Manning & Napier, Inc. (NYSE:MN), (“Manning & Napier” or “the Company”) today provided an update regarding its legacy ownership exchange. Pursuant to the existing exchange agreement established during the Company’s initial public offering, the legacy shareholders, consisting of its founder, management team and certain other employees, have the opportunity to exchange on an annual basis a portion of their interests in Manning & Napier Group, LLC for either cash or shares of the Company’s Class A common stock. This annual process was recently completed, and as a result, legacy shareholders exchanged an aggregate of 2,098,837 Class A units of Manning & Napier Group, LLC for approximately $30.3 million. Subsequent to the exchange, the Class A units were retired. As a result of the exchange, the Company’s ownership interest in Manning & Napier Group, LLC has correspondingly increased. The price of each Class A unit was $14.45, or the average closing-price of the Class A common stock, for the 15 trading days prior to March 27, 2014, less a 5% discount. “We believe the best use of our available cash resources is to purchase the units being tendered as part of this current exchange process, while preserving our ability to participate in mergers and acquisitions, fund dividends to our public shareholders and retain a flexible capital structure,” said Patrick Cunningham, Chief Executive Officer of Manning & Napier. “As with last year, the exchange has an accretive impact for our shareholders and demonstrates our continued confidence in the long-term growth potential of Manning & Napier.” Following the exchange, the Company’s adjusted share count is 87,813,349, which continues to include approximately 16% owned by current members of the management team. About Manning & Napier, Inc. Manning & Napier (NYSE: MN) provides a broad range of investment solutions through separately managed accounts, mutual funds, and collective investment trust funds, as well as a variety of consultative services that complement our investment process. Founded in 1970, we offer equity and fixed income portfolios as well as a range of blended asset portfolios, such as life cycle funds, that use a mix of stocks and bonds. We serve a diversified client base of high-net-worth individuals and institutions, including 401(k) plans, pension plans, Taft-Hartley plans, endowments and foundations. For many of these clients, our relationship goes beyond investment management and includes customized solutions that address key issues and solve client-specific problems. We are headquartered in Fairport, NY and had 507 employees as of December 31, 2013.