Strategy Profiles and Results

STRATEGY PROFILES AND RESULTS

MARCH 2019 C2 - Inside Front Cover Table of Contents

FIXED INCOME GLOBAL EQUITY Active and strategic fixed income – Active universe 2 US Equity 32 Tactical Fixed Income 4 International Equity 34 Integrated Fixed Income – Universe 6 Global Equity 36 Integrated Fixed Income – Short Term 8 Emerging Markets Equity 38 Fiera Preferred Shares Fund 10 Fiera CGOV US Equity 40 High Yield Bonds 12 Fiera CGOV Global Equity 42 Fiera CGOV Total Equity 44

CANADIAN EQUITY Canadian Equity 14 NON-TRADITIONAL Canadian Equity – Core 16 Market Neutral 46 Canadian Equity – Low Beta Growth Strategy 18 Long/Short Equity 48 Fiera CGOV Canadian Equity 20 Focused Market Neutral Equity 50 Fiera CGOV Dividend 22 Fiera Active Trading 52 Canadian Equity – Small Capitalization “Core” 24 Diversified Lending 54 Canadian Equity – Small Capitalization 26 Infrastructure 56 Micro Cap Opportunity 28 Real Estate 58 Canadian Equity Opportunities 30 Fiera Comox Agriculture 60 Multi-Strategy Income 62 Income Opportunities 64

BALANCED Diversified Balanced 66 Fiera CGOV Balanced 68 STRATEGY PROFILE – AS AT March 31, 2019 ACTIVE AND STRATEGIC FIXED INCOME – ACTIVE UNIVERSE PERFORMANCE BENCHMARK: FTSE Canada Universe CURRENCY: CAD

STRATEGY DESCRIPTION Our active management approach adapts to changes in the economic, financial and political environments. With a focus on yield enhancement and capital preservation, the strategy aims to maximize the return per unit of risk with a low level of volatility (information ratio equal or greater than 0.50). We use four potential value-added sources and employ four types of analysis (fundamental, technical, sentiment and seasonality) around a well disciplined and structured process that invests in high quality securities. Specific risk metrics are calculated periodically to minimize the default risk, and to maintain the calibration of each strategy within the overall risk budget of the portfolio.

HIGHLIGHTS INVESTMENT DECISIONS Style Active, Core UNIVERSE MANDATES Process Fundamental top-down, multi-strategy Relative Active Strategic Turnover Moderate Value Duration Benchmark: -1.5 year/+2.5 years Systematic Bias 20% 10% 70% Corporate positioning Underweight BBB and long term Portfolio Optimization 10% 10% 20% Strategy AUM $7.2 B Tactical Bias – Short-Term 70% 10% 10% Tactical Bias – Short-Term (Overlay) 0% 70% 0% Value Added Objective 0.50% 1.00% 0.35%

INVESTMENT APPROACH SUMMARY

COMMITTEES 4 TYPES OF ANALYSIS 4 SOURCES OF VALUE ADDED • Fixed Income Strategy • Fundamental • Duration 30% • Portfolio Revision • Technical • Curve 30% • Credit • Sentiment • Sector Allocation 30% • Research • Seasonality • Security Selection 10%

Magnitude of the sources of value added Promotes sound discipline and synthesis Rigorous process varies according to the market environment

WHY INVEST IN THIS STRATEGY

Consistency and solid performance in different types of market environments

Strong risk-adjusted returns as reflected by an excellent Information Ratio

Support yield enhancement (“carry”) through asymmetrical investment decisions

High quality portfolio with conservative approach to corporate bonds selection

Continuous and rigorous risk management through disciplined investment process

PERFORMANCE (%) Annual as at December 31 Q1 2019 2018 Active Universe Strategy 3.77 1.75 FTSE Canada Universe 3.91 1.41 Added value -0.14 0.34

Annualized as at March 31, 2019 1 Yr SI 1 Active Universe Strategy 5.27 4.45 FTSE Canada Universe 5.27 4.28 Added value 0.00 0.17

Returns are presented gross of management fees 1. Since inception (January 1, 2018)

2 STRATEGY PROFILE – AS AT March 31, 2019 ACTIVE AND STRATEGIC FIXED INCOME – ACTIVE UNIVERSE PERFORMANCE BENCHMARK: FTSE Canada Universe CURRENCY: CAD

PORTFOLIO MANAGEMENT TEAM

Charles Lefebvre, CFA, FRM, is the strategy’s lead manager and benefits from 25 years of investment experience. He is assisted in his role by three portfolio managers, Luc Bergeron, M. Sc., Tan Vu Nguyen, ASA, CFA, Jean‑Guy Mérette, and by one Assistant Portfolio Manager, Tommy Ouellet, FSA, FCIA, CFA as well as two analysts. They respectively benefit from 27, 25, 36 and 10 years of investment experience. They also draw on the expertise of our entire fixed income team, which boasts two distinct trading desks in Montreal and Toronto. Investment decisions are made by consensus amongst the investment team.

www.fieracapital.com [email protected]

The information provided herein does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results. Information pertaining to Fiera pooled funds is not to be construed as a public offering of securities in any jurisdictions of Canada. The offering of units of Fiera pooled fund is made pursuant to the fund’s Trust Agreement and only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about Fiera pooled funds, including a statement of the fund’s investment objective, is contained in its Trust Agreement, a copy of which may be obtained from Fiera Capital Corporation. Unit values and investment returns will fluctuate. Please read the Trust Agreement of the pooled funds before investing. All performance data assume reinvestment of all distributions or dividends and do not take into account other charges or income taxes payable by any unitholder that would have reduced returns. Pooled funds are not guaranteed, their values change frequently and past performance may not be repeated. 3 STRATEGY PROFILE – AS AT March 31, 2019 TACTICAL FIXED INCOME

PERFORMANCE BENCHMARK: FTSE TMX Universe CURRENCY: CAD

STRATEGY DESCRIPTION INVESTMENT PROCESS Extensive fundamental internal research results in opinions independent from Independent internal fundamental analysis Macroeconomic Identification of key market factors market trends and contrarian at market extremes, providing the foundation Analysis for potentially considerable long-term active duration positioning, while Determination of our outlook for these factors shorter term tactical trading also offers important added value opportunity. Analysis of market expectations Market What is discounted in the market vs. our outlook Analysis HIGHLIGHTS Trend analysis Potential for significant active duration positioning Style Active, focus on duration Top-down approach to sector positioning Process Fundamental top-down Portfolio Construction Priority on sector weighting vs. security selection and short-term trading & Short-term Concentrated portfolio guided by conviction Trading Expected sources of added value Yield curve 20% Contrarian at market extremes Sector and credit 15% Interest rate anticipation 65% Shorter term tactical positioning to benefit from technical analysis - Short-term Trading 35% Stop losses systematically employed - Long-term duration positioning 30% Risk Conservative selection of corporate securities Turnover Above average Management High quality, low default probability, liquid issues Duration Benchmark ±3 years Short-term trading with liquid Canada gov't bonds only Strategy AUM $1.1 B

WHY INVEST IN THIS STRATEGY

Established and stable fixed income team recognized as one of the top duration managers

Broad duration ranges and an ability to quickly adjust positioning allow for strong added value, capital preservation and excellent risk- adjusted performance.

Proven ability to generate strong and consistent outperformance across market conditions

Conservative approach to credit analysis aimed at identifying high quality, liquid securities offering attractive yields

PERFORMANCE (%) Annual as at December 31 Q1 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Tactical Fixed Income Strategy 3.66 2.18 3.90 0.77 2.74 9.34 -1.94 5.43 10.93 8.95 10.30 FTSE TMX Universe 3.91 1.41 2.52 1.66 3.52 8.79 -1.19 3.60 9.67 6.74 5.41 Added value -0.25 0.77 1.38 -0.89 -0.78 0.55 -0.74 1.83 1.25 2.21 4.89

Annualized as at March 31, 2019 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs SI 1 Tactical Fixed Income Strategy 5.42 4.06 3.09 2.42 3.85 3.22 3.62 4.49 4.79 5.35 6.56 FTSE TMX Universe 5.27 3.30 2.70 2.21 3.77 3.28 3.46 4.22 4.32 4.41 5.55 Added value 0.15 0.77 0.40 0.21 0.08 -0.06 0.17 0.27 0.46 0.95 1.02

Returns are presented gross of management fees 1. Since inception (January 1, 2000)

4 STRATEGY PROFILE – AS AT March 31, 2019 TACTICAL FIXED INCOME

PERFORMANCE BENCHMARK: FTSE TMX Universe CURRENCY: CAD

RISK/RETURN ANALYSIS PORTFOLIO POSITIONING (%)

FTSE TMX Sector Allocation (%) Curve Positioning (%) Portfolio Universe 0 44 Cash and Annualized return (%) 6.56 5.55 12 < 5 years 50 money market Beta 1.17 1.00 7 44 Standard deviation (%) 4.42 3.61 35 22 Information ratio 0.70 n/a Canada 20 5 to 10 years 17 Sharpe ratio (2.11%) 1.01 0.95 29 19

37 34 Composite, Since inception (January 1, 2000) Provincials / 36 > 10 years 33 Municipals 32 37 PORTFOLIO STRUCTURE – DURATION 28 FTSE TMX Corporates 33 Portfolio Universe Difference 31 AVG coupon (%) 3.20 3.35 -0.15 Yield (%) 2.38 2.32 0.06 Credit Rating Allocation 1,2 Adjusted modified duration (Year) 5.61 7.71 -2.10 AAA AA A BBB Modified Duration by Sector FTSE TMX Universe 39 37 13 11 Cash and money market 0.01 0.00 0.01 Portfolio – March 31, 2019 21 37 21 9 Canada 0.55 2.12 -1.57 Portfolio – December 31, 2018 30 34 20 9 Provincials/Municipals 3.32 3.84 -0.52 Corporates 1.74 1.75 -0.01 1. Totals may not sum to 100% due to money market holdings. 2. Totals may not sum to 100% due to non-rated securities. Modified Duration by Term Short (1 to 5 years) 0.68 1.18 -0.50 PORTFOLIO MANAGEMENT TEAM Mid (5 to 10 years) 0.95 1.46 -0.51 Long (> 10 years) 3.97 5.07 -1.10 Christopher Laurie, MBA, CFA, is the strategy’s lead manager and benefits from 32 years of investment experience. He benefits from the expertise of the Integrated Fixed Income team who provides insight on credit analysis.

www.fieracapital.com [email protected]

The information provided herein does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results. Information pertaining to Fiera pooled funds is not to be construed as a public offering of securities in any jurisdictions of Canada. The offering of units of Fiera pooled fund is made pursuant to the fund’s Trust Agreement and only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about Fiera pooled funds, including a statement of the fund’s investment objective, is contained in its Trust Agreement, a copy of which may be obtained from Fiera Capital Corporation. Unit values and investment returns will fluctuate. Please read the Trust Agreement of the pooled funds before investing. All performance data assume reinvestment of all distributions or dividends and do not take into account other charges or income taxes payable by any unitholder that would have reduced returns. Pooled funds are not guaranteed, their values change frequently and past performance may not be repeated. 5 STRATEGY PROFILE – AS AT March 31, 2019 INTEGRATED FIXED INCOME – UNIVERSE

