Mr. Kevin McCreadie reports

AGF MANAGEMENT LIMITED REPORTS SECOND QUARTER 2023 FINANCIAL RESULTS

AGF Management Ltd. has released financial results for the second quarter ended May 31, 2023.

AGF had total assets under management and fee-earning assets of $41.2-billion compared with $41.9-billion as at Feb. 28, 2023, and $40.3-billion as at May 31, 2022.

"Today we are seeing the results of our collective teams' efforts and we have made significant progress against our strategic imperatives," said Kevin McCreadie, chief executive officer and chief investment officer, AGF. "We remain focused on the continued diversification of our business, including the buildout of our private markets platform, AGF Private Capital, and the onboarding of new clients across all channels."

AGF's mutual fund gross sales were $819-million for the quarter compared with $818-million in the comparative period. Mutual fund net sales were $77-million compared with $132-million in the comparative period, marking the 11th consecutive quarter of positive net sales. AGF's sales have continued to outpace the industry. During the quarter, the industry reported net redemptions, while AGF mutual funds remained in net sales.

"Given current market volatility and industry pace, we are pleased with the continued success of our sales strategy," said Judy Goldring, president and head of global distribution, AGF. "The solid execution of our sales strategy has allowed us to diversify and expand our client base and focus on evolving our product offerings and varying product structures to provide access to our investment capabilities in multiple ways to meet their unique needs."

"We continue to take a thoughtful approach to expense management, focusing on maintaining core expenses while also recognizing the importance of investing in our strategic growth areas, including rewarding employees who contribute to the acceleration of our sales strategy and deliver investment outperformance," added Mr. McCreadie.

Key business highlights:

• AGF announced the appointment of industry veteran Ken Tsang to the position of chief financial officer. He is a respected and seasoned leader with nearly 30 years of experience as a strategic finance and corporate development leader in financial services.
• As part of a continuing product review and AGF's commitment to ensuring its lineup is responsive to market trends and regulatory changes, while also delivering competitive pricing, AGF Investments Inc. announced a host of product-related updates to its Canadian lineup, including selective pricing changes, preliminary prospectus filings for new funds and select fund/series closures.
• AGF's separately managed accounts (SMA) business continued to gain momentum over the quarter as the firm onboarded a sustainable investment strategy onto the U.S. SMA platform of a large global wealth management firm.
• The firm relocated its Boston office to 99 High St. The expanded space will deliver the same seamless in-office and at-home working experience offered to employees at CIBC Square and AGF's other locations while supporting the continued buildout of AGF's U.S. business.

Financial highlights:

• Total net revenue was $95.8-million for the three months ended May 31, 2023, compared with $82.7-million in the prior year. The increase was influenced by higher income on private capital long-term investments, which can be variable quarter to quarter and impacted by the timing of monetizations and cash distributions.
• Selling, general and administrative costs were $53-million for the three months ended May 31, 2023, compared with $47.3-million in 2022. The year-over-year increase in SG&A was impacted by higher incentive compensation as a result of AGF's record of investment outperformance and the successful execution of its sales strategy, which is to increase its presence in the investment dealer channel. In addition, the increase incorporates strategic investments made into the business to support AGF's growth plan, including private capital, as well as increases driven by the market environment. AGF is committed to being an employer of choice, which means looking at responsible practices and initiatives to attract, develop and reward employees.
• EBITDA (earnings before interest, taxes, depreciation and amortization) before commissions for the three months ended May 31, 2023, was $42.8-million, compared with $35.4-million in the prior-year comparative period.
• Net income for the three months ended May 31, 2023, was $30.3-million (45 cents diluted earnings per share), compared with $10.1-million (14 cents diluted EPS) in the prior-year comparative period.

For further information and detailed financial statements for the second quarter ended May 31, 2023, including management's discussion and analysis, which contains discussions of non-IFRS (international financial reporting standards) measures, please refer to AGF's website under "about AGF" and "Investor relations" and on SEDAR.

Conference call

AGF will host a conference call to review its earnings results today at 11 a.m. ET.

The live audio webcast with supporting materials will be available in the investor relations section of AGF's website. Alternatively, the call can be accessed over the phone by registering in the investor relations section of AGF's website to receive the dial-in numbers and unique PIN.

A complete archive of this discussion along with supporting materials will be available within 24 hours of the end of the conference call.

About AGF Management Ltd.

Founded in 1957, AGF Management is an independent and globally diverse asset management firm delivering excellence in investing in the public and private markets through its three distinct business lines: AGF Investments, AGF Private Capital and AGF Private Wealth.

AGF brings a disciplined approach focused on providing an exceptional client experience and incorporating sound responsible and sustainable practices. The firm's investment solutions, driven by its fundamental, quantitative and private investing capabilities, extend globally to a wide range of clients, from financial advisers and their clients to high-net-worth and institutional investors, including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With over $41-billion in total assets under management and fee-earning assets, AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

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