8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 22, 2013

Artisan Partners Asset Management Inc.

(Exact name of registrant as specified in its charter)

Delaware	001-35826	45-0969585
(State or other jurisdiction of incorporation or organization)	(Commission file number)	(I.R.S. Employer Identification No.)
	875 E. Wisconsin Avenue, Suite 800 Milwaukee, WI 53202
	(Address of principal executive offices and zip code)

(414) 390-6100

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

On October 28, 2013, Artisan Partners Asset Management Inc. (the “Company”) issued a press release and presentation materials announcing certain consolidated financial and operating results for the three and nine months ended September 30, 2013. Copies of the press release and the presentation materials are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.

The information furnished in this Item 2.02, including the exhibits incorporated herein by reference, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof, except as expressly set forth by specific reference in such a filing.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On October 22, 2013, Janet D. Olsen stepped down as Chief Legal Officer, Executive Vice President and Secretary of the Company, and the Company's board of directors appointed Sarah A. Johnson as Chief Legal Officer, Executive Vice President and Secretary.

The Company had previously announced Ms. Olsen's intention to retire from the Company at the end of 2013. Until that time, Ms. Olsen will remain employed by the Company. Also on October 22, 2013, the board of directors appointed Gregory K. Ramirez as Senior Vice President of the Company.

Ms. Johnson, 41, joined Artisan Partners as associate counsel in July 2002 and has been a managing director since March 2010. In February 2011, Ms. Johnson was named General Counsel of Artisan Partners Funds, Inc., an SEC-registered family of mutual funds advised by Artisan Partners. From January 2012 to September 2013, she served as Chief Compliance Officer of Artisan Partners, and she has been Vice President and Assistant Secretary of Artisan Partners and Assistant Secretary of the Company since April 2013.

Mr. Ramirez, 43, joined Artisan Partners in July 1997 and has been a managing director since April 2003. In February 2011, Mr. Ramirez was named Chief Financial Officer of Artisan Partners Funds, Inc. He has been a Vice President and Assistant Treasurer of Artisan Partners and Assistant Treasurer of the Company since April of 2013. He currently serves as Head of Securities Operations and Vehicle Administration. His prior roles with Artisan Partners include Controller, Chief Accounting Officer and Director of Client Accounting and Administration.

Item 9.01 Financial Statements and Exhibits

Exhibit Number	Description of Exhibit
99.1	Press Release of Artisan Partners Asset Management Inc. dated October 28, 2013
99.2	Third Quarter 2013 Presentation of Artisan Partners Asset Management Inc.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed

on its behalf by the undersigned hereunto duly authorized.

Artisan Partners Asset Management Inc.

Date: October 28, 2013

By:	/s/ Charles J. Daley, Jr.
Name:	Charles J. Daley, Jr.
Title:	Executive Vice President, Chief Financial Officer and Treasurer

EX-99.1

Artisan Partners Asset Management Inc. Reports 3Q13 Results

Milwaukee, WI – October 28, 2013 – Artisan Partners Asset Management Inc. (NYSE: APAM) (the "Company" or "Artisan Partners") today reported its results for the quarter ended September 30, 2013, and net income and earnings per share for the period from March 12, 2013 (the closing date of its initial public offering) through September 30, 2013.

"We believe that if we focus on hiring and developing the right talent, protect the alpha potential of our investment teams and manage our business with discipline and a focus on our clients, growth will follow naturally. This approach to growth is a key element of who we are. We are strongly committed to thoughtful growth,” Eric Colson, President and CEO, said.

Business Update

Mr. Colson noted, "As of September 30, 2013, 10 of our 12 investment strategies (excluding our 13th strategy, which launched in June and only has a three-month track record) had added value relative to their broad performance benchmarks over the trailing 5-year and 10-year periods and since each strategy's inception. In addition, more than 90% of our assets under management were in strategies outperforming the respective benchmarks over the trailing 3, 5 and 10-year periods and since each strategy's inception.

"Business development efforts continue to be well diversified by investment team, strategy and distribution channel. This quarter all five of our investment teams and all five of our distribution channels experienced positive client cash flows. Our broker dealer channel stood out among distribution channels, accounting for nearly half of our net cash flows by channel. A little more than a decade ago we committed to focusing on that channel with partners that operate with institutional decision-making processes and centralized and thorough research efforts, which align well with our business model. Since that time assets under management sourced from the broker dealer channel have grown from less than $1 billion to nearly $20 billion.

"Our primary financial metrics continued to be in line with our long-term expectations for our business. Organic growth was solid and indicative of client confidence in our investment teams. Revenue growth reflected greater average assets under management for the quarter, resulting from strong client cash flows and market appreciation, including alpha generation. Our financial discipline continues to maintain our operating margin at an attractive level.

"Since our IPO our business and financial results have been gratifying. However, we know that markets fluctuate and business results will be lumpy. We maintain reasonable expectations about our ability to generate consistently positive results if we are thoughtful about growth. We remain focused on what we can control.

"The development of investment talent, externally and internally, is always a high priority. This year we have had several portfolio manager promotions that are important to expanding the breadth of decision-making on our teams and establishing multi-generational capability. Our external talent search has also produced interesting discussions. We remain committed to protecting the alpha potential of our investment teams. Prior to the IPO we closed our Global Value strategy to most new separate account relationships in order to manage the velocity of cash flows into the strategy and generate better balance among the types of clients invested in the strategy. During the third quarter we closed our U.S. Small-Cap Growth strategy as the level of assets and pace of cash flows reached a level that our Growth team wanted to manage to ensure process consistency.”

Third Quarter 2013 Highlights

• Assets under management ("AUM") of $96.9 billion at September 30, 2013

• Net client cash inflows of $2.1 billion

• GAAP operating income of $53.4 million and operating margin of 30.0%

• GAAP net income of $6.0 million or $0.42 per basic share and $0.35 per diluted share

• Adjusted¹ operating income of $77.1 million and adjusted¹ operating margin of 43.3%

• Adjusted¹ net income of $47.6 million or $0.67 per adjusted¹ share

The table below presents AUM and a comparison of certain GAAP and non-GAAP ("adjusted") financial measures.

	For the Three Months Ended									For the Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
	2013			2013			2012			2013			2012
	(unaudited, in millions except per share amounts or as otherwise noted)
Assets Under Management (amounts in billions)
Ending	$	96.9		$	85.8		$	69.8		$	96.9		$	69.8
Average	92.4			85.3			66.8			85.7			64.5
Consolidated Financial Results (GAAP)
Revenues	$	178.0		$	162.0		$	128.0		$	488.2		$	368.5
Operating income (loss)	53.4			48.3			(38.2		)	(319.6		)	7.7
Operating margin	30.0		%	29.8		%	(29.8		)%	(65.5		)%	2.1		%
Net income attributable to Artisan Partners Asset Management Inc.2	6.0			5.7			—			14.7			—
Basic earnings per share	0.42			0.38			N/A			0.97			N/A
Diluted earnings per share	0.35			0.38			N/A			0.90			N/A
Adjusted1 Financial Results
Adjusted operating income	$	77.1		$	72.2		$	49.8		$	204.2		$	147.5
Adjusted operating margin	43.3		%	44.6		%	38.9		%	41.8		%	40.0		%
Adjusted EBITDA3	$	77.9		$	73.0		$	48.8		$	206.5		$	147.5
Adjusted net income	47.6			44.5			29.1			125.3			88.4
Adjusted earnings per adjusted share	$	0.67		$	0.64		N/A			$	1.77		N/A

^{______________________________________} 

¹ Adjusted measures are non-GAAP measures and are explained and reconciled to the comparable GAAP measures in Exhibit 2.

² The Company became the general partner of Artisan Partners Holdings on March 12, 2013. Prior to that time none of the net income of Artisan Partners Holdings was allocated to the Company.

³ EBITDA represents earnings before interest, tax, depreciation and amortization expense.

2

Assets Under Management Increased to $96.9 billion

Our AUM increased to $96.9 billion at September 30, 2013, an increase of $11.1 billion, or 13.0%, compared to $85.8 billion at June 30, 2013 as a result of $9.0 billion in market appreciation and $2.1 billion of net client cash inflows. Compared to September 30, 2012, AUM increased$27.1 billion, or 38.8%, due to $19.9 billion in market appreciation and $7.2 billion of net client cash inflows.

Average AUM for the third quarter of 2013 was $92.4 billion, an increase of 8.3% compared to average AUM for the second quarter of 2013 of $85.3 billion and a 38.2%increase from the average of $66.8 billion for the third quarter of 2012.

