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Artisan Partners Asset Management September 30, 2026
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ARTISAN PARTNERS ASSET MANAGEMENT 2 Business Update & Third Quarter 2026 Earnings Presentation Thoughtful Growth ▪ Active Strategies ▪ Autonomous Franchises ▪ Process-Driven Results Artisan has built its business based upon a consistent philosophy and business model Talent-Driven Business Model High Value-Added Investment Firm ▪ Designed for Investment Talent to Thrive ▪ Managed by Business Professionals ▪ Structured to Align Interests Business Philosophy & Approach ▪ Active Talent Identification ▪ Entrepreneurial Commitment ▪ Focus on Long-Term Global Demand
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ARTISAN PARTNERS ASSET MANAGEMENT 3 Business Update & Third Quarter 2026 Earnings Presentation Data as of September 30, 2026. Represents the percentage of our assets under management managed in strategies for which the average annual gross composite return of such strategies exceeded their respective benchmark for the average annual periods ended on the indicated date. Includes assets under management in all strategies in operation throughout the period, with the exception of Grandview Property Partners. See Notes & Disclosures for more information about how we calculate our investment performance and the benchmarks used as well as a breakdown of investment strategies by asset class. Percentage of AUM Outperforming Benchmark Asset Class 1-Year 3-Year 5-Year 10-Year Inception Equity 10% 45% 77% 91% 99% Credit 100% 100% 100% 100% 100% Alternative 47% 100% 14% — 96% Firmwide 21% 53% 78% 92% 99% Investment Performance As of September 30, 2026
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ARTISAN PARTNERS ASSET MANAGEMENT 4 Business Update & Third Quarter 2026 Earnings Presentation Ending AUM ($B) $175 $128 $150 $161 $180 $169 2021 2022 2023 2024 2025 3Q2026 YTD Investment Performance $17.6 ($36.6) $27.0 $15.9 $33.4 $12.8 Net Flows $1.7 ($9.8) ($4.1) ($3.7) ($12.7) ($24.2) Equity ($1.2) ($9.7) ($4.4) ($6.8) ($15.6) ($27.4) Credit $1.6 $0.0 $2.0 $3.3 $2.8 $1.8 Alternative $1.3 ($0.2) ($1.7) ($0.1) $0.1 $1.4 $ in billions. Ending AUM is as of December 31 for 2021-2025 and September 30 for 2026. Investment performance and net flows reflect full-year results in 2021-2025 and year-to-date results through September 30, 2026. Net flows exclude Artisan Funds’ income and capital gain distributions not reinvested by fund shareholders, acquisitions, and realizations. Business Development
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ARTISAN PARTNERS ASSET MANAGEMENT 5 Business Update & Third Quarter 2026 Earnings Presentation $ in billions. Credit and Alternative AUM is as of December 31 for 2021-2025 and September 30 for 2026. Net flows reflect full-year results in 2021-2025 and year-to-date results through September 30, 2026. The 2026 organic growth rate is annualized. 2026 Alternative AUM includes the acquisition of Grandview Property Partners. Net flows exclude Artisan Funds’ income and capital gain distributions not reinvested by fund shareholders, acquisitions, and realizations. Growth of Credit & Alternative Share of Firm AUM 8% 9% 9% 11% 12% 15% Net Flows $2.9 ($0.2) $0.3 $3.1 $3.0 $3.2 Organic Growth Rate 29% (1%) 3% 25% 17% 20% Credit & Alternative AUM ($B) $8.1 $7.1 $10.0 $13.9 $17.9 $19.6$5.6 $4.0 $2.8 $3.4 $4.0 $6.5 Credit AUM Alternative AUM 2021 2022 2023 2024 2025 3Q2026 YTD $13.7 $11.1 $12.8 $17.3 $21.9 $26.1
