Mr. Kevin McCreadie reports

AGF MANAGEMENT LIMITED REPORTS FOURTH QUARTER AND FISCAL YEAR 2023 FINANCIAL RESULTS

AGF Management Ltd. has released financial results for the fourth quarter and fiscal year ended Nov. 30, 2023.

AGF reported total assets under management and fee-earning assets1 of $42.2 billion compared to $42.3 billion as at August 31, 2023 and $41.8 billion as at November 30, 2022.

"In a year characterized by challenging business and market conditions, we demonstrated our resilience and continued to execute on our long-term plan to diversify our business across asset classes and client channels, giving us the stability to persevere and grow," said Kevin McCreadie, Chief Executive Officer and Chief Investment Officer, AGF. "Looking ahead, we have a strong balance sheet and are well-positioned to deliver on our 2024 business plans."

Mutual fund net redemptions were $224 million compared to net sales of $251 million in the comparative period, however AGF Investments reported ETFs and SMA AUM of $1.5 billion as at November 30, 2023 as compared to $1.2 billion in the comparative period.

"These results reflect the continued progress of our sales strategy in 2023 as we focused on diversifying and expanding our client base, while evolving our product offerings and varying our product structures to provide access to our investment capabilities in multiple ways," said Judy Goldring, President and Head of Global Distribution, AGF.

Key Business Highlights:

• AGF was recognized as one of Greater Toronto's Top Employers 2024. This honour stands as a testament to the firm's strong culture and the work being done to invest in its people.
• AGF Private Capital Inc. - AGF's private markets business - signed definitive agreements to acquire a majority interest in Kensington Capital Partners Limited, one of Canada's leading alternative investment firms, as part of AGF's strategic imperative to grow its private markets business. The transaction is expected to close in fiscal Q2-2024 and is subject to the receipt of certain regulatory approvals and closing conditions.
• W. Robert (Bob) Farquharson retired from the AGF Board of Directors and was named Vice-Chairman Emeritus in recognition of his long and successful career at AGF. He first joined AGF in 1963 as an analyst and over a period of 60 years, managed a number of AGF funds and served the company in senior executive and director roles.
• 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.
• Taking a vehicle agnostic approach, AGF Investments expanded its lineup with the launch of AGF Enhanced U.S. Equity Income Fund and AGF Emerging Markets ex China Fund, which are both available as a mutual fund with an ETF series option.
• The firm celebrated 55 years of AGF Management Limited's stock being listed on the TSX with a Market Open event at the TMX. This longevity is a testament to AGF's history of innovation, a disciplined investment approach and an unwavering commitment to our clients.
• AGF International Advisors Company Limited, a subsidiary of AGF, was once again accepted as a signatory to the UK Stewardship Code, a best-practice benchmark in investment stewardship.
• AGF European Equity Class (Series F) won a 2023 LSEG Lipper Fund Award in the European Equity category of 20 funds.
• AGF Investments was recognized with FundGrade A+(TM) Awards for AGF American Growth Class, AGF Fixed Income Plus Fund, AGF Global Convertible Bond Fund and AGF Global Select Fund.

Financial Highlights:

• Adjusted EBITDA1 for the three months and year ended November 30, 2023, was $27.6 million and $132.5 million, compared to $32.7 million and $105.9 million in the prior year comparative period. Results were adjusted for severance, corporate development and acquisition related expenses of $2.2m and $3.4m for the three months and year ended November 30, 2023 ($2.5m and $4.4m in prior comparative period).
• Net management, advisory and administration fees1 were $72.0 million and $294.4 million for the three months and year ended November 30, 2023, compared to $70.5 million and $294.5 million for the comparative prior year periods.
• Revenue from Private Capital for the three months and year ended November 30, 2023, was $3.9 million and $33.3 million, compared to $8.5 million and $28.1 million for the comparative prior year period. The decrease quarter over quarter was driven by lower fair value adjustments on AGF's investment in Private Capital long-term investments. Private Capital long-term investments can be variable quarter to quarter and can be impacted by fair value adjustments, timing of monetizations and cash distributions as well as changes in foreign currency translation as a portion of the investments are held in USD. On an annualized basis, AGF saw an increase in both results from Private Capital Managers and AGF's investment in Private Capital long-term investments.
• Adjusted selling, general and administrative costs1 were $50.7 million and $205.6 million for the three months and year ended November 30, 2023, compared to $49.0 million and $190.2 million in 2022. The year-over-year increase was impacted by higher incentive compensation, strategic investments made into the business to support our growth plan, including Private Capital, and increases driven by the market environment.
• Adjusted net income1 was $18.5 million ($0.28 adjusted diluted EPS1) and $90.3 million ($1.34 adjusted diluted EPS1), compared to $23.5 million ($0.35 adjusted diluted EPS) and $70.0 million ($1.01 adjusted diluted EPS).

For further information and detailed financial statements for the fourth quarter and year ended November 30, 2023, including Management's Discussion and Analysis, which contains discussions of non-IFRS measures, please refer to AGF's website at www.agf.com under 'About AGF' and 'Investor Relations' and at www.sedarplus.com.

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 at www.agf.com or at https://edge.media-server.com/mmc/p/5oqk38wy. Alternatively, the call can be accessed over the phone by registering here or in the Investor Relations section of AGF's website at www.agf.com, to receive the dial-in numbers and unique PIN.

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

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through 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 across its businesses. The firm's collective investment solutions, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors 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 nearly $43 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.

About AGF Investments

AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs. AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

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