutual fund assets.

<TABLE>
<CAPTION>
                                                                                    YTD
                                 Assets       % of                               Return   Annualized Return (as of 4/30/00)
                                                                                         -----------------------------------
Top Fifteen Mutual Funds        04/30/00     Total    Morningstar Objective    04/30/00   1 Year        3 Year       5 Year
- ------------------------      ----------   ---------  ---------------------    --------  -------       -------      --------
<S>                           <C>          <C>        <C>                      <C>       <C>           <C>          <C>
Phoenix Gdwn Growth           $   3,306       18.0%    Growth                  (0.87)%     26.47%       26.56%       11.70%

Phoenix Gdwn Bal                  1,534        8.4     Balanced                (0.13)       8.25        14.03        13.87

Phoenix Eng FocsGr                  786        4.3     Growth                   0.90       35.50        34.31        27.27

Phoenix Gdwn StrThm                 779        4.2     Growth                  12.17       52.64        44.10          ---

Phoenix Gdwn I&G                    705        3.8     Balanced                 0.42        3.82        10.35        11.98

Phoenix Eng AggGr                   651        3.6     Agg Growth               1.98       67.31        45.86        34.50

Phoenix Eng NftyFty                 551        3.0     Growth                   3.71       29.02        27.83        25.84

Phoenix Oakh G&I                    495        2.7     Growth&Inc               1.06       12.94          ---          ---

Phoenix Zwg MngdAst                 472        2.6     MultiGlobl              (0.02)       3.91        11.28         5.49

Phoenix Gdwn Hi Yld                 424        2.3     Corp:HY                 (2.23)       2.47         3.98         8.44

Phoenix Zwg Stratgy                 347        1.9     Growth                  (1.52)      (1.68)        5.29         4.26

Phoenix Eng Sm&MdCp                 326        1.8     Growth                  (0.74)      87.36        41.47        12.23

Phoenix SmEng Cap                   325        1.8     Small Comp              (2.39)      85.73        38.36          ---

Phoenix Oakh StrAll                 301        1.6     Asset Allocation        (0.06)       8.51        15.51        13.76

Phoenix Snca EqOpty                 238        1.3     Growth                  (2.51)      28.54        29.27        20.14
                              ---------      -----
Total Fifteen Mutual Funds    $  11,240       61.3
Other Open-End Funds              2,588       14.1
Closed-End Funds                  4,496       24.5
                              ---------      -----
 Total Mutual Funds           $  18,323      100.0%

<CAPTION>

                                             Net  Flows
                                   -------------------------------     Morningstar
Top Fifteen Mutual Funds            YTD 4/30      1999      1998        Rating/(1)/
- ------------------------           ----------   -------   --------     ------------
<S>                                <C>          <C>       <C>          <C>
Phoenix Gdwn Growth                 ($113.0)    ($339.7)   ($345.6)            4

Phoenix Gdwn Bal                     (102.3)     (233.4)    (278.8)            3

Phoenix Eng FocsGr                     (6.2)       (9.6)     (80.1)            4

Phoenix Gdwn StrThm                   508.5        20.0      (41.6)            5

Phoenix Gdwn I&G                      (76.5)     (181.7)       5.3             3

Phoenix Eng AggGr                      67.0        17.2      (29.2)            5

Phoenix Eng NftyFty                    (0.2)       26.7       (1.2)            4

Phoenix Oakh G&I                       22.8       197.8      165.4            NR

Phoenix Zwg MngdAst                   (52.5)      (97.1)     (26.1)            3

Phoenix Gdwn Hi Yld                   (44.9)      (95.8)     (26.7)            3

Phoenix Zwg Stratgy                  (102.9)     (453.1)    (275.6)            2

Phoenix Eng Sm&MdCp                    94.4        35.8       36.7             5

Phoenix SmEng Cap                     (24.9)      (67.3)     (95.4)            4

Phoenix Oakh StrAll                   (17.7)      (41.7)     (45.6)            3

Phoenix Snca EqOpty                    (6.6)      (20.2)     (25.0)            2
                                    -------    --------   --------
Top Fifteen Mutual Funds              144.9    (1,242.1)  (1,063.5)
                                    =======    ========   ========
</TABLE>

Source: Financial Research Corporation as of 4/30/00. May not tie to Company
        data.

(1) Rating for Class A shares
<PAGE>

                                                                PROJECT GRISWOLD

Mutual Fund Performance

BY MORNINGSTAR RATED FUNDS

                                  [BAR GRAPH]

* Phoenix Investment Partners     . Industry

BY MORNINGSTAR RATED ASSETS

                                  [BAR GRAPH]

* Phoenix Investment Partners     . Industry

Source: Financial Research Corporation

* PXP management expects to achieve 4- or 5-star ratings on several funds that
  will soon be attaining the minimum performance record for consideration under
  the Morningstar rating system

  .  Phoenix Oakhurst Growth & Income ($523 MM in AUM at July 13, 2000)

  .  Phoenix Hollister Value Equity ($72 MM in AUM at July 13, 2000)

  .  Phoenix Hollister Small Blend Fund ($109 in AUM at July 13, 2000)

Source: Company Data
<PAGE>

                                                                PROJECT GRISWOLD

Selected Institutional Account Product Summary

<TABLE>
<CAPTION>
(Dollars in millions)                                                    Performance Data as of 6/30/2000
                                                                 AUM/(1)/      Quarter       YTD        1 Year     3 Year     5 Year
                                                               -----------   ----------   ---------   ---------  ---------  --------
<S>                                                            <C>           <C>          <C>         <C>        <C>        <C>
PIC                    Multi-Sector Fixed Income Composite       $  408          1.3%        3.5%         5.8%       5.0%      7.2%
                            Median Performance                                   1.5         3.8          4.6        6.0       6.4
                       Small Cap Value Composite                    110         (1.7)       20.8         61.9       29.0        NA
                            Median Performance                                   0.9         6.4          3.3        5.9        NA
                       Large Cap Value Composite                    104         (5.9)        1.2          5.4       15.2      19.4
                            Median Performance                                  (1.4)       (2.6)        (9.4)       8.3      15.5
                       Quantitative Value Composite                 466         (2.2)        1.0          8.4       23.2      26.1
                            Median Performance                                  (1.4)       (2.6)        (9.4)       8.3      15.5
D&P Chicago            Quality Value Equity Management           $  278         (3.5)%        NA         (1.1)%     12.9%     20.6%
                            Median Performance                                  (2.2)         NA         (6.6)       8.8      16.2
                       Balanced Composite Performance             1,067         (1.4)         NA          1.1        9.8      14.0
                            Median Performance                                  (0.6)         NA          4.9       12.0      14.4
                       Core Fixed Income                            981          1.7          NA          4.2        5.7       6.0
                            Median Performance                                   1.6          NA          4.3        5.9       6.3
                       Intermediate Fixed Income                     NA          1.9         3.2          4.4        5.5       5.7
                            Median Performance                                   1.7         3.3          4.4        5.7       6.0
                       Enhanced Cash                                 NA          1.6         3.0          5.6        5.5       5.8
                            Median Performance                                   1.6         3.1          5.8        5.5       5.6
Engemann               Small Cap Growth Composite                $  244          4.8%         NA         84.8%      36.9%     38.1%
                            Median Performance                                  11.7          NA         59.5       27.2      25.0
Seneca                 Growth Equity                             $  831          2.7%        1.1%        26.1%      27.8%     26.6%
                       Earnings Driven Growth                       704          1.0        24.5         76.5       40.9      33.2
                            Median Performance                                  (3.6)        4.4         27.2       30.3      28.4
                       Small Capital Growth Equity                   20          6.0        26.4         92.2       37.3        NA
                            Median Performance                                  (4.5)       11.7         59.5       27.2      25.0
                       Core Fixed Income                            267          2.0         3.6          4.6        6.8       7.9
                       Investment Grade Only VDFI                   513          1.8         4.1          4.7        6.1       6.7
                            Median Performance                                   1.5         3.8          4.5        6.1       6.4
                       Enhanced Core - Avg. Inv. Grade VDFI         484          1.9         3.1          4.5        7.0       8.6
                            Median Performance                                   1.5         3.8          4.6        6.0       6.4
Benchmarks             Lehman Brothers Investment Grade                          1.7%        3.2%         4.4%       5.5%      5.7%
                       S&P 500                                                  (2.9)       (0.4)         7.4       19.7      23.8
                       S&P Midcap                                               (3.3)        9.0         17.0       20.3      21.2
                       Russell 1000 Value                                       (4.7)       (4.2)        (8.9)      10.9      17.8
                       Russell 2000                                             (3.8)        3.0         14.3        7.7      10.6
                       Russell 2000 Growth                                      (7.4)        1.2         28.4       16.3      15.8
</TABLE>

Source: Company reports
(1) Duff & Phelps AUM as of 6/30; Seneca as of 3/31; PIC and Engemann as of
    12/31/99.
Note: Total institutional AUM were $20.2 billion and $15.6 billion at 12/31/99
and 6/30/00 respectively. Data for other products not available.
<PAGE>

                                                                PROJECT GRISWOLD

Managed Account Product Summary

  *  PXP is a leading participant and the only multi-manager in the managed
     account business
     . Offers 11 products through four investment partners, with one product
       under development
<TABLE>
<CAPTION>
     ----------------      ----------------    ----------------      --------------
     SENECA                HOLLISTER           ENGEMANN              DUFF & PHELPS
     ----------------      ----------------    ----------------      --------------
     <S>                   <C>                 <C>                   <C>
     Large Cap Growth      Large Cap Value     Large Cap Growth      Large Cap Core

     Mid Cap Growth        Small Cap Value     Small-Mid Cap Growth  Balanced

     Tax Sensitive Growth  New Economy Value   Balanced

     Balanced (pending)
</TABLE>

  *  Marketing strategy emphasizes importance of portfolio construction
     approach to building relationships with HNW brokers/clients
     .  Use multiple products to construct portfolio solutions
     .  Performance "OK" - not a "hot dot" approach

  *  Growth strategy
     .  Leverage Engemann reputation to introduce other brands ("bridging")
     .  Expand wholesaler salesforce
     .  Introduce additional products with 3 year track records
<PAGE>

                                                                PROJECT GRISWOLD

Analysis of AUM Growth

      (Dollars in millions)

     NET CASH FLOWS(a)
<PAGE>

                                                                PROJECT GRISWOLD


                                  [BAR CHART]


                     PHL General & Associated   Institutional  Managed Accounts

                     Mutual Funds               CBOs           Total Net Flows


AUM ROLLFORWARD
<PAGE>
                                                                PROJECT GRISWOLD

<TABLE>
<CAPTION>
                                      1996        1997         1998        1999       1H 00        2000P
                                    --------    --------      -------     ------     --------     -------
<S>                              <C>          <C>          <C>         <C>         <C>          <C>
Beginning Balance                 $   35,046   $   33,649   $  46,403   $   53,491  $   64,602   $   64,602
 Net Flows                            (3,307)      (3,075)        234          368      (1,292)      (2,754)/(b)/
 Performance                           1,246        3,703       6,494        7,130         791        4,952
                                 -----------   ----------   ---------   ----------   ---------   -----------
 Organic Growth                       (2,061)         628       6,728        7,498        (501)       2,198
 Acq. / Divestitures/ Other              664       12,126         360       3, 613      (3,268)         ---
                                 -----------   ----------   ---------   ----------  ----------   -----------
Ending Balance                    $   33,649   $   46,403   $  53,491   $   64,602  $   60,833   $   66,800
                                 ===========   ==========   =========   ==========  ==========   ===========

Organic Growth / BOP AUM                (5.9)%        1.9%       14.5%        14.0%       (0.8)%        3.4%
</TABLE>

Source: Company data

(a) Excludes charges attributable to performance, acquisitions and divestitures.
(b) Includes $(283) million of net flows in closed-end funds.
<PAGE>

                                                               PROJECT GRISWOLD

Distribution Channels - Mutual Funds and Managed Accounts

     (dollars in millions)

*  Phoenix Equity and Planning Corporation acts as national distributor and
   transfer agent for each investment partner
- ------------------------------------
1999 Domestic Mutual Fund Sales
- -------------------------------------
Bank                       1.0%

Insurance                  9.9%

Regional Wirehouse        15.3%

Wirehouse                 31.6%

Financial Planner         42.2%



- -------------------------------------
1999 Domestic Managed Account Sales
- -------------------------------------
Financial Planner   9.8%

Wirehouse          87.2%

Regional Wirehouse  3.0%

Source: Company Data.