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ARTISAN PARTNERS ASSET MANAGEMENT 6 Business Update & Third Quarter 2026 Earnings Presentation 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 Business Update & Third Quarter 2026 Earnings Presentation Weighted Average Fee (in bps) Revenues Adjusted Operating Margin Adjusted Net Income per Adjusted Share Weighted average fee is calculated by dividing annualized investment advisory fees, including 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 2026 earnings release: GAAP operating expense was $202.7M, $223.3M and $199.5M; GAAP operating income was $109.8M, $84.6M and $101.8M; GAAP operating margin was 35.1%, 27.5% and 33.8%; GAAP net income was $75.2M, $80.9M and $66.8M; and GAAP EPS was $1.04, $1.11 and $0.93 for the September 2026, June 2026 and September 2025 quarters, respectively. $301.3 $307.9 $312.5 68 68 69 3Q25 2Q26 3Q26 $192.1 $206.5 $201.6 3Q25 2Q26 3Q26 Adjusted Operating Expenses Adjusted Operating Income $109.2 $101.4 $110.9 3Q25 2Q26 3Q26 36.2% 32.9% 35.5% 3Q25 2Q26 3Q26 $82.7 $76.5 $84.2 3Q25 2Q26 3Q26 Adjusted Net Income $1.02 $0.94 $1.03 3Q25 2Q26 3Q26 +4% +1% +5% -2% +2% +9% -70 bps +260 bps +2% +10% +1% +10% Performance Fees Quarterly Financial Results ($ in millions, unless otherwise noted)
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ARTISAN PARTNERS ASSET MANAGEMENT 8 Business Update & Third Quarter 2026 Earnings Presentation Weighted Average Fee (in bps) Revenues Adjusted Operating Margin Adjusted Net Income per Adjusted Share Weighted average fee is calculated by dividing annualized investment advisory fees, including 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 2026 earnings release: GAAP operating expense was $634.8M and $593.1M; GAAP operating income was $288.6M and $268.1M; GAAP operating margin was 31.3% and 31.1%; GAAP net income was $214.1M and $195.5M; and GAAP EPS was $2.96 and $2.73 for the September 2026 and September 2025 YTD periods, respectively. $861.2 $923.4 68 68 YTD 3Q25 YTD 3Q26 $573.4 $616.9 YTD 3Q25 YTD 3Q26 Adjusted Operating Expenses Adjusted Operating Income $287.8 $306.5 YTD 3Q25 YTD 3Q26 33.4% 33.2% YTD 3Q25 YTD 3Q26 $217.2 $231.5 YTD 3Q25 YTD 3Q26 Adjusted Net Income $2.67 $2.84 YTD 3Q25 YTD 3Q26 +7% +6% +7% -20 bps +8% +6% YTD Financial Results ($ in millions, unless otherwise noted)
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ARTISAN PARTNERS ASSET MANAGEMENT 9 Business Update & Third Quarter 2026 Earnings Presentation ¹ Calculated in accordance with debt agreements. $214.4 $352.4 4Q25 3Q26 $478.1 $485.3 4Q25 3Q26 Cash and Cash Equivalents Borrowings & Leverage Ratio1 Stockholders' Equity $190.0 $190.0 0.4x 0.4x 4Q25 3Q26 Seed Capital $151.6 $90.9 4Q25 3Q26 Balance Sheet as of September 30, 2026 ($ in millions)
