Slides
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Business Update and Third Quarter 2025 Earnings Presentation Artisan Partners Asset Management
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ARTISAN PARTNERS ASSET MANAGEMENT 2 Business Philosophy & Approach Thoughtful Growth Active Strategies Autonomous Franchises Proven Results Designed for Investment Talent to Thrive Managed by Business Professionals Structured to Align Interests Active Talent Identification Entrepreneurial Commitment Focus on Long-Term Global Demand Since its founding, Artisan has built its business based upon a consistent philosophy and business model. Talent Driven Business Model High Value Added Investment Firm
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ARTISAN PARTNERS ASSET MANAGEMENT 3 Data as of September 30, 2025. Represents the percentage of our assets under management managed in strategies by asset class for which the average annual gross composite return of such strategies exceeded their respective benchmark for the average annual periods ended on the indicated dates. Includes assets under management in all strategies in operation throughout the period. Percentage of AUM Outperforming Benchmark As of September 30, 2025 Asset Class 1-Year 3-Year 5-Year 10-Year Inception Equity 46% 74% 69% 91% 99% Credit 100% 100% 100% 100% 100% Alternatives 100% 93% 12% — 93% Firmwide 52% 77% 70% 92% 99% Investment Performance
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ARTISAN PARTNERS ASSET MANAGEMENT 4 Ending AUM ($B) $175 $128 $150 $161 $181 2021 2022 2023 2024 Sept 2025 Investment Performance $17.6 ($36.6) $27.0 $15.9 $27.6 Net Flows $1.7 ($9.8) ($4.1) ($3.7) ($7.0) Equity ($1.2) ($9.7) ($4.4) ($6.8) ($8.9) Credit $1.6 $0.0 $2.0 $3.3 $1.8 Alternative $1.3 ($0.2) ($1.7) ($0.1) $0.1 Business Development $ in billions
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ARTISAN PARTNERS ASSET MANAGEMENT 5 Actively Pursuing Platform Expansion Industry Intelligence Opportunity Assessment Strategic Planning Resourcing & Execution Business Development Investment Strategy Group Last 5 Years >1,800 investment talent interviews conducted >400 inbound PMs/teams reviewed >50 M&A opportunities reviewed 28 investment teams receiving 5+ diligence meetings 9 strategies designed & launched 5 new asset allocation categories 1 new investment team
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ARTISAN PARTNERS ASSET MANAGEMENT 6 Long-Term Approach to Growth Invest in the business with a focus on sustainable long-term growth Fee Discipline Commitment to maintain fee levels supported by value-added strategies High Variable Costs and Stable Margins Variable cost structure enhances stability through market volatility Strong Cash Flow and Conservative Balance Sheet Modest leverage and strong cash generation provide financial stability Aligned Interests Employee incentives aligned with growing and preserving shareholder value Our financial model has served us well over time and through periods of market volatility. Transparent Predictable Financial Model
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ARTISAN PARTNERS ASSET MANAGEMENT 7 Weighted Average Management Fee (in bps) Revenues Adjusted Operating Margin Adjusted Net Income per Adjusted Share Weighted average management fee is calculated by dividing annualized investment management fees, excluding performance fees, by average assets under management for the applicable period. Adjusted measures are non-GAAP measures and are explained and reconciled to the comparable GAAP measures in Exhibit 2 of our September 2025 earnings release: GAAP operating expense was $199.5M, $203.0M and $186.4M; GAAP operating income was $101.8M, $79.8M and $93.2M; GAAP operating margin was 33.8%, 28.2% and 33.3%; GAAP net income was $66.8M, $67.6M and $72.9M; and GAAP EPS was $0.93, $0.94 and $1.03 for the September 2025, June 2025 and September 2024 quarters, respectively. $279.6$282.8$301.3 69 68 68 3Q24 2Q25 3Q25 $181.8 $193.2 $192.1 3Q24 2Q25 3Q25 Adjusted Operating Expenses Adjusted Operating Income $97.8 $89.6 $109.2 3Q24 2Q25 3Q25 35.0% 31.7% 36.2% 3Q24 2Q25 3Q25 $74.5 $67.5 $82.7 3Q24 2Q25 3Q25 Adjusted Net Income $0.92 $0.83 $1.02 3Q24 2Q25 3Q25 +8% +7% +6% -1% +12% +22% +120 bps +450 bps +11% +23% +11% +23% $279.6 $282.8 $301.3 69 68 68 3Q24 2Q25 3Q25 Performance Fees Quarterly Financial Results ($ in millions, unless otherwise noted)