<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Top 10 Domestic Fund Sales by Distributor
- -------------------------------------------------------------------------------------------------------
        Institution                        1999 Sales         1998 Sales           % 1999 Sales
- -------------------------------------------------------------------------------------------------------
<S>                                     <C>                <C>                        <C>
               1                         $    174            $    122                  14.4%
               2                               89                  77                   7.4
               3                               39                   0                   3.2
               4                               39                  41                   3.2
               5                               37                  44                   3.0
               6                               35                  39                   2.9
               7                               34                  62                   2.8
               8                               29                  44                   2.4
               9                               28                  70                   2.3
               10                              19                   0                   1.5
                                      -----------          ----------                 -----
             Top 10 Total                     523                 498                  43.3
                 Other                        683                 543                  56.7
                                      -----------          ----------                ------
             Total                       $  1,206            $  1,041                 100.0%
                                      ===========          ==========                ======
 </TABLE>

<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
 Top 10 Managed Account Sales by Distributor
- -------------------------------------------------------------------------------------------------------
Institution                    1999 Sales         1998 Sales            % 1999 Sales
- -------------------------------------------------------------------------------------------------------
<S>                         <C>                   <C>                   <C>
               1             $   1,226            $   746                  61.2%
               2                   366                 79                  18.3
               3                   148                 57                   7.4
               4                    52                 20                   2.6
               5                    28                 13                   1.4
               6                    21                 15                   1.1
               7                    12                 11                   0.6
               8                    11                  4                   0.6
               9                    10                  4                   0.5
               10                   10                  7                   0.5
                            ----------          ---------              --------
               Top 10 Total      1,885                955                  94.1
                Other              118                 26                   5.9
                            ----------          ---------              --------
               Total         $   2,003            $   982                 100.0%
                            ==========          =========             =========


</TABLE>
<PAGE>

                                                                PROJECT GRISWOLD

Historical Results of Operations



<TABLE>
<CAPTION>

($ in millions except per share data)           Twelve Months Ended December 31,      6  Months Ended June 30,             CAGR
                                              -------------------------------------   ------------------------           -------
                                              -------  -------   -------   --------  --------   ---------    --------   -------
                                                                                                              6/30/00   1996 to
                                                1996    1997       1998      1999      1999        2000        LTM        LTM
                                              -------  -------   -------    -------   -------   ---------     -------   -------
<S>                                           <C>      <C>       <C>        <C>      <C>        <C>           <C>       <C>
REVENUES
   Investment Management Fees                 $ 118.2  $ 138.5   $ 193.1    $ 249.0   $ 118.1     $ 143.1     $ 274.0    27.2%
   Mutual Funds - Ancillary Fees                 22.0     22.5      25.7       33.2      15.5        18.6        36.3    15.3
   Other Income and Fees                         12.3      3.6       2.7        4.5       2.4         3.3         5.3   (21.3)
                                              -------  -------   -------    -------   -------     -------     -------
   Total Revenues                               152.5    164.6     221.5      286.6     136.0       165.0       315.7    23.1
                                              -------  -------   -------    -------   -------     -------     -------
EXPENSES
   Employment Expenses                           58.8     72.7      90.4      114.0      55.8        63.7       121.9    23.2
   Other Operating Expenses                      36.5     40.3      55.0       67.7      31.2        37.4        73.9    22.3
                                              -------  -------   -------    -------   -------     -------     -------
EBITDA                                           57.2     51.6      76.2      104.9      49.0        64.0       119.9    23.6
   D&A of leasehold improvements                  2.2      3.0       3.7        3.9       1.8         2.0         4.1    19.0
   Amortization of deferred
   commissions                                    6.1      3.0       1.4        1.6       1.0         0.4         1.0   (40.8)
   Amortization of G/W & intangibles              9.6     14.0      22.1       30.3      14.3        15.9        31.9    40.8
                                              -------  -------   -------    -------   -------     -------     -------
Operating Income                                 39.3     31.7      49.1       69.1      31.8        45.7        83.0    23.8
   Equity in Earnings of Uncons.
    Affiliates/(1)/                               5.3      6.4       3.5        0.9       0.5         0.1         0.6
   Interest (Expense)/ Income                     0.4     (3.3)    (12.6)     (15.8)     (7.4)       (8.7)      (17.1)
   Income to Minority Interest                    ---     (0.7)     (2.2)      (3.7)     (1.6)       (2.8)       (4.9)
                                              -------  -------   -------    -------   -------     -------     -------
Pre-Tax Income from Cont. Operations             45.0     34.1      37.7       50.5      23.2        34.3        61.5     9.3
   Other Non-Operating Items                     (0.1)    (0.0)      1.0        1.5       0.7         0.8         1.6
   Non-Recurring Items /(2)/                      ---      6.2      16.2       (5.9)      ---        13.4         7.5
                                              -------  -------   -------    -------   -------     -------     -------
Pre-Tax Income                                   44.9     40.2      55.0       46.1      23.9        48.5        70.6    13.8
   Income Tax Expense                            18.2     16.1      20.3       19.3      10.5        22.5        31.4
                                              -------  -------   -------    -------   -------     -------     -------
Net Income                                    $  26.7  $  24.1   $  34.6    $  26.7   $  13.4     $  26.0     $  39.3    11.6%
                                              =======  =======   =======    =======   =======     =======     =======
Basic Net Income Per Share                    $  0.50  $  0.44   $  0.76    $  0.61   $  0.31     $  0.59     $  0.89    18.0%
Diluted Net Income Per Share                     0.50     0.44      0.68       0.55      0.28        0.51        0.80    14.2%

Memo: Adjusted EBITDA /(3]/                   $  57.2  $  50.9   $  74.0    $ 101.2   $  47.4     $  61.2     $ 115.0    22.1%
- ------------------------------------------------------------------------------------------------------------------------------------
Key Ratios
Revenues from PHL / Total Rev's                   9.5%     8.3%      7.4%       6.3%      6.4%        5.9%        6.1%

Management Fees/ Average AUM:
  As reported                                    0.34     0.31      0.39       0.42      0.42        0.45        0.44
  Excluding PHL General Account                  0.37     0.33      0.43       0.46      0.46        0.48        0.47
Adjusted EBITDA Margin                           37.5     30.9      33.4       35.3      34.8        37.1        36.4
Note: Average AUM /(4)/                       $34,348  $45,003   $49,426    $59,134   $56,555     $64,087     $62,900    18.9%
</TABLE>

(1) Includes gains and losses on equity investments in PXP limited partnership
    investment (e.g., Inverness/Pheonix Capital, Windy City CBO Partners, and
    Greystone Partners).
(2) Includes gains on sale of $6.9 million and $16.6 million in 1997 and 1998,
    respectively. Includes restructuring charges (due to outsourcing of
    accounting services) of $0.7 million and $0.4 million in 1997 and 1998,
    respectively. One-time mutual fund reimbursement of $5.9 million in 1999 was
    offset by $8.9 million gain on sale and $4.5 million reimbursement insurance
    income in 2000.
(3) Adjusted to exclude Seneca minority interest.
(4) AUM calculated based upon period-end average for 1996;
    thereafter, Company data used.

Source: SEC Filings, Company data.


<PAGE>

                                                                PROJECT GRISWOLD

Common Size Income Statement

<TABLE>
<CAPTION>
                                                   Twelve Months Ended December 31,         6 Months Ended June 30,
                                              -----------------------------------------  -----------------------------
                                                 1996        1997       1998       1999     1999      2000     6/30/00
                                                                                                                 LTM
<S>                                           <C>        <C>        <C>        <C>       <C>        <C>        <C>
REVENUES
 Investment Management Fees                       77.5%      84.1%      87.2%      86.9%     86.9%     86.7%      86.8%
 Mutual Funds - Ancillary Fees                    14.4       13.7       11.6       11.6      11.4      11.3       11.5
 Other Income and Fees                             8.1        2.2        1.2        1.6       1.8       2.0        1.7
                                              --------   --------   --------   --------  --------   -------    -------
 Total Revenues                                  100.0      100.0      100.0      100.0     100.0     100.0      100.0
                                              --------   --------   --------   --------  --------   -------    -------
EXPENSES
 Employment Expenses                              38.6       44.2       40.8       39.8      41.0      38.6       38.6
 Other Operating Expenses                         23.9       24.5       24.8       23.6      23.0      22.6       23.4
                                              --------   --------   --------   --------  --------   -------    -------
EBITDA                                            37.5       31.3       34.4       36.6      36.0      38.8       38.0
 D&A of leasehold improvements                     1.5        1.8        1.7        1.4       1.4       1.2        1.3
 Amortization of deferred commissions              4.0        1.8        0.6        0.6       0.7       0.2        0.3
 Amortization of goodwill                          6.3        8.5       10.0       10.6      10.5       9.6       10.1
                                              --------   --------   --------   --------  --------   -------    -------
Operating Income                                  25.8       19.3       22.1       24.1      23.4      27.7       26.3
 Equity in Uncons. Affiliate Earnings/(1)/         3.5        3.9        1.6        0.3       0.3       0.1        0.2
 Net Interest Expense                              0.3       (2.0)      (5.7)      (5.5)     (5.5)     (5.3)      (5.4)
 Income to Minority Interest                       ---       (0.4)      (1.0)      (1.3)     (1.2)     (1.7)      (1.5)
                                              --------   --------   --------   --------  --------   -------    -------
Pre-Tax Income from Cont. Operations              29.5       20.7       17.0       17.6      17.1      20.8       19.5
 Other Non-Operating Items                        (0.1)      (0.0)       0.5        0.5       0.5       0.5        0.5
 Non-Recurring Items/(2)/                          ---        3.8        7.3       (2.1)      ---       8.1        2.4
                                              --------   --------   --------   --------  --------   -------    -------
Pre-Tax Income                                    29.4       24.5       24.8       16.1      17.6      29.4       22.4
 Income Tax Expense                               11.9        9.8        9.2        6.7       7.7      13.7        9.9
                                              --------   --------   --------   --------  --------   -------    -------
Net Income                                        17.5%      14.7%      15.6%       9.3%      9.9%     15.7%      12.4%
                                              ========   ========   ========   ========  ========   =======    =======

Memo: Adjusted EBITDA/(3)/                        37.5%      30.9%      33.4%      35.3%     34.8%     37.1%      36.4%
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>

(1) Includes gains and losses on equity investments in PXP limited partnership
    investments (e.g., Inverness/Phoenix Capital, Windy City CBO Partners, and
    Greystone Partners).
(2) Includes gains on sale of $6.9 million and $16.6 million in 1997 and 1998,
    respectively. Includes restructuring charges (due to outsourcing of
    accounting services) of $0.7 million and $0.4 million in 1997 and 1998,
    respectively. One-time mutual fund reimbursement of $5.9 million in 1999 was
    offset by $8.9 million gain on sale and $4.5 million reimbursement insurance
    income in 2000.
(3) Adjusted to exclude Seneca minority interest.

<PAGE>

                                                                PROJECT GRISWOLD

Projected Statement of Operations

<TABLE>
<CAPTION>
                                          ----------  -------------------    ---------     --------    ---------    ----------
($ in millions except per share data)        1999        6 Months 2000          2000          2001        2002        1999-02E
                                             Actual   Actual        Plan        Plan          Plan        Plan         CAGR
                                          ---------  -------     --------    ---------    ---------   ----------     ---------
<S>                                       <C>        <C>         <C>         <C>          <C>         <C>            <C>
 REVENUES
   Investment Management Fees               $ 249.0   $ 143.1       $143.5     $ 292.4       $ 312.4   $   347.5       11.8%
   Mutual Funds - Ancillary Fees               33.2      18.6         17.3        35.2          35.9        39.2        5.7
   Other Income and Fees                        4.5       3.3          2.3         3.6           5.1         5.5        7.0
                                            -------   -------      -------     -------       -------     -------
        Total Revenues                        286.6     165.0        163.1       331.2         353.4       392.2       11.0
                                            -------   -------      -------     -------       -------     -------
EXPENSES
   Employment Expenses                        114.0      63.7         62.5       124.2         134.8       147.6        9.0
   Other Operating Expenses                    67.7      37.4         36.2        71.7          75.3        79.3        5.4
                                            -------   -------      -------     -------       -------     -------
EBITDA                                        104.9      64.0         64.4       135.4         143.4       165.2       16.4
   D&A of Leasehold improvements                3.9       2.0          2.2         4.6           4.2         4.4        3.9
   Amortization of deferred commissions         1.6       0.4          0.5         1.0           0.3           -         NM
   Amortization of Goodwill                    30.3      15.9         16.0        32.7          34.3        34.3        4.2
                                            -------   -------      -------     -------       -------     -------
Operating Income                               69.1      45.7         45.7        97.1         104.6       126.6       22.4
   Equity in Earnings of Unconsol.
   Affiliates/(1)/                              0.9       0.1            -           -             -           -         NM
   Net Interest Expense                       (15.8)     (8.7)       (10.0)      (20.0)        (20.1)      (18.0)       4.4
   Income to Minority Interest                 (3.7)     (2.8)        (3.1)       (6.3)         (7.2)       (8.4)      31.2
                                            -------   -------      -------     -------       -------     -------
Pre-tax Income from Continuing Operations      50.5      34.3         32.6        70.9          77.2       100.2       25.7
   Non-Recurring Items                         (5.9)     13.4            -           -             -           -
   Other Non-Operating Items                    1.5       0.8          0.7         1.4           1.4         1.4       (2.0)
                                            -------   -------      -------     -------       -------     -------
Pre-Tax Income                                 46.1      48.5         33.3        72.3          78.7       101.7       30.2
   Income Tax Expense                          19.3      22.5         14.3        31.8          34.6        44.5       32.0
                                            -------   -------      -------     -------       -------     -------
Net Income                                  $  26.7   $  26.0      $  19.0     $  40.5       $  44.0   $    57.1       28.8
                                            =======   =======      =======     =======       =======     =======
Basic Net Income Per Share                  $  0.61   $  0.59      $  0.43      $ 0.92       $  1.01   $    1.30       28.8
Diluted Net Income Per Share                   0.55      0.51         0.38        0.80          0.87        1.11       26.7
Memo: Adjusted EBITDA/(2)/                  $ 101.2   $  61.2      $  61.3      $129.1       $ 136.2   $   156.9       15.7%
- ------------------------------------------------------------------------------------------------------------------------------------
Key Ratios
Revenues from PHL/Total Rev's                   6.2%      5.9%         5.9%        6.0%          6.1%        6.0%
Management Fees/Average AUM:
   As reported                                 0.42      0.46         0.45        0.45          0.45        0.45
   Excluding PHL General Account               0.46      0.50          NA         0.48          0.48        0.48
Adjusted EBITDA Margin                         35.3      37.1         37.6        39.0          38.5        40.0
Note: Average AUM/(3)/                      $59,134   $62,717      $63,895    $ 65,700       $69,981   $  77,307        9.3%
</TABLE>

(1) Includes gains and losses on equity investments in PXP limited partnership
    investments (e.g., Inverness/Phoenix Capital, Windy City CBO Partners, and
    Greystone Partners).
(2) Excludes Seneca minority interest.
(3) Projected data based on period end average.
Source: Management 2000 Plan
<PAGE>

                                                                PROJECT GRISWOLD

Comparison of Selected Earnings Forecasts

<TABLE>
<CAPTION>
                                        -------------------------------------------------------------
                                                                            Long-Term
                                          2000        2001        2002        Growth       2005/(1)/
                                        --------    --------    --------    ----------    -----------
<S>                                     <C>         <C>         <C>         <C>           <C>
"Street" Estimates
   IBES Median/(2)/                      $ 0.86      $ 1.01          na        10.0%         $ 1.47
   Putnam, Lovell & Thornton/(3)/          0.78        0.95          na        21.8  /(4)/     2.09
   Barrington Research/(5)/                0.85        0.98          na        15.0            1.71