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ARTISAN PARTNERS ASSET MANAGEMENT 10 Business Update & Third Quarter 2026 Earnings Presentation 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 $4.70 $2.82 $2.78 $3.48 $3.87 2021 2022 2023 2024 2025 $0.88 $1.01 $0.77 $0.80 $0.88 $0.57 Quarterly Special 3Q25 4Q25 1Q26 2Q26 3Q26 Dividends
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ARTISAN PARTNERS ASSET MANAGEMENT 11 Business Update & Third Quarter 2026 Earnings Presentation APPENDIX
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ARTISAN PARTNERS ASSET MANAGEMENT 12 Business Update & Third Quarter 2026 Earnings Presentation $181.3 $179.9 $173.0 $183.4 $168.7 $177.4 $180.9 $182.4 $181.9 $180.5 3Q25 4Q25 1Q26 2Q26 3Q26 $181.3 $168.7 $170.4 $181.6 YTD 3Q25 YTD 3Q26 AUM Average AUM (7)% AUM; +7% Avg AUM (8)% AUM; (1)% Avg AUM (7)% AUM; +2% Avg AUM Quarter Year-to-date Assets Under Management ($ in billions)
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ARTISAN PARTNERS ASSET MANAGEMENT 13 Business Update & Third Quarter 2026 Earnings Presentation For the Three Months Ended For the Nine Months Ended September 30, 2026 September 30, 2026 Asset Class Equity Credit Alternative Firm Total Equity Credit Alternative Firm Total Beginning AUM $157.9 $19.6 $5.9 $183.4 $158.0 $17.9 $4.0 $179.9 Gross client cash inflows 5.5 1.1 1.3 7.9 19.1 3.9 2.9 25.9 Gross client cash outflows (17.1) (0.8) (0.6) (18.5) (46.5) (2.1) (1.5) (50.1) Net client cash flows (11.6) 0.3 0.7 (10.6) (27.4) 1.8 1.4 (24.2) Acquisitions 0.0 0.0 0.0 0.0 0.0 0.0 0.9 0.9 Realizations 0.0 0.0 (0.1) (0.1) 0.0 0.0 (0.1) (0.1) Artisan Funds' distributions not reinvested (0.1) (0.1) (0.0) (0.2) (0.2) (0.3) (0.1) (0.6) Investment returns and other (3.6) (0.2) 0.0 (3.8) 12.2 0.2 0.4 12.8 Ending AUM $142.6 $19.6 $6.5 $168.7 $142.6 $19.6 $6.5 $168.7 Annualized organic growth rate (29 %) +6 % +52 % (23 %) (23 %) +14 % +46 % (18 %) Ending AUM growth rate (10 %) 0 % +10 % (8 %) (10 %) +9 % +63 % (6 %) Weighted average fee 70 bps 54 bps 82 bps 69 bps 69 bps 54 bps 83 bps 68 bps AUM mix (as of September 30, 2026) Client location: U.S. 74 % 83 % 83 % 75 % Non-U.S. 26 % 17 % 17 % 25 % Vehicle: Artisan Funds and Global Funds 52 % 61 % 57 % 53 % Separate accounts and other vehicles 48 % 39 % 43 % 47 % Distribution channel: Intermediated Wealth 60 % 67 % 81 % 61 % Institutional 40 % 33 % 19 % 39 % See Notes & Disclosures at the end of this presentation for a breakdown of investment strategies by asset class. Investment returns and other includes all changes in AUM not attributable to net client cash flows, acquisitions, realizations, or Artisan Funds' distributions not reinvested. Weighted average fee is calculated by dividing annualized investment advisory fees, including performance fees, by the average assets under management for the applicable period. Separate accounts and other vehicles includes traditional separate accounts, Artisan-branded collective investment trusts and Artisan Private Funds, as well as certain assets managed by the Credit team within custom, investor-driven mandates and assets under advisement for certain strategies for which we provide model portfolios to managed account sponsors. Acquisitions reflects AUM obtained in connection with the closing of the Grandview Property Partners acquisition on January 2, 2026. Realizations represents the distribution of realized proceeds from the disposition of assets. The allocation of assets under management by distribution channel involves the use of estimates and the exercise of judgment. Assets Under Management By Asset Class ($ in billions)
