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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman"><strong>UNITED
      STATES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Washington,
      D.C. 20549 </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman"><strong>FORM
      8-K </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Current
      Report </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of 1934
</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Date
      Of Report (Date Of Earliest Event Reported): April 20,
      2006</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 24pt; FONT-FAMILY: Times New Roman, serif"><strong>Highbury
      Financial Inc. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Exact
      name of Registrant as Specified in its Charter) </strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Commission
      File Number: 000-51682</strong></font></div>
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    <div>
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          <tr>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="left" valign="middle" width="34%">&#160;</td>
          </tr>
          <tr>
            <td valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Delaware</strong></font></div>
            </td>
            <td align="left" valign="bottom" width="1%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>20-1120600</strong></font></div>
            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(State
                of Other Jurisdiction Of</strong></font></div>
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                or Organization)</strong></font></div>
            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td valign="top" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(I.R.S.
                Employer</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Identification
                No.)</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>999
      Eighteenth Street, Suite 3000</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Denver,
      CO 80202 </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Address
      of Principal Executive Offices, Including Zip Code) </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(303)
      357-4802 </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Registrant&#8217;s
      Telephone Number, Including Area Code) </strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions: </font></div>
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            </td>
            <td align="left" valign="top" width="69%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
                communications pursuant to Rule 425 under the Securities Act (17
                CFR
                230.425) </font></div>
            </td>
          </tr>

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          <tr>
            <td align="left" valign="top" width="3%">
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                material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                240.14a-12) </font></div>
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                communications pursuant to Rule 14d-2(b) under the Exchange Act (17
                CFR
                240.14d-2(b)) </font></div>
            </td>
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          <tr>
            <td align="left" valign="top" width="3%">
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                communications pursuant to Rule 13e-4(c) under the Exchange Act (17
                CFR
                240.13e-4(c)) </font></div>
            </td>
          </tr>