Management 2000 Financial Plan
   As Reported                           $ 0.80      $ 0.87      $ 1.11        14.5% /(6)/   $ 1.67
   Adjusted/(7)/                           0.79        0.85        1.09        14.8  /(6)/     1.65

Morgan Stanley Estimates                 $ 0.78      $ 0.83          na        14.0  /(8)/   $ 1.40
</TABLE>

__________________________
(1) Based on long-term growth rate.
(2) Estimates as of 7/24/00.
(3) Estimates based upon report of 2/10/00.
(4) Based on implied 2000E-2001E growth.
(5) Estimates based upon bulletin of 7/25/00.
(6) Assumes long-term growth rate of Adjusted EBITDA equal to 10.5%, the
    2000-2002 growth rate. Fixed expenses held constant.
(7) Adjusted to reflect sale of Duff & Phelps Cleveland, assumed to contribute
    approximately $2.0 million per annum to operating income.
(8) Estimated by SSB based on conversations with Morgan Stanley.
<PAGE>

                                                                PROJECT GRISWOLD

Historical Statement of Conditon

<TABLE>
<CAPTION>
($ in Millions)                                                                                                      CAGR
                                              --------------------------------------------------------------------------------------
                                                                                                                    12/31/96  % of
                                              12/31/96     12/31/97     12/31/98      12/31/99      6/30/00        to 6/30/00 Total
<S>                                           <C>          <C>          <C>           <C>           <C>            <C>        <C>
ASSETS
Current Assets

   Cash and cash equivalents                  $    22.5    $    21.9    $    29.3     $    42.2    $    43.2        20.5%       6.4
   Marketable securities, at market                 4.1         12.0         16.3           7.9         13.5        40.9        2.0
   Accounts receivable                             25.7         31.5         35.0          45.7         51.6        22.1        7.7
   Prepaid expenses and other CA                    4.3          2.7          3.0           3.5          3.2        (7.9)       0.5
                                              ---------    ---------    ---------     ---------    ---------                  -----
     Total current assets                          56.5         68.1         83.5          99.3        111.5        21.4       16.6
Deferred commissions                               17.7          4.0          2.8           1.2          0.8       (58.4)%      0.1%
Furniture, equipment and leaseholds                 8.4         10.1          8.6          12.5         12.3        11.5        1.8
Intangible assets, net                             55.1        159.7        146.4         202.9        191.5 /(1)/  42.8       28.5
Goodwill                                          171.7        308.5        300.3         353.7        340.6        21.6       50.6
Long-term investments and other assets             56.3         54.6         22.1          12.2         16.0       (30.2)       2.4
                                              ---------    ---------    ---------     ---------    ---------                  -----
Total Assets                                  $   365.7    $   604.9    $   563.7     $   681.7    $   672.6        19.0%     100.0%
                                              =========    =========    =========     =========    =========                  =====
LIABILITIES
Current liabilities

   Accounts payable and other accrued liabs.  $     1.0    $     4.3    $    39.7     $    46.0    $    48.0       203.7%       7.1%
   Payables to related parties                     16.2         24.6          3.0           4.7          3.1       (37.9)       0.5
   Broker-dealer payable                            8.5          9.2          9.6          13.2         12.5        11.6        1.9
   Current portion of long-term debt                2.5          8.1          1.0           1.0          1.1       (21.7)       0.2
                                              ---------    ---------    ---------     ---------    ---------                  -----
     Total current liabilities                     28.2         46.1         53.2          64.9         64.6        26.7        9.6

Deferred taxes, net                                33.9         66.0         53.4          45.7         43.7         7.6%       6.5%
Long-term debt, net of current portion              ---          2.7          1.7           0.8          0.2 /(1)/    NM        0.0
Convertible subordinated debentures                 ---          ---         76.4          76.4         76.2          NM       11.3
Credit facilities                                  14.0        185.0        140.0         235.0        210.0       116.8       31.2
Lease obligations and other LT liabs.               7.9          6.6          4.8           3.8          4.5       (14.8)       0.7
                                              ---------    ---------    ---------     ---------    ---------                  -----
Total Liabilities                                  83.9        306.4        329.6         426.4        399.2        56.2       59.4

Minority Interest                                   ---          1.0          2.5           4.3          1.1          NM        0.2
Convertible Preferred Stock                        78.5         78.8          ---           ---          ---          NM        0.0
Common Stockholders' Equity                       203.3        218.7        231.6         251.0        272.3         8.7       40.5
                                              ---------    ---------    ---------     ---------    ---------                  -----
Total Liabilities and Equity                  $   365.7    $   604.9    $   563.7     $   681.7    $   672.6        19.0%     100.0%
                                              =========    =========    =========     =========    =========                  =====

Memo: Tangible Equity, Converted Basis:       $    55.0    $  (170.6)   $  (138.7)    $  (229.2)   $  (183.5)
</TABLE>

(1) Excludes $50 million payable to Engemann.
Sources: SEC form 10K dated 12/31/99, press release dated 8/30/00 relating to 2Q
2000, and the Company.
<PAGE>

                                                                PROJECT GRISWOLD

PXP Acquisition History

<TABLE>
<CAPTION>
                                                Duff & Phelps
                                                    Corp. (1)            GMG.Seneca            Roger Engemann          Zweig Group

   Announcement Date                            June 13, 1995     February 27, 1997              June 9, 1997     December 16, 1998
   Effective Date                            November 1, 1995         July 17, 1997         September 3, 1997         March 1, 1999
   --------------------------------------------------------------------------------------------------------------------------------
   <S>                                       <C>                  <C>                       <C>                   <C>
   Transaction Values (in millions):

     Enterprise Value                                     --                $   54               $ 180/(2)/                $ 135
     % Purchased                                         100%                   75%                100%                      100%

     Earn-out:
       Amount                                             --                $    4/(2)/          $  66/(3)/                $  29
       Term (year)                                        --                     2/(4)/            3-5                         3
       Basis                                              NM     Account Retention       Management fee           Management fee
                                                                                        revenue targets          revenue targets
     Enterprise Value with PV of Earn-out/(5)/            --                $   57               $ 213                     $ 157

   --------------------------------------------------------------------------------------------------------------------------------
   Valuation Multiples/(6)/
     AUM                                                  --                   1.4%                3.5%                      3.0%
     Revenues                                             --                   3.2x                4.3x                      3.4x
     EBITDA                                               --                   9.9                 9.8                       7.6

   Valuation Multiples Adjusted for Earn-out/(5)/
     AUM                                                  --                   1.5%                4.1%                      3.5%
     Revenues                                             --                   3.3x                5.0x                      3.9x
     EBITDA                                               --                  10.5                11.6                       8.9

   --------------------------------------------------------------------------------------------------------------------------------
   AUM at close of acquisition ($b)                    $14.8                $  4.2               $ 6.3                     $ 2.8

     % Open-End Fund                                     0.9%                  0.0                15.4%                     39.6%
     % Closed-End Fund                                  20.6                   0.0                 0.0                      51.2
     % Separate Acct.                                   78.5                 100.0                84.6                       9.2

     Equity                                             10.3%                 43.0%               98.8%                     57.1%
     Fixed Income                                       48.7                  57.0                 0.0                      29.0
     Balanced                                           41.0                   0.0                 1.2                      13.9
   --------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Source: Company data and SEC Filings

(1) Reverse merger in which Duff & Phelps shareholders retained 40% of Newco.
(2) Accrues interest at 6.125% per annum.
(3) First payable on September 3rd, 2000 for $50 million; may be deferred for up
    to 2 years at 15% interest, less any performance loss.
(4) Payment occurred January 1, 1999.
(5) Discounted earn-out payments at 15% per year.
(6) Based on payment at closing and most recent fiscal year prior to
    announcement.
<PAGE>

                                                                PROJECT GRISWOLD

PXP Ownership Summary - 6/30/00

<TABLE>
<CAPTION>
     (Shares in thousands)

(For the quarter ended June 30, 2000                      Basic                       Diluted/(1)/             Fully Converted
                                                -----------------------------  ---------------------------- -----------------------
                                                                   Percent                       Percent                 Percent
Owner                                             Shares          Ownership      Shares         Ownership     Shares     Ownership
<S>                                               <C>             <C>            <C>            <C>           <C>        <C>
Institutional Holders/(2)/
  Wanger Asset Management, L.P.                     3,857             8.7 %        3,857            6.9 %      3,857         6.2 %
  Dimensional FD Advisors, Inc.                     2,234             5.0          2,234            4.0        2,234         3.6
  Tweedy, Browne Company, L.L.C.                    2,135             4.8          2,135            3.8        2,135         3.4
  I. G. Investment Mgmt, Ltd.                       1,000             2.3          1,000            1.8        1,000         1.6
  Royce & Associates, Inc.                            924             2.1            924            1.7          924         1.5
  Keeley Asset Management                             541             1.2            541            1.0          541         0.9
  Rothschild Asset Mgmt, Inc.                         368             0.8            368            0.7          368         0.6
  Vanguard Group                                      354             0.8            354            0.6          354         0.6
  State Str Bk & Trust Co Boston                      304             0.7            304            0.5          304         0.5
  College Retire Equities                             277             0.6            277            0.5          277         0.4
  Mellon Private Asset Mgmt                           265             0.6            265            0.5          265         0.4
  Barclays Bank Plc                                   255             0.6            255            0.5          255         0.4
  Scudder Kemper Invts, Inc.                          250             0.6            250            0.4          250         0 4
  General Motors Invt Mgmt Corp.                      140             0.3            140            0.3          140         0.2
  Northern Trust Company                              138             0.3            138            0.2          138         0.2
  Lyon Str Asset Mgmt Co                              130             0.3            130            0.2          130         0.2
  Fuller & Thaler Asset Mgmt Inc.                      99             0.2             99            0.2           99         0.2
  Taunus Corporation                                   96             0.2             96            0.2           96         0.2
  Charles Schwab Investment Mgmt                       83             0.2             83            0.1           83         0.1
  California State Teach Retire                        80             0.2             80            0.1           80         0.1
  Other Institutional Shareholders                    794             1.8          5,940/(3)/      10.7        5,940/(3)/    9.6
- ----------------------------------------------------------------------------------------------------------------------------------
Total Institutional Shareholders                   14,321            32.3         19,466           35.0 %     19,466        31.3 %

Retail and Other Owners                             1,863             4.2          1,863            3.3        1,863         3.0

Insiders /(4)/                                      1,797             4.0          3,599/(5)/       6.5       10,059/(5)/   16.2
- ----------------------------------------------------------------------------------------------------------------------------------
Sub-Total                                          17,981            40.5         24,929           44.8       31,388        50.5

Phoenix Home Life                                  26,400            59.5         30,754           55.2       30,754        49.5
==================================================================================================================================
Total                                              44,381           100.0%        55,683          100.0%      62,142       100.0 %
</TABLE>

(1) Assumes a stock price of $10.81 and uses treasury method.
(2) Source: CDA/Spectrum as of July 24, 2000.
(3) Includes $41.4 million of convertible subordinated debentures not held by
    Phoenix Home Life, which are convertible into 5.1 million shares at an
    effective exercise price of $8.04.
(4) Source: Proxy statement dated May 11, 2000.
(5) Based on 8.3 million stock options held by management with an average
    exercise price of $7.75 and debenture options with an average exercise price
    of $31.12.

<PAGE>

                                                                PROJECT GRISWOLD

Price Volume Graph

                                 [LINE GRAPH]

___________________

(a) May 15, 1996: Company announced plans to exit research, investment banking
    and financial advisory business to re-focus on the retail and institutional
    lines of asset management
(b) February 27, 1997: Announced purchase of Seneca
(c) June 9, 1997: Announced purchase of Roger Engemann and Associates
(d) September 6, 1998: Sale of Beutel Goodman
(e) December 16, 1998: Announced purchase of Zweig
(f) Unicredito Italiano Group announces intention to purchase Pioneer Group


Price 7/24/00:            $10.81

Equity Value              $  608
Public Float                 231

Price as a multiple of:
Pre-Tax Inc.                 9.2x
Op. Cash Flow                7.7
Earnings:
 LTM                        14.5x
 2000E (a)                  14.1
 2001E (a)                  13.0
 Div. Yield                  3.0%

Firm value multiples (b):
 AUM:                        1.4%
 Revenues                    2.7x
 EBITDA                      7.2x

N.B. Share count based on treasury stock method.

(a) Source: Management
(b) Revenue and EBITDA adjusted for minority interest. Net debt adjusted for
Pasadena contingent payment.

<PAGE>

                                                                PROJECT GRISWOLD

                           3  COMPARISON WITH PEERS

<PAGE>

                                                                PROJECT GRISWOLD
Selected Comparable Company Analysis: AUM

     (Dollars in Millions)

<TABLE>
<CAPTION>
                                                          Assets Under Management                     FYE           As % of AUM:
                                               -----------------------------------------------------            --------------------
                                                   Client Type                 Asset Type            3 Yr. CAGR Total   Adv.
                                               --------------------  --------------------------------
                                        AUM      Retail    Inst'l     Equity    FI       Dom.   Int'l  AUM       Rev.   Rev.   EBT
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                   <C>        <C>       <C>        <C>      <C>     <C>      <C>    <C>     <C>      <C>    <C>
Phoenix Investment Partners    (1)    $60,832      45.4%     54.6%    56.7%    43.3%   99.0%    1.0%   24.3%   0.50%    0.43%  0.11%
- ------------------------------------------------------------------------------------------------------------------------------------

Affiliated Managers Group, Inc.        91,600       9.0      91.0     65.0     35.0    73.0    27.0    62.7    0.52     0.52   0.09
AMVESCAP PLC                          391,600      61.0      39.0     66.0     34.0    61.0    39.0    55.8    0.49     0.49   0.11
BlackRock Inc.                        172,573      39.0      61.0     13.2     86.8    98.0     2.0    25.8    0.23     0.22   0.07
Eaton Vance Corporation                44,300      63.0      37.0     48.0     52.0   100.0    ----    33.2    0.89     0.46   0.56
Federated Investors, Inc.             125,363      83.0      17.0     18.7     81.3    97.0     3.0    18.6    0.49     0.27   0.17
Franklin Resources, Inc.              233,400      73.0      27.0     68.6     31.4    30.0    70.0    12.9    0.99     0.59   0.30
Gabelli Asset Management Inc.          22,997      54.0      46.0     91.3      8.7   100.0    ----    32.1    0.85     0.69   0.37
John Nuveen                            59,965      65.4      34.6     25.1     74.9   100.0    ----    21.7    0.58     0.51   0.28
Neuberger Berman Inc.                  55,470      31.4      68.6     79.0     21.0   100.0    ----     7.0    1.04     0.67   0.42
Stilwell Financial                    324,900      75.0      25.0     95.0      5.0    75.0    25.0    72.3    0.47     0.39   0.21
T. Rowe Price Associates, Inc.        185,200      63.7      36.3     78.2     21.8    76.9    23.1    21.9    0.60     0.46   0.22
Waddell & Reed Financial Inc.          41,500      78.5      21.5     86.3     13.7   100.0    ----    25.1    0.97     0.49   0.42

- ------------------------------------------------------------------------------------------------------------------------------------
Mean /(1)/                                         58.0%     42.0%    61.2%    38.8%   84.2%   15.8%   32.4%   0.68%    0.48%  0.27%

Median /(1)/                                       63.3      36.7     67.3     32.7    97.5     2.5    25.4    0.59     0.49   0.25
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

N.B. Financial data excludes all non-recurring and extraordinary items.
(1) PXP has been excluded from the mean and median calculations.