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ARTISAN PARTNERS ASSET MANAGEMENT 14 Business Update & Third Quarter 2026 Earnings Presentation Three Months Ended Nine Months Ended September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Net income attributable to Artisan Partners Asset Management Inc. (GAAP) $ 75.2 $ 80.9 $ 66.8 $ 214.1 $ 195.5 Add back: Net income attributable to noncontrolling interests - APH 13.3 15.1 15.0 39.5 40.3 Add back: Provision for income taxes 19.7 25.9 36.9 64.4 81.8 Add back: Compensation expense (reversal) related to market valuation changes in compensation plans 1.1 16.8 7.4 17.9 19.7 Add back: Change in fair value of contingent consideration (0.1) 0.2 — 0.1 — Add back: Net (gain) loss on the tax receivable agreements (1.0) — (0.6) (1.0) (0.6) Add back: Net investment (gain) loss of investment products attributable to APAM 3.6 (37.3) (15.7) (27.6) (48.3) Less: Adjusted provision for income taxes 27.6 25.1 27.1 75.9 71.2 Adjusted net income (Non-GAAP) $ 84.2 $ 76.5 $ 82.7 $ 231.5 $ 217.2 Average shares outstanding Class A common shares 66.4 66.4 65.7 66.3 65.6 Assumed vesting or exchange of: Unvested restricted share-based awards 5.2 5.2 5.3 5.2 5.4 Artisan Partners Holdings LP units outstanding (non-controlling interest) 10.1 10.1 10.2 10.1 10.2 Adjusted shares 81.7 81.7 81.2 81.6 81.2 Basic and diluted earnings per share (GAAP) $ 1.04 $ 1.11 $ 0.93 $ 2.96 $ 2.73 Adjusted net income per adjusted share (Non-GAAP) $ 1.03 $ 0.94 $ 1.02 $ 2.84 $ 2.67 Operating income (GAAP) $ 109.8 $ 84.6 $ 101.8 $ 288.6 $ 268.1 Add back: Compensation expense (reversal) related to market valuation changes in compensation plans 1.1 16.8 7.4 17.9 19.7 Adjusted operating income (Non-GAAP) $ 110.9 $ 101.4 $ 109.2 $ 306.5 $ 287.8 Operating expense (GAAP) $ 202.7 $ 223.3 $ 199.5 $ 634.8 $ 593.1 Add back (less): Compensation reversal (expense) related to market valuation changes in compensation plans (1.1) (16.8) (7.4) (17.9) (19.7) Adjusted operating expense (Non-GAAP) $ 201.6 $ 206.5 $ 192.1 $ 616.9 $ 573.4 Operating margin (GAAP) 35.1% 27.5% 33.8% 31.3% 31.1% Adjusted operating margin (Non-GAAP) 35.5% 32.9% 36.2% 33.2% 33.4% Reconciliation of GAAP to Non-GAAP ("Adjusted") Measures ($ in millions)
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ARTISAN PARTNERS ASSET MANAGEMENT 15 Business Update & Third Quarter 2026 Earnings Presentation For the Three Months Ended For the Nine Months Ended September 30, 2026 % of Rev. June 30, 2026 % of Rev. September 30, 2025 % of Rev. September 30, 2026 % of Rev. September 30, 2025 % of Rev. Salary $ 26.1 8.3 % $ 26.6 8.6 % $ 25.0 8.3 % $ 79.4 8.6 % $ 75.9 8.8 % Incentive compensation 102.8 32.9 % 101.1 32.9 % 100.8 33.5 % 306.0 33.1 % 290.7 33.8 % Benefits & payroll