Federated Investors, Inc. Analyst Update

Stability Investment Solutions Diligence Federated Investors, Inc. Analyst Update Data as of March 31, 2018 4/18; data as of 3/31/18 18-74239

Forward-Looking Information This presentation is provided as of the date on the cover. Certain statements in this presentation, including those related to the potential for growth and stability constitute forwardlooking statements, which involve known and unknown risks, uncertainties, and other factors that may cause the actual results, levels of activity, performance or achievements of Federated or industry results, to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Among other risks and uncertainties are that market conditions and the performance of company products affect the potential for growth and stability. Other risks and uncertainties also include the risk factors discussed in the company s annual and quarterly reports as filed with the Securities and Exchange Commission. For a discussion of such risk factors, see the section titled Risk Factors and Cautionary Statements in Federated s Annual Report on Form 10-K and other reports on file with the Securities and Exchange Commission. As a result, no assurance can be given as to future results, levels of activity, performance or achievements, and neither Federated nor any other person assumes responsibility for the accuracy and completeness of such statements in the future. Federated does not undertake any obligation to update the statements in this presentation. 1

Federated Investment Considerations Business mix offers potential for both growth and stability Size across asset classes provides organic growth potential across cycles complemented by selective acquisitions $126b combined equity ($64b) and fixed income ($62b) managed assets* Pure play asset management company; financial strength and flexibility Member S&P 400 MidCap Index *Data as of 3/31/18 2

Overview of Federated Investors Strategy: Develop high quality investment products in a variety of disciplines and distribute them through an extensive network of financial intermediaries in multiple channels, markets and countries Position: Top 11 U.S. mutual fund managers* Top 5 SMA managers** $392b AUM, $126b combined equity ($64b) and fixed income ($62b)*** 213 regional consultants/sales professionals 8,500+ intermediary firms and other institutions * Source: Strategic Insight 3/18 based on AUM, open-end funds. ** Source: Dover Financial, 12/31 data *** Data as of 3/31/18 3

Diversified Mix of Revenue from Managed Assets 100% 90% 80% 70% 60% 50% 40% Percentage of Revenue Less Distribution Expense by Asset Type 1 44% 61% 44% 41% 39% 37% 29% 26% 35% 30% 29% 74% 70% 70% 71% 65% 62% 55% 58% 60% 55% 24% 24% 22% 23% 21% 20% 20% 11% 20% 38% 19% MM Avg 37% High 61% Low 24% EQ & FI Avg 62% High 75% Low 38% FI Avg 20% High 25% Low 11% 30% 20% 10% 44% 11% 27% 36% 38% 38% 38% 47% 50% 44% 50% 51% EQ Avg 42% High 52% Low 27% 0% Equity Fixed Income Money Market Other 4

Diversified Multi-channel Distribution AUM by Distribution Channel $392 billion as of 3/31/18 International $14b Institutional $109b $269b Intermediaries Intermediaries Domestic Broker Dealers, Bank Trust, Private Banks, Capital Markets, RIAs & Other Institutional Domestic Corporations, Government Entities, Pension Plan/Defined Contribution Sponsors, & Insurance Companies International Non-US entities including Insurance Companies, Sovereign Wealth Funds, Corporations, Banks, Broker Dealers & Local Governments. 5

Equity Product Groups Value & Income $38.0B Strategic Value Dividend $12.1B Capital Income $1.6B Equity Income $1.1B Strategic Value US Equity (CAN) $24M Strategic Value Equity (UCITs) $16M Equity Advantage $3M Separate Accounts $23.1B Growth/Kaufmann $10.6B Kaufmann $6.1B Kaufmann Large Cap $3.3B Kaufmann Small Cap $1.0B Kaufmann Fund II $157M Separate Accounts $97M Quantitative/MDT $4.8B Large Cap Value $1.3B Small Cap Core $520M Small Cap Growth $397M Mid Cap Growth $344M All Cap Core $154M Other Mutual Funds $228M Separate Accounts $1.9B Managed Risk & Alternative $1.1B Managed Volatility II $595M Managed Tail Risk II $188M Prudent Bear $175M Absolute Return $113M Total Equity $64 Billion International $4.8B International Leaders $2.0B Intl. Strategic Value Div $661M Intl. Small-Mid Company $157M Other Mutual Funds $321M Separate Accounts $1.6B Asset Allocation & Index $3.2B Muni & Stock Advantage $1.6B Index Funds $1.1B Global Allocation $418M Value /Clover $1.4B Clover Small Value $569M Separate Accounts $826M Data as of 3/31/18 6