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ARTISAN PARTNERS ASSET MANAGEMENT 8 Weighted Average Management Fee (in bps) Revenues Adjusted Operating Margin Adjusted Net Income per Adjusted Share Weighted average management fee is calculated by dividing annualized investment management fees, excluding performance fees, by average assets under management for the applicable period. Adjusted measures are non-GAAP measures and are explained and reconciled to the comparable GAAP measures in Exhibit 2 of our September 2025 earnings release: GAAP operating expense was $593.1M and $557.3M; GAAP operating income was $268.1M and $257.5M; GAAP operating margin was 31.1% and 31.6%; GAAP net income was $195.5M and $190.0M; and GAAP EPS was $2.73 and $2.68 for the September 2025 and September 2024 YTD periods, respectively. $814.8 $861.2 69 68 YTD 3Q24 YTD 3Q25 $548.1 $573.4 YTD 3Q24 YTD 3Q25 Adjusted Operating Expenses Adjusted Operating Income $266.7 $287.8 YTD 3Q24 YTD 3Q25 32.7% 33.4% YTD 3Q24 YTD 3Q25 $202.1 $217.2 YTD 3Q24 YTD 3Q25 Adjusted Net Income $2.50 $2.67 YTD 3Q24 YTD 3Q25 +7% +7% +6% +70 bps +5% +8% YTD Financial Results ($ in millions, unless otherwise noted)
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ARTISAN PARTNERS ASSET MANAGEMENT 9 ¹ Calculated in accordance with debt agreements. $201.2 $300.2 4Q24 3Q25 $422.0 $440.9 4Q24 3Q25 Cash and Cash Equivalents Borrowings & Leverage Ratio1 Stockholders' Equity $200.0 $190.0 0.5x 0.4x 4Q24 3Q25 Seed Capital $154.9 $142.4 4Q24 3Q25 Balance Sheet as of September 30, 2025 ($ in millions)
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ARTISAN PARTNERS ASSET MANAGEMENT 10 The dividend amounts shown represent the dividends paid or declared with respect to the indicated periods and therefore include dividends paid or declared in periods after the indicated periods. Dividends - Last Five QuartersTotal Dividends - Last Five Years $3.39 $4.70 $2.82 $2.78 $3.48 2020 2021 2022 2023 2024 $0.82 $0.84 $0.68 $0.73 $0.88 $0.50 Quarterly Special 3Q24 4Q24 1Q25 2Q25 3Q25 Dividends
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APPENDIX
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ARTISAN PARTNERS ASSET MANAGEMENT 12 For the Three Months Ended For the Nine Months Ended September 30, 2025 September 30, 2025 Asset Class Equity Credit Alternative Firm Total Equity Credit Alternative Firm Total Beginning AUM $156.1 $15.6 $3.8 $175.5 $143.9 $13.9 $3.4 $161.2 Gross client cash inflows $4.7 $1.1 $0.3 $6.1 $14.9 $3.6 $0.9 $19.4 Gross client cash outflows -$7.8 -$0.4 -$0.2 -$8.4 -$23.8 -$1.8 -$0.8 -$26.4 Net client cash flows -$3.1 $0.7 $0.1 -$2.3 -$8.9 $1.8 $0.1 -$7.0 Artisan Funds' distributions not reinvested -$0.1 -$0.1 $0.0 -$0.2 -$0.2 -$0.3 $0.0 -$0.5 Investment returns and other $7.8 $0.4 $0.1 $8.3 $25.9 $1.2 $0.5 $27.6 Ending AUM $160.7 $16.6 $4.0 $181.3 $160.7 $16.6 $4.0 $181.3 Annualized organic growth rate -8 % +18% +7% -5 % -8 % +17% +5% -6 % Ending AUM growth rate +3% +7% +5% +3% +12% +20% +20% +12% Weighted average management fee 0.69 % 0.55 % 0.77 % 0.68 % 0.69 % 0.56 % 0.78 % 0.68 % AUM mix (as of September 30, 2025) Client location: U.S. 72 % 87 % 70 % 73 % Non-U.S. 28 % 13 % 30 % 27 % Vehicle: Artisan Funds & Global Funds 47 % 64 % 50 % 49 % Separate accounts and other vehicles 53 % 36 % 50 % 51 % Distribution channel: Intermediated Wealth 59 % 69 % 80 % 60 % Institutional 41 % 31 % 20 % 40 % See Notes & Disclosures at the end of this presentation for a breakdown of investment strategies by asset class. Weighted average management fee is calculated by dividing annualized investment management fees, excluding performance fees, by the average assets under management for the applicable period. Separate accounts and other vehicles includes traditional separate accounts, Artisan-branded collective investment trusts and Artisan Private Funds, as well as assets under advisement related to investment models for which we provide consulting advice but do not have investment discretion. The allocation of assets under management by distribution channel involves the use of estimates and the exercise of judgment. Assets Under Management By Asset Class ($ in billions)
