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1 AMG Funds AMG Renaissance International Equity Fund (RIELX) September 2015 An AMG Affiliate

2 AMG Funds Overview w w w AMG Funds provides access to premier boutique asset managers through a unique partnership where the investment managers maintain operational autonomy and are truly independent. AMG Funds is not beholden to a single investment approach or a single manager to help find the best investment solutions. This innovative approach leverages the independent manager s specific expertise to deliver products that cover the complete asset class spectrum. Delivering the talents of independent boutiques under a consolidated platform allows AMG Funds to offer unmatched access to specialized investment expertise. About AMG Funds 1 w w Mutual Funds $41 Billion SMA $8 Billion Sub-advisory $9.2 Billion Subsidiary of Affiliated Managers Group, Inc. (AMG) $30.7 billion AMG Funds Retail Mutual Funds $6.7 billion AMG Funds SMA $9.2 billion AMG Sub-advisory Aston Asset Management: Subsidiary of AMG Funds LLC $10.4 billion Aston Retail Mutual Funds $1.3 billion Aston SMA 1 As of September 30,

3 Why Invest Internationally? 3

4 Benefits of Investing in International Equity Why International? Larger Opportunity Set Greater Growth Potential Attractive Entry Point Attractive Valuations International equity stocks may provide a meaningful enhancement to an already diversified equity portfolio. An allocation to international stocks offers w Access to companies not available in the domestic space w Larger opportunity set outside the U.S. w Exposure to faster economic growth opportunities outside the U.S. Includes both developed and emerging markets Economic growth opportunities can be further accelerated in emerging w Potential to enhance diversification w Potential for more attractive valuations relative to U.S. stocks Diversification does not guarantee a profit or protect against a loss in declining markets. 4

5 Why International? Larger Opportunity Set Why International? Larger Opportunity Set Greater Growth Potential Attractive Entry Point Attractive Valuations w The opportunity set outside the U.S. is significantly larger, and has grown over time w Over 60% of the world stock market capitalization consists of non-u.s. companies w The largest companies in many industries are located outside the U.S. World Stock Market Capitalization Non-U.S. Developed 46% U.S. 44% Non-U.S. Developed 40% U.S. 37% December 2004 Non-U.S. Emerging 10% September 2015 Non-U.S. Emerging 23% As of September 30, 2015 Source: Renaissance Research, FactSet, MSCI 5

6 Why International? Greater Growth Potential Why International? Larger Opportunity Set Greater Growth Potential Attractive Entry Point Attractive Valuations w Greater growth potential in developing and emerging markets w Opportunity to take advantage of unprecedented demographic and political change w Emerging economies account for more than 50% of world GDP Developed vs. Emerging GDP Percent of World, Based on Purchasing Power Parity 70% 60% 50% 40% 30% 20% 10% 0% Forecasted 2020 Advanced Economies Emerging Economies As of September 30, 2015 Source: Renaissance Research, FactSet, MSCI 6

7 Why International? Attractive Entry Point Why International? Larger Opportunity Set Greater Growth Potential Attractive Entry Point Attractive Valuations w International developed and emerging market indices have underperformed relative to the U.S. recently w Lagging markets may present an attractive entry point for investors w Rebalancing portfolios toward lagging asset classes may reduce risk and potentially increase returns over time U.S. Indices vs. Global Markets Non-U.S. Developed As of September 30, 2015 Source: FactSet, MSCI, S&P Past performance is no guarantee of future results. S&P 500 Index MSCI EAFE Index MSCI Emerging Markets 7

8 Why International? Attractive Valuations Why International? Larger Opportunity Set Greater Growth Potential Attractive Entry Point Attractive Valuations w Current valuation in non-u.s. markets are attractive w The U.S. stock market trades among the highest P/E ratios in the world Market Valuations Around the World Price-to-Earnings Ratio Trailing One Year Earnings w Non-U.S. developed and emerging markets companies have significantly lower average earnings multiples than U.S. companies w International valuation levels suggest attractive return potential going forward x 18.8x 16.8x w Investing at low multiples may reduce the risk of investing near price peaks MSCI USA USA Index MSCI MSCI EAFE EAFE Index MSCI Emerging Index Index Markets Index As of September 30, 2015 Source: FactSet, MSCI 8

9 AMG Renaissance International Equity Fund 9

10 Renaissance Investment Management Overview w Greater Cincinnati-based firm founded in 1978 AMG Affiliate since 1995 Manages $4.0 billion in assets 1 w Dynamic approach seeks to identify growth opportunities in all market environments w Portfolios diversified across the growth spectrum w Investment process is consistently applied across all equity products, both domestic and international w Experienced team investing in international space since As of September 30,

11 Investment Philosophy Renaissance s investment approach is based on the philosophy that: w A disciplined portfolio construction process may result in rates of return better than those of comparable benchmarks over time w Quantitative strategy in conjunction with qualitative assessment combines both the science and the art of investment management Synergies may exist by combining the best characteristics in a robust, systematic methodology Combined approach may add more value than quantitative or qualitative techniques alone w High-quality growth companies typically exhibit: Positive changes in earnings expectations Attractive valuations Past and future growth prospects w Portfolios combining the above characteristics may bring potential to outperform in both rising and falling markets 11

