News Release - 2/23/2023

Victory Capital to Expand Direct Investor Business With the Addition ofBrokerage Capabilities
SAN ANTONIO--(BUSINESS WIRE)-- Victory Capital Holdings, Inc. (NASDAQ: VCTR) (“Victory Capital” or the“Company”) today announced plans to expand its Direct Investor Business in the early part of the second quarter of 2023
to include brokerage capabilities.
“We have a very loyal direct investor base with a long average tenure investing in our products,” said David Brown,
Chairman and Chief Executive Officer of Victory Capital. “We’re expanding our capabilities to offer our investors morechoice and flexibility.”“In the future, investors will be able to leverage our open architecture brokerage option to invest in mutual funds andETFs from Victory Capital along with individual stocks and third-party mutual funds and ETFs,” Mr. Brown added. “Wealso plan to introduce a digital investing platform, which will give investors the option to build model portfolios that wecreate and manage for them based on their individual goals. Of course, individuals can also continue to invest directly inthe Victory Funds and our 529 education savings plan.”Concurrent with the launch of its brokerage arm, Victory Capital intends to introduce new branding for the Direct Investor
Business as a whole that highlights the expanded capabilities and inspires investors to get started on their journey tofinancial wellness.
As part of the broader rebranding strategy, the USAA® Mutual Funds Trust will be renamed “Victory Portfolios III,” and thefunds in the Trust will be rebranded as “Victory Funds.” There will be no changes to the funds’ investment objectives, theinvestment teams that manage the funds or their respective investment processes as a result of the change in the productbranding strategy, and there is no action required on the part of current investors.
Finally, Victory Capital’s USAA Investments Franchise, which manages the USAA-branded fixed income funds, will berenamed “Victory Income Investors.” The new Franchise name will become effective concurrent with the renaming of thefunds that they manage. There will be no changes to the team or its investment process.
About Victory Capital
Victory Capital is a diversified global asset management firm with $161.4 billion in assets under management as ofJanuary 31, 2023. It was ranked No. 55 on the Fortune 100 Fastest-Growing Companies list for 2022 and is one of only
24 companies to make the list for the second consecutive year. The Company operates a next-generation businessmodel combining boutique investment qualities with the benefits of a fully integrated, centralized operating anddistribution platform.

Victory Capital provides specialized investment strategies to institutions, intermediaries, retirement platforms andindividual investors. With 12 autonomous Investment Franchises and a Solutions Platform, Victory Capital offers a widearray of investment products, including mutual funds, ETFs, separately managed accounts, alternative investments, thirdparty ETF model strategies, collective investment trusts, private funds, and a 529 Education Savings Plan.
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FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation ReformAct of 1995. These statements may include, without limitation, any statements preceded by, followed by or includingwords such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “assume,” “budget,” “continue,” “estimate,”“future,” “objective,” “outlook,” “plan,” “potential,” “predict,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could”
and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known
and unknown risks, uncertainties and other important factors beyond Victory Capital’s control such as the conflict inUkraine and the COVID-19 pandemic and its effect on our business, operations and financial results going forward, asdiscussed in Victory Capital’s filings with the SEC, that could cause Victory Capital’s actual results, performance orachievements to be materially different from the expected results, performance or achievements expressed or implied bysuch forward-looking statements.
Victory Capital means Victory Capital Management Inc., the investment adviser of the Victory Capital mutual funds and
USAA Mutual Funds. Victory Capital mutual funds and USAA Mutual Funds are distributed by Victory Capital Services,Inc. (VCS), member FINRA, an affiliate of Victory Capital. Victory Capital and its affiliates are not affiliated with UnitedServices Automobile Association or its affiliates. USAA and the USAA logos are registered trademarks and the USAA
Mutual Funds and USAA Investments logos are trademarks of United Services Automobile Association and are being
used by Victory Capital and its affiliates under license.
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and is used under license. Fortune and Fortune Media IP Limited are not affiliated with, and do not endorse products orservices of, Victory Capital Holdings, Inc.
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the three-year period ended April 30, 2022.
Investors:Matthew Dennis, CFA
Chief of Staff
Director, Investor Relations
216-898-2412
mdennis@vcm.com
Media:
Jessica Davila
Director of Global Communications

210-694-9693
Jessica_davila@vcm.com
Source: Victory Capital Holdings, Inc.