Third Quarter of 2013 Compared to Second Quarter of 2013

GAAP net income was $6.0 million, or $0.35 per diluted share, in the third quarter of 2013 compared to net income of $5.7 million, or $0.38 per diluted share, in the second quarter of 2013 as a result of a higher number of average common shares outstanding. Adjusted net income was $47.6 million, or $0.67 per adjusted share, in the third quarter of 2013 compared to adjusted net income of $44.5 million, or $0.64 per adjusted share, in the second quarter of 2013.

• Revenues of $178.0 million in the third quarter of 2013 increased $16.0 million from $162.0 million in the second quarter of 2013 primarily due to higher average AUM as a result of market appreciation and net client cash inflows.

• Operating expenses of $124.6 million in the third quarter of 2013 increased $10.9 million from $113.7 million in the second quarter of 2013 driven primarily by an increase in compensation and benefits expense. Compensation and benefits expense increased due to increased bonuses, which is linked to our revenue growth, and the additional equity based compensation expense related to restricted shares awarded to employees in the third quarter of 2013. Compensation and benefits expense for the third quarter of 2013 also included $3.7 million of cash retention and severance expenses compared to $2.2 million in the second quarter of 2013.

• GAAP operating margin was 30.0% for the third quarter of 2013 compared to 29.8% for the second quarter of 2013.

• Adjusted operating margin was 43.3% for the third quarter of 2013 compared to 44.6% for the second quarter of 2013. Adjusted operating margin was negatively impacted by approximately 191 bps due to increased compensation and benefits expense resulting from restricted shares awarded to employees during the third quarter of 2013.

Third Quarter of 2013 Compared to Third Quarter of 2012

GAAP net income was $6.0 million, or $0.35 per diluted share, in the third quarter of 2013. Adjusted net income was $47.6 million, or $0.67 per adjusted share, in the third quarter of 2013 compared to adjusted net income of $29.1 million in the third quarter of 2012.

• Revenues of $178.0 million in the third quarter of 2013 increased $50.0 million from $128.0 million in the third quarter of 2012 primarily due to higher average AUM as a result of market appreciation and net client cash inflows.

• Operating expenses of $124.6 million in the third quarter of 2013 decreased $41.6 million from $166.2 million in the third quarter of 2012 driven primarily by a decrease in share-based and other pre-offering related compensation expense. Included in compensation and benefits expense for the third quarter of 2013 was $3.7 million of cash retention and severance expenses compared to $2.9 million in the third quarter of 2012.

• GAAP operating margin was 30.0% for the third quarter of 2013 compared to a negative margin of 29.8% in the third quarter of 2012 as a result of pre-offering related compensation and share-based expense.

• Adjusted operating margin was 43.3% for the third quarter of 2013 compared to 38.9% for the third quarter of 2012. The increase in adjusted operating margin was the result of significantly higher revenues and lower general and administrative expenses, offset by increased compensation and benefits expense resulting from restricted shares awarded to employees during the third quarter of 2013.

Nine Months EndedSeptember 30, 2013 Compared to Nine Months EndedSeptember 30, 2012

GAAP net income was $14.7 million, or $0.90 per diluted share, for the nine months ended September 30, 2013. Adjusted net income was $125.3 million, or $1.77 per adjusted share, for the nine months ended September 30, 2013 compared to adjusted net income of $88.4 million for the nine months ended September 30, 2012.

• Revenues of $488.2 million for the nine months ended September 30, 2013 increased $119.7 million from $368.5 million for the nine months ended September 30, 2012 primarily due to higher average AUM as a result of market appreciation and net client cash inflows.

• Operating expenses of $807.8 million for the nine months ended September 30, 2013 increased $447.0 million from $360.8 million for the nine months ended September 30, 2012 driven primarily by an increase in share-based and other pre-offering related compensation expenses that were incurred mainly as a result of our initial public offering in the first quarter of 2013. Included in compensation and benefits expense for the nine months ended September 30, 2013 was $15.2 million of cash retention and severance expenses compared to $7.1 million for the nine months ended September 30, 2012.

3

• GAAP operating margin was negative 65.5% for the nine months ended September 30, 2013 compared to 2.1% for the nine months ended September 30, 2012. The decline was primarily due to an increase in share-based and other pre-offering related compensation expenses that were incurred mainly as a result of our initial public offering in the first quarter of 2013.

• Adjusted operating margin was 41.8% for the nine months ended September 30, 2013 compared to 40.0% for the nine months ended September 30, 2012. The increase in adjusted operating margin was the result of significantly higher revenues offset by an increase in cash retention and severance expenses during the nine months ended September 30, 2013.

Capital Management

Cash and cash equivalents were $275.9 million at September 30, 2013, compared to $141.2 million at December 31, 2012. The Company had total borrowings of $200.0 million at September 30, 2013 and $290.0 million at December 31, 2012. In March 2013, the Company received net proceeds from its initial public offering of $353.4 million.  In connection with the initial public offering, the Company used a portion of the proceeds to distribute $105.3 million of pre-IPO retained profits to its partners, repaid $90.0 million of the outstanding principal amount of loans under its revolving credit agreement, and purchased approximately 2.7 million Class A units from certain investors for approximately $76.3 million.  Also in connection with the initial public offering, the Company used cash on hand to make cash incentive payments aggregating $56.8 million to certain of its portfolio managers. The Company's debt leverage ratio, calculated in accordance with its loan agreements, was 0.7X at September 30, 2013.

As a result of the Company's IPO-related reorganization, total stockholders' equity was $95.9 million at September 30, 2013, compared to a deficit of $672.7 million at December 31, 2012. The Company had 14.3 million shares of Class A common stock outstanding and 2.6 million shares of convertible preferred shares outstanding at September 30, 2013.

On October 22, 2013, the Company's Board of Directors declared a quarterly dividend of $0.43 per share payable on November 26, 2013 to Class A shareholders of record as of the close of business on November 11, 2013. The dividend marks the second quarterly dividend since Artisan Partners Asset Management Inc.'s initial public offering in March 2013.

*********

4

CONFERENCE CALL

The Company will host a conference call on October 28, 2013, at 5:00 p.m. (Eastern Time) to discuss these results. Hosting the call will be Eric Colson, Chief Executive Officer, and C.J. Daley, Chief Financial Officer. The call will be webcast and can be accessed via the investor relations section of artisanpartners.com. Listeners may also access the call by dialing 866.652.5200 or 412.317.6060 for international callers; the conference ID is 10034202. A replay of the call will be available until November 5, 2013, by dialing 877.344.7529 or 412.317.0088 for international callers; the replay conference ID is 10034202. In addition, the webcast will be available on the Company's website.

FORWARD-LOOKING STATEMENTS AND OTHER DISCLOSURES

Certain statements in this release, and other written or oral statements made by or on behalf of the Company, are "forward-looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management's current expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. These forward-looking statements are only predictions based on current expectations and projections about future events. These forward-looking statements are subject to a number of risks and uncertainties, and there are important factors that could cause actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Among the important factors that could cause actual results, level of activity, performance or achievements to differ materially from those indicated by such forward-looking statements are: fluctuations in quarterly and annual results, incurrence of net losses, adverse effects of management focusing on implementation of a growth strategy, failure to develop and maintain the Artisan Partners brand and other factors disclosed in the Company's filings with the Securities and Exchange Commission, including those factors listed under the caption entitled “Risk Factors" in the Company's registration statement on Form S-1 (File No. 333-184686). The Company undertakes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.

Any discrepancies included in this release between totals and the sums of the amounts listed are due to rounding.

ABOUT ARTISAN PARTNERS

Artisan Partners is an independent investment management firm focused on providing high value-added, active investment strategies to sophisticated clients globally. Since 1994, the firm has been committed to attracting experienced, disciplined investment professionals to manage client assets. Artisan Partners has five autonomous investment teams that oversee thirteen distinct U.S., non-U.S. and global investment strategies. Each strategy is offered through multiple investment vehicles to accommodate a broad range of client mandates. The firm's principal offices are located in Milwaukee, San Francisco, Atlanta, New York and London.

Artisan Partners Asset Management Inc.

Investor Relations Inquiries

Makela Taphorn

866.632.1770

414.908.2176

ir@artisanpartners.com

Press Inquiries

Bob Batchelor

866.642.1770

pr@artisanpartners.com

5

Exhibit 1

Artisan Partners Asset Management Inc.