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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">COMMENCING
      SHORTLY AFTER THE FILING OF THIS CURRENT REPORT ON FORM 8-K, HIGHBURY FINANCIAL
      INC. (&#8220;HIGHBURY&#8221;) INTENDS TO HOLD PRESENTATIONS FOR CERTAIN OF ITS STOCKHOLDERS,
      AS WELL AS OTHER PERSONS WHO MIGHT BE INTERESTED IN PURCHASING HIGHBURY
      SECURITIES, REGARDING ITS ACQUISITION OF SUBSTANTIALLY ALL OF THE U.S. MUTUAL
      FUND BUSINESS OF ABN AMRO ASSET MANAGEMENT (USA) PURSUANT TO AN ASSET PURCHASE
      AGREEMENT WITH ABN AMRO ASSET MANAGEMENT HOLDINGS, INC., ABN AMRO INVESTMENTS
      FUND SERVICES, INC., ABN AMRO ASSET MANAGEMENT, INC., MONTAG &amp; CALDWELL,
      INC., TAMRO CAPITAL PARTNERS LLC, VEREDUS ASSET MANAGEMENT LLC AND RIVER ROAD
      ASSET MANAGEMENT LLC, AS DESCRIBED IN THIS REPORT. THIS CURRENT REPORT ON FORM
      8-K WILL BE DISTRIBUTED TO PARTICIPANTS AT SUCH PRESENTATIONS.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">THINKEQUITY
      PARTNERS LLC (&#8220;TEP&#8221;) AND EARLYBIRD CAPITAL, INC. (&#8220;EBC&#8221;), THE UNDERWRITERS OF
      HIGHBURY&#8217;S INITIAL PUBLIC OFFERING (&#8220;IPO&#8221;) CONSUMMATED ON JANUARY 31, 2006, ARE
      ASSISTING HIGHBURY IN THESE EFFORTS WITHOUT CHARGE. UPON CONSUMMATION OF THE
      TRANSACTION, HOWEVER, HIGHBURY WILL PAY TEP AND EBC UP TO APPROXIMATELY
      $673,333, PLUS ACCRUED INTEREST NET OF TAXES PAYABLE, IN CONNECTION WITH THE
      DEFERRED NON-ACCOUNTABLE EXPENSE ALLOWANCE FROM HIGHBURY&#8217;S IPO, WHICH IS
      CURRENTLY BEING HELD IN HIGHBURY&#8217;S TRUST ACCOUNT. HIGHBURY AND ITS DIRECTORS AND
      EXECUTIVE OFFICERS AND TEP AND EBC MAY BE DEEMED TO BE PARTICIPANTS IN THE
      SOLICITATION OF PROXIES FOR THE SPECIAL MEETING OF HIGHBURY STOCKHOLDERS TO
      BE
      HELD TO APPROVE THE ACQUISITION. FURTHER INFORMATION REGARDING PERSONS WHO
      MAY
      BE DEEMED PARTICIPANTS WILL BE AVAILABLE IN HIGHBURY&#8217;S PROXY STATEMENT TO BE
      FILED WITH THE SECURITIES AND EXCHANGE COMMISSION (&#8220;SEC&#8221;) IN CONNECTION WITH THE
      ACQUISITION.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">STOCKHOLDERS
      OF HIGHBURY AND OTHER INTERESTED PERSONS ARE ADVISED TO READ, WHEN AVAILABLE,
      HIGHBURY&#8217;S DEFINITIVE PROXY STATEMENT IN CONNECTION WITH HIGHBURY&#8217;S SOLICITATION
      OF PROXIES FOR THE SPECIAL MEETING BECAUSE THIS PROXY STATEMENT WILL CONTAIN
      IMPORTANT INFORMATION. SUCH PERSONS CAN ALSO READ HIGHBURY&#8217;S FINAL PROSPECTUS,
      DATED JANUARY 25, 2006, FOR A DESCRIPTION OF THE SECURITY HOLDINGS OF THE
      HIGHBURY OFFICERS AND DIRECTORS AND OF TEP AND EBC AND THEIR RESPECTIVE
      INTERESTS IN THE SUCCESSFUL CONSUMMATION OF THIS BUSINESS COMBINATION. THE
      DEFINITIVE PROXY STATEMENT WILL BE MAILED TO STOCKHOLDERS AS OF A RECORD DATE
      TO
      BE ESTABLISHED FOR VOTING ON THE ACQUISITION. STOCKHOLDERS WILL ALSO BE ABLE
      TO
      OBTAIN A COPY OF THE DEFINITIVE PROXY STATEMENT, WITHOUT CHARGE, ONCE AVAILABLE.
      THE FINAL PROSPECTUS AND OTHER RELEVANT DOCUMENTS CAN ALSO BE OBTAINED, WITHOUT
      CHARGE, AT THE SEC&#8217;S INTERNET SITE (http://www.sec.gov) OR BY CONTACTING
      HIGHBURY&#8217;S SECRETARY AT HIGHBURY FINANCIAL INC., 999 18</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>TH</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      STREET,
      SUITE 3000, DENVER, COLORADO 80202.</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>ITEM
      1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>GENERAL;
      STRUCTURE OF ACQUISITION</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      April
      20, 2006, Highbury Financial Inc. (&#8220;Highbury&#8221;) (OTCBB: HBRF, HBRFU, HBRFW) and
      Aston Asset Management LLC, a newly formed Delaware limited liability company
      (&#8220;Aston&#8221;, and together with Highbury &#8220;the Highbury Entities&#8221;), entered into an
      Asset Purchase Agreement (&#8220;Asset Purchase Agreement&#8221;) with ABN AMRO Asset
      Management Holdings, Inc. (&#8220;AAAMHI&#8221;), ABN AMRO Investment Fund Services, Inc.
      (&#8220;AAIFS&#8221;), ABN AMRO Asset Management, Inc., (&#8220;AAAMI&#8221;), Montag &amp; Caldwell,
      Inc., (&#8220;Montag&#8221;), Tamro Capital Partners LLC, (&#8220;TAMRO&#8221;), Veredus Asset
      Management LLC, (&#8220;Veredus&#8221;), and River Road Asset Management, LLC, (&#8220;River Road&#8221;
and together with AAAMHI, AAIFS, AAAMI, Montag, TAMRO and Veredus individually
      referred to as a &#8220;Seller&#8221; and collectively as &#8220;Sellers&#8221;). Pursuant to the Asset
      Purchase Agreement, and subject to the satisfaction of the conditions set forth
      therein, the Highbury Entities will acquire substantially all of the Sellers&#8217;
business of providing investment advisory, administration, distribution and
      related services to the U.S. mutual funds (the &#8220;Target Funds&#8221;) specified in the
      Asset Purchase Agreement (collectively, the &#8220;Business&#8221;).</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      sale
      of the Business currently is expected to be consummated (the &#8220;Closing&#8221;) in the
      second half of 2006, after receipt of requisite approvals from (i) the
      stockholders of Highbury, (ii) the stockholders of the Target Funds and (iii)
      the trustees of the Target Funds.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      connection with the Closing, Aston will enter into agreements with each of
      the
      Sellers that currently manage the Target Funds pursuant to which each such
      Seller will act as a sub-advisor to the applicable Target Fund. Pursuant to
      the
      Asset Purchase Agreement the Sellers have agreed not to terminate these
      agreements for a period of five years following the Closing.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>CONSIDERATION</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the Asset Purchase Agreement, at the Closing the Highbury Entities will
      pay
      $38.6 million in cash to AAAMHI. On the second anniversary of the date of the
      Closing, the Asset Purchase Agreement provides for a contingent adjustment
      payment in cash as follows: in the event the annualized investment advisory
      fee
      revenue generated under investment advisory contracts between Aston and the
      Sellers applicable to the Target Funds for the six months prior to the second
      anniversary of the date of the Closing (&#8220;Target Revenue&#8221;) (x) exceeds $41.8
      million, the Highbury Entities will pay to AAAMHI the difference between the
      Target Revenue and $41.8 million, up to a total aggregate payment of $3.8
      million, or (y) is less than $34.2 million, AAAMHI will pay to the Highbury
      Entities the difference between the $34.2 million and the Target Revenue, up
      to
      a total aggregate payment of $3.8 million.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>REPRESENTATIONS
      AND WARRANTIES</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Asset
      Purchase Agreement contains representations of each of the Sellers relating
      to,
      among other things, (a) proper corporate organization and similar corporate
      matters, (b) capital structure, (c) regulatory status and compliance with law
      of
      each of the Sellers and the Target Funds, (d) the authorization, performance
      and
      enforceability of the Asset Purchase Agreement, (e) financial information and
      absence of undisclosed liabilities regarding the Business, (f) ownership of
      assets related to the Business including, intellectual property rights, (g)
      litigation, (h) consents required prior to the Closing, (i) material contracts
      of the Business, (j) license and permits related to the Business, (k) taxes,
      (l)
      absence of certain changes and (m) affiliate transactions.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Asset
      Purchase Agreement also contains representations of the Highbury Entities
      relating to, among other things, (a) proper corporate organization and similar
      corporate matters, (b) consents required prior to the Closing, (c) adequacy
      of
      funds, (d) litigation and (e) regulatory status.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>PRE-CLOSING
      COVENANTS</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Highbury Entities and the Sellers have each agreed to use commercially
      reasonable efforts to cause the conditions precedent to the Closing to be
      fulfilled. The Sellers have agreed to continue to operate the Business and
      the
      Target Funds in the ordinary course prior to the Closing and not to take certain
      specified actions without the prior written consent of the Highbury Entities,
      subject to certain exceptions.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Asset
      Purchase Agreement also contains the following additional pre-closing covenants
      of the parties:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)
      Each
      Seller shall permit representatives of the Highbury Entities to have reasonable
      access to all of Sellers&#8217; properties, books and records of the
      Business;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
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        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
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      <div>&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)
      The
      parties shall use commercially reasonable efforts to obtain all necessary
      approvals, give all notices to and make all filings with governmental agencies
      and third parties that are required for the Closing;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)
      The
      parties shall cooperate on any public disclosures related to the Asset Purchase
      Agreement;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)
      The
      parties shall not take any action that would have the effect, directly or
      indirectly, of causing the requirements of Section 15(f) of the Investment
      Company Act of 1940, as amended, not to be met;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(v)
      The
      Sellers shall use their reasonable best efforts to prepare and file a proxy
      statement to solicit proxies of the shareholders of the Target Funds, and the
      Highbury Entities shall use their reasonable best efforts to prepare and file
      a
      proxy statement to solicit proxies of the Highbury stockholders, in each case
      to
      vote in favor of the transactions contemplated by the Asset Purchase
      Agreement;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(vi)
      Sellers shall cause to be filed with the SEC on behalf of the Target Funds
      one
      or more supplements to each Target Fund&#8217;s prospectus and Statement of Additional
      Information reflecting the execution of the Asset Purchase
      Agreement;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(vii)
      Sellers shall deliver certain financial information related to each Seller
      and
      the Target Funds to the Highbury Entities;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(viii)
      Each Seller has generally agreed not to directly or indirectly enter into any
      discussions with a third party with respect to the Business or the Target Funds,
      or to disclose any confidential information with respect to the Business or
      the
      Target Funds to a third party, subject in each case to certain
      exceptions;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ix)
      The
      Sellers shall use commercially reasonable efforts to obtain the third party
      consents necessary to transfer to Aston the management of certain separately
      managed accounts;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(x)
      Each
      Seller has waived any right to recourse against the trust account established
      for the benefit of the Highbury stockholders who purchased their securities
      in
      Highbury&#8217;s IPO, for any reason whatsoever; and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(xi)
      Sellers shall make certain specified payments to employees of Sellers identified
      by the Highbury Entities.</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>CONDITIONS
      TO CLOSING</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SELLERS&#8217;
