Exhibit 99.1

Federated Hermes, Inc. reports third quarter 2023 earnings

•Q3 2023 earnings per diluted share of $0.86

•Total assets under management reach a record high of $715.2 billion

•Money market assets reach a record $525.1 billion

•Board declares $0.28 per share dividend; authorizes new share repurchase program

(PITTSBURGH, Pa., Oct. 26, 2023) — Federated Hermes, Inc. (NYSE: FHI), a global leader in active, responsible investing, today reported earnings per diluted share (EPS) of $0.86 for Q3 2023, compared to $0.78 for the same quarter last year, on net income of $75.0 million for Q3 2023, compared to $69.5 million for Q3 2022. Federated Hermes reported YTD 2023 EPS of $2.44, compared to $2.02 for the same period in 2022, on YTD 2023 net income of $216.8 million, compared to $183.0 million for the same period in 2022.

Federated Hermes' total managed assets were a record $715.2 billion at Sept. 30, 2023, up $90.8 billion or 15% from $624.4 billion at Sept. 30, 2022 and up $11.2 billion or 2% from $704.0 billion at June 30, 2023. Total average managed assets for Q3 2023 were $711.2 billion, up $79.4 billion or 13% from $631.8 billion reported for Q3 2022 and up $5.9 billion or 1% from $705.3 billion for Q2 2023.

"Record assets under management at the end of the third quarter were again driven by money market asset increases, particularly investor demand for our prime money market offerings in the current interest rate environment, where general market volatility made the improved yields of our cash offerings an appealing haven for investors," said J. Christopher Donahue, president and chief executive officer. "Net sales of fixed-income products were led by multi-sector fixed-income separate accounts and net sales of our flagship core-plus offering, Federated Hermes Total Return Bond Fund. In equities, we saw demand for Federated Hermes' international equity products and our MDT strategies, which take a quantitative approach to stock selection with proprietary research and technology."

Federated Hermes' board of directors declared a dividend of $0.28 per share. The dividend is payable on Nov. 15, 2023 to shareholders of record as of Nov. 8, 2023. During Q3 2023, Federated Hermes purchased 2,046,790 shares of Federated Hermes class B common stock for $68.9 million. The board of directors also authorized an additional share repurchase program, which is the firm's 16th, allowing the buyback of up to an additional 5 million shares of Federated Hermes class B common stock in the open market with no expiration date. The repurchased stock is to be held in treasury for employee share-based compensation plans, potential acquisitions and other corporate activities. The company's existing 5 million share repurchase program, approved in June 2022, has approximately 1.4 million shares remaining.

Equity assets were $77.3 billion at Sept. 30, 2023, up $2.6 billion or 4% from $74.7 billion at Sept. 30, 2022 and down $5.7 billion or 7% from $83.0 billion at June 30, 2023. Top-selling equity funds during Q3 2023 on a net basis were Federated Hermes MDT Large Cap Growth Fund, Federated Hermes International Leaders Fund, Federated Hermes U.S. SMID Equity Fund, Federated Hermes International Small-Mid Company Fund and Federated Hermes MDT All Cap Core Fund.

Fixed-income assets were $89.8 billion at Sept. 30, 2023, up $4.4 billion or 5% from $85.4 billion at Sept. 30, 2022 and up $2.4 billion or 3% from $87.4 billion at June 30, 2023. Top-selling fixed-income funds during Q3 2023 on a net basis were Federated

MEDIA:	MEDIA:	ANALYSTS:
Ed Costello 412-288-7538	Meghan McAndrew 412-288-8103	Ray Hanley 412-288-1920

Federated Hermes reports Q3 2023 earnings Page 2 of 13

Hermes Total Return Bond Fund, Federated Hermes Intermediate Corporate Bond Fund, Federated Hermes Sterling Cash Plus Fund, Federated Hermes Total Return Bond Collective Investment Fund and Federated Hermes SDG Engagement High Yield Credit Fund.

Alternative/private markets assets were $20.3 billion at Sept. 30, 2023, up $0.1 billion or less than 1% from $20.2 billion at Sept. 30, 2022 and down $1.3 billion or 6% from $21.6 billion at June 30, 2023.

