Notice Of Intention To Make A Normal Course Issuer Bid

    TORONTO, Feb. 24 /CNW/ - AGF Management Limited ("AGF") announced today
that the Toronto Stock Exchange ("TSX") has accepted its Notice of Intention
to Make a Normal Course Issuer Bid ("Notice") for the purchase for
cancellation from time to time of certain of its Class B Non-Voting Shares.
    Any such purchases of Class B Non-Voting Shares would be made during the
period from February 26, 2009 to February 25, 2010 through the facilities of
TSX or as otherwise permitted by the TSX. Except as permitted by the TSX, AGF
will not purchase on any given day under the bid, more than the greater of
1,000 Class B Non-Voting Shares and 25% of the average daily trading volume of
its Class B Non-Voting Shares for the six calendar months prior to the date of
the Notice. Twenty-five percent of the average daily trading volume of the
Class B Non-Voting Shares for such period was 88,334.
    As at February 19, 2009, there were 88,593,396 Class B Non-Voting Shares
issued and outstanding and the public float consisted of 71,086,307 Class B
Non-Voting Shares. Under the announced Normal Course Issuer Bid, AGF would be
permitted to purchase up to 7,108,630 Class B Non-Voting Shares or 10% of the
public float for such shares. Under the current Normal Course Issuer Bid of
AGF, which will expire on February 25, 2009, an aggregate of 1,000,000 Class B
Non-Voting Shares were purchased at an average price of $7.79 by AGF.
    The directors of AGF have concluded that the ongoing purchase for
cancellation by the Corporation of certain of its outstanding Class B
Non-Voting Shares will offset the dilutive effect of share issuances to
existing shareholders from treasury of Class B Non-Voting Shares under the
Stock Dividend Plan and the Executive Stock Option Plan.

    About AGF Management Limited

    AGF Management Limited is one of Canada's premier investment management
companies with offices across Canada and subsidiaries around the world. AGF's
products and services include a diversified family of more than 50 mutual
funds, the evolutionary AGF Elements portfolios, the Harmony asset management
program, AGF Asset Management Group services for institutional and
high-net-worth clients, as well as, AGF Trust GICs, loans and mortgages. With
approximately $33.7 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".

For further information:

For further information: AGF Management Limited shareholders and
analysts, please contact: Greg Henderson, Senior Vice-President and Chief
Financial Officer, (416) 865-4156,; Media, please
contact: Lucy Becker, Vice-President, Communications, (416) 865-4284,

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