PERFORMANCE BENCHMARK: FTSE TMX Universe CURRENCY: CAD

STRATEGY DESCRIPTION INVESTMENT PROCESS Through a combination of top-down and bottom-up analysis, with an Economic and credit fundamental research supported by relative value frameworks emphasis on credit research, this strategy focuses on capital preservation Assessment of economies as well as fiscal and monetary policies within a risk-controlled environment. The anticipation of economic cycles Fundamental Analysis Internal credit research focusing on balance sheets, liquidity, cash flow and themes combined with a strong focus on credit spread and interest generation, management strategy and industry trends rate movements allows for consistent outperformance across all market Regular company meetings with access to senior management environments. Analysis of market sentiment Market Predictive tools for credit spreads and rates Analysis HIGHLIGHTS Monitoring of technical factors Active, multi-strategy Top-down: Focus on duration, curve, sector, issuer and credit rating Style Emphasis on credit Portfolio weightings Construction Bottom-up: Credit research views help portfolio managers identify Integration of bottom-up and Process securities to be held in portfolios top-down analysis Diversified portfolio with a focus on capital preservation Credit and sector 75% Ensure portfolio risks are compensated by aligning alpha opportunities Expected sources of added value Duration 15% Risk with risk exposures Yield Curve 10% Management Conservative portfolio constraints on duration and credit exposure Turnover Moderate Multi-strategy approach reduces risk & increases flexibility Duration Typically benchmark ± 0.3 year Strategy AUM $4.4 B

WHY INVEST IN THIS STRATEGY

Experienced fixed income team working together for close to 20 years with specialized credit sector responsibilities

Proven ability to consistently outperform through market cycles

Flexible multi-strategy approach with an emphasis on credit research and issuer selection to reduce risk

The team’s focus on yield-generating securities represents a great tool in low or rising interest rate environments

PERFORMANCE (%) Annual as at December 31 Q1 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 IFI – Universe Strategy 4.06 1.67 3.52 2.35 3.59 9.07 -0.51 4.58 8.94 7.77 8.57 FTSE TMX Universe 3.91 1.41 2.52 1.66 3.52 8.79 -1.19 3.60 9.67 6.74 5.41 Added value 0.15 0.26 1.01 0.68 0.07 0.28 0.69 0.98 -0.74 1.02 3.16

Annualized as at March 31, 2019 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs IFI – Universe Strategy 5.54 3.79 3.48 2.74 4.24 3.78 4.01 4.63 4.77 5.13 FTSE TMX Universe 5.27 3.30 2.70 2.21 3.77 3.28 3.46 4.22 4.32 4.41 Added value 0.27 0.50 0.79 0.52 0.47 0.50 0.55 0.41 0.44 0.72

Returns are presented gross of management fees

6 STRATEGY PROFILE – AS AT March 31, 2019 INTEGRATED FIXED INCOME – UNIVERSE

PERFORMANCE BENCHMARK: FTSE TMX Universe CURRENCY: CAD

RISK/RETURN ANALYSIS PORTFOLIO POSITIONING (%)

FTSE TMX Sector Allocation (%) Curve Positioning (%) Portfolio Universe 0 44 Cash and Annualized return (%) 5.13 4.41 0 < 5 years 47 money market Beta 0.97 1.00 0 45 Standard deviation (%) 3.44 3.53 35 22 Information ratio 1.74 n/a Canada 22 5 to 10 years 19 Sharpe ratio (0.82%) 1.25 1.01 22 22

37 34 Composite, 10 year period ending March 31, 2019 Provincials / 30 > 10 years 34 Municipals 29 33 PORTFOLIO STRUCTURE – DURATION 28 FTSE TMX Corporates 48 Portfolio Universe Difference 49 Average Coupon (%) 3.43 3.35 0.08 Yield (%) 2.58 2.32 0.26 Credit Rating Allocation 1,2 Adjusted Modified Duration (year) 7.55 7.71 -0.16 AAA AA A BBB Weighted Adjusted Modified FTSE TMX Universe 39 37 13 11 Duration by Sector Portfolio – March 31, 2019 25 38 20 17 Cash and money market 0.00 0.00 0.00 Canada 1.64 2.12 -0.48 Portfolio – December 31, 2018 26 33 21 20 Provincials and Municipals 3.63 3.84 -0.21 1. Totals may not sum to 100% due to money market holdings. Corporates 2.28 1.75 0.53 2. Totals may not sum to 100% due to non-rated securities. Communication 0.12 0.15 -0.03 Energy 0.59 0.49 0.10 PORTFOLIO MANAGEMENT TEAM Financials 0.79 0.41 0.38 Philippe Ouellette, M.Sc., CFA, is the Senior Portfolio Manager of the strategy Industrials 0.10 0.12 -0.02 and benefits from 24 years of investment experience. He is assisted by Peter Infrastructure 0.52 0.49 0.03 Osborne, MA, CFA, Jeff Seaver, CFA and Nicolas Normandeau, M.Sc., CFA, Real Estate 0.14 0.07 0.07 all three portfolio managers, and by three analysts. The portfolio managers Securitization 0.02 0.02 0.00 respectively benefit from 32, 29 and 16 years of investment experience. They Weighted Adjusted Modified also benefit from the expertise of our entire fixed income team, which boasts Duration by Term two distinct trading desks in Montreal and Toronto. Short (1 to 5 years) 1.33 1.18 0.15 Mid (5 to 10 years) 1.23 1.46 -0.23 Long (> 10 years) 5.10 5.07 0.03

www.fieracapital.com [email protected]

The information provided herein does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results. Information pertaining to Fiera pooled funds is not to be construed as a public offering of securities in any jurisdictions of Canada. The offering of units of Fiera pooled fund is made pursuant to the fund’s Trust Agreement and only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about Fiera pooled funds, including a statement of the fund’s investment objective, is contained in its Trust Agreement, a copy of which may be obtained from Fiera Capital Corporation. Unit values and investment returns will fluctuate. Please read the Trust Agreement of the pooled funds before investing. All performance data assume reinvestment of all distributions or dividends and do not take into account other charges or income taxes payable by any unitholder that would have reduced returns. Pooled funds are not guaranteed, their values change frequently and past performance may not be repeated. 7 STRATEGY PROFILE – AS AT March 31, 2019 INTEGRATED FIXED INCOME – SHORT TERM

PERFORMANCE BENCHMARK: FTSE TMX Short Term Bond CURRENCY: CAD

STRATEGY DESCRIPTION INVESTMENT PROCESS Through a combination of top-down and bottom-up analysis, with an Economic and credit fundamental research supported by relative value frameworks emphasis on credit research, this strategy focuses on capital preservation Assessment of economies as well as fiscal and monetary policies within a risk-controlled environment. The anticipation of economic cycles Fundamental Analysis Internal credit research focusing on balance sheets, liquidity, cash flow and themes combined with a strong focus on credit spread and interest generation, management strategy and industry trends rate movements allows for consistent outperformance across all market Regular company meetings with access to senior management environments. Analysis of market sentiment Market Predictive tools for credit spreads and rates Analysis HIGHLIGHTS Monitoring of technical factors Active, multi-strategy Top-down: Focus on duration, curve, sector, issuer and credit Style Emphasis on credit Portfolio rating weightings Construction Bottom-up: Credit research views help portfolio managers identify Integration of bottom-up and Process securities to be held in portfolios top-down analysis Diversified portfolio with a focus on capital preservation Credit and sector 75% Ensure portfolio risks are compensated by aligning alpha opportunities Expected sources of added value Duration 15% Risk with risk exposures Yield Curve 10% Management Conservative portfolio constraints on duration and credit exposure Turnover Moderate Multi-strategy approach reduces risk & increases flexibility Duration Typically benchmark ± 0.3 year Strategy AUM $2.4 B

WHY INVEST IN THIS STRATEGY

Experienced fixed income team working together for close to 20 years with specialized credit sector responsibilities

Proven ability to consistently outperform through market cycles

Flexible multi-strategy approach with an emphasis on credit research and issuer selection to reduce risk

The team’s focus on yield-generating securities represents a great tool in low or rising interest rate environments

Systematically generating consistent excess returns across market environments

PERFORMANCE (%) Annual as at December 31 Q1 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 IFI – Short Term Bond Strategy 1.87 1.97 0.75 1.80 2.54 3.17 2.04 2.51 3.64 3.77 6.06 FTSE TMX Short Term Bond 1.74 1.91 0.08 1.01 2.58 2.97 1.66 1.88 4.70 3.48 4.20 Added value 0.13 0.06 0.67 0.78 -0.04 0.21 0.38 0.63 -1.06 0.29 1.85

Annualized as at March 31, 2019 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs SI 1 IFI – Short Term Bond Strategy 3.60 1.84 1.94 1.74 2.20 2.20 2.35 2.49 2.60 2.78 4.19 FTSE TMX Short Term Bond 3.46 1.53 1.44 1.36 1.85 1.85 1.98 2.28 2.39 2.44 3.95 Added value 0.14 0.31 0.50 0.38 0.35 0.35 0.37 0.21 0.20 0.33 0.24

Returns are presented gross of management fees 1. Since inception (October 1, 2000)

8 STRATEGY PROFILE – AS AT March 31, 2019 INTEGRATED FIXED INCOME – SHORT TERM

PERFORMANCE BENCHMARK: FTSE TMX Short Term Bond CURRENCY: CAD

RISK/RETURN ANALYSIS PORTFOLIO POSITIONING (%)

FTSE TMX Sector Allocation (%) Curve Positioning (%) Portfolio ST Bond 0 58 Cash and Annualized return (%) 4.19 3.95 0 < 3 years 59 money market Beta 0.97 1.00 0 58 Standard deviation (%) 1.88 1.92 47 42 Information ratio 0.78 n/a Canada 37 3 to 5 years 39 Sharpe ratio (1.98%) 1.18 1.03 35 41

20 0 Composite, Since inception (October 1, 2000) Provincials / 8 > 5 years 1 Municipals 9 1 PORTFOLIO STRUCTURE – DURATION 33 FTSE TMX Corporates 54 Portfolio ST Bond Difference 56 Average Coupon (%) 2.46 2.62 -0.16 Yield (%) 2.13 1.96 0.17 Credit Rating Allocation 1,2 Adjusted Modified Duration (year) 2.52 2.68 -0.16 AAA AA A BBB Weighted Adjusted Modified FTSE TMX Short Term Bond 50 29 9 11 Duration by Sector Portfolio – March 31, 2019 43 30 13 14 Cash and money market 0.00 0.00 0.00 Canada 1.08 1.24 -0.16 Portfolio – December 31, 2018 41 33 13 13 Provincials and Municipals 0.19 0.54 -0.35 1. Totals may not sum to 100% due to money market holdings. Corporates 1.26 0.90 0.36 2. Totals may not sum to 100% due to non-rated securities. Communication 0.03 0.07 -0.04 Energy 0.10 0.07 0.03 PORTFOLIO MANAGEMENT TEAM Financials 0.93 0.58 0.35 Philippe Ouellette, M.Sc., CFA, is the Senior Portfolio Manager of the strategy Industrials 0.06 0.05 0.01 and benefits from 24 years of investment experience. He is assisted by Peter Infrastructure 0.01 0.03 -0.02 Osborne, MA, CFA, Jeff Seaver, CFA and Nicolas Normandeau, M.Sc., CFA, Real Estate 0.06 0.07 -0.01 all three portfolio managers, and by three analysts. The portfolio managers Securitization 0.06 0.02 0.04 respectively benefit from 32, 29 and 16 years of investment experience. They Weighted Adjusted Modified also benefit from the expertise of our entire fixed income team, which boasts Duration by Term two distinct trading desks in Montreal and Toronto. Short (< 3 years) 1.03 1.10 -0.07 Mid (3 to 5 years) 1.43 1.58 -0.15 Long (> 5 years) 0.06 0.00 0.06

www.fieracapital.com [email protected]