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ARTISAN PARTNERS ASSET MANAGEMENT 13 Three Months Ended Nine Months Ended September 30, 2025 June 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net income attributable to Artisan Partners Asset Management Inc. (GAAP) $ 66.8 $ 67.6 $ 72.9 $ 195.5 $ 190.0 Add back: Net income attributable to noncontrolling interests - APH 15.0 13.4 14.5 40.3 38.9 Add back: Provision for income taxes 36.9 24.9 24.6 81.8 65.3 Add back: Compensation expense (reversal) related to market valuation changes in compensation plans 7.4 9.8 4.6 19.7 9.2 Add back: Net (gain) loss on the tax receivable agreements (0.6) — 0.5 (0.6) 0.5 Add back: Net investment (gain) loss of investment products attributable to APAM (15.7) (26.1) (18.2) (48.3) (35.5) Less: Adjusted provision for income taxes 27.1 22.1 24.4 71.2 66.3 Adjusted net income (Non-GAAP) $ 82.7 $ 67.5 $ 74.5 $ 217.2 $ 202.1 Average shares outstanding Class A common shares 65.7 65.6 65.1 65.6 64.8 Assumed vesting or exchange of: Unvested restricted share-based awards 5.3 5.4 5.5 5.4 5.5 Artisan Partners Holdings LP units outstanding (non-controlling interest) 10.2 10.2 10.4 10.2 10.6 Adjusted shares 81.2 81.2 81.0 81.2 80.9 Basic and diluted earnings per share (GAAP) $ 0.93 $ 0.94 $ 1.03 $ 2.73 $ 2.68 Adjusted net income per adjusted share (Non-GAAP) $ 1.02 $ 0.83 $ 0.92 $ 2.67 $ 2.50 Operating income (GAAP) $ 101.8 $ 79.8 $ 93.2 $ 268.1 $ 257.5 Add back: Compensation expense (reversal) related to market valuation changes in compensation plans 7.4 9.8 4.6 19.7 9.2 Adjusted operating income (Non-GAAP) $ 109.2 $ 89.6 $ 97.8 $ 287.8 $ 266.7 Operating expense (GAAP) $ 199.5 $ 203.0 $ 186.4 $ 593.1 $ 557.3 Add back (less): Compensation reversal (expense) related to market valuation changes in compensation plans (7.4) (9.8) (4.6) (19.7) (9.2) Adjusted operating expense (Non-GAAP) $ 192.1 $ 193.2 $ 181.8 $ 573.4 $ 548.1 Operating margin (GAAP) 33.8% 28.2% 33.3% 31.1% 31.6% Adjusted operating margin (Non-GAAP) 36.2% 31.7% 35.0% 33.4% 32.7% Reconciliation of GAAP to Non-GAAP ("Adjusted") Measures ($ in millions)
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ARTISAN PARTNERS ASSET MANAGEMENT 14 For the Three Months Ended For the Nine Months Ended September 30, 2025 % of Rev. June 30, 2025 % of Rev. September 30, 2024 % of Rev. September 30, 2025 % of Rev. September 30, 2024 % of Rev. Salary $ 25.0 8.3 % $ 25.4 9.0 % $ 25.0 8.9 % $ 75.9 8.8 % $ 74.1 9.1 % Incentive compensation 100.8 33.5 % 96.5 34.1 % 93.4 33.4 % 290.7 33.8 % 276.2 33.9 % Benefits & payroll taxes 10.3 3.4 % 14.6 5.1 % 10.2 3.7 % 40.0 4.6 % 36.8 4.5 % Long-term incentive compensation1 27.2 9.0 % 29.3 10.4 % 20.4 7.3 % 77.7 9.0 % 58.6 7.2 % Compensation and benefits $ 163.3 54.2 % $ 165.8 58.6 % $ 149.0 53.3 % $ 484.3 56.2 % $ 445.7 54.7 % Add (Less): Compensation reversal (expense) related to market valuation changes in compensation plans (7.4) (0.9) % (9.8) (3.4) % (4.6) (1.7) % (19.7) (2.3) % (9.2) (1.1) % Adjusted compensation and benefits2 $ 155.9 53.3 % $ 156.0 55.2 % $ 144.4 51.6 % $ 464.6 53.9 % $ 436.5 53.6 % 1 Long-term incentive compensation includes equity-based compensation and franchise capital awards. 2 Adjusted measures are non-GAAP measures. The adjustments to GAAP are explained in Exhibit 2 of our September 2025 earnings release. Details of Compensation & Benefits Expense ($ in millions)
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ARTISAN PARTNERS ASSET MANAGEMENT 15 Average Annual Total Returns (Gross) Average Annual Value-Added Since Inception (bps)As of September 30, 2025 1 YR 3 YR 5 YR 7 YR 10 YR Inception Growth Team Global Opportunities Strategy 10.43 % 19.57 % 7.76 % 11.61 % 13.48 % 11.25 % 381 MSCI All Country World Index 17.27 % 23.10 % 13.54 % 11.27 % 11.90 % 7.44 % Global Discovery Strategy 14.03 % 19.27 % 8.29 % 12.41 % --- 13.65 % 545 MSCI All Country World Small Mid Cap Index 12.92 % 17.84 % 10.99 % 7.88 % --- 8.20 % U.S. Mid-Cap Growth Strategy 22.48 % 17.82 % 6.69 % 11.59 % 12.62 % 14.47 % 430 Russell® Midcap Index 11.11 % 17.67 % 12.65 % 10.06 % 11.38 % 10.41 % Russell® Midcap Growth Index 22.02 % 22.82 % 11.25 % 11.99 % 13.36 % 10.17 % U.S. Small-Cap Growth Strategy 6.65 % 13.19 % 2.72 % 7.58 % 11.80 % 10.51 % 253 Russell® 2000 Index 10.76 % 15.20 % 11.55 % 6.75 % 9.76 % 9.06 % Russell® 2000 Growth Index 13.56 % 16.67 % 8.41 % 6.61 % 9.90 % 7.98 % Franchise Strategy 23.94 % --- --- --- --- 23.94 % 667 MSCI All Country World Index 17.27 % --- --- --- --- 17.27 % Global Equity Team Global Equity Strategy 44.16 % 31.49 % 13.88 % 14.25 % 14.72 % 13.78 % 391 MSCI All Country World Index 17.27 % 23.10 % 13.54 % 11.27 % 11.90 % 9.87 % Non-U.S. Growth Strategy 30.44 % 26.56 % 11.23 % 10.15 % 10.03 % 10.22 % 468 MSCI EAFE Index 14.99 % 21.68 % 11.15 % 7.71 % 8.16 % 5.54 % U.S. Value Team Value