      CONDITIONS TO CLOSING</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      obligations of the Sellers to consummate the transactions contemplated in the
      Asset Purchase Agreement are conditioned upon each of the following, among
      other
      things:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)
      Requisite approvals of the trustees and stockholders of the Target Funds shall
      have been obtained with respect to Target Funds having assets under management
      representing at least 90% of the assets under management of all the Target
      Funds; and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)
      Requisite approval from the stockholders of Highbury shall have been
      obtained.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">HIGHBURY
      ENTITIES&#8217; CONDITIONS TO CLOSING</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      obligations of the Highbury Entities to consummate the transactions contemplated
      in the Asset Purchase Agreement are conditioned upon each of the following,
      among other things:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
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      <div>&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)
      At
      the Closing there shall have been no material adverse change with respect to
      any
      Seller or any Target Fund;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)
      Requisite approvals of the trustees and stockholders of the Target Funds shall
      have been obtained with respect to Target Funds having assets under management
      representing at least 90% of the assets under management of all the Target
      Funds; and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)
      Requisite approval from the stockholders of Highbury shall have been
      obtained.</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>INDEMNIFICATION</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Subject
      to limited exceptions, the Highbury Entities&#8217; sole remedy for its rights to
      indemnification under the Asset Purchase Agreement shall be $9,000,000, subject
      to adjustment in the event of any contingent adjustment payment described above.
      Claims for indemnification may be asserted by the Highbury Entities once the
      damages exceed $300,000, at which time all claims (including those less than
      $300,000) may be asserted. However, claims with respect to a deficiency in
      the
      amount of working capital to be delivered at the Closing are not subject to
      this
      threshold. The representations and warranties in the Asset Purchase Agreement
      shall survive the Closing and remain in full force and effect for a period
      of
      twenty-four (24) months.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>TERMINATION</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Asset
      Purchase Agreement may, by written notice, be terminated at any time prior
      to
      the Closing, as follows:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)
      By
      mutual consent of AAAMHI and the Highbury Entities;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)
      By
      either the Highbury Entities or the Sellers if a government entity shall have
      issued an order, decree or ruling or taken any other action, in each case
      permanently restraining, enjoining or otherwise prohibiting the transactions
      contemplated by the Asset Purchase Agreement, and such order, decree, ruling
      or
      other action shall have become final and non-appealable;</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)
      By
      the Highbury Entities at anytime when a Seller is in breach of any covenant
      or
      if any representation or warranty of any Seller is false or misleading (except
      such as individually or in the aggregate could not reasonably be expected to
      have a material adverse effect), unless such breach is cured within specified
      periods;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)
      By
      Sellers at anytime when a Highbury Entity is in breach of any covenant or if
      any
      representation or warranty of any Highbury Entity is false or misleading (except
      such as individually or in the aggregate could not reasonably be expected to
      have a material adverse effect), unless such breach is cured within specified
      periods;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(v)
      By
      the Highbury Entities in the event that the Sellers have not delivered required
      financial information to the Highbury Entities within ninety (90) days following
      the Closing;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(vi)
      By
      either the Highbury Entities or the Sellers if the Closing has not occurred
      on
      or before December 31, 2006; provided, however, that such right to terminate
      the
      Asset Purchase Agreement shall not be available to any party whose breach of
      any
      covenant or agreement pursuant to the Asset Purchase Agreement has been the
      cause of, or resulted in, the failure of the Closing to occur on or before
      such
      date; or</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(vii)
      By
      either the Highbury Entities or the Sellers if the requisite approvals of the
      trustees and the stockholders of the Target Funds are not received on or before
      December 31, 2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>POST
      CLOSING COVENANTS</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Upon
      the
      reasonable request of either party at any time after the Closing, the other
      party shall promptly execute and deliver such documents and take such additional
      actions as reasonable requested by the other part to effectuate the purposes
      of
      the Asset Purchase Agreement. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Asset
      Purchase Agreement contains the following additional post-closing covenants
      of
      the parties:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)
      For a
      period of seven years following the Closing the Sellers shall be allowed
      reasonable access to books and records related to the Business and the Target
      Funds;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)
      Pursuant to a license agreement entered into in connection with the Asset
      Purchase Agreement, Aston shall have the right to use certain names and marks
      of
      the Sellers to market and sell the Target Funds;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)
      For
      a period of five years following the Closing, the Sellers have agreed to limited
      non-competition provisions and not to solicit certain individuals designated
      by
      the Highbury Entities;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)
      Each
      Seller agrees not terminate an investment sub-advisory agreement with Aston
      prior to the fifth anniversary date of the Closing;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(v)
      Following the Closing, certain Sellers will accept at least a minimum additional
      investment amount in certain Target Funds;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(vi)
      For
      a period of time following the Closing, the Sellers shall cause specified &#8220;seed
      money&#8221; amounts invested in the Target Funds on behalf of the Sellers and/or
      their Affiliates to remain in the Target Funds; and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(vii)
      In
      the event that the Business is sold prior to the second anniversary of the
      date
      of the Closing, certain amounts may be payable by the Highbury Entities to
      AAAMHI.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      description of the Asset Purchase Agreement does not purport to be complete
      and
      is qualified in its entirety by the terms and conditions of the Asset Purchase
      Agreement, a copy of which is attached hereto as Exhibit&#160;10.1 and is
      incorporated herein by reference. The Asset Purchase Agreement has been included
      to provide stockholders with information regarding its terms. It is not intended
      to provide any other factual information about Highbury or Aston. The Asset
      Purchase Agreement contains representations and warranties that the parties
      to
      the Asset Purchase Agreement made to and solely for the benefit of each other.
      The assertions embodied in such representations and warranties are qualified
      by
      information contained in confidential disclosure schedules that the parties
      exchanged in connection with signing the Asset Purchase Agreement. Accordingly,
      stockholders should not rely on such representations and warranties as
      characterizations of the actual state of facts or circumstances, since they
      were
      only made as of the date of the Asset Purchase Agreement and are modified in
      important part by the underlying disclosure schedules. Moreover, information
      concerning the subject matter of such representations and warranties may change
      after the date of the Asset Purchase Agreement, which subsequent information
      may
      or may not be fully reflected in Highbury&#8217;s public disclosures.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>LIMITED
      LIABILITY COMPANY AGREEMENT OF ASTON ASSET MANAGEMENT LLC</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      connection with Highbury Entities&#8217; entering into the Asset Purchase Agreement,
      the limited liability company agreement (the &#8220;LLC Agreement&#8221;) of Aston was
      amended and restated to admit certain management employees of the Business
      as
      members. Pursuant to the LLC Agreement, 72% of the revenues (the &#8220;Operating
      Allocation&#8221;) of Aston is allocated for use by management of Aston to pay the
      operating expenses of Aston, including salaries and bonuses. The remaining
      28%
      of the revenues (the &#8220;Owners Allocation&#8221;) of Aston is allocated to the owners of
      Aston. The Owners&#8217; Allocation is allocated among the members of Aston according
      to their relative ownership interests. Currently, 65% of the Owners&#8217; Allocation
      (or 18.2% of total revenues) is allocated to Highbury and the remaining 35%
      of
      the Owners&#8217; Allocation (or 9.8% of the total revenues) is allocated among the
      management members. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Highbury&#8217;s
      contractual share of revenues has priority over the distributions to the
      management members in the event Aston&#8217;s actual operating expenses exceed the
      Operating Allocation. As a result, excess expenses first reduce the portion
      of
      the Owners&#8217; Allocation allocated to the management members until the management
      members&#8217; allocation is eliminated, then Highbury&#8217;s allocation is reduced. Any
      reduction in the revenues to be paid to Highbury is required to be paid to
      Highbury out of the portion of future Owners&#8217; Allocation allocated to the
      management members.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      description of the LLC Agreement does not purport to be complete and is
      qualified in its entirety by the terms and conditions of the LLC Agreement,
      a
      copy of which is attached hereto as Exhibit&#160;10.6 and is incorporated herein
      by reference. The LLC Agreement has been included to provide stockholders with
      information regarding its terms. It is not intended to provide any other factual
      information about Highbury or Aston.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>ITEM
      7.01 REGULATION FD DISCLOSURE</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>BUSINESS
      OVERVIEW</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Founded
      in 1993, the Business manages 19 no-load mutual funds, including 15 equity
      funds
      and four fixed income funds, with approximately $6.0 billion of assets under
      management as of March 31, 2006. The open-architecture platform currently
      utilizes seven different entities to manage the funds. Upon consummation of
      the
      transaction, Aston intends to enter into long-term contracts with each of these
      entities to continue to manage the Target Funds as sub-advisors. These
      agreements will not be terminable by the sub-advisor for five years and Aston&#8217;s
      relationship with the sub-advisor is supported by limited non-compete provisions