The information provided herein does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results. Information pertaining to Fiera pooled funds is not to be construed as a public offering of securities in any jurisdictions of Canada. The offering of units of Fiera pooled fund is made pursuant to the fund’s Trust Agreement and only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about Fiera pooled funds, including a statement of the fund’s investment objective, is contained in its Trust Agreement, a copy of which may be obtained from Fiera Capital Corporation. Unit values and investment returns will fluctuate. Please read the Trust Agreement of the pooled funds before investing. All performance data assume reinvestment of all distributions or dividends and do not take into account other charges or income taxes payable by any unitholder that would have reduced returns. Pooled funds are not guaranteed, their values change frequently and past performance may not be repeated. 9 STRATEGY PROFILE – AS AT March 31, 2019 FIERA PREFERRED SHARES FUND

PERFORMANCE BENCHMARK: SOLACTIVE Preferred Share Laddered Index 1 CURRENCY: CAD

STRATEGY DESCRIPTION INVESTMENT PROCESS A thorough assessment of macroeconomic factors followed by extensive Analysis of global and local economies Thorough assessment of North American and global credit markets credit and relative value analysis are the cornerstone of this active approach Fundamental resulting in high-quality diversified portfolios with low volatility. This strategy Analysis In-depth credit analysis focusing on balance sheets, liquidity, cash flow generation, management strategy and industry trends adds substantial value through its long term positioning approach, trading Regular company meetings with access to senior management process, duration management and its understanding of the technical factors. Extensive relative value analysis between preferred shares, corporate bonds, international trading levels, ratings, capital structures, sectors, HIGHLIGHTS Relative Value issuers, and across types of preferred shares Analysis Monitoring of technical factors and the impacts of passively-managed Style Active management, focused ETF mandates on valuation to identify Diversified portfolio with a focus on capital preservation mispriced opportunities Risk Ensure portfolio risks are compensated by aligning alpha opportunities Process Combination of top-down Management with risk exposures and bottom-up Daily performance tracking and reporting Performance Benchmark SOLACTIVE Preferred Share Laddered Index Expected sources of added value Mainly security selection Turnover Low Investment Horizon 3-5 years Holdings (number of issuers) 70-90 Strategy AUM $146 M

WHY INVEST IN THIS STRATEGY

Higher yielding asset class offering a significant source of income in a low-yielding environment

Enhanced portfolio diversification with lower volatility

Significant tax-efficient benefit for taxable clients

Fiera’s expertise has allowed us to be amongst the largest Canadian preferred share managers

Interaction with Fiera’s investment teams to benefit from the expertise of our solid internal credit and market analysis

PERFORMANCE (%) Annual as at December 31 Q1 2019 2018 2017 2016 Fiera Preferred Shares Fund -0.44 -10.36 17.46 10.16 SOLACTIVE Preferred Share Laddered Index 1 0.41 -8.61 15.58 6.92 Added value -0.85 -1.75 1.89 3.24

Annualized as at March 31, 2019 1 Yr 2 Yrs 3 Yrs SI 2 Fiera Preferred Shares Fund -11.03 -1.88 6.71 4.77 SOLACTIVE Preferred Share Laddered Index 1 -8.21 -1.07 7.68 4.84 Added value -2.82 -0.80 -0.96 -0.06

Returns are presented gross of management fees 1. S&P/TSX Preferred Share Laddered Index until March 31st, 2016 2. Since inception (August 1, 2015)

10 STRATEGY PROFILE – AS AT March 31, 2019 FIERA PREFERRED SHARES FUND

PERFORMANCE BENCHMARK: SOLACTIVE Preferred Share Laddered Index CURRENCY: CAD

PORTFOLIO STRUCTURE ALLOCATION (%)2 SOLACTIVE Sector Allocation Preferred Share Portfolio Laddered Index Expected yield 1 5.16% 5.19% Financials . . Modified duration 1 3.03 2.40 Energy . . Utilities . . 1. Based on internal calculations Telecommunications . . COUNTRY EXPOSURE Real Estate . . Consumer Staples . . Canada . Cash . . United States . Cash and Cash Equivalents . Breakdown by Preferred Shares Type

TOP-10 ISSUERS Fixed-Floating . . Security Sector Weight (%) Perpetual . . 1. Enbridge Energy 9.5 Floating Rate . . 2. TD Bank Financials 7.7 Cash . . 3. Royal Bank of Canada Financials 6.4 Credit Rating Allocation 4. CIBC Financials 6.3 P4 or 5. BCE Communication Services 6.2 P1 P2 P3 lower Cash 6. TransCanada Energy 5.6 Portfolio 0 49 49 1 1 7. Manulife Financial Financials 5.6 SOLACTIVE Preferred Share 8. National Bank of Canada Financials 4.9 Laddered Index 0 53 47 0 0 9. Bank of Nova Scotia Financials 4.2 2. Totals may not sum to 100% due to money market holdings. 10. Pembina Pipeline Energy 4.1 PORTFOLIO MANAGEMENT TEAM Nicolas Normandeau, M.Sc., CFA, is the strategy’s lead Portfolio Manager and benefits from 16 years of industry experience. He is supported by the credit analysis skills of Philippe Ouellette, M.Sc., CFA, Peter Osborne, MA, CFA, and Jeff Seaver, CFA., and by three analysts.

www.fieracapital.com [email protected]

The information provided herein does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results. Information pertaining to Fiera pooled funds is not to be construed as a public offering of securities in any jurisdictions of Canada. The offering of units of Fiera pooled fund is made pursuant to the fund’s Trust Agreement and only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about Fiera pooled funds, including a statement of the fund’s investment objective, is contained in its Trust Agreement, a copy of which may be obtained from Fiera Capital Corporation. Unit values and investment returns will fluctuate. Please read the Trust Agreement of the pooled funds before investing. All performance data assume reinvestment of all distributions or dividends and do not take into account other charges or income taxes payable by any unitholder that would have reduced returns. Pooled funds are not guaranteed, their values change frequently and past performance may not be repeated. 11 STRATEGY PROFILE – AS AT March 31, 2019 HIGH YIELD BONDS

PERFORMANCE BENCHMARK: BofA ML US HY BB/B Constrained Index (Hedged in CAD) CURRENCY: CAD

STRATEGY DESCRIPTION INVESTMENT PROCESS Through a combination of top-down and bottom-up analysis, our High Yield Anticipation of economic cycles and themes Top-Down Identification of key market factors Bond approach relies on a tactical multi-strategy style whereby portfolio Assessment of positioning across the credit spectrum, detailed security analysis as well Fundamentals and Determination of our outlook for these factors as active duration management all constitute opportunities for generating Market Views discounted in the market vs. our outlook Expectations Selection of industry and sector over/underweight value. Our approach to high yield security selection is conservative and Analysis prudent and focuses on companies that possess strong assets, are run by an Potential for active duration positioning experienced management team with a track record of success, and offer a Emphasize companies with strong assets and credible management team superior level of liquidity. In-depth independent research Security HIGHLIGHTS Selection Credit analysis and issuer diversification Diversification of credit quality amongst issuers Style Active, multi-strategy In-depth credit research drives security selection within the portfolio Process Combination of fundamental and Well diversified portfolio by credit tier, industry and issuer top-down analysis Diversification across Canadian and U.S. markets Expected sources of added value Sector/Quality Allocation 55% Ensure that alpha opportunities are capitalized based on their level of Security Selection 30% risk/reward Interest Rate Anticipation 15% Risk Conservative portfolio constraints on duration positioning and credit Management Turnover Moderate exposure (minimum credit quality of B) Duration Benchmark ±2 years Emphasis on liquid issues Hedged U.S. currency exposure Credit quality Minimum B (At time of purchase) Multi-strategy approach reduces risk & increases flexibility Strategy AUM $1.3 B

WHY INVEST IN HIGH YIELD BONDS?

Historically equity-like returns with capital appreciation and lower levels of volatility

Higher yields than traditional fixed income

Enhanced portfolio diversification

Low to negative correlation to other asset classes

Stronger yield can be beneficial in rising rate environment

Improved market dynamics and sound risk profile lead to increased demand for this asset class

PERFORMANCE (%) Annual as at December 31 Q1 2019 2018 2017 2016 2015 High Yield Bond Strategy 7.24 -3.33 6.69 14.27 -2.48 High Yield Bond Index 2 6.95 -2.91 6.44 14.25 -2.67 Added value 0.28 -0.42 0.25 0.03 0.19

Annualized as at March 31, 2019 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs SI 2 High Yield Bond Strategy 4.58 3.99 7.47 4.58 4.42 4.79 High Yield Bond Index 5.22 4.01 7.05 4.55 4.43 4.76 Added value -0.64 -0.01 0.42 0.03 -0.01 0.03

Returns are presented gross of management fees 1. Merrill Lynch US High Yield BB/B Constrained Index (Hedged in CAD) 2. Since inception (February 1, 2014)

12 STRATEGY PROFILE – AS AT March 31, 2019 HIGH YIELD BONDS

PERFORMANCE BENCHMARK: BofA ML US HY BB/B Constrained Index (Hedged in CAD) CURRENCY: CAD

RISK/RETURN ANALYSIS ALLOCATION (%)2 High Yield Sector Allocation Portfolio Bond Index Annualized return (%) 4.79 4.76 Energy . . Beta 1.04 1.00 Consumer Discretionary . . Standard deviation (%) 5.14 4.85 Consumer Staples . . Information ratio 0.03 n/a Financials . . Sharpe ratio (0.83%) 0.77 0.81 Industrials . . Composite, Since inception (February 1, 2014) Utilities . . Telecommunications . . PORTFOLIO STRUCTURE (%) Information Technology . . High Yield Healthcare . . Portfolio Bond Index Cash . . Modified duration 1 4.32 4.48 Yield to worst 1 6.82 5.74 Curve Positioning

1, Based on internal calculations < 2 years . . 2 to 5 years . . 5 to 10 years . . >10 years . .