Equity Strategy 8.94 % 21.00 % 16.34 % 11.45 % 13.38 % 9.74 % 146 Russell® 1000 Index 17.75 % 24.61 % 15.98 % 14.17 % 15.02 % 10.98 % Russell® 1000 Value Index 9.44 % 16.95 % 13.87 % 9.52 % 10.71 % 8.28 % U.S. Mid-Cap Value Strategy (2.53) % 11.74 % 11.87 % 6.90 % 8.93 % 11.51 % 190 Russell® Midcap Index 11.11 % 17.67 % 12.65 % 10.06 % 11.38 % 9.76 % Russell® Midcap Value Index 7.58 % 15.50 % 13.66 % 8.64 % 9.95 % 9.61 % Value Income Strategy 4.63 % 14.19 % --- --- --- 6.32 % (795) S&P 500 Index 17.60 % 24.91 % --- --- --- 14.27 % International Value Group International Value Strategy 10.15 % 23.29 % 16.42 % 11.48 % 11.06 % 11.93 % 519 MSCI EAFE Index 14.99 % 21.68 % 11.15 % 7.71 % 8.16 % 6.74 % International Explorer Strategy 16.33 % 20.93 % --- --- --- 15.64 % 489 MSCI All Country World Index Ex USA Small Cap 15.93 % 19.34 % --- --- --- 10.75 % Global Special Situations Strategy 2 --- --- --- --- --- 4.66 % (272) ICE BofA Global High Yield Index --- --- --- --- --- 7.38 % 1 See Notes & Disclosures at the end of this presentation for more information about our investment performance. Composite inception dates can be found in Exhibit 7 of the earnings release. 2 Effective in the quarter ended September 30, 2025, the Global Special Situations strategy changed its benchmark from the ICE BofA 3-month Treasury Bill Index to the ICE BofA Global High Yield Index. All periods presented reflect the return of the new benchmark. Long-Term Investment Results (Gross of Fees)1
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ARTISAN PARTNERS ASSET MANAGEMENT 16 Average Annual Total Returns (Gross) Average Annual Value-Added Since Inception (bps)As of September 30, 2025 1 YR 3 YR 5 YR 7 YR 10 YR Inception Global Value Team Global Value Strategy 21.11 % 26.96 % 17.52 % 11.59 % 12.13 % 9.91 % 279 MSCI All Country World Index 17.27 % 23.10 % 13.54 % 11.27 % 11.90 % 7.12 % Select Equity Strategy 18.89 % 26.16 % 15.99 % --- --- 14.82 % (271) S&P 500 Index 17.60 % 24.91 % 16.46 % --- --- 17.53 % Sustainable Emerging Markets Team Sustainable Emerging Markets Strategy 28.24 % 24.97 % 9.47 % 8.83 % 11.28 % 6.80 % 121 MSCI Emerging Markets Index 17.32 % 18.19 % 7.01 % 6.16 % 7.98 % 5.59 % Credit Team High Income Strategy 8.93 % 12.08 % 7.70 % 7.21 % 7.97 % 7.36 % 238 ICE BofA US High Yield Index 7.23 % 10.96 % 5.53 % 5.17 % 6.07 % 4.98 % Credit Opportunities Strategy 15.53 % 18.41 % 16.34 % 14.46 % --- 14.03 % 1,142 ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index 4.60 % 4.92 % 3.05 % 2.78 % --- 2.61 % Floating Rate Strategy 8.48 % 10.69 % --- --- --- 7.60 % 87 S&P UBS Leveraged Loan Index 7.09 % 9.71 % --- --- --- 6.73 % Developing World Team Developing World Strategy 21.09 % 29.38 % 6.00 % 15.94 % 15.08 % 12.69 % 696 MSCI Emerging Markets Index 17.32 % 18.19 % 7.01 % 6.16 % 7.98 % 5.73 % Antero Peak Group Antero Peak Strategy 24.90 % 25.71 % 15.29 % 16.11 % --- 19.58 % 463 S&P 500 Index 17.60 % 24.91 % 16.46 % 14.44 % --- 14.95 % Antero Peak Hedge Strategy 22.54 % 21.33 % 12.28 % 13.28 % --- 14.36 % (34) S&P 500 Index 17.60 % 24.91 % 16.46 % 14.44 % --- 14.70 % International Small-Mid Team Non-U.S. Small-Mid Growth Strategy 8.12 % 13.85 % 4.76 % --- --- 10.78 % 127 MSCI All Country World Index Ex USA Small Mid Cap 17.23 % 20.02 % 9.67 % --- --- 9.51 % EMsights Capital Group Global Unconstrained Strategy 12.94 % 11.96 % --- --- --- 11.10 % 686 ICE BofA 3-month Treasury Bill Index 4.38 % 4.77 % --- --- --- 4.24 % Emerging Markets Debt Opportunities Strategy 12.96 % 15.51 % --- --- --- 13.44 % 629 J.P. Morgan EMB Hard Currency/Local Currency 50-50 7.48 % 11.16 % --- --- --- 7.15 % Emerging Markets Local Opportunities Strategy 13.11 % 14.87 % --- --- --- 12.64 % 379 J.P. Morgan GBI-EM Global Diversified Index 7.35 % 11.25 % --- --- --- 8.85 % 1 See Notes & Disclosures at the end of this presentation for more information about our investment performance. Composite inception dates can be found in Exhibit 7 of the earnings release. Long-Term Investment Results (Gross of Fees)1 Continued
