SEC Filing | Artisan Partners Asset Management Inc

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YE14 Form 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 2, 2015

Artisan Partners Asset Management Inc.

(Exact name of registrant as specified in its charter)



Delaware	001-35826	45-0969585
(State or other jurisdiction of incorporation or organization)	(Commission file number)	(I.R.S. Employer Identification No.)

	875 E. Wisconsin Avenue, Suite 800 Milwaukee, WI 53202
	(Address of principal executive offices and zip code)

(414) 390-6100

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

On February 2, 2015, Artisan Partners Asset Management Inc. (the “Company”) issued a press release and presentation materials announcing certain consolidated financial and operating results for the three months and year ended December 31, 2014. Copies of the press release and the presentation materials are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.

The information furnished in this Item 2.02, including the exhibits incorporated herein by reference, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits



Exhibit Number		Description of Exhibit
99.1		Press Release of Artisan Partners Asset Management Inc. dated February 2, 2015
99.2		December Quarter 2014 Presentation of Artisan Partners Asset Management Inc.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Artisan Partners Asset Management Inc.

Date: February 2, 2015



By:		/s/ Charles J. Daley, Jr.
Name:		Charles J. Daley, Jr.
Title:		Executive Vice President, Chief Financial Officer and Treasurer

ArtisanYE14EarningsRelease

Artisan Partners Asset Management Inc. Reports Quarter and Year Ended December 31, 2014 Results, Quarterly Dividend of $0.60 Per Share and a Special Annual Dividend of $0.95 Per Share

Milwaukee, WI – February 2, 2015 – Artisan Partners Asset Management Inc. (NYSE: APAM) (the “Company” or “Artisan Partners”) today reported its results for the quarter and year ended December 31, 2014. The Company’s board of directors declared an increased quarterly dividend of $0.60 per share of Class A common stock and a special annual dividend of $0.95 per share of Class A common stock. Both dividends, a total of $1.55 per share, will be paid on February 27, 2015, to shareholders of record as of the close of business on February 13, 2015.

Commenting on 2014 Eric Colson, President and CEO, said,“Reflecting on our twenty-year history, the outcomes of any one calendar year look much less impactful. In isolation, though, we had a number of business accomplishments in 2014 that will be important to our future. We successfully built out a platform to support fixed income, launched our first credit strategy, realized meaningful growth from our investments in the Intermediary channel and non-U.S. distribution, and further evolved our equity ownership culture with the introduction of career shares. Most importantly, we were able to broaden our business capabilities while keeping our investment teams focused on their portfolios.

“Looking at the same twenty-year time period, passive indexes have tended to perform in the middle of active manager peer groups. In 2014, the market environment and volatility contributed to mixed results for our business, as the bull market run that began in 2009 continued. 2014 market results were significantly influenced by price momentum and relative strength factors as well as market volatility due to geo-political and macro events. This made it a difficult year for active management. The impact on our investment strategies varied, but in general the fundamental approach of our teams is less likely to be rewarded in a market like the one we saw in 2014.”

Business Update

Mr. Colson added, “As of December 31, 2014, all of our strategies had followed their objectives with integrity and all had positive absolute returns since inception. Seven of our 11 investment strategies (excluding strategies with less than a five-year track record) added value relative to their broad performance benchmarks over the trailing 5-year period. All seven of our investment strategies with a 10-year track record added value relative to their broad performance benchmarks. Short-term results reflect the unique outcomes of the past year.

“Our business development results were mixed for the quarter and year. Three of our six investment teams experienced positive client cash flows in the quarter, while four of the teams saw positive client cash flows over the full year. It was a strong year for our Global Equity team due largely to a high level of interest in the team’s Non-U.S. Growth strategy. Our Growth team also had a solid year due to growing demand for its Global Opportunities strategy. Our Institutional channel had strong flows during the quarter, while flows for the year were biased toward the Intermediary channel. Institutional flows were negative for the year, as the channel has been under pressure due to profit taking, rebalancing, shifting tactical allocations and performance. Non-U.S. client cash flows were positive for the quarter and the year.

“On the financial front, our quarterly results reflected a slight reduction in average assets under management from our third quarter peak. Organic growth was mildly negative. Our margins and balance sheet remained very healthy. Over the course of the full year assets, revenues and earnings moved higher. We used this financial health to continue to return meaningful capital to shareholders and further invest in our business. Overall it was a volatile, but positive year for our business.”

Summary Results

The table below presents AUM and a comparison of certain GAAP and non-GAAP (“adjusted”) financial measures.



	For the Three Months Ended									For the Years Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2014			2014			2013			2014			2013
	(unaudited, in millions except per share amounts or as otherwise noted)
Assets Under Management (amounts in billions)
Ending	$	107.9		$	106.2		$	105.5		$	107.9		$	105.5
Average	106.9			110.2			101.0			107.9			89.5

Consolidated Financial Results (GAAP)
Revenues	$	206.0		$	212.4		$	197.6		$	828.7		$	685.8
Operating income (loss)	77.9			81.0			58.4			306.9			(261.2		)
Operating margin	37.8		%	38.1		%	29.6		%	37.0		%	(38.1		)%
Net income attributable to Artisan Partners Asset Management Inc.¹	$	21.3		$	20.4		$	10.1		$	69.6		$	24.8
Basic and diluted earnings per share	0.58			0.57			(3.04		)	(0.37		)	(2.04		)

Adjusted² Financial Results
Adjusted operating income	$	90.4		$	93.4		$	84.7		$	371.7		$	288.9
Adjusted operating margin	43.9		%	44.0		%	42.9		%	44.9		%	42.1		%
Adjusted EBITDA³	$	91.4		$	94.9		$	90.7		$	375.3		$	297.2
Adjusted net income	55.5			57.4			55.0			228.9			180.3
Adjusted earnings per adjusted share	0.76			0.79			0.77			3.17			2.54

^{______________________________________}

¹The Company became the general partner of Artisan Partners Holdings on March 12, 2013. Prior to that time none of the net income of Artisan Partners Holdings was allocated to the Company.

²Adjusted measures are non-GAAP measures and are explained and reconciled to the comparable GAAP measures in Exhibit 2.

³EBITDA represents earnings before interest, tax, depreciation and amortization expense.

Assets Under Management Increased to $107.9 billion

During the December quarter, our AUM increased to $107.9 billion, an increase of $1.7 billion, or 1.6%, compared to $106.2 billion at September 30, 2014. This increase was a result of $2.2 billion in market appreciation offset by $0.5 billion of net client cash outflows. Client cash outflows for the December quarter included approximately $0.6 billion of Artisan Funds, Inc. annual income and capital gains distributions net of reinvestments. Compared to December 31, 2013, AUM increased $2.4 billion, or 2.3%, due to $1.6 billion in market appreciation and $0.8 billion of net client cash inflows.

Average AUM for the December quarter of 2014 was $106.9 billion, a decrease of 3.0% compared to average AUM for the September quarter of 2014 of $110.2 billion, and a 5.8% increase from the average of $101.0 billion for the December quarter of 2013. Average AUM for the year-ended December 31, 2014 was $107.9 billion, an increase of 20.5% compared to average AUM for the year-ended December 31, 2013.

December Quarter of 2014 Compared to September Quarter of 2014

GAAP net income was $21.3 million, or $0.58 per basic and diluted share, in the December quarter of 2014 compared to net income of $20.4 million, or $0.57 per basic and diluted share, in the September quarter of 2014. Adjusted net income was $55.5 million, or $0.76 per adjusted share, in the December quarter of 2014 compared to adjusted net income of $57.4 million, or $0.79 per adjusted share, in the September quarter of 2014.


•	Revenues of $206.0 million in the December quarter of 2014 decreased $6.4 million from $212.4 million in the September quarter of 2014 due to lower average AUM.


•	Operating expenses of $128.1 million in the December quarter of 2014 decreased $3.3 million from $131.4 million in the September quarter of 2014 driven primarily by a decrease in compensation and benefit expenses, most of which vary with fluctuations in our revenue.


•	GAAP operating margin was 37.8% for the December quarter of 2014 compared to 38.1% for the September quarter of 2014.


•	Adjusted operating margin was 43.9% for the December quarter of 2014 compared to 44.0% for the September quarter of 2014.