      and certain capacity guarantees in appropriate products to benefit Aston. This
      arrangement will provide continuity of investment process for the mutual fund
      shareholders and help to ensure a stable ownership transition for the fund
      complex.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      of
      March 31, 2006, 13 of the Target Funds carry an overall Morningstar Rating
      of
      three stars or better, including three four-star funds and one five-star fund.
      Three of the funds are relatively new and are not currently rated by
      Morningstar. The 15 equity funds are classified in seven of the nine Morningstar
      style boxes, giving Aston strong coverage of the public equity investment
      spectrum and a diversified revenue stream.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Business generated total revenues of approximately $48.9 million for the fiscal
      year ended December 31, 2005 and approximately $11.0 million for the quarter
      ended March 31, 2006. After removing revenues earned on certain related party
      assets which may not be retained after the Closing, the adjusted total revenue
      for these periods was approximately $45.6 million and $10.1 million,
      respectively. Based on these adjusted total revenue figures and Highbury&#8217;s
      contractual distribution right to 18.2% share of total revenues, the
      distributions to Highbury, net of holding company expenses to be $500,000 per
      year, would have been approximately $7.8 million and $1.7 million for these
      periods, respectively.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>GROWTH
      OPPORTUNITIES FOR ASTON</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Aston
      will seek to expand its assets under management with a combination of internal
      growth, new product development and accretive acquisitions. With 13 of the
      Target Funds rated three stars or better by Morningstar and 14 of the Target
      Funds with less than $200 million of assets, there are many sources of potential
      growth for the current platform.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Aston
      expects to retain the current sales force, which includes 18 wholesalers, in
      order to provide the Business with national distribution for new and existing
      products. Following the Closing, Aston&#8217;s status as an independent, open
      architecture platform will enable it to incubate new products with a variety
      of
      investment management firms, regardless of their affiliations. This flexibility
      should allow Aston to establish additional mutual funds and new product lines
      with both existing and new sub-advisors in the future. </font></div>
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    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      </div>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Furthermore,
      the Business is currently developing additional business lines which offer
      opportunities for growth. For example, ABN AMRO currently maintains a separately
      managed account platform which had $178 million of assets under management
      as of
      March 31, 2006. In connection with the transaction, ABN AMRO has agreed to
      seek
      the third party consents necessary to transfer this platform to Aston. In
      addition, Aston and ABN AMRO are together exploring a line of
      principal-protected funds to be distributed on a joint-venture basis with a
      major international insurance company. Aston intends to use the family of
      investment products and distribution resources that it will have on Closing
      to
      substantially scale any such additional initiatives.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
      Stuart Bilton and the management team also expect thoughtful, accretive
      acquisitions will be a source of growth for Aston in the future. The management
      team has substantial experience acquiring, integrating and managing investment
      management firms. In his former role as the President and Chief Executive
      Officer of Alleghany Asset Management, Mr. Bilton acquired or started six
      investment management firms over ten years and also founded the mutual fund
      platform being acquired in this transaction. These initiatives helped fuel
      the
      growth of Alleghany from Mr. Bilton&#8217;s arrival in 1986 until its sale to ABN AMRO
      in 2001, at which point Alleghany had approximately $45 billion of total assets
      under management. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>MANAGEMENT</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Following
      the Closing, the Highbury board of directors and management team, consisting
      of
      Richard Foote, Bruce Cameron, Bradley Forth and Russell Appel, will remain
      in
      place. Highbury will be the managing member and majority owner of Aston, but
      intends to delegate day-to-day operating authority to the Aston management
      team
      who will hold a minority equity stake in Aston. Stuart Bilton, Kenneth Anderson
      and Gerald Dillenburg, who currently manage the Business for ABN AMRO, will
      lead
      Aston after the transaction. This ownership structure is designed to align
      the
      interests of the management team with Highbury&#8217;s public shareholders and to
      provide incentives for growth over time. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Aston
      will be governed by a Management Committee initially composed of Messrs. Bilton,
      Anderson and Dillenburg. The Management Committee will appoint the officers
      of
      Aston and delegate the appropriate responsibilities to the officers. Aston
      intends to employ 35 people initially, and its senior management team and key
      members of the sales and marketing team have entered into restrictive covenant
      agreements benefiting Aston. These agreements substantially limit these
      individuals&#8217; ability to compete with Aston for various periods of time.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stuart
      D.
      Bilton, CFA will serve as Chairman and Chief Executive Officer of Aston. In
      this
      role, he will direct and execute Aston&#8217;s growth strategy. In 1993, while Mr.
      Bilton was President and CEO of Alleghany Asset Management, he founded the
      Alleghany Funds with Kenneth Anderson. Mr. Bilton has been associated with
      ABN
      AMRO Asset Management and its predecessors and/or affiliates since 1972. He
      served as President and Chief Executive Officer of ABN AMRO Asset Management
      Holdings, Inc. from 2001 to 2003 and is currently the Vice Chairman of AAAM.
      Prior to its acquisition by ABN AMRO, Mr. Bilton was President and Chief
      Executive Officer of Alleghany Asset Management, the parent company of
      Blairlogie Capital Management, Chicago Capital Management, Chicago Deferred
      Exchange Corporation, Chicago Trust Company, Montag &amp; Caldwell, TAMRO
      Capital Partners and Veredus Asset Management. He is the Chairman of the ABN
      AMRO Funds and is a Director of Veredus, TAMRO, River Road Asset Management,
      and
      Baldwin &amp; Lyons, Inc. He earned a B.Sc.(Econ) degree from the London School
      of Economics in 1967 and an M.S. degree from the University of Wisconsin in
      1970.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Kenneth
      C. Anderson, CPA, will serve as President of Aston and will be responsible
      for
      the overall management of Aston&#8217;s business including sales, marketing,
      operations, client service, and financial profitability. Mr. Anderson is
      currently the President and CEO of the fund business and Executive Vice
      President and Director of Mutual Funds for AAAM. He is the Chairman of the
      Product Management Committee which encompasses both retail and institutional
      products and serves on the executive committee of AAAM. Mr. Anderson serves
      on
      the boards of Veredus Asset Management, TAMRO Capital Partners, and ABN AMRO
      Investment Trust Company, subsidiaries of AAAM. He is a member of the Investment
      Company Institute&#8217;s International and Sales Force Committees and a past Chairman
      of the Board of Governors for the Mutual Fund Education Alliance. Prior to
      launching the Alleghany Funds in 1993, Mr. Anderson specialized in the Financial
      Services Practice at KPMG. He received a B.B.A. in Accounting from Loyola
      University of Chicago. He holds a series 6 and 63 license with the NASD. Mr.
      Anderson spent six years serving as a director for his community United Way
      board and four years as a founding director of The Caring Place near Loyola
      University, a Ronald McDonald House.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gerald
      F.
      Dillenburg, CPA will be Chief Financial Officer and Chief Compliance Officer
      of
      Aston. In this role he will be responsible for the financials of Aston and
      the
      compliance of both the company and the Aston Funds. Mr. Dillenburg has been
      with
      ABN AMRO Investment Fund Services, Inc. (AAIFS) and its predecessors since
      1996
      where he has been the Compliance Officer and Director of Operations of the
      ABN
      AMRO Funds. In addition, he is the Chief Financial Officer, Secretary and
      Treasurer of the Funds. He is a Senior Managing Director of AAIFS, which is
      the
      Administrator to the Funds, as well as a Senior Managing Director of ABN AMRO
      Asset Management Holdings, Inc. and ABN AMRO Asset Management, Inc. Prior to
      1996, he was at KPMG LLP since 1989 in the audit division specializing in
      investment companies and mutual funds. He had just been promoted to senior
      manager at the time of his departure in June of 1996. He is a graduate with
      high
      honors from the University of Illinois at Champaign with a B.S. degree in
      Accountancy.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>GROWTH
      OPPORTUNITIES FOR HIGHBURY</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Highbury
      was formed on July 13, 2005 for the purpose of acquiring one or more financial
      services businesses. Highbury&#8217;s registration statement for its IPO was declared
      effective on January 25, 2006, and the offering closed on January 31, 2006,
      generating net proceeds of approximately $43.8 million from the sale of 7.9
      million units, including full exercise of the underwriters&#8217; over-allotment
      option and units purchased by Highbury&#8217;s founders in a concurrent private
      placement. Each unit was comprised of one share of Highbury common stock and
      two
      warrants, each with an exercise price of $5.00. As of March 31, 2006, Highbury
      held approximately $43.6 in a trust account maintained by an independent
      trustee, which will be released upon the consummation of the business
      combination.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      consummation of this transaction will establish Highbury as an investment
      management holding company for which Aston will serve as the initial platform
      for internal growth and add-on acquisitions. Highbury intends to continue to
      develop acquisition opportunities and will seek to establish other accretive
      partnerships with high quality investment management firms over time.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Highbury
      expects to have approximately $7.3 million of cash on hand after the closing
      and
      payment of transaction costs, inclusive of the working capital acquired.
      Highbury will not incur any debt or issue any shares of common stock or other
      dilutive securities in connection with the transaction. The estimates of cash
      on
      hand after the transaction and Highbury&#8217;s ability to finance the transaction
      exclusively with cash assume no shareholders elect to convert their shares
      into
      cash at the time of the transaction.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Highbury
      believes that investment management firms represent an attractive investment
      opportunity for Highbury because of a variety of characteristics of the
      business. These traits include:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <table cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Increasing
              demand in the marketplace; </font></div>
          </td>
        </tr>