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ARTISAN PARTNERS ASSET MANAGEMENT 17 Average Annual Total Returns (Net) Average Annual Value-Added Since Inception (bps)As of September 30, 2025 1 YR 3 YR 5 YR 7 YR 10 YR Inception Growth Team Global Opportunities Strategy 9.51 % 18.59 % 6.87 % 10.69 % 12.54 % 10.33 % 289 MSCI All Country World Index 17.27 % 23.10 % 13.54 % 11.27 % 11.90 % 7.44 % Global Discovery Strategy 12.95 % 18.14 % 7.26 % 11.34 % --- 12.56 % 436 MSCI All Country World Small Mid Cap Index 12.92 % 17.84 % 10.99 % 7.88 % --- 8.20 % U.S. Mid-Cap Growth Strategy 21.36 % 16.74 % 5.71 % 10.57 % 11.59 % 13.41 % 324 Russell® Midcap Index 11.11 % 17.67 % 12.65 % 10.06 % 11.38 % 10.41 % Russell® Midcap Growth Index 22.02 % 22.82 % 11.25 % 11.99 % 13.36 % 10.17 % U.S. Small-Cap Growth Strategy 5.65 % 12.14 % 1.73 % 6.53 % 10.72 % 9.43 % 145 Russell® 2000 Index 10.76 % 15.20 % 11.55 % 6.75 % 9.76 % 9.06 % Russell® 2000 Growth Index 13.56 % 16.67 % 8.41 % 6.61 % 9.90 % 7.98 % Franchise Strategy 22.91 % --- --- --- --- 22.91 % 564 MSCI All Country World Index 17.27 % --- --- --- --- 17.27 % Global Equity Team Global Equity Strategy 42.91 % 30.34 % 12.88 % 13.23 % 13.66 % 12.71 % 284 MSCI All Country World Index 17.27 % 23.10 % 13.54 % 11.27 % 11.90 % 9.87 % Non-U.S. Growth Strategy 29.26 % 25.42 % 10.21 % 9.15 % 9.03 % 9.21 % 367 MSCI EAFE Index 14.99 % 21.68 % 11.15 % 7.71 % 8.16 % 5.54 % U.S. Value Team Value Equity Strategy 8.20 % 20.19 % 15.56 % 10.69 % 12.61 % 8.92 % 64 Russell® 1000 Index 17.75 % 24.61 % 15.98 % 14.17 % 15.02 % 10.98 % Russell® 1000 Value Index 9.44 % 16.95 % 13.87 % 9.52 % 10.71 % 8.28 % U.S. Mid-Cap Value Strategy (3.37) % 10.73 % 10.85 % 5.91 % 7.93 % 10.47 % 86 Russell® Midcap Index 11.11 % 17.67 % 12.65 % 10.06 % 11.38 % 9.76 % Russell® Midcap Value Index 7.58 % 15.50 % 13.66 % 8.64 % 9.95 % 9.61 % Value Income Strategy 3.90 % 13.40 % --- --- --- 5.58 % (869) S&P 500 Index 17.60 % 24.91 % --- --- --- 14.27 % International Value Group International Value Strategy 9.14 % 22.18 % 15.36 % 10.46 % 10.05 % 10.89 % 415 MSCI EAFE Index 14.99 % 21.68 % 11.15 % 7.71 % 8.16 % 6.74 % International Explorer Strategy 14.78 % 19.50 % --- --- --- 13.75 % 300 MSCI All Country World Index Ex USA Small Cap 15.93 % 19.34 % --- --- --- 10.75 % Global Special Situations Strategy 2 --- --- --- --- --- 3.29 % (409) ICE BofA Global High Yield Index --- --- --- --- --- 7.38 % 1 See Notes & Disclosures at the end of this presentation for more information about our investment performance. Composite inception dates can be found in Exhibit 7 of the earnings release. 2 Effective in the quarter ended September 30, 2025, the Global Special Situations strategy changed its benchmark from the ICE BofA 3-month Treasury Bill Index to the ICE BofA Global High Yield Index. All periods presented reflect the return of the new benchmark. Long-Term Investment Results (Net of Fees)1
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ARTISAN PARTNERS ASSET MANAGEMENT 18 Average Annual Total Returns (Net) Average Annual Value-Added Since Inception (bps)As of September 30, 2025 1 YR 3 YR 5 YR 7 YR 10 YR Inception Global Value Team Global Value Strategy 19.99 % 25.78 % 16.42 % 10.54 % 11.07 % 8.87 % 175 MSCI All Country World Index 17.27 % 23.10 % 13.54 % 11.27 % 11.90 % 7.12 % Select Equity Strategy 18.01 % 25.23 % 15.13 % --- --- 13.97 % (356) S&P 500 Index 17.60 % 24.91 % 16.46 % --- --- 17.53 % Sustainable Emerging Markets Team Sustainable Emerging Markets Strategy 27.19 % 23.93 % 8.51 % 7.83 % 10.23 % 5.74 % 15 MSCI Emerging Markets Index 17.32 % 18.19 % 7.01 % 6.16 % 7.98 % 5.59 % Credit Team High Income Strategy 8.22 % 11.35 % 6.99 % 6.49 % 7.23 % 6.63 % 165 ICE BofA US High Yield Index 7.23 % 10.96 % 5.53 % 5.17 % 6.07 % 4.98 % Credit Opportunities Strategy 11.75 % 14.38 % 12.45 % 10.88 % --- 10.50 % 789 ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index 4.60 % 4.92 % 3.05 % 2.78 % --- 2.61 % Floating Rate Strategy 7.75 % 9.94 % --- --- --- 6.88 % 15 S&P UBS Leveraged Loan Index 7.09 % 9.71 % --- --- --- 6.73 % Developing World Team Developing World Strategy 19.84 % 28.06 % 4.89 % 14.75 % 13.89 % 11.53 % 580 MSCI Emerging Markets Index 17.32 % 18.19 % 7.01 % 6.16 % 7.98 % 5.73 % Antero Peak Group Antero Peak Strategy 23.68 % 24.48 % 14.16 % 14.97 % --- 18.41 % 346 S&P 500 Index 17.60 % 24.91 % 16.46 % 14.44 % --- 14.95 % Antero Peak Hedge Strategy 21.32 % 20.12 % 11.18 % 12.21 % --- 12.75 % (195) S&P 500 Index 17.60 % 24.91 % 16.46 % 14.44 % --- 14.70 % International Small-Mid Team Non-U.S. Small-Mid Growth Strategy 7.02 % 12.72 % 3.72 % --- --- 9.67 % 16 MSCI All Country World Index Ex USA Small Mid Cap 17.23 % 20.02 % 9.67 % --- --- 9.51 % EMsights Capital Group Global Unconstrained Strategy 11.88 % 10.91 % --- --- --- 10.06 % 582 ICE BofA 3-month Treasury Bill Index 4.38 % 4.77 % --- --- --- 4.24 % Emerging Markets Debt Opportunities Strategy 12.12 % 14.66 % --- --- --- 12.60 % 545 J.P. Morgan EMB Hard Currency/Local Currency 50-50 7.48 % 11.16 % --- --- --- 7.15 % Emerging Markets Local Opportunities Strategy 12.33 % 14.07 % --- --- --- 11.86 % 301 J.P. Morgan GBI-EM Global Diversified Index 7.35 % 11.25 % --- --- --- 8.85 % 1 See Notes & Disclosures at the end of this presentation for more information about our investment performance. Composite inception dates can be found in Exhibit 7 of the earnings release. Long-Term Investment Results (Net of Fees)1 Continued