December Quarter of 2014 Compared to December Quarter of 2013

GAAP net income was $21.3 million, or $0.58 per basic and diluted share, in the December quarter of 2014 compared to net income of $10.1 million, or $3.04 loss per basic and diluted share, in the December quarter of 2013. The increase in income per basic and diluted share was a result of our 2013 purchase of 1.4 million shares of our convertible preferred stock at market value. The purchase price was greater than the carrying value, which had a negative impact on GAAP earnings per share in the December quarter of 2013. Adjusted net income was $55.5 million, or $0.76 per adjusted share, in the December quarter of 2014 compared to adjusted net income of $55.0 million, or $0.77 per adjusted share, in the December quarter of 2013.


•	Revenues of $206.0 million in the December quarter of 2014 increased $8.4 million from $197.6 million in the December quarter of 2013 primarily due to higher average AUM.

•

Operating expenses of $128.1 million in the December quarter of 2014 decreased $11.1 million from $139.2 million in the December quarter of 2013 driven primarily by reduced amortization of pre-offering share based compensation, as certain awards became fully vested during 2014, and the roll-off of cash retention expenses. Additionally, we incurred offering related proxy expenses, as defined in Exhibit 2, of $2.6 million in the December quarter of 2013; there were no such expenses in the December quarter of 2014. Partially offsetting the decrease in operating expenses was an increase in compensation costs as a result of additional restricted stock awards granted in July 2014 and an increase in distribution and marketing costs due to higher average AUM sourced through third party intermediaries and an increase in our share of the fees paid to those intermediaries.


•	GAAP operating margin was 37.8% for the December quarter of 2014 compared to a margin of 29.6% in the December quarter of 2013.


•	Adjusted operating margin was 43.9% for the December quarter of 2014 compared to 42.9% for the December quarter of 2013 as a result of higher revenues and the roll-off of cash retention expenses, offset in part by increased distribution and marketing expense and compensation expense as a result of restricted stock awards granted in July 2014.


•	Included in adjusted net income for the December quarter of 2013 was a net benefit of $1.3 million ($5.1 million investment earnings net of related compensation expense and income taxes) from the sale of investments held in connection with the pre-IPO retention award for investment teams that ended on December 31, 2013.

Year Ended December 31, 2014 Compared to Year Ended December 31, 2013

GAAP net income was $69.6 million, or $0.37 loss per basic and diluted share, for the year ended December 31, 2014 compared to net income of $24.8 million, or $2.04 loss per basic and diluted share, for the year ended December 31, 2013. Basic and diluted earnings per share were negatively impacted in both years by our purchase of our preferred securities. Adjusted net income was $228.9 million, or $3.17 per adjusted share, for the year ended December 31, 2014 compared to adjusted net income of $180.3 million, or $2.54 per adjusted share, for the year ended December 31, 2013.


•	Revenues of $828.7 million for the year ended December 31, 2014 increased $142.9 million, or 20.8%, from $685.8 million for the year ended December 31, 2013 due to higher average AUM as a result of market appreciation and net client cash inflows.

•

Operating expenses of $521.8 million for the year ended December 31, 2014 decreased $425.2 million from $947.0 million for the year ended December 31, 2013 driven primarily by a decrease in share-based and other pre-offering related compensation expenses that were incurred mainly as a result of our initial public offering in the March quarter of 2013. Excluding pre-offering related compensation expense, adjusted operating expenses for the year ended December 31, 2014 increased $57.3 million, or 14%, compared to the year ended December 31, 2013 primarily due to increased incentive compensation and distribution and marketing expense, most of which varied in proportion to our revenue growth, and equity based compensation expense resulting from restricted shares awarded to employees during 2013 and 2014. The increase was partially offset by the roll-off of cash retention and severance expenses incurred in the year ended December 31, 2013.


•	GAAP operating margin was 37.0% for the year ended December 31, 2014 compared to (38.1)% for the year ended December 31, 2013. The increase was primarily due to a decrease in share-based and other pre-offering related compensation expenses that were incurred mainly as a result of our March 2013 IPO.

•

Adjusted operating margin was 44.9% for the year ended December 31, 2014 compared to 42.1% for the year ended December 31, 2013. The increase in adjusted operating margin was the result of higher revenues and a decrease in cash retention and severance expenses, partially offset by an increase in compensation expense as a result of restricted stock awards granted in 2013 and 2014 and an increase in distribution and marketing expenses during the year ended December 31, 2014.


•	Included in non-operating income for the year ended December 31, 2014 was $0.7 million of earnings on investments, compared to $5.1 million for the year ended December 31, 2013.

Capital Management

Cash and cash equivalents were $182.3 million at December 31, 2014, compared to $211.8 million at December 31, 2013. The Company had total borrowings of $200.0 million at December 31, 2014 and December 31, 2013. During the December quarter of 2014, limited partners of Artisan Partners Holdings exchanged 116,571 common units (along with a corresponding number of shares of Class C common shares of Artisan Partners Asset Management Inc.) for 116,571 Class A common shares. The exchanges increased the Company’s public float of Class A common stock by 116,571 shares.

Total stockholders’ equity was $107.5 million at December 31, 2014, compared to $132.3 million at December 31, 2013. The Company had 34.2 million shares of Class A common stock outstanding at December 31, 2014.

The Company’s debt leverage ratio, calculated in accordance with its loan agreements, was 0.5X at December 31, 2014.

Declaration of Quarterly and Special Annual Dividend

The Company’s board of directors declared a quarterly dividend of $0.60 per share of Class A common stock and a special annual dividend of $0.95 per share of Class A common stock. Both dividends, a total of $1.55 per share, will be paid on February 27, 2015 to shareholders of record as of the close of business on February 13, 2015. Based on our projections and subject to change, we expect some portion of our 2015 dividend payments to constitute non-dividend distributions for tax purposes.

Subject to board approval each quarter, we expect to pay a quarterly dividend of $0.60 per share of Class A common stock. After the end of the year, our board expects to consider paying a special dividend taking into consideration our annual adjusted earnings, business conditions, and the amount of cash we want to retain at that time.

*********

CONFERENCE CALL

The Company will host a conference call on February 3, 2015 at 11:00 a.m. (Eastern Time) to discuss these results. Hosting the call will be Eric Colson, Chief Executive Officer, and C.J. Daley, Chief Financial Officer. The call will be webcast and can be accessed via the investor relations section of artisanpartners.com. Listeners may also access the call by dialing 866.652.5200 or 412.317.6060 for international callers. A replay of the call will be available until February 11, 2015 by dialing 877.344.7529 or 412.317.0088 for international callers. In addition, the webcast will be available on the Company’s website.

FORWARD-LOOKING STATEMENTS AND OTHER DISCLOSURES

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 developments 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. These 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 or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Among the important factors that could cause actual results, level of activity, performance or achievements to differ materially from those indicated by such forward-looking statements are: fluctuations in quarterly and annual results, incurrence of net losses, adverse effects of management focusing on implementation of a growth strategy, failure to develop and maintain the Artisan Partners brand 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, 2013, filed with the SEC on February 26, 2014. 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.

We post updated AUM information under the Financial Information section of our Investor Relations website (www.apam.com) after the conclusion of the seventh NYSE trading day of each month.

Any discrepancies included in this release between totals and the sums of the amounts listed are due to rounding.

Mr. Colson’s quote on passive indexes and active manager peer groups is based on a comparison of (i) the median average annual return (gross of advisory fees) for investment strategies with a continuous track record from January 1995 through December 2014 in certain peer groups (such as “all global equity”) to (ii) the average annual return of the broad-based passive index commonly associated with the peer-group (such as the MSCI AC World Index). All data was sourced from eVestment.

ABOUT ARTISAN PARTNERS

Artisan Partners is an independent investment management firm focused on providing high value-added, active investment strategies to sophisticated clients globally. Since 1994, the firm has been committed to attracting experienced, disciplined investment professionals to manage client assets. Artisan Partners has six autonomous investment teams that oversee fourteen distinct U.S., non-U.S. and global investment strategies. Each strategy is offered through multiple investment vehicles to accommodate a broad range of client mandates. The firm’s principal offices are located in Milwaukee, San Francisco, Atlanta, New York, Kansas City and London.

Artisan Partners Asset Management Inc.

Investor Relations Inquiries

Makela Taphorn

866.632.1770

414.908.2176

ir@artisanpartners.com

Exhibit 1

Artisan Partners Asset Management Inc.