Consolidated Statements of Operations

(unaudited; in millions, except per share amounts or as noted)

	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
	2013			2013			2012			2013			2012
Revenues
Management fees
Artisan Funds & Artisan Global Funds	$	121.3		$	109.7		$	85.4		$	330.5		$	245.7
Separate accounts	56.7			52.3			42.6			157.7			122.5
Performance fees	—			—			—			—			0.3
Total revenues	178.0			162.0			128.0			488.2			368.5
Operating expenses
Compensation and benefits	79.5			69.2			56.4			221.4			165.7
Pre-offering related compensation - share-based awards	23.4			23.9			56.0			380.5			85.9
Pre-offering related compensation - other	—			—			32.0			143.0			53.9
Total compensation and benefits	102.9			93.1			144.4			744.9			305.5
Distribution and marketing	10.1			8.8			7.2			27.1			21.4
Occupancy	2.6			2.6			2.3			7.8			6.8
Communication and technology	3.4			3.6			3.5			10.3			9.9
General and administrative	5.6			5.6			8.8			17.7			17.2
Total operating expenses	124.6			113.7			166.2			807.8			360.8
Operating income (loss)	53.4			48.3			(38.2		)	(319.6		)	7.7
Interest expense	(2.9		)	(2.9		)	(2.9		)	(9.0		)	(8.1		)
Net gain on the valuation of contingent value rights	6.9			8.6			—			40.3			—
Net gain (loss) of Launch Equity	5.5			(1.2		)	7.0			9.1			8.5
Other non-operating income (loss)	—			—			(1.6		)	—			(1.7		)
Total non-operating income (loss)	9.5			4.5			2.5			40.4			(1.3		)
Income (loss) before income taxes	62.9			52.8			(35.7		)	(279.2		)	6.4
Provision for income taxes	6.8			5.9			0.2			17.1			0.8
Net income (loss) before noncontrolling interests	56.1			46.9			(35.9		)	(296.3		)	5.6
Less: Net income (loss) attributable to noncontrolling interests - Artisan Partners Holdings LP	44.6			42.4			(42.9		)	(320.1		)	(2.9		)
Less: Net income (loss) attributable to noncontrolling interests - Launch Equity	5.5			(1.2		)	7.0			9.1			8.5
Net income attributable to Artisan Partners Asset Management Inc.	$	6.0		$	5.7		$	—		$	14.7		$	—
Basic earnings per share - Class A common shares	$	0.42		$	0.38		N/A			$	0.97		N/A
Diluted earnings per share - Class A common shares	$	0.35		$	0.38		N/A			$	0.90		N/A
Average shares outstanding
Class A common shares	12.7			12.7			N/A			12.7			N/A
Unvested restricted shares	1.3			—			N/A			0.6			N/A
Convertible preferred shares	2.6			2.6			N/A			2.6			N/A
Total average shares outstanding	16.6			15.3			N/A			15.9			N/A

6

Exhibit 2

Artisan Partners Asset Management Inc.

Reconciliation of GAAP to Non-GAAP (“Adjusted”) Measures

(unaudited; in millions, except per share amounts or as noted)

	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
	2013			2013			2012			2013			2012
Net income attributable to Artisan Partners Asset Management Inc. (GAAP)	$	6.0		$	5.7		$	—		$	14.7		$	—
Add back: Net income (loss) attributable to noncontrolling interests - Artisan Partners Holdings LP	44.6			42.4			(42.9		)	(320.1		)	(2.9		)
Add back: Provision for income taxes	6.8			5.9			0.2			17.1			0.8
Add back: Pre-offering related compensation - share-based awards	23.4			23.9			56.0			380.5			85.9
Add back: Pre-offering related compensation - other	—			—			32.0			143.0			53.9
Add back: Offering related proxy expense	0.3			—			—			0.3			—
Less: Net gain on the valuation of contingent value rights	6.9			8.6			—			40.3			—
Less: Adjusted provision for income taxes	26.6			24.8			16.2			69.9			49.3
Adjusted net income (Non-GAAP)	$	47.6		$	44.5		$	29.1		$	125.3		$	88.4
Average shares outstanding
Class A common shares	12.7			12.7			—			12.7			—
Assumed vesting, conversion or exchange of:
Unvested restricted shares	1.3			—			—			0.6			—
Convertible preferred shares outstanding	2.6			2.6			—			2.6			—
Artisan Partners Holdings LP units outstanding (non-controlling interest)	54.6			54.7			—			54.7			—
Adjusted shares	71.2			70.0			N/A			70.6			N/A
Adjusted net income per adjusted share (Non-GAAP)	$	0.67		$	0.64		N/A			$	1.77		N/A
Operating income (loss) (GAAP)	$	53.4		$	48.3		$	(38.2	)	$	(319.6	)	$	7.7
Add back: Pre-offering related compensation - share-based awards	23.4			23.9			56.0			380.5			85.9
Add back: Pre-offering related compensation - other	—			—			32.0			143.0			53.9
Add back: Offering related proxy expense	0.3			—			—			0.3			—
Adjusted operating income (Non-GAAP)	$	77.1		$	72.2		$	49.8		$	204.2		$	147.5
Adjusted operating margin (Non-GAAP)	43.3		%	44.6		%	38.9		%	41.8		%	40.0		%
Net income attributable to Artisan Partners Asset Management Inc. (GAAP)	$	6.0		$	5.7		$	—		$	14.7		$	—
Add back: Net income (loss) attributable to noncontrolling interests - Artisan Partners Holdings LP	44.6			42.4			(42.9		)	(320.1		)	(2.9		)
Add back: Pre-offering related compensation - share-based awards	23.4			23.9			56.0			380.5			85.9
Add back: Pre-offering related compensation - other	—			—			32.0			143.0			53.9
Add back: Offering related proxy expense	0.3			—			—			0.3			—
Less: Net gain on the valuation of contingent value rights	6.9			8.6			—			40.3			—
Add back: Interest expense	2.9			2.9			2.9			9.0			8.1
Add back: Provision for income taxes	6.8			5.9			0.2			17.1			0.8
Add back: Depreciation and amortization	0.8			0.8			0.6			2.3			1.7
Adjusted EBITDA (Non-GAAP)	$	77.9		$	73.0		$	48.8		$	206.5		$	147.5

7

The Company's management uses non-GAAP measures (referred to as "adjusted" measures) of net income and operating income to evaluate the profitability and efficiency of the underlying operations of the business and as a factor when considering net income available for distributions and dividends. These adjusted measures remove the impact of (1) pre-offering related compensation (as described below), (2) offering related proxy expense (as described below), (3) the net gain (loss) on the valuation of contingent value rights, and (4) adjustments to remove the non-operational complexities of the Company's structure by adding back non-controlling interests and assuming all income of Artisan Partners Holdings is allocated to the Company. Management believes these non-GAAP measures provide more meaningful information to analyze the Company's profitability and efficiency between periods and over time. The Company has included these non-GAAP measures to provide investors with the same financial metrics used by management to manage the Company.

Non-GAAP measures should be considered in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP. The Company's non-GAAP measures may differ from similar measures used by other companies, even if similar terms are used to identify such measures. The Company's non-GAAP measures are as follows:

• Adjusted net income represents net income excluding the impact of (1) pre-offering related compensation, as defined below, (2) offering related proxy expense and (3) net gain (loss) on the valuation of contingent value rights, and reflects income taxes as if all outstanding limited partnership units of Artisan Partners Holdings and all shares of the Company's convertible preferred stock were exchanged for or converted into Class A common stock of the Company on a one-for-one basis. Assuming the full exchange and conversion, all income of Artisan Partners Holdings is treated as if it were allocated to the Company, and the adjusted provision for income taxes represents an estimate of income tax expense at an effective rate of 35.8% reflecting assumed federal, state, and local income taxes.

• Adjusted net income per adjusted share is calculated by dividing adjusted net income (loss) by adjusted shares. The number of adjusted shares is derived by assuming the vesting of all unvested shares of Class A common stock, the exchange of all outstanding limited partnership units of Artisan Partners Holdings and the conversion of all outstanding shares of the Company's convertible preferred stock for or into Class A common stock of the Company on a one-for-one basis.

• Adjusted operating income represents the operating income (loss) of the consolidated company excluding offering related proxy expense and pre-offering related compensation, as defined below.

• Adjusted operating margin is calculated by dividing adjusted operating income (loss) by total revenues.