Fixed Income Product Groups Money Market $266B Government Funds $146B Prime Funds $29B Tax Free Funds $7B Separate Accounts $84B High Yield $11.1B Inst. High Yield Bond $6.8B High Yield Trust $973M High Income Bond $708M Other Mutual Funds $176M Separate Accounts $2.4B International $1.6B 4 LVM Funds $483M Global Total Return Bond $60M Emerging Mkt Debt $53M Project/Trade Finance Tender $50M Separate Accounts $921M Total Fixed Income $329 Billion Money Market $266B Fixed Income $62B Multi Sector /Corporate $39.0B Total Return Bond $7.7B Capital Preservation $4.4B Ultrashort Bond $3.0B Institutional Fixed Income $2.5B Federated Bond $1.3B Sterling Cash Plus $1.1B Short Term Income $960M Strategic Income $719M Other Mutual Funds $1.7B Separate Accounts $15.9B Govt./Mort.-Backed $4.9B Govt. Ultrashort Duration $752M Govt. Income Trust $350M U.S. Govt. Securities 2-5 yrs $311M Total Return Govt. Bond $271M Fund for U.S. Govt. Securities $256M Adjustable Rate Securities $208M Other Mutual Funds $578M Separate Accounts $2.2B Municipal $5.7B Muni Ultrashort $2.6B Short Int Duration Trust $934M Muni High Yield Advantage $637M Muni Bond Fund $356M Premier Muni Income Fund $285M PA Municipal Income $171M Other Mutual Funds $331M Separate Accounts $350M Data as of 3/31/18 7

Monthly Average Mutual Fund & SMA Gross Sales Equity & Fixed Income ($mm) $3,500 $3,000 CAGR 08 Q1 18 Equity = 11% Fixed Income = 7% Ultra-Short = 10% 3,048 328 $2,500 $2,000 1,865 1,917 2,336 433 2,504 2,486 548 514 2,564 448 2,448 360 897 2,275 344 2,499 447 $1,500 $1,000 $500 $0 382 912 857 577 940 1,054 914 1,077 1,161 1,131 193 928 826 1,823 521 1,204 1,230 825 795 917 1,017 1,112 608 417 462 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1 2018 Equity Fixed Income Ultra-Short 8

Equity & Fixed Income Fund + Separate Account Sales ($mm) 16,000 Fixed Income 14,000 12,000 10,000 7,000 Gross Sales Net Sales 7,000 Gross Sales Equity Net Sales 6,000 6,000 5,000 5,000 4,000 4,000 3,000 3,000 2,000 2,000 1,000 1,000 0 0-1,000-1,000-2,000-2,000 Fixed Inc. 2015 2016 2017 Q1 2018 Total Gross Sales 16,460 15,788 27,564 4,908 64,719 Net Sales (1,190) (1,712) 10,517 (1,694) 5,921 Equity 2015 2016 2017 Q1 2018 Total Gross Sales 15,591 22,390 12,211 3,363 53,555 Net Sales 2,857 5,762 (3,995) (2,189) 2,435 9

Money Market Funds & Separate Accounts - Unique Competitive Advantage FII MMF & Separate Account Total Assets ($B) FII MMF & Separate Accounts Assets by Channel ($B) CAGR* Q4 99 Q1 18 = 7% CAGR* Q1 06 Q1 18 = 4% $400 $350 $300 $250 $200 $150 $100 $84 $99 Average Separate Acct AUM Average MMF AUM Period End AUM $174 $151 $161 $136 $143 $124 $237 $356 $313 $276 $285 $285 $276 $259 $256 $252 $265 $266 $350 $300 $250 $200 $150 $100 $50 0 29 53 82 0 28 64 94 4 47 87 141 4 57 96 203 3 6 9 12 12 52 52 54 54 48 73 73 74 79 75 144 140 138 134 129 9 7 8 8 53 80 44 61 71 74 66 64 126 127 110 113 $50 $0 Q1 '06 Q1 '07 Q1 '08 Q1 '09 Q1 '10 Q1 '11 Q1 '12 Q1 '13 Q1 '14 Q1 '15 Q1 '16 Q1 '17 Q1 '18 $0 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 Q1 '18 Wealth Mgmt BD/Retail Institutional International CAGR = 3% CAGR = 2% CAGR = 9% CAGR = 61% 3/31/18 Total = $266B *Compound Annual Growth Rate Broad Product Line Value-added Services Strength in Large Banks Barriers to Entry Hedge in periods of Volatility 10

