AGF Management Limited to Make Subsequent Investment in New Holland Capital

• AGF Management Limited is increasing its economic ownership in New Holland Capital (NHC) to 50% effective May 29, 2026.
• The transaction involves a $20 million USD additional investment and conversion of an existing convertible note into equity.
• NHC currently manages over $7.8 billion USD, representing 44% growth from $5.4 billion USD over the last two years.
• AGF retains options to subsequently increase ownership percentage in the future.
• Operational continuity is maintained with existing leadership (CEO Scott Radke, Co-CIO Bill Young).
• The investment is expected to be modestly accretive to AGF's earnings in the near term.

• Strategic Alignment: This move confirms management's confidence in NHC's growth trajectory following Q1 2026 results where NHC AUM increased significantly.
• Financial Impact: The $20 million investment is relatively small relative to AGF's total assets under management ($61.4 billion) and estimated market capitalization, limiting immediate upside volatility.
• Earnings Context: While described as "modestly accretive," Q1 2026 earnings revealed that AGF Capital Partners (which includes NHC) reported negative Adjusted EBITDA (-$3.8 million) due to non-cash fair value adjustments on legacy infrastructure investments. This new investment does not fully address the drag from legacy assets but aims to capitalize on growth in private credit.
• Market Expectation: The market likely anticipated this given NHC's AUM growth and previous product launches (evergreen private credit fund). It is an execution of strategy rather than a surprise pivot.

• Company: AGF Management Limited is a Canadian asset management firm providing investment solutions across mutual funds, ETFs, private wealth, and alternative investments.
• Flagship Project: The core business relies on fee-generating assets under management (AUM) totaling $61.4 billion as of April 2026. Key growth drivers include the AGF Capital Partners division (including New Holland Capital) which focuses on alternatives like private credit and infrastructure.
• Development: Management is actively diversifying across asset classes, evidenced by the ETF series launches in early 2026 and the strategic investment increase in NHC to capture alternative market growth.