<PAGE>

                                                                PROJECT GRISWOLD

Selected Comparable Company Analysis:
Profitability Statistics

(Dollars in Millions)


<TABLE>
<CAPTION>

                                                        Last Twelve Month Performance:
                                             -----------------------------------------------------------
                                                Total       Advisory                 Net    Op. Cash
                                                 Rev.          Rev.     EBITDA       Inc.     Flow(1)
<S>                                      <C>  <C>          <C>          <C>         <C>      <C>
- ---------------------------------------------------------------------------------------------------------
Pheonix Investment Parners               (2)  $  303.6    $    262.0    $  115.0    $ 41.8   $   78.7
- ---------------------------------------------------------------------------------------------------------

Affiliated Managers Group, Inc.               $  480.8    $    480.8    $  105.7    $ 45.7   $   73.2
AMVESCAP PLC                             (3)   1,929.4       1,929.4       755.9     189.2      466.0
BlackRock Inc.                                   401.2         381.1       137.0      66.4       84.1
Eaton Vance Corporation                          396.2         203.5       242.2     153.6      236.0
Federated Investors, Inc.                        608.5         341.0       251.0     134.9      204.1
Franklin Resources, Inc.                       2,318.9       1,387.9       752.2     537.8      723.3
Gabelli Asset Management Inc.                    194.3         159.7        75.0      50.4       51.2
John Nuveen                                      350.4         305.2       166.0     100.0      117.8
Neuberger Berman Inc.                    (4)     576.9         372.7       242.4     137.4      148.3
Stilwell Financial                             1,524.1       1,251.6       710.2     381.5      425.7
T. Rowe Price Associates, Inc.                 1,106.9         844.9       484.8     261.0      295.5
Waddell & Reed Financial Inc.                    400.9         205.1       192.8     107.7      113.4
                                                                                   ----------------------
                                                                                   Mean   /(2)/

                                                                                   Median /(2)/
                                                                                   ----------------------

<CAPTION>

                                           LTM Profitability Statistics
                                   -----------------------------------------
                                             Comp.            Margin (%):          FYE-3Yr . CAGR
                                    Adv./    Exp./ -------------------------   ----------------------
                                    Total    Total                     Net                 Net
                                     Rev.     Rev.   EBITDA    EBT     Inc.     Rev.      Income
<S>                                 <C>      <C>     <C>       <C>     <C>      <C>       <C>
- -----------------------------------------------------------------------------------------------------
Pheonix Investment Parners           86.3%    38.6%   37.9%    21.8%   13.8%     23.4%     4.1%
- -----------------------------------------------------------------------------------------------------

Affiliated Managers Group, Inc.     100.0%    44.0%   22.0%    16.8%    9.5%    105.0%     nm
AMVESCAP PLC                        100.0     ----    39.2     22.3     9.8      63.3     39.5%
BlackRock Inc.                       95.0     35.3    34.2     28.8    16.6      37.5     87.9
Eaton Vance Corporation              51.4     17.6    61.1     63.2    38.8      24.1     37.8
Federated Investors, Inc.            56.0     25.7    41.2     34.8    22.2      22.4    108.9
Franklin Resources, Inc.             59.8     22.3    32.4     30.5    23.2      14.2     14.3
Gabelli Asset Management Inc.        82.2     41.0    38.6     43.3    25.9       na       na
John Nuveen                          87.1     27.8    47.4     47.4    28.5      16.6     10.3
Neuberger Berman Inc.                64.6     41.3    42.0     40.1    23.8      (0.4)     na
Stilwell Financial                   82.1     25.0    46.6     44.1    25.0      35.7     38.4
T. Rowe Price Associates, Inc.       76.3     30.8    43.8     37.6    23.6      20.9     34.5
Waddell & Reed Financial Inc.        51.2     12.4    48.1     43.5    26.9      17.3     11.9
                                 ---------------------------------------------------------------------
                                     75.5%    26.9%   41.4%    37.7%   22.8%     32.4%    42.6%

                                     79.2     26.7    41.6     38.9    23.7      22.4     37.8
                                 ---------------------------------------------------------------------
</TABLE>

NB Financial data excludes all non-recurring and extraordinary items.

(1)  Operating Cash Flow equals net income plus depreciation and amortization.

(2)  PXP has been excluded from the mean and median calculations.

(3)  Financial data is adjusted to reflect US GAAP.

(4)  Revenue CAGR for Neuberger Berman is only available for 1 year.

<PAGE>

                                                                PROJECT GRISWOLD
Summary Operating Statistics

<TABLE>
<CAPTION>
                                            Total Revenue as a % of Average AUM       Advisory Revenue as a % of Average AUM
                                          ---------------------------------------   ------------------------------------------
                                            1997           1998           1999        1997            1998             1999
                                          --------      ----------      ---------   --------      -----------       ----------
- ------------------------------------------------------------------------------------------------------------------------------
<S>                                       <C>           <C>             <C>         <C>           <C>               <C>
Phoenix Investment Partners
    Including PHL                           0.37%           0.45%         0.48%          0.31%        0.39%        0.42%
    Excluding PHL General Account           0.40            0.50          0.53           0.33         0.43         0.46
- ------------------------------------------------------------------------------------------------------------------------------

Affiliated Managers Group, Inc.             0.21            0.39          0.52           0.21         0.38         0.52
AMVESCAP PLC                                0.46            0.50          0.49           0.46         0.49         0.49
BlackRock Inc.                              0.21            0.27          0.23           0.18         0.25         0.22
Eaton Vance Corporation                     0.89            0.96          0.89           0.51         0.59         0.46
Federated Investors, Inc.                   0.44            0.47          0.49           0.37         0.45         0.27
Franklin Resources, Inc.                    1.09            1.16          0.99           0.62         0.63         0.59
Gabelli Asset Management Inc.               0.89            0.88          0.85           0.73         0.77         0.69
John Nuveen                                 0.54            0.56          0.58           0.45         0.49         0.51
Neuberger Berman Inc.                       0.93            1.04          1.04           0.61         0.68         0.67
Stilwell Financial                          0.68            0.59          0.47           0.54         0.48         0.39
T. Rowe Price Associates, Inc.              0.61            0.60          0.60           0.47         0.46         0.46
Waddell & Reed Financial Inc.               1.08            1.04          0.97           0.50         0.50         0.49

- ------------------------------------------------------------------------------------------------------------------------------
Mean/(1)/                                   0.67            0.70          0.68           0.47         0.51         0.48
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>

(1) Mean excludes PXP.
<PAGE>
                                                                PROJECT GRISWOLD

Summary Operating Statistics (continued)

<TABLE>
<CAPTION>
                                               EBITDA Margin                               EBT Margin
                                   -------------------------------------      -------------------------------------
                                     1997          1998          1999           1997          1998          1999
                                   ---------     ---------     ---------      ---------     ---------     ---------
<S>                                <C>           <C>           <C>            <C>           <C>           <C>
- -------------------------------------------------------------------------------------------------------------------
Phoenix Investment Partners           30.9%         33.4%         35.3%          20.7%         17.0%         17.6%
- -------------------------------------------------------------------------------------------------------------------

Affiliated Managers Group, Inc.       33.5          47.8          22.0            3.1          17.7          16.8
AMVESCAP PLC                          39.8          33.1          39.2           24.8          21.4          22.3
BlackRock Inc.                        35.9          28.7          34.2           22.2          22.1          28.8
Eaton Vance Corporation               60.0          46.4          61.1           32.8          22.3          63.2
Federated Investors, Inc.             35.4          43.9          41.2           20.3          27.9          34.8
Franklin Resources, Inc.              32.7          31.5          32,4           27.3          25.0          30.5
Gabelli Asset Management Inc.         36.6          40.4          38.6           33.6          35.9          43.3
John Nuveen                           50.8          50.2          47.4           45.4          44.8          47.4
Neuberger Berman Inc.                 44.4          46.2          42.0           44.4          44.7          40.1
Stilwell Financial                    43.8          44.3          46.6           42.3          42.6          44.1
T. Rowe Price Associates, Inc.        57.5          57.4          43.8           31.0          31.7          37.6
Waddell & Reed Financial Inc.         51.6          51.7          48.1           45.5          45.8          43.5

- -------------------------------------------------------------------------------------------------------------------
Mean/(1)/                             43.5          43.5          41.4           31.1          31.9          37.7
- -------------------------------------------------------------------------------------------------------------------
</TABLE>

(1) Mean excludes PXP.
<PAGE>

                                                                PROJECT GRISWOLD
<TABLE>
<CAPTION>
                                        EBT as a % of Average AUM                 Comp. Expense to Total Revenue
                                   -------------------------------------      -------------------------------------
                                     1997          1998          1999           1997          1998          1999
                                   ---------     ---------     ---------      ---------     ---------     ---------
<S>                                <C>           <C>           <C>            <C>           <C>           <C>
- -------------------------------------------------------------------------------------------------------------------
Phoenix Investment Partners            0.8%          0.8%         0.09%          44.2%         40.8%         39.8%
- -------------------------------------------------------------------------------------------------------------------

Affiliated Managers Group, Inc.       0.01          0.07          0.09           43.1          36.4          44.0
AMVESCAP PLC                          0.11          0.11          0.11             --            --            --
BlackRock Inc.                        0.05          0.06          0.07           38.0          44.0          35.3
Eaton Vance Corporation               0.29          0.21          0.56           22.5          23.2          17.6
Federated Investors, Inc.             0.09          0.13          0.17           34.5          28.1          25.7
Franklin Resources, Inc.              0.30          0.29          0.30           20.0          21.6          22.3
Gabelli Asset Management Inc.         0.30          0.31          0.37           47.4          43.3          41.0
John Nuveen                           0.25          0.25          0.28           28.7          28.9          27.8
Neuberger Berman Inc.                 0.41          0.46          0.42           38.7          37.2          41.3
Stilwell Financial                    0.29          0.25          0.21           24.3          25.0          25.0
T. Rowe Price Associates, Inc.        0.19          0.19          0.22           33.6          34.3          30.8
Waddell & Reed Financial Inc.         0.49          0.49          0.42           10.5          10.9          12.4
- -------------------------------------------------------------------------------------------------------------------
Mean/(1)/                             0.23          0.24          0.27           28.5          27.8          26.9
- -------------------------------------------------------------------------------------------------------------------
</TABLE>

(1) Mean excludes PXP.
<PAGE>

                                                                PROJECT GRISWOLD

Selected Comparable Company Analysis:
Market Statistics



        (Dollars in Millions)


<TABLE>
<CAPTION>
                                                                                                 Firm Value as a Multiple of:
                                                                                           ----------------------------------------
                                       Stock Price    As % of 52-Wk       Mkt.         Firm    as % of    LTM      LTM       LTM
                                                    -----------------
                                           7/24/00    High       Low      Cap.     Value (1)      AUM     Rev.    EBITDA    EBIT
- -----------------------------------------------------------------------------------------------------------------------------------
Phoenix Investment Partners      (4)       $10.81      90%      171%     $   602    $   820      1.3%     2.7x     7.1x     10.5x
- -----------------------------------------------------------------------------------------------------------------------------------
<S>                                    <C>            <C>       <C>      <C>       <C>         <C>        <C>     <C>       <C>
Affiliated Managers Group, Inc.            $44.75      88%      203%     $   993    $ 1,211      1.3%     2.5x     11.5x    15.5x
AMVESCAP PLC                     (5)        86.81      95       241       11,263     11,822      3.0      6.1      15.6     24.7
BlackRock Inc.                              34.06      94       273        2,175      2,086      1.2      5.2      15.2     17.5
Eaton Vance Corporation                     49.81      97       182        1,760      1,735      3.9      4.4       7.2      7.2
Federated Investors, Inc.                   25.19      93       246        2,013      2,237      1.8      3.7       8.9      9.5
Franklin Resources, Inc.                    33.81      84       137        8,235      7,539      3.2      3.3      10.0     11.5
Gabelli Asset Management Inc.               23.00      87       162          681        625      2.7      3.2       8.3      8.4
John Nuveen                                 43.19      95       129        1,351      1,369      2.3      3.9       8.2      8.9
Neuberger Berman Inc.                       48.00      98       203        2,361      2,437      4.4      4.2      10.1     10.5
Stilwell Financial                          49.63      95       135       11,451     11,168      3.4      7.3      15.7     16.8
T. Rowe Price Associates, Inc.              45.25      94       175        5,465      5,110      2.8      4.6      10.5     11.3
Waddell & Reed Financial Inc.               33.94      95       252        1,413      1,324      3.2      3.3       6.9      7.1

                                                                      -------------------------------------------------------------
                                                                      Mean /(4)/                 2.8%     4.3x     10.7x    12.4x

                                                                      Median /(4)/               2.9      4.1      10.0     10.9
                                                                      -------------------------------------------------------------