Federated Money Market Fund Assets 1,200 1,000 800 Indexed Growth** vs. Money Stock, S&P 500, and Industry MMF CAGR (12/93 3/18) FII MMF 8% Industry MMF 7% S&P 500 7% Money Stock 6% FII MMF S&P 500 Money Stock Industry MMF 600 400 200 0 *Beginning in Q1 17 Includes money market subadvised accounts Industry MMF Source: Investment Company Institute. **FII MMF Assets, the S&P 500 Index, the Money Stock, and Industry MMF Assets were each indexed to a value of 100 on 12/31/93. Money Stock is M2 plus Institutional Money Funds, which were formerly reported in M3 (M3 was discontinued on 3/23/06). Money Stock M1 is a measure of the money supply which includes currency in circulation plus demand deposits or checking account balances; M2 is M1 plus net time deposits and retail money funds; Source: Federal Reserve S&P 500 is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use by Federated Securities Corp. S&P 500 Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. 11

Separate Accounts Separate Accounts by Product Type ($B) State Cash Pools $55.2 Sub- Advised Accts $30.9 SMA $25.1 Inst Accts $21.6 Separate Accounts by Asset Type ($B) Equity $27.5 Total AUM = $133B Fixed Income $21.7 Cash $83.5 2014 2018 Separate Account Wins $11.5b Fixed Income Gov t/credit Q4 17 $5.4b Money Market Prime Q4 17 $1.0b Money Market Prime Q3 15 $700mm Fixed Income High Yield Q4 14 $500mm Fixed Income Active Cash Q4 14 $250mm Equity International - EAFE Q3 15 $200mm Fixed Income Multi-Sector Q3 15 $185mm Fixed Income Muni/Active Cash Q4 17 $162mm Fixed Income Municipal Q2 15 $160mm Equity Mid Cap Growth Q2 15 $150mm Equity International - EAFE Q1 16 $150mm Equity International - EAFE Q3 15 $135mm Fixed Income High Yield Q3 15 $130mm Fixed Income High Yield Q2 15 $118mm Fixed Income Corporate Q3 16 $108mm Equity Strategic Value Q2 17 $100mm Fixed Income Gov t Q4 14 $581mm Additional 18 wins Fixed Income primarily via High Yield, Gov t & Trade Finance Equity primarily via Mid Cap Growth, Large Cap Growth, Strategic Value Dividend & Global Strategic Value Dividend Data as of 3/31/18 12

Equity & Fixed Income Separate Account Sales ($mm) 13,000 12,000 Fixed Income Gross Sales Net Sales 11,000 10,000 Equity 4,000 4,000 Gross Sales Net Sales 3,000 3,000 2,000 2,000 1,000 1,000 0 0-1,000-1,000-2,000-2,000 Fixed Inc. 2015 2016 2017 Q1 2018 Total Gross Sales 1,964 1,164 12,750 801 16,678 Net Sales 902 (1,933) 10,373 (1,226) 8,116 Equity 2015 2016 2017 Q1 2018 Total Gross Sales 5,790 10,773 6,447 1,514 24,530 Net Sales 1,215 5,304 (170) (979) 5,371 13

