Manning & Napier, Inc. Announces Exchange of Units of Manning & Napier Group

  Manning & Napier, Inc. Announces Exchange of Units of Manning & Napier Group

Business Wire

FAIRPORT, N.Y. -- April 1, 2014

Manning & Napier, Inc. (NYSE:MN), (“Manning & Napier” or “the Company”) today
provided an update regarding its legacy ownership exchange. Pursuant to the
existing exchange agreement established during the Company’s initial public
offering, the legacy shareholders, consisting of its founder, management team
and certain other employees, have the opportunity to exchange on an annual
basis a portion of their interests in Manning & Napier Group, LLC for either
cash or shares of the Company’s Class A common stock. This annual process was
recently completed, and as a result, legacy shareholders exchanged an
aggregate of 2,098,837 Class A units of Manning & Napier Group, LLC for
approximately $30.3 million. Subsequent to the exchange, the Class A units
were retired. As a result of the exchange, the Company’s ownership interest in
Manning & Napier Group, LLC has correspondingly increased.

The price of each Class A unit was $14.45, or the average closing-price of the
Class A common stock, for the 15 trading days prior to March 27, 2014, less a
5% discount.

“We believe the best use of our available cash resources is to purchase the
units being tendered as part of this current exchange process, while
preserving our ability to participate in mergers and acquisitions, fund
dividends to our public shareholders and retain a flexible capital structure,”
said Patrick Cunningham, Chief Executive Officer of Manning & Napier. “As with
last year, the exchange has an accretive impact for our shareholders and
demonstrates our continued confidence in the long-term growth potential of
Manning & Napier.”

Following the exchange, the Company’s adjusted share count is 87,813,349,
which continues to include approximately 16% owned by current members of the
management team.

About Manning & Napier, Inc.

Manning & Napier (NYSE: MN) provides a broad range of investment solutions
through separately managed accounts, mutual funds, and collective investment
trust funds, as well as a variety of consultative services that complement our
investment process. Founded in 1970, we offer equity and fixed income
portfolios as well as a range of blended asset portfolios, such as life cycle
funds, that use a mix of stocks and bonds. We serve a diversified client base
of high-net-worth individuals and institutions, including 401(k) plans,
pension plans, Taft-Hartley plans, endowments and foundations. For many of
these clients, our relationship goes beyond investment management and includes
customized solutions that address key issues and solve client-specific
problems. We are headquartered in Fairport, NY and had 507 employees as of
December 31, 2013.

Safe Harbor Statement

This press release and other statements that the Company may make may contain
forward-looking statements within the meaning of section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which
reflect the Company’s current views with respect to, among other things, its
operations and financial performance. Words like “believes,” “expects,” “may,”
“estimates,” “will,” “should,” “intends,” “plans,” or “anticipates” or the
negative thereof or other variations thereon or comparable terminology, are
used to identify forward-looking statements, although not all forward-looking
statements contain these words. Although the Company believes that it is
basing its expectations and beliefs on reasonable assumptions within the
bounds of what it currently knows about its business and operations, there can
be no assurance that its actual results will not differ materially from what
the Company expects or believes. Some of the factors that could cause the
Company’s actual results to differ from its expectations or beliefs include,
without limitation: changes in securities or financial markets or general
economic conditions; a decline in the performance of the Company’s products;
client sales and redemption activity; changes of government policy or
regulations; and other risks discussed from time to time in the Company’s
filings with the Securities and Exchange Commission.


Investor Relations
Prosek Partners
Brian Schaffer, 212-279-3115 ext. 229
Public Relations
Manning & Napier, Inc.
Nicole Kingsley Brunner, 585-325-6880
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