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ARTISAN PARTNERS ASSET MANAGEMENT 19 Forward-Looking Statements Certain statements in this release, and other written or oral statements made by or on behalf of the Company, are “forward-looking statements” within the meaning of the federal securities laws. Statements regarding future events and our future performance, as well as management’s current expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. These forward-looking statements are only predictions based on current expectations and projections about future events. Forward-looking statements are subject to a number of risks and uncertainties, and there are important factors that could cause actual results, level of activity, performance, actions or achievements to differ materially from the results, level of activity, performance, actions or achievements expressed or implied by the forward-looking statements. These factors include: the loss of key investment professionals or senior management, adverse market or economic conditions, poor performance of our investment strategies, change in the legislative and regulatory environment in which we operate, operational or technical errors or other damage to our reputation and other factors disclosed in the Company’s filings with the Securities and Exchange Commission, including those factors listed under the caption entitled “Risk Factors” in Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 25, 2025, as such factors may be updated from time to time. Our periodic and current reports are accessible on the SEC's website at www.sec.gov. The Company undertakes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release, except as may be required by law. Assets Under Management (AUM) Assets Under Management (AUM) refers to the assets of pooled vehicles and separate accounts to which Artisan Partners provides services. Artisan Partners’ AUM as reported here includes assets for certain strategies for which Artisan Partners provides non-discretionary model portfolios to managed account sponsors for which we earn only investment-related service fees. Non-discretionary assets are reported on a lag not exceeding one quarter. Artisan’s definition of AUM is not based on any definition of AUM contained in Form ADV or in any of Artisan’s investment management agreements. Investment Performance Performance data are sourced from Artisan Partners/MSCI/Russell/ICE BofA/S&P/JPM. We measure the results of our "composites", which represent the aggregate performance of all discretionary client accounts, including pooled funds, invested in the same strategy except those accounts with respect to which we believe client-imposed restrictions may have a material impact on portfolio construction and those accounts managed in a currency other than U.S. dollars (the results of these accounts, which represented approximately 16% of our AUM at September 30, 2025, are maintained in separate composites, which are not presented in these materials). Certain composites may only reflect data of a single account managed by Artisan. Unless otherwise noted, composite returns have been presented net of investment advisory fees applied to client accounts, and include applicable trade commissions and transaction costs. Net-of-fees composite returns presented in these materials were calculated using the highest model investment advisory fees applicable to portfolios within the composite. Fees may be higher for certain pooled vehicles, and the composite may include accounts with performance-based fees. Index returns do not reflect the payment of fees and expenses. Results for any investment strategy described herein, and for different investment products within a strategy, are affected by numerous factors, including different material market or economic conditions; different investment management fee rates, brokerage commissions and other expenses; and the reinvestment of dividends or other earnings. The