Expanding Global Footprint International Channel Europe $11.7B AUM Germany $2.7B institutional and retail distribution; Frankfurt based sales personnel LVM Insurance Group o $1.2B institutional managed assets o $795M retail managed assets, 7 UCITS $750M institutional sub-advised, cash and other Federated UK $4.7B cash and short duration bonds Trade finance and emerging markets investment teams Other $4.2B cash management via Separate Accounts, UCITs and US mutual funds Americas (non-u.s.) $2.6B AUM $1.9B - Canada; institutional and retail distribution $548M - Central/South America via cash sweep and other fixed income and equity strategies Asia Pacific $39M AUM April 17 - added new business development team to focus on the regional distribution of Federated investment strategies and growing strategic relationships with financial institutions. $39M via equity separate account Dublin Based Offshore Fund Family Total Assets - $4.2B $4.1B money market; $0.1B fixed income & equity $3.8B Wealth Management Channel, $350M International Channel 6 UCITS: 3 money market; 2 fixed income; 1 equity 14 Data as of 3/31/18

Acquisitions and Alliances Center of Excellence: Announced agreement to acquire 60% of Hermes Fund Managers Limited, a London based leading ESG franchise with ~$45b USD of assets, as of 12/31/17, across 16 distinct strategies including listed equities, credit, real estate, infrastructure, private equity and private debt. Transaction expected to close in Q3 2018. London based Prime Rate Capital Management, April 2012 - Money Market Assets; GBP 2.7b ($4.3b USD) at closing. GBP 3.3b ($4.6b USD) at 3/31/18. Clover Capital Mgmt, December 2008 - Value equity style; $2.1b assets at closing, $1.4b at 3/31/18. Prudent Bear, December 2008 - Alternative equity and fixed income products; $1.0b assets at closing, $175mm at 3/31/18. MDT Advisers, July 2006 - $6.7b quantitative equity assets at closing, $4.8b at 3/31/18. Kaufmann, April 2001 - $3.2b growth equity assets at closing, $10.6b at 3/31/18. Roll-ups: January 2017 - Completed the transition of $435mm in fixed income and equity assets from Horizon Advisers. December 2015 - Completed the transition of $932mm in money market assets from Huntington Asset Advisors, Inc. July 2015 - Completed the transition of approximately $4.0b in assets from Reich & Tang s domestic and offshore money market funds. February - June 2015 - Approximately $100mm in assets transitioned from Touchstone Ohio Tax Free Money Market Fund. September 2012 - Reorganized $4.4b in assets from Fifth Third money market funds into Federated money market funds. Completed reorganization of $929mm from Trustmark Investment Advisors into Federated equity, fixed income and money market funds. November 2010 - Completed transition of $14.0b in money market assets from SunTrust Banks, Inc. September 2008 - $12.0b institutional money market fund assets transitioned to Federated fund from Putman Prime Money Market Fund. Q2 2005 - Alliance Capital cash management business, $19.0b money market assets at closing. Other - 1996-2014: 23 transactions totaling $12.6b assets at closing transitioned to Federated from banks and other fund sponsors. Distribution Strength Attractive to Sellers Equity Centers of Excellence Cash Management Consolidation 15

Overview of Hermes Hermes is a leading provider of differentiated and award-winning capabilities across public and private markets with a heritage of responsible investing. Overview Based in London and wholly owned by the BT Pension Scheme $45bn (1) of assets under active management, plus $454bn (1) of assets under stewardship through Hermes Equity Ownership Services ( EOS ) Differentiated investment proposition with 16 distinct strategies across high active share equities, multi asset credit and private market (real estate, infrastructure, private equity and private debt) asset classes Pioneering ESG-integrated investment process for mainstream products considers environmental, social and governance factors, in addition to more focused ESG and impact investing thematic capabilities Over 400 employees in London, New York and Singapore, including ~180 investment professionals and stewardship professionals Strong Track Record of AUM Growth ( in billions) Driven by withdrawal of lower fee government bond mandate by BTPS in Dec. 2015 23 19 26 20 29 21 5 6 7 23 13 10 29 14 15 CAGR: Overall: 7% Third Party: 35% 2012 2013 2014 2015 2016 2017 33 13 20 2017 AUM Breakdown Private Equity 8% Real Estate 22% Infrastructure 9% Net Revenue (2) & EBITDA (3) ( in millions) 102 110 113 ( 2) 1 6 Fixed Income 8% Equity 53% 2017 AUM: $45bn (1) 123 CAGR: Net Revenue: 9% 129 13 16 156 2012 2013 2014 2015 2016 2017 32 Third Party BTPS Net Revenue (2) (3) EBITDA (Post-Minority Interests) 16 (1) Applies a GBP USD spot FX conversion rate of 1.35 as of 12/31/17. (2) Represents gross management fees, performance fees / carry, Hermes EOS revenues and other revenues, less distribution fees. (3) Represents Earnings Before Interest, Taxes, Depreciation and Amortization.