Money market assets were a record $525.1 billion at Sept. 30, 2023, up $83.8 billion or 19% from $441.3 billion at Sept. 30, 2022 and up $16.1 billion or 3% from $509.0 billion at June 30, 2023. Money market fund assets were a record $384.9 billion at Sept. 30, 2023, up $75.0 billion or 24% from $309.9 billion at Sept. 30, 2022 and up $20.9 billion or 6% from $364.0 billion at June 30, 2023.

Financial Summary

Q3 2023 vs. Q3 2022

Revenue increased $21.5 million or 6% primarily due to an increase in revenue from money market assets and an increase in carried interest and performance fees of $10.8 million, including $7.5 million of carried interest from consolidated carried interest vehicles and is offset in compensation expense. These increases were partially offset by a decrease in revenue related to changes in the mix of average equity and fixed-income assets.

During Q3 2023, Federated Hermes derived 53% of its revenue from long-term assets (31% from equity, 12% from fixed-income, and 10% from alternative/private markets and multi-asset), 46% from money market assets, and 1% from sources other than managed assets.

Operating expenses increased $16.9 million or 6% primarily due to increased compensation expenses resulting from consolidated carried interest vehicles of $7.6 million.

Nonoperating income (expenses), net increased $7.1 million primarily due to an increase in investment yields due to rising interest rates and a larger decrease in the market value of investments in Q3 2022 compared to the decrease in Q3 2023.

Q3 2023 vs. Q2 2023

Revenue decreased $30.6 million or 7% primarily due to a decrease in carried interest and performance fees of $24.5 million, including $15.5 million of carried interest from consolidated carried interest vehicles and is offset in compensation expense. Revenue from money market assets decreased by $9.0 million, offset by an $8.2 million decrease in related distribution expense due to changes in asset levels, asset mix and product structures. These decreases were partially offset by an increase in revenue due to one additional day in Q3 2023.

Operating expenses decreased $33.6 million or 10% primarily due to decreased compensation expenses resulting from consolidated carried interest vehicles of $15.9 million and the decrease in distribution expense from money market assets mentioned above.

Nonoperating income (expenses), net decreased $2.6 million primarily due to a decrease in the market value of investments in Q3 2023 compared to Q2 2023.

YTD 2023 vs. YTD 2022

Revenue increased $146.2 million or 14% primarily due to the elimination of voluntary fee waivers related to certain money market funds in order for those funds to maintain positive or zero net yields (voluntary yield-related fee waivers), an increase in

Federated Hermes reports Q3 2023 earnings Page 3 of 13

revenue from money market assets and an increase in carried interest and performance fees of $49.0 million, including $31.9 million of carried interest from consolidated carried interest vehicles and is offset in compensation expense. For further information on the waivers, see “Impact of voluntary yield-related fee waivers” below. These increases were partially offset by a decrease in revenue due to lower average long-term assets.

For the first nine months of 2023, Federated Hermes derived 53% of its revenue from long-term assets (30% from equity, 12% from fixed-income and 11% from alternative/private markets and multi-asset), 46% from money market assets, and 1% from sources other than managed assets.

Operating expenses increased $134.2 million or 17% primarily due to an increase in distribution expense mainly due to the elimination of voluntary yield-related fee waivers, increased compensation expenses resulting from consolidated carried interest vehicles of $32.8 million, and an increase in professional service fees.

Nonoperating income (expenses), net increased $51.0 million primarily due to an increase in the market value of investments in the first nine months of 2023 compared to a decrease in the market value of investments for the same period in 2022 and an increase in investment yields due to rising interest rates.

Impact of voluntary yield-related fee waivers

There were no voluntary yield-related fee waivers during the three and nine months ended Sept. 30, 2023, and no material voluntary yield-related fee waivers for the three months ended Sept. 30, 2022. During the nine months ended Sept. 30, 2022, voluntary yield-related fee waivers totaled $85.3 million. These fee waivers were partially offset by related reductions in Distribution expense of $66.5 million, such that the net negative pre-tax impact to Federated Hermes was $18.8 million for the nine months ended Sept. 30, 2022.

