Launch of Alternative Investments Platform/Acquisition of New Energy Capital Partners September 13, 2021

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Strategic Rationale New Energy Capital Partners Overview Transaction Overview Contents 3 Launch of Alternative Investments Platform

Transaction Overview Transaction Overview, structure, & alignment Victory Capital to acquire 100% of New Energy Capital Partners (NEC)NEC will become the 11th Victory Capital Investment Franchise1NEC’s investment team, process, and brand will remain unchangedSubstantial economic alignment through revenue sharing and earnout structureVictory Capital’s operations and distribution platform to provide scale and resources NEC’s senior management and investment leadership will continue to be significant investors in the strategies that they manageLaunches Victory Capital’s Alternative Investments Platform Financing Paying $65 million at closing, financed with cash on hand and potentially revolverPotential future payments based on revenue growth over a 6-year periodExpect to close in the fourth quarter of 20211No significant 1x integration costsMaintains capital flexibility for additional acquisitions 4 1The transaction is subject to regulatory and other customary approvals, conditions and consents, including approvals by NEC’s existing LPs.

Launch of Alternative Investments Platform Guidingprinciples Adds new organic and inorganic growth levers to businessAttractive fee rates, margins, and length of capital commitmentLeverages existing operating and distribution platformBroadens and diversifies product offeringsPotential to deepen existing client relationshipsValue added through our capability to create new product vehicles and wrappers to broaden distribution for alternative managersProducts are in demand and not easily disintermediated by passive strategies 5 Investment process autonomyCreative structuring to ensure alignment of incentivesSignificant organic growth potentialInvestment strategies that are value added to client portfoliosLong-term investment performance excellence Why Alternative investments?

Strategic Rationale Quality Investment team and process Demonstrated investment excellence with 17-year investment performance track recordExperienced and highly specialized team of professionalsProprietary knowledge across regulatory jurisdictions and clean/renewable energy technologiesStrong cultural alignment with Victory Capital through shared entrepreneurial and ownership-oriented history Strategies IN HIGH DEMAND Clean and renewable energy investments are attracting capital as investors embrace ESG and impact investingAttractive income streams from stable long-term contracts with credit worthy counterpartiesContractually managed risk, uncorrelated with energy commoditiesTracking and reporting of environmental impacts 6 financial &Net Flow profile Transaction expected to be immediately accretive to EPSFee rates exceed firm-wide average realized fee ratesLong-term locked up capital commitmentsElevates organic growth profile

New Energy Capital Partners Overview Founded in 2004 by current CEO Scott Brown and Headquartered in Hanover, NHNEC was one of the first investors to focus on clean energy and infrastructure assetsPrivate equity fund structures with 5- to 10-year life and ability to earn carried interestInvested in more than 40 transactions totaling >$3 billion in asset value12 experienced investment professionals with more than 100 years of cumulative experience across the infrastructure and energy marketsAbility to invest in multiple technologies across the capital stack in both projects and companiesProprietary deal origination from robust network of developersDiverse LP base of endowments, foundations, insurance companies, pension plans, health systems and family offices 7 7

New Energy Capital Partners Overview HISTORICAL FUND DEVELOPMENTNEC has a successful track record of raising funds and delivering strong returns for investors. Fund I, launched in 2004, has been fully realized and four funds are currently investing or in their harvesting stage: 8 FUND II FUND III FUND IV FUND V Fund Name Alliance Fund I Alliance Fund II New Energy Capital Infrastructure Credit Fund New Energy Capital Infrastructure Credit Fund II Vintage (year) 2010 2015 2016 2018 Capital Commitments ($mm) $114.6 $157.5 $328.3 $508.8 Focus Hybrid Hybrid Debt Debt Initial Term 10-year Fund 10-year Fund 5-year Fund 6-year Fund