Affiliated Managers Group, Inc.

Affiliated Managers Group, Inc.

AMG Overview Approximately $254 billion in assets under management through a diverse group of high quality affiliated boutique asset management firms Broad array of products with excellent performance records, including international equities and alternative investments, as well as domestic growth and value equities Proven approach provides our Affiliates with ongoing equity participation in their firms, and preserves their entrepreneurial culture and focused investment processes Broad experience with boutique firms allows AMG to identify scalable cross-affiliate initiatives to enhance revenue growth and operational efficiencies Superior long-term record of earnings growth and shareholder value creation High quality Affiliates generate strong organic growth Accretive investments in new Affiliates provide an additional source of earnings growth Alternative investment products provide opportunity for incremental earnings from performance fees Disciplined, return-focused capital allocation strategy Data for the quarter ended June 30, 2008. Pro forma for pending investments in Harding Loevner and Gannett Welsh & Kotler. 2

Earnings Growth and Shareholder Value Creation: 1997-2008 AMG Cash EPS and Stock Price vs. Selected Equity Indices 700% 600% Cash EPS S&P NASDAQ MSCI EAFE AMG Stock AMG Stock Price Growth: 475% AMG Cash EPS Growth: 411% 500% 400% 300% 200% 100% 0% -100% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Data through the quarter ended June 30, 2008. See notes on page 16. 3

Diverse Array of High Quality Investment Products Breadth of Products Across Investment Styles and Geography Provide Stability to Earnings Alternative Alternative Equity Equity International International 20% 35% 27.5% Equity Equity U.S. U.S. Growth Growth 15% Equity Equity U.S. U.S. Value Value 2.5% Fixed Fixed Income Income Estimated annual EBITDA contribution by product type, pro forma for pending investments in Harding Loevner and Gannet Welsh & Kotler. 4

New Investments Enhance Diversity Harding Loevner Outstanding global growth equity manager with approximately $6 billion in assets under management Consistent investment philosophy focused on a global perspective, fundamental research, and investing in equities of high quality growth companies Superior long-term performance record across global, international and emerging markets strategies, including International Equity mutual fund, which ranks in the top one percent of its Morningstar category for the year-to-date Gannett Welsh & Kotler Highly regarded manager of municipal bond, taxable bond and equity investments with more than $7 billion in assets under management Personalized investment services with a longstanding focus on rigorous research and disciplined decision-making to meet the individual needs of each client Excellent opportunity to expand intermediary-driven distribution capabilities through AMG s Managers distribution platform Data for the quarter ended June 30, 2008. 5

Outstanding Affiliates Drive Strong Growth Eight Eight Affiliates Affiliates generate generate approximately approximately 75% 75% of of AMG s AMG s EBITDA EBITDA October 1997 Friess Associates October 2001 Third Avenue Management August 2002 June 2004 Graham & Dodd Value Equity (Domestic & Global) Advisor to Tweedy, Browne Global Value and Value Funds and Institutional and High Net Worth Separate Accounts $11 Billion in AUM Growth Equity Advisor to Brandywine Mutual Funds and Institutional and High Net Worth Separate Accounts Brandywine Blue Fund Rated 5 Stars, Brandywine and Brandywine Advisors Funds Rated 4 Stars by Morningstar $17 Billion in AUM Disciplined Value Equities, Real Estate and Distressed Debt Securities Advisor to Third Avenue Value Mutual Funds and Institutional and High Net Worth Separate Accounts Third Avenue Small-Cap Value Fund Rated 4 Stars by Morningstar $23 Billion in AUM Emerging Markets Equity Institutional Commingled and Closed-End Funds and Separate Accounts $22 Billion in AUM March 1996 November 2004 ValueAct Capital November 2007 December 2007 Equity Management, Asset Allocation and Tactical Return Strategies Institutional, High Net Worth and Mutual Fund Products Managers AMG First Quadrant Tax- Managed US Equity Fund Rated Five Stars by Morningstar $31 Billion in AUM Quantitative Investment Manager Multi-Strategy Hedge Funds and Long- Only International Equity Portfolios Institutional Commingled Funds and Separate Accounts $30 Billion in AUM Active Value Equities Institutional and High Net Worth Products $5 Billion in AUM Credit Alternative Strategies Institutional and High Net Worth Products $5 Billion in AUM Average Average compound compound annual annual growth growth in in AUM AUM of of 22% 22% since since investment* investment* AUM data for the quarter ended June 30, 2008, Morningstar Ratings as of June 30, 2008. *AUM CAGR excludes recent investments in ValueAct and BlueMountain. 6