• Adjusted EBITDA represents income (loss) before income taxes, interest expense and depreciation and amortization, adjusted to exclude the impact of net income (loss) attributable to non-controlling interests, offering related proxy expense, pre-offering related compensation, as defined below, and the net gain (loss) on the valuation of contingent value rights.

• For the three months ended September 30, 2013 and June 30, 2013, pre-offering related compensation includes the amortization of unvested Class B common units of Artisan Partners Holdings that were granted before the Company's initial public offering, which closed on March 12, 2013. For the nine months ended September 30, 2013, pre-offering related compensation includes (1) expense resulting from cash incentive compensation payments triggered by our IPO and expense associated with the reallocation of post-IPO profits from certain pre-IPO partners to employee-partners, (2) one-time expense, resulting from the modification of the Class B common unit awards at the time of our IPO, based on the difference between the carrying value of the liability associated with the vested Class B common units immediately prior to our IPO and the value based on the offering price per share of Class A common stock in our IPO, (3) the amortization of unvested Class B common units of Artisan Partners Holdings that were granted prior to our IPO and (4) the elements listed in the following sentence. For the three months ended September 30, 2012 and the nine months ended September 30, 2012 and 2013, pre-offering related compensation includes (1) distributions to the Class B partners of Artisan Partners Holdings, (2) redemptions of Class B common units and (3) changes in the value of Class B liability awards, in each case occurring during the respective period.

• For the three and nine months ended September 30, 2013, offering related proxy expense includes costs incurred as a result of the change of control (for purposes of the Investment Company Act and Investment Advisers Act) that we expect will occur no later than March 12, 2014 (which is the first anniversary of the completion of our IPO). Upon the change of control, we can continue to act as adviser to any SEC-registered mutual fund only if the fund's board and shareholders approve a new investment advisory agreement, except in the case of certain sub-advised funds for which only board approval is necessary. In addition, each of the investment advisory agreements for the separate accounts we manage provides that it may not be assigned (including an assignment by virtue of a change of control) without consent of the client. We have incurred and expect to continue to incur through the first quarter of 2014 costs to solicit the necessary approvals and consents from the boards and shareholders of the mutual funds that we advise or sub-advise and from our separate accounts clients.

8

Exhibit 3

Artisan Partners Asset Management Inc.

Condensed Consolidated Statements of Financial Condition

(unaudited; in millions)

	As of
	September 30,		December 31,
	2013		2012
Assets
Cash and cash equivalents	$	275.9	$	141.2
Accounts receivable	59.4		46.0
Investment securities	23.7		15.2
Deferred tax assets	64.8		—
Assets of consolidated investment products	98.9		67.0
Other	19.1		18.2
Total assets	$	541.8	$	287.6
Liabilities and equity (deficit)
Accounts payable, accrued expenses, and other	$	126.8	$	57.6
Borrowings	200.0		290.0
Class B liability awards	—		225.2
Contingent value rights	15.1		—
Amounts payable under tax receivable agreements	54.0		—
Liabilities of consolidated investment products	50.0		30.3
Total liabilities	445.9		603.1
Redeemable preferred units	—		357.2
Total equity (deficit)	95.9		(672.7		)
Total liabilities and equity (deficit)	$	541.8	$	287.6

9

Exhibit 4

Artisan Partners Asset Management Inc.

Assets Under Management

(unaudited; in millions)

	For the Three Months Ended									% Change from
	September 30,			June 30,			September 30,			June 30,		September 30,
	2013			2013			2012			2013		2012
Beginning assets under management	$	85,791		$	83,178		$	64,072		3.1	%	33.9	%
Gross client cash inflows	5,373			4,970			4,301			8.1	%	24.9	%
Gross client cash outflows	(3,276		)	(3,556		)	(2,789		)	7.9	%	(17.5	)%
Net client cash flows	2,097			1,414			1,512			48.3	%	38.7	%
Market appreciation (depreciation)	9,043			1,199			4,251			654.2	%	112.7	%
Ending assets under management	$	96,931		$	85,791		$	69,835		13.0	%	38.8	%
Average assets under management	$	92,385		$	85,341		$	66,831		8.3	%	38.2	%
	For the Nine Months Ended									% Change from
	September 30,			September 30,						September 30,
	2013			2012						2012
Beginning assets under management	$	74,334		$	57,104					30.2%
Gross client cash inflows	16,667			13,051						27.7%
Gross client cash outflows	(10,970		)	(8,781		)				(24.9)%
Net client cash flows	5,697			4,270						33.4%
Market appreciation (depreciation)	16,900			8,461						99.7%
Ending assets under management	$	96,931		$	69,835					38.8%
Average assets under management	$	85,683		$	64,467					32.9%

10

Exhibit 5

Artisan Partners Asset Management Inc.

Assets Under Management by Investment Team and Vehicle

(unaudited; in millions)

Three Months Ended	By Investment Team																		By Vehicle
	Global Equity			U.S. Value			Growth			Global Value			Emerging Markets			Total			Artisan Funds & Artisan Global Funds			Separate Accounts			Total
September 30, 2013
Beginning assets under management	$	22,189		$	19,582		$	17,766		$	24,659		$	1,595		$	85,791		$	47,518		$	38,273		$	85,791
Gross client cash inflows	1,191			1,343			1,367			1,375			97			5,373			4,250			1,123			5,373
Gross client cash outflows	(848		)	(953		)	(808		)	(594		)	(73		)	(3,276		)	(2,329		)	(947		)	(3,276		)
Net client cash flows	343			390			559			781			24			2,097			1,921			176			2,097
Market appreciation (depreciation)	2,229			1,449			2,719			2,536			110			9,043			5,061			3,982			9,043
Transfers	—			—			—			—			—			—			(11		)	11			—
Ending assets under management	$	24,761		$	21,421		$	21,044		$	27,976		$	1,729		$	96,931		$	54,489		$	42,442		$	96,931
Average assets under management	$	23,759		$	20,671		$	19,611		$	26,664		$	1,680		$	92,385		$	51,572		$	40,813		$	92,385
June 30, 2013
Beginning assets under management	$	22,082		$	19,248		$	16,869		$	23,214		$	1,765		$	83,178		$	45,684		$	37,494		$	83,178
Gross client cash inflows	1,207			1,144			1,184			1,405			30			4,970			3,781			1,189			4,970
Gross client cash outflows	(1,175		)	(1,046		)	(790		)	(505		)	(40		)	(3,556		)	(2,429		)	(1,127		)	(3,556		)
Net client cash flows	32			98			394			900			(10		)	1,414			1,352			62			1,414
Market appreciation (depreciation)	75			236			503			545			(160		)	1,199			533			666			1,199
Transfers	—			—			—			—			—			—			(51		)	51			—
Ending assets under management	$	22,189		$	19,582		$	17,766		$	24,659		$	1,595		$	85,791		$	47,518		$	38,273		$	85,791
Average assets under management	$	22,585		$	19,334		$	17,374		$	24,324		$	1,724		$	85,341		$	47,042		$	38,299		$	85,341
September 30, 2012
Beginning assets under management	$	17,264		$	16,157		$	13,161		$	14,901		$	2,589		$	64,072		$	34,944		$	29,128		$	64,072
Gross client cash inflows	1,187			657			762			1,523			172			4,301			2,998			1,303			4,301
Gross client cash outflows	(931		)	(890		)	(577		)	(280		)	(111		)	(2,789		)	(2,035		)	(754		)	(2,789		)
Net client cash flows	256			(233		)	185			1,243			61			1,512			963			549			1,512
Market appreciation (depreciation)	1,469			491			803			1,288			200			4,251			2,153			2,098			4,251
Transfers	—			—			—			—			—			—			(331		)	331			—
Ending assets under management	$	18,989		$	16,415		$	14,149		$	17,432		$	2,850		$	69,835		$	37,729		$	32,106		$	69,835
Average assets under management	$	18,275		$	16,260		$	13,689		$	15,887		$	2,720		$	66,831		$	36,297		$	30,534		$	66,831

11

Exhibit 6

Artisan Partners Asset Management Inc.

