AGF Statement Regarding Counterclaim

TORONTO, Nov. 6, 2012 /CNW/ - AGF Management Limited ("AGF") and AGF Investments Inc. ("AGFI") today provided the following statement regarding the Statement of Defence and Counterclaim issued in the Ontario Superior Court of Justice and commenced by Westwood Holdings Group Inc., Westwood International Advisors Inc., Brian Casey, Patricia Perez-Coutts and others on November 5, 2012.

"The company and other named defendants to the Counterclaim believe that the Counterclaim issued by Westwood and the others is without merit and the Statement of Defence and Counterclaim contains allegations that are unfortunate and wholly unsupported. The company intends to defend itself vigorously."

"AGF's Statement of Claim was issued in the Ontario Superior Court of Justice on August 3, 2012 which alleges that Westwood, Brian Casey, Patricia Perez-Coutts and others orchestrated an attempted unlawful "lift-out" of a team of experienced, professional investment managers in breach of their legal obligations and fiduciary duties. AGF has filed a separate Statement of Claim on November 5, 2012 against Westwood and Patricia Perez-Coutts for alleged defamatory statements made by Patricia Perez-Coutts."

About AGF Management Limited
AGF Management Limited is one of Canada's premier independent investment management firms with offices across Canada and subsidiaries around the world. AGF's products include a diversified family of award-winning mutual funds, mutual fund wrap programs and pooled funds. AGF also manages assets on behalf of institutional investors including pension plans, foundations and endowments as well as for private clients. With over $41 billion in total assets under management, AGF serves more than one million investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

Caution Regarding Forward-Looking Statements
This release includes forward-looking statements. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes' or negative versions thereof and similar expressions, or future or conditional verbs such as 'may,' 'will,' 'should,' 'would' and 'could.' Forward-looking statements are based on certain factors and assumptions, including expected growth, results of operations, economic factors, business prospects, business performance and opportunities. While the company considers these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied by forward-looking statements due to, but not limited to, important risk factors such as level of assets under management, volume of sales and redemptions of investment products, performance of investment funds and of investment managers and advisors, competitive fee levels for investment management products and administration, and competitive dealer compensation levels, and investment management operations, as well as interest and foreign-exchange rates, taxation, changes in government regulations, unexpected judicial or regulatory proceedings, and the company's ability to complete strategic transactions and integrate acquisitions. The company cautions that the foregoing list is not exhaustive. The reader is cautioned to consider these and other factors carefully and not place undue reliance on forward-looking statements. Forward-looking statements are given only as at the date of this release and other than specifically required by applicable laws, the company is under no obligation (and expressly disclaims any such obligation) to update or alter the forward-looking statements, whether as a result of new information, future events or otherwise. Additional risks and uncertainties can be found in our MD&A for the fiscal year ended November 30, 2011 under the headings "Caution Regarding Forward-Looking Statements" and "Risk Factors and Management of Risk" and in our other filings with Canadian securities regulatory authorities.

SOURCE: AGF Management Limited

For further information:

Peter Block
Tel:     416-848-1431

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