Expanding Global Presence Provides Growth Opportunities Diverse Global and International Products 10% Emerging Markets Equities 15% Currency, Market Neutral and Multi-Strategy 5% Global Fixed Income 25% International Developed Market Equities 45% U.S. Investments Growing International Client Base 30% Non-U.S. Client AUM Diverse international product offerings with superior long-term performance records Boutique Affiliates are increasingly sought after by investors worldwide Targeted distribution initiatives in fast-growing markets enhance growth Global clients in: Australia Asia Canada Europe Latin America Middle East 70% U.S. Client AUM Data for quarter ended June 30, 2008, pro forma for pending investments in Harding Loevner and Gannet Welsch & Kotler. 7

Outstanding Long-Term Organic Growth Over $113 billion of organic AUM growth from year-end 2003 to 2007, including $29 billion in net client cash flows (cumulative increase of 123%) Strong organic growth driven by Affiliates excellent investment performance Among largest 20 products (which comprise approximately 60% of EBITDA), as of 2Q08: 70% are ahead of their one-year benchmarks 65% are ahead of their three-year benchmarks 90% are ahead of their five-year benchmarks $ in Billions $260 $230 $200 $170 $140 $110 Net Client Cash Flows Investment Performance New Investments AUM at 12/31/03 Data through the quarter ended June 30, 2008. $80 2004 2005 2006 2007 2008 8

Affiliate Growth and Development Initiatives Accelerate Growth Managers distribution platform provides turnkey access to U.S. broker-sold channel, with a dedicated sales force operating on all major platforms Global Distribution Platform Sales and client service offices in Sydney, Australia, serving the fast-growing Australian marketplace, and London, England, focusing on the Middle East Reduce Risk and Create Operational Efficiencies Comprehensive compliance resources and financial controls Technology and joint purchasing Sharing of best practices Focus on Long-Term Partnership Approach Work closely with Affiliates in succession planning and business continuity with a focus on maintaining and enhancing equity incentives 9

Additional Elements of Earnings Growth Strategy Strong organic growth enhanced by additional elements of growth strategy Incremental earnings growth through accretive new investments Established track record of successful investments Outstanding position as the institutional partner of choice among growing boutique firms Performance fees add additional upside to earnings Diverse array of alternative products and strategies, including quantitative, emerging markets and international equities, real estate and distressed situations Focus on effective reinvestment of strong, recurring cash flow 10

New Affiliate Investments Provide Substantial Incremental Earnings Growth Opportunity AMG has a significant proprietary opportunity to compound earnings by reinvesting in additional fast-growing boutiques, including both traditional and alternative firms Established reputation as an innovative and helpful partner to Affiliates makes AMG the succession planning partner of choice among successful firms Innovative partnership approach appeals to firms which anticipate future growth and value their culture and independence Long-term track record of successful investments with strong growth post-investment Strict adherence to pricing discipline and commitment to making investments that are immediately accretive to Cash EPS Target Universe of 1800 Mid- Sized Firms Established Relationships with Approximately 800 Firms 150-200 Core Prospects Active Pipeline of 10 15 Firms $25 Billion of Transaction Value 11

Enhanced Return Through Efficient Capital Management Substantial financial capacity of more than $1 billion Growing stream of free cash flow of approximately $275 million annually Significant capacity available under credit facility Modest leverage Proven ability to opportunistically access capital markets on favorable terms Diverse capital structure includes long-term liabilities with staggered maturities Investment grade rating (BBB- by S&P) and strong relationships with capital providers allows flexibility when accessing capital markets Disciplined focus on driving shareholder returns Emphasis on cash-on-cash returns Efficient tax planning Cost-effective financings supplement internal cash flow generation Data for the quarter ended June 30, 2008. 12