Assets Under Management by Investment Team and Vehicle

(unaudited; in millions)

Nine Months Ended	By Investment Team																		By Vehicle
	Global Equity			U.S. Value			Growth			Global Value			Emerging Markets			Total				Artisan Funds & Artisan Global Funds			Separate Accounts			Total
September 30, 2013
Beginning assets under management	$	20,092		$	16,722		$	14,692		$	19,886		$	2,942		$	74,334			$	39,603		$	34,731		$	74,334
Gross client cash inflows	3,938			3,603			3,961			4,774			391			16,667				12,601			4,066			16,667
Gross client cash outflows	(2,930		)	(2,923		)	(2,168		)	(1,442		)	(1,507		)	(10,970		)		(6,980		)	(3,990		)	(10,970		)
Net client cash flows	1,008			680			1,793			3,332			(1,116		)	5,697				5,621			76			5,697
Market appreciation (depreciation)	3,661			4,019			4,559			4,758			(97		)	16,900				9,326			7,574			16,900
Transfers	—			—			—			—			—			—				(61		)	61			—
Ending assets under management	$	24,761		$	21,421		$	21,044		$	27,976		$	1,729		$	96,931			$	54,489		$	42,442		$	96,931
Average assets under management	$	22,550		$	19,396		$	17,725		$	24,257		$	1,755		$	85,683			$	47,308		$	38,375		$	85,683
September 30, 2012
Beginning assets under management	$	16,107		$	15,059		$	10,893		$	12,546		$	2,499		$	57,104			$	30,843		$	26,261		$	57,104
Gross client cash inflows	2,815			2,962			3,204			3,623			447			13,051				9,131			3,920			13,051
Gross client cash outflows	(3,063		)	(2,564		)	(2,016		)	(754		)	(384		)	(8,781		)		(6,086		)	(2,695		)	(8,781		)
Net client cash flows	(248		)	398			1,188			2,869			63			4,270				3,045			1,225			4,270
Market appreciation (depreciation)	3,130			958			2,068			2,017			288			8,461				4,301			4,160			8,461
Transfers	—			—			—			—			—			—				(459		)	459			—
Ending assets under management	$	18,989		$	16,415		$	14,149		$	17,432		$	2,850		$	69,835			$	37,730		$	32,105		$	69,835
Average assets under management	$	17,780		$	16,237		$	13,162		$	14,598		$	2,690		$	64,467			$	35,004		$	29,463		$	64,467

12

Exhibit 7

Artisan Partners Asset Management Inc.

Investment Strategy AUM and Gross Composite Performance ¹ 

As of September 30, 2013

(unaudited)

	Inception	Strategy AUM		Value-Added 2 (bps)
Investment Team and Strategy	Date	(in $MM)		1 YR	3 YR	5 YR	10 YR	Inception
Global Equity Team		(unaudited; in millions)
Non-U.S. Growth Strategy	1/1/1996	$	22,989	87	591	438	302	668
Non-U.S. Small-Cap Growth Strategy	1/1/2002	$	1,501	94	329	458	525	534
Global Equity Strategy	4/1/2010	$	231	915	825	N/A	N/A	758
Global Small-Cap Growth Strategy	7/1/2013	$	39	N/A	N/A	N/A	N/A	(587)
U.S. Value Team
U.S. Mid-Cap Value Strategy	4/1/1999	$	14,408	535	176	141	345	604
U.S. Small-Cap Value Strategy	6/1/1997	$	4,362	(639)	(574)	(132)	230	490
Value Equity Strategy	7/1/2005	$	2,652	(71)	(6)	92	N/A	110
Growth Team
U.S. Mid-Cap Growth Strategy	4/1/1997	$	15,882	524	396	502	257	653
U.S. Small-Cap Growth Strategy	4/1/1995	$	2,696	391	759	656	215	127
Global Opportunities Strategy	2/1/2007	$	2,429	492	837	743	N/A	704
Global Value Team
Non-U.S. Value Strategy	7/1/2002	$	15,643	839	842	816	655	743
Global Value Strategy	7/1/2007	$	12,333	1,011	856	697	N/A	680
Emerging Markets Team
Emerging Markets Strategy	7/1/2006	$	1,729	(172)	(405)	(226)	N/A	(104)
Total Assets Under Management 3		$	96,931

^{______________________________________} 

¹ We measure the results of our "composites", which represent the aggregate performance of all discretionary client accounts, including mutual funds, invested in the same strategy except those accounts with respect to which we believe client-imposed socially based restrictions may have a material impact on portfolio construction and those accounts managed in a currency other than U.S. dollars (the results of these accounts, which represented approximately 8% of our assets under management at September 30, 2013, are maintained in separate composites, which are not presented in these materials).

² Value-added is the amount in basis points by which the average annual gross composite return of each of our strategies has outperformed the broad-based market index most commonly used by our clients to compare the performance of the relevant strategy for the periods presented and since its inception date. The market indices used to compute the value added since inception date for each of our strategies are as follows: Non-U.S. Growth strategy—MSCI EAFE^® Index; Non-U.S. Small-Cap Growth strategy—MSCI EAFE^® Small Cap Index; Global Equity strategy—MSCI ACWI^® Index; Global Small-Cap Growth strategy—MSCI ACWI^® Small Cap Index; U.S. Small-Cap Value strategy—Russell 2000^® Index; U.S. Mid-Cap Value strategy—Russell Midcap^® Index; Value Equity strategy—Russell 1000^® Index; U.S. Mid-Cap Growth strategy—Russell Midcap^® Index; Global Opportunities strategy—MSCI ACWI^® Index; U.S. Small-Cap Growth strategy—Russell 2000^® Index; Non-U.S. Value strategy—MSCI EAFE^® Index; Global Value strategy—MSCI ACWI^® Index; Emerging Markets strategy—MSCI Emerging Markets Index^SM.

³ Includes an additional $37.4 million in assets managed in a portfolio not currently made available to investors other than our employees to evaluate its potential viability as

a strategy to be offered to clients.

13

EX-99.2

B U S I N E S S U P D A T E A N D T H I R D Q U A R T E R 2 0 1 3 E A R N I N G S P R E S E N T A T I O N Artisan Partners Asset Management

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 1 BUSINESS UPDATE & QUARTERLY RESULTS DISCUSSION Eric R. Colson is President and Chief Executive Officer of Artisan Partners. Prior to joining the firm in January 2005, Mr. Colson was an executive vice president of Callan Associates, Inc. where he managed the institutional consulting group, providing business and investment advice to asset management firms. Prior to managing the institutional consulting group, he managed Callan's global manager research. Mr. Colson holds a BA in Economics from the University of California-Irvine. Mr. Colson is a Chartered Financial Analyst. • 20 years of industry experience • 8 years at Artisan Partners Charles (C.J.) Daley, Jr. is a Managing Director and Chief Financial Officer of Artisan Partners. Prior to joining the firm in July 2010, Mr. Daley was senior executive vice president, chief financial officer and treasurer of the global asset management firm Legg Mason, Inc. Mr. Daley holds a BS in Accounting from the University of Maryland. He is an inactive Certified Public Accountant. • 25 years of industry experience • 3 years at Artisan Partners

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 2 FIRM FACTS  Founded in 1994; focused on providing high value-added investment strategies  Five autonomous investment teams managing thirteen investment strategies for sophisticated, institutional investors  Principal offices in Milwaukee, San Francisco, Atlanta, New York and London, with approximately 295 associates  Approximately $96.9 billion under management as of September 30, 2013 AUM by Distribution Channel1 As of September 30, 2013. 1The allocation of AUM by distribution channel involves the use of estimates and the exercise of judgment. AUM by Investment Team management team Andrew A. Ziegler Executive Chairman Eric R. Colson Chief Executive Officer Charles (C.J.) Daley, Jr. Chief Financial Officer Sarah A. Johnson Chief Legal Officer Dean J. Patenaude Head of Global Distribution

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 3 Global Equity Team Non-U.S. Growth Strategy 1/1/96 23.0$ Non-U.S. Small-Cap Growth Strategy 1/1/02 1.5$ Global Equity Strategy 4/1/10 0.2$ Global Small-Cap Growth Strategy 7/1/13 $ <0.1 U.S. Value Team U.S. Mid-Cap Value Strategy 4/1/99 14.4$ U.S. Small-Cap Value Strategy 6/1/97 4.4$ Value Equity Strategy 7/1/05 2.7$ Growth Team U.S. Mid-Cap Growth Strategy 4/1/97 15.9$ U.S. Small-Cap Growth Strategy 4/1/95 2.7$ Global Opportunities Strategy 2/1/07 2.4$ Global Value Team Non-U.S. Value Strategy 7/1/02 15.6$ Global Value Strategy 7/1/07 12.3$ Emerging Markets Team Emerging Markets Strategy 7/1/06 1.7$ LONG-TERM INVESTMENT RESULTS — Full Cycle Return Goals Note: Data as of and through September 30, 2013. ¹ Value add measures the average annual outperformance or underperformance of the gross composite return of each Artisan Partners strategy compared to its broad-based benchmark. Global Small-Cap Growth strategy performance began on July 1, 2013 and only has a three month performance track record. See Notes & Disclosures at the end of this presentation for more information about our investment performance. Process Consistency Wealth Compounding Index Outperformance Peer Outperformance U.S. Value Team Global Equity Team Growth Team Global Value Team Emerging Markets Team (1.04%) 6.80% 7.43% 7.04% 1.27% 6.53% 1.10% 4.90% 6.04% (5.87%) 7.58% 5.34% 6.68% Average Annual Value Added Since Inception1AUM (in billions)Strategy Inception

