Mr. Ash Lawrence of AGF Capital reports

AGF MANAGEMENT LIMITED HAS MADE A STRATEGIC INVESTMENT IN NEW HOLLAND CAPITAL

AGF Management Ltd. has made a strategic investment in New Holland Capital LLC (NHC, or the firm), a New-York-based multistrategy investment manager with more than $5-billion (U.S.) in assets under management (AUM) and more than 17 years of experience providing institutional investors with absolute return investment strategies across the liquidity spectrum. The investment in NHC is a significant step in AGF's strategy to continue growing AGF Capital Partners (AGF Private Capital) -- AGF's diversified alternatives business with capabilities across both private assets and alternative strategies.

Under the terms of the arrangement, AGF will make an initial strategic investment in the form of a note convertible into a 24.99-per-cent economic interest in NHC. The arrangement also provides AGF with the option to subsequently increase its ownership stake.

"We look forward to partnering with New Holland as we continue to build and grow our alternatives business," said Ash Lawrence, head of AGF Capital Partners. "The addition of New Holland and its expertise in absolute return-focused investments diversifies AGF Capital Partners' alternatives capabilities and avenues for growth."

NHC's flagship Tactical Alpha multi-PM investment strategy focuses on identifying alpha-generating opportunities in both fundamental and quantitative strategies in liquid markets. The firm seeks to balance market diversification and capital preservation through absolute return-focused investments. NHC also manages a special opportunities strategy that invests in non-correlated niche credit opportunities, including specialty finance and real assets infrastructure. Additionally, the firm partners with institutional investors to deliver customized absolute return investment solutions.

"We believe that AGF Capital Partners is the ideal partner to accelerate our long-term growth," said Scott Radke, New Holland Capital's chief executive officer. "With the support of their strong platform and broad distribution channels, we can continue to deliver attractive risk-adjusted returns to our clients to help meet their unique portfolio objectives and execute on our strategic business plan. This investment is an exciting and important step forward for our business and clients in the evolution of New Holland."

NHC will retain operational independence, and the firm's existing leadership team, led by Mr. Radke, chief executive officer, and a group of nine additional partners, will continue to manage the day-to-day investment and business operations in their current roles. Mr. Lawrence and the broader AGF team will provide strategic support to NHC, including arrangements to facilitate near-term joint global distribution efforts for its investment strategies, and access to AGF's quantitative investing and data analytics expertise.

"This investment, on the heels of our recent announcement regarding the proposed acquisition of a majority stake in Kensington Capital Partners Ltd., supports AGF's strategic vision to build a diversified alternatives business that provides a range of innovative solutions that meet the unique needs of financial advisers and their investors, family offices and institutions," added Mr. Lawrence.

The growth of AGF's alternatives business will further expand the firm's investment capabilities, and increase management and performance fee revenues, all of which are expected to contribute to earnings growth.

Massumi + Consoli served as legal counsel to AGF. CBRE/Sera Global served as exclusive financial adviser, and Simpson Thacher & Bartlett served as legal counsel to NHC in this transaction.

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 business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

AGF brings a disciplined approach focused on incorporating sound, responsible and sustainable corporate practices. The firm's collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends 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 $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 Capital Partners

AGF Capital Partners is AGF's diversified alternatives business with extensive capabilities across both private assets and alternative strategies. Clients benefit from specialized investment expertise combined with the organizational support and breadth of resources of AGF Management. AGF Capital Partners is continually looking to diversify and expand the business's capabilities and alternatives offerings to meet clients' evolving needs.