Consolidated Statements of Operations

(unaudited; in millions, except per share amounts or as noted)



	Three Months Ended									For the Years Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2014			2014			2013			2014			2013
Revenues
Management fees
Artisan Funds & Artisan Global Funds	$	141.2		$	148.7		$	133.8		$	575.4		$	464.3
Separate accounts	64.1			63.6			61.3			252.3			219.0
Performance fees	0.7			0.1			2.5			1.0			2.5
Total revenues	206.0			212.4			197.6			828.7			685.8

Operating expenses
Compensation and benefits	88.4			90.7			87.8			350.3			309.2
Pre-offering related compensation - share-based awards	12.5			12.4			23.7			64.7			404.2
Pre-offering related compensation - other	—			—			—			—			143.0
Total compensation and benefits	100.9			103.1			111.5			415.0			856.4
Distribution and marketing	12.8			13.2			11.3			49.1			38.4
Occupancy	3.0			2.9			2.7			11.3			10.5
Communication and technology	5.3			5.7			4.1			21.0			14.4
General and administrative	6.1			6.5			9.6			25.4			27.3
Total operating expenses	128.1			131.4			139.2			521.8			947.0
Operating income (loss)	77.9			81.0			58.4			306.9			(261.2		)
Interest expense	(2.9		)	(2.9		)	(2.9		)	(11.6		)	(11.9		)
Net gain on the valuation of contingent value rights	—			—			9.3			—			49.6
Net gain (loss) of Launch Equity	(2.0		)	(0.5		)	1.6			(4.0		)	10.7
Net gain (loss) on the tax receivable agreements	—			0.3			—			(4.2		)	—
Net investment income	0.1			0.6			5.1			0.7			5.1
Other non-operating income (loss)	—			—			—			(0.3		)	—
Total non-operating income (loss)	(4.8		)	(2.5		)	13.1			(19.4		)	53.5
Income (loss) before income taxes	73.1			78.5			71.5			287.5			(207.7		)
Provision for income taxes	13.6			15.4			9.3			48.8			26.4
Net income (loss) before noncontrolling interests	59.5			63.1			62.2			238.7			(234.1		)
Less: Net income (loss) attributable to noncontrolling interests - Artisan Partners Holdings LP	40.2			43.2			50.5			173.1			(269.6		)
Less: Net income (loss) attributable to noncontrolling interests - Launch Equity	(2.0		)	(0.5		)	1.6			(4.0		)	10.7
Net income attributable to Artisan Partners Asset Management Inc.	$	21.3		$	20.4		$	10.1		$	69.6		$	24.8

Basic and diluted earnings per share - Class A common shares	$	0.58		$	0.57		$	(3.04	)	$	(0.37	)	$	(2.04	)

Average shares outstanding
Class A common shares	31.5			30.4			16.1			27.5			13.8
Unvested restricted shares	2.7			2.6			1.6			2.1			0.9
Convertible preferred shares	—			—			1.7			0.4			2.3
Total average shares outstanding	34.2			33.0			19.4			30.0			17.0

Exhibit 2

Artisan Partners Asset Management Inc.

Reconciliation of GAAP to Non-GAAP (“Adjusted”) Measures

(unaudited; in millions, except per share amounts or as noted)



	Three Months Ended									For the Years Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2014			2014			2013			2014			2013
Net income attributable to Artisan Partners Asset Management Inc. (GAAP)	$	21.3		$	20.4		$	10.1		$	69.6		$	24.8
Add back: Net income (loss) attributable to noncontrolling interests - Artisan Partners Holdings LP	40.2			43.2			50.5			173.1			(269.6		)
Add back: Provision for income taxes	13.6			15.4			9.3			48.8			26.4
Add back: Pre-offering related compensation - share-based awards	12.5			12.4			23.7			64.7			404.2
Add back: Pre-offering related compensation - other	—			—			—			—			143.0
Add back: Offering related proxy expense	—			—			2.6			0.1			2.9
Add back: Net (gain) loss on the tax receivable agreements	—			(0.3		)	—			4.2			—
Less: Net gain on the valuation of contingent value rights	—			—			9.3			—			49.6
Less: Adjusted provision for income taxes	32.1			33.7			31.9			131.6			101.8
Adjusted net income (Non-GAAP)	$	55.5		$	57.4		$	55.0		$	228.9		$	180.3

Average shares outstanding
Class A common shares	31.5			30.4			16.1			27.5			13.8

Assumed vesting, conversion or exchange of:
Unvested restricted shares	2.7			2.6			1.6			2.1			0.9
Convertible preferred shares outstanding	—			—			1.7			0.4			2.3
Artisan Partners Holdings LP units outstanding (non-controlling interest)	38.7			39.7			52.1			42.2			53.9
Adjusted shares	72.9			72.7			71.5			72.2			70.9

Adjusted net income per adjusted share (Non-GAAP)	$	0.76		$	0.79		$	0.77		$	3.17		$	2.54

Operating income (loss) (GAAP)	$	77.9		$	81.0		$	58.4		$	306.9		$	(261.2	)
Add back: Pre-offering related compensation - share-based awards	12.5			12.4			23.7			64.7			404.2
Add back: Pre-offering related compensation - other	—			—			—			—			143.0
Add back: Offering related proxy expense	—			—			2.6			0.1			2.9
Adjusted operating income (Non-GAAP)	$	90.4		$	93.4		$	84.7		$	371.7		$	288.9

Adjusted operating margin (Non-GAAP)	43.9		%	44.0		%	42.9		%	44.9		%	42.1		%

Net income attributable to Artisan Partners Asset Management Inc. (GAAP)	$	21.3		$	20.4		$	10.1		$	69.6		$	24.8
Add back: Net income (loss) attributable to noncontrolling interests - Artisan Partners Holdings LP	40.2			43.2			50.5			173.1			(269.6		)
Add back: Pre-offering related compensation - share-based awards	12.5			12.4			23.7			64.7			404.2
Add back: Pre-offering related compensation - other	—			—			—			—			143.0
Add back: Offering related proxy expense	—			—			2.6			0.1			2.9
Add back: Net (gain) loss on the tax receivable agreements	—			(0.3		)	—			4.2			—
Less: Net gain on the valuation of contingent value rights	—			—			9.3			—			49.6
Add back: Interest expense	2.9			2.9			2.9			11.6			11.9
Add back: Provision for income taxes	13.6			15.4			9.3			48.8			26.4
Add back: Depreciation and amortization	0.9			0.9			0.9			3.2			3.2
Adjusted EBITDA (Non-GAAP)	$	91.4		$	94.9		$	90.7		$	375.3		$	297.2

The Company’s management uses non-GAAP measures (referred to as “adjusted” measures) of net income and operating income to evaluate the profitability and efficiency of the underlying operations of the business and as a factor when considering net income available for distributions and dividends. These adjusted measures remove the impact of (1) pre-offering related compensation and net gain (loss) on the tax receivable agreements (as described below), (2) offering related proxy expense (as described below) and (3) the net gain (loss) on the valuation of contingent value rights and remove the non-operational complexities of the Company’s structure by adding back non-controlling interests and assuming all income of Artisan Partners Holdings is allocated to the Company. Management believes these non-GAAP measures provide more meaningful information to analyze the Company’s profitability and efficiency between periods and over time. The Company has included these non-GAAP measures to provide investors with the same financial metrics used by management to manage the Company.

Non-GAAP measures should be considered in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP. The Company’s non-GAAP measures may differ from similar measures used by other companies, even if similar terms are used to identify such measures. The Company’s non-GAAP measures are as follows:

•

Adjusted net income represents net income excluding the impact of (1) pre-offering related compensation and net gain (loss) on the tax receivable agreements, as defined below, (2) offering related proxy expense, as defined below, and (3) net gain (loss) on the valuation of contingent value rights, and reflects income taxes assuming the vesting of all unvested shares of Class A common stock and as if all outstanding limited partnership units of Artisan Partners Holdings and all shares of the Company’s convertible preferred stock had been exchanged for or converted into Class A common stock of the Company on a one-for-one basis. Assuming full vesting, exchange and conversion, all income of Artisan Partners Holdings is treated as if it were allocated to the Company, and the adjusted provision for income taxes represents an estimate of income tax expense at an effective rate reflecting assumed federal, state, and local income taxes. The estimated effective tax rate was 36.5% and 36.1% for the 2014 and 2013 periods presented, respectively. The impact of the change in the 2014 estimated tax rate from 36.2% to 36.5% is reflected in adjusted net income for the three months ended September 30, 2014 (which results in an estimated non-GAAP effective tax rate of 37% for that quarter).