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 4 INVESTMENT PERFORMANCE — Outperformance and Rankings Sources: Artisan Partners/Lipper Inc/Morningstar. % of AUM in Outperforming Strategies at December 31 of each year except as indicated. % of AUM in Outperforming Strategies represents the % of AUM in strategies where gross composite performance has outperformed its benchmark for the average annual periods indicated above and since inception. % of AUM in Outperforming Strategies for each period includes only assets under management in all strategies in operation throughout the period. Lipper rankings and Morningstar Ratings are as of September 30, 2013. Lipper rankings are based on total return, are historical, and do not represent future results. Morningstar ratings are based on risk-adjusted return. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. See Notes & Disclosures at the end of this presentation for more information about our investment performance. % of AUM in Outperforming Strategies 40% 97% 99% 100% 100%96% 96% 95% 100% 96% 74% 76% 96% 100% 96% 91% 91% 94% 100% 98% 0% 20% 40% 60% 80% 100% 1 Year 3 Year 5 Year 10 Year Inception 2010 2011 2012 9/30/2013 % of AUM by Overall Lipper Ranking % of AUM by Overall Morningstar RatingTM

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 5 BUSINESS PHILOSOPHY & APPROACH Thoughtful Growth Active Strategies Autonomous Franchises Proven Results Designed for Investment Talent to Thrive Managed by Business Professionals Structured to Align Interests Active Talent Identification Entrepreneurial Commitment Focus on Long-Term Global Demand Since its founding, Artisan has built its business based upon a consistent philosophy and business model. Talent Driven Business Model High Value Added Investment Firm

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 6 BUSINESS STRATEGY We believe that if we are THOUGHTFUL about hiring and developing the right talent, protecting the alpha potential of our investment teams and managing our business with discipline and a commitment to our clients, GROWTH will follow naturally.

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 7 Talent Focus BUSINESS STRATEGY Management Guideposts Strong Long-Term Investment Results Asset Diversification Financial Discipline Team Development Alpha Protection Discipline & Clients First Growth Strategy

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 8 TEAM DEVELOPMENT — Sourcing Talent Characteristics Business Model Fit Institutional Viability Cultural Fit  Think Differently  Analyst First Then Portfolio Manager  Strong Philosophical Belief  High Value-Added Strategy  Talent Focused  Economic Model  Investment Policy  Asset Allocation  Portfolio Structure External Team Focus Internal Team Focus

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 9 TEAM DEVELOPMENT — Multi-Generational Franchises  1 Portfolio Manager  4 Portfolio Managers  9 Analysts  8 Research Associates  1 Portfolio Manager  1 Analyst  4 Portfolio Managers  1 Associate Portfolio Manager  5 Analysts  3 Research Associates  1 Portfolio Manager  1 Analyst  4 Portfolio Managers  1 Analyst  1 Research Associate  1 Portfolio Manager  1 Analyst  2 Portfolio Managers  5 Analysts  1 Research Associate  1 Portfolio Manager  3 Analysts  1 Portfolio Manager  4 Analysts  1 Research Associate Global Equity Growth U.S Value Global Value Emerging Markets Natural Succession Planning Broad Decision-Making Capability Team Inception Today Distinct Investment Culture

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 10 ALPHA PROTECTION — Capacity Management Strategy Capacity Management Life Cycle Inception  Protect Portfolio Management Time  Prioritize Alpha  Cautious Early Marketing  Protect Portfolio Management Time  Prioritize Alpha  Preserve Portfolio Flexibility  Slow Asset Growth Emerging Markets Global Opportunities Global Value Global Small-Cap Growth Value Equity Non-U.S. Growth Global Equity U.S Mid-Cap Growth U.S Small-Cap Growth Non-U.S. Small-Cap Growth Non-U.S. Value U.S. Mid-Cap Value U.S. Small-Cap Value Early Adoption Leveraged Growth Asset Diversification Cash Flow Maintenance

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 11 BUSINESS DISCIPLINE — Team Asset Diversification 0% 20% 40% 60% 80% 100% Growth Global Equity U.S. Value Global Value Emerging Markets Institutional Defined Contribution Broker Dealer Financial Advisor Retail Channel Diversification by Team  Balanced Distribution Mix Minimized Concentration Risk  High Value-Added Fee Support

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 12 BUSINESS DISCIPLINE — Firm Asset Diversification Channel Diversificiation1 As of September 30, 2013. 1The allocation of AUM by distribution channel involves the use of estimates and the exercise of judgment. Team Diversification Client Diversification Expanding Geographic Diversification % of Non-U.S. AUM Relationship Type % AUM of Largest Relationship Client 5% Consulting Firm <6% 401(k) Platform <6% Broker Dealer <4% Financial Advisor <1% 2% 11% 12/31/2009 9/30/2013

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 13 0 10,000,000,000 20,000,000,000 30,000,000,000 40,000,000,000 50,000,000,000 60,000,000,000 70,000,000,000 80,000,000,000 90,000,000,000 100,000,000,000 6 / 3 0 / 1 9 9 5 6 / 3 0 / 1 9 9 6 6 / 3 0 / 1 9 9 7 6 / 3 0 / 1 9 9 8 6 / 3 0 / 1 9 9 9 6 / 3 0 / 2 0 0 0 6 / 3 0 / 2 0 0 1 6 / 3 0 / 2 0 0 2 6 / 3 0 / 2 0 0 3 6 / 3 0 / 2 0 0 4 6 / 3 0 / 2 0 0 5 6 / 3 0 / 2 0 0 6 6 / 3 0 / 2 0 0 7 6 / 3 0 / 2 0 0 8 6 / 3 0 / 2 0 0 9 6 / 3 0 / 2 0 1 0 6 / 3 0 / 2 0 1 1 6 / 3 0 / 2 0 1 2 6 / 3 0 / 2 0 1 3 C u m u l a t i v e P e r f o r m a n c e / A s s e t s Time BUSINESS DISCIPLINE — Growth Expectations / 1 9 9 5 / 1 9 9 6 / 1 9 9 7 / 1 9 9 8 / 1 9 9 9 / 2 0 0 0 / 2 0 0 1 / 2 0 0 2 / 2 0 0 3 / 2 0 0 4 / 2 0 0 5 / 2 0 0 6 / 2 0 0 7 / 2 0 0 8 / 2 0 0 9 / 2 0 1 0 / 2 0 1 1 / 2 0 1 2 / 2 0 1 3 A s s e t s Time Reality ,000,000 ,000,000 ,000,000 ,000,000 ,000,000 ,000,000 ,000,000 ,000,000 ,000,000 C u m u l a t i v e P e r f o r m a n c e / A s s e t s We view ourselves as a thoughtful growth firm, but we do not expect a linear outcome. We are long-term focused and we value alpha more than growth over short periods. Market Expectation

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 14  AUM increased 13% to $96.9 billion, the highest quarter-end level in the firm’s history  Average AUM increased 8% to $92.4 billion  Net flows of $2.1 billion resulted in 9.7% annualized organic growth  Revenues increased 10% to $178.0 million  Operating margin of 30.0%  Net income per basic share of $0.42  Net income per diluted share of $0.35  Adjusted operating margin of 43.3%  Adjusted net income per adjusted share of $0.67  Dividend of $0.43 per share of Class A common stock – Declaration Date: October 22nd – Record Date: November 11th – Payable Date: November 26th Assets Under Management Net Client Cash Flows Operating Results Capital Management SUMMARY OF THIRD QUARTER 2013 RESULTS

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 15 ASSETS UNDER MANAGEMENT & NET CLIENT CASH FLOWS (in billions) Net Client Cash Flows $69.8 $74.3 $83.2 $85.8 $96.9 $66.8 $71.3 $79.2 $85.3 $92.4 3Q12 4Q12 1Q13 2Q13 3Q13 Assets Under Management Ending Assets Under Management Average Assets Under Management $1.5 $1.5 $2.2 $1.4 $2.1 3Q12 4Q12 1Q13 2Q13 3Q13 Quarter Net Client Cash Flows $4.3 $5.7 YTD 3Q12 YTD 3Q13 Year To Date Net Client Cash Flows

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 16 $1.0 $0.6 $1.6 $1.0 $1.8 $0.5 $0.9 $0.6 $0.4 $0.3 3Q12 4Q12 1Q13 2Q13 3Q13 Quarter U.S. Non-U.S. 10% 11% 11% 11% 11% $6.7 $7.9 $9.2 $9.8 $10.9 3Q12 4Q12 1Q13 2Q13 3Q13 Non-U.S. Client AUM Non-U.S. Cl ient AUM as a % of Fi rmwide AUM Non-U.S. Cl ient AUM GLOBAL DISTRIBUTION (in billions) U.S. vs. Non-U.S. Client Net Flows $3.3 $4.4 $1.0 $1.3 YTD 3Q12 YTD 3Q13 Year To Date U.S. Non-U.S.