    </table>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <table cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Upward
              market bias; </font></div>
          </td>
        </tr>

    </table>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <table cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Low
              financial capital requirements; </font></div>
          </td>
        </tr>

    </table>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <table cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">High
              intellectual capital requirements; </font></div>
          </td>
        </tr>

    </table>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <table cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">High
              operating leverage; and</font></div>
          </td>
        </tr>

    </table>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <table cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">High
              cash flow.</font></div>
          </td>
        </tr>

    </table>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Highbury
      intends to seek partnerships with a variety of investment management firms
      which
      could provide long term growth to Highbury. Some of these potential target
      types
      may include, but will not be limited to:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <table cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mutual
              fund platforms; </font></div>
          </td>
        </tr>

    </table>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <table cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Institutional
              equity and fixed income managers; </font></div>
          </td>
        </tr>

    </table>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <table cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investment
              advisors for high net worth individuals; </font></div>
          </td>
        </tr>

    </table>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <table cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Financial
              planners; </font></div>
          </td>
        </tr>

    </table>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <table cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Turnkey
              investment management firms; </font></div>
          </td>
        </tr>

    </table>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <table cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Hedge
              funds;</font></div>
          </td>
        </tr>

    </table>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <table cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Funds
              of hedge funds, venture capital funds or real estate funds;
              </font></div>
          </td>
        </tr>

    </table>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <table cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Private
              equity firms; or</font></div>
          </td>
        </tr>

    </table>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Real
              estate investment management firms.</font></div>
          </td>
        </tr>

    </table>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consistent
      with the structure of this transaction, Highbury intends to leave material
      equity interests with management teams to align the interests of all parties
      and
      provide incentives for long term growth. Highbury does not intend to manage
      the
      day-to-day operations of any affiliates, choosing to leave such authority in
      the
      hands of the management teams. Highbury will not integrate its acquisitions,
      although it may work with affiliates to execute fold-in acquisitions.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Highbury
      will seek to provide permanent equity capital to investment management firms
      to
      fund a variety of transaction types. Through this strategy, Highbury
      may:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <table cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Finance
              buyouts from corporate parents; </font></div>
          </td>
        </tr>

    </table>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <table cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Finance
              buyouts of founding or departing partners;
</font></div>
          </td>
        </tr>

    </table>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <table cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Provide
              liquidity to unwind joint ventures;</font></div>
          </td>
        </tr>

    </table>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <table cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Provide
              seed capital to fund growth initiatives; or
</font></div>
          </td>
        </tr>

    </table>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <table cellpadding="0" cellspacing="0" id="list" width="100%">

        <tr valign="top" style="line-height: 1.25;">
          <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
          <td>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Facilitate
              exit strategies for private equity funds.
</font></div>
          </td>
        </tr>

    </table>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Highbury
      will seek to diversify its revenue stream by investment style, asset class,
      distribution channel, client type and management team. These efforts may enhance
      the growth prospects of Highbury, while limiting its downside risk.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt"></font>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>ITEM
      9.01 FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
      EXHIBITS.</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="justify" valign="top" width="7%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit</u></font></div>
            </td>
            <td align="justify" valign="top" width="65%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Description</u></font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</font></div>
            </td>
            <td align="justify" valign="top" width="65%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Asset
                Purchase Agreement, dated as of April 20, 2006, by and among ABN
                AMRO
                Asset Management Holdings, Inc., ABN AMRO Investment Fund Services,
                Inc.,
                ABN AMRO Asset Management, Inc., </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Montag
                &amp; Caldwell, Inc.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
                Tamro Capital Partners LLC, Veredus Asset Management LLC, River Road
                Asset
                Management LLC and Aston Asset Management LLC.</font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.2</font></div>
            </td>
            <td align="justify" valign="top" width="65%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Side
                Letter Agreement, dated as of April 20, 2006, by and among Highbury
                Financial Inc., Aston Asset Management LLC and Veredus Asset Management
                LLC.</font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.3</font></div>
            </td>
            <td align="justify" valign="top" width="65%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Side
                Letter Agreement, dated as of April 20, 2006, by and among Highbury
                Financial Inc., Aston Asset Management LLC and River Road Asset Management
                LLC.</font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.4</font></div>
            </td>
            <td align="justify" valign="top" width="65%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Side
                Letter Agreement, dated as of April 20, 2006, by and among Highbury
                Financial Inc., Aston Asset Management LLC and Montag &amp; Caldwell,
                Inc.</font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.5</font></div>
            </td>
            <td align="justify" valign="top" width="65%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Side
                Letter Agreement, dated as of April 20, 2006, by and among Highbury
                Financial Inc., Aston Asset Management LLC and ABN AMRO Asset Management
                Holdings, Inc.</font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.6</font></div>
            </td>
            <td align="justify" valign="top" width="65%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amended
                and Restated Limited Liability Company Agreement of Aston Asset Management
                LLC, dated as of April 20, 2006.</font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font></div>
            </td>
            <td align="justify" valign="top" width="65%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
                Release of Highbury Financial Inc. dated April 21,
                2006.</font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.2</font></div>
            </td>
            <td align="justify" valign="top" width="65%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investor
                Presentation</font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="7%">&#160;</td>
            <td align="justify" valign="top" width="65%">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Signature(s)
      </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Exchange Act of 1934, the Registrant
      has
      duly caused this Report to be signed on its behalf by the undersigned hereunto
      duly authorized on. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