Earnings call information

Federated Hermes will host an earnings conference call at 9 a.m. Eastern on Oct. 27, 2023. Investors are invited to listen to the earnings teleconference by calling 888-506-0062 (domestic) or 973-528-0011 (international) prior to the 9 a.m. start time. To listen online, go to the About section of FederatedHermes.com/us at least 15 minutes prior to register and join the call. A replay will be available at approximately 12:30 p.m. Eastern on Oct. 27, 2023. To access the telephone replay, dial 877-481-4010 (domestic) or 919-882-2331 (international) and enter access code 49196. The online replay will be available via FederatedHermes.com/usfor one year.

About Federated Hermes

Federated Hermes, Inc. is a global leader in active, responsible investment management, with $715.2 billion in assets under management1. We deliver investment solutions that help investors target a broad range of outcomes and provide equity, fixed-income, alternative/private markets, multi-asset and liquidity management strategies to more than 10,000 institutions and intermediaries worldwide. Our clients include corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. Headquartered in Pittsburgh, Federated Hermes has more than 2,000 employees in London, New York, Boston and offices worldwide.

Federated Hermes ranks in the top 7% of equity fund managers in the industry, the top 9% of money market fund managers and the top 11% of fixed-income fund managers2. Federated Hermes also ranks as the 8th-largest manager of model-delivered separately managed accounts3. For more information, including an analyst presentation, which is updated periodically, visit FederatedHermes.com/us.

Federated Hermes reports Q3 2023 earnings Page 4 of 13

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1) As of Sept. 30, 2023.

2) Morningstar, Sept. 30, 2023. Based on U.S. fund flows rankings.

3) Money Management Institute/Cerulli,Q2 2023.

Federated Securities Corp. is distributor of the Federated Hermes funds.

Separately managed accounts are made available through Federated Global Investment Management Corp., Federated Investment Counseling, Federated MDTA LLC, Hermes Fund Managers Ireland Limited, Hermes Investment Management Limited, and Hermes GPE LLP, each a registered investment advisor in one or more of the U.S., U.K. or Ireland.

Cautionary statements

Certain statements in this press release, such as those related to performance, investor preferences and demand, asset flows, asset mix, interest rates and fee waivers constitute or may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the company, or industry results, to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements can include statements that do not relate strictly to historical or current facts and are typically identified by words or phrases such as “trend,” “forecast,” “project,” “predict,” “potential,” “approximate,” “opportunity,” “believe,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “projection,” “plan,” “assume,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “can,” “may” and similar expressions. Any forward-looking statement, and Federated Hermes' level of business activity and financial results, are inherently subject to significant business, market, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond Federated Hermes’ control. Other risks and uncertainties include the ability of the company to predict the level of fee waivers and expenses in future quarters, predict whether performance fees or carried interest will be earned and retained, the ability of the company to sustain product demand, the timing and level of product sales and redemptions, market appreciation or depreciation, revenues, and asset levels, flows and mix, which could vary significantly depending on various factors, such as market conditions, investment performance and investor behavior. Other risks and uncertainties include the risk factors discussed in the company's annual and quarterly reports as filed with the Securities and Exchange Commission. As a result, no assurance can be given as to future results, levels of activity, performance or achievements, and neither the company nor any other person assumes responsibility for the accuracy and completeness, or updating, of such statements in the future.