taxes 12.7 4.1 % 17.6 5.7 % 10.3 3.4 % 48.3 5.2 % 40.0 4.6 % Long-term incentive compensation1 20.6 6.6 % 36.7 11.9 % 27.2 9.0 % 79.2 8.6 % 77.7 9.0 % Compensation and benefits $ 162.2 51.9 % $ 182.0 59.1 % $ 163.3 54.2 % $ 512.9 55.5 % $ 484.3 56.2 % Add (Less): Compensation reversal (expense) related to market valuation changes in compensation plans (1.1) (0.3) % (16.8) (5.4) % (7.4) (0.9) % (17.9) (1.9) % (19.7) (2.3) % Adjusted compensation and benefits2 $ 161.1 51.6 % $ 165.2 53.7 % $ 155.9 53.3 % $ 495.0 53.6 % $ 464.6 53.9 % 1 Long-term incentive compensation includes equity-based and franchise capital awards. 2 Adjusted measures are non-GAAP measures. The adjustments to GAAP are explained in Exhibit 2 of our September 2026 earnings release. Details of Compensation & Benefits Expense ($ in millions)
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ARTISAN PARTNERS ASSET MANAGEMENT 16 Business Update & Third Quarter 2026 Earnings Presentation Average Annual Total Returns (Gross) Average Annual Value-Added Since Inception (bps)As of September 30, 2026 1 YR 3 YR 5 YR 7 YR 10 YR Inception Growth Team Global Opportunities Strategy 1.98 % 14.49 % 4.05 % 11.00 % 11.60 % 10.76 % 286 MSCI All Country World Index 16.75 % 21.71 % 11.57 % 13.54 % 12.37 % 7.90 % Global Discovery Strategy 6.58 % 15.32 % 4.04 % 12.00 % --- 12.85 % 409 MSCI All Country World Small Mid Cap Index 13.37 % 17.12 % 6.99 % 10.31 % --- 8.76 % U.S. Mid-Cap Growth Strategy 7.29 % 15.50 % 2.45 % 11.72 % 12.41 % 14.22 % 452 Russell® Midcap Index 12.02 % 17.18 % 8.03 % 11.36 % 11.16 % 10.46 % Russell® Midcap Growth Index (2.73) % 15.34 % 4.91 % 10.74 % 11.85 % 9.70 % U.S. Small-Cap Growth Strategy 16.03 % 16.03 % 1.05 % 9.38 % 11.74 % 10.68 % 258 Russell® 2000 Index 16.20 % 17.70 % 6.33 % 10.52 % 9.83 % 9.28 % Russell® 2000 Growth Index 12.05 % 17.53 % 4.71 % 9.93 % 9.89 % 8.10 % Franchise Strategy (8.18) % --- --- --- --- 6.68 % (1,033) MSCI All Country World Index 16.75 % --- --- --- --- 17.01 % Global Equity Team Global Equity Strategy 8.41 % 27.61 % 11.32 % 14.30 % 14.67 % 13.45 % 317 MSCI All Country World Index 16.75 % 21.71 % 11.57 % 13.54 % 12.37 % 10.28 % Non-U.S. Growth Strategy 12.23 % 22.85 % 10.36 % 10.83 % 10.59 % 10.29 % 444 MSCI EAFE Index 15.69 % 18.38 % 9.32 % 10.19 % 9.06 % 5.85 % International Value Group International Value Strategy 15.45 % 17.55 % 12.33 % 13.53 % 11.55 % 12.07 % 497 MSCI EAFE Index 15.69 % 18.38 % 9.32 % 10.19 % 9.06 % 7.10 % International Explorer Strategy 29.64 % 23.30 % 12.13 % --- --- 17.90 % 650 MSCI All Country World Index Ex USA Small Cap 14.66 % 17.87 % 6.74 % --- --- 11.40 % Global Special Situations Strategy 11.81 % --- --- --- --- 11.03 % 554 ICE BofA Global High Yield Index 0.90 % --- --- --- --- 5.49 % Global Value Team Global Value Strategy 16.66 % 22.61 % 13.76 % 13.97 % 12.45 % 10.25 % 265 MSCI All Country World Index 16.75 % 21.71 % 11.57 % 13.54 % 12.37 % 7.60 % Select Equity Strategy 22.69 % 25.00 % 13.93 % --- --- 15.98 % (128) S&P 500 Index 15.74 % 22.87 % 13.78 % --- --- 17.26 % Long-Term Investment Results (Gross of Fees)1 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 6 of the earnings release.