<CAPTION>
                                                                 Market Cap. as a Multiple of:                      IBES
                                         -------------------------------------------------------------------------
                                               LTM        LTM      Op. Cash       12 Mos.         Calendar:        Growth
                                                                                           -----------------------
                                           Pre-Tax    Net.Inc.     Flow (2)   Fwd. EE (3)     00EE (3)   01EE (3)   Rate
- --------------------------------------------------------------------------------------------------------------------------
Phoenix Investment Partners      (4)          9.1x       14.4x         7.6x         13.3x        14.0x      12.9x   10.0%
- --------------------------------------------------------------------------------------------------------------------------
<S>                                        <C>        <C>          <C>        <C>             <C>        <C>       <C>
Affiliated Managers Group, Inc.              12.3x       21.7x        13.6x         15.9x        18.0x      14.7x   22.5%
AMVESCAP PLC                     (5)         26.2        59.5         24.2          22.0         24.0       20.8    20.0
BlackRock Inc.                               18.8        32.8         25.9          23.6         26.2       22.0    16.0
Eaton Vance Corporation                       7.0        11.5          7.5          14.8         15.9       14.1    20.0
Federated Investors, Inc.                     9.5        14.9          9.9          19.0         20.6       17.9    16.0
Franklin Resources, Inc.                     11.6        15.3         11.4          13.6         14.5       13.0    15.0
Gabelli Asset Management Inc.                 8.1        13.5         13.3          11.2         12.4       10.5    15.0
John Nuveen                                   8.1        13.5         11.5          12.9         13.5       12.4    10.0
Neuberger Berman Inc.                        10.2        17.2         15.9          15.7         16.8       15.0    12.0
Stilwell Financial                           17.0        30.0         26.9          16.8         18.9       15.6    17.0
T. Rowe Price Associates, Inc.               13.1        20.9         18.5          19.6         20.4       19.1    15.0
Waddell & Reed Financial Inc.                 8.1        13.1         12.5          19.7         20.9       18.9    15.0

                                         ---------------------------------------------------------------------------------
                                             12.5x       22.0x        15.9x         17.1x        18.5x      16.2x   16.1%

                                             10.9        16.3         13.4          16.4         18.4       15.3    15.5
                                         ---------------------------------------------------------------------------------
</TABLE>

NB Financial data excludes all non-recurring and extraordinary items.
(1) Represents market capitalization plus long-term debt and minority interest
    less cash and cash equivalents.
(2) Represents Net Income plus Depreciation and Amortization.
(3) Earnings estimates represent IBES median estimates.
(4) PXP has been excluded from the mean and median calculations. PXP's financial
    information has been adjusted for Seneca minority interest, interest on
    convertible debt and Engemann liability.
(5) Market data represents that of the American Depository Shares (which each
    represent 5 ordinary shares). Financial data is adjusted to reflect US GAAP.
<PAGE>

                                                                PROJECT GRISWOLD

Price Performance

WEEKLY DATA: 11/15/95 TO 7/24/00

                           [LINE GRAPH APPEARS HERE]

        ____ PXP            ____ All Asset Managers            ____ SPX

RETURN MATRIX

<TABLE>
<CAPTION>
                               Since 11/15/95/(1)/     3 Years/(1)/      1 Year      YTD     3 Month    1 Month   Since 7/24
                               -------------------     ------------      ------     -----    -------    -------   ----------
<S>                            <C>                     <C>               <C>        <C>      <C>        <C>       <C>
 PXP                                  12.9%                10.6%         25.4%      41.8%     37.3%      11.6%       30.6%
 All Asset Managers /(2)/             22.3                 12.7          40.2       46.3      21.5        8.9         4.1
 S&P 500                              21.2                 16.0           8.6        0.6      (0.9)       0.6         0.6
</TABLE>

(1) Annualized returns
(2) All Asset Managers Index consists of AMG, AVZ, BLK, EV, FII, BEN, GBL, JNC,
    NEU, TROW and WDR.
<PAGE>

                                                                PROJECT GRISWOLD

4    VALUATION CONSIDERATIONS
<PAGE>

                                                                PROJECT GRISWOLD

Analysis of Premium to Market


Offer Price Per Share                         $  12.50

- --------------------------------------------------------------------------------
Premium Analysis
Based on $12.50 per PXP Share               Benchmark                   Premium
- --------------------------------------------------------------------------------
    LTM High                                 $  12.06                     3.6 %
- --------------------------------------------------------------------------------
    Closing Price, 7/24                         10.81                    15.6
- --------------------------------------------------------------------------------
    One week prior to offer                     11.25                    11.1

    Average during last week                    11.04                    13.2
- --------------------------------------------------------------------------------
    Four weeks prior to offer                    9.69                    29.0

    Average during four weeks                   10.86                    15.1
- --------------------------------------------------------------------------------
    Three months prior to offer                  7.94                    57.5

    Average during three months                  9.49                    31.7
- --------------------------------------------------------------------------------
    LTM Low                                      6.31                    98.0
- --------------------------------------------------------------------------------
<PAGE>

                                                                PROJECT GRISWOLD

Implied Valuation Summary

<TABLE>
<CAPTION>
(Dollars in Millions)
Valuation Methodology                       $ 12.50  $ 13.00  $ 14.00  $ 15.00   $ 16.00  $ 17.00
                                           --------------------------------------------------------
<S>                                        <C>       <C>      <C>      <C>       <C>      <C>
                                                                       $ 14.37 - $16.00
   COMPARABLE COMPANIES ANALYSIS

   GOING PRIVATE PREMIUMS (1992 to Present)
        Financial Institutions              $11.77 - $13.49
        All Cash Transactions               $12.09 - $13.74


   GOING PRIVATE PREMIUMS (1999 to Present)
        Financial Institutions                    Initial              $14.17 - $ 15.72
                                                  Offer

        All Cash Transactions                                 $13.62 - $14.17

   DISCOUNTED CASH FLOW  ANALYSIS/(1)/

   PRIVATE MARKET ANALYSIS
</TABLE>


<TABLE>
<CAPTION>
(Dollars in Millions)
Valuation Methodology                      $ 18.00  $ 19.00  $ 20.00 $21.00  $ 22.00
                                           -----------------------------------------
<S>                                        <C>      <C>      <C>     <C>     <C>

   COMPARABLE COMPANIES ANALYSIS

   GOING PRIVATE PREMIUMS (1992 to Present)
        Financial Institutions
        All Cash Transactions


   GOING PRIVATE PREMIUMS (1999 to Present)
        Financial Institutions


        All Cash Transactions

   DISCOUNTED CASH FLOW  ANALYSIS/(1)/                  $16.52 - $22.13

   PRIVATE MARKET ANALYSIS                                       $19.10 - $21.32
</TABLE>

<TABLE>
<CAPTION>
                                    Reference Data
                                 --------------------------
   Transaction Metrics            Reported   Adjusted/(2)/     $ 12.50      $13.00    $  14.00    $ 15.00     $16.00   $17.00
                                 ----------  --------------   ----------------------------------------------------------------
   <S>                           <C>         <C>              <C>           <C>       <C>         <C>         <C>     <C>
     Diluted Market Cap.           602.1         N/A           $ 706.9      $738.0    $  800.1    $ 862.3     $924.4  $ $986.6

     Implied Firm Value (3)        820.2         N/A             925.1       956.1     1,018.3    1,080.4    1,142.6   1,204.7

     Premium to Market            $10.81         N/A              15.6%       20.2%       29.5 %     38.7%      48.0%     57.2%
     as of July 24
        1 week prior               11.25         N/A              11.1        15.6        24.4       33.3       42.2      51.1
        4 weeks prior               9.69         N/A              29.0        34.2        44.5       54.8       65.2      75.5
        LTM High (7/10/00)         12.06         N/A               3.6         7.8        16.1       24.4       32.6      40.9

     Valuation Metrics
        Firm Value Multiples
        As % of AUM              $60,832                           1.5%        1.6%        1.75%      1.8%       1.9%      2.0%
        LTM Revenues               315.7       $303.6              3.0x        3.1x        3.4x       3.6x       3.8x      4.0x
        LTM EBITDA                 119.9        115.0              8.0         8.3         8.9        9.4        9.9      10.5
        Equity Value
        Multiples
        LTM Pre-tax              $  61.5       $ 66.1             10.7x       11.2x       12.1x      13.0x      14.0 x    14.9 x
        Earnings
        LTM Net Income              39.3         41.8             16.9        17.6        19.1       20.6       22.1      23.6
        LTM Cash Flow (4)           76.2         78.7              9.0         9.4        10.2       11.0       11.7      12.5
        2000E Earnings (1)          40.5         43.1             16.4        17.1        18.6       20.0       21.5      22.9
        2001E Earnings (1)          44.0         46.6             15.2         5.8        17.2       18.5       19.8      21.2

<CAPTION>
Transaction Metrics                           $  18.00      $   19.00    $   20.00    $     21.00       $  22.00
                                             ---------------------------------------------------------------------
<S>                                          <C>            <C>          <C>          <C>               <C>
  Diluted Market Cap.                          1,048.7      $ 1,110.9    $ 1,173.0    $   1,235.1       $1,297.3

  Implied Firm Value (3)                       1,266.9        1,329.0      1,391.1        1,453.3        1,515.4

  Premium to Market as of July 24                 66.5%        75.7%          85.0%          94.2%         103.5%
     1 week prior                                 60.0         68.9           77.8           86.7           95.6
     4 weeks prior                                85.8         96.1          106.5          116.8          127.1
     LTM High (7/10/00)                           49.2         57.7           65.8           74.1           82.4

  Valuation Metrics                                2.1%         2.2%           2.3%           2.4%           2.5%
     Firm Value Multiples                          4.2x         4.4x           4.6x           4.8X           5.0x
       As % of AUM                                11.0         11.6           12.1           12.6           13.2
       LTM Revenues
       LTM EBITDA                                 15.9x        16.8x          17.7x          18.7x          19.6x
     Equity Value Multiples                       25.1         26.6           28.0           29.5           31.0
       LTM Pre-tax Earnings                       13.3         14.1           14.9           15.7           16.5
       LTM Net Income                             24.4         25.8           27.2           28.7           30.1
       LTM Cash Flow (4)                          22.5         23.8           25.2           26.5           27.8
       2000E Earnings (1)
       2001E Earnings (1)
</TABLE>

- --------------------------------------------------------------------------------
(1) Based on PXP 2000 Financial Plan.
(2) Adjusted for Seneca minority interest, interest on convertible debt and
    Engemann liability.
(3) Adjusted for net debt.
(4) Net income plus depreciation and amortization.


<PAGE>

                                                                PROJECT GRISWOLD


Valuation Summary Implied Median Multiples

<TABLE>
<CAPTION>
 ---------------------------------------------------------------------------------------------------------------------------------
                                                         Reference Data (a)                                   Implied Equity
 (Dollars in millions)                                Reported      Adjusted (b)   Median Valuation (c)       Valuation Range
 ---------------------------------------------------------------------------------------------------------------------------------
 <S>                                                  <C>           <C>           <C>      <C>   <C>         <C>     <C>  <C>
 PUBLIC MARKET ANALYSIS - TRADING (d)

 Firm Value / LTM Revenues                            $  315.7      $ 303.6        3.9 %   ---    4.3%   $   954.5   ---  $1,078.0
 Firm Value / LTM EBITDA                                 119.9        115.0        9.5     ---   10.5        878.2   ---     993.6
 Market Value / LTM Cash Flow (e)                         76.2         78.7       12.8     ---   14.1      1,004.9   ---   1,110.6
 Market Value / LTM Pre-tax Earnings                      61.5         66.1       10.4     ---   11.5        685.7   ---     757.9
 Market Value / LTM Earnings                              39.3         41.8       15.4     ---   17.1        645.9   ---     713.9
 Market Value / 2000E Earnings (f)                        40.5         43.1       17.5     ---   19.4        754.3   ---     833.7
 Market Value / 2001E Earnings (f)                        44.0         46.6       14.5     ---   16.1        678.2   ---     749.6

 ---------------------------------------------------------------------------------------------------------------------------------
 Average Valuation Range                                                                                 $   800.2   ---  $  891.0
 Per Share                                                                                               $   14.37   ---  $  16.00
 ---------------------------------------------------------------------------------------------------------------------------------

 PRIVATE MARKET ANALYSIS - RECENT PRECEDENTS (g)

 Firm Value / LTM Revenues                            $  315.7      $ 303.6        4.8 %   ---    5.3%   $ 1,227.8   ---  $1,380.0
 Firm Value / LTM EBITDA                                 119.9        115.0       12.0     ---   13.3      1,161.3   ---   1,306.5
 Market Value / LTM Pre-tax Earnings                      61.5         66.1       14.8     ---   16.4        979.4   ---   1,082.5
 Market Value / LTM Earnings                              39.3         41.8       21.2     ---   23.4        886.1   ---     979.3

 ---------------------------------------------------------------------------------------------------------------------------------
 Average Valuation Range (h)                                                                             $ 1,063.6   ---  $1,187.1
 Per Share                                                                                               $   19.10   ---  $  21.32
 ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

N.B.  Assumes 55.7 million shares outstanding on a diluted basis.