Federated Hermes reports Q3 2023 earnings Page 5 of 13

Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
	Quarter Ended				% Change Q3 2022 to Q3 2023		Quarter Ended		% Change Q2 2023 to Q3 2023
	Sept. 30, 2023		Sept. 30, 2022				June 30, 2023
Revenue
Investment advisory fees, net	$	276,771	$	263,644	5	%	$	310,337	(11)	%
Administrative service fees, net—affiliates	88,023		75,021		17		85,199		3
Other service fees, net	37,862		42,478		(11)		37,696		0
Total Revenue	402,656		381,143		6		433,232		(7)
Operating Expenses
Compensation and related	139,123		126,668		10		159,883		(13)
Distribution	89,838		91,032		(1)		97,086		(7)
Systems and communications	21,213		19,294		10		22,074		(4)
Professional service fees	17,561		14,203		24		19,099		(8)
Office and occupancy	10,632		10,622		0		11,404		(7)
Advertising and promotional	3,857		6,496		(41)		5,109		(25)
Travel and related	4,034		3,421		18		3,835		5
Intangible asset related	3,451		2,894		19		3,418		1
Other	11,523		9,733		18		12,935		(11)
Total Operating Expenses	301,232		284,363		6		334,843		(10)
Operating Income	101,424		96,780		5		98,389		3
Nonoperating Income (Expenses)
Investment income (loss), net	2,722		(4,226)		164		5,289		(49)
Debt expense	(3,133)		(3,302)		(5)		(3,118)		0
Other, net	(8)		(38)		79		(15)		47
Total Nonoperating Income (Expenses), net	(419)		(7,566)		94		2,156		(119)
Income before income taxes	101,005		89,214		13		100,545		0
Income tax provision	26,739		21,640		24		27,543		(3)
Net income including the noncontrolling interests in subsidiaries	74,266		67,574		10		73,002		2
Less: Net income (loss) attributable to the noncontrolling interests in subsidiaries	(760)		(1,905)		60		827		(192)
Net Income	$	75,026	$	69,479	8	%	$	72,175	4	%
Amounts Attributable to Federated Hermes, Inc.
Earnings Per Share1
Basic and diluted	$	0.86	$	0.78	10	%	$	0.81	6	%
Weighted-Average Shares Outstanding
Basic	83,710		84,531				84,930
Diluted	83,710		84,536				84,939
Dividends Declared Per Share	$	0.28	$	0.27			$	0.28

1) Unvested share-based awards that receive non-forfeitable dividend rights are deemed participating securities and are required to be considered in the computation of earnings per share under the "two-class method." As such, total net income of $3.3 million, $3.6 million and $3.5 million available to unvested restricted Federated Hermes shareholders for the quarterly periods ended Sept. 30, 2023, Sept. 30, 2022 and June 30, 2023, respectively, was excluded from the computation of earnings per share.

Federated Hermes reports Q3 2023 earnings Page 6 of 13

Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
	Nine Months Ended
	Sept. 30, 2023		Sept. 30, 2022		% Change
Revenue
Investment advisory fees, net	$	851,089	$	754,681	13	%
Administrative service fees, net—affiliates	252,402		218,710		15
Other service fees, net	114,586		98,524		16
Total Revenue	1,218,077		1,071,915		14
Operating Expenses
Compensation and related	435,884		388,719		12
Distribution	280,258		223,837		25
Systems and communications	63,259		57,234		11
Professional service fees	52,881		41,647		27
Office and occupancy	34,910		32,457		8
Advertising and promotional	13,308		13,965		(5)
Travel and related	11,101		8,543		30
Intangible asset related	10,194		9,319		9
Other	31,303		23,147		35
Total Operating Expenses	933,098		798,868		17
Operating Income	284,979		273,047		4
Nonoperating Income (Expenses)
Investment income (loss), net	18,322		(34,136)		154
Debt expense	(9,377)		(7,873)		19
Other, net	101		31		226
Total Nonoperating Income (Expenses), net	9,046		(41,978)		122
Income before income taxes	294,025		231,069		27
Income tax provision	75,291		58,140		29
Net income including the noncontrolling interests in subsidiaries	218,734		172,929		26
Less: Net income (loss) attributable to the noncontrolling interests in subsidiaries	1,932		(10,070)		119
Net Income	$	216,802	$	182,999	18	%
Amounts Attributable to Federated Hermes, Inc.
Earnings Per Share1
Basic and diluted	$	2.44	$	2.02	21	%
Weighted-Average Shares Outstanding
Basic	84,499		86,109
Diluted	84,502		86,111
Dividends Declared Per Share	$	0.83	$	0.81

1) Unvested share-based awards that receive non-forfeitable dividend rights are deemed participating securities and are required to be considered in the computation of earnings per share under the "two-class method." As such, total net income of $10.3 million and $9.1 million available to unvested restricted Federated Hermes shareholders for the nine months ended Sept. 30, 2023 and Sept. 30, 2022, respectively, was excluded from the computation of earnings per share.