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ARTISAN PARTNERS ASSET MANAGEMENT 17 Business Update & Third Quarter 2026 Earnings Presentation Average Annual Total Returns (Gross) Average Annual Value-Added Since Inception (bps)As of September 30, 2026 1 YR 3 YR 5 YR 7 YR 10 YR Inception Sustainable Emerging Markets Team Sustainable Emerging Markets Strategy 22.25 % 25.41 % 9.64 % 11.47 % 10.66 % 7.51 % 86 MSCI Emerging Markets Index 29.22 % 24.07 % 8.94 % 10.44 % 9.08 % 6.65 % Credit Team High Income Strategy 1.77 % 8.70 % 5.14 % 6.61 % 6.88 % 6.90 % 221 ICE BofA US High Yield Index 1.39 % 7.93 % 3.55 % 4.46 % 4.94 % 4.69 % Credit Opportunities Strategy 1.30 % 12.35 % 10.58 % 14.32 % --- 12.58 % 984 ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index 3.82 % 4.68 % 3.78 % 2.95 % --- 2.74 % Floating Rate Strategy 5.19 % 7.65 % --- --- --- 7.09 % 80 S&P UBS Leveraged Loan Index 4.65 % 7.10 % --- --- --- 6.29 % Developing World Team Developing World Strategy (7.37) % 17.46 % 0.98 % 11.50 % 11.47 % 10.75 % 312 MSCI Emerging Markets Index 29.22 % 24.07 % 8.94 % 10.44 % 9.08 % 7.63 % Antero Peak Group Antero Peak Strategy 12.10 % 26.40 % 12.37 % 15.88 % --- 18.77 % 374 S&P 500 Index 15.74 % 22.87 % 13.78 % 16.16 % --- 15.03 % Antero Peak Hedge Strategy 10.31 % 23.20 % 10.44 % 12.96 % --- 13.90 % (92) S&P 500 Index 15.74 % 22.87 % 13.78 % 16.16 % --- 14.82 % International Small-Mid Team Non-U.S. Small-Mid Growth Strategy 13.19 % 13.91 % 2.68 % 9.22 % --- 11.09 % 77 MSCI All Country World Index Ex USA Small Mid Cap 15.97 % 18.68 % 7.37 % 9.84 % --- 10.32 % EMsights Capital Group Global Unconstrained Strategy 12.65 % 11.95 % --- --- --- 11.44 % 733 ICE BofA 3-month Treasury Bill Index 3.65 % 4.49 % --- --- --- 4.11 % Emerging Markets Debt Opportunities Strategy 14.32 % 14.43 % --- --- --- 13.62 % 742 J.P. Morgan EMB Hard Currency/Local Currency 50-50 3.04 % 8.38 % --- --- --- 6.20 % Emerging Markets Local Opportunities Strategy 10.32 % 13.02 % --- --- --- 12.07 % 443 J.P. Morgan GBI-EM Global Diversified Index 3.92 % 8.15 % --- --- --- 7.64 % Long-Term Investment Results (Gross of Fees)1 Continued 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 6 of the earnings release.