(a)  As of 6/30/00.
(b)  Adjusted for Seneca minority interest, interest on convertible debt and
     Engemann liability.
(c)  Range is + / - 5 % of the median multiple.
(d)  Based upon trading statistics for comparable companies. Historical
     financial information for comparable companies are as of 3/31/00.
(e)  Net Income plus depreciation and amortization.
(f)  Based on PXP 2000 Financial Plan.
(g)  Based upon selected transactions since 1997 involving a domestic asset
     manager with purchase price greater than $300 million.
(h)  Valuations include full change-of-control premium.
<PAGE>

                                                                PROJECT GRISWOLD

Going Private Transactions:
Implied Premiums Analysis Since 1992

<TABLE>
<CAPTION>
    ACQUIRORS HOLDING 40% OR MORE AT ANNOUNCEMENT, 1992 - TODAY
    -------------------------------------------------------------------------------------------------------------------------------
                                                           Premium                                  Implied Valuation
                                            ---------------------------------------------------------------------------------------
                                Number of           25th                      75th            25th                          75th
                                  Deals       Percentile    Median      Percentile      Percentile        Median      Percentile
    ------------------------------------------------------------------------------------------------------------------------------
    <S>                         <C>         <C>             <C>         <C>             <C>             <C>           <C>
    One Week Prior
       All Transactions               119           11.5%     20.4%           39.8%       $  12.54      $  13.55        $  15.73
       Financial Institutions          29           15.5      21.4            38.9           12.99         13.66           15.63
       All Cash                        92           15.2      23.0            42.0           12.95         13.84           15.98

    Four Weeks Prior
       All Transactions               119            9.2%     23.2%           41.0%       $  10.57      $  11.94        $  13.66
       Financial Institutions          29            9.9      23.2            42.0           10.65         11.94           13.76
       All Cash                        92           11.5      26.0            44.2           10.80         12.21           13.97

    ACQUIRORS HOLDING 60% OR MORE AT ANNOUNCEMENT, 1992 - TODAY
    ------------------------------------------------------------------------------------------------------------------------------
                                                           Premium                                  Implied Valuation
                                            --------------------------------------------------------------------------------------
                                Number of           25th                      75th            25th                          75th
                                  Deals       Percentile    Median      Percentile      Percentile        Median      Percentile
    ------------------------------------------------------------------------------------------------------------------------------
    One Week Prior
       All Transactions                82           11.5%     18.6%           38.0%       $  12.54      $  13.34        $  15.52
       Financial Institutions          18            8.5      18.5            29.1           12.20         13.33           14.53
       All Cash                        63           12.8      21.3            38.6           12.69         13.65           15.59

    Four Weeks Prior
       All Transactions                82            6.4%     21.8%           41.8%       $  10.30      $  11.80        $  13.74
       Financial Institutions          18            4.2      19.7            33.2           10.09         11.60           12.90
       All Cash                        63            9.2      23.7            43.3           10.57         11.98           13.88

                                            ----------------------------------------------------------------------
                                              Financial Institutions     One Week                       $  13.49
                                                                         Four Weeks                        11.77
                                            ----------------------------------------------------------------------
                                            ----------------------------------------------------------------------
                                              All Cash                   One Week                          13.74
                                                                         Four Weeks                        12.09
                                            ----------------------------------------------------------------------
</TABLE>

N.B. Includes all non-withdrawn transactions with a value greater than $40
million involving a domestic minority target firm
<PAGE>

                                                                PROJECT GRISWOLD

Going Private Transactions:
Implied Premiums Analysis Since 1999

<TABLE>
<CAPTION>
   ACQUIRORS HOLDING 40% OR MORE AT ANNOUNCEMENT, 1999 - TODAY
   -------------------------------------------------------------------------------------------------------------------------------
                                                        Premium                                   Implied Valuation
                               Number of         25th                     75th           25th                               75th
                                 Deals     Percentile    Median     Percentile     Percentile          Median         Percentile
   -------------------------------------------------------------------------------------------------------------------------------
   <S>                         <C>         <C>          <C>         <C>            <C>             <C>                <C>
   One Week Prior

     All Transactions                 32         10.4%     23.3%          42.9%       $ 12.42         $ 13.87           $  16.08
     Financial Institutions            8         36.5      39.9           54.7          15.36           15.74              17.41
     All Cash                         27         17.1      30.7           45.1          13.18           14.70              16.32

   Four Weeks Prior

     All Transactions                 32         15.6%     38.3%          52.4%       $ 11.20         $ 13.40           $  14.77
     Financial Institutions            8         41.2      49.2           66.2          13.68           14.46              16.10
     All Cash                         27         25.6      41.2           53.9          12.17           13.68              14.91


   ACQUIRORS HOLDING 60% OR MORE AT ANNOUNCEMENT, 1999 - TODAY
   -------------------------------------------------------------------------------------------------------------------------------
                                                        Premium                                   Implied Valuation
                               Number of         25th                     75th           25th                               75th
                                 Deals     Percentile    Median     Percentile     Percentile          Median         Percentile
   -------------------------------------------------------------------------------------------------------------------------------
   One Week Prior

     All Transactions                 22          3.6%     20.9%          42.2%       $ 11.66         $ 13.60           $  16.00
     Financial Institutions            5         29.5      39.5           40.3          14.57           15.70              15.78
     All Cash                         20          8.9      21.3           42.9          12.25           13.64              16.08

   Four Weeks Prior

     All Transactions                 22         14.8%     38.7%          54.2%       $ 11.12         $ 13.44           $  14.94
     Financial Institutions            5         35.1      43.3           64.8          13.08           13.88              15.97
     All Cash                         20         17.8      40.0           55.8          11.41           13.56              15.10

                                           -------------------------------------------------------------------
                                            Financial Institutions  One Week                          $ 15.72
                                                                    Four Weeks                          14.17
                                           -------------------------------------------------------------------
                                           -------------------------------------------------------------------
                                            All Cash                One Week                            14.17
                                                                    Four Weeks                          13.62
                                           -------------------------------------------------------------------
</TABLE>

N.B. Includes all non-withdrawn transactions with a value greater than $40
million involving a domestic minority target firm
<PAGE>

                                                                PROJECT GRISWOLD

Discounted Cash Flow Analysis

<TABLE>
<CAPTION>
                                                                               2000      2001         2002       2003         2004
   ---------------------------------------------------------------------------------------------------------------------------------
   <S>                                                                    <C>           <C>         <C>         <C>         <C>
   EBITDA (a)                                                             $   129.1     $136.2      $156.9      $173.3     $  191.5
     Less: Taxes (b)                                                          (56.8)     (59.9)      (69.0)      (76.3)       (84.2)
                                                                          ---------     ------      ------      ------     --------
   After-tax Cash Flows                                                        72.3       76.3        87.8        97.0        107.2

   Depreciation - CapEx                                                         0.0        0.0         0.0         0.0          0.0
   Change in Working Capital (c)                                              (10.0)      (4.4)       (8.3)       (8.3)        (9.2)
   Estimated Engemann Liability (d)                                           (50.0)       ---         ---         ---          ---
   Terminal value (e)                                                           ---        ---         ---         ---      1,723.2
                                                                          ---------     ------      ------      ------     --------
     Total cash flows                                                     $    12.3     $ 71.9      $ 79.6      $ 88.8     $1,821.2
     Present value of cash flows at June 30, 2000 (e)                     $ 1,238.7
     Less: Net Debt (f)                                                      (168.1)
                                                                          ---------
     ------------------------------------------------------------------------------
        Equity Value                                                      $ 1,070.6
        Equity Value per Share (g)                                        $   19.23
     ------------------------------------------------------------------------------

                                                            Discount           Assumed Terminal Multiple on EBITDA
                                                                      ---------------------------------------------------
                                                            Rate (h)       7.0 x         8.0 x       9.0 x      10.0 x
                                                                      ---------------------------------------------------
                                                            12.00 %       $15.94        $18.00      $20.07     $ 22.13
                                                            13.00          15.26         17.24       19.23       21.21
                                                            14.00          14.61         16.52       18.42       20.33
                                                                                     ------------------------------------
                                                            15.00          13.99         15.82       17.66       19.49
                                                            16.00          13.40         15.16       16.93       18.69
</TABLE>


   N.B. Based on a weighted average cost of capital of 13.00%.
   (a) 2000-02 from PXP 2000 Financial Plan; thereafter based on an EBITDA long
       term growth rate of 10.5%.
   (b) Assumes an effective tax rate of 44.0%, per PXP management.
   (c) Assumed equal to one-twelfth the change in expense and one-fourth the
       change in revenue.
   (d) Payable at Engemann's option on September 3, 2000.
   (e) Calculated using terminal multiple of 9.0x 2004 EBITDA and 13.00%
       discount rate.
   (f) Excludes convertible debentures which are assumed to have been converted
       into shares of common stock.
   (g) Based on 55.7 million diluted shares (option data as of 6/30/00), using
       the treasury method.
   (h) See Appendix: (i) Summary of Equity Betas and (ii) Weighted Average
       Cost of Capital.
<PAGE>

                                                                PROJECT GRISWOLD

Selected Private Market Asset Management Transactions(a)

<TABLE>
<CAPTION>
In Millions
                       Acquiror                                                    Target
                                      --------------------------------------------------------------------------------------------
 Announce                                                                                       Product Info
   Date        Name                   Name                    AUM     % Mut. Fund   % Inst.   % HNW    Equity    FI     Money Mkt.
- ----------     -------------------    --------------------------------------------------------------------------------------------
<S>            <C>                    <C>                   <C>       <C>           <C>       <C>      <C>      <C>     <C>
  06/20/00     Alliance Capital       Sanford C.
               Management             Bernstein & Co         85,500           -       62.8     37.2%    80.0%    19.0%     1.0%

  06/20/00     Old Mutual Plc         United Asset
                                      Management            188,000        25.0       64.8     10.1     88.0     19.0      1.0

  06/16/00     CDC Asset Mgmt.        Nvest, L.P.           134,000        27.6       64.9      7.5     42.0     48.0     10.0

  06/12/00     Liberty Financial      Wanger Asset
               Companies              Mgmt., LP               9,133        91.6        8.4        -     91.7        -      8.3

  05/15/00     Unicredito Italiano    Pioneer Group          24,500        95.6        4.4       na     94.2      4.0      1.8
               Group

  01/13/00     Charles Schwab         U.S. Trust Corp.       86,000        12.6       19.4     68.0     54.0     46.0       na

  11/01/99     Allianz AG             PIMCO Advisors LP     256,153        17.0       83.0       na     33.0     66.0      1.0

  08/10/98     Northwestern Mutual    Frank Russell
               Life                   Company                42,000           -      100.0       na     67.0     23.0     10.0

  11/05/97     PIMCO Advisors L.P.    Oppenheimer Capital    61,393        13.0       87.0       na     82.0     13.0      5.0

<CAPTION>
                      Acquiror                      FV as a      FV as a Multiple of:      Price as a Multiple of:
                                                                ----------------------    -------------------------
 Announce                               Purchase   Percent of     LTM           LTM           LTM           LTM
   Date        Name                       Price       AUM       Revenues       EBITDA      Pretax Inc.    Net Inc.
- ----------     -------------------     ----------------------------------------------------------------------------
<S>            <C>                     <C>         <C>          <C>            <C>         <C>           <C>
  06/20/00     Alliance Capital
               Management               3,500.0         nd          nd          10.5x           nd            nd

  06/20/00     Old Mutual Plc           1,460.0       1.18        2.5x           7.1          13.0x         22.6x


  06/16/00     CDC Asset Mgmt.          1,909.0       1.64        3.4           12.3          18.2            na

  06/12/00     Liberty Financial
               Companies                  388.0       4.21         nd             nd            nd            nd

  05/15/00     Unicredito Italiano
               Group                    1,226.0       5.14        5.7           18.5          26.7          40.3

  01/13/00     Charles Schwab           2,700.0       3.14        5.1           18.1          29.8          34.6

  11/01/99     Allianz AG               3,220.1       1.85        5.0           15.6          20.5          22.0

  08/10/98     Northwestern Mutual
               Life                     1,200.0         nd         nd             nd            na            nd

  11/05/97     PIMCO Advisors L.P.        792.8       1.91        5.7           12.6          12.8          21.0

                                       ----------------------------------------------------------------------------
                                         Mean         2.89%       4.5x          13.9x         17.8x         27.3x

                                         Median       2.86        5.0           12.6          15.6          22.3
                                       ----------------------------------------------------------------------------
</TABLE>

N.B. "nd" indicates that transaction pricing was not publicly disclosed,
     although actual pricing has been incorporated into the mean and median.

(a)  Based upon selected transactions since 1997 involving a domestic asset
     manager with purchase price greater than $300 million.
<PAGE>