Federated Hermes reports Q3 2023 earnings Page 7 of 13

Unaudited Condensed Consolidated Balance Sheets
(in thousands)	Sept. 30, 2023		Dec. 31, 2022
Assets
Cash and other investments	$	554,433	$	521,754
Other current assets	157,227		129,277
Intangible assets, net, including goodwill	1,203,527		1,209,574
Other long-term assets	165,153		159,874
Total Assets	$	2,080,340	$	2,020,479
Liabilities, Redeemable Noncontrolling Interests and Equity
Current liabilities	$	255,587	$	257,413
Long-term debt	347,777		347,581
Other long-term liabilities	306,307		307,972
Redeemable noncontrolling interests	70,631		61,821
Equity excluding treasury stock	1,573,370		1,411,055
Treasury stock	(473,332)		(365,363)
Total Liabilities, Redeemable Noncontrolling Interests and Equity	$	2,080,340	$	2,020,479

Federated Hermes reports Q3 2023 earnings Page 8 of 13

Unaudited Changes in Long-Term Assets - By Asset Class
(in millions)	Quarter Ended						Nine Months Ended
	Sept. 30, 2023		June 30, 2023		Sept. 30, 2022		Sept. 30, 2023		Sept. 30, 2022
Equity
Beginning assets	$	82,992	$	83,629	$	80,988	$	81,523	$	96,716
Sales1	3,897		4,869		5,133		14,397		18,720
Redemptions1	(6,304)		(5,697)		(4,951)		(16,737)		(19,585)
Net sales (redemptions)1	(2,407)		(828)		182		(2,340)		(865)
Net exchanges	18		5		9		126		(145)
Impact of foreign exchange2	(532)		71		(1,187)		(353)		(2,840)
Market gains and (losses)3	(2,756)		115		(5,308)		(1,641)		(18,182)
Ending assets	$	77,315	$	82,992	$	74,684	$	77,315	$	74,684
Fixed Income
Beginning assets	$	87,425	$	87,461	$	86,253	$	86,743	$	97,550
Sales1	8,277		4,891		7,681		19,215		22,096
Redemptions1	(5,133)		(4,963)		(6,584)		(17,223)		(24,971)
Net sales (redemptions)1	3,144		(72)		1,097		1,992		(2,875)
Net exchanges	(25)		6		(17)		(120)		78
Impact of foreign exchange2	(96)		43		(231)		(15)		(560)
Market gains and (losses)3	(683)		(13)		(1,737)		1,165		(8,828)
Ending assets	$	89,765	$	87,425	$	85,365	$	89,765	$	85,365
Alternative/Private Markets
Beginning assets	$	21,602	$	21,174	$	21,785	$	20,802	$	22,920
Sales1	660		643		946		2,568		2,706
Redemptions1	(866)		(745)		(929)		(2,403)		(2,525)
Net sales (redemptions)1	(206)		(102)		17		165		181
Net exchanges	(3)		(4)		3		(6)		7
Impact of foreign exchange2	(762)		539		(1,638)		145		(3,830)
Market gains and (losses)3	(294)		(5)		15		(769)		904
Ending assets	$	20,337	$	21,602	$	20,182	$	20,337	$	20,182
Multi-asset
Beginning assets	$	2,922	$	2,973	$	3,135	$	2,989	$	3,780
Sales1	30		33		54		110		171
Redemptions1	(119)		(143)		(132)		(406)		(407)
Net sales (redemptions)1	(89)		(110)		(78)		(296)		(236)
Net exchanges	0		1		0		3		6
Market gains and (losses)3	(105)		58		(155)		32		(648)
Ending assets	$	2,728	$	2,922	$	2,902	$	2,728	$	2,902
Total Long-term Assets
Beginning assets	$	194,941	$	195,237	$	192,161	$	192,057	$	220,966
Sales1	12,864		10,436		13,814		36,290		43,693
Redemptions1	(12,422)		(11,548)		(12,596)		(36,769)		(47,488)
Net sales (redemptions)1	442		(1,112)		1,218		(479)		(3,795)
Net exchanges	(10)		8		(5)		3		(54)
Impact of foreign exchange2	(1,390)		653		(3,056)		(223)		(7,230)
Market gains and (losses)3	(3,838)		155		(7,185)		(1,213)		(26,754)
Ending assets	$	190,145	$	194,941	$	183,133	$	190,145	$	183,133

