Carl H. Lindner III is Co-CEO and brother of the other Co-CEO S. Craig Lindner; the two brothers together with the Lindner family control approximately 20% of shares, creating a concentrated family governance structure. Additionally, his son-in-law David L. Thompson also serves on the board, deepening familial ties at the board level. TSR trigger does not apply (AFG's 3-year return of +43.9% trails the peer median of +92.0% by 48.1 percentage points, which is below the 65-percentage-point threshold required to trigger a vote against for strong-positive absolute TSR). The against vote is driven solely by the familial relationship policy flag — as Co-CEO, he is proximate to the top of management, and his brother is the other Co-CEO, raising governance concentration concerns.

S. Craig Lindner is Co-CEO and brother of the other Co-CEO Carl H. Lindner III; his son Craig Lindner Jr. also sits on the same board, creating a situation where three Lindner family members serve on a 12-person board while the family collectively controls roughly 20% of shares. The against vote is driven by the familial relationship policy — the presence of his son as a fellow director and his brother as co-CEO represents a concentration of family influence at the very top of management and governance.

Mr. Berding is AFG's President and a director; the proxy discloses that a son-in-law of Mr. Berding is employed by the Company and received approximately $275,000 in salary and bonus for 2025, which is a familial relationship to an employee of the company. While the son-in-law is not senior management, the policy flags familial relationships to the company generally, and Mr. Berding himself is a senior executive (President) serving as a director, which raises the same executive-director concentration concern as the Co-CEOs.

Craig Lindner Jr. is the son of Co-CEO S. Craig Lindner and the nephew of Co-CEO Carl H. Lindner III, placing him in a direct familial relationship with the two most senior executives of the company; the policy calls for a No vote when a director has a familial relationship to the CEO or founder. He joined the board in 2025, so the TSR trigger does not apply under the 24-month new-director exemption, but the familial relationship flag stands independently.

Mr. Thompson is the son-in-law of Co-CEO Carl H. Lindner III and serves as President and COO of Great American Insurance Company, AFG's flagship subsidiary; the policy calls for a No vote when a director has a familial relationship to senior management, particularly the CEO, and Mr. Thompson's relationship is direct — he is married to the daughter of one of the two Co-CEOs.