          <tr valign="top" bgcolor="#ffffff">
            <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
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            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">HIGHBURY
              FINANCIAL
              INC.</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td>&#160;</td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/&#160;Richard
              S. Foote</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td colspan="2"><font style="FONT-FAMILY: " size="1">&#160;</font></td>
            <td align="left">
              <hr style="COLOR: black" align="left" noshade size="2" width="80%">
            </td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Richard
                S. Foote</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">President
                and Chief Executive Officer</font></div>
            </td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td colspan="2"><font size="2">Date: April 21, 2006</font></td>
            <td>&#160;</td>
          </tr>

      </table><br></div>
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        </div>
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{"company-data": {"conformed-name": "HIGHBURY FINANCIAL INC", "cik": "0001335249", "assigned-sic": "6770", "irs-number": "203187008", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51682", "film-number": "06771246"}, "business-address": {"street1": "999 EIGHTEENTH STREET", "street2": "SUITE 3000", "city": "DENVER", "state": "CO", "zip": "80202", "phone": "303-893-2899"}, "mail-address": {"street1": "999 EIGHTEENTH STREET", "street2": "SUITE 3000", "city": "DENVER", "state": "CO", "zip": "80202"}}
Unassociated Document
UNITED
      STATES
SECURITIES
      AND EXCHANGE COMMISSION
Washington,
      D.C. 20549
FORM
      8-K
Current
      Report
Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
      Of Report (Date Of Earliest Event Reported): April 20,
      2006
Highbury
      Financial Inc.
(Exact
      name of Registrant as Specified in its Charter)
Commission
      File Number: 000-51682
Delaware
20-1120600
(State
                of Other Jurisdiction Of
Incorporation
                or Organization)
(I.R.S.
                Employer
Identification
                No.)
999
      Eighteenth Street, Suite 3000
Denver,
      CO 80202
(Address
      of Principal Executive Offices, Including Zip Code)
(303)
      357-4802
(Registrant's
      Telephone Number, Including Area Code)
Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions:
¨
Written
                communications pursuant to Rule 425 under the Securities Act (17
                CFR
                230.425)
T
Soliciting
                material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                240.14a-12)
¨
Pre-commencement
                communications pursuant to Rule 14d-2(b) under the Exchange Act (17
                CFR
                240.14d-2(b))
¨
Pre-commencement
                communications pursuant to Rule 13e-4(c) under the Exchange Act (17
                CFR
                240.13e-4(c))
COMMENCING
      SHORTLY AFTER THE FILING OF THIS CURRENT REPORT ON FORM 8-K, HIGHBURY FINANCIAL
      INC. ("HIGHBURY") INTENDS TO HOLD PRESENTATIONS FOR CERTAIN OF ITS STOCKHOLDERS,
      AS WELL AS OTHER PERSONS WHO MIGHT BE INTERESTED IN PURCHASING HIGHBURY
      SECURITIES, REGARDING ITS ACQUISITION OF SUBSTANTIALLY ALL OF THE U.S. MUTUAL
      FUND BUSINESS OF ABN AMRO ASSET MANAGEMENT (USA) PURSUANT TO AN ASSET PURCHASE
      AGREEMENT WITH ABN AMRO ASSET MANAGEMENT HOLDINGS, INC., ABN AMRO INVESTMENTS
      FUND SERVICES, INC., ABN AMRO ASSET MANAGEMENT, INC., MONTAG & CALDWELL,
      INC., TAMRO CAPITAL PARTNERS LLC, VEREDUS ASSET MANAGEMENT LLC AND RIVER ROAD
      ASSET MANAGEMENT LLC, AS DESCRIBED IN THIS REPORT. THIS CURRENT REPORT ON FORM
      8-K WILL BE DISTRIBUTED TO PARTICIPANTS AT SUCH PRESENTATIONS.
THINKEQUITY
      PARTNERS LLC ("TEP") AND EARLYBIRD CAPITAL, INC. ("EBC"), THE UNDERWRITERS OF
      HIGHBURY'S INITIAL PUBLIC OFFERING ("IPO") CONSUMMATED ON JANUARY 31, 2006, ARE
      ASSISTING HIGHBURY IN THESE EFFORTS WITHOUT CHARGE. UPON CONSUMMATION OF THE
      TRANSACTION, HOWEVER, HIGHBURY WILL PAY TEP AND EBC UP TO APPROXIMATELY
      $673,333, PLUS ACCRUED INTEREST NET OF TAXES PAYABLE, IN CONNECTION WITH THE
      DEFERRED NON-ACCOUNTABLE EXPENSE ALLOWANCE FROM HIGHBURY'S IPO, WHICH IS
      CURRENTLY BEING HELD IN HIGHBURY'S TRUST ACCOUNT. HIGHBURY AND ITS DIRECTORS AND
      EXECUTIVE OFFICERS AND TEP AND EBC MAY BE DEEMED TO BE PARTICIPANTS IN THE
      SOLICITATION OF PROXIES FOR THE SPECIAL MEETING OF HIGHBURY STOCKHOLDERS TO
      BE
      HELD TO APPROVE THE ACQUISITION. FURTHER INFORMATION REGARDING PERSONS WHO
      MAY
      BE DEEMED PARTICIPANTS WILL BE AVAILABLE IN HIGHBURY'S PROXY STATEMENT TO BE
      FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ("SEC") IN CONNECTION WITH THE
      ACQUISITION.
STOCKHOLDERS
      OF HIGHBURY AND OTHER INTERESTED PERSONS ARE ADVISED TO READ, WHEN AVAILABLE,
      HIGHBURY'S DEFINITIVE PROXY STATEMENT IN CONNECTION WITH HIGHBURY'S SOLICITATION
      OF PROXIES FOR THE SPECIAL MEETING BECAUSE THIS PROXY STATEMENT WILL CONTAIN
      IMPORTANT INFORMATION. SUCH PERSONS CAN ALSO READ HIGHBURY'S FINAL PROSPECTUS,
      DATED JANUARY 25, 2006, FOR A DESCRIPTION OF THE SECURITY HOLDINGS OF THE
      HIGHBURY OFFICERS AND DIRECTORS AND OF TEP AND EBC AND THEIR RESPECTIVE
      INTERESTS IN THE SUCCESSFUL CONSUMMATION OF THIS BUSINESS COMBINATION. THE
      DEFINITIVE PROXY STATEMENT WILL BE MAILED TO STOCKHOLDERS AS OF A RECORD DATE
      TO
      BE ESTABLISHED FOR VOTING ON THE ACQUISITION. STOCKHOLDERS WILL ALSO BE ABLE
      TO
      OBTAIN A COPY OF THE DEFINITIVE PROXY STATEMENT, WITHOUT CHARGE, ONCE AVAILABLE.
      THE FINAL PROSPECTUS AND OTHER RELEVANT DOCUMENTS CAN ALSO BE OBTAINED, WITHOUT
      CHARGE, AT THE SEC'S INTERNET SITE (http://www.sec.gov) OR BY CONTACTING
      HIGHBURY'S SECRETARY AT HIGHBURY FINANCIAL INC., 999 18
TH
STREET,
      SUITE 3000, DENVER, COLORADO 80202.
ITEM
      1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
GENERAL;
      STRUCTURE OF ACQUISITION
On
      April
      20, 2006, Highbury Financial Inc. ("Highbury") (OTCBB: HBRF, HBRFU, HBRFW) and
      Aston Asset Management LLC, a newly formed Delaware limited liability company
      ("Aston", and together with Highbury "the Highbury Entities"), entered into an
      Asset Purchase Agreement ("Asset Purchase Agreement") with ABN AMRO Asset
      Management Holdings, Inc. ("AAAMHI"), ABN AMRO Investment Fund Services, Inc.
      ("AAIFS"), ABN AMRO Asset Management, Inc., ("AAAMI"), Montag & Caldwell,
      Inc., ("Montag"), Tamro Capital Partners LLC, ("TAMRO"), Veredus Asset
      Management LLC, ("Veredus"), and River Road Asset Management, LLC, ("River Road"
and together with AAAMHI, AAIFS, AAAMI, Montag, TAMRO and Veredus individually
      referred to as a "Seller" and collectively as "Sellers"). Pursuant to the Asset
      Purchase Agreement, and subject to the satisfaction of the conditions set forth
      therein, the Highbury Entities will acquire substantially all of the Sellers'
business of providing investment advisory, administration, distribution and
      related services to the U.S. mutual funds (the "Target Funds") specified in the
      Asset Purchase Agreement (collectively, the "Business").
2
The
      sale
      of the Business currently is expected to be consummated (the "Closing") in the
      second half of 2006, after receipt of requisite approvals from (i) the
      stockholders of Highbury, (ii) the stockholders of the Target Funds and (iii)
      the trustees of the Target Funds.
In
      connection with the Closing, Aston will enter into agreements with each of
      the
      Sellers that currently manage the Target Funds pursuant to which each such
      Seller will act as a sub-advisor to the applicable Target Fund. Pursuant to
      the
      Asset Purchase Agreement the Sellers have agreed not to terminate these
      agreements for a period of five years following the Closing.
CONSIDERATION
Pursuant
      to the Asset Purchase Agreement, at the Closing the Highbury Entities will
      pay
      $38.6 million in cash to AAAMHI. On the second anniversary of the date of the
      Closing, the Asset Purchase Agreement provides for a contingent adjustment
      payment in cash as follows: in the event the annualized investment advisory
      fee
      revenue generated under investment advisory contracts between Aston and the
      Sellers applicable to the Target Funds for the six months prior to the second
      anniversary of the date of the Closing ("Target Revenue") (x) exceeds $41.8
      million, the Highbury Entities will pay to AAAMHI the difference between the
      Target Revenue and $41.8 million, up to a total aggregate payment of $3.8
      million, or (y) is less than $34.2 million, AAAMHI will pay to the Highbury
      Entities the difference between the $34.2 million and the Target Revenue, up
      to
      a total aggregate payment of $3.8 million.
REPRESENTATIONS
      AND WARRANTIES
The
      Asset
      Purchase Agreement contains representations of each of the Sellers relating
      to,
      among other things, (a) proper corporate organization and similar corporate
      matters, (b) capital structure, (c) regulatory status and compliance with law
      of
      each of the Sellers and the Target Funds, (d) the authorization, performance
      and
      enforceability of the Asset Purchase Agreement, (e) financial information and
      absence of undisclosed liabilities regarding the Business, (f) ownership of
      assets related to the Business including, intellectual property rights, (g)
      litigation, (h) consents required prior to the Closing, (i) material contracts
      of the Business, (j) license and permits related to the Business, (k) taxes,
      (l)
      absence of certain changes and (m) affiliate transactions.
The
      Asset
      Purchase Agreement also contains representations of the Highbury Entities
      relating to, among other things, (a) proper corporate organization and similar
      corporate matters, (b) consents required prior to the Closing, (c) adequacy
      of
      funds, (d) litigation and (e) regulatory status.
PRE-CLOSING
      COVENANTS
The
      Highbury Entities and the Sellers have each agreed to use commercially
      reasonable efforts to cause the conditions precedent to the Closing to be
      fulfilled. The Sellers have agreed to continue to operate the Business and
      the
      Target Funds in the ordinary course prior to the Closing and not to take certain
      specified actions without the prior written consent of the Highbury Entities,
      subject to certain exceptions.
The
      Asset
      Purchase Agreement also contains the following additional pre-closing covenants
      of the parties:
(i)
      Each
      Seller shall permit representatives of the Highbury Entities to have reasonable
      access to all of Sellers' properties, books and records of the
      Business;
3
(ii)
      The
      parties shall use commercially reasonable efforts to obtain all necessary
      approvals, give all notices to and make all filings with governmental agencies
      and third parties that are required for the Closing;
(iii)
      The
      parties shall cooperate on any public disclosures related to the Asset Purchase
      Agreement;
(iv)
      The
      parties shall not take any action that would have the effect, directly or
      indirectly, of causing the requirements of Section 15(f) of the Investment
      Company Act of 1940, as amended, not to be met;
(v)
      The
      Sellers shall use their reasonable best efforts to prepare and file a proxy
      statement to solicit proxies of the shareholders of the Target Funds, and the
      Highbury Entities shall use their reasonable best efforts to prepare and file
      a
      proxy statement to solicit proxies of the Highbury stockholders, in each case
      to
      vote in favor of the transactions contemplated by the Asset Purchase
      Agreement;
(vi)
      Sellers shall cause to be filed with the SEC on behalf of the Target Funds
      one
      or more supplements to each Target Fund's prospectus and Statement of Additional
      Information reflecting the execution of the Asset Purchase
      Agreement;
(vii)
      Sellers shall deliver certain financial information related to each Seller
      and
      the Target Funds to the Highbury Entities;
(viii)
      Each Seller has generally agreed not to directly or indirectly enter into any
      discussions with a third party with respect to the Business or the Target Funds,
      or to disclose any confidential information with respect to the Business or
      the
      Target Funds to a third party, subject in each case to certain
      exceptions;
(ix)
      The
      Sellers shall use commercially reasonable efforts to obtain the third party
      consents necessary to transfer to Aston the management of certain separately
      managed accounts;
(x)
      Each
      Seller has waived any right to recourse against the trust account established