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 17 FINANCIAL RESULTS — Financial Highlights Average Total AUM (in billions) Revenues (in millions) Quarter Year To Date $66.8 $85.3 $92.4 3Q12 2Q13 3Q13 $64.5 $85.7 YTD 3Q12 YTD 3Q13 $128.0 $162.0 $178.0 3Q12 2Q13 3Q13 $368.5 $488.2 YTD 3Q12 YTD 3Q13

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 18 YTD 3Q13 38.9% 44.6% 43.3% 3Q12 2Q13 3Q13 FINANCIAL RESULTS — Financial Highlights Adjusted Operating Margin1 Adjusted Net Income (in millions) & Adjusted Net Income per Share1 Quarter Year To Date 40.0% 41.8% YTD 3Q12 YTD 3Q13 1 Operating Margin (GAAP) for the quarters ended September 30, 2012, June 30, 2013, and September 30, 2013 was (29.8)%, 29.8%, and 30.0%, respectively, and for the nine months ended September 30, 2012 and September 30, 2013 was 2.1% and (65.5%), respectively. Net Income attributable to APAM for the quarters ended June 30, 2013 and September 30, 2013 was $5.7M and $6.0M, respectively, and for the nine months ended September 30, 2013 was $14.7M. Net Income per basic share for the quarters ended June 30, 2013 and September 30, 2013 was $0.38 and $0.42, respectively, and for the nine months ended September 30, 2013 was $0.97. Net Income per diluted share for the quarters ended June 30, 2013 and September 30, 2013 was $0.38 and $0.35, respectively, and for the nine months ended September 30, 2013 was $0.90. See page 22 for a reconciliation of GAAP to Non-GAAP (“Adjusted”) Measures Adjusted Net Income per Adjusted ShareAdjusted Net Income Adjusted Net Income per Adjusted ShareAdjusted Net Income 3Q12 2Q13 3Q13 $29.1 $44.5 $0.64 $47.6 $0.67 YTD 2Q13 $88.4 $125.3 $1.77

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 19  Salary & Incentives includes incentive compensation, which increased in the September 2013 quarter due to higher revenues.  The equity based compensation expense of $3.4 million in the September 2013 quarter is the result of the pro-rata amortization of the equity grant made in July 2013.  The pre-IPO retention award amortization for investment teams, which is included in cash retention award and severance in each of the quarters presented, ends in the December 2013 quarter. FINANCIAL RESULTS — Compensation & Benefits (in millions) September 2013 % of Rev. June 2013 % of Rev. September 2012 % of Rev. Salary & Incentives 68.3$ 38.4% 63.1$ 39.0% 51.1$ 39.9% Benefits & Payroll taxes 4.0 2.2% 3.9 2.4% 2.4 1.8% Equity Based Compensation Expense 3.4 1.9% - 0.0% - 0.0% Subtotal Compensation and Benefits 75.7 42.6% 67.0 41.4% 53.5 41.8% Pre-offering related compensation 23.4 13.2% 23.9 14.8% 88.0 68.8% Cash retention award and severance 3.7 2.1% 2.2 1.4% 2.9 2.3% Total Compensation and Benefits 102.9$ 57.8% 93.1$ 57.5% 144.4$ 112.8% For the Three Months Ended

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 20 FINANCIAL RESULTS — Capital Management ¹ Calculated in accordance with debt agreements. $141.2 $275.9 4Q12 3Q13 Cash (in millions) $290.0 $200.0 4Q12 3Q13 Borrowings (in millions) 1.4x 0.7x 4Q12 3Q13 Leverage Ratio1 $(672.7) $95.9 4Q12 3Q13 Equity (in millions)

APPENDIX

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 22 RECONCILIATION OF GAAP TO NON-GAAP (“ADJUSTED”) MEASURES (in millions) September 30, June 30, September 30, September 30, September 30, 2013 2013 2012 2013 2012 Net income attributable to Artisan Partners Asset Management Inc. (GAAP) $6.0 $5.7 $— $14.7 $— Add back: Net income (loss) attributable to noncontrolling interests - Artisan Partners Holdings LP 44.6 42.4 (42.9) (320.1) (2.9) Add back: Provision for income taxes 6.8 5.9 0.2 17.1 0.8 Add back: Pre-offering related compensation - share-based awards 23.4 23.9 56.0 380.5 85.9 Add back: Pre-offering related compensation - other — — 32.0 143.0 53.9 Add back: Offering related proxy expense 0.3 — — 0.3 — Less: Net gain on the valuation of contingent value rights 6.9 8.6 — 40.3 — Adjusted provision for income taxes 26.6 24.8 16.2 69.9 49.3 Adjusted net income (Non-GAAP) $47.6 $44.5 $29.1 $125.3 $88.4 Average shares outstanding Class A common shares 12.7 12.7 — 12.7 — Assumed vesting, conversion or exchange of: Unvested restricted shares 1.3 — — 0.6 — Convertible preferred shares outstanding 2.6 2.6 — 2.6 — Artisan Partners Holdings LP units outstanding (non-controlling interest) 54.6 54.7 — 54.7 — Adjusted shares 71.2 70.0 N/A 70.6 N/A Adjusted net income per adjusted share (Non-GAAP) $0.67 $0.64 N/A $1.77 N/A Operating income (loss) (GAAP) $53.4 $48.3 ($38.2) ($319.6) $7.7 Add back: Pre-offering related compensation - share-based awards 23.4 23.9 56.0 380.5 85.9 Add back: Pre-offering related compensation - other — — 32.0 143.0 53.9 Add back: Offering related proxy expense 0.3 — — 0.3 — Adjusted operating income (Non-GAAP) $77.1 $72.2 $49.8 $204.2 $147.5 Adjusted operating margin (Non-GAAP) 43.3% 44.6% 38.9% 41.8% 40.0% For the Three Months Ended For the Nine Months Ended