1) For certain accounts, Sales and Redemptions are calculated as the remaining difference between beginning and ending assets after the calculation of total investment return.

2) Reflects the impact of translating non-U.S. dollar denominated assets under management (AUM) into U.S. dollars for reporting purposes.

3) Reflects the approximate changes in the fair value of the securities held by portfolios and, to a lesser extent, reinvested dividends, distributions and net investment income.

Federated Hermes reports Q3 2023 earnings Page 9 of 13

Unaudited Changes in Long-Term Assets - By Asset Class and Product Type
(in millions)
	Quarter Ended
	Sept. 30, 2023
	Equity				Fixed Income				Alternative / Private Markets				Multi-asset				Total
	Funds		Separate Accounts1		Funds		Separate Accounts1		Funds		Separate Accounts1		Funds		Separate Accounts1		Funds.		Separate Accounts1
Beginning assets	$	44,383	$	38,609	$	43,884	$	43,541	$	13,338	$	8,264	$	2,782	$	140	$	104,387	$	90,554
Sales	1,733		2,164		3,110		5,167		541		119		29		1		5,413		7,451
Redemptions	(3,254)		(3,050)		(3,794)		(1,339)		(856)		(10)		(114)		(5)		(8,018)		(4,404)
Net sales (redemptions)	(1,521)		(886)		(684)		3,828		(315)		109		(85)		(4)		(2,605)		3,047
Net exchanges	3		15		0		(25)		(3)		0		0		0		0		(10)
Impact of foreign exchange2	(285)		(247)		(63)		(33)		(450)		(312)		0		0		(798)		(592)
Market gains and (losses)3	(1,779)		(977)		(568)		(115)		(161)		(133)		(98)		(7)		(2,606)		(1,232)
Ending assets	$	40,801	$	36,514	$	42,569	$	47,196	$	12,409	$	7,928	$	2,599	$	129	$	98,378	$	91,767
	Nine Months Ended
	Sept. 30, 2023
	Equity				Fixed Income				Alternative / Private Markets				Multi-asset				Total
	Funds		Separate Accounts1		Funds		Separate Accounts1		Funds		Separate Accounts1		Funds		Separate Accounts1		Funds		Separate Accounts1
Beginning assets	$	43,342	$	38,181	$	43,180	$	43,563	$	13,050	$	7,752	$	2,851	$	138	$	102,423	$	89,634
Sales	7,059		7,338		11,201		8,014		1,824		744		108		2		20,192		16,098
Redemptions	(9,798)		(6,939)		(12,082)		(5,141)		(2,154)		(249)		(391)		(15)		(24,425)		(12,344)
Net sales (redemptions)	(2,739)		399		(881)		2,873		(330)		495		(283)		(13)		(4,233)		3,754
Net exchanges	85		41		(95)		(25)		17		(23)		3		0		10		(7)
Impact of foreign exchange2	(69)		(284)		(4)		(11)		96		49		0		0		23		(246)
Market gains and (losses)3	182		(1,823)		369		796		(424)		(345)		28		4		155		(1,368)
Ending assets	$	40,801	$	36,514	$	42,569	$	47,196	$	12,409	$	7,928	$	2,599	$	129	$	98,378	$	91,767

1)Includes separately managed accounts, institutional accounts, certain sub-advised funds and other managed products. For certain accounts, Sales and Redemptions are calculated as the remaining difference between beginning and ending assets after the calculation of total investment return.

2) Reflects the impact of translating non-U.S. dollar denominated AUM into U.S. dollars for reporting purposes.