•

Adjusted net income per adjusted share is calculated by dividing adjusted net income (loss) by adjusted shares. The number of adjusted shares is derived by assuming the vesting of all unvested shares of Class A common stock, the exchange of all outstanding limited partnership units of Artisan Partners Holdings and the conversion of all outstanding shares of the Company’s convertible preferred stock for or into Class A common stock of the Company on a one-for-one basis.


•	Adjusted operating income represents the operating income (loss) of the consolidated company excluding offering related proxy expense and pre-offering related compensation.


•	Adjusted operating margin is calculated by dividing adjusted operating income (loss) by total revenues.


•	Adjusted EBITDA represents income (loss) before income taxes, interest expense and depreciation and amortization, adjusted to exclude the impact of net income (loss) attributable to non-controlling interests, offering related proxy expense, pre-offering related compensation, net gain (loss) on the tax receivable agreements, and the net gain (loss) on the valuation of contingent value rights.

•

For the three months ended December 31, 2014, September 30, 2014, and December 31, 2013 and the year ended December 31, 2014, pre-offering related compensation includes the amortization of unvested Class B common units of Artisan Partners Holdings that were granted before the Company’s March 2013 initial public offering. For the year ended December 31, 2013, pre-offering related compensation includes (1) expense resulting from cash incentive compensation payments triggered by the IPO and expense associated with the reallocation of post-IPO profits from certain pre-IPO partners to employee-partners, (2) one-time expense, resulting from the modification of the Class B common unit awards at the time of the IPO, based on the difference between the carrying value of the liability associated with the vested Class B common units immediately prior to the IPO and the value based on the offering price per share of Class A common stock in the IPO, (3) the amortization of unvested Class B common units of Artisan Partners Holdings that were granted prior to the IPO, (4) distributions to the Class B partners of Artisan Partners Holdings, (5) redemptions of Class B common units and (6) changes in the value of Class B liability awards during the period prior to the IPO.


•	For the three months ended September 30, 2014, and the year ended December 31, 2014, the net gain (loss) on tax receivable agreements represents income or expense associated with the valuation of amounts payable under the tax receivable agreements entered into in connection with the Company’s IPO.

•

Offering related proxy expense represents costs incurred as a result of the change of control (for purposes of the Investment Company Act and Investment Advisers Act) which occurred on March 12, 2014. We incurred costs through the first quarter of 2014 to solicit the necessary approvals and consents from the boards and shareholders of the mutual funds that we advise or sub-advise and from our separate accounts clients, which were necessary because of the change of control.

Exhibit 3

Artisan Partners Asset Management Inc.

Condensed Consolidated Statements of Financial Condition

(unaudited; in millions)



	As of
	December 31,		December 31,
	2014		2013
Assets
Cash and cash equivalents	$	182.3	$	211.8
Accounts receivable	69.4		64.1
Investment securities	6.7		7.8
Deferred tax assets	562.4		187.9
Assets of Launch Equity¹	—		89.9
Other	28.7		19.9
Total assets	$	849.5	$	581.4

Liabilities and equity
Accounts payable, accrued expenses, and other	$	52.8	$	48.9
Borrowings	200.0		200.0
Amounts payable under tax receivable agreements	489.2		160.7
Liabilities of Launch Equity¹	—		39.5
Total liabilities	742.0		449.1

Total equity	107.5		132.3
Total liabilities and equity	$	849.5	$	581.4

^{______________________________________}

¹In November 2014, we wound up Artisan Partners Launch Equity LP, a private investment partnership the assets and liabilities of which we consolidated with ours. All final liquidating distributions were made as of December 31, 2014.

Exhibit 4

Artisan Partners Asset Management Inc.

Assets Under Management

(unaudited; in millions)



	For the Three Months Ended									% Change from
	December 31,			September 30,			December 31,			September 30,		December 31,
	2014			2014			2013			2014		2013

Beginning assets under management	$	106,246		$	112,041		$	96,931		(5.2	)%	9.6	%
Gross client cash inflows	5,542			4,677			5,623			18.5	%	(1.4	)%
Gross client cash outflows	(6,080		)	(5,322		)	(4,142		)	(14.2	)%	(46.8	)%
Net client cash flows	(538		)	(645		)	1,481			16.6	%	(136.3	)%
Market appreciation (depreciation)	2,171			(5,113		)	7,065			142.5	%	(69.3	)%
Net transfers¹	36			(37		)	—			197.3	%	N/M
Ending assets under management	$	107,915		$	106,246		$	105,477		1.6	%	2.3	%
Average assets under management	$	106,889		$	110,209		$	101,005		(3.0	)%	5.8	%

	For the Years Ended									% Change from
	December 31,			December 31,						December 31,
	2014			2013						2013

Beginning assets under management	$	105,477		$	74,334					41.9%
Gross client cash inflows	22,953			22,290						3.0%
Gross client cash outflows	(22,165		)	(15,112		)				(46.7)%
Net client cash flows	788			7,178						(89.0)%
Market appreciation (depreciation)	1,651			23,965						(93.1)%
Net transfers¹	(1		)	—						N/M
Ending assets under management	$	107,915		$	105,477					2.3%
Average assets under management	$	107,865		$	89,545					20.5%

^{______________________________________}

¹Net transfers represent certain amounts that we have identified as having been transferred out of one investment strategy, investment vehicle, or account and into another strategy, vehicle, or account.

Exhibit 5

Artisan Partners Asset Management Inc.

Assets Under Management by Investment Team and Vehicle

(unaudited; in millions)



Three Months Ended	By Investment Team																					By Vehicle
	Global Equity			U.S. Value			Growth			Global Value			Emerging Markets			Credit			Total			Artisan Funds & Artisan Global Funds			Separate Accounts			Total
December 31, 2014
Beginning assets under management	$	30,301		$	19,546		$	22,887		$	32,023		$	984		$	505		$	106,246		$	60,967		$	45,279		$	106,246
Gross client cash inflows	2,113			465			1,929			918			2			115			5,542			3,344			2,198			5,542
Gross client cash outflows	(1,274		)	(2,170		)	(1,446		)	(985		)	(150		)	(55		)	(6,080		)	(4,924		)	(1,156		)	(6,080		)
Net client cash flows	839			(1,705		)	483			(67		)	(148		)	60			(538		)	(1,580		)	1,042			(538		)
Market appreciation (depreciation)	313			271			1,129			488			(30		)	—			2,171			1,128			1,043			2,171
Net Transfers¹	(1		)	—			—			37			—			—			36			(258		)	294			36
Ending assets under management	$	31,452		$	18,112		$	24,499		$	32,481		$	806		$	565		$	107,915		$	60,257		$	47,658		$	107,915
Average assets under management	$	30,798		$	18,778		$	23,865		$	32,043		$	869		$	536		$	106,889		$	60,377		$	46,512		$	106,889

September 30, 2014
Beginning assets under management	$	31,300		$	21,549		$	23,535		$	34,109		$	1,237		$	311		$	112,041		$	64,816		$	47,225		$	112,041
Gross client cash inflows	1,952			913			978			602			2			230			4,677			3,179			1,498			4,677
Gross client cash outflows	(1,356		)	(1,798		)	(1,079		)	(842		)	(213		)	(34		)	(5,322		)	(3,791		)	(1,531		)	(5,322		)
Net client cash flows	596			(885		)	(101		)	(240		)	(211		)	196			(645		)	(612		)	(33		)	(645		)
Market appreciation (depreciation)	(1,595		)	(1,118		)	(547		)	(1,809		)	(42		)	(2		)	(5,113		)	(3,077		)	(2,036		)	(5,113		)
Net transfers¹	—			—			—			(37		)	—			—			(37		)	(160		)	123			(37		)
Ending assets under management	$	30,301		$	19,546		$	22,887		$	32,023		$	984		$	505		$	106,246		$	60,967		$	45,279		$	106,246
Average assets under management	$	30,919		$	20,976		$	23,364		$	33,374		$	1,155		$	421		$	110,209		$	63,418		$	46,791		$	110,209

December 31, 2013
Beginning assets under management	$	24,761		$	21,421		$	21,044		$	27,976		$	1,729		$	—		$	96,931		$	54,489		$	42,442		$	96,931
Gross client cash inflows	1,634			1,213			1,128			1,613			35			—			5,623			4,342			1,281			5,623
Gross client cash outflows	(981		)	(1,175		)	(972		)	(950		)	(64		)	—			(4,142		)	(2,834		)	(1,308		)	(4,142		)
Net client cash flows	653			38			156			663			(29		)	—			1,481			1,508			(27		)	1,481
Market appreciation (depreciation)	1,903			1,565			1,303			2,248			46			—			7,065			3,884			3,181			7,065
Net transfers¹	—			—			(70		)	70			—			—			—			—			—			—
Ending assets under management	$	27,317		$	23,024		$	22,433		$	30,957		$	1,746		$	—		$	105,477		$	59,881		$	45,596		$	105,477
Average assets under management	$	25,926		$	22,353		$	21,549		$	29,402		$	1,775		$	—		$	101,005		$	57,018		$	43,987		$	101,005

^{______________________________________}

Exhibit 6

Artisan Partners Asset Management Inc.