Credit Rating Allocation

BBB BB B CCC- Portfolio 6 44 41 2 High Yield Bond Index 0 55 45 0

2. Totals may not sum to 100% due to money market holdings. PORTFOLIO MANAGEMENT TEAM Angus Rogers, CFA, Senior Portfolio Manager, is responsible for the management of the High Yield Bond portfolios and benefits from 30 years of investment experience. He is supported by Ovidiu Sandu, MBA, CFA, Portfolio Manager, as well as by Neil McCabe, MBA, CFA, Assistant Portfolio Manager.

www.fieracapital.com [email protected]

The information provided herein does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results. Information pertaining to Fiera pooled funds is not to be construed as a public offering of securities in any jurisdictions of Canada. The offering of units of Fiera pooled fund is made pursuant to the fund’s Trust Agreement and only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about Fiera pooled funds, including a statement of the fund’s investment objective, is contained in its Trust Agreement, a copy of which may be obtained from Fiera Capital Corporation. Unit values and investment returns will fluctuate. Please read the Trust Agreement of the pooled funds before investing. All performance data assume reinvestment of all distributions or dividends and do not take into account other charges or income taxes payable by any unitholder that would have reduced returns. Pooled funds are not guaranteed, their values change frequently and past performance may not be repeated. 13 STRATEGY PROFILE – AS AT March 31, 2019 CANADIAN EQUITY

PERFORMANCE BENCHMARK: S&P/TSX Composite CURRENCY: CAD

STRATEGY DESCRIPTION INVESTMENT PROCESS The long-term success of our Canadian Equity Strategy is rooted in a Proprietary assessment of Quality: Sustainable Competitive Advantages quality investment philosophy. The aim of such an approach is to invest Watchlist of Top Management Quality: Integrity, Alignment, Culture of building long‑term value in businesses for the long-term (not trade stocks) that are profitable and Quartile Highest Quality businesses Proven Track Record: Returns on Equity, Earnings Growth & Resilience well-established with durable, defensible attributes and can generate good Balance Sheet Strength & Earnings Quality returns on investment. We believe a focus on quality businesses combined Objective, standardized calculation of intrinsic business value with our disciplined approach to valuation and long-term holding period will Proprietary Uses fundamental company data, going back at least 10 years continue to compound wealth for our clients. Intrinsic Value model Assess Risk of Permanent Loss of Capital As long-term investors, we believe that integrating Environmental, Portfolio Portfolios is constructed from the highest conviction stocks Social and Governance factors into our investment process helps us to Construction Sector allocation is a fallout of bottom-up security selection identify high‑quality, sustainable businesses, as well as material risks and Emphasis on Capital Preservation: downside risk analysis on every investment opportunities to the long-term value of our investments. Risk Management High quality businesses are more resilient and adaptable The Team also manages Ethical, Fossil Fuel Free and Dividend mandates. Progressive position building

HIGHLIGHTS Style High Quality at Attractive Valuations Process Fundamental bottom-up Turnover Low Investment horizon 5 years + Holdings 25 to 45 Sector deviation Potentially large Strategy AUM $1.5 B

WHY INVEST IN THIS STRATEGY

Long-term investing approach with a high degree of capital preservation in falling markets

Disciplined, repeatable investment process focusing on high quality, attractively valued companies

Strong risk-adjusted returns; top ranking relative to peers

PERFORMANCE (%) Annual as at December 31 Q1 2019 2018 2017 2016 2015 2014 2013 Canadian Equity Strategy 13.04 -2.41 10.34 18.59 -0.28 13.41 21.52 S&P/TSX Composite 13.29 -8.89 9.10 21.08 -8.32 10.55 12.99 Added value -0.25 6.48 1.24 -2.49 8.04 2.86 8.53

Annualized as at March 31, 2019 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs SI 1 Canadian Equity Strategy 13.31 9.12 10.85 8.66 9.30 11.40 11.58 S&P/TSX Composite 8.11 4.86 9.26 5.07 5.44 7.12 7.39 Added value 5.20 4.25 1.59 3.59 3.86 4.27 4.19

Returns are presented gross of management fees. Performance prior to November 1, 2016 was established at a predecessor firm. 1. Since inception (January 1, 2013)

14 STRATEGY PROFILE – AS AT March 31, 2019 CANADIAN EQUITY

PERFORMANCE BENCHMARK: S&P/TSX Composite CURRENCY: CAD

RISK/RETURN ANALYSIS TOP-10 HOLDINGS (%) Portfolio S&P/TSX Security Sector Weight Annualized return (%) 11.58 7.39 1. Constellation Software Information Technology 4.9 Beta 0.79 1.00 2. Royal Bank of Canada Financials 4.8 Standard deviation (%) 7.84 8.63 3. TD Bank Financials 4.4 Information ratio 0.99 n/a 4. Canadian National Railway Industrials 4.3 Sharpe ratio (0.86%) 1.37 0.76 5. Alimentation Couche-Tard Consumer Staples 4.2 Up-market capture ratio (%) 99.95 n/a 6. Brookfield Asset Management Financials 4.1 Down-market capture ratio (%) 53.59 n/a 7. Toromont Industries Industrials 4.1 8. Canadian Pacific Railway Industrials 4.1 Market Capture 9. Metro Consumer Staples 4.0 +100 % 10. Open Text Information Technology 3.7 Total 42.7

0 % PORTFOLIO MANAGEMENT TEAM

This strategy is managed by Nessim Mansoor, CPA, CA, CFA, Senior Portfolio Manager with over 20 years of investment experience and Nicholas Smart, Down-market / Up-market / Down-market CFA, Portfolio Manager. They are assisted by two analysts. -100 %

Portfolio S&P/TSX Composite, Since inception (January 1, 2013)

PORTFOLIO CHARACTERISTICS Portfolio S&P/TSX Liquidity Average Capitalization (M$) 39,913 48,627 Risk Net Debt/EBITDA (ttm) 2.22 3.63 Valuation Price/Earnings (ttm) 18.18 18.02 Price/Free Cash flow (ttm) 17.30 19.01 Dividend yield (%) 2.60 3.38 Profitability and Growth Return on Equity (ttm, %) 19.73 11.95 Return on Invested Capital (ttm) 9.04 5.65 Return on Equity (5yr avg) 19.28 13.36 Revenue Growth (5yr avg) 8.50 5.70 Number of Securities 33 243

Source: Factset

www.fieracapital.com [email protected]

The information provided herein does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results. Information pertaining to Fiera pooled funds is not to be construed as a public offering of securities in any jurisdictions of Canada. The offering of units of Fiera pooled fund is made pursuant to the fund’s Trust Agreement and only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about Fiera pooled funds, including a statement of the fund’s investment objective, is contained in its Trust Agreement, a copy of which may be obtained from Fiera Capital Corporation. Unit values and investment returns will fluctuate. Please read the Trust Agreement of the pooled funds before investing. All performance data assume reinvestment of all distributions or dividends and do not take into account other charges or income taxes payable by any unitholder that would have reduced returns. Pooled funds are not guaranteed, their values change frequently and past performance may not be repeated. 15 STRATEGY PROFILE – AS AT March 31, 2019 CANADIAN EQUITY – CORE

PERFORMANCE BENCHMARK: S&P/TSX CURRENCY: CAD

STRATEGY DESCRIPTION INVESTMENT PROCESS

Quantitative Fundamental core style, allowing participation in both the value and the Top 120 S&P/TSX securities (for the large cap portion) growth areas of the market. Portfolios consist of large and small/mid cap Screening securities with no extremes in either style bias or individual security positions. Management with excellent track record Fundamental Each company is met at least twice during the year Research & Strong EPS growth & high/rising profitability HIGHLIGHTS Management Meetings Clean Balance Sheet & Strong Free Cash Flow (FCF) Style All cap core Strong competitive position

Process Fundamental bottom-up Valuation Seek companies trading at reasonable valuations Turnover Low Disciplined ranking system employed for each security Investment horizon 36 to 48 months Each portfolio manager ranks each security on a scale from 1 (best) to Holdings 35 to 40 (plus Small Cap) Portfolio 4 (worst) every month Sector deviation Moderate, driven by security selection Construction Manager rankings combined to determine team’s aggregate ranking & Risk Strategy AUM $1.9 B Management Top-ranked securities form majority of the portfolio Broad diversification by market cap, sector & geography Small Cap strategy weight: 5% - 20%

WHY INVEST IN THIS STRATEGY

Experienced investment team

Core approach capturing both value and growth market opportunities

Unique fundamentally-driven ranking system and disciplined approach

Long term capital appreciation with low volatility

Provides exposure to a high quality Small Cap portfolio (representing 10%-15% of the overall portfolio) managed by a dedicated small cap team

Consistent, rigorous and repeatable investment process

PERFORMANCE (%) Annual as at December 31 Q1 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Canadian Equity – Core Strategy 13.84 -8.10 9.68 15.72 -2.80 12.48 16.40 8.55 -10.19 17.65 31.88 S&P/TSX 13.29 -8.89 9.10 21.08 -8.32 10.55 12.99 7.19 -8.71 17.61 35.05 Added value 0.54 0.79 0.58 -5.37 5.52 1.93 3.41 1.36 -1.48 0.04 -3.17

Annualized as at March 31, 2019 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs SI 1 Canadian Equity – Core Strategy 7.63 5.73 9.48 5.30 6.72 8.46 8.17 5.72 7.29 10.02 9.58 S&P/TSX 8.11 4.86 9.26 5.07 5.44 7.12 6.98 4.73 6.36 9.49 8.33 Added value -0.48 0.87 0.22 0.23 1.28 1.34 1.19 1.00 0.92 0.53 1.25

Returns are presented gross of management fees 1. Since inception (January 1, 1992)

16 STRATEGY PROFILE – AS AT March 31, 2019 CANADIAN EQUITY – CORE

PERFORMANCE BENCHMARK: S&P/TSX CURRENCY: CAD

RISK/RETURN ANALYSIS TOP-10 HOLDINGS (%) Portfolio S&P/TSX Security Sector Weight Annualized return (%) 9.58 8.33 1. Royal Bank of Canada Financials 7.9 Beta 0.93 1.00 2. TD Bank Financials 7.4 Standard deviation (%) 13.47 13.93 3. Brookfield Asset Management Financials 4.9 Information ratio 0.33 n/a 4. Bank of Nova Scotia Financials 4.7 Sharpe ratio (3.05%) 0.48 0.38 5. Canadian National Railway Industrials 4.5 Up-market capture ratio (%) 98.22 n/a 6. Waste Connections Industrials 4.1 Down-market capture ratio (%) 89.41 n/a 7. Suncor Energy Energy 3.5

Composite, Since inception (January 1, 1992) 8. Restaurant Brands Consumer Discretionary 3.5 9. Nutrien Materials 3.2 PORTFOLIO CHARACTERISTICS 10. Canadian Pacific Railway Industrials 3.2 Total 46.8 Portfolio S&P/TSX Liquidity Average Capitalization (M$) 49,941 48,387 PORTFOLIO MANAGEMENT TEAM Risk The Canadian Equity Core strategy is managed by a team of highly Debt to Total Capital (%) 52.52 52.13 experienced Portfolio Managers comprised of Ray Halley, MBA, CFA, Nessim Valuation Mansoor, CPA, CA, CFA and Nicholas Smart, CFA, who are responsible for Price/Earnings (current year median estimate) 16.51 15.16 the large cap component of the portfolio, and Michael Chan, MBA, CFA, Price/Earnings (next year median estimate) 14.76 13.48 who is responsible for the small cap component. They are assisted by three analysts covering Canadian large and mid-cap companies and by one analyst Price/Book 2.39 1.77 responsible for the coverage of small capitalization companies. Dividend Yield (%) 2.52 3.14 Profitability and Growth Reinvestment Rate (%) 8.45 6.12 Return on Invested Capital (%) 15.71 13.17 Historical 3-year EPS Growth 24.16 22.94