                                                                PROJECT GRISWOLD

APPENDIX
<PAGE>

                                                                PROJECT GRISWOLD

Going Private Transactions Deal List

<TABLE>
<CAPTION>
                       Per Share     % Change
                    --------------
        Date        Initial  Final From Initial                                                                Deal
- -------------------                                                                                           Value     %      %
Announced Completed  Price   Price    Offer   Acquiror Name                   Target Name                      ($M)   Stock   Cash
===================================================================================================================================
<S>       <C>        <C>     <C>   <C>        <C>                             <C>                            <C>
4/25/00   Pending   $ 8.00  $ 8.00       -    Investor Group                  MPW Industrial Services Group  $  122.4    -    100.0%
4/24/00   Pending    18.75   26.40    40.8%   Investor Group                  Cherry Corp                       144.5    -    100.0
3/27/00   6/27/00    44.00   50.50    14.8    Hartford Financial Services     Hartford Life(ITT Hartford)     1,324.6    -    100.0
3/23/00   Pending     3.40     -         -    Security Capital Group Inc      Homestead Village Inc             130.1    -    100.0
3/21/00   4/20/00    41.50   41.95     1.1    Citigroup Inc                   Travelers Property Casualty     2,449.3    -    100.0
3/17/00   Pending    71.00     -         -    BP Amoco PLC                    Vastar Resources Inc            1,335.5    -    100.0
2/22/00   Pending    62.01   62.01       -    Global Crossing Ltd             IXnet Inc(IPC Information)        876.9  100.0    -
2/14/00   Pending    71.50   71.50            Healtheon/WebMD Inc             CareInsite Inc(Synetic Inc)     1,883.8  100.0    0.0
1/31/00   Pending    15.00   15.00       -    Thermo Instrument Systems Inc   Thermo Optek Corp                  51.8    -    100.0
1/31/00   Pending    17.00   17.00       -    Thermo Instrument Systems Inc   ThermoQuest Corp                   96.9    -    100.0
1/31/00   Pending    28.00   28.00       -    Thermo Instrument Systems Inc   Thermo BioAnalysis(Thermo)        167.9    -    100.0
1/19/00   4/19/00    10.50   12.50    19.0    Metropolitan Life Insurance Co  Conning Corp                       84.6    -    100.0
1/19/00   Pending    49.00   49.00       -    Dexter Corp                     Life Technologies Inc(Dexter)     356.9    -    100.0
1/19/00   2/9/00     23.50   23.50       -    Elyo(Suez Lyonnaise des Eaux)   Trigen Energy Corp                159.2    -    100.0
1/11/00   Pending    21.00   21.00       -    Investor Group                  Hayes Lemmerz International       165.2    -    100.0
12/21/99  12/21/99     -       -         -    Guardian Industries Corp        OIS Optical Imaging Systems        40.2    -    100.0
12/8/99   Pending      -       -         -    Heico Companies LLC             Robertson-Ceco Corp                49.6    -    100.0
12/1/99   Pending    13.25   16.50    24.5    Boise Cascade Corp              Boise Cascade Office Products     205.3    -    100.0
11/16/99  Pending     6.00    6.00       -    Thermo Electron Corp            Thermo TerraTech Inc(Thermo)       80.7  100.0    0.0
11/12/99  Pending    17.00   17.00       -    Cordant Technologies Inc        Howmet International Inc          261.4    -    100.0
11/5/99   11/5/99    36.50   36.50       -    Discount Investment Corp(IDB)   PEC Israel Economic Corp          205.8    -    100.0
9/20/99   Pending    22.00   22.00       -    Elyo(Suez Lyonnaise des Eaux)   Trigen Energy Corp                132.7    -    100.0
9/3/99    Pending    10.30   10.30       -    Investor Group                  Digital Link Corp                  50.7    -    100.0
7/29/99   Pending     8.75    8.75       -    Cactus Acquisitions Inc         Western Beef Inc                   89.2    -    100.0
6/8/99    7/28/99    37.00   37.00       -    Merck E(Merck AG)               WWR Scientific Products Corp      581.1    -    100.0
5/7/99    7/30/99    35.62   35.62       -    McDermott International Inc     J Ray McDermott SA                514.5    -    100.0
4/12/99   6/30/99     8.00   10.00    25.0    Investor Group                  Meadowcraft Inc                    53.2    -    100.0
4/1/99    8/15/99     2.00    2.90    45.0    Vivendi SA                      Aqua Alliance Inc                 117.1    -    100.0
3/24/99   9/21/99    25.00   28.00    12.0    Warburg, Pincus Ventures Inc    Knoll Inc(Warburg, Pincus)        490.8    -    100.0
3/21/99   7/1/99      9.00    9.75     8.3    Viacom Inc(Natl Amusements)     Spelling Entertainment Group      191.6    -    100.0
2/8/99    2/8/99     17.00   17.00       -    Cordant Technologies Inc        Howmet International Inc          385.1    -    100.0
1/6/99    3/1/99     14.00   14.00       -    Marriott International Inc      ExecuStay Corp                     64.8    -    100.0
12/3/98   4/8/99      9.75   11.00    12.8    Fairchild Corp                  Banner Aerospace Inc               82.4  100.0    -
12/2/98   4/23/99    20.00   24.50    22.5    Pinault-Printemps Redoute       Brylane Inc                       230.6    -    100.0
11/12/98  5/14/99     8.00    8.00       -    UtiliCorp United Inc            Aquila Gas Pipeline Corp           43.2    -    100.0
10/27/98  12/14/98   29.00   33.25    14.7    Allmerica Financial Corp        Citizens Corp(Hanover Ins Co)     212.4    -    100.0
10/22/98  4/29/99    15.50   20.50    32.3    Bank of America National Trust  BA Merchant Sves(Bank America)    339.4    -    100.0


<CAPTION>
                                  Offer Premium            Held at
                           -------------------------
        Date                   1 Week      4 Week           Ann         Percent
- -------------------
Announced Completed             Prior       Prior           Date         Sought
====================================================================================
<S>       <C>                 <C>         <C>              <C>          <C>
4/25/00   Pending                58.0%       16.4%           52.4%         -
4/24/00   Pending               109.1        70.3            51.1         48.9%
3/27/00   6/27/00                40.3        43.3            80.4         18.3
3/23/00   Pending                29.5        64.8            72.3          -
3/21/00   4/20/00                39.5        35.1            85.0         15.0
3/17/00   Pending                15.4        44.9            80.1          -
2/22/00   Pending                22.8        25.9            72.4          -
2/14/00   Pending                (0.7)       (3.4)           64.9          -
1/31/00   Pending                (5.1)       41.2            90.0          -
1/31/00   Pending                47.0        61.9            85.4          -
1/31/00   Pending                55.6        53.4            70.1          -
1/19/00   4/19/00                38.9        52.1            56.6          -
1/19/00   Pending                 -           -              70.0          -
1/19/00   2/9/00                 42.4        31.9            49.6          -
1/11/00   Pending                23.5        38.8            72.0          -
12/21/99  12/21/99                -           -              79.6          -
12/8/99   Pending                 -           -              69.2          -
12/1/99   Pending                55.3        60.0            80.5          -
11/16/99  Pending                (9.4)       11.6            53.7          -
11/12/99  Pending                18.8        38.1            84.6          -
11/5/99   11/5/99                 1.0         2.8            69.3          -
9/20/99   Pending                20.5        18.1            49.6          -
9/3/99    Pending                23.0        32.9            42.4          -
7/29/99   Pending                42.9        38.6            71.4          -
6/8/99    7/28/99                30.7        46.5            49.9         50.1
5/7/99    7/30/99                13.1        19.2            63.0         37.0
4/12/99   6/30/99                63.3        77.8            73.0         27.0
4/1/99    8/15/99                19.0       101.7            77.8         22.2
3/24/99   9/21/99                51.9        46.4            58.2          -
3/21/99   7/1/99                 43.1        54.5            80.9         19.1
2/8/99    2/8/99                 11.5        13.3            62.0          -
1/6/99    3/1/99                  7.2         9.8            42.8         55.0
12/3/98   4/8/99                 41.9        40.8            69.2          -
12/2/98   4/23/99                88.5        44.1            49.0         49.2
11/12/98  5/14/99                17.4        68.4            81.6         18.4
10/27/98  12/14/98               17.2        20.9            81.8         18.2
10/22/98  4/29/99                56.2        42.0            65.4          -
</TABLE>

Source: Thompson Financial Securities Data
<PAGE>

                                                                PROJECT GRISWOLD

Going Private Transactions Deal List (continued)

<TABLE>
<CAPTION>

                          Per Share              % Change
                   ------------------------
       Date            Initial    Final        From Initial
- -------------------
Announced Completed     Price     Price           Offer       Acquiror Name                       Target Name
- -----------------------------------------------------------------------------------------------------------------------------------
<S>                  <C>        <C>            <C>            <C>                                 <C>
10/16/98  2/12/99    $  19.00   $  19.00               -      Affiliated Computer Services        BRC Holdings Inc
 10/5/98   3/1/99       13.10      13.10               -      Apartment Investment & Mgmt Co      Insignia Properties Trust
 9/29/98  10/7/98       25.37      25.37               -      Newmont Mining Corp                 Newmont Gold Co
 9/23/98  2/25/99       10.46      11.44             9.4%     Inland Steel Industries Inc         Ryerson Tull Inc
 9/23/98 12/17/98        5.75       6.38            11.0      Usinor SA                           J&L Specialty Steel Inc
  9/8/98 12/15/98       25.50      30.00            17.6      Investor Group                      PEC Israel Economic Corp
 8/24/98 11/19/98       20.77      20.77               -      Liberty Media(Tele-Commun)          Tele-Commun Intl(Tele-Commun)
 8/19/98  8/19/98       24.00      24.00               -      Tracinda Corp                       Metro-Goldwyn-Mayer Inc
  7/7/98 12/23/98       37.00      39.13             5.7      Dexter Corp                         Life Technologies Inc(Dexter)
 5/11/98  6/10/98       12.10      12.10               -      Fairchild Corp                      Banner Aerospace Inc
 4/30/98  11/2/98       20.50      28.00            36.6      Dow AgroSciences(Dow Chemical)      Mycogen Corp(Dow AgroSciences)
 3/31/98  3/26/99        7.00       7.00               -      Thermedics(Thermo Electron)         Thermo Voltek Corp
 3/27/98  7/15/98       18.25      18.25               -      ISP Holdings Inc                    Intl Specialty Prods
 3/17/98  7/31/98       48.00      63.00            31.3      Investor Group                      BET Holdings Inc
 3/16/98  11/5/98       17.00      12.00           (29.4)     Trace International Holdings        Foamex International Inc
 3/10/98  3/25/98       13.63      13.63               -      IP Forest Resources Co              IP Timberlands Ltd
  3/5/98  5/20/98       20.00      20.00               -      Xerox Corp                          XLConnect Solutions Inc
  2/6/98  3/18/98       12.00      12.00               -      Kohlberg Kravis Roberts & Co        PRIMEDIA Inc
 1/29/98  1/29/98       27.60      27.60               -      Flowers Industries Inc              Keebler Foods Co
 1/22/98  9/29/98       10.50      13.75            31.0      Buhrmann NV                         BT Office Products Intl Inc
 1/20/98  4/16/98       17.50      17.50               -      World Access Inc                    NACT Telecommunications(GST)
  1/8/98  1/30/98       13.00      13.00               -      Rayonier Inc                        Rayonier Timberlands LP
12/18/97  Pending       33.00      33.00               -      Telephone and Data Systems Inc      United States Cellular Corp
12/18/97       NA        8.00       8.00               -      Telephone and Data Systems Inc      Aerial Communications Inc
10/20/97  6/24/98       25.00      29.70            18.8      HSN Inc                             Ticketmaster Group Inc
 8/29/97 12/29/97       19.50      22.50               -      Rexel SA (Pinault-Printemps)        Rexel Inc
  7/9/97 12/23/97       24.00      22.05               -      Investor Group                      Seaman Furniture Co
 6/26/97 11/26/97       97.00      92.00               -      Rhone-Poulenc SA (France            Rhone-Poulenc Rorer Inc
 6/20/97  3/30/98       15.00      16.50               -      Waste Management Inc                Wheelabrator Technologies Inc
 6/13/97  3/26/98       52.75          -               -      Hilton Hotels Corp                  Bally's Grand Inc
  6/2/97  7/15/97       40.00      40.00               -      Anthem Inc                          Acordia Inc (Anthem Inc)
 5/22/97  7/30/97       14.25      15.50               -      Texas Industries Inc                Chaparral Steel Co
 5/14/97 11/18/97       32.00      33.94               -      Enron Corp                          Enron Global Power & Pipelines
  3/3/97  12/3/97       37.00      37.00               -      American Financial Group Inc        American Finl Enterprises Inc
 2/25/97   8/5/98       60.00          -               -      Petrofina SA                        Fina Inc
 1/28/97  5/21/97        7.25       8.00            10.3      Monsanto Co                         Calgene Inc (Monsanto Co)
 1/21/97   7/9/97       38.50      33.50           (13.0)     Mafco Holdings                      Mafco Consolidated Grp (Mafco)
 1/13/97   9/4/97       36.00      39.50             9.7      Zurich Group                        Zurich Reinsurance Centre Holding
12/17/96  7/16/97       29.00      33.00            13.8      Allmerica Financial Corporation     Allmerica Property & Casualty
11/27/96  3/27/97       14.25      14.25               -      JW Childs Equity Partners LP        Central Tractor Farm & Country
10/14/96  5/31/94       11.00      12.10            10.0      Valero Energy Corp                  Valero Natural Gas Partners LP
10/13/96   4/6/94       27.25      27.75             1.8      Medco Containment Services Inc      Medical Marketing Group Inc

<CAPTION>

                          Deal                               Offer Premium       Held at
                                                         ---------------------
       Date               Value       %          %         1 Week     4 Week       Ann      Percent
- -------------------
Announced Completed       ($M)      Stock       Cash       Prior       Prior       Date     Sought
- -----------------------------------------------------------------------------------------------------
<S>                     <C>         <C>        <C>       <C>          <C>        <C>        <C>
10/16/98  2/12/99       $  131.9        -      100.0%        16.9%      15.2%       63.0%         -
 10/5/98   3/1/99           63.6    100.0%         -          7.5          -        75.0          -
 9/29/98  10/7/98          264.8    100.0          -         20.8       62.4        93.8        6.3%
 9/23/98  2/25/99           61.2    100.0          -        (11.6)     (40.8)       86.4          -
 9/23/98 12/17/98          115.0        -      100.0        112.5       37.8        53.5       46.5
  9/8/98 12/15/98          102.7        -      100.0         28.0       23.7        81.4       18.6
 8/24/98 11/19/98          379.1    100.0        0.0         (4.5)      (9.9)       81.1          -
 8/19/98  8/19/98          394.8        -      100.0         51.8        9.4        65.0          -
  7/7/98 12/23/98          215.8        -      100.0         24.7       19.0        78.0       22.0
 5/11/98  6/10/98           48.4    100.0          -          0.3        2.4        67.0       14.0
 4/30/98  11/2/98          379.3        -      100.0         40.0       52.4        62.2       37.8
 3/31/98  3/26/99           43.9        -      100.0         60.0       40.0        50.0          -
 3/27/98  7/15/98          324.5    100.0        0.0          1.7       14.5        79.9          -
 3/17/98  7/31/98          462.3        -      100.0         58.5       58.2        57.9       42.1
 3/16/98  11/5/98          166.6        -      100.0        (14.7)      (9.4)       43.3          -
 3/10/98  3/25/98           99.5        -      100.0            -          -        84.4          -
  3/5/98  5/20/98           93.0        -      100.0         15.1       22.1        69.7          -
  2/6/98  3/18/98          200.0        -      100.0         (5.9)         -        71.7          -
 1/29/98  1/29/98          309.1        -      100.0            -          -        41.8          -
 1/22/98  9/29/98          138.1        -      100.0         78.9       78.9        70.0          -
 1/20/98  4/16/98           53.1    100.0          -         12.5       16.7        61.0          -
  1/8/98  1/30/98           65.8        -      100.0         25.3       17.5        74.7          -
12/18/97  Pending          539.2    100.0          -          2.3        1.1        80.7       19.3
12/18/97       NA          107.6    100.0        0.0        325.8      288.2        82.1       17.9
10/20/97  6/24/98          340.8     50.0       50.0          8.1       31.6        44.6       55.4
 8/29/97 12/29/97          250.8        -      100.0          3.3        5.4        50.6       49.4
  7/9/97 12/23/97           31.6        -      100.0         21.5       21.5        66.9       33.1
 6/26/97 11/26/97        4,000.6        -      100.0         16.5       22.7        31.4       34.3
 6/20/97  3/30/98          774.7        -      100.0         16.5       18.8        34.0       33.0
 6/13/97  3/26/98           42.6        -      100.0         29.8       31.1        86.2        6.9
  6/2/97  7/15/97          172.7        -      100.0         11.5       26.0        66.8       33.2
 5/22/97  7/30/97           65.9        -      100.0         15.2       18.8        60.0       18.7
 5/14/97 11/18/97          403.9    100.0          -          7.6       13.3        41.6       49.4
  3/3/97  12/3/97           83.6    100.0                       -          -        83.0       17.0
 2/25/97   8/5/98          257.0        -      100.0         18.5       21.5        70.6       14.7
 1/28/97  5/21/97          242.6        -      100.0         60.0       60.0        44.6       43.7
 1/21/97   7/9/97          116.8        -      100.0         23.5       27.6        85.0       15.0
 1/13/97   9/4/97          322.5        -      100.0         18.5       12.1        65.7       34.3
12/17/96  7/16/97          796.9     47.0       53.0         12.8       15.3        59.5       40.5
11/27/96  3/27/97           53.6        -      100.0         21.3       26.7        64.5       35.5
10/14/96  5/31/94          117.4        -      100.0         29.1       36.3        49.0       51.0
10/13/96   4/6/94          122.5        -      100.0           NA       (5.9)       51.5       48.5
</TABLE>

