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Q1 2017 FACT SHEET Class N | ARRFX AMG River Road Focused Absolute Value Fund 1 ASSET CLASS | ALL CAP Class I | AFAVX Fund highlights uu Seeks to provide long-term capital appreciation uu A concentrated, all-cap investment strategy that focuses on a limited number of securities representing the subadviser’s “best ideas” across their core strategies uu Relies on a fundamentals-driven Absolute Value® investment philosophy Headquarters: Louisville, KY Founded: 2005 Specialization: Absolute value approach Portfolio Managers Average annual returns (%)2 (as of 03/31/17) R. Andrew Beck Thomas S. Forsha Style All Cap V C ARRFX (Class N) AFAVX (Class I) Benchmark G L M S Expense Ratios (gross/net): Class N 1.95% / 1.00%, Class I 1.70% / 0.75% Inception QTD YTD 1 Yr 3 Yr 5 Yr Since Incpt 11/03/15 11/03/15 — 2.63 2.81 2.99 2.63 2.81 2.99 21.36 21.69 19.97 — — 8.58 — — 13.08 14.87 15.17 12.47 Top ten holdings (%)4 Calendar year performance (%)3 Benchmark Holding 30 25 20 15 10 5 0 Russell 3000® Value Index Berkshire Hathaway Inc, Class B Premier Inc, Class A Liberty Ventures CVS Health Corp FNFV Group Liberty Media Corp-Liberty SiriusXM Comcast Corp, Class A National Fuel Gas Co General Motors Co DaVita HealthCare Partners Inc TOTAL % 2016 26.17 18.40 ¢ AFAVX (Class I) ¢ Benchmark % of Net Assets 6.80 6.27 5.40 4.46 4.27 4.20 4.09 4.09 4.02 3.95 47.55 Sector weightings (%)5 AMG Funds provides access to premier asset managers through a unique partnership where the investment managers are truly independent. We are not beholden to a single investment approach or a single manager in delivering quality investment solutions. This innovative approach leverages each manager’s specific expertise to deliver products that cover the complete asset class spectrum. Delivering the talents of all of these portfolio managers under a consolidated platform allows AMG Funds to offer unmatched access to specialized investment expertise. Sector Fund Benchmark Consumer Discretionary Financials Health Care Information Technology Consumer Staples Real Estate Utilities Materials Industrials Energy Telecommunication Services Cash & Other 30.27 22.38 13.38 9.31 7.89 6.43 4.09 2.84 2.73 0.00 0.00 0.68 4.91 26.96 10.40 10.03 7.95 5.06 6.24 3.07 10.36 11.64 3.36 0.00 Prior to October 1, 2016, the Fund was known as ASTON/River Road Focused Absolute Value Fund. Returns for periods greater than one year are annualized. 3 Performance is shown for the class of shares with the longest track record. If there are multiple share classes with the same inception date then performance represents the share class with the lowest expense ratio. In these cases, the performance of share classes with higher expenses would result in lower performance than that shown. 4 Mention of a specific security should not be considered a recommendation to buy or a solicitation to sell that security. Holdings are subject to change. 5 Weights may not equal 100% due to rounding. 1 2 The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 800.835.3879 or visit our website at www.amgfunds.com. Q1 | 2017 | AMG River Road Focused Absolute Value Fund ASSET CLASS | ALL CAP Fund facts Share Class Ticker Class N Class I ARRFX AFAVX Expense Ratio (Gross/Net) 1.95% / 1.00%1 1.70% / 0.75%1 Minimum Initial Investment $2,000 $100,000 12b–1 Fees 0.25% — Characteristics2 Fund Benchmark 1 Net Assets (Mil.$) # Holdings 19.80 — 28 2,044 The Fund's investment manager has contractually agreed, through at least February 28, 2018, to limit Fund operating expenses. The net expense ratio reflects this limitation, while the gross expense ratio does not. Please refer to the Fund's prospectus for additional information on the Fund's expenses. Investors should carefully consider the Fund’s investment objectives, risks, charges and expenses before investing. For this and other information, please call 800.835.3879 or visit www.amgfunds.com for a free Prospectus. Read it carefully before investing or sending money. Definitions Earnings Per Share (EPS): Earnings Per Share (EPS) is a company’s profits per share of common stock. Price/earnings Ratio (P/E): Price/earnings (or P/E) ratio is a comparison of the company's closing stock price and its trailing 12-month earnings per share. The Fund is subject to risks associated with investments in small-capitalization companies, such as erratic earnings patterns, competitive conditions, limited earnings history and a reliance on one or a limited number of products. The Fund is subject to risks associated with investments in mid-capitalization companies such as greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies. Active and frequent trading of a fund may result in higher transaction costs and increased tax liability. www.amgfunds.com Weighted Avg. Market Cap (Mil.$) 61,333 111,538 Weighted Avg. P/E3 9.62 18.54 Trailing 5-Yr EPS Growth (%)4,5 12.76 4.02 Characteristics derived from FactSet. Weighted harmonic average. 4 Weighted average. 5 Annualized. 2 3 A greater percentage of the Fund’s holdings may be focused in a smaller number of securities which may place the Fund at greater risk than a more diversified fund. Investments in international securities are subject to certain risks of overseas investing including currency fluctuations and changes in political and economic conditions, which could result in significant market fluctuations. These risks are magnified in emerging markets. The Fund is subject to special risk considerations similar to those associated with the direct ownership of real estate. Real estate valuations may be subject to factors such as changing general and local economic, financial, competitive, and environmental conditions. The Fund invests in value stocks, which may perform differently from the market as a whole and may be undervalued by the market for a long period of time. The Russell 3000® Value Index measures the performance of the broad value segment of the U.S. equity universe. It includes those Russell 3,000 companies with lower price-to-book ratios and lower forecasted growth values. Unlike the Fund, the Russell 3000® Value Index is unmanaged, is not available for investment and does not incur expenses. AMG Funds are distributed by AMG Distributors, Inc., a member of FINRA/SIPC. Not FDIC Insured | May Lose Value | Not Bank Guaranteed linkedin.com/company/amg-funds ©2017 AMG Funds LLC. All rights reserved. 033117 FS178