Assets Under Management by Investment Team and Vehicle

(unaudited; in millions)



Years Ended	By Investment Team																					By Vehicle
	Global Equity			U.S. Value			Growth			Global Value			Emerging Markets			Credit			Total				Artisan Funds & Artisan Global Funds			Separate Accounts			Total
December 31, 2014
Beginning assets under management	$	27,317		$	23,024		$	22,433		$	30,957		$	1,746		$	—		$	105,477			$	59,881		$	45,596		$	105,477
Gross client cash inflows	9,185			3,003			5,912			4,177			21			655			22,953				15,800			7,153			22,953
Gross client cash outflows	(4,908		)	(8,013		)	(4,883		)	(3,351		)	(917		)	(93		)	(22,165		)		(15,365		)	(6,800		)	(22,165		)
Net client cash flows	4,277			(5,010		)	1,029			826			(896		)	562			788				435			353			788
Market appreciation (depreciation)	(141		)	98			990			745			(44		)	3			1,651				573			1,078			1,651
Net transfers¹	(1		)	—			47			(47		)	—			—			(1		)		(632		)	631			(1		)
Ending assets under management	$	31,452		$	18,112		$	24,499		$	32,481		$	806		$	565		$	107,915			$	60,257		$	47,658		$	107,915
Average assets under management²	$	29,817		$	20,881		$	23,201		$	32,467		$	1,199		$	381		$	107,865			$	61,819		$	46,046		$	107,865

December 31, 2013
Beginning assets under management	$	20,092		$	16,722		$	14,692		$	19,886		$	2,942		$	—		$	74,334			$	39,603		$	34,731		$	74,334
Gross client cash inflows	5,572			4,815			5,090			6,387			426			—			22,290				16,943			5,347			22,290
Gross client cash outflows	(3,912		)	(4,098		)	(3,140		)	(2,391		)	(1,571		)	—			(15,112		)		(9,814		)	(5,298		)	(15,112		)
Net client cash flows	1,660			717			1,950			3,996			(1,145		)	—			7,178				7,129			49			7,178
Market appreciation (depreciation)	5,565			5,585			5,861			7,005			(51		)	—			23,965				13,210			10,755			23,965
Net transfers¹	—			—			(70		)	70			—			—			—				(61		)	61			—
Ending assets under management	$	27,317		$	23,024		$	22,433		$	30,957		$	1,746		$	—		$	105,477			$	59,881		$	45,596		$	105,477
Average assets under management	$	23,402		$	20,142		$	18,687		$	25,554		$	1,760		$	—		$	89,545			$	49,756		$	39,789		$	89,545

^{______________________________________}

²For the credit team, average assets under management is for the period between March 19, 2014, when the team’s investment strategy began operations, and December 31, 2014.

Exhibit 7

Artisan Partners Asset Management Inc.

Investment Strategy AUM and Gross Composite Performance ¹

As of December 31, 2014

(unaudited)



	Inception	Strategy AUM		Value-Added ² (bps)
Investment Team and Strategy	Date	(in $MM)		1 YR	3 YR	5 YR	10 YR	Inception
Global Equity Team
Non-U.S. Growth Strategy	1/1/1996	$	29,392	568	643	484	396	665
Non-U.S. Small-Cap Growth Strategy	1/1/2002	$	1,247	(527)	329	118	475	459
Global Equity Strategy	4/1/2010	$	680	53	725	N/A	N/A	577
Global Small-Cap Growth Strategy	7/1/2013	$	133	(980)	N/A	N/A	N/A	(766)

U.S. Value Team
U.S. Mid-Cap Value Strategy	4/1/1999	$	13,740	(1,051)	(464)	(251)	174	481
U.S. Small-Cap Value Strategy	6/1/1997	$	2,414	(1,131)	(1,015)	(688)	11	383
Value Equity Strategy	7/1/2005	$	1,958	(734)	(514)	(254)	N/A	(24)

Growth Team
U.S. Mid-Cap Growth Strategy	4/1/1997	$	16,634	(627)	21	170	227	558
U.S. Small-Cap Growth Strategy	4/1/1995	$	2,744	(453)	90	246	112	88
Global Opportunities Strategy	2/1/2007	$	5,121	(41)	556	695	N/A	575

Global Value Team
Non-U.S. Value Strategy	7/1/2002	$	16,872	600	724	799	602	731
Global Value Strategy	7/1/2007	$	15,609	200	555	654	N/A	622

Emerging Markets Team
Emerging Markets Strategy	7/1/2006	$	806	(61)	(41)	(220)	N/A	(82)

Credit Team
High Income Strategy³	4/1/2014	$	565	N/A	N/A	N/A	N/A	300

Total Assets Under Management		$	107,915

^{______________________________________}

¹ We measure the results of our “composites”, which represent the aggregate performance of all discretionary client accounts, including mutual funds, invested in the same strategy except those accounts with respect to which we believe client-imposed socially based 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 8% of our assets under management at December 31, 2014 are maintained in separate composites, which are not presented in these materials).

² Value-added is the amount in basis points by which the average annual gross composite return of each of our strategies has outperformed the broad-based market index most commonly used by our clients to compare the performance of the relevant strategy for the periods presented and since its inception date. Value-added for periods less than one year is not annualized. The market indices used to compute the value added since inception date for each of our strategies are as follows: Non-U.S. Growth strategy—MSCI EAFE^® Index; Non-U.S. Small-Cap Growth strategy—MSCI EAFE^® Small Cap Index; Global Equity strategy—MSCI ACWI^® Index; Global Small-Cap Growth strategy—MSCI ACWI^® Small Cap Index; U.S. Small-Cap Value strategy—Russell 2000^® Index; U.S. Mid-Cap Value strategy—Russell Midcap^® Index; Value Equity strategy—Russell 1000^® Index; U.S. Mid-Cap Growth strategy—Russell Midcap^® Index; Global Opportunities strategy—MSCI ACWI^® Index; U.S. Small-Cap Growth strategy—Russell 2000^® Index; Non-U.S. Value strategy—MSCI EAFE^® Index; Global Value strategy—MSCI ACWI^® Index; Emerging Markets strategy—MSCI Emerging Markets Index^SM; High Income Strategy—Bank of America Merrill Lynch U.S. High Yield Master II Index.

³ High Income Strategy’s composite inception date is April 1, 2014 for the purposes of calculating strategy performance. The strategy began investment operations on March 19, 2014.

a4q14apaminvestordeckfin

B U S I N E S S U P D A T E A N D F O U R T H Q U A R T E R 2 0 1 4 E A R N I N G S P R E S E N T A T I O N Artisan Partners Asset Management

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 1 BUSINESS UPDATE & QUARTERLY RESULTS DISCUSSION Eric R. Colson is President and Chief Executive Officer of Artisan Partners. Prior to joining the firm in January 2005, Mr. Colson was an executive vice president of Callan Associates, Inc. where he managed the institutional consulting group, providing business and investment advice to asset management firms. Prior to managing the institutional consulting group, he managed Callan's global manager research. Mr. Colson holds a BA in Economics from the University of California-Irvine. Mr. Colson is a Chartered Financial Analyst. • 22 years of industry experience • 10 years at Artisan Partners Charles (C.J.) Daley, Jr. is a Managing Director and Chief Financial Officer of Artisan Partners. Prior to joining the firm in July 2010, Mr. Daley was executive vice president, chief financial officer and treasurer of the global asset management firm Legg Mason, Inc. Mr. Daley holds a BS in Accounting from the University of Maryland. He is an inactive Certified Public Accountant. • 27 years of industry experience • 4 years at Artisan Partners

