AGF Funds Inc. took home two of the four group trophies and one individual fund trophy at last night's Lipper Fund Awards in Toronto.

Lipper awarded AGF as the Best Overall Fund Family and the Best Mixed Asset Fund Family for having the best overall risk-adjusted performance, relative to its peers in both categories, over a three-year period ending December 31, 2008.

AGF Canadian Balanced Fund, managed by Senior Vice-President and Portfolio Manager Christine Hughes, was also recognized with a trophy as Best Canadian Equity Balanced Fund in recognition of the Fund's exceptional performance over one year, relative to its peers. The Fund also received two certificates for having the best three- and five-year returns in the Canadian Equity Balanced category.

"We are thrilled that Lipper has recognized AGF as a leader in the Canadian investment industry, honouring us with these prestigious awards," said AGF Management Limited Chairman and Chief Executive Officer Blake Goldring. "These accolades indicate the strength and quality of our investment management capabilities as well as our product lineup, from mutual funds to managed asset programs. At AGF, we are committed to offering the best investment solutions possible to help investors reach their financial goals."

In addition to the three trophies, the following AGF funds also received certificates in their respective categories:

• AGF Elements Yield Portfolio: best 1-year returns in the Global Fixed Income Balanced category, managed by AGF Funds Inc.
• AGF Global Real Estate Equity Class: best 1-year returns in the Real Estate Equity category, managed by Stephen Way
• AGF Global Health Sciences Class*: best 3-year returns in the Health Equity category, managed by Martin Hubbes and Tony Genua
• AGF Emerging Markets Fund: best 5-year returns in the Emerging Markets Equity category, managed by Patricia Perez-Coutts

"Winning these awards represents a collective effort by an incredible team of talented portfolio managers and analysts," said Martin Hubbes, Executive Vice-President and Chief Investment Officer. "Our team appreciates this recognition from Lipper and will continue to focus on delivering consistent long-term performance for Canadian investors."

The Lipper Fund Awards program highlights funds that have excelled in delivering consistently strong risk-adjusted performance, relative to peers. In Canada, trophies were awarded to winning funds over one year within the 20 largest CIFSC classifications according to assets under management.

Lipper, a Reuters company, is a global leader in supplying mutual fund information, analytical tools and commentary. It provides research on more than 140,000 funds, domiciled in 45 countries and assets in excess of US$10 trillion.

Martin Hubbes, right, accepts Best Overall Fund Family and Best Mixed Assets Fund Family awards from a Lipper representative.

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 award-winning mutual funds, 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 $34.5 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 more information or to obtain AGF's backgrounder chronicling the firm's award-winning history, contact AGF Corporate Communications:

* AGF Global Health Sciences Class is being merged into AGF Global Equity Class effective on or about May 22, 2009.