Affiliated Managers : AMG Q3 2023 Investor Presentation

Q3 2023 Investor Overview

AMG: Partner to Industry-Leading Independent Investment Firms

30-year partnership history

with leading investment specialists

35+ independent Affiliates offering diverse suite of investment products

>$1B EBITDA across outstanding

return-oriented strategies

Industry-Leading Independent Managers

Attractive partnership model self-selects entrepreneurial, growing firms and enables access to specialist capabilities at scale

Multi-Faceted Growth Strategy

Unique combination of growth drivers provide ability to scale and evolve to meet client demand trends

High-Quality, Diverse Product Set

Excellent breadth and quality of products managed by independent firms with superior alpha generating capabilities

Strong Recurring Cash Flow

Significant recurring cash flow available to fund growth investments and return capital to shareholders

Creating long-term value by investing in high-quality independent partner-owned firms,

and allocating resources to areas of highest growth and return

All data as of 12/31/22.

2

Diverse Affiliate Group Operating Across Areas of High Growth and Secular Demand

EBITDA Contribution by Strategy

Alternatives

51%

34%

	17%
Multi-Asset and
	6%

Fixed Income
6%	26%
	17%

Equities

43%

Private Markets

Liquid Alternatives

Global Equities

U.S. Equities

Multi-Asset and Fixed Income

Aligned With Key Client Demand Trends

>50% of EBITDA from High-Growth Areas

Private

Markets

GrowthOrganic	Liquid
Alternatives
	Sustainable
	Strategies
	Wealth
	Management

All EBITDA percentage data calculated as of 9/30/23 LTM and adjusted for full-year impact of Forbion and Peppertree and the removal of Veritable.

3

Strategy Supports Compounding of Earnings Growth at Industry-Leading Rate

Significant Opportunities to Drive Growth and Compound Earnings at a High Rate of Return Over Time

									Affiliate
									Investments
									Partnering with high-
					Organic
								quality businesses to
					Growth				enhance earnings and
									organic growth
					Net client cash flows
	Affiliate				driven by secular
	Performance				growth areas and
				distribution
	Diversified market
	exposures and alpha
	generation

Share

Repurchases

Committed to

returning excess capital primarily

through shareIllustrative repurchases

Annual

Growth

Mid-Teens Annualized Long-Term Growth Opportunity

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Uniquely Positioned to Deliver Long-Term Growth and Shareholder Value

Multiple Growth Drivers:

Diversified market exposures and alpha generation, organic growth, and Affiliate investments all drive growth

Enhanced Stability Through Structure:

Diversified asset base and partnership structure enhance business stability and flexibility to invest for growth

Disciplined Capital Allocation:

Disciplined allocation of cash flow supports significant growth investment and efficient return of excess capital

Economic Earnings Per Share Growth and Shareholder Value Creation

Organic

Growth

Affiliate	Affiliate
Investment
Investments
Performance

Growth
Investments	Partnership
and Capital	Structure
Return
Flexible	Diversified
Capital	Business and
Resources	Product Set

AMG's unique business model positions the firm for long- term growth and shareholder value creation

5

Affiliate Investment Performance: Competitive Advantages in Generating Alpha

Independent partner-owned firms have unique competitive advantages that drive sustained alpha generation

Alignment of Interests

Multi-Generational Management

Entrepreneurial Cultures

Investment-Centric Organizations

Enduring Franchises

Proven track record of preserving advantages

Strong Long-Term Investment Performance (AUM Ahead of Benchmark)

Private Markets: 17% of EBITDA		Liquid Alternatives: 34% of EBITDA
90%	89%	85%	85%	86%

	IRR Latest Vintage IRR Last Three Vintages			3 Year	5 Year	10 Year
Global Equity: 26% of EBITDA				U.S. Equity: 17% of EBITDA
			64%					75%	83%
45%			46%
39%
	3 Year	5 Year	10 Year			3 Year	5 Year	10 Year

All EBITDA percentage data calculated as of 9/30/23 LTM and adjusted for full-year impact of Forbion and Peppertree and the removal of Veritable.

