AFG Holdings, Inc. Announces Commencement of Initial Public Offering

HOUSTON, TEXAS, July 9, 2018 — AFG Holdings, Inc. (NYSE: AFGL) (“AFG” or “AFGlobal”)announced today that it has commenced an initial public offering of 18,200,000 shares of itscommon stock at an anticipated initial offering price between $15.00 and $18.00 per share pursuantto a registration statement on Form S-1 (the “Registration Statement”) filed with the U.S. Securitiesand Exchange Commission (the “SEC”). Of the 18,200,000 shares of AFG’s common stock beingsold in the offering, AFG is offering 5,600,000 shares and the selling stockholders named in theRegistration Statement (the “Selling Stockholders”) are offering 12,600,000 shares. In connectionwith the offering, the Selling Stockholders intend to grant the underwriters a 30-day option topurchase up to an additional 2,730,000 shares of common stock. The shares have been authorizedfor listing on the New York Stock Exchange under the ticker symbol “AFGL,” subject to official noticeof issuance.

AFG expects to use the net proceeds from the offering to repay in full and terminate its term loanand the remaining net proceeds for general corporate purposes.

Goldman Sachs & Co. LLC, Credit Suisse Securities (USA) LLC and Piper Jaffray & Co. are actingas joint book-running managers and as representatives of the underwriters for the offering.Barclays, Evercore ISI, UBS Investment Bank and Wells Fargo Securities are also acting as jointbook-running managers for the offering. The offering of these securities will be made only by meansof a prospectus that meets the requirements of Section 10 of the Securities Act of 1933. A copy ofthe preliminary prospectus may be obtained from:

Goldman Sachs & Co. LLC
Attention: Prospectus Department
200 West StreetNew York, NY 10282
Telephone: 1 (866) 471-2526

Credit Suisse Securities (USA) LLC
Attention: Prospectus Department
Eleven Madison Avenue, Level 1B
New York, NY 10010
Telephone: 1 (800) 221-1037

Piper Jaffray & Co.
Attention: Prospectus Department
800 Nicollet Mall, J12S03
Minneapolis, MN 55402
Telephone: 1 (800) 503-4611