Long-Term Growth and Diversity of Earnings Broad Diversity Among Product Categories and Distribution Channels Successful Track Record of Long-Term Growth in Earnings Equity - International 35% EBITDA by Product Category Alternative 20% Fixed Income 2.5% $1.59 $1.00 $3.95 $2.89 $2.94 $3.21 $2.57 $2.47 $4.85 $5.68 $6.65 $6.60 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 LTM Q208 Cash EPS CAGR: 20% Equity U.S. Value 15% Equity U.S. Growth 27.5% $2.12 $1.66 $1.52 $1.57 $1.44 $2.02 $2.81 $3.74 $4.58 $4.39 EPS CAGR: 28% EBITDA by Distribution Channel $0.89 $0.33 Mutual Fund 35% 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 LTM Q208 $418.2 $409.8 $342.1 $267.5 EBITDA CAGR: 23% Institutional 55% High Net Worth 10% $45 $76.3 $186.4 $166.8 $142.4 $138.8 $147.2 $132.8 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 LTM Q208 Estimated EBIDTA contribution by product category and distribution channel. Data for the quarter ended June 30, 2008. See notes on page 16. Asset Based Fees Performance Fees 13

Excellent Prospects for Continued Growth Strong organic growth record Diverse, high quality products provide balanced earnings stream to AMG Affiliates have excellent investment performance records and generate strong net client cash flows Affiliate development strategy enhances growth and profitability Cross-Affiliate distribution initiatives expand access to U.S. retail and international marketplaces Proven Affiliate investment strategy Track record of successful investments has made AMG the succession planning partner of choice among growing boutique firms Equity incentives drive continued growth by Affiliates post-investment Earnings growth opportunities Affiliates continued strong performance Accretive investments in new Affiliates are an additional source of earnings growth Performance fees provide upside to earnings Return-focused capital management 14

Forward-Looking Statements Certain matters discussed in this presentation, as well as oral statements made by AMG, which are prefaced with words or phrases such as will likely result, are expected to be, will continue, is anticipated, believed, estimate, projects or similar words or phrases may constitute forward-looking statements within the meaning of the federal securities laws. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including changes in the securities or financial markets or in general economic conditions, the availability of equity and debt financing, competition for acquisitions of interests in investment management firms, the ability to close pending acquisitions, the investment performance of our Affiliates and their ability to effectively market their investment strategies, and other risks detailed from time to time in AMG s filings with the Securities and Exchange Commission. Reference is hereby made to the Business - Cautionary Statements section of AMG s Annual Report on Form 10-K for the fiscal year ended December 31, 2007. On its Web site, AMG will provide additional financial information, including a reconciliation for the most recent reporting periods of any non-gaap financial measures to those calculated and presented in accordance with GAAP. 15

Notes (a) Prior to Q1 2002, Cash EPS represents Net Income plus depreciation and amortization on a per share basis. With the adoption of FAS 142 at the beginning of 2002, Cash EPS represents Net Income plus depreciation and amortization and deferred taxes generally related to intangible assets on a per share basis. Beginning in Q1 2003, with the sale of AMG s floating rate convertible securities, the Company modified its Cash EPS definition to Net Income plus amortization and deferred taxes related to intangible assets plus Affiliate depreciation, to clarify that deferred taxes related to the floating rate convertible securities and certain depreciation expenses are not added back to its Cash EPS calculation. Cash EPS and EPS measures have been adjusted to reflect the stock split made effective in March 2004, as well as the Company s use of the treasury stock method in calculating adjusted diluted shares outstanding in its Cash EPS presentation, and the use of the if converted method in calculating diluted average shares outstanding in its EPS presentation. (b) Before extraordinary item and pro forma for 1997 investments as if they occurred as of January 1, 1997. 16