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ARTISAN PARTNERS ASSET MANAGEMENT 18 Business Update & Third Quarter 2026 Earnings Presentation Average Annual Total Returns (Net) Average Annual Value-Added Since Inception (bps)As of September 30, 2026 1 YR 3 YR 5 YR 7 YR 10 YR Inception Growth Team Global Opportunities Strategy 1.11 % 13.54 % 3.18 % 10.09 % 10.67 % 9.84 % 194 MSCI All Country World Index 16.75 % 21.71 % 11.57 % 13.54 % 12.37 % 7.90 % Global Discovery Strategy 5.55 % 14.22 % 3.04 % 10.93 % --- 11.77 % 301 MSCI All Country World Small Mid Cap Index 13.37 % 17.12 % 6.99 % 10.31 % --- 8.76 % U.S. Mid-Cap Growth Strategy 6.30 % 14.45 % 1.50 % 10.69 % 11.38 % 13.16 % 346 Russell® Midcap Index 12.02 % 17.18 % 8.03 % 11.36 % 11.16 % 10.46 % Russell® Midcap Growth Index (2.73) % 15.34 % 4.91 % 10.74 % 11.85 % 9.70 % U.S. Small-Cap Growth Strategy 14.95 % 14.95 % 0.08 % 8.33 % 10.66 % 9.60 % 150 Russell® 2000 Index 16.20 % 17.70 % 6.33 % 10.52 % 9.83 % 9.28 % Russell® 2000 Growth Index 12.05 % 17.53 % 4.71 % 9.93 % 9.89 % 8.10 % Franchise Strategy (8.97) % --- --- --- --- 5.78 % (1,123) MSCI All Country World Index 16.75 % --- --- --- --- 17.01 % Global Equity Team Global Equity Strategy 7.44 % 26.49 % 10.33 % 13.29 % 13.62 % 12.38 % 210 MSCI All Country World Index 16.75 % 21.71 % 11.57 % 13.54 % 12.37 % 10.28 % Non-U.S. Growth Strategy 11.20 % 21.73 % 9.35 % 9.82 % 9.58 % 9.27 % 342 MSCI EAFE Index 15.69 % 18.38 % 9.32 % 10.19 % 9.06 % 5.85 % International Value Group International Value Strategy 14.40 % 16.48 % 11.30 % 12.49 % 10.53 % 11.04 % 394 MSCI EAFE Index 15.69 % 18.38 % 9.32 % 10.19 % 9.06 % 7.10 % International Explorer Strategy 27.03 % 21.48 % 10.39 % --- --- 15.90 % 450 MSCI All Country World Index Ex USA Small Cap 14.66 % 17.87 % 6.74 % --- --- 11.40 % Global Special Situations Strategy 8.61 % --- --- --- --- 7.96 % 247 ICE BofA Global High Yield Index 0.90 % --- --- --- --- 5.49 % Global Value Team Global Value Strategy 15.58 % 21.48 % 12.70 % 12.90 % 11.39 % 9.21 % 161 MSCI All Country World Index 16.75 % 21.71 % 11.57 % 13.54 % 12.37 % 7.60 % Select Equity Strategy 21.79 % 24.08 % 13.08 % --- --- 15.13 % (213) S&P 500 Index 15.74 % 22.87 % 13.78 % --- --- 17.26 % Long-Term Investment Results (Net of Fees)1 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 6 of the earnings release.
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ARTISAN PARTNERS ASSET MANAGEMENT 19 Business Update & Third Quarter 2026 Earnings Presentation Average Annual Total Returns (Net) Average Annual Value-Added Since Inception (bps)As of September 30, 2026 1 YR 3 YR 5 YR 7 YR 10 YR Inception Sustainable Emerging Markets Team Sustainable Emerging Markets Strategy 21.26 % 24.39 % 8.71 % 10.48 % 9.64 % 6.46 % (19) MSCI Emerging Markets Index 29.22 % 24.07 % 8.94 % 10.44 % 9.08 % 6.65 % Credit Team High Income Strategy 1.10 % 7.99 % 4.45 % 5.90 % 6.16 % 6.18 % 149 ICE BofA US High Yield Index 1.39 % 7.93 % 3.55 % 4.46 % 4.94 % 4.69 % Credit Opportunities Strategy (0.18) % 9.11 % 7.63 % 10.76 % --- 9.30 % 656 ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index 3.82 % 4.68 % 3.78 % 2.95 % --- 2.74 % Floating Rate Strategy 4.48 % 6.93 % --- --- --- 6.37 % 8 S&P UBS Leveraged Loan Index 4.65 % 7.10 % --- --- --- 6.29 % Developing World Team Developing World Strategy (8.35) % 16.25 % (0.08) % 10.34 % 10.32 % 9.60 % 197 MSCI Emerging Markets Index 29.22 % 24.07 % 8.94 % 10.44 % 9.08 % 7.63 % Antero Peak Group Antero Peak Strategy 10.99 % 25.17 % 11.27 % 14.74 % --- 17.60 % 257 S&P 500 Index 15.74 % 22.87 % 13.78 % 16.16 % --- 15.03 % Antero Peak Hedge Strategy 9.21 % 21.98 % 9.34 % 11.85 % --- 12.35 % (247) S&P 500 Index 15.74 % 22.87 % 13.78 % 16.16 % --- 14.82 % International Small-Mid Team Non-U.S. Small-Mid Growth Strategy 12.04 % 12.76 % 1.65 % 8.12 % --- 9.97 % (35) MSCI All Country World Index Ex USA Small Mid Cap 15.97 % 18.68 % 7.37 % 9.84 % --- 10.32 % EMsights Capital Group Global Unconstrained Strategy 11.60 % 10.90 % --- --- --- 10.39 % 628 ICE BofA 3-month Treasury Bill Index 3.65 % 4.49 % --- --- --- 4.11 % Emerging Markets Debt Opportunities Strategy 13.48 % 13.58 % --- --- --- 12.78 % 658 J.P. Morgan EMB Hard Currency/Local Currency 50-50 3.04 % 8.38 % --- --- --- 6.20 % Emerging Markets Local Opportunities Strategy 9.55 % 12.24 % --- --- --- 11.29 % 365 J.P. Morgan GBI-EM Global Diversified Index 3.92 % 8.15 % --- --- --- 7.64 % Long-Term Investment Results (Net of Fees)1 Continued 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 6 of the earnings release.