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 2 FIRM FACTS  Founded in 1994; focused on providing high value-added investment strategies  Six autonomous investment teams managing fourteen investment strategies for sophisticated, institutional investors  Principal offices in Milwaukee, San Francisco, Atlanta, New York, Kansas City and London, with approximately 343 associates  Approximately $107.9 billion under management as of December 31, 2014 AUM by Distribution Channel1 As of December 31, 2014. 1The allocation of AUM by distribution channel involves the use of estimates and the exercise of judgment. AUM by Investment Team management team Eric R. Colson Chief Executive Officer Charles (C.J.) Daley, Jr. Chief Financial Officer Sarah A. Johnson Chief Legal Officer Dean J. Patenaude Head of Global Distribution Credit <1% Emerging Markets 1%

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 3 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

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 4 Global Equity Team Non-U.S. Growth Strategy 1/1/96 29.4$ Non-U.S. Small-Cap Growth Strategy 1/1/02 1.2$ Global Equity Strategy 4/1/10 0.7$ Global Small-Cap Growth Strategy 7/1/13 0.1$ U.S. Value Team U.S. Mid-Cap Value Strategy 4/1/99 13.7$ U.S. Small-Cap Value Strategy 6/1/97 2.4$ Value Equity Strategy 7/1/05 2.0$ Growth Team U.S. Mid-Cap Growth Strategy 4/1/97 16.6$ U.S. Small-Cap Growth Strategy 4/1/95 2.7$ Global Opportunities Strategy 2/1/07 5.1$ Global Value Team Non-U.S. Value Strategy 7/1/02 16.9$ Global Value Strategy 7/1/07 15.6$ Emerging Markets Team Emerging Markets Strategy 7/1/06 0.8$ Credit Team High Income Strategy 4/1/14 0.6$ LONG-TERM INVESTMENT RESULTS — Full Cycle Return Goals Note: Data as of and through December 31, 2014. ¹ Value add measures the average annual outperformance or underperformance of the gross composite return of each Artisan Partners strategy compared to its broad-based benchmark. High Income strategy performance began on April 1, 2014, only has a nine month performance track record and value-add percentage has not been annualized. See Notes & Disclosures at the end of this presentation for more information about our investment performance. Process Consistency Wealth Compounding Index Outperformance Peer Outperformance U.S. Value Team Global Equity Team Growth Team Global Value Team Emerging Markets Team Average Annual Value Added Since Inception1AUM (in billions)Strategy Inception Credit Team 3.00% (0.82%) 6.22% 7.31% 5.75% 0.88% 5.58% (0.24%) 3.83% 4.81% (7.66%) 5.77% 4.59% 6.65%

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 5 INVESTMENT PERFORMANCE — Outperformance and Rankings Sources: Artisan Partners/Lipper Inc/Morningstar. % of AUM in Outperforming Strategies at December 31 of each year. % of AUM in Outperforming Strategies represents the % of AUM in strategies where gross composite performance had outperformed the benchmark for the average annual periods indicated above and since inception. % of AUM in Outperforming Strategies for each period includes only assets under management in all strategies in operation throughout the period. Lipper rankings and Morningstar Ratings are as of December 31, 2014. Lipper rankings are based on total return, are historical, and do not represent future results. Morningstar ratings are based on risk-adjusted return. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. See Notes & Disclosures at the end of this presentation for more information about our investment performance. % of AUM in Outperforming Strategies 96% 96% 95% 100% 96% 74% 76% 96% 100% 96% 91% 91% 79% 100% 98% 58% 82% 82% 100% 97% 0% 20% 40% 60% 80% 100% 1 Year 3 Year 5 Year 10 Year Inception 2011 2012 2013 2014 % of AUM by Overall Lipper Ranking % of AUM by Overall Morningstar RatingTM

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 6 2014 YEAR-IN-REVIEW — Market Performance 40% 22% 12% 2% -14%-20% -10% 0% 10% 20% 30% 40% 50% Quintile 1 Quintile 2 Quintile 3 Quintile 4 Quintile 5 P e r f o r m a n c e 1-Year Momentum Russell 3000® Index As of December 31, 2014. Sources: Factset/Russell/Morningstar. Momentum is also referred to as relative strength. Relative strength is defined as the absolute performance of a stock over the previous 52 weeks, in percentage terms. Peer rankings are based on the mutual funds in the listed Morningstar categories as of December 31, 2014. “Bear Market” is for the time period April 1, 2008 through March 31, 2009. “Bull Market” is for the time period April 1, 2009 through December 31, 2014. Past performance does not guarantee and is not a reliable indicator of future results. Morningstar data© 2015, Morningstar, Inc. All Rights Reserved. Morningstar data contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar Category Managers in Top Quintile during Bear Market Managers in Bottom Quintile during Bear Market Quintile Spread US Small Value 88 18 71 US Mid Value 63 13 50 Foreign Small/Mid Value 92 46 46 US Large Value 75 37 38 Foreign Small/Mid Growth 64 28 36 Foreign Large Value 67 31 36 World Stock 63 37 26 US Small Growth 66 46 20 Diversified Emerging Markets 56 38 18 US Mid Growth 55 42 13 Foreign Large Growth 51 59 (8) US Large Growth 49 61 (12) Median Bull Market Peer Rankings  Russell 3000® Index 1-Year Performance: 12.56%

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 7 Channel Diversification1 Team Diversification AUM by Client DomicileAUM by Vehicle 1 The allocation of AUM by distribution channel involves the use of estimates and the exercise of judgment. Credit <1% Emerging Markets 1% 2014 YEAR-IN-REVIEW — Firm Asset Diversification

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 8 2014 YEAR-IN-REVIEW — Firm Asset Diversification $0.9 $3.7 $4.9 $7.9 $11.9 $13.9 8 10 19 32 55 76 0 10 20 30 40 50 60 70 80 90 100 $0 $2 $4 $6 $8 $10 $12 $14 $16 2009 2010 2011 2012 2013 2014 Non-U.S. Assets Under Management ($bn) Number of Non-U.S. Relationships Non-U.S. Assets Under Management and Relationships  Non-U.S. marketing and distribution efforts continue to be thoughtful and measured  Committed to a non-U.S. client base consisting of sophisticated investors with long-term focus Data as at December 31 of each year.

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 9  Employees continue to own a substantial portion of the economic interests in the firm  Hellman & Friedman’s APAM ownership shifted to public investors  Alignment of interests continues to be a focus through the issuance to employees of standard RSAs and Career Shares 2014 YEAR-IN-REVIEW — Capital Structure The description of standards RSAs and Career Shares is a summary. There are exceptions to the vesting rules described, including in the event of death, disability or a change in control of the company. 1 This can be reduced to not less than one year at Artisan’s discretion. 2 This can be reduced to not less than six months at Artisan’s discretion. Standard RSAs Vesting Criteria Career Shares Vesting Criteria  5-year pro rata vesting schedule  20% of award vests in each of the five years after grant, subject to continued employment Vesting occurs only at retirement and requires all of the following:  5-year pro rata vesting schedule  Recipient must have at least 10 years with Artisan at retirement  Portfolio Managers and Named Executive Officers must give three years prior written notice of retirement1  Other employees must give one year prior written notice of retirement2

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 10 2014 YEAR-IN-REVIEW — Investment Team Update CREDIT TEAM Investment Team  Bryan Krug - Portfolio Manager  3 Analysts  1 Dedicated Trader Location: Kansas City High Income Fund  Investor Share Class  Advisor Share Class  Assets $565 million at 12/31/14 Business Management Priorities  Protect Portfolio Management Time  Prioritize Alpha  Cautious Early Marketing As of December 31, 2014.