Source: CPMS

www.fieracapital.com [email protected]

The information provided herein does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results. Information pertaining to Fiera pooled funds is not to be construed as a public offering of securities in any jurisdictions of Canada. The offering of units of Fiera pooled fund is made pursuant to the fund’s Trust Agreement and only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about Fiera pooled funds, including a statement of the fund’s investment objective, is contained in its Trust Agreement, a copy of which may be obtained from Fiera Capital Corporation. Unit values and investment returns will fluctuate. Please read the Trust Agreement of the pooled funds before investing. All performance data assume reinvestment of all distributions or dividends and do not take into account other charges or income taxes payable by any unitholder that would have reduced returns. Pooled funds are not guaranteed, their values change frequently and past performance may not be repeated. 17 STRATEGY PROFILE – AS AT March 31, 2019 CANADIAN EQUITY – LOW BETA GROWTH STRATEGY PERFORMANCE BENCHMARK: S&P/TSX Index CURRENCY: CAD

STRATEGY DESCRIPTION INVESTMENT PROCESS Systematic investment process that focuses on identifying mid-to large Begin with all component of the S&P/TSX cap firms with strong growth potential through a concentrated portfolio of Filtration Remove Large Cap Value stocks 35 stocks. The team works on identifying stocks with growth characteristics (Annual) Valuation metrics: Price/Book, Price/sales, Price/CF, Dividend Yield that exhibit low systematic risk. The strategy focuses on low beta stocks Eliminates: 30-40 stocks and, those with greater residual risk, will be over weighted to better capture Focus on Mid/Large Cap opportunities (Market Cap > $2B) this, benchmark constrained overlooked, area of the market. This active, Selection Proprietary model that combines volatility and correlation for inclusion benchmark agnostic, process is built to maximize risk adjusted returns. (Quarterly) Exclude when: Illiquid, no data availability, doesn’t meet sector constraints Stocks are allocated to clusters based on their residual risk quartile. HIGHLIGHTS Allocation Stock volatility not explained by variability of market returns. Style Active, Growth (Quarterly) Larger allocations are made to stocks belonging to highest risk quartile. Overweight stocks with greater residual risk Process Systematic Top-down Turnover Quarterly Selection Monitoring Team has extensive experience in monitoring and rebalancing (Continuously) stock portfolios. Number of holdings 35 stocks

POSITIONING THE STRATEGY

LOW VOL STRATEGIES LOW BETA STRATEGIES LOW BETA GROWTH STRATEGY • Significant alueV tilt. Low Vol Strategy plus… Low Beta Strategy plus… • Lower volatility than the overall market • No constraints in stocks that have growth • Reduced exposure to value stocks • Invest in stocks that can exhibit significant potential. (Low beta only limits systematic • Even greater allocations made to stocks with tracking error with the index market risk) growth opportunities • Greater diversification benefits than Low • Better diversification benefits Vol stocks

WHY INVEST IN THIS STRATEGY

Systematic, transparent and robust portfolio construction process geared towards extracting mid-to large cap stocks with strong growth potential

Maximized risk adjusted returns with a benchmark agnostic approach

Low systematic risk

Target stocks overlooked by the market because of tracking error restrictions (benchmark constraints)

PERFORMANCE (%) Annual as at December 31 Q1 2019 2018 Canadian Equity Low Beta Composite 12.27 -2.61 S&P/TSX Index 13.29 -8.89 Added value -1.02 6.27

Annualized as at March 31, 2019 1 Yr SI 1 Canadian Equity Low Beta Composite 10.73 6.89 S&P/TSX Index 8.11 3.33 Added value 2.62 3.56

Returns are presented gross of management fees 1. Since inception (December 1, 2017)

18 STRATEGY PROFILE – AS AT March 31, 2019 CANADIAN EQUITY – LOW BETA GROWTH STRATEGY PERFORMANCE BENCHMARK: S&P/TSX Index CURRENCY: CAD

RISK/RETURN ANALYSIS TOP-10 HOLDINGS (%) Portfolio S&P/TSX Security Sector Weight Annualized return (%) 6.89 3.33 1. Element Fleet Management Financials 4.2 Beta 0.67 1.00 2. Toromont Industries Industrials 4.0 Standard deviation (%) 8.66 11.85 3. Descartes Systems Information Technology 3.9 Information ratio 0.69 n/a 4. Transcanada Energy 3.7 Sharpe ratio (1.36%) 0.64 0.17 5. TMX Group Financials 3.7 Up-market capture ratio (%) 82.55 n/a 6. Canadian Apartment (CAPREIT) Real Estate 3.7 Down-market capture ratio (%) 54.56 n/a 7. Algonquin Power & Utilities Utilities 3.6

Composite, Since inception (December 1, 2017) 8. Quebecor Communication Services 3.6 9. Maple Leaf Foods Consumer Staples 3.5 PORTFOLIO CHARACTERISTICS 10. Agnico Eagle Mines Materials 3.4 Total 37.2 Portfolio S&P/TSX Liquidity Average Capitalization (M$) 17,156 48,387 PORTFOLIO MANAGEMENT TEAM Risk Alexandre Hocquard, PhD, is the Canadian Low Volatility Equity Strategy’s Debt/Equity 0.80 0.62 Portfolio Manager and head of the Systematic Investment Solutions (SIS) Valuation team. He benefits from 13 years of industry experience. He is supported Price/Earnings (current year median estimate) 19.27 15.16 by Guillaume Gfeller, M.Sc., Vice President, Michael Lavigne, M.Sc., FRM, Price/Earnings (next year median estimate) 17.45 13.48 Portfolio Manager and four analysts. The SIS team combines expertise and experience in financial engineering, trading and execution to deliver superior Price/Book 2.01 1.77 client outcomes and service. Dividend Yield (%) 2.69 3.14 Profitability and Growth Return on Equity (%) 9.86 12.87 Return on Invested Capital (%) 10.07 13.17 Historical 3 year EPS growth 13.85 22.94

www.fieracapital.com [email protected]

STRATEGY PROFILE – AS AT March 31, 2019 FIERA CGOV CANADIAN EQUITY

PERFORMANCE BENCHMARK: S&P/TSX Composite Index CURRENCY: CAD

STRATEGY DESCRIPTION INVESTMENT PROCESS The CGOV strategy is a high conviction portfolio that limits itself to a Based on ROIC, leverage and profitability metrics maximum of 25 companies. The foundation of our investment strategy Idea All market caps in the investable universe subject to liquidity metrics Generation ($1bn Market Cap min) focuses on People, Business, Price and Sustainability. By concentrating our Generated from management meetings and industry conferences focus on companies that have sustainable business drivers, run by great people Proprietary framework applied to assess management, fundamentals and being patient on the purchase price, we believe we can outperform in the Fundamental and valuation long run while minimizing the downside. Portfolio companies have superior Bottom-Up Research Due diligence process used to evaluate economic moat, business business models with distinct competitive advantages and significant pricing drivers and management quality power. These businesses earn high Return on Invested Capital, Free Cash Flow Multi-Factor Ranking Model ranks ideas based on ROIC, leverage and profitability metrics and have strong balance sheets. Predictable and reliable revenue and profit Portfolio growth allows for consistent wealth creation over time. Construction High conviction portfolio is formed from 25 best ideas Sector diversification and correlation analysis Position sizing managed by proprietary upside/downside to intrinsic HIGHLIGHTS value calculations Actively Managed Style All Cap Milestone framework used to monitor the performance of Position Sizes and existing positions Process Fundamental bottom-up Risk Monitoring Focus on wealth creating business models with high quality of Annual turnover Low Management and solid business drivers Investment horizon 5 years + Number of holdings Maxium of 25 Sector deviation Potentially large

WHY INVEST IN THIS STRATEGY DIFFERENTIATORS High active share through diversified 25 stock portfolio of Long term focused portfolio with low turnover Not Index-Like high quality companies Intense focus on the sustainability of a company's business High degree of capital preservation during falling markets Framework to analyze different types of businesses Core/Opportunistic Rigorous downside stress test analysis Determines required discount to intrinsic value

Nimble in our ability to invest in companies of all sizes CGOV Multi-Factor Scenario analysis of best and worst case prices Ranking Model Asymmetrical return profile Actively manage position sizes to benefit from price dislocations Position sizing is managed by proprietary upside/downside Active Position to intrinsic value calculations Size Management Investment team invests alongside clients Contrarian style

PERFORMANCE (%) Annual as at December 31 Q1 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Fiera CGOV Canadian Equity Strategy 9.83 -6.96 6.61 30.04 -12.52 8.83 18.14 11.47 -1.75 14.18 34.12 S&P/TSX Composite Index 13.29 -8.89 9.10 21.08 -8.32 10.55 12.99 7.19 -8.71 17.61 35.05 Added value -3.46 1.93 -2.48 8.96 -4.20 -1.72 5.15 4.29 6.96 -3.43 -0.93

Annualized as at March 31, 2019 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs SI 1 Fiera CGOV Canadian Equity Strategy 8.02 3.76 9.85 4.78 4.60 7.41 7.87 5.95 7.56 10.02 5.40 S&P/TSX Composite Index 8.11 4.86 9.26 5.07 5.44 7.12 6.98 4.73 6.36 9.49 4.48 Added value -0.10 -1.10 0.59 -0.29 -0.84 0.28 0.89 1.23 1.20 0.53 0.92

Returns are presented gross of management fees 1 Since inception (September 1, 2007)

20 _R5003_A

STRATEGY PROFILE – AS AT March 31, 2019 FIERA CGOV CANADIAN EQUITY

PERFORMANCE BENCHMARK: S&P/TSX Composite Index CURRENCY: CAD

RISK/RETURN ANALYSIS EQUITY SECTOR ALLOCATION (%) Portfolio Benchmark Sector Portfolio Benchmark Beta 1.03 1.00 Energy 19.5 18.0 Standard deviation (%) 10.20 8.89 Materials 15.9 11.2 Information ratio -0.19 n/a Industrials 19.4 10.9 Sharpe ratio (0.83%) 0.37 0.52 Consumer Discretionary 4.1 4.1 Up-market capture ratio (%) 110.01 n/a Consumer Staples 13.5 3.9 Down-market capture ratio (%) 123.85 n/a Health Care 0.0 2.2

Composite, 5 year period ending March 31, 2019 Financials 18.7 31.7 Information Technology 0.0 4.5 PORTFOLIO CHARACTERISTICS Telecom. Services 4.6 5.8 Utilities 0.0 4.2 Portfolio Benchmark Real Estate 0.0 3.5 Liquidity Cash 4.6 0.0 Median Market Cap (M$) 18,241 3,403 Risk Portfolio Benchmark Net Debt/EBITDA 1.69 4.39 Valuation TOP 10 EQUITY HOLDINGS (%) Forward P/E Ratio 15.29 15.86 Security Portfolio Benchmark Enterprise Value/EBITDA (trailing twelve months) 10.14 9.60 1. Bank of Nova Scotia 6.9 3.8 Dividend Yield (%) 2.74 3.01 2. Toronto Dominion Bk 6.6 5.9 Price/Cash Flow 9.56 7.65 3. Franco Nevada Corp 5.9 0.8 Profitability and Growth 4. CCL Industries Inc 5.5 0.3 Return on Equity (%) 15.67 8.37 5. Intact Financial 5.2 0.7 Return on Invested Capital (%, ROIC or ROI) 11.80 6.39 6. Enbridge Inc 4.9 4.3 Number of Securities 26 243 7. Aliment Couche-Tard 4.9 1.5 Source: Factset 8. Telus Corp 4.6 1.3 9. Nutrien Ltd 4.4 1.9 PORTFOLIO MANAGEMENT TEAM 10. Magna Intl Inc 4.1 0.9 The strategy is managed by a team of two highly experienced Senior Portfolio Total 53.0 21.4 Managers: Roy Hewson, MBA, CFA, and Gord O’Reilly, CFA. They benefit from 27 and 29 years of investment experience respectively. They are assisted by Portfolio Manager Steve Cocchetto, MBA, CFA, Senior Investment Analyst Elena Gorbatkova and by one analyst.