returns for any strategy may be positive or negative, and past performance does not guarantee future results. In these materials, we present Value Added, which is the difference between an Artisan strategy's average annual return and the return of its respective benchmark. We may also present Excess Returns, which are an estimate of the amount in dollars by which Artisan's investment strategies have outperformed or underperformed their respective benchmark. Excess Returns are calculated by (i) multiplying a strategy's beginning-of-year AUM by the difference between the returns (in basis points) of the strategy (net of fees, unless otherwise noted) and the benchmark for the ensuing year and (ii) summing all strategies' Excess Returns for each year calculated. Market Returns include all changes in AUM not included in Excess Returns, client cash flows and Artisan Funds' distributions not reinvested. The benchmark used for purposes of presenting a strategy’s performance and calculating Value Added and Excess Returns is generally the market index most commonly used by our clients to compare the performance of the relevant strategy. For certain strategies that are managed for absolute return, the benchmark used for purposes of presenting a strategy's performance and calculating Value Added and Excess Returns is the index used by the Company’s management to evaluate the performance of the strategy. In these materials, we present assets under management by asset class. Strategies are classified by asset class as follows. Equity includes: Mid-Cap Growth, Small-Cap Growth, Mid-Cap Value, Non-U.S. Growth, International Value, Global Opportunities, Global Equity, Value Equity, Global Value, Sustainable Emerging Markets, Global Discovery, Developing World, Non-U.S. Small-Mid Growth, International Explorer, Select Equity, Value Income and Franchise strategies. Credit includes: High Income, Floating Rate, Custom Credit Solutions, Emerging Markets Debt Opportunities and Emerging Markets Local Opportunities strategies. Alternative includes: Antero Peak, Antero Peak Hedge, China Post-Venture (wound down effective June 30, 2025), Credit Opportunities, Global Unconstrained and Global Special Situations strategies. Notes & Disclosures
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ARTISAN PARTNERS ASSET MANAGEMENT 20 Investment Performance (continued from previous page) Composites / Indexes used for the comparison calculations described are: Non-U.S. Growth Strategy / International Value Strategy-MSCI EAFE Index; Global Discovery Strategy-MSCI All Country World Small Mid Cap Index; Global Equity Strategy / Global Opportunities Strategy / Global Value Strategy / Franchise Strategy-MSCI ACWI Index; Non-U.S. Small-Mid Growth Strategy-MSCI ACWI ex-USA Small Mid Index; U.S. Mid- Cap Growth Strategy-Russell Midcap Growth® Index; U.S. Mid-Cap Value Strategy-Russell Midcap Value® Index; U.S. Small-Cap Growth Strategy-Russell 2000 Growth® Index; Value Equity Strategy-Russell 1000 Value® Index; Developing World Strategy / Sustainable Emerging Markets Strategy-MSCI Emerging Markets Index; High Income Strategy-ICE BofA US High Yield Index; Credit Opportunities Strategy-ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index; Antero Peak Strategy / Antero Peak Hedge Strategy / Select Equity Strategy / Value Income Strategy-S&P 500® Index; International Explorer Strategy- MSCI All Country World Ex USA Small Cap Index; Floating Rate Strategy-S&P UBS Leveraged Loan Index; Global Unconstrained Strategy-ICE BofA 3-month Treasury Bill Index; Global Special Situations Strategy-ICE BofA Global High Yield Index; Emerging Markets Debt Opportunities Strategy-J.P. Morgan EMB Hard Currency/Local Currency 50-50 Index; Emerging Markets Local Opportunities Strategy-J.P. Morgan GBI-EM Global Diversified Index. When applicable, composite returns have been included for the following discontinued strategies and their indexes: Global Small-Cap Growth Strategy (Jul 1, 2013-Dec 31, 2016)-MSCI ACWI Small Cap Index; U.S. Small-Cap Value Strategy (Jun 1, 1997-Apr 30, 2016)-Russell 2000® Index; Non-U.S. Small-Cap Growth Strategy (Jan 1, 2002-Nov 30, 2018)-MSCI EAFE Small Cap Index; China Post- Venture Strategy (Apr 1, 2021-Jun 30, 2025)- MSCI China SMID Cap Index . Artisan High Income holds loans and other security types that are not included in the ICE BofA US High Yield Index. At times, this causes material differences in relative performance. Index returns do not reflect