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 11 SUMMARY OF DECEMBER 2014 QUARTER AND CALENDAR YEAR RESULTS Quarter Year Ending Assets Under Management $107.9 billion $107.9 billion Average AUM $106.9 billion $107.9 billion Net Client Cash Flows ($538) million $788 million Revenues $206.0 million $828.7 million GAAP Operating Margin 37.8% 37.0% Net Income (Loss) per Basic and Diluted Share $0.58 ($0.37) Adjusted Adjusted Operating Margin 43.9% 44.9% Adjusted Net Income per Adjusted Share $0.76 $3.17 Capital Management –Declaration Date: February 2nd –Record Date: February 13th –Payable Date: February 27th Dividend of $1.55 per share of Class A common stock comprised of a special annual dividend of $0.95 and quarterly dividend of $0.60

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 12 ASSETS UNDER MANAGEMENT & NET CLIENT CASH FLOWS (in billions) Net Client Cash Flows $105.5 $107.4 $112.0 $106.2 $107.9 $101.0 $106.2 $108.2 $110.2 $106.9 4Q13 1Q14 2Q14 3Q14 4Q14 Assets Under Management Ending Assets Under Management Average Assets Under Management $1.5 $1.4 $0.6 (0.6) (0.5) 4Q13 1Q14 2Q14 3Q14 4Q14 Quarter $7.2 $0.8 2013 2014 Annual

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 13 GLOBAL DISTRIBUTION (in billions) U.S. vs. Non-U.S. Client Net Flows 11% 11% 12% 12% 13% $11.9 $11.9 $13.5 $13.0 $13.9 4Q13 1Q14 2Q14 3Q14 4Q14 Non-U.S. Client AUM Non-U.S. Client AUM as a % of Firmwide AUM Non-U.S. Client AUM $1.5 $1.3 (0.3) (0.6) (1.1) <$0.1 <$0.1 $0.9 <$0.1 $0.6 4Q13 1Q14 2Q14 3Q14 4Q14 Quarter U.S. Non-U.S. $5.9 (0.7) $1.3 $1.5 2013 2014 Annual U.S. Non-U.S.

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 14 FINANCIAL RESULTS — Financial Highlights Average AUM (in billions) Revenues (in millions) Quarter Annual $101.0 $110.2 $106.9 4Q13 3Q14 4Q14 $89.5 $107.9 2013 2014 $197.6 $212.4 $206.0 4Q13 3Q14 4Q14 $685.8 $828.7 2013 2014

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 15 FINANCIAL RESULTS — Financial Highlights Adjusted Operating Margin1 Adjusted Net Income (in millions) & Adjusted Net Income per Share1 Adjusted Net Income per Adjusted ShareAdjusted Net Income 4Q13 3Q14 4Q14 1 Operating Margin (GAAP) for the quarters ended December 31, 2013, September 30, 2014, and December 31, 2014 was 29.6%, 38.1%, and 37.8%, respectively, and for the years ended December 31, 2013 and December 31, 2014 was (38.1)% and 37.0%, respectively. Net Income attributable to APAM for the quarters ended December 31, 2013, September 30, 2014, and December 31, 2014 was $10.1M, $20.4M, and $21.3M, respectively, and for the years ended December 31, 2013 and December 31, 2014 was $24.8M and $69.6M, respectively. Net Income (Loss) per basic and diluted share for the quarters ended December 31, 2013, September 30, 2014, and December 31, 2014 was $(3.04), $0.57, and $0.58, respectively, and for the years ended December 31, 2013 and December 31, 2014 was $(2.04) and $(0.37), respectively. See page 20 for a reconciliation of GAAP to Non-GAAP (“Adjusted”) Measures Quarter Annual Adjusted Net Income per Adjusted ShareAdjusted Net Income 2013 2014 42.9% 44.0% 43.9% 4Q13 3Q14 4Q14 42.1% 44.9% 2013 2014 $55.0 $0.77 $57.4 $0.79 $55.5 $0.76 $180.3 $2.54 $228.9 $3.17

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 16  Salary & Incentives includes incentive compensation, which decreased in the December 2014 quarter as compared to the September 2014 quarter due to lower revenues.  The equity based compensation expense of $7.7 million in the December 2014 quarter is the quarterly amortization of the equity grants we have made since our March 2013 IPO. FINANCIAL RESULTS — Compensation & Benefits (in millions) December 2014 % of Rev. September 2014 % of Rev. December 2013 % of Rev. Salary & Incentives 76.5$ 37.1% 78.8$ 37.1% 76.3$ 38.6% Benefits & Payroll taxes 4.2 2.0% 5.0 2.4% 4.1 2.1% Equity Based Compensation Expense 7.7 3.7% 6.9 3.2% 4.1 2.1% Subtotal Compensation and Benefits 88.4 42.9% 90.7 42.7% 84.5 42.8% Pre-offering related compensation 12.5 6.1% 12.4 5.8% 23.7 12.0% Cash retention award - 0.0% - 0.0% 3.3 1.7% Total Compensation and Benefits 100.9$ 49.0% 103.1$ 48.5% 111.5$ 56.4% For the Three Months Ended

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 17 FINANCIAL RESULTS — Capital Management ¹ Calculated in accordance with debt agreements. $211.8 $182.3 4Q13 4Q14 Cash (in millions) $200.0 $200.0 4Q13 4Q14 Borrowings (in millions) 0.7x 0.5x 4Q13 4Q14 Leverage Ratio1 $132.3 $107.5 4Q13 4Q14 Equity (in millions)

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 18 FINANCIAL RESULTS — Dividends Note: Time periods noted above represent the period in which the dividends were paid $0.43 $0.55 $0.60 2013 2014 1Q15 Quarterly Dividend Rate $1.63 $0.95 1Q14 1Q15 Special Annual Dividends $3.04 $3.20 3Q13/4Q13/1Q14 2Q14/3Q14/4Q14/1Q15 Total Quarterly and Special Annual Dividends

APPENDIX

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 20 RECONCILIATION OF GAAP TO NON-GAAP (“ADJUSTED”) MEASURES (in millions) December 31 September 30 December 31 December 31 December 31 2014 2014 2013 2014 2013 Net income attributable to Artisan Partners Asset Management Inc. (GAAP) 21.3 20.4 10.1 69.6 24.8 Add back: Net income (loss) attributable to noncontrolling interests - APH 40.2 43.2 50.5 173.1 (269.6) Add back: Provision for income taxes 13.6 15.4 9.3 48.8 26.4 Add back: Pre-offering related compensation - share-based awards 12.5 12.4 23.7 64.7 404.2 Add back: Offering related proxy expense - - 2.6 0.1 2.9 Add back: Net (gain) loss on the tax receivable agreements - (0.3) - 4.2 - Less: Net gain (loss) on the valuation of contingent value rights - - 9.3 - 49.6 Adjusted income (loss) before income taxes 87.6 91.1 86.9 360.5 282.1 Less: Adjusted provision for income taxes 32.1 33.7 31.9 131.6 101.8 Adjusted net income (loss) (Non-GAAP) 55.5 57.4 55.0 228.9 180.3 Average shares outstanding (in millions) Class A common shares 31.5 30.4 16.1 27.5 13.8 Assumed conversion or exchange of: - - Unvested restricted shares 2.7 2.6 1.6 2.1 0.9 Convertible preferred shares outstanding - - 1.7 0.4 2.3 Artisan Partners Holdings LP units outstanding (non-controlling interest) 38.7 39.7 52.1 42.2 53.9 Adjusted shares 72.9 72.7 71.5 72.2 70.9 - - Adjusted net income per adjusted share (Non-GAAP) 0.76$ 0.79$ 0.77$ 3.17$ 2.54$ Operating income (loss) (GAAP) 77.9 81.0 58.4 306.9 (261.2) Add back: Pre-offering related compensation - share-based awards 12.5 12.4 23.7 64.7 404.2 Add back: Offering related proxy expense - - 2.6 0.1 2.9 Adjusted operating income (loss) (Non-GAAP) 90.4 93.4 84.7 371.7 288.9 - - Adjusted operating margin (Non-GAAP) 43.9% 44.0% 42.9% 44.9% 42.1% Three Months Ended Twelve Months Ended