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STRATEGY PROFILE – AS AT March 31, 2019 FIERA CGOV DIVIDEND

PERFORMANCE BENCHMARK: 50% S&P/TSX Composite, 50% MSCI World CURRENCY: CAD

STRATEGY DESCRIPTION INVESTMENT PROCESS The CGOV strategy is a high conviction portfolio that targets a portfolio yield Based on ROIC, leverage and profitability metrics of 3% while limiting itself to a maximum of 25 companies. The foundation of Idea All market caps in the investable universe subject to liquidity metrics Generation ($1bn Market Cap min) our investment strategy focuses on People, Business, Price and Sustainability. Generated from management meetings and industry conferences By concentrating our focus on companies that have sustainable business Proprietary framework applied to assess management, fundamentals drivers, run by great people and being patient on the purchase price, we Fundamental and valuation believe we can outperform in the long run while minimizing the downside. Bottom-Up Research Due diligence process used to evaluate economic moat, business Portfolio companies have superior business models with distinct competitive drivers and management quality advantages and significant pricing power. These businesses earn high Multi-Factor Ranking Model ranks ideas based on ROIC, leverage and Return on Invested Capital, Free Cash Flow and have strong balance sheets. profitability metrics Portfolio High conviction portfolio is formed from 25 best ideas with target yield Predictable and reliable revenue and profit growth allows for consistent Construction of 3% wealth creation over time. Sector diversification and correlation analysis Position sizing managed by proprietary upside/downside to intrinsic HIGHLIGHTS value calculations Actively Managed Milestone framework used to monitor the performance of Style All Cap Position Sizes and existing positions Risk Monitoring Process Fundamental bottom-up Focus on wealth creating business models with high quality of Annual turnover Low Management and solid business drivers Investment horizon 5 years + Number of holdings Maxium of 25 Sector deviation Potentially large

PERFORMANCE (%) Annual as at December 31 Q1 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Fiera CGOV Dividend Strategy 6.16 -6.93 10.83 19.76 -0.76 9.46 28.27 17.94 5.05 17.01 20.66 Customized benchmark 2 11.58 -4.59 12.10 12.84 4.65 12.88 24.12 10.60 -5.74 12.15 23.23 Added value -5.42 -2.34 -1.27 6.92 -5.42 -3.43 4.14 7.33 10.79 4.86 -2.58

Annualized as at March 31, 2019 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs SI 1 Fiera CGOV Dividend Strategy 3.17 2.91 7.54 4.76 5.89 9.46 10.40 9.55 11.06 12.80 9.60 Customized benchmark 2 8.05 7.08 10.82 7.06 8.52 10.80 10.72 8.90 9.53 11.67 7.25 Added value -4.88 -4.18 -3.28 -2.30 -2.62 -1.35 -0.32 0.65 1.53 1.14 2.35

Returns are presented gross of management fees 1. Since inception (March 1, 2005) 2. Customized benchmark: 50% S&P/TSX Composite, 50% MSCI World

22 _R5001_A

STRATEGY PROFILE – AS AT March 31, 2019 FIERA CGOV DIVIDEND

PERFORMANCE BENCHMARK: 50% S&P/TSX Composite, 50% MSCI World CURRENCY: CAD

RISK/RETURN ANALYSIS COUNTRY ALLOCATION (%) Portfolio Benchmark Country Portfolio Beta 0.85 1.00 Canada 62.2 Standard deviation (%) 8.48 8.13 United States 13.8 Information ratio -0.52 n/a Europe ex UK 10.2 Sharpe ratio (0.83%) 0.60 0.94 Emerging Countries 3.9 Up-market capture ratio (%) 82.91 n/a United Kingdom 3.8 Down-market capture ratio (%) 95.98 n/a Cash 6.0 Composite, 5 year period ending March 31, 2019 Total 100.0

PORTFOLIO CHARACTERISTICS EQUITY SECTOR ALLOCATION (%) Portfolio Benchmark Sector Portfolio Liquidity Energy 19.5 Median Market Cap (M$) 36,042 10,309 Materials 15.7 Risk Industrials 19.3 Net Debt/EBITDA 1.66 3.22 Consumer Discretionary 4.1 Valuation Consumer Staples 13.5 Forward P/E Ratio 15.25 15.57 Health Care 0.0 Enterprise Value/EBITDA (trailing twelve months) 9.90 10.15 Financials 18.7 Dividend Yield (%) 3.12 2.73 Information Technology 0.0 Price/Cash Flow 9.12 9.14 Telecom. Services 4.6 Profitability and Growth Utilities 0.0 Return on Equity (%) 13.47 10.25 Real Estate 0.0 Return on Invested Capital (%, ROIC or ROI) 10.40 9.13 Cash 4.6 Number of Securities 25 1,124 Source: Factset TOP 10 EQUITY HOLDINGS (%) PORTFOLIO MANAGEMENT TEAM Security Portfolio 1. Bank of Nova Scotia 6.9 The strategy is managed by a team of two highly experienced Senior Portfolio 2. Toronto Dominion Bk 6.5 Managers: Roy Hewson, MBA, CFA, and Gord O’Reilly, CFA. They benefit from 3. Franco Nevada Corp 5.8 27 and 29 years of investment experience respectively. They are assisted by 4. CCL Industries Inc Class B Non Vtg 5.5 Portfolio Manager Steve Cocchetto, MBA, CFA, Senior Investment Analyst Elena Gorbatkova and by one analyst. 5. Intact Financial 5.2 6. Enbridge Inc 4.9 7. Aliment Couche-Tard 4.9 8. Telus Corp 4.6 9. Nutrien Ltd 4.4 10. Magna Intl Inc 4.1 Total 52.9

www.fieracapital.com [email protected]

The information provided herein does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results. Information pertaining to Fiera pooled funds is not to be construed as a public offering of securities in any jurisdictions of Canada. The offering of units of Fiera pooled fund is made pursuant to the fund’s Trust Agreement and only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about Fiera pooled funds, including a statement of the fund’s investment objective, is contained in its Trust Agreement, a copy of which may be obtained from Fiera Capital Corporation. Unit values and investment returns will fluctuate. Please read the Trust Agreement of the pooled funds before investing. All performance data assume reinvestment of all distributions or dividends and do not take into account other charges or income taxes payable by any unitholder that would have reduced returns. Pooled funds are not guaranteed, their values change frequently and past performance may not be repeated. 23 STRATEGY PROFILE – AS AT March 31, 2019 CANADIAN EQUITY – SMALL CAPITALIZATION “CORE” PERFORMANCE BENCHMARK: S&P/TSX Small Cap CURRENCY: CAD

STRATEGY DESCRIPTION INVESTMENT PROCESS Mkt cap $150 M to ≈$2.2 B (over 300 companies) Fundamentally-driven, bottom-up approach which focuses on small and mid Quantitative cap securities and blends both value and growth characteristics by investing Screening Eliminate concept and biotech stocks Top 120 stocks in the small cap universe are ranked in strong companies with growing earnings available at reasonable prices. Focus on two types of opportunities Target leading companies in every sector Leading HIGHLIGHTS Superior management with strong track record Fundamental Companies Style Small cap GARP Research & Generating high ROE and strong FCF Management Process Fundamental – Bottom up Emerging Experiencing or soon to enter high growth Meetings Turnover Low Growth Significant management share ownership Companies Investment horizon 3 years Potential to generate high ROE and strong FCF Over 300 management meetings annually Holdings 55 to 75 Sector deviation Potentially large, driven by Valuation Attractively valued companies over our 3-year horizon security selection Disciplined ranking system employed for each security Strategy AUM $959 M Each portfolio manager ranks each security on a scale from 1 (best) to Portfolio 4 (worst) every month Construction & Risk Manager rankings combined to determine team’s aggregate ranking Management Top-ranked securities form majority of the portfolio Portfolio is broadly diversified across different sectors

WHY INVEST IN THIS STRATEGY

Experienced management team

Unique fundamentally-driven ranking system and disciplined approach

Best-of-breed companies with entrepreneurial management teams and significant ownership interest in their companies

Long term capital appreciation with low volatility

Proven ability to outperform across market environments as measured by both up and down market capture

Consistent, rigorous and repeatable investment process

PERFORMANCE (%) Annual as at December 31 Q1 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Can. Equity Small Cap “Core” Strategy 13.60 -11.97 0.17 14.40 1.65 11.35 34.49 2.20 -7.01 35.21 62.72 S&P/TSX Small Cap. 10.71 -18.17 2.75 38.48 -13.31 -2.34 7.60 -2.13 -16.43 35.10 62.38 Added value 2.90 6.20 -2.58 -24.08 14.97 13.69 26.89 4.34 9.41 0.11 0.34

Annualized as at March 31, 2019 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs Can. Equity Small Cap “Core” Strategy 1.81 1.34 4.24 2.03 3.57 8.79 8.01 5.94 8.71 13.68 S&P/TSX Small Cap. -1.81 -4.22 5.91 2.88 0.22 2.60 1.16 -1.02 2.39 8.14 Added value 3.62 5.57 -1.66 -0.85 3.35 6.18 6.84 6.96 6.32 5.54

Returns are presented gross of management fees

24 STRATEGY PROFILE – AS AT March 31, 2019 CANADIAN EQUITY – SMALL CAPITALIZATION “CORE” PERFORMANCE BENCHMARK: S&P/TSX Small Cap CURRENCY: CAD

RISK/RETURN ANALYSIS TOP-10 HOLDINGS (%) S&P/TSX Security Sector Weight Portfolio Sm. Cap. 1. Cargojet Industrials 4.1 Annualized return (%) 13.68 8.14 2. Interrent Real Estate 3.9 Beta 0.75 1.00 3. Badger Daylighting Industrials 3.8 Standard deviation (%) 13.59 15.74 4. Boyd Group Income Fund Industrials 3.4 Information ratio 0.72 n/a 5. Enghouse Systems Information Technology 3.3 Sharpe ratio (0.82%) 0.95 0.47 6. Parex Resources Energy 3.2 Up-market capture ratio (%) 92.80 n/a 7. Tricon Capital Group Real Estate 3.2 Down-market capture ratio (%) 61.27 n/a 8. Park Lawn Consumer Discretionary 3.2 Composite, 10 year period ending March 31, 2019 9. Killam Apartment Real Estate 3.2 10. Parkland Fuel Energy 3.1 PORTFOLIO CHARACTERISTICS Total 34.4 S&P/TSX Portfolio Sm. Cap. DISTINCTIVE ATTRIBUTE Liquidity Strong Stock-Picking Ability through Disciplined Ranking System Average capitalization (M$) 1,940 950 Annualized Performance of Stocks Ranked 1 to 41 Risk 25 Debt/Equity 0.59 0.60 Valuation 20 16.3 Price/Earnings (current year median estimate) 17.09 20.16 15 Price/Earnings (next year median estimate) 14.30 14.87 10 7.5