Source: Thompson Financial Securities Data
<PAGE>

                                                                PROJECT GRISWOLD

Going Private Transactions Deal List (continued)

<TABLE>
<CAPTION>
                              Per Share     % Change                                                                        Deal
                           --------------
            Date           Initial  Final  From Initial                                                                    Value
   ----------------------
     Announced Completed    Price   Price     Offer      Acquiror Name                   Target Name                        ($M)
   -------------------------------------------------------------------------------------------------------------------------------
     <S>                   <C>     <C>     <C>           <C>                             <C>                          <C>
     10/10/96   11/27/96   $ 10.00 $ 10.00       -%      Renco Group Inc                 WCI Steel Inc                    $   56.5
     9/9/96     9/23/96          -   11.05       -       Highwoods Property              Crocker Realty Trust Inc             73.7
     8/8/96     9/17/96      41.00   41.00       -       Chemed Corp                     Roto-Rooter Inc                      88.3
     7/31/96    11/13/96      8.00    8.00       -       Monsanto Co                     Calgene Inc (Monsanto Co)            50.0
     5/27/96    2/16/97      17.00   19.50       -       Sandoz Ltd (Novartis)           SyStemix Inc                         76.2
     5/10/96    12/11/96     23.52   23.52    34.0       PXRE Corp                       Transnational Re Corp               130.5
     5/7/96     7/3/96       17.50   18.50     5.7       Orion Capital Corp              Guaranty National Corp               85.1
     4/8/96     8/16/96      55.00   55.00       -       AirTouch Communications         Cellular Communications Inc       1,606.5
     3/29/96    4/26/96      50.00   50.00       -       Equity Holdings Ltd             Great American Mgmt & Invt Inc       55.6
     1/26/96    5/31/96      25.80   25.80       -       NationsBank Corp                Charter Bancshares Inc               94.7
     10/18/95   11/28/95     11.75   11.75       -       Rhone-Poulenc Rover Inc         Applied Immune Sciences Inc          84.6
     9/26/95    12/21/95     14.00   15.25     8.9       SCOR SA                         SCOR SA Corp                         55.4
     8/25/95    1/2/96       70.00   70.00       -       Berkshire Hathaway Inc          GEICO Corp                        2,347.0
     7/14/95    12/11/95     18.00   20.00    11.1       COBE Laboratories (Gambro AB)   REN Corp-USA                        177.7
     5/19/95    12/6/95      36.50   40.50    11.0       BICSA                           Bic Corp                            212.6
     4/7/95     10/3/95     127.50  129.90     1.9       McCaw Cellular Commun (AT&T)    LIN Bdcstg                        3,323.4
     4/5/95     8/2/95       26.25   32.00    21.9       Club Mediterranee SA            Club Med Inc                        153.4
     2/27/95    8/31/95      22.50   23.25     3.3       Conseco                         CCP Insurance Inc                   273.7
     2/27/95    6/22/95      22.00   20.63       -       Conseco                         Bankers Life Holding Corp           458.5
     2/7/95     7/12/95      14.00   16.35    16.8       WMX Technologies Inc            Rust International Inc               50.5
     1/31/95    2/1/95           -   69.54       -       Sandoz AG                       Systemix Inc                         80.0
     1/18/95    8/9/95       26.00   29.00    11.5       Arcadian Crop                   Arcadian Partners LP                428.4
     12/28/94   4/28/95      20.00   20.00       -       Fleet Financial Group Inc       Fleet Mortgage Group Inc            188.1
     11/2/94    9/27/95      28.00   30.00     7.1       PacifiCorp                      Pacific Telecom                     159.0
     9/8/94     5/12/95      22.50   25.50    13.3       GTE Corp                        Contel Cellular Inc (Contel)        254.3
     8/24/94    3/24/95      14.00   15.75    12.5       Dole Food Co Inc                Castle & Cooke Homes Inc             81.5
     6/6/94     12/29/94     18.38   18.38       -       Ogden Corp                      Ogden Projects Inc                  110.3
     4/26/94    7/26/94       4.48    4.48       -       Burlington Resources Inc        Diamond ShamrocO Offshore            42.6
     2/17/94    9/15/94      84.75   84.75       -       EW Scripps (Edward Scripps Tr)  Scripps Howard Broadcasting Co      115.9
     1/7/94     2/23/94       7.65    7.65       -       Holderbank Financiere Glarus    Holnam Inc (Holdernam Inc)           51.7
     10/22/93   10/22/93     14.70   14.70       -       Manville Corp                   Riverwood International Corp         50.0
     9/20/93    12/10/93     48.00   46.00    (4.2)      Valley Fashions Corp            West Point-Pepperell Inc             66.3
     9/13/93    10/5/93      13.00    7.56   (41.8)      Blockbuster Entertainment Corp  Spelling Entertainment Inc          101.3
     3/22/93    5/7/93       25.00   30.00    20.0       New Marvel Holdings Inc         Marvel Entertainment Group Inc      300.0
     11/13/92   5/7/93       17.88   18.75     4.9       Rust International Inc          Brand Cas Inc                       185.0
     9/9/92     2/26/93      21.04   25.50    21.2       American Maize-Products Co      American Fructose Corp              130.3
     8/19/92    11/19/92     13.50   13.50       -       Investor Group                  FoxMeyer Corp (Natl Intergroup)      44.6
     8/17/92    12/31/92     14.72   25.78    75.1       Leucadia National Corp          PHLCORP Inc                         139.9
     3/2/92     7/14/92      16.50   19.00    15.2       WR Grace & Co                   Grace Energy Corp                    77.3
     2/6/92     7/30/92       6.00    7.25    20.8       Charter Co (American Financial) Spelling Entertainment Inc           43.0

<CAPTION>
                                                  Offer Premium      Held at
                                                -----------------
            Date                  %        %     1 Week   4 Week       Ann      Percent
   ----------------------
     Announced Completed        Stock    Cash     Prior    Prior       Date     Sought
   -------------------------------------------------------------------------------------
     <S>                      <C>     <C>        <C>      <C>        <C>        <C>
     10/10/96   11/27/96          -     100.0      29.0     77.8       84.5      15.5
     9/9/96     9/23/96           -     100.0       0.5      0.5       77.1      22.9
     8/8/96     9/17/96           -     100.0      20.6     19.7       54.9      45.1
     7/31/96    11/13/96          -     100.0      80.3     39.1       49.0       4.7
     5/27/96    2/16/97           -     100.0      69.5     59.2       73.0      27.0
     5/10/96    12/11/96      100.0         -      16.5      9.9       22.3      77.7
     5/7/96     7/3/96            -     100.0      15.6     22.3       49.5      30.7
     4/8/96     8/16/96           -     100.0       7.8      6.3       40.0      60.0
     3/29/96    4/26/96           -     100.0       4.2      3.6       87.9      12.1
     1/26/96    5/31/96       100.0         -      15.9     22.8       42.0      58.0
     10/18/95   11/28/95          -     100.0      51.6     38.2       46.0      54.0
     9/26/95    12/21/95          -     100.0      35.6     38.6       80.0      20.0
     8/25/95    1/2/96            -     100.0      23.1     25.3       52.4      47.6
     7/14/95    12/11/95          -     100.0      20.3     26.0       53.0      47.0
     5/19/95    12/6/95           -     100.0      12.5     28.6       78.0      22.0
     4/7/95     10/3/95           -     100.0       6.7      1.3       52.0      48.0
     4/5/95     8/2/95            -     100.0      39.9     44.6       67.0      33.0
     2/27/95    8/31/95           -     100.0      30.1     23.2       48.1      51.9
     2/27/95    6/22/95           -     100.0      21.4      6.0       63.2      36.8
     2/7/95     7/12/95           -     100.0      39.1     39.1       96.3       3.7
     1/31/95    2/1/95            -     100.0     315.2    303.1       60.0      11.6
     1/18/95    8/9/95            -      50.0      21.5     26.1       45.0      55.0
     12/28/94   4/28/95           -     100.0      18.5     18.5       81.0      19.0
     11/2/94    9/27/95           -     100.0      23.7     23.7       86.6      13.4
     9/8/94     5/12/95           -     100.0      37.8     36.0       90.0      10.0
     8/24/94    3/24/95           -     100.0      41.6     55.6       81.7      18.3
     6/6/94     12/29/94      100.0         -      17.6     20.5       84.2      15.8
     4/26/94    7/26/94           -     100.0      (0.4)     5.4       87.1      12.9
     2/17/94    9/15/94       100.0         -      13.0     13.0       86.0      14.0
     1/7/94     2/23/94           -     100.0      15.5      7.4       95.0       5.0
     10/22/93   10/22/93          -     100.0      12.0      8.9       80.5       1.0
     9/20/93    12/10/93          -     100.0     (19.8)   (19.8)      95.1       4.9
     9/13/93    10/5/93       100.0         -      (5.5)     0.8       50.3      20.9
     3/22/93    5/7/93            -     100.0      42.9     58.9       59.6      20.7
     11/13/92   5/7/93         30.0      70.0      13.6      4.9       55.8      44.2
     9/9/92     2/26/93       100.0         -      23.6     29.1       42.7      57.3
     8/19/92    11/19/92          -     100.0      18.7      1.9       66.5      10.4
     8/17/92    12/31/92      100.0         -      15.2     28.9       63.1      36.9
     3/2/92     7/14/92           -     100.0      21.6      7.8       83.4      16.6
     2/6/92     7/30/92           -         -      45.0     45.0       82.3      17.7
</TABLE>

Source:  Thompson Financial Securities Data

<PAGE>

                                                                PROJECT GRISWOLD

Summary of Equity Betas

   *      As of July 24, 2000
   *      Betas are estimated using weekly data

<TABLE>
<CAPTION>
   ---------------------------------------------------------------------------------------------
                                                2-Year Beta                5-Year Beta

          Company                           Raw       Adjusted/(1)/     Raw        Adjusted/(1)/
   ----------------------               -----------  --------------   ---------  ---------------
   <S>                                  <C>          <C>              <C>        <C>
   ---------------------------------------------------------------------------------------------
   Phoenix Investment Partners               0.52        0.70           0.52          0.70
   ---------------------------------------------------------------------------------------------


   Affiliated Managers Group                 1.56        1.39           1.37          1.27
   AMVESCAP PLC                              1.29        1.22           1.11          1.09
   BlackRock/(2)/                            0.99        1.01           0.99          1.01
   Eaton Vance                               0.83        0.90           0.67          0.80
   Federated Investors, Inc.                 0.55        0.72           0.53          0.71
   Franklin Resources                        1.48        1.34           1.49          1.35
   Gabelli Asset Management/(3)/             0.20        0.49           0.20          0.49
   John Nuveen                               0.42        0.63           0.38          0.60
   Neuberger Berman/(4)/                     0.50        0.68           0.50          0.68
   T. Rowe Price Associates                  1.70        1.49           1.77          1.54
   Waddell & Reed Financial                  0.85        0.92           0.90          0.95

   ---------------------------------------------------------------------------------------------
   Median, excluding Phoenix                             0.92                         0.95
                                                      ----------                   -------------
   Median, excluding Phoenix, BLK, GBL and NEU           1.07                         1.02
   ---------------------------------------------------------------------------------------------
</TABLE>

   ____________________
   Source: SSB Financial Strategies Group
   (1) Adjusted to reflect a weighting with the market beta.
   (2) BLK's IPO was on October 1, 1999.
   (3) GBL's IPO was on February 1, 1999.
   (4) NEU's IPO was on October 7, 1999.

Notwithstanding the computed data, SSB believes that the equity beta for the
asset management industry should be in the 1.1 - 1.2 range.
<PAGE>

                                                                PROJECT GRISWOLD

Weighted Average Cost of Capital


   -----------------------------------------------------------------------------
                                                                Low       High
                                                              -------   --------
   Cost of Equity
   -----------------------------------------------------------------------------
   U.S. Risk Free Rate (10 Year U.S. Treasury)/(1)/            6.03%      6.03%

   Equity Market Risk Premium                                  5.50%      7.50%
   Equity Beta/(1)/                                            1.15       1.15
   -----------------------------------------------------------------------------
   Adjusted Equity Market Risk Premium                         6.33%      8.63%

   Cost of Equity                                             12.36%     14.66%


   Cost of Debt
   -----------------------------------------------------------------------------
   U.S. Risk Free Rate (10 Year U.S. Treasury)/(1)/            6.03%      6.03%
   Assumed Credit Spread                                       3.00%      3.00%
   -----------------------------------------------------------------------------
   Cost of Debt (Pretax)                                       9.03%      9.03%

   Effective Marginal Tax Rate/(2)/                           44.00%     44.00%
   -----------------------------------------------------------------------------
   Cost of Debt (Aftertax)                                     5.06%      5.06%


   Debt/Capitalization (Market)                               25.88%     25.88%


   Weighted Average Cost of Capital:                          10.47%     12.17%
   -----------------------------------------------------------------------------

   (1) As of 07/24/00.
   (2) Management estimates.
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