Past performance is not indicative of future results. Performance and AUM information is as of 9/30/23 and is based on data available at the time of calculation. Product returns are sourced from Affiliates while benchmark returns are generally sourced via third- party subscriptions. For information on the methodology for determining performance of Liquid Alternative, Global Equity, U.S. Equity, and Private Markets products, as well as the related benchmarks, see the Appendix.

6

Organic Growth: Strategic Focus on Secular Growth Areas

AMG Net Client Cash Flows Ex-Quant1 by Asset Class ($B)

$15

$10

$5

$0

($5)

($10)

($15)

Q1'21	Q2'21	Q3'21	Q4'21		Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23
			Alternatives			Equities2			Multi-Asset and Fixed Income

1. Net client cash flows excluding certain quantitative Affiliates determined to have a disproportionately small contribution to EBITDA relative to their contribution to AUM.
2. Equities includes global equities and U.S. equities.

7

Affiliate Investment Performance: Source of Earnings Stability

Track Record of Consistently Delivering Performance Fee Earnings Across Market Cycles

Annual Net Performance Fees ($mm)1

$227

$160					$184
		$131
$91	$86	$84		$86
$49	$72

10 Year Average: $117mm

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
		Private Markets			Absolute Return			Beta-Sensitive			3-Year Rolling Average

Diversified group of contributors to performance fee earnings manage ~$200 billion in AUM eligible to generate performance fee earnings2

Private Markets			75% of AUM
Eligible AUM: $68B			eligible to generate
			performance fee
			earnings is in
			strategies with low or
Absolute Return			negative correlation
Eligible AUM: $65B			to public beta
Beta-Sensitive
Eligible AUM: $42B

Significant cash generated by performance fee earnings to support our strategy

Cumulative Performance Fees Pre-Tax Cash Flow

($ in billions)							$1.2B
$1.2
$1.0
$0.8
$0.6
$0.4
$0.2
-
2012	2014	2016	2018	2020	2022

AUM data as of 9/30/23.

1. Represents the performance fee earnings component of Aggregate Fees, net of certain expenses and before taxes.
2. Featured Affiliates represent top performance fee earnings contributors and is not an exhaustive list of contributors to performance fee earnings.

8

Organic Growth: Capital Formation Capabilities Enhance Affiliate Reach

AMG Affiliate Team

		Collaborates with Affiliates to
		magnify their advantages and			$110B+
		long-term success by
		delivering AMG's strategic			Institutional Gross Sales Since 2009
		capabilities and expertise
					$120B+
AMG Client Solutions				AMG Product Strategy
Executes distribution strategy				and Development	Wealth Gross Sales Since 2005
supporting Affiliate				Provides data-driven strategic
opportunities across platform,				advice to Affiliates, product
field, and internal sales in the				structuring expertise, and	50+
U.S. Wealth and Global				product strategy to
Institutional channels				enhance growth	AMG Distribution Professionals
		AMG Operations
		500+
		Platform
		Supports all aspects of the			Affiliate-Level Sales and Marketing
				Specialists
		product lifecycle, including
		structuring, administration, and
		business analytics across
		client-facing teams

Partnering with Affiliates to Enhance the Delivery of their Unique Return Streams to Clients

Data as of 12/31/22.

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Affiliate Investments: Drive Growth and Enhance Diversification

AMG Partners with Leading Independent Firms to Magnify Their Advantages…

Access to Growth Capital

• Invest capital and resources to drive next phase of success
• Facilitate M&A / team lift-outs
• Provide seed capital
• Offer strategic capabilities, including product development and global distribution

Partial Liquidity

• Provide financial diversification for principals
• Establish firm value to facilitate broader equity incentive plans
• Readily available partner for future capital needs

Succession Plan Solution

• Industry-leadingsolution for building enduring franchises across generations
• Complete solution for firm equity with no requirement for future transactions
• Fulfill client, partner, and key employee objectives

…While Preserving Their Unique Entrepreneurial Cultures

Investment Independence and Operational Autonomy

Economic Alignment with Clients

Flexibility to Partner on Evolving Growth Opportunities

Access to Strategic Value-Add Capabilities

Client and

Consultant

Recognition of

30-Year Track

Record as a

Partner

Enhanced Ability to Deliver Differentiated Return Streams

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