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 23 LONG-TERM INVESTMENT RESULTS Source: Artisan Partners/MSCI/Russell. Average Annual Total Returns (Gross) represents gross of fees performance for the Artisan Composites. Value add measures the average annual outperformance or underperformance of the gross composite return of each Artisan Partners strategy compared to its broad-based benchmark. See Notes & Disclosures at the end of this presentation for more information about our investment performance. Average Annual Value-Added As of September 30, 2013 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr Inception Since Inception (bp) Global Equity Team Artisan Non-U.S. Growth (Inception: 1-Jan-96) 24.65% 14.38% 10.73% 6.32% 11.02% 11.69% 668 MSCI EAFE Index 23.77% 8.46% 6.35% 2.40% 8.00% 5.01% Artisan Non-U.S. Small-Cap Growth (Inception: 1-Jan-02) 30.37% 14.53% 16.00% 9.61% 15.53% 16.51% 534 MSCI EAFE Small Cap Index 29.43% 11.24% 11.42% 4.10% 10.28% 11.17% Artisan Global Equity (Inception 1-Apr-10) 26.88% 18.46% --- --- --- 16.41% 758 MSCI All Country World Index 17.73% 10.20% --- --- --- 8.83% Artisan Global Small-Cap Growth (Inception 1-Jul-13) --- --- --- --- --- 4.87% -587 MSCI All Country World Small Cap Index --- --- --- --- --- 10.74% U.S. Value Team Artisan U.S. Mid-Cap Value (Inception: 1-Apr-99) 33.26% 19.27% 14.38% 10.90% 14.21% 15.01% 604 Russell Midcap ® Index 27.91% 17.51% 12.97% 7.73% 10.77% 8.97% Artisan U.S. Small-Cap Value (Inception: 1-Jun-97) 23.67% 12.53% 9.83% 7.52% 11.93% 12.85% 490 Russell 2000 ® Index 30.06% 18.27% 11.15% 7.22% 9.63% 7.95% Artisan Value Equity (Inception: 1-Jul-05) 20.19% 16.56% 11.44% 7.08% --- 7.90% 110 Russell 1000 ® Index 20.91% 16.62% 10.52% 5.98% --- 6.80% Growth Team Artisan U.S. Mid-Cap Growth (Inception: 1-Apr-97) 33.15% 21.47% 17.98% 13.01% 13.34% 16.71% 653 Russell Midcap ® Index 27.91% 17.51% 12.97% 7.73% 10.77% 10.18% Artisan U.S. Small-Cap Growth (Inception: 1-Apr-95) 33.97% 25.86% 17.71% 10.17% 11.78% 10.67% 127 Russell 2000 ® Index 30.06% 18.27% 11.15% 7.22% 9.63% 9.40% Artisan Global Opportunities (Inception: 1-Feb-07) 22.65% 18.57% 15.14% --- --- 9.73% 704 MSCI All Country World Index 17.73% 10.20% 7.71% --- --- 2.69% Global Value Team Artisan Non-U.S. Value (Inception: 1-Jul-02) 32.17% 16.88% 14.51% 9.16% 14.55% 14.62% 743 MSCI EAFE Index 23.77% 8.46% 6.35% 2.40% 8.00% 7.19% Artisan Global Value (Inception: 1-Jul-07) 27.84% 18.76% 14.68% --- --- 8.29% 680 MSCI All Country World Index 17.73% 10.20% 7.71% --- --- 1.49% Emerging Markets Team Artisan Emerging Markets (Inception: 1-Jul-06) -0.74% -4.38% 4.96% 4.69% --- 5.37% -104 MSCI Emerging Markets Index 0.98% -0.33% 7.22% 5.93% --- 6.42% Average Annual Total Returns (Gross)

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 24 NOTES & DISCLOSURES Forward-Looking Statements Certain information in this presentation, and other written or oral statements made by or on behalf of Artisan Partners, are “forward-looking statements” within the meaning of the federal securities laws. Statements regarding future events and developments and the company’s future performance, as well as management’s current expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. These forward-looking statements are only predictions based on current expectations and projections about future events. These forward-looking statements are subject to a number of risks and uncertainties, and there are important factors that could cause actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Among the important factors that could cause actual results, level of activity, performance or achievements to differ materially from those indicated by such forward-looking statements are: fluctuations in quarterly and annual results, incurrence of net losses, adverse effects of management focusing on implementation of a growth strategy, failure to develop and maintain the Artisan Partners brand and other factors disclosed in the company’s filings with the Securities and Exchange Commission, including those factors listed under the caption entitled “Risk Factors” in the company’s registration statement on Form S-1 (File No. 333-184686). The company undertakes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this presentation. Investment Performance We measure the results of our “composites”, which represent the aggregate performance of all discretionary client accounts, including mutual funds, invested in the same strategy except those accounts with respect to which we believe client-imposed socially based restrictions may have a material impact on portfolio construction and those accounts managed in a currency other than U.S. dollars (the results of these accounts, which represented approximately 8% of our assets under management at September 30, 2013, are maintained in separate composites, which are not presented in these materials). Results for any investment strategy described herein, and for different investment products within a strategy, are affected by numerous factors, including different material market or economic conditions; different investment management fee rates, brokerage commissions and other expenses; and the reinvestment of dividends or other earnings. The returns for any strategy may be positive or negative, and past performance does not guarantee future results. In these materials, we present “Value-Added”, which is the amount in basis points by which the average annual gross composite return of each of our strategies has outperformed or underperformed the market index most commonly used by our clients to compare the performance of the relevant strategy. The market indices used to compute the value added for each of our strategies are as follows: Non-U.S. Growth Strategy—MSCI EAFE® Index; Non-U.S. Small-Cap Growth Strategy—MSCI EAFE® Small Cap Index; Global Equity Strategy—MSCI ACWI® Index; U.S. Mid-Cap Value Strategy—Russell Midcap® Index; U.S. Small-Cap Value Strategy—Russell 2000® Index; Value Equity Strategy—Russell 1000® Index; U.S. Mid-Cap Growth Strategy— Russell Midcap® Index; U.S. Small-Cap Strategy—Russell 2000® Index; Global Opportunities Strategy—MSCI ACWI® Index; Non-U.S. Value Strategy—MSCI EAFE® Index; Global Value Strategy— MSCI ACWI® Index; Emerging Markets Strategy—MSCI Emerging Markets IndexSM. In this document, we present information based on Morningstar, Inc., or Morningstar, ratings for series of Artisan Partners Funds, Inc. (“Artisan Funds”). The Morningstar ratings refer to the ratings by Morningstar of the share class of the respective series of Artisan Funds with the earliest inception date and are based on a 5-star scale. Morningstar data © 2012 Morningstar, Inc.; all rights reserved. Morningstar data contained herein (1) is proprietary to Morningstar and/or its content providers, (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ which is based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, including the effects of sales charges, loads, and redemption fees, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star.

a r t i s a n p a r t n e r s a s s e t m a n a g e m e n t 25 NOTES & DISCLOSURES Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Overall Morningstar RatingTM for a fund is derived from a weighted average of the performance figures associated with its three-year, five-year, and ten-year (if applicable) Morningstar Ratings metrics. The Artisan Funds, the ratings of which form the basis for the information reflected in the table on page 7, and the categories in which they are rated are: Artisan International Fund—Foreign Large Blend Funds Category; Artisan International Small Cap Fund—Foreign Small/Mid Growth Funds Category; Artisan Global Equity Fund—World Stock; Artisan Small Cap Value Fund—Small Value Funds Category; Artisan Mid Cap Value Fund—Mid- Cap Value Funds Category; Artisan Value Equity Fund—Large Value Funds Category; Artisan Mid Cap Fund—Mid-Cap Growth Funds Category; Artisan Global Opportunities Fund—World Stock; Artisan Small Cap Fund—Small Growth Funds Category; Artisan International Value Fund—Foreign Small/Mid Funds Category; Artisan Global Value Fund—World Stock; Artisan Emerging Markets Fund— Diversified Emerging Markets Funds Category. Morningstar ratings are initially given on a fund’s three year track record and change monthly. We also present information based on Lipper rankings for series of Artisan Funds. Lipper rankings are based on total return, are historical and do not represent future results. The number of funds in a category may include multiple share classes of the same fund, which may have a material impact on a fund’s ranking within a category. Lipper, a Thomson Reuters company, is the owner of all trademarks and copyrights relating to Lipper rankings. Financial Information Throughout these materials, we present historical information about our assets under management and our average assets under management for certain periods. We use our information management systems to track our assets under management and we believe the information in these materials regarding our assets under management is accurate in all material respects. We also present information regarding the amount of our assets under management sourced through particular distribution channels. The allocation of assets under management sourced through particular distribution channels involves estimates and the exercise of judgment. We have presented the information on our assets under management sourced by distribution channel in the way in which we prepare and use that information in the management of our business. Data sourced by distribution channel on our assets under management are not subject to our internal controls over financial reporting. Rounding Any discrepancies included in these materials between totals and the sums of the amounts listed are due to rounding. Trademark Notice The MSCI EAFE® Index, the MSCI EAFE® Growth Index, the MSCI EAFE® Small Cap Index, the MSCI EAFE® Value Index, the MSCI ACWI® Index and the MSCI Emerging Markets IndexSM are trademarks of MSCI Inc. MSCI Inc. is the owner of all copyrights relating to these indices and is the source of the performance statistics of these indices that are referred to in these materials. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.mscibarra.com) The Russell 2000® Index, the Russell 2000® Value Index, the Russell Midcap® Index, the Russell Midcap® Value Index, the Russell 1000® Index, the Russell 1000® Value Index, the Russell Midcap® Growth Index, the Russell 1000® Growth Index and the Russell 2000® Growth Index are trademarks of Russell Investment Group. Russell Investment Group is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. The presentation may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a presentation of Artisan Partners. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in Artisan Partners' presentation thereof. None of the information in these materials constitutes either an offer or a solicitation to buy or sell any fund securities, nor is any such information a recommendation for any fund security or investment service. Copyright 2013 Artisan Partners. All rights reserved. This presentation may not be reproduced in whole or in part without Artisan Partners’ permission.