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ARTISAN PARTNERS ASSET MANAGEMENT 20 Business Update & Third Quarter 2026 Earnings Presentation 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, significant changes in client cash flows or declines in market value of the assets in the accounts we manage, change in the legislative and regulatory environment in which we operate, operational or technical errors or other matters that cause 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, 2025, filed with the SEC on February 20, 2026, 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 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 model portfolios to managed account sponsors for which we earn only investment-related service fees. Model assets are generally 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, S&P, JP Morgan and ICE BofA. 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 17% of our AUM at September 30, 2026, 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 Partners. 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. 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: U.S. Mid-Cap Growth, U.S. Small-Cap Growth, U.S. Mid-Cap Value (wound down effective August 30, 2026), Non-U.S. Growth, International Value, Global Opportunities, Global Equity, Value Equity (wound down effective August 30, 2026), Global Value, Sustainable Emerging Markets, Global Discovery, Developing World, Non-U.S. Small-Mid Growth, International Explorer, Select Equity, Value Income (wound down effective August 30, 2026) 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, Global Special Situations and Grandview Property Partners strategies. Notes & Disclosures
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ARTISAN PARTNERS ASSET MANAGEMENT 21 Business Update & Third Quarter 2026 Earnings Presentation 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. Small-Cap Growth Strategy-Russell 2000 Growth® 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-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; U.S. Mid-Cap Value Strategy (Apr 1, 1999-Aug 30, 2026)-Russell Midcap Value® Index; Value Equity Strategy (Jul 1, 2005-Aug 30, 2026)-Russell 1000 Value® Index; Value Income Strategy (Mar 1, 2022-Aug 30, 2026)-S&P 500® Market Index. 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. Data sourced by distribution channel on our AUM are not subject to our internal controls over financial reporting. Grandview Property Partners, LLC is a separate, wholly-owned subsidiary and is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940. Rounding Any discrepancies included in these materials between totals and the sums of the amounts listed are due to rounding. Trademark Notice MSCI Inc. 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. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and, along with the ICE BofA trademarks, has been licensed for use by Artisan Partners Limited Partnership. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See www.artisanpartners.com/ice-data.html for a full copy of the Disclaimer. The S&P indexes are products of S&P Dow Jones Indices LLC (“S&P DJI”) and/or its affiliates and has been licensed for use. Copyright © 2026 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. The J.P. Morgan Indexes are trademarks of J.P. Morgan Chase & Co. Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Indexes are used with permission and may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright 2026, 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 2026 Artisan Partners. All rights reserved. This presentation may not be reproduced in whole or in part without Artisan Partners’ permission. Notes & Disclosures