Mr. Kevin McCreadie reports

AGF MANAGEMENT LIMITED REPORTS FIRST QUARTER 2024 FINANCIAL RESULTS

AGF Management Ltd. has released financial results for the first quarter ended Feb. 29, 2024. AGF had total assets under management and fee-earning assets of $45-billion compared with $42.2-billion as at Nov. 30, 2023, and $41.9-billion as at Feb. 28, 2023.

"Our solid results this quarter reflect our long-term efforts to diversify our business," said Kevin McCreadie, chief executive officer and chief investment officer, AGF. "This quarter we made further progress with notable strategic investments laying the foundation for continued long-term growth, including the growth of AGF Capital Partners, our diversified alternatives business."

AGF's mutual fund gross sales were $914-million for the quarter compared with $687-million in the previous quarter and $982-million in the prior-year quarter. Mutual fund net redemptions were $125-million compared with net redemption of $224-million in the previous quarter and net sales of $221-million in the prior-year quarter.

"While the challenging market environment has weighed on industry and AGF flows, net flows improved during the quarter due to seasonality. We continue to take a long-term approach to increasing our penetration in high-growth distribution channels by diversifying our capabilities and offerings," said Judy Goldring, president and head of global distribution, AGF.

Key business highlights:

• AGF made a strategic investment in New Holland Capital LLC (NHC), a New York-based multistrategy investment manager with more than $5-billion (U.S.) in assets under management and more than 17 years of experience providing institutional investors with absolute return investment strategies across the liquidity spectrum. This transaction further grows AGF Capital Partners, AGF's alternatives business, with the addition of absolute return-focused strategies and specialized credit investment capabilities.
• On March 8, AGF announced the closing of the previously announced strategic investment to acquire a majority interest in Kensington AGF Capital Partners Ltd., one of Canada's leading alternative investment firms with $2.6-billion of assets under management, as part of AGF's strategic imperative to grow its alternatives business, AGF Capital Partners.
• AGF announced the appointment of Laura Dottori-Attanasio to the AGF board of directors, effective April 3, 2024. Ms. Dottori-Attanasio is a renowned business leader with deep expertise in the financial sector and a record of success across industries. This appointment further enhances and diversifies AGF's independent directors' collective experience and expertise.
• In February, AGF Investments Inc. broadened its Canadian ETF (exchange-traded fund) offerings with the launch of an ETF series on long-running funds in key areas of focus for investors, including alternative assets and active fixed income. This launch builds on AGF Investments' commitment to provide investors with options to access capabilities in their preferred vehicles.
• AGF Investments was recognized with FundGrade A+ awards for AGF American Growth Fund/Class, AGF Global Select Fund, AGF Fixed Income Plus Fund and AGF Global Convertible Bond Fund.

Financial highlights:

• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the three months ended Feb. 29, 2024, was $49.5-million, compared with $27.6-million for the three months ended Nov. 30, 2023, and $27.3-million in the prior-year comparative period. Results were adjusted for severance, corporate development and acquisition-related expenses of $4.4-million for the three months ended Feb. 29, 2024, compared with $2.2-million for the three months ended Nov. 30, 2023, and $200,000 in the comparative prior-year period.
• Net management, advisory and administration fees were $74.9-million for the three months ended Feb. 29, 2024, compared with $72-million for the three months ended Nov. 30, 2023, and $73-million for the comparative prior-year period.
• Revenue from AGF Capital Partners for the three months ended Feb. 29, 2024, was $24.4-million, compared with $3.9-million for the three months ended Nov. 30, 2023, and $4-million for the comparative prior-year period. The increase quarter-over-quarter and year-over-year was driven by higher fair value adjustments and distribution income recorded on AGF Capital Partners' long-term investments. AGF Capital Partners' 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 U.S. dollars.
• Adjusted selling, general and administrative costs were $53.5-million for the three months ended Feb. 29, 2024, compared with $50.7-million for the three months ended Nov. 30, 2023, and $52.8-million for the comparative prior-year period.
• Adjusted net income was $33.7-million (51 cents adjusted diluted earnings per share) for the three months ended Feb. 29, 2024, compared with $18.5-million (28 cents adjusted diluted EPS) for the three months ended Nov. 30, 2023, and $17.8-million (27 cents adjusted diluted EPS) for the comparative prior-year period.

For further information and detailed financial statements for the first quarter ended Feb. 29, 2024, including management's discussion and analysis, which contains discussions of non-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. 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 nearly $49-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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