Price/Book 2.10 1.15 (%) 5 Dividend Yield (%) 1.37 2.76 2.1 -3.6 Profitability and Growth 0

Return on Equity (%) 12.08 5.98 -5 Return on Invested Capital (%) 14.43 6.85 -10 Historical 3-year EPS growth 30.07 17.05 Rank 1 Rank 2 Rank 3 Rank 4 1 From January 31, 2010 to March 31, 2019 Source: CPMS PORTFOLIO MANAGEMENT TEAM

Michael Chan, MBA, CFA, is the Senior Portfolio Manager and benefits from 25 years of investment experience. He is supported by one analyst.

www.fieracapital.com [email protected]

The information provided herein does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results. Information pertaining to Fiera pooled funds is not to be construed as a public offering of securities in any jurisdictions of Canada. The offering of units of Fiera pooled fund is made pursuant to the fund’s Trust Agreement and only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about Fiera pooled funds, including a statement of the fund’s investment objective, is contained in its Trust Agreement, a copy of which may be obtained from Fiera Capital Corporation. Unit values and investment returns will fluctuate. Please read the Trust Agreement of the pooled funds before investing. All performance data assume reinvestment of all distributions or dividends and do not take into account other charges or income taxes payable by any unitholder that would have reduced returns. Pooled funds are not guaranteed, their values change frequently and past performance may not be repeated. 25 STRATEGY PROFILE – AS AT March 31, 2019 CANADIAN EQUITY – SMALL CAPITALIZATION PERFORMANCE BENCHMARK: S&P/TSX small Cap Index 1 CURRENCY: CAD

STRATEGY DESCRIPTION INVESTMENT PROCESS Fundamentally-driven, bottom-up approach which focuses on identifying Committed Board and Management Size of industry and market share the leaders of tomorrow. Small Cap companies demonstrating balance sheet Fundamental strength and offering growth opportunities available at a reasonable price & Qualitative Competitive advantage Criteria are selected across all sectors to diversify our sources of added value while Clear growth strategy paying special attention to the preservation of capital. This approach aims Over 800 management meetings annually to generate consistent added value at a risk that is below that of the market. Revenue growth must be greater than the industry average Superior current and projected profitability Quantitative Low level of debt HIGHLIGHTS Criteria Possess catalysts: operational, financial, tax or market valuation Style Small cap GARP Return objective of 100% over 3 to 5 years Process Fundamental Bottom-up Sector diversification Portfolio Performance benchmark S&P/TSX small cap Initial positions gradually increased as business plan is carried out Construction Turnover Low Liquidity – avoid value trap Investment horizon 3 to 5 years Holdings 45 to 70 Sector deviation Driven by security selection Strategy AUM $1.5 B

WHY INVEST IN THIS STRATEGY

Experienced investment team with broad expertise in the management of Small Cap and Micro Cap strategies

True Small Cap strategy (no focus on mid or large cap securities)

Deep understanding of companies and superior access to their management

Rigorous investment process with a hands on approach ensuring strong practices

High conviction portfolio capable of significant alpha generation

Strong risk-adjusted returns over the long term

PERFORMANCE (%) Annual as at December 31 Q1 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Canadian Equity Small Cap Strategy 14.22 -18.72 -1.80 21.30 -0.52 15.87 28.29 7.92 -14.91 23.67 73.01 S&P/TSX Small Cap Index1 10.71 -18.17 2.75 38.48 -13.31 -2.34 7.60 -2.23 -16.43 35.10 62.38 Added value 3.52 -0.55 -4.55 -17.18 12.80 18.21 20.69 10.14 1.52 -11.43 10.64

Annualized as at March 31, 2019 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs SI 2 Canadian Equity Small Cap Strategy -0.14 -2.59 3.28 0.88 3.82 7.71 7.24 4.60 6.46 12.06 11.25 S&P/TSX Small Cap Index1 -1.81 -4.22 5.91 2.88 0.22 2.60 1.15 -1.03 2.38 8.13 6.53 Added value 1.68 1.63 -2.62 -2.00 3.60 5.10 6.09 5.63 4.08 3.93 4.71

Returns are presented gross of management fees 1. BMO Nesbitt Burns Small-Cap Index until August 2007 and S&P/TSX Small-Cap Index since then. 2. Since inception (January 1st, 1989)

26 STRATEGY PROFILE – AS AT March 31, 2019 CANADIAN EQUITY – SMALL CAPITALIZATION PERFORMANCE BENCHMARK: S&P/TSX small Cap Index 1 CURRENCY: CAD

RISK/RETURN ANALYSIS TOP-10 HOLDINGS (%) S&P/TSX Security Sector Weight Portfolio Small Cap.1 1. AG Growth Intl Industrials 4.5 Annualized return (%) 11.25 6.53 2. Firstservice Real Estate 4.1 Beta 0.83 1.00 3. Solium Capital Information Technology 4.0 Standard deviation (%) 15.34 16.54 4. Heroux-Devtek Industrials 3.7 Information ratio 0.64 n/a 5. Altus Group Real Estate 3.7 Sharpe ratio (3.90%) 0.48 0.16 6. ECN Capital Financials 3.6 Up-market capture ratio (%) 94.29 n/a 7. Tricon Capital Group Real Estate 3.4 Down-market capture ratio (%) 69.02 n/a 8. Sienna Senior Living Health Care 3.4 1. BMO Nesbitt Burns Small-Cap Index until August 2007 and S&P/TSX Small-Cap Index since 9. Stella Jones Materials 3.3 then. Composite, since inception (January 1st, 1989) 10. Badger Daylighting Industrials 3.1 Total 36.8 PORTFOLIO CHARACTERISTICS S&P/TSX PORTFOLIO MANAGEMENT TEAM Portfolio Small Cap. Liquidity Marc Lecavalier, M.‌Sc., CFA, is the Senior Portfolio Manager of the strategy Average capitalization (M$) 1,589 950 and benefits from 18 years of investment experience. He is assisted by Jean‑Sébastien Hay, M.Sc., CFA, Assistant Portfolio Manager, and by one Risk senior analyst. Debt/Equity 0.50 0.60 Valuation Price/Earnings (current year median estimate) 19.20 20.2 Price/Earnings (next year median estimate) 15.80 14.9 Price/Book 1.90 1.1 Dividend Yield (%) 1.80 2.8 Profitability and Growth Reinvestment Rate (%) 6.30 2.50 Return on Equity (%) 9.80 6.00 Historical 3 year EPS growth (%) 14.50 17.00

Source: CPMS

www.fieracapital.com [email protected]

The information provided herein does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results. Information pertaining to Fiera pooled funds is not to be construed as a public offering of securities in any jurisdictions of Canada. The offering of units of Fiera pooled fund is made pursuant to the fund’s Trust Agreement and only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about Fiera pooled funds, including a statement of the fund’s investment objective, is contained in its Trust Agreement, a copy of which may be obtained from Fiera Capital Corporation. Unit values and investment returns will fluctuate. Please read the Trust Agreement of the pooled funds before investing. All performance data assume reinvestment of all distributions or dividends and do not take into account other charges or income taxes payable by any unitholder that would have reduced returns. Pooled funds are not guaranteed, their values change frequently and past performance may not be repeated. 27 STRATEGY PROFILE – AS AT March 31, 2019 MICRO CAP OPPORTUNITY

CURRENCY: CAD

STRATEGY DESCRIPTION INVESTMENT PROCESS Fundamentally-driven, bottom-up approach focused on offering a pure Commited Board and Management Fundamental Size of industry and market share absolute return product. The strategy invests in publicly listed Canadian & Qualitative Micro Caps. The strategy is highly liquid when compared to Private Equity Criteria Competitive advantage funds and offers low correlation to equity markets and other indices, while Clear growth strategy generating excess return through superior security selection. Revenue growth must be greather than the industry average Improving profitability Quantitative Low level of debt HIGHLIGHTS Criteria Possess catalysts: operational, financial, fiscal or market valuation Style Micro Cap GARP Return objective of 100% over 3 to 5 years Process Fundamental bottom-up Sector diversification Turnover Low Portfolio No exposure to energy or commodity sectors Investment Horizon 3 to 5 years Construction Initial positions gradually increased as business plan is carried out Holdings 5 to 25 Liquidity – Avoid value traps Sector deviation Driven by security selection Strategy AUM $32 M

TARGET GEOGRAPHIC ALLOCATION INVESTMENT GUIDELINES Maximum market cap $500M at time of purchase Maximum holding weight 25% per name Quebec 20% Maximum AUM $150M at book value Rest of Canada 80% Maximum market cap at exit No maximum

WHY INVEST IN THIS STRATEGY

Opportunity to invest in a strategy that is unique in the Canadian market

Possibility to acquire tomorrow’s leaders at bargain prices

Deep understanding of companies provided by access to management

Experienced investment team with an extensive knowlegde of the micro cap landscape

Significant alignment of interests

PERFORMANCE (%) Annual as at December 31 Q1 2019 2018 2017 Micro Cap Opportunity Strategy 9.98 -6.91 26.14

Annualized as at March 31, 2019 1 Yr 2 Yrs SI 1 Micro Cap Opportunity Strategy 2.04 8.80 12.20

Returns are presented gross of management fees 1. Since inception (December 1st, 2016)

28 STRATEGY PROFILE – AS AT March 31, 2019 MICRO CAP OPPORTUNITY

CURRENCY: CAD

PORTFOLIO CHARACTERISTICS PORTFOLIO MANAGEMENT TEAM

Portfolio Marc Lecavalier, M.‌Sc., CFA, is the Senior Portfolio Manager of the strategy Liquidity and benefits from 18 years of investment experience. He is assisted by Average market cap (M$) 349 Jean‑Sébastien Hay, M.Sc., CFA, Assistant Portfolio Manager, and by one Valuation senior analyst. Enterprise Value/EBITDA (ntm) 9.20 Price/Earnings (next twelve months) 18.70 Dividend Yield (%) 1.04 Number of holdings 22

TOP-10 HOLDINGS (%) Security Sector Weight 1. Park Lawn Consumer Discretionary 13.8 2. Baylin Technologies Information Technology 11.0 3. Mainstreet Equity Real Estate 9.2 4. Goeasy Consumer Discretionary 8.5 5. Pollard Banknote Consumer Discretionary 7.2 6. People Corp Industrials 6.6 7. Firan Tech Group Information Technology 5.9 8. Opsens Inc Health Care 5.1 9. Sylogist Information Technology 4.8 10. Hamilton Thorne Health Care 4.4 Total 76.4

www.fieracapital.com [email protected]