      for the benefit of the Highbury stockholders who purchased their securities
      in
      Highbury's IPO, for any reason whatsoever; and
(xi)
      Sellers shall make certain specified payments to employees of Sellers identified
      by the Highbury Entities.
CONDITIONS
      TO CLOSING
SELLERS'
      CONDITIONS TO CLOSING
The
      obligations of the Sellers to consummate the transactions contemplated in the
      Asset Purchase Agreement are conditioned upon each of the following, among
      other
      things:
(i)
      Requisite approvals of the trustees and stockholders of the Target Funds shall
      have been obtained with respect to Target Funds having assets under management
      representing at least 90% of the assets under management of all the Target
      Funds; and
(ii)
      Requisite approval from the stockholders of Highbury shall have been
      obtained.
HIGHBURY
      ENTITIES' CONDITIONS TO CLOSING
The
      obligations of the Highbury Entities to consummate the transactions contemplated
      in the Asset Purchase Agreement are conditioned upon each of the following,
      among other things:
4
(i)
      At
      the Closing there shall have been no material adverse change with respect to
      any
      Seller or any Target Fund;
(ii)
      Requisite approvals of the trustees and stockholders of the Target Funds shall
      have been obtained with respect to Target Funds having assets under management
      representing at least 90% of the assets under management of all the Target
      Funds; and
(iii)
      Requisite approval from the stockholders of Highbury shall have been
      obtained.
INDEMNIFICATION
Subject
      to limited exceptions, the Highbury Entities' sole remedy for its rights to
      indemnification under the Asset Purchase Agreement shall be $9,000,000, subject
      to adjustment in the event of any contingent adjustment payment described above.
      Claims for indemnification may be asserted by the Highbury Entities once the
      damages exceed $300,000, at which time all claims (including those less than
      $300,000) may be asserted. However, claims with respect to a deficiency in
      the
      amount of working capital to be delivered at the Closing are not subject to
      this
      threshold. The representations and warranties in the Asset Purchase Agreement
      shall survive the Closing and remain in full force and effect for a period
      of
      twenty-four (24) months.
TERMINATION
The
      Asset
      Purchase Agreement may, by written notice, be terminated at any time prior
      to
      the Closing, as follows:
(i)
      By
      mutual consent of AAAMHI and the Highbury Entities;
(ii)
      By
      either the Highbury Entities or the Sellers if a government entity shall have
      issued an order, decree or ruling or taken any other action, in each case
      permanently restraining, enjoining or otherwise prohibiting the transactions
      contemplated by the Asset Purchase Agreement, and such order, decree, ruling
      or
      other action shall have become final and non-appealable;
(iii)
      By
      the Highbury Entities at anytime when a Seller is in breach of any covenant
      or
      if any representation or warranty of any Seller is false or misleading (except
      such as individually or in the aggregate could not reasonably be expected to
      have a material adverse effect), unless such breach is cured within specified
      periods;
(iv)
      By
      Sellers at anytime when a Highbury Entity is in breach of any covenant or if
      any
      representation or warranty of any Highbury Entity is false or misleading (except
      such as individually or in the aggregate could not reasonably be expected to
      have a material adverse effect), unless such breach is cured within specified
      periods;
(v)
      By
      the Highbury Entities in the event that the Sellers have not delivered required
      financial information to the Highbury Entities within ninety (90) days following
      the Closing;
(vi)
      By
      either the Highbury Entities or the Sellers if the Closing has not occurred
      on
      or before December 31, 2006; provided, however, that such right to terminate
      the
      Asset Purchase Agreement shall not be available to any party whose breach of
      any
      covenant or agreement pursuant to the Asset Purchase Agreement has been the
      cause of, or resulted in, the failure of the Closing to occur on or before
      such
      date; or
(vii)
      By
      either the Highbury Entities or the Sellers if the requisite approvals of the
      trustees and the stockholders of the Target Funds are not received on or before
      December 31, 2006.
5
POST
      CLOSING COVENANTS
Upon
      the
      reasonable request of either party at any time after the Closing, the other
      party shall promptly execute and deliver such documents and take such additional
      actions as reasonable requested by the other part to effectuate the purposes
      of
      the Asset Purchase Agreement.
The
      Asset
      Purchase Agreement contains the following additional post-closing covenants
      of
      the parties:
(i)
      For a
      period of seven years following the Closing the Sellers shall be allowed
      reasonable access to books and records related to the Business and the Target
      Funds;
(ii)
      Pursuant to a license agreement entered into in connection with the Asset
      Purchase Agreement, Aston shall have the right to use certain names and marks
      of
      the Sellers to market and sell the Target Funds;
(iii)
      For
      a period of five years following the Closing, the Sellers have agreed to limited
      non-competition provisions and not to solicit certain individuals designated
      by
      the Highbury Entities;
(iv)
      Each
      Seller agrees not terminate an investment sub-advisory agreement with Aston
      prior to the fifth anniversary date of the Closing;
(v)
      Following the Closing, certain Sellers will accept at least a minimum additional
      investment amount in certain Target Funds;
(vi)
      For
      a period of time following the Closing, the Sellers shall cause specified "seed
      money" amounts invested in the Target Funds on behalf of the Sellers and/or
      their Affiliates to remain in the Target Funds; and
(vii)
      In
      the event that the Business is sold prior to the second anniversary of the
      date
      of the Closing, certain amounts may be payable by the Highbury Entities to
      AAAMHI.
This
      description of the Asset Purchase Agreement does not purport to be complete
      and
      is qualified in its entirety by the terms and conditions of the Asset Purchase
      Agreement, a copy of which is attached hereto as Exhibit 10.1 and is
      incorporated herein by reference. The Asset Purchase Agreement has been included
      to provide stockholders with information regarding its terms. It is not intended
      to provide any other factual information about Highbury or Aston. The Asset
      Purchase Agreement contains representations and warranties that the parties
      to
      the Asset Purchase Agreement made to and solely for the benefit of each other.
      The assertions embodied in such representations and warranties are qualified
      by
      information contained in confidential disclosure schedules that the parties
      exchanged in connection with signing the Asset Purchase Agreement. Accordingly,
      stockholders should not rely on such representations and warranties as
      characterizations of the actual state of facts or circumstances, since they
      were
      only made as of the date of the Asset Purchase Agreement and are modified in
      important part by the underlying disclosure schedules. Moreover, information
      concerning the subject matter of such representations and warranties may change
      after the date of the Asset Purchase Agreement, which subsequent information
      may
      or may not be fully reflected in Highbury's public disclosures.
LIMITED
      LIABILITY COMPANY AGREEMENT OF ASTON ASSET MANAGEMENT LLC
In
      connection with Highbury Entities' entering into the Asset Purchase Agreement,
      the limited liability company agreement (the "LLC Agreement") of Aston was
      amended and restated to admit certain management employees of the Business
      as
      members. Pursuant to the LLC Agreement, 72% of the revenues (the "Operating
      Allocation") of Aston is allocated for use by management of Aston to pay the
      operating expenses of Aston, including salaries and bonuses. The remaining
      28%
      of the revenues (the "Owners Allocation") of Aston is allocated to the owners of
      Aston. The Owners' Allocation is allocated among the members of Aston according
      to their relative ownership interests. Currently, 65% of the Owners' Allocation
      (or 18.2% of total revenues) is allocated to Highbury and the remaining 35%
      of
      the Owners' Allocation (or 9.8% of the total revenues) is allocated among the
      management members.
6
Highbury's
      contractual share of revenues has priority over the distributions to the
      management members in the event Aston's actual operating expenses exceed the
      Operating Allocation. As a result, excess expenses first reduce the portion
      of
      the Owners' Allocation allocated to the management members until the management
      members' allocation is eliminated, then Highbury's allocation is reduced. Any
      reduction in the revenues to be paid to Highbury is required to be paid to
      Highbury out of the portion of future Owners' Allocation allocated to the
      management members.
This
      description of the LLC Agreement does not purport to be complete and is
      qualified in its entirety by the terms and conditions of the LLC Agreement,
      a
      copy of which is attached hereto as Exhibit 10.6 and is incorporated herein
      by reference. The LLC Agreement has been included to provide stockholders with
      information regarding its terms. It is not intended to provide any other factual
      information about Highbury or Aston.
ITEM
      7.01 REGULATION FD DISCLOSURE
BUSINESS
      OVERVIEW
Founded
      in 1993, the Business manages 19 no-load mutual funds, including 15 equity
      funds
      and four fixed income funds, with approximately $6.0 billion of assets under
      management as of March 31, 2006. The open-architecture platform currently
      utilizes seven different entities to manage the funds. Upon consummation of
      the
      transaction, Aston intends to enter into long-term contracts with each of these
      entities to continue to manage the Target Funds as sub-advisors. These
      agreements will not be terminable by the sub-advisor for five years and Aston's
      relationship with the sub-advisor is supported by limited non-compete provisions
      and certain capacity guarantees in appropriate products to benefit Aston. This
      arrangement will provide continuity of investment process for the mutual fund
      shareholders and help to ensure a stable ownership transition for the fund
      complex.
As
      of
      March 31, 2006, 13 of the Target Funds carry an overall Morningstar Rating
      of
      three stars or better, including three four-star funds and one five-star fund.
      Three of the funds are relatively new and are not currently rated by
      Morningstar. The 15 equity funds are classified in seven of the nine Morningstar
      style boxes, giving Aston strong coverage of the public equity investment
      spectrum and a diversified revenue stream.
The
      Business generated total revenues of approximately $48.9 million for the fiscal
      year ended December 31, 2005 and approximately $11.0 million for the quarter
      ended March 31, 2006. After removing revenues earned on certain related party
      assets which may not be retained after the Closing, the adjusted total revenue
      for these periods was approximately $45.6 million and $10.1 million,
      respectively. Based on these adjusted total revenue figures and Highbury's
      contractual distribution right to 18.2% share of total revenues, the
      distributions to Highbury, net of holding company expenses to be $500,000 per
      year, would have been approximately $7.8 million and $1.7 million for these
      periods, respectively.
GROWTH
      OPPORTUNITIES FOR ASTON
Aston
      will seek to expand its assets under management with a combination of internal
      growth, new product development and accretive acquisitions. With 13 of the
      Target Funds rated three stars or better by Morningstar and 14 of the Target
      Funds with less than $200 million of assets, there are many sources of potential
      growth for the current platform.
Aston
      expects to retain the current sales force, which includes 18 wholesalers, in
      order to provide the Business with national distribution for new and existing
      products. Following the Closing, Aston's status as an independent, open
      architecture platform will enable it to incubate new products with a variety
      of
      investment management firms, regardless of their affiliations. This flexibility