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 21 LONG-TERM INVESTMENT RESULTS Source: Artisan Partners/MSCI/Russell/BofA Merrill Lynch. Average Annual Total Returns (Gross) represents gross of fees performance for the Artisan Composites. Value add measures the average annual outperformance or underperformance of the gross composite return of each Artisan Partners strategy compared to its broad-based benchmark. Periods less than one year are not annualized. See Notes & Disclosures at the end of this presentation for more information about our investment performance. Average Annual Value-Added As of December 31, 2014 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr Inception Since Inception (bp) Global Equity Team Artisan Non-U.S. Growth (Inception: 1-Jan-96) 0.78% 17.47% 10.17% 3.19% 8.39% 11.36% 665 MSCI EAFE Index -4.90% 11.05% 5.33% -0.47% 4.43% 4.70% Artisan Non-U.S. Small-Cap Growth (Inception: 1-Jan-02) -10.22% 17.10% 9.81% 3.49% 10.78% 14.69% 459 MSCI EAFE Small Cap Index -4.95% 13.82% 8.63% 2.35% 6.04% 10.10% Artisan Global Equity (Inception 1-Apr-10) 4.69% 21.34% --- --- --- 14.73% 577 MSCI All Country World Index 4.16% 14.09% --- --- --- 8.95% Artisan Global Small-Cap Growth (Inception 1-Jul-13) -8.01% --- --- --- --- 5.48% -766 MSCI All Country World Small Cap Index 1.78% --- --- --- --- 13.14% U.S. Value Team Artisan U.S. Mid-Cap Value (Inception: 1-Apr-99) 2.70% 16.74% 14.67% 10.80% 11.03% 14.46% 481 Russell Midcap ® Index 13.22% 21.38% 17.18% 8.91% 9.56% 9.64% Artisan U.S. Small-Cap Value (Inception: 1-Jun-97) -6.41% 9.04% 8.66% 7.41% 7.87% 11.99% 383 Russell 2000 ® Index 4.89% 19.19% 15.54% 8.18% 7.76% 8.17% Artisan Value Equity (Inception: 1-Jul-05) 5.90% 15.46% 13.09% 7.04% --- 8.13% -24 Russell 1000 ® Index 13.24% 20.60% 15.63% 7.48% --- 8.38% Growth Team Artisan U.S. Mid-Cap Growth (Inception: 1-Apr-97) 6.95% 21.59% 18.89% 10.73% 11.83% 16.28% 558 Russell Midcap ® Index 13.22% 21.38% 17.18% 8.91% 9.56% 10.70% Artisan U.S. Small-Cap Growth (Inception: 1-Apr-95) 0.36% 20.10% 17.99% 9.70% 8.88% 10.38% 88 Russell 2000 ® Index 4.89% 19.19% 15.54% 8.18% 7.76% 9.50% Artisan Global Opportunities (Inception: 1-Feb-07) 3.75% 19.65% 16.12% 8.50% --- 9.46% 575 MSCI All Country World Index 4.16% 14.09% 9.16% 2.72% --- 3.71% Global Value Team Artisan Non-U.S. Value (Inception: 1-Jul-02) 1.10% 18.29% 13.32% 8.70% 10.45% 13.80% 731 MSCI EAFE Index -4.90% 11.05% 5.33% -0.47% 4.43% 6.49% Artisan Global Value (Inception: 1-Jul-07) 6.16% 19.64% 15.71% 10.43% --- 8.97% 622 MSCI All Country World Index 4.16% 14.09% 9.16% 2.72% --- 2.75% Emerging Markets Team Artisan Emerging Markets (Inception: 1-Jul-06) -2.80% 3.63% -0.42% -2.26% --- 4.57% -82 MSCI Emerging Markets Index -2.19% 4.04% 1.78% -1.34% --- 5.40% Credit Team Artisan High Income (Inception: 1-Apr-14) --- --- --- --- --- 2.52% 300 BofA Merrill Lynch High Yield Master II Index --- --- --- --- --- -0.48% Average Annual Total Returns (Gross)

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 22 NOTES & DISCLOSURES Forward-Looking Statements Certain information in this presentation, and other written or oral statements made by or on behalf of Artisan Partners, are “forward-looking statements” within the meaning of the federal securities laws. Statements regarding future events and developments and the company’s 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. These 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 or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Among the important factors that could cause actual results, level of activity, performance or achievements to differ materially from those indicated by such forward-looking statements are: fluctuations in quarterly and annual results, incurrence of net losses, adverse effects of management focusing on implementation of a growth strategy, failure to develop and maintain the Artisan Partners brand 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, 2013, filed with the SEC on February 26, 2014. 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 presentation. Investment Performance We measure the results of our “composites”, which represent the aggregate performance of all discretionary client accounts, including mutual funds, invested in the same strategy except those accounts with respect to which we believe client-imposed socially based 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 8% of our assets under management at December 31, 2014, are maintained in separate composites, which are not presented in these materials). 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. Composite returns presented net-of-fees 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. In these materials, we present “Value-Added”, which is the amount in basis points by which the average annual gross composite return of each of our strategies has outperformed or underperformed the market index most commonly used by our clients to compare the performance of the relevant strategy. The market indices used to compute the value added for each of our strategies are as follows: Non-U.S. Growth Strategy—MSCI EAFE® Index; Non-U.S. Small-Cap Growth Strategy—MSCI EAFE® Small Cap Index; Global Equity Strategy—MSCI ACWI® Index; U.S. Mid-Cap Value Strategy—Russell Midcap® Index; U.S. Small-Cap Value Strategy—Russell 2000® Index; Value Equity Strategy—Russell 1000® Index; U.S. Mid-Cap Growth Strategy— Russell Midcap® Index; U.S. Small-Cap Strategy—Russell 2000® Index; Global Opportunities Strategy—MSCI ACWI® Index; Non-U.S. Value Strategy—MSCI EAFE® Index; Global Value Strategy— MSCI ACWI® Index; Emerging Markets Strategy—MSCI Emerging Markets IndexSM; High Income Strategy —BofA Merrill Lynch High Yield Master II Index. Unlike the BofA Merrill Lynch High Yield Master ll Index, the Artisan High Income Strategy may hold loans and other security types. At times, this can cause material differences in relative performance. In this document, we present information based on Morningstar, Inc., or Morningstar, ratings for series of Artisan Partners Funds, Inc. (“Artisan Funds”). The Morningstar ratings refer to the ratings by Morningstar of the share class of the respective series of Artisan Funds with the earliest inception date and are based on a 5-star scale. Morningstar data © 2014 Morningstar, Inc.; all rights reserved. Morningstar data contained herein (1) is proprietary to Morningstar and/or its content providers, (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ which is based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, including the effects of sales charges, loads, and redemption fees, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Overall Morningstar RatingTM for a fund is derived from a weighted average of the performance figures associated with its three-year, five-year, and ten-year (if applicable) Morningstar Ratings metrics. The Artisan Funds, the ratings of which form the basis for the information reflected in the table on page 4, and the categories in which they are rated are: Artisan International Fund—Foreign Large Blend Funds Category; Artisan International Small Cap Fund—Foreign Small/Mid Growth Funds Category; Artisan Global Equity Fund—World Stock; Artisan Small Cap Value Fund—Small Value Funds Category; Artisan Mid Cap Value Fund—Mid- Cap Value Funds Category; Artisan Value Equity Fund—Large Value Funds Category; Artisan Mid Cap Fund—Mid-Cap Growth Funds Category; Artisan Global Opportunities Fund—World Stock; Artisan Small Cap Fund—Small Growth Funds Category; Artisan International Value Fund—Foreign Small/Mid Funds Category; Artisan Global Value Fund—World Stock; Artisan Emerging Markets Fund— Diversified Emerging Markets Funds Category. Morningstar ratings are initially given on a fund’s three year track record and change monthly.

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 23 NOTES & DISCLOSURES We also present information based on Lipper rankings for series of Artisan Funds. Lipper rankings are based on total return, are historical and do not represent future results. The number of funds in a category may include multiple share classes of the same fund, which may have a material impact on a fund’s ranking within a category. Lipper, a Thomson Reuters company, is the owner of all trademarks and copyrights relating to Lipper rankings. Financial Information Throughout these materials, we present historical information about our assets under management and our average assets under management for certain periods. We use our information management systems to track our assets under management and we believe the information in these materials regarding our assets under management is accurate in all material respects. We also present information regarding the amount of our assets under management sourced through particular distribution channels. The allocation of assets under management sourced through particular distribution channels involves estimates and the exercise of judgment. We have presented the information on our assets under management sourced by distribution channel in the way in which we prepare and use that information in the management of our business. Data sourced by distribution channel on our assets under management 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 EAFE® Growth Index, the MSCI EAFE® Small Cap Index, the MSCI EAFE® Value Index, the MSCI ACWI® Index and the MSCI Emerging Markets IndexSM 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. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.mscibarra.com) 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 BofA Merrill Lynch US High Yield Master II Index tracks the performance of below investment grade $US- denominated corporate bonds publicly issued in the US domestic market. An investment cannot be made directly in an index. Source BofA Merrill Lynch, used with permission. BofA Merrill Lynch is licensing the BofA Merrill Lynch indices “as is,” makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the BofA Merrill Lynch indices or any data included in, related to, or derived there from, assumes no liability in connection with their use, and does not sponsor, endorse, or recommend Artisan Partners, or any of its products or services. 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 2014 Artisan Partners. All rights reserved. This presentation may not be reproduced in whole or in part without Artisan Partners’ permission.