Hermes - Exceptional Track Record of Growth Hermes is one of the very rare growth stories in asset management, experiencing significant growth in its external client base with third party AUM now in excess of 20bn. Exceptional Track Record of Third Party AUM Growth 2012-2017 CAGR: 35% 14.6bn 51% 20.0bn 61% of total AUM Driven Primarily by Net Third Party Inflows 2012-2017 CAGR: 79% 0.2bn 0.9bn 19% 1.3bn 22% 2.0bn 28% 3.1bn 3.0bn 30% 21% of Opening AUM 2012 2013 2014 2015 2016 2017 Analysis of Third Party Gross Inflows (2017) 4.5bn 5.9bn 23% 7.2bn 25% 9.9bn 43% By Distribution Channel (1) 16% EU Wholesale (30%) UK Wholesale (26%) 3% 30% 9% 6.4bn EU Institutional (17%) UK Institutional (9%) 17% 26% Asia Pacific (3%) US (16%) 19% By Strategy Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 14% 1% Global EM (34%) Asia Ex. Japan (12%) 34% Global Equities (10%) Smaller Co. (6%) 16% 6.9bn Euro. Equities (7%) Credit (16%) 7% PE & Infra. (14%) Real Estate (1%) 6% 12% 10% Other (<1%) 17 (1) Does not include ~ 0.5bn of 2017 gross inflows from Infrastructure strategy.

Historical Uses of Cash Cumulative Since 1998 IPO (% of Net Income) Yearly Since 1998 IPO in ($mm) 400% Dividends 57% $2.1B $894M Acquisition 24% $560 $480 $400 $320 350% 300% 250% 200% $1.2B Share Repurchase 33% $240 $160 $80 150% 100% 50% $0 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 Q1 '18 0% Total Share Rep/Acq/Div since 1998 = $4.2B Cumulative Net Income since 1998 = $3.7B Share Repurchase Acquisition Dividends Percent of Net Income Data as of 3/31/18 18

Key Financial Results Diluted Weighted Avg. Shares ($mm) for the YTD period ended Dividend History Change in Share Count Since 98: -25% * CAGR 98 17: 14% 129 128 121 119 116 111 110 108 106 102 100 100 100 101 100 101 101 100 99 97 97 $3.69 $2.76* $2.22 $1.26** $2.47 $1.51*** $2.00 $1.00**** $0.96 $0.93 $0.96 $0.96 $0.96 $0.98 $1.00 $1.00 $1.00 $1.00 $0.81 $0.69 $0.58 $0.41 $0.25 $0.25 $0.09 $0.11 $0.14 $0.18 $0.22 $0.30 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 Q1 '18 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 Q1 '18 YTD Annual Special Dividend *Special Dividend of $2.76 paid on September 15, 2008 to shareholders of record as of September 9, 2008. *Since the inception of its first share repurchase program in 1999, FII has bought 47,412,727 (open market excluding restricted shares) for $1.2B. Shares outstanding at initial public offering in 1998 were 129,505,500 and shares outstanding at March 31, 2018 are 101,445,577. **Special Dividend of $1.26 paid on February 12, 2010 to shareholders of record as of February 5, 2010. ***Special Dividend of $1.51 paid on November 15, 2012 to shareholders of record as of November 8, 2012. ****Special Dividend of $1.00 paid on November 15, 2016 to shareholders of record as of November 8, 2016. 19

