AGF Management Limited to Make Subsequent Investment in New Holland Capital

• The most recent release (May 26, 2026) details AGF Management Limited exercising option rights to increase its economic ownership in New Holland Capital (NHC) to 50%.
• The transaction involves a $20 million USD investment and the conversion of an existing convertible note into equity.
• NHC reported Assets Under Management (AUM) of over $7.8 billion USD, representing significant growth from previous reporting periods where AGF Capital Partners AUM was approximately $2.4 billion CAD.
• Operational continuity is maintained with existing leadership including Scott Radke (CEO).
• The investment is expected to be modestly accretive to AGF's earnings in the near term and diversify assets and client base.
• Historical context shows consistent AUM growth, with total AUM reaching $61.4 billion as of April 30, 2026 (up 20.5% year-over-year).
• Q1 2026 earnings reported adjusted diluted EPS of $0.30 and a dividend increase of 8%.

• The $20 million investment is immaterial relative to AGF's total AUM of $61 billion and likely market capitalization, classifying the financial outlay as routine capital deployment rather than a transformative event.
• Increasing ownership to 50% shifts NHC from a minority stake or convertible note position to a joint venture structure, which may alter consolidation rules but does not fundamentally change AGF's core business model of asset management.
• The news confirms the strong growth trajectory observed in May 5th AUM data ($2.4B Capital Partners segment vs $7.8B NHC USD), suggesting the previous reporting scope may have been partial or NHC has expanded rapidly; this consistency validates prior expectations rather than surprising the market.
• No significant debt risk is introduced as the convertible note is being converted to equity, reducing leverage on AGF's balance sheet regarding this specific asset.
• The news aligns with the strategic priority of diversifying across asset classes mentioned in Q1 earnings and leadership quotes.

• AGF Management Limited is a Canadian asset management firm founded in 1957 managing over $61 billion in assets for more than 815,000 investors.
• Flagship operations include Mutual Funds ($36.3B), Private Wealth ($9.7B), and AGF Capital Partners (Alternatives).
• The company is pivoting towards alternative capabilities and energy transition themes as seen in the ETF objective change proposal.
• Leadership includes Judy Goldring (CEO) and Chris Jackson (President & COO), appointed effective July 2026 based on Q4 2025 results.