3)    Reflects the approximate changes in the fair value of the securities held by portfolios and, to a lesser extent, reinvested dividends, distributions and net investment income.

Federated Hermes reports Q3 2023 earnings Page 10 of 13

Unaudited Changes in Long-Term Assets - By Product Type
(in millions)	Quarter Ended						Nine Months Ended
	Sept. 30, 2023		June 30, 2023		Sept. 30, 2022		Sept. 30, 2023		Sept. 30, 2022
Total Fund Assets
Beginning assets	$	104,387	$	104,220	$	109,334	$	102,423	$	135,294
Sales	5,413		6,462		7,128		20,192		25,728
Redemptions	(8,018)		(7,916)		(10,056)		(24,425)		(36,153)
Net sales (redemptions)	(2,605)		(1,454)		(2,928)		(4,233)		(10,425)
Net exchanges	0		(5)		(5)		10		(53)
Impact of foreign exchange1	(798)		487		(1,841)		23		(4,434)
Market gains and (losses)2	(2,606)		1,139		(3,567)		155		(19,389)
Ending assets	$	98,378	$	104,387	$	100,993	$	98,378	$	100,993
Total Separate Account Assets3
Beginning assets	$	90,554	$	91,017	$	82,827	$	89,634	$	85,672
Sales4	7,451		3,974		6,686		16,098		17,965
Redemptions4	(4,404)		(3,632)		(2,540)		(12,344)		(11,335)
Net sales (redemptions)4	3,047		342		4,146		3,754		6,630
Net exchanges	(10)		13		0		(7)		(1)
Impact of foreign exchange1	(592)		166		(1,215)		(246)		(2,796)
Market gains and (losses)2	(1,232)		(984)		(3,618)		(1,368)		(7,365)
Ending assets	$	91,767	$	90,554	$	82,140	$	91,767	$	82,140
Total Long-term Assets3
Beginning assets	$	194,941	$	195,237	$	192,161	$	192,057	$	220,966
Sales4	12,864		10,436		13,814		36,290		43,693
Redemptions4	(12,422)		(11,548)		(12,596)		(36,769)		(47,488)
Net sales (redemptions)4	442		(1,112)		1,218		(479)		(3,795)
Net exchanges	(10)		8		(5)		3		(54)
Impact of foreign exchange1	(1,390)		653		(3,056)		(223)		(7,230)
Market gains and (losses)2	(3,838)		155		(7,185)		(1,213)		(26,754)
Ending assets	$	190,145	$	194,941	$	183,133	$	190,145	$	183,133

1) Reflects the impact of translating non-U.S. dollar denominated AUM into U.S. dollars for reporting purposes.

2) Reflects the approximate changes in the fair value of the securities held by portfolios and, to a lesser extent, reinvested dividends, distributions and net investment income.

3) Includes separately managed accounts, institutional accounts, certain sub-advised funds and other managed products.

4)    For certain accounts, Sales and Redemptions are calculated as the remaining difference between beginning and ending assets after the calculation of total investment return.

Federated Hermes reports Q3 2023 earnings Page 11 of 13

Unaudited Managed Assets
(in millions)	Sept. 30, 2023		June 30, 2023		March 31, 2023		Dec. 31, 2022		Sept. 30, 2022
By Asset Class
Equity	$	77,315	$	82,992	$	83,629	$	81,523	$	74,684
Fixed-income	89,765		87,425		87,461		86,743		85,365
Alternative / private markets	20,337		21,602		21,174		20,802		20,182
Multi-asset	2,728		2,922		2,973		2,989		2,902
Total long-term assets	190,145		194,941		195,237		192,057		183,133
Money market	525,085		509,017		505,800		476,844		441,294
Total Managed Assets	$	715,230	$	703,958	$	701,037	$	668,901	$	624,427
By Product Type
Funds:
Equity	$	40,801	$	44,383	$	44,732	$	43,342	$	40,633
Fixed-income	42,569		43,884		43,616		43,180		44,896
Alternative / private markets	12,409		13,338		13,040		13,050		12,680
Multi-asset	2,599		2,782		2,832		2,851		2,784
Total long-term assets	98,378		104,387		104,220		102,423		100,993
Money market	384,896		364,014		357,346		335,937		309,859
Total Fund Assets	$	483,274	$	468,401	$	461,566	$	438,360	$	410,852
Separate Accounts:
Equity	$	36,514	$	38,609	$	38,897	$	38,181	$	34,051
Fixed-income	47,196		43,541		43,845		43,563		40,469
Alternative / private markets	7,928		8,264		8,134		7,752		7,502
Multi-asset	129		140		141		138		118
Total long-term assets	91,767		90,554		91,017		89,634		82,140
Money market	140,189		145,003		148,454		140,907		131,435
Total Separate Account Assets	$	231,956	$	235,557	$	239,471	$	230,541	$	213,575
Total Managed Assets	$	715,230	$	703,958	$	701,037	$	668,901	$	624,427