The information provided herein does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results. Information pertaining to Fiera pooled funds is not to be construed as a public offering of securities in any jurisdictions of Canada. The offering of units of Fiera pooled fund is made pursuant to the fund’s Trust Agreement and only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about Fiera pooled funds, including a statement of the fund’s investment objective, is contained in its Trust Agreement, a copy of which may be obtained from Fiera Capital Corporation. Unit values and investment returns will fluctuate. Please read the Trust Agreement of the pooled funds before investing. All performance data assume reinvestment of all distributions or dividends and do not take into account other charges or income taxes payable by any unitholder that would have reduced returns. Pooled funds are not guaranteed, their values change frequently and past performance may not be repeated. 29 STRATEGY PROFILE – AS AT March 31, 2019 CANADIAN EQUITY OPPORTUNITIES

PERFORMANCE BENCHMARK: S&P/TSX Index CURRENCY: CAD

STRATEGY DESCRIPTION* INVESTMENT PROCESS Macroeconomic environment and cyclical positioning The investment strategy aims to identify out-of-favor stocks and sectors Assessment of in order to limit downside risk and preserve capital, while ensuring Market Market phases and investment horizons Environment potential growth. This contrarian and opportunistic approach offers true Historical fundamental factors active management through potentially significant active security and Selection Criteria: valuation, indebtedness, price, volume and cost trends sector positions. Security Target stocks with limited downside risk potential, low financial * Also available with an ethical filter and ESG considerations. Selection leverage and attractive valuations Research and Analysis: Multi-faceted benchmarking, meetings with HIGHLIGHTS management and site visits, analysis of the competitive landscape Sector Style Large cap opportunistic value Reasonable valuations: both relative and historical Deviations Process Bottom-up combined with potentially significant sector deviations Active sector and security weights Portfolio Turnover Moderate, below average Capital preservation Construction Investment horizon 12-18 months Sector and security diversification Holdings 45 to 60 Sector deviation Potentially large Strategy AUM $786 M

WHY INVEST IN THIS STRATEGY

Experienced team of senior portfolio managers working together for over 15 years

Established process that has been consistently applied over time

Unique, opportunistic and contrarian approach with diversified sources of alpha

High conviction portfolio with potentially significant sector deviations capable of substantial alpha generation

Strong capital preservation in down markets and up market performance capture

PERFORMANCE (%) Annual as at December 31 Q1 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Canadian Equity Opportunities Strategy 11.63 -17.75 11.78 27.36 -9.68 6.97 27.13 13.35 -11.52 14.77 35.95 S&P/TSX Index 13.29 -8.89 9.10 21.08 -8.32 10.55 12.99 7.19 -8.71 17.61 35.05 Added value -1.66 -8.87 2.68 6.28 -1.36 -3.59 14.14 6.16 -2.81 -2.83 0.89

Annualized as at March 31, 2019 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs SI 1 Canadian Equity Opportunities Strategy -4.42 0.82 8.63 3.85 3.41 7.14 8.17 5.52 6.64 9.99 9.37 S&P/TSX Index 8.11 4.86 9.26 5.07 5.44 7.12 6.98 4.73 6.36 9.49 8.82 Added value -12.53 -4.04 -0.64 -1.21 -2.03 0.02 1.19 0.79 0.28 0.50 0.55

Returns are presented gross of management fees 1. Since inception (November 1st, 2002)

30 STRATEGY PROFILE – AS AT March 31, 2019 CANADIAN EQUITY OPPORTUNITIES

PERFORMANCE BENCHMARK: S&P/TSX Index CURRENCY: CAD

RISK/RETURN ANALYSIS TOP-10 HOLDINGS (%) Portfolio S&P/TSX Security Sector Weight Annualized return (%) 9.37 8.82 1. Bank of Nova Scotia Financials 6.9 Beta 0.99 1.00 2. TD Bank Financials 6.1 Standard deviation (%) 13.15 12.22 3. Manulife Financial Financials 5.1 Information ratio 0.10 n/a 4. Canadian Natural Resources Energy 4.8 Sharpe ratio (1.73%) 0.58 0.58 5. Suncor Energy Energy 4.6 Up-market capture ratio (%) 102.56 n/a 6. Bank of Montreal Financials 4.1 Down-market capture ratio (%) 99.39 n/a 7. Royal Bank of Canada Financials 4.0

Composite, since inception (November 1st, 2002) 8. First Quantum Minerals Materials 4.0 9. Canadian National Railway Industrials 3.8 PORTFOLIO CHARACTERISTICS 10. CGI Information Technology 3.3 Total 46.8 Portfolio S&P/TSX Liquidity Average capitalization (M$) 39,839 48,387 PORTFOLIO MANAGEMENT TEAM Risk Jacques Chartrand, Vice President, Senior Portfolio Manager, is the strategy’s Debt/Equity 0.48 0.62 lead manager. He benefits from 39 years of experience in the industry and has Payout Ratio 36.22 47.70 led the team since its inception, alongside Claude Boulos, CA, CBV, MBA, Vice Valuation President, Senior Portfolio Manager, who possesses 32 years of investment Price/Earnings (ttm) 14.17 15.81 experience and joined the firm 21 years ago. They are also supported by Marlene Osganian, MBA, CFA, Vice President, Assistant Portfolio Manager, Price/Earnings (current year median estimate) 13.53 15.16 and by one analyst. Price/Cash Flow 6.07 7.93 Price/Book 1.53 1.77 Dividend Yield (%) 2.68 3.14 Profitability and Growth Next year estimated EPS Growth (%) 20.27 12.44 Return on Equity 12.69 12.87 Quarterly Earnings Momentum (%) -1.59 -0.99 Estimates revisions (3 months) (%) -12.11 -8.61

Source: CPMS

www.fieracapital.com [email protected]

The information provided herein does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results. Information pertaining to Fiera pooled funds is not to be construed as a public offering of securities in any jurisdictions of Canada. The offering of units of Fiera pooled fund is made pursuant to the fund’s Trust Agreement and only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about Fiera pooled funds, including a statement of the fund’s investment objective, is contained in its Trust Agreement, a copy of which may be obtained from Fiera Capital Corporation. Unit values and investment returns will fluctuate. Please read the Trust Agreement of the pooled funds before investing. All performance data assume reinvestment of all distributions or dividends and do not take into account other charges or income taxes payable by any unitholder that would have reduced returns. Pooled funds are not guaranteed, their values change frequently and past performance may not be repeated. 31 STRATEGY PROFILE – AS AT March 31, 2019 US EQUITY

PERFORMANCE BENCHMARK: S&P 500 (CAN$) CURRENCY: CAD

STRATEGY DESCRIPTION* INVESTMENT PROCESS Superior and sustainable results are achieved by investing in a concentrated Proprietary quantitative screens applied to investable universe based on liquidity, profitability, leverage, ROIC and market cap metrics (yet diversified) portfolio of high quality companies and holding them for the Idea Generation Other sources of ideas include company meetings and existing very long run. As a result of unique competitive advantages, these companies portfolio holdings are able to generate stable and strong return on invested capital (ROIC), In-house comprehensive modeling and rigorous fundamental analysis provide ample long-term growth potential at incrementally higher ROIC, Fundamental Analysis of industry dynamics and attractiveness generate strong and predictable free cash flow, consistently compound Research Close scrutiny of management’s culture, business strategy, economic shareholder wealth over the long term and preserve capital. moat and ESG considerations * Also available under the following approaches: Collective decision making process Portfolio > Ethical filter and ESG considerations Concentrated portfolio forcing discipline to own best ideas Construction > Currency-hedged Low Turnover, Long-Term focus Focus on high quality businesses HIGHLIGHTS Risk Rigorous fundamental research process Style Large cap GARP Management Progressive position building Process Fundamental bottom-up Diversification of drivers & investment theses Turnover Low Investment horizon Over 60 months Number of holdings 25 to 30 Sector deviation Potentially large, driven by security selection Strategy AUM $7.5 B

WHY INVEST IN THIS STRATEGY

Long term investing ensures emphasis on high quality, best of breed companies and consistency of performance

Strong disciplined approach from which this experienced team never deviates

Rigorous research ensures very deep knowledge of portfolio companies and consistent success of our approach

High conviction focused portfolio with diversified sources of alpha

Broad universe of potential investment opportunities

Strong risk-adjusted returns, top ranking relative to its peers

PERFORMANCE (%) Annual as at December 31 Q1 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 US Equity Strategy 14.01 9.80 19.47 5.94 22.56 26.96 47.94 13.33 8.87 11.64 S&P 500 (CAN$) 11.16 4.23 13.83 8.09 21.59 23.93 41.27 13.43 4.64 9.06 Added value 2.85 5.57 5.64 -2.15 0.96 3.03 6.67 -0.10 4.23 2.58

Annualized as at March 31, 2019 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs SI 1 US Equity Strategy 21.45 17.63 18.04 14.67 18.40 21.69 20.62 20.16 19.22 19.87 19.87 S&P 500 (CAN$) 13.46 11.82 14.74 11.94 15.23 17.92 17.62 16.84 16.16 16.60 16.60 Added value 7.99 5.82 3.30 2.73 3.17 3.77 3.00 3.32 3.05 3.27 3.27

Returns are presented gross of management fees 1. Since inception (April 1, 2009)

32 STRATEGY PROFILE – AS AT March 31, 2019 US EQUITY

PERFORMANCE BENCHMARK: S&P 500 (CAN$) CURRENCY: CAD

RISK/RETURN ANALYSIS TOP-10 HOLDINGS (%) Portfolio S&P 500 Security Sector Weight Annualized return (%) 19.87 16.60 1. Moody's Financials 6.7 Beta 1.03 1.00 2. Mastercard Information Technology 5.6 Standard deviation (%) 10.72 9.74 3. Johnson & Johnson Health Care 4.8 Information ratio 0.86 n/a 4. Becton Dickinson Health Care 4.8 Sharpe ratio (0.82%) 1.78 1.62 5. MSCI Financials 4.6 Up-market capture ratio (%) 108.94 n/a 6. Alphabet Communication Services 4.4 Down-market capture ratio (%) 88.88 n/a 7. UnitedHealth Group Health Care 4.4

Composite, Since inception (April 1, 2009) 8. Pepsico Consumer Staples 4.3 9. TJX Companies Consumer Discretionary 4.2 PORTFOLIO CHARACTERISTICS 10. Sherwin Williams Materials 4.0 Total 47.8 Portfolio S&P 500 Liquidity1 Average capitalization (M$) 179,066 308,353 PORTFOLIO MANAGEMENT TEAM Risk1 Nadim Rizk, MBA, CFA, is the Senior Portfolio Manager of the strategy and Debt/Equity 1.87 1.50 benefits from 22 years of investment experience with US and International Net debt/EBITDA 1.58 1.54 equities. He is assisted by Andrew Chan, M.Sc., Portfolio Manager, Thomas Valuation Horvath, MBA, CFA, CAIA, Assistant Vice President and Lead Analyst as well Price/Earnings (next twelve months)3 20.20 16.63 as by six dedicated analysts. Enterprise Value/EBIT (trailing twelve months)3 18.42 16.00 Dividend Yield (%)1 1.39 1.94 Profitability and Growth2 Next year estimated EPS growth (%) 10.48 10.39 Estimated Revenue Growth (%) 4.92 4.11 Return on Equity (%) 22.53 16.32 Return on Invested Capital (%, ROIC or ROI) 26.25 13.70 Operating Margin 22.66 17