      should allow Aston to establish additional mutual funds and new product lines
      with both existing and new sub-advisors in the future.
7
Furthermore,
      the Business is currently developing additional business lines which offer
      opportunities for growth. For example, ABN AMRO currently maintains a separately
      managed account platform which had $178 million of assets under management
      as of
      March 31, 2006. In connection with the transaction, ABN AMRO has agreed to
      seek
      the third party consents necessary to transfer this platform to Aston. In
      addition, Aston and ABN AMRO are together exploring a line of
      principal-protected funds to be distributed on a joint-venture basis with a
      major international insurance company. Aston intends to use the family of
      investment products and distribution resources that it will have on Closing
      to
      substantially scale any such additional initiatives.
Mr.
      Stuart Bilton and the management team also expect thoughtful, accretive
      acquisitions will be a source of growth for Aston in the future. The management
      team has substantial experience acquiring, integrating and managing investment
      management firms. In his former role as the President and Chief Executive
      Officer of Alleghany Asset Management, Mr. Bilton acquired or started six
      investment management firms over ten years and also founded the mutual fund
      platform being acquired in this transaction. These initiatives helped fuel
      the
      growth of Alleghany from Mr. Bilton's arrival in 1986 until its sale to ABN AMRO
      in 2001, at which point Alleghany had approximately $45 billion of total assets
      under management.
MANAGEMENT
Following
      the Closing, the Highbury board of directors and management team, consisting
      of
      Richard Foote, Bruce Cameron, Bradley Forth and Russell Appel, will remain
      in
      place. Highbury will be the managing member and majority owner of Aston, but
      intends to delegate day-to-day operating authority to the Aston management
      team
      who will hold a minority equity stake in Aston. Stuart Bilton, Kenneth Anderson
      and Gerald Dillenburg, who currently manage the Business for ABN AMRO, will
      lead
      Aston after the transaction. This ownership structure is designed to align
      the
      interests of the management team with Highbury's public shareholders and to
      provide incentives for growth over time.
Aston
      will be governed by a Management Committee initially composed of Messrs. Bilton,
      Anderson and Dillenburg. The Management Committee will appoint the officers
      of
      Aston and delegate the appropriate responsibilities to the officers. Aston
      intends to employ 35 people initially, and its senior management team and key
      members of the sales and marketing team have entered into restrictive covenant
      agreements benefiting Aston. These agreements substantially limit these
      individuals' ability to compete with Aston for various periods of time.
Stuart
      D.
      Bilton, CFA will serve as Chairman and Chief Executive Officer of Aston. In
      this
      role, he will direct and execute Aston's growth strategy. In 1993, while Mr.
      Bilton was President and CEO of Alleghany Asset Management, he founded the
      Alleghany Funds with Kenneth Anderson. Mr. Bilton has been associated with
      ABN
      AMRO Asset Management and its predecessors and/or affiliates since 1972. He
      served as President and Chief Executive Officer of ABN AMRO Asset Management
      Holdings, Inc. from 2001 to 2003 and is currently the Vice Chairman of AAAM.
      Prior to its acquisition by ABN AMRO, Mr. Bilton was President and Chief
      Executive Officer of Alleghany Asset Management, the parent company of
      Blairlogie Capital Management, Chicago Capital Management, Chicago Deferred
      Exchange Corporation, Chicago Trust Company, Montag & Caldwell, TAMRO
      Capital Partners and Veredus Asset Management. He is the Chairman of the ABN
      AMRO Funds and is a Director of Veredus, TAMRO, River Road Asset Management,
      and
      Baldwin & Lyons, Inc. He earned a B.Sc.(Econ) degree from the London School
      of Economics in 1967 and an M.S. degree from the University of Wisconsin in
      1970.
Kenneth
      C. Anderson, CPA, will serve as President of Aston and will be responsible
      for
      the overall management of Aston's business including sales, marketing,
      operations, client service, and financial profitability. Mr. Anderson is
      currently the President and CEO of the fund business and Executive Vice
      President and Director of Mutual Funds for AAAM. He is the Chairman of the
      Product Management Committee which encompasses both retail and institutional
      products and serves on the executive committee of AAAM. Mr. Anderson serves
      on
      the boards of Veredus Asset Management, TAMRO Capital Partners, and ABN AMRO
      Investment Trust Company, subsidiaries of AAAM. He is a member of the Investment
      Company Institute's International and Sales Force Committees and a past Chairman
      of the Board of Governors for the Mutual Fund Education Alliance. Prior to
      launching the Alleghany Funds in 1993, Mr. Anderson specialized in the Financial
      Services Practice at KPMG. He received a B.B.A. in Accounting from Loyola
      University of Chicago. He holds a series 6 and 63 license with the NASD. Mr.
      Anderson spent six years serving as a director for his community United Way
      board and four years as a founding director of The Caring Place near Loyola
      University, a Ronald McDonald House.
8
Gerald
      F.
      Dillenburg, CPA will be Chief Financial Officer and Chief Compliance Officer
      of
      Aston. In this role he will be responsible for the financials of Aston and
      the
      compliance of both the company and the Aston Funds. Mr. Dillenburg has been
      with
      ABN AMRO Investment Fund Services, Inc. (AAIFS) and its predecessors since
      1996
      where he has been the Compliance Officer and Director of Operations of the
      ABN
      AMRO Funds. In addition, he is the Chief Financial Officer, Secretary and
      Treasurer of the Funds. He is a Senior Managing Director of AAIFS, which is
      the
      Administrator to the Funds, as well as a Senior Managing Director of ABN AMRO
      Asset Management Holdings, Inc. and ABN AMRO Asset Management, Inc. Prior to
      1996, he was at KPMG LLP since 1989 in the audit division specializing in
      investment companies and mutual funds. He had just been promoted to senior
      manager at the time of his departure in June of 1996. He is a graduate with
      high
      honors from the University of Illinois at Champaign with a B.S. degree in
      Accountancy.
GROWTH
      OPPORTUNITIES FOR HIGHBURY
Highbury
      was formed on July 13, 2005 for the purpose of acquiring one or more financial
      services businesses. Highbury's registration statement for its IPO was declared
      effective on January 25, 2006, and the offering closed on January 31, 2006,
      generating net proceeds of approximately $43.8 million from the sale of 7.9
      million units, including full exercise of the underwriters' over-allotment
      option and units purchased by Highbury's founders in a concurrent private
      placement. Each unit was comprised of one share of Highbury common stock and
      two
      warrants, each with an exercise price of $5.00. As of March 31, 2006, Highbury
      held approximately $43.6 in a trust account maintained by an independent
      trustee, which will be released upon the consummation of the business
      combination.
The
      consummation of this transaction will establish Highbury as an investment
      management holding company for which Aston will serve as the initial platform
      for internal growth and add-on acquisitions. Highbury intends to continue to
      develop acquisition opportunities and will seek to establish other accretive
      partnerships with high quality investment management firms over time.
Highbury
      expects to have approximately $7.3 million of cash on hand after the closing
      and
      payment of transaction costs, inclusive of the working capital acquired.
      Highbury will not incur any debt or issue any shares of common stock or other
      dilutive securities in connection with the transaction. The estimates of cash
      on
      hand after the transaction and Highbury's ability to finance the transaction
      exclusively with cash assume no shareholders elect to convert their shares
      into
      cash at the time of the transaction.
Highbury
      believes that investment management firms represent an attractive investment
      opportunity for Highbury because of a variety of characteristics of the
      business. These traits include:
·
Increasing
              demand in the marketplace;
·
Upward
              market bias;
·
Low
              financial capital requirements;
·
High
              intellectual capital requirements;
9
·
High
              operating leverage; and
·
High
              cash flow.
Highbury
      intends to seek partnerships with a variety of investment management firms
      which
      could provide long term growth to Highbury. Some of these potential target
      types
      may include, but will not be limited to:
·
Mutual
              fund platforms;
·
Institutional
              equity and fixed income managers;
·
Investment
              advisors for high net worth individuals;
·
Financial
              planners;
·
Turnkey
              investment management firms;
·
Hedge
              funds;
·
Funds
              of hedge funds, venture capital funds or real estate funds;
·
Private
              equity firms; or
·
Real
              estate investment management firms.
Consistent
      with the structure of this transaction, Highbury intends to leave material
      equity interests with management teams to align the interests of all parties
      and
      provide incentives for long term growth. Highbury does not intend to manage
      the
      day-to-day operations of any affiliates, choosing to leave such authority in
      the
      hands of the management teams. Highbury will not integrate its acquisitions,
      although it may work with affiliates to execute fold-in acquisitions.
Highbury
      will seek to provide permanent equity capital to investment management firms
      to
      fund a variety of transaction types. Through this strategy, Highbury
      may:
·
Finance
              buyouts from corporate parents;
·
Finance
              buyouts of founding or departing partners;
·
Provide
              liquidity to unwind joint ventures;
·
Provide
              seed capital to fund growth initiatives; or
·
Facilitate
              exit strategies for private equity funds.
Highbury
      will seek to diversify its revenue stream by investment style, asset class,
      distribution channel, client type and management team. These efforts may enhance
      the growth prospects of Highbury, while limiting its downside risk.
10
ITEM
      9.01 FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
      EXHIBITS.
Exhibit
Description
10.1
Asset
                Purchase Agreement, dated as of April 20, 2006, by and among ABN
                AMRO
                Asset Management Holdings, Inc., ABN AMRO Investment Fund Services,
                Inc.,
                ABN AMRO Asset Management, Inc.,
Montag
                & Caldwell, Inc.
,
                Tamro Capital Partners LLC, Veredus Asset Management LLC, River Road
                Asset
                Management LLC and Aston Asset Management LLC.
10.2
Side
                Letter Agreement, dated as of April 20, 2006, by and among Highbury
                Financial Inc., Aston Asset Management LLC and Veredus Asset Management
                LLC.
10.3
Side
                Letter Agreement, dated as of April 20, 2006, by and among Highbury
                Financial Inc., Aston Asset Management LLC and River Road Asset Management
                LLC.
10.4
Side
                Letter Agreement, dated as of April 20, 2006, by and among Highbury
                Financial Inc., Aston Asset Management LLC and Montag & Caldwell,
                Inc.
10.5
Side
                Letter Agreement, dated as of April 20, 2006, by and among Highbury
                Financial Inc., Aston Asset Management LLC and ABN AMRO Asset Management
                Holdings, Inc.
10.6
Amended
                and Restated Limited Liability Company Agreement of Aston Asset Management
                LLC, dated as of April 20, 2006.
99.1
Press
                Release of Highbury Financial Inc. dated April 21,
                2006.
99.2
Investor
                Presentation
11
Signature(s)
Pursuant
      to the requirements of the Securities Exchange Act of 1934, the Registrant
      has
      duly caused this Report to be signed on its behalf by the undersigned hereunto
      duly authorized on.
HIGHBURY
              FINANCIAL
              INC.
By:
/s/ Richard
              S. Foote
Richard
                S. Foote
President
                and Chief Executive Officer
Date: April 21, 2006