Federated Hermes reports Q3 2023 earnings Page 12 of 13

Unaudited Average Managed Assets	Quarter Ended
(in millions)	Sept. 30, 2023		June 30, 2023		March 31, 2023		Dec. 31, 2022		Sept. 30, 2022
By Asset Class
Equity	$	82,203	$	83,025	$	84,155	$	79,544	$	81,809
Fixed-income	88,677		87,504		88,209		87,849		87,042
Alternative / private markets	21,413		21,411		20,938		20,926		21,193
Multi-asset	2,861		2,929		3,012		2,988		3,144
Total long-term assets	195,154		194,869		196,314		191,307		193,188
Money market	516,046		510,418		483,083		442,334		438,601
Total Avg. Managed Assets	$	711,200	$	705,287	$	679,397	$	633,641	$	631,789
By Product Type
Funds:
Equity	$	43,687	$	44,218	$	45,055	$	43,131	$	45,135
Fixed-income	43,437		43,827		43,961		44,099		47,489
Alternative / private markets	13,184		13,181		13,062		13,140		13,432
Multi-asset	2,724		2,787		2,869		2,855		3,012
Total long-term assets	103,032		104,013		104,947		103,225		109,068
Money market	373,088		362,608		333,358		309,232		301,940
Total Avg. Fund Assets	$	476,120	$	466,621	$	438,305	$	412,457	$	411,008
Separate Accounts:
Equity	$	38,516	$	38,807	$	39,100	$	36,413	$	36,674
Fixed-income	45,240		43,677		44,248		43,750		39,553
Alternative / private markets	8,229		8,230		7,876		7,786		7,761
Multi-asset	137		142		143		133		132
Total long-term assets	92,122		90,856		91,367		88,082		84,120
Money market	142,958		147,810		149,725		133,102		136,661
Total Avg. Separate Account Assets	$	235,080	$	238,666	$	241,092	$	221,184	$	220,781
Total Avg. Managed Assets	$	711,200	$	705,287	$	679,397	$	633,641	$	631,789

Federated Hermes reports Q3 2023 earnings Page 13 of 13

Unaudited Average Managed Assets	Nine Months Ended
(in millions)	Sept. 30, 2023		Sept. 30, 2022
By Asset Class
Equity	$	83,128	$	86,543
Fixed-income	88,130		90,419
Alternative / private markets	21,254		22,090
Multi-asset	2,934		3,368
Total long-term assets	195,446		202,420
Money market	503,182		429,878
Total Avg. Managed Assets	$	698,628	$	632,298
By Product Type
Funds:
Equity	$	44,320	$	48,353
Fixed-income	43,741		52,025
Alternative / private markets	13,143		14,158
Multi-asset	2,794		3,222
Total long-term assets	103,998		117,758
Money market	356,351		289,577
Total Avg. Fund Assets	$	460,349	$	407,335
Separate Accounts:
Equity	$	38,808	$	38,190
Fixed-income	44,389		38,394
Alternative / private markets	8,111		7,932
Multi-asset	140		146
Total long-term assets	91,448		84,662
Money market	146,831		140,301
Total Avg. Separate Account Assets	$	238,279	$	224,963
Total Avg. Managed Assets	$	698,628	$	632,298