Ms. Amanda Marchmen reports

AGF MANAGEMENT LIMITED - NORMAL COURSE ISSUER BID

The Toronto Stock Exchange (TSX) has approved AGF Management Ltd.'s notice of intention to renew its normal course issuer bid in respect of its Class B non-voting shares (AGF.B).

As at Jan. 26, 2024, there were 64,360,748 Class B non-voting shares issued and outstanding and the public float consisted of 47,352,690 Class B non-voting shares.

Under the announced normal course issuer bid, AGF is permitted to purchase up to 4,735,269 Class B non-voting shares, representing approximately 10 per cent of the public float for such shares as of Jan. 26, 2024. Purchases under the normal course issuer bid may commence on Feb. 8, 2024, and continue until Feb. 7, 2025, when the bid expires. Pursuant to the articles of AGF, the Class B non-voting shares may not be purchased by AGF at a price which exceeds more than 15 per cent of the weighted average price at which the Class B shares traded on the TSX during the 10 trading days immediately preceding the date of any such purchase.

AGF announced that it will be entering into an automatic purchase plan with a broker during the normal course issuer bid. The plan is effective as of Feb. 8, 2024, and should terminate together with the normal course issuer bid. The plan allows for purchases by AGF of its Class B non-voting shares, subject to certain parameters.

Under the announced normal course issuer bid, purchases may be made through the facilities of TSX, alternative Canadian trading systems/other published markets, or as otherwise permitted by the Canadian Securities Administrators or Ontario Securities Commission. The average daily trading volume (ADTV) of the Class B non-voting shares (for the six-month period ended Jan. 31, 2024) on the TSX was 68,717. Under the rules of the TSX, AGF is entitled to repurchase during the same trading day on the TSX up to 25 per cent of the ADTV of its Class B non-voting shares, being 17,179 except where reliance is placed on the TSX's block purchase exemption.

Class B non-voting shares purchased under the NCIB will be cancelled or purchased and held by the AGF employee benefit trust for the settlement of equity settled incentive plans by AGF. The directors believe that the purchase for cancellation of Class B non-voting shares represents a desirable use of capital when, if in the opinion of management, the value of the Class B non-voting shares is attractive relative to the trading price of said shares. Purchase for cancellation by AGF of outstanding Class B non-voting shares may also be used to offset the dilutive effect of treasury stock released for the employee benefit trust and of shares issued through AGF's stock option plans and dividend reinvestment plan.

Under its existing normal course issuer bid, which expires on Feb. 7, 2024, AGF sought and received approval from the TSX to purchase 4,397,923 Class B non-voting shares. During the period from Feb. 8, 2023, to Feb. 5, 2024, AGF acquired 1,832,300 Class B non-voting shares at a weighted average price of $7.61.

About AGF Management Ltd.

Founded in 1957, AGF Management is an independent and globally diverse asset management firm. Its 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.