InstarAGF Essential Infrastructure Fund Achieves Strong First Close

Mar. 2, 2016

InstarAGF Essential Infrastructure Fund Achieves Strong First Close

TORONTO, ONTARIO  (March 2, 2016) — InstarAGF Asset Management Inc. (“InstarAGF” or the “Company”)
and AGF Management Limited (TSX: AGF.B; “AGF”) today announced the successful first close of the
InstarAGF Essential Infrastructure Fund (the “Fund”) with $372 million in firm equity commitments,
representing approximately 50% of the Fund’s targeted size, and the potential for cornerstone investors to
upsize to $422 million in committed capital prior to the final close of the Fund. All amounts are in
Canadian dollars.

The Fund, which focuses on mid-sized infrastructure assets in North America, attracted a diversified, high
quality group of institutional and high net worth investors from Canada, Europe, the United Kingdom and
United States. In addition, all of InstarAGF’s employees have made investments in the Fund, thereby
ensuring strong alignment with investors.

“We are delighted to partner with an exceptional group of cornerstone investors, which validates
InstarAGF’s distinctive middle market value proposition, deep industry relationships and the quality of the
Fund’s seed assets,” said Gregory Smith, President and Chief Executive Officer of InstarAGF.
“Infrastructure is an increasingly important component of most institutional portfolios, which reflects
growing demand for real assets that are more resilient to economic cycles and less correlated with
traditional asset classes, and that deliver current income while providing inflation protection.”

Approximately $135 million of the capital raised by the Fund has already been committed to two
investments: an interest in the passenger terminal at Billy Bishop Toronto City Airport, a vital
transportation hub for the city of Toronto and surrounding region; and a 30-megawatt wind power
development project in British Columbia that is expected to start operating in the first quarter of 2017.

“Accomplishing the first close of the InstarAGF Essential Infrastructure Fund represents a significant
milestone for our alternatives platform, and clearly establishes InstarAGF as a leading Canadian
infrastructure investment firm,” said Blake C. Goldring, Chairman and Chief Executive Officer of AGF.
“InstarAGF diversifies AGF’s investment capabilities and solutions for institutional, high net worth, and
retail clients globally, and enhances our ability to deliver innovative strategies that offer investors
downside risk protection and long-term capital growth.”

The Fund seeks to acquire power, utilities, civil and social infrastructure assets that exhibit sustainable
downside protection, typically as a result of long-term contracts, concession agreements or a regulatory
regime, and where InstarAGF’s expertise and ability to add value to the asset creates the potential for
capital appreciation. InstarAGF currently expects to achieve the final closing of the Fund, which has a
targeted size of $750 million, by the end of 2016.


Advisory Board Appointment

InstarAGF also announced the appointment of Rick Byers to the Company’s Advisory Board. Mr. Byers
was most recently Executive Vice President of Borealis Infrastructure where he led global capital raising
efforts. From 1991 to 2007, Mr. Byers served with BMO Capital Markets where he held transaction and
advisory roles for diverse transportation and energy infrastructure investments, including the Greater
Toronto Airports Authority, the 407 ETR, NAV Canada, VIA Rail and Atomic Energy of Canada Limited.
He also previously served in the Office of the federal Minister of Finance. He currently sits on the Boards
of Directors of PPP Canada, a federal crown corporation committed to supporting innovative public
infrastructure projects, and the Toronto Transit Commission. He was formerly a director of Enersource
Corporation and the Canadian Council for Public-Private Partnerships.

Mr. Byers joins the other members of InstarAGF’s Advisory Board, which include Dennis Freeman,
formerly a Partner at KPMG LLP; David Mullen, Managing Director of Graycliff Partners LP and Chair of
the Canadian Venture Capital and Private Equity Association; Mike Crawley, Executive Vice President of
Business Development at Northland Power Inc.; and Jim Dougan, President, Eastern Canada at PCL
Constructors Canada Inc.


About InstarAGF Asset Management

Launched in 2014, InstarAGF is an independent alternative asset management firm with an emphasis on
North American middle-market opportunities in the infrastructure sector and other alternative real asset
categories. InstarAGF, which makes direct investments and co-investments with like-minded investors
and strategic partners, is a joint venture between Instar Group Inc., a company owned by Gregory J.
Smith, and AGF Management Limited, one of Canada’s largest independent investment management
firms. For more information:


About AGF Management Limited

AGF Management Limited is one of Canada’s premier independent investment management firms with
offices across Canada and subsidiaries around the world. AGF’s products include a diversified family of
mutual funds, mutual fund wrap programs and pooled funds. AGF also manages assets on behalf of
institutional investors including pension plans, sovereign wealth funds, foundations and endowments as
well as for private clients. With approximately $33 billion in total assets under management, AGF serves
more than one million investors. For more information:


For More Information:

Sarah Borg-Olivier
Senior Vice President
InstarAGF Asset Management
Tel: 416-815-6260

AGF Management Limited Shareholders and Analysts
Robert J. Bogart
Executive Vice-President and Chief Financial Officer
AGF Management Limited
Tel: 416-865-4264

Adam Cohen
Director, Finance and Investor Relations
Tel: 416-865-4228

"Instar" and the Star logo are trademarks of Instar Group Inc. and are used under license. "AGF" and the Tiger logo are trademarks of AGF Management Limited and are used under license. InstarAGF website pages © 2019-2020 AGF Management Limited. All Rights Reserved.


InstarAGF Asset Management Inc.
Toronto Dominion Bank Tower
66 Wellington Street West, 31st Floor
Toronto, ON M5K 1E9