Effective Capital Management - Financial Highlights ($mm) BALANCE SHEET HIGHLIGHTS 3/31/18 12/31/17 12/31/16 12/31/15 12/31/14 12/31/13 12/31/12 12/31/11 12/31/10 12/31/09 12/31/08 Cash & Marketable Securities (a) $378 $370 $301 $347 $297 $292 $259 $322 $334 $122 $59 Long-Term Debt 165 170 191 217 242 276 319 361 404 126 177 Retained Earnings (b,d) 722 697 530 546 505 1,023 985 1,070 1,037 1,105 1,029 Treasury Stock (d) (272) (279) (255) (192) (165) (751) (760) (772) (779) (795) (804) Permanent Equity 800 761 596 649 610 566 497 543 492 529 424 USES OF CASH Q1 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 Share Repurchase (c) $4 $49 $82 $54 $27 $13 $7 $29 $13 $20 $42 Dividends 25 102 205 105 105 103 257 100 229 98 376 Total $29 $151 $287 $159 $132 $116 $264 $129 $242 $118 $418 As % of Net Income (e) 49% 52% 137% 93% 89% 71% 140% 85% 135% 60% 186% Acquisition Related $0 $5 $1 $2 $13 $9 $14 $54 $50 $24 $134 Diluted Weighted Avg. Shares In Millions for the YTD Period Ended 97.2 97.4 99.1 100.5 100.7 100.7 100.3 100.6 100.0 100.1 100.4 (a) The portion of cash and marketable securities related to consolidated products and noncontrolling interest was $29m, $30m, $35m, $13m, $6m, $17m, $10m, $2m, $3m, $15m, and $2m for the periods ending 3/31/18, 12/31/17, 12/31/16, 12/31/15, 12/31/14, 12/31/13, 12/31/12, 12/31/11, 12/31/10, 12/31/09 and 12/31/08, respectively. (b)the portion of retained earnings related to consolidated products was (-$2m), (-$2m), $2m, $1m, (-$1m) and (-$1m) for the periods ending 12/31/16, 12/31/15, 12/31/13, 12/31/12, 12/31/09 and 12/31/08, respectively. (c) Since the inception of its first share repurchase program in 1999, FII has bought 47,412,727 (open market excluding restricted shares) for $1.2B. At March 31, 2018, FII holds 8,068,879 shares in treasury. Shares outstanding at March 31, 2018 are 101,445,577. (d) During the fourth quarter 2014, the board of directors authorized the retirement of 20 million treasury shares which restored them to authorized but unissued status. Federated recorded a $587.3 million reduction to Treasury stock, at cost using the specific-identification method and a $49.2 million reduction to Class B Common stock, at cost using the average cost method. The difference of $538.1 million was recorded as a reduction to retained earnings. There was no impact to total equity as a result of this transaction. (e) Federated's 2017 results included $70.4 million of net income resulting from the enactment of the Tax Cuts and Jobs Act of 2017, which was signed into law on December 22, 2017. The non-cash benefit to net income was a reduction in the income-tax provision related to the revaluation of Federated s net deferred tax liability, due to the reduction of the Federal corporate income tax rate from 35 percent to 21 percent. 20

Federated - Investment Considerations Business mix offers potential for both growth and stability Size across asset classes provides organic growth potential across cycles complemented by selective acquisitions Equity team model complements fixed income strength Pure play asset management company; financial strength and flexibility 21

Supplemental Data Managed Assets by Asset Class Managed Assets by Product Type Equity & Fixed Income Fund Sales Revenue & Distribution Expense by Asset Type 22

Managed Assets by Asset Class Assets in Billions 2017 1998 CAGR* `98 -`17 Q1 18 Q1 17 % Chg. Money Market $ 265.2 $ 77.1 7% $ 265.9 $ 245.2 8% Equity 68.2 16.4 8% 64.0 64.7-1% Fixed Income 64.2 18.1 7% 62.3 51.8 20% Total Managed Assets $ 397.6 $ 111.6 7% $ 392.2 $ 361.7 8% *Compound Annual Growth Rate 23