12 Investment Process The Science w Multi-dimensional scoring system identifies stocks that exhibit a specific set of characteristics w Employs advanced quantitative tools and techniques to identify companies: Whose growth is accelerating That are experiencing a positive change in earnings estimates and revisions Exhibiting valuations that have not caught up to their growth expectations w Quantitative screening and scoring efficiently focuses research efforts w Helps to remove emotion from the buy/sell decision The Art w Focused fundamental overlay seeks to identify best candidates w Traditional fundamental analysis utilized to seek to confirm that companies truly exhibit the desired characteristics: Earnings are high-quality and not short-term in nature Event risk is minimal Catalysts are in place for continued appreciation 12

13 Investment Process (continued) Quantitative Analysis - The Science Growth Quality Momentum Valuation Cash flow growth Profitability Change in consensus estimates Trailing earnings yield Net income growth Accruals ratio Change in non-consensus estimates Operating earnings yield Cash flow to stakeholders Price momentum Enterprise value/ebitd Qualtitative Fundamental Analysis - The Art Process Confirm quantitative inputs Assess earnings quality Identify and understand: Ø Competitive strategy and position Ø Key drivers of earnings and cash flow Ø Near-term catalyststs Ø Corporate governance issues Ø Critical risk factors Risk Control Approximately positions Equal-weighted positions (at cost) 40% maximum in any section Scaleback at double-weight Maximum 33% exposure to emerging markets Rigorous sell discipline 13

14 Investment Process (continued) The Science and The Art in Action How Renaissance Buys Stocks Universe w Approximately 2,700 non-u.s. companies Quality, Liquidity & GAAP/IFRS Conformity w Developed and emerging markets w American Depositary Receipts (ADRs) and U.S.- listed shares of foreign companies Renaissance Universe w Good growth prospects w Strong earnings momentum w Reasonable valuations w Fundamentals w Competitive position w Management strategy Quantitative Multi- Dimensional Source Quantitative Review Build Portfolio w Approximately 700 stocks w Highest-quality companies w Highly liquid issues Highest-Ranked Stocks w Approximately 140 stocks Fund Portfolio w Approximately stocks w Renaissance s best investment opportunities w Equal-weighted positions at cost w Max 33% exposure to emerging markets There is no guarantee that these investment strategies will work under all market conditions, and each investor should evaluate his or her ability to invest for the long term, especially during periods of downturns in the market. 14

15 Investment Process (continued) The Science and The Art in Action How Renaissance Sells Stocks Sell Discipline w Stocks ranking in the lowest three quintiles must be reviewed for sale Characteristics of Sell-Ranked Stocks w High valuation Rank 1 (Focus List) 2 w Slowing rates of earnings growth w Negative earnings estimate revisions 3 Reviewed for Sale

16 AMG Renaissance International Equity Fund Overview w Fund Subadvisor: Renaissance Investment Management w Fund AUM: $2.4 million 1 w Fund seeks long-term capital appreciation w The Fund generally invests at least 80% of its net assets in equity securities including common and preferred stock and American Depositary Receipts (ADRs), and at least 40% of its net assets in investments of issuers located outside the United States and/or investments that expose the Fund to such issuers May invest up to 33% of its net assets in securities of issuers located in emerging markets countries Normally consists of between securities May have exposure to and hold non-u.s. currencies Share Class Ticker Inception Expense Ratio Gross/Net 2 Minimum Investment Maximum Sales Load 12b-1 Fee Investor Class RIEIX 06/16/ %/1.25% $2,000 ($1,000 IRA) 0.25% Service Class RIESX 06/16/ %/0.94% $100,000 ($25,000 IRA) Institutional Class RIELX 06/16/ %/0.85% $1,000,000 ($50,000 IRA) 1 As of September 30, The Fund s Investment Manager has contractually agreed, through at least May 1, 2016, to limit Fund operating expenses. The net expense ratio reflects this limitation, while the gross expense ratio does not. Please refer to the Fund s Prospectus for additional information on the Fund s expenses. 16

17 What This Fund Will Provide Investors w Access to an experienced firm that has been investing in the international space since 1994 w Additional equity diversification through exposure to non-u.s. companies Includes both developed and emerging markets w Potentially higher economic growth opportunities through emerging markets w A combined approach that may add more value than quantitative or qualitative techniques alone w Growth equity (GARP) style to complement value-oriented international investments w Potential long-term capital appreciation 17

