Virtus Investment Partners : Investor Presentation May 2024

INVESTOR PRESENTATION

Investor Relations

Sean Rourke

1. [e-mail]

May 2024

IMPORTANT DISCLOSURES

This presentation contains statements that are, or may be considered to be, forward-looking statements. All statements that are not historical facts, including statements about our beliefs or expectations, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements may be identified by such forward-looking terminology as "expect," "estimate," "intent," "plan," "intend," "believe," "anticipate," "may," "will," "should," "could," "continue," "project," "opportunity," "predict," "would," "potential," "future," "forecast," "guarantee," "assume," "likely," "target" or similar statements or variations of such terms.

Our forward-looking statements are based on a series of expectations, assumptions and projections about the company and the markets in which we operate, are not guarantees of future results or performance, and involve substantial risks and uncertainty, including assumptions and projections concerning our assets under management, net asset inflows and outflows, operating cash flows, business plans and ability to borrow, for all future periods. All of our forward-looking statements are as of the date of this presentation only. The company can give no assurance that such expectations or forward-looking statements will prove to be correct. Actual results may differ materially.

Our business and our forward- looking statements involve substantial known and unknown risks and uncertainties, including those discussed under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Annual Report on Form 10-K, as supplemented by our periodic filings with the Securities and Exchange Commission (the "SEC"), as well as the following risks and uncertainties resulting from: (i) any reduction in our assets under management; (ii) inability to achieve expected benefits of strategic transactions; (iii) withdrawal, renegotiation or termination of investment advisory agreements; (iv) damage to our reputation; (v) inability to satisfy financial debt covenants and required payments; (vi) inability to attract and retain key personnel; (vii) challenges from competition; (viii) adverse developments related to unaffiliated subadvisers; (ix) negative changes in key distribution relationships; (x) interruptions, breaches, or failures of technology systems;

1. loss on our investments; (xii) lack of sufficient capital on satisfactory terms; (xiii) adverse regulatory and legal developments; (xiv) failure to comply with investment guidelines or other contractual requirements; (xv) adverse civil litigation, government investigations, or proceedings; (xvi) unfavorable changes in tax laws or limitations; (xvii) inability to make common stock dividend payments; (xviii) impediments from certain corporate governance provisions; (xix) losses or costs not covered by insurance; (xx) impairment of goodwill or other intangible assets; and other risks and uncertainties. Any occurrence of, or any material adverse change in, one or more risk factors or risks and uncertainties referred to above, in our most recent Annual Report on Form 10-K and our other periodic reports filed with the SEC could materially and adversely affect our operations, financial results, cash flows, prospects and liquidity.

Certain other factors that may impact our continuing operations, prospects, financial results and liquidity, or that may cause actual results to differ from such forward-looking statements, are discussed or included in the company's periodic reports filed with the SEC and are available on our website at www.virtus.com under "Investor Relations." You are urged to carefully consider all such factors.

The company does not undertake or plan to update or revise any such forward-looking statements to reflect actual results, changes in plans, assumptions, estimates or projections, or other circumstances occurring after the date of this presentation, even if such results, changes or circumstances make it clear that any forward-looking information will not be realized. If there are any future public statements or disclosures by us that modify or impact any of the forward-looking statements contained in or accompanying this presentation, such statements or disclosures will be deemed to modify or supersede such statements in this presentation.

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CONTENTS

• Firm Overview
• Growth Opportunities
• Products and Performance
• Distribution
• Financial Review
• Appendix

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Firm Overview

FIRM OVERVIEW

SUMMARY

We are a distinctive partnership of boutique investment managers, singularly committed to the long-term success of individual and institutional investors

• Independent publicly traded asset manager
• • Market capitalization of $1.8 billion (NYSE: VRTS)
• Managing $179.3 billion in a multi-boutique structure
• • Flexible model with offerings from affiliated managers and select subadvisers
  • Strong retail distribution and U.S. and non-U.S. institutional distribution support
  • Shared operations and business support services
• Investment strategies available in multiple product forms:

-	Open-end mutual funds	-	Retail separate accounts
-	Closed-end funds	-	Institutional accounts
-	Global funds	-	Collective investment trusts
-	Exchange-traded funds	-	Structured products

As of March 31, 2023	5

FIRM OVERVIEW

VALUE PROPOSITION

Flexible Multi-Boutique Model

Diverse, High-Quality Product Offerings

Extensive

Distribution Capabilities

Attractive

Financial Profile

Multiple Opportunities for Growth

• Flexible partnership approach with alignment of interests
• Preserves affiliate culture, investment process, and brand
• Shared distribution and support services
• Well-diversifiedacross asset classes and investment styles
• Differentiated strategies for changing environments and investor preferences
• Consistently strong investment performance
• Provides one-point access to distinctive investment capabilities
• Relationships with a broad network of intermediaries, consultants, and institutional clients
• Consultative and educational sales approach
• Strong and diverse cash flow
• Proven operating leverage and ability to generate attractive margins
• Prudent capital management with modest financial leverage, focused on growing the business
• Introduction of new products
• Expansion of investment capabilities and distribution
• Addition of new affiliates

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FIRM OVERVIEW

STRATEGY STATEMENT

To be a distinctive and trusted provider of asset management products and services that is profitable, growing, and consistently delivering value for clients and shareholders

• Offer high-quality, attractive investment strategies to meet multiple investment needs
• Raise and retain assets by positioning products as solutions to investment needs
• Align organizational capabilities to facilitate business objectives and create an attractive environment for investment managers
• Raise awareness and knowledge of Virtus among all constituencies, including current and prospective clients, advisors, business partners, associates, and shareholders
• Manage capital prudently, balancing operating flexibility, investment in growth, and return of capital
• Build long-term shareholder value through risk-managed execution of business activities

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FIRM OVERVIEW

AFFILIATED MANAGERS

GROWTH EQUITY			1
	Growth Equity	Global Growth Equity	Disruptive Growth Equity

VALUE EQUITY

Quality-Focused Equity

Global Equity

Value Equity

Global Value Equity

FIXED INCOME

Multi-Sector Fixed Income

Specialty Fixed Income

Emerging Markets Debt

ALTERNATIVE

Systematic Alternatives

Liquid Real Assets

Event-Driven Alternatives

MULTI-ASSET

Global Multi-Asset

1 Virtus has a minority ownership position in Zevenbergen Capital Investments

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FIRM OVERVIEW

MULTI-BOUTIQUE MODEL

Our partnership approach preserves each affiliate's unique entrepreneurial culture, provides continued investment autonomy, and ensures appropriate alignment of interests

Affiliates

◼ Autonomy of investment process and team

Autonomy	◼ Maintenance of unique
culture and brand
	◼ Management of day-to-day
	business

• Leading U.S. retail distribution capability

Business

Support

◼ Finance, human resources,

legal and compliance

◼ Investment operations,

middle- and back-office,

and fund administration

Access to	◼ Institutional resources
Distribution	augment or support
affiliate efforts
	◼ Multi-affiliatenon-U.S.
	distribution capability

◼ IT infrastructure, systems,

and applications

Alignment of Interests

• Incentive pool based upon profits generated by affiliate
• Participation in Virtus equity
• Incentive structure includes investments into strategies managed

Growth

Opportunities

• Seed capital available for new products and strategies
• Investment capabilities leveraged into multiple product forms
• Financial support for growth initiatives

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As of March 31, 2024

1Virtus has a minority ownership position in Zevenbergen Capital Investments

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Growth Opportunities