Managed Assets by Product Type Assets in Billions 2017 1998 CAGR* `98 -`17 Q1 18 Q1 17 % Chg. Funds Equity $ 38.1 $ 15.5 5% $ 36.4 $ 37.2-2% Fixed Income 41.2 16.4 5% 40.6 40.2 1% Money Market 185.5 77.1 5% 182.5 175.2 4% Total Fund Assets $ 264.8 $ 109.0 5% $ 259.5 $ 252.6 3% Separate Accounts Equity $ 30.1 $ 0.9 20% $ 27.5 $ 27.6 0% Fixed Income 23.0 1.7 15% 21.7 11.5 88% Money Market 79.7 -- -- 83.5 70.0 19% Total Sep. Accts. $ 132.8 $ 2.6 23% $ 132.7 $ 109.1 22% Total Managed Assets $ 397.6 $ 111.6 7% $ 392.2 $ 361.7 8% *Compound Annual Growth Rate 24

Equity & Fixed Income Fund Sales ($mm) Fixed Income Equity 6,000 Gross Sales Net Sales 6,000 Gross Sales Net Sales 5,000 5,000 4,000 4,000 3,000 3,000 2,000 2,000 1,000 1,000 0 0-1,000-1,000-2,000-2,000 Fixed Inc. 2015 2016 2017 Q1 2018 Total Gross Sales 14,496 14,624 14,814 4,107 48,041 Net Sales (2,092) 221 144 (468) (2,195) Equity 2015 2016 2017 Q1 2018 Total Gross Sales 9,801 11,617 5,764 1,849 29,031 Net Sales 1,642 458 (3,825) (1,210) (2,935) 25

Revenue & Distribution Expense by Asset Type Reconciliation of Non-GAAP Measure In $ s mm Q1 08 Q1 09 Q1 10 Q1 11 Q1 12 Q1 13 Q1 14 Q1 15 Q1 16 Q1 17 Q1 18 REVENUE BY ASSET TYPE MM $172.4 $219.7 $116.7 $115.9 $106.2 $98.6 $72.2 $69.8 $127.1 $114.6 $104.5 FI 28.8 28.5 39.9 44.0 48.4 52.0 47.7 48.7 46.7 45.6 45.0 EQ 101.2 60.5 73.3 76.3 73.2 74.8 89.2 101.9 98.2 113.2 114.4 Other 3.1 1.8 2.2 2.0 1.9 2.2 2.1 0.1 0.1 0.0 0.0 Revenue Total $305.7 $310.6 $233.0 $238.9 $230.3 $228.0 $211.5 $220.5 $272.1 $273.5 $263.8 DISTRIBUTION EXPENSE BY ASSET TYPE MM $89.5 $108.6 $40.6 $45.3 $41.3 $37.4 $26.4 $25.7 $62.3 $60.5 $48.4 FI 8.5 7.9 9.8 10.3 11.6 11.9 10.1 9.3 8.2 9.2 6.8 EQ 19.0 10.6 10.8 11.3 9.7 10.4 13.9 18.5 17.9 20.7 17.3 Other 0.4 0.5 0.5 0.6 0.7 0.7 0.8 0.0 0.0 0.0 0.0 Distrib Exp Total $117.4 $127.6 $61.7 $67.5 $63.3 $60.4 $51.2 $53.5 $88.4 $90.5 $72.5 Revenue less Distribution ExpTotal $188.3 $183.0 $171.3 $171.4 $167.0 $167.6 $160.3 $167.0 $183.7 $183.0 $191.4 In $ s mm / % Q1 08 Q1 09 Q1 10 Q1 11 Q1 12 Q1 13 Q1 14 Q1 15 Q1 16 Q1 17 Q1 18 REVENUE LESS DISTRIBUTION EXPENSE BY ASSET TYPE MM $82.9 $111.1 $76.1 $70.6 $64.9 $61.2 $45.8 $44.1 $64.8 $54.0 $56.1 FI 20.3 20.6 30.2 33.8 36.8 40.1 37.6 39.4 38.5 36.4 38.2 EQ 82.2 49.9 62.4 65.0 63.5 64.4 75.3 83.4 80.3 92.5 97.0 REVENUE LESS DISTRIBUTION EXPENSE BY ASSET TYPE (AS A % OF TOTAL) MM 44% 61% 44% 41% 39% 37% 29% 26% 35% 30% 29% FI 11% 11% 18% 20% 22% 24% 23% 24% 21% 20% 20% EQ 44% 27% 36% 38% 38% 38% 47% 50% 44% 50% 51% 26