18 Appendix 18

19 ADR vs. Ordinary Shares w Over time there are negligible differences in return and risk characteristics between the ADR and MSCI indices This suggests the supposed advantages of ordinaries is likely overstated w Mutual fund investing in ADRs (American Depositary Receipts) is comparable to investing in ordinary shares of foreign stocks ADRs can offer advantages in trading and operational efficiencies International Index Comparison BNY Mellon Classic ADR Index and MSCI ACWI ex USA Annualized Returns BNY Mellon Classic ADR MSCI ACWI ex USA Annualized Standard Deviation BNY Mellon Classic ADR MSCI ACWI ex USA R-Squared MSCI ACWI ex USA vs. BNY Mellon Classic ADR 3 Years 3.7% 2.3% 5 Years 2.5% 1.8% 7 Years 2.6% 3.2% 10 Years 2.8% 3.0% 3 Years 12.2% 11.6% 5 Years 15.8% 14.9% 7 Years 22.1% 21.6% 10 Years 20.5% 20.4% 3 Years Years Years Years 0.99 R-Squared: Measures how much of the performance of the Fund is explained of the index. Standard Deviation: A measure of risk; it calculates the variability of returns by comparing the Fund s return in each period from the average Fund return across all periods. As of September 30, 2015 Source: Renaissance Research, MSCI, The Bank of New York Mellon Corporation Past performance is no guarantee of future results. An investor cannot invest directly in an index. 19

20 Portfolio Manager and Investment Team Biographies Portfolio Manager Joe G. Bruening, CFA, Senior Partner and Portfolio Manager Mr. Bruening joined Renaissance in 1998 and is the Lead Portfolio Manager for the firm s international equity portfolios. Prior to assuming his current portfolio management duties, Mr. Bruening served as a Securities Trader, a role in which he had 10 years prior experience as a trader at Fifth Third Bank. In November 2000, Mr. Bruening was promoted to Vice President, was made a Partner in 2003, and most recently a Senior Partner in Mr. Bruening holds a Master of Business Administration from Xavier University and is a cum laude graduate of the University of Cincinnati where he received his Bachelor s Degree in Finance and Real Estate. He is a member of the CFA Society of Cincinnati and the CFA Institute. Investment Team Andrew M. Temming, CFA, Research Analyst and Partner Mr. Temming joined Renaissance in 2008 with six years of prior investment experience. He is responsible for company research and analysis of current and potential portfolio holdings. Prior to joining Renaissance, Mr. Temming was an Associate Portfolio Manager and Research Analyst at Cincinnati Financial Corporation where he was part of a team that managed the firm s equity portfolios. Mr. Temming graduated from Xavier University and earned a Bachelor of Science in Business Administration with a concentration in Finance. He also holds a Master of Business Administration with a concentration in Accounting from Xavier University. Mr. Temming obtained his CFA Charter in Michael J. Streitmarter, CFA, Research Analyst Mr. Streitmarter joined Renaissance in He is responsible for company research and analysis of current and potential portfolio holidings. Prior to starting his current role in 2014, Mr. Streitmarter served as a Portfolio Administrator. He is a graduate of the Fisher College of Business, Ohio State University, with a Major in Finance. Mr. Streitmarter obtained his CFA Charter in Eric M. Aber, CFA, Research Analyst Mr. Aber joined Renaissance in He is primarily responsible for research and testing of the quantitative aspect of the investment process. Prior to joining Renaissance, Mr. Aber served as the Director of Quantitative Equity and Portfolio Manager for the ZAR Fund Group and as a Systems Engineer for Boeing. Mr. Aber graduated from Ohio University where he earned a Bachelor of Science in Computer Science. He also holds a Master of Science in Finance from the University of Cincinnati. Mr. Aber obtained his CFA Charter in

21 Disclosures Investors should carefully consider the Fund s investment objectives, risks, charges and expenses before investing. For this and other information, please call or visit for a free prospectus. Read it carefully before investing or sending money. The Fund is subject to the risks associated with investments in emerging markets, such as erratic earnings patterns, economic and political instability, changing exchange controls, limitations on repatriation of foreign capital and changes in local governmental attitudes toward private investment, possibly leading to nationalization or confiscation of investor assets. Investments in foreign securities, even though publicly traded in the United States, may involve risks, which are in addition to those inherent in domestic investments. The Fund is subject to currency risk resulting from fluctuations in exchange rates that may affect the total loss or gain on a non-u.s. Dollar security when converted back to U.S. Dollars. The Fund invests in growth stocks, which may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits. The BNY Mellon Classic ADR Index is a capitalization-weighted U.S. Dollar total return index that includes all U.S. Exchange-listed or OTC-traded Depositary Receipts with the exception of Grey Market Securities, New York Shares and Global Registered Shares. The MSCI USA Index is a free float-adjusted market capitalization index that is designed to measure large- and mid-cap U.S. equity market performance. The MSCI USA Index is member of the MSCI Global Equity Indices and represents the U.S. equity portion of the global benchmark MSCI ACWI Index. The MSCI All Country World Index (ACWI) ex USA is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The index consists of 45 country indices comprising 22 developed and 23 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The emerging market country indices included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates. The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. The MSCI EAFE Index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey. All MSCI data is provided as is. The products described herein are not sponsored or endorsed and have not been reviewed or passed on by MSCI. In no event shall MSCI, its affiliates, or any MSCI data provider have any liability of any kind in connection with the MSCI data or the products described herein. Copying or redistributing the MSCI data is strictly prohibited. The S&P 500 Index is capitalization-weighted index of 500 stocks. The S&P 500 Index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Unlike the Fund, the Indices are unmanaged, are not available for investment and do not incur expenses. Funds are distributed by AMG Distributors, Inc., a member of FINRA/SIPC. PT

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