the payment of fees and expenses. An investment cannot be made directly in an Artisan composite or a market index and the aggregated results are hypothetical. Other Information Throughout these materials, we present historical information about our AUM, average AUM and client cash flows for certain periods. We use our information management systems to track this information and we believe the information as set forth in this presentation is accurate in all material respects. We also present information regarding the amount of our AUM sourced through particular distribution channels, which involves estimates because precise information on the sourcing of assets invested in pooled vehicles through intermediaries is not typically available and involves the exercise of judgment. During the first quarter of 2025, we combined our intermediary and retail distribution channels, renamed the intermediated wealth channel, and recategorized certain client AUM in a manner that we believe more closely reflects how management assesses this information in the management of the business. Channel information for prior periods was reclassified as necessary for comparability purposes. Data sourced by distribution channel on our AUM are not subject to our internal controls over financial reporting. Rounding Any discrepancies included in these materials between totals and the sums of the amounts listed are due to rounding. Trademark Notice The MSCI EAFE Index, the MSCI All Country World Small Mid Cap Index, the MSCI EAFE Growth Index, the MSCI ACWI ex USA SMID Index, MSCI ACWI Ex USA Small Cap Index, the MSCI EAFE Value Index, the MSCI ACWI Index, and the MSCI Emerging Markets Index are trademarks of MSCI Inc. MSCI Inc. is the owner of all copyrights relating to these indices and is the source of the performance statistics of these indices that are referred to in these materials. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI. The Russell 2000® Index, the Russell 2000® Value Index, the Russell Midcap® Index, the Russell Midcap® Value Index, the Russell 1000® Index, the Russell 1000® Value Index, the Russell Midcap® Growth Index, the Russell 1000® Growth Index and the Russell 2000® Growth Index are trademarks of Russell Investment Group. Russell Investment Group is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. The presentation may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a presentation of Artisan Partners. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in Artisan Partners' presentation thereof. The ICE BofA US High Yield Index, ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index, ICE BofA 3-month Treasury Bill Index and ICE BofA Global High Yield Index are owned by ICE Data Indices, LLC, used with permission. ICE Data Indices, LLC permits use of the ICE BofA indices and related data on an "as is" basis, makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the ICE BofA indices or any data included in, related to, or derived therefrom, assumes no liability in connection with the use of the foregoing, and does not sponsor, endorse, or recommend Artisan Partners or any of its products or services. The S&P 500 and S&P UBS Leveraged Loan Indices are products of S&P Dow Jones Indices LLC (“S&P DJI”) and/or its affiliates and has been licensed for use. Copyright © 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). None of S&P DJI, Dow Jones, their affiliates or third party licensors makes any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. Notes & Disclosures
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ARTISAN PARTNERS ASSET MANAGEMENT 21 Trademark Notice (continued from previous page) The J.P. Morgan EMB Hard Currency/Local currency 50-50 Index and J.P. Morgan GBI-EM Global Diversified Index are trademarks of J.P. Morgan. J.P. Morgan is the owner of all copyrights relating to these indices and is the source of the performance statistics of these indices that are referred to in these materials. Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright 2025, J.P. Morgan Chase & Co. All rights reserved. Presentation None of the information in these materials constitutes either an offer or a solicitation to buy or sell any fund securities, nor is any such information a recommendation for any fund security or investment service. Copyright 2025 Artisan Partners. All rights reserved. This presentation may not be reproduced in whole or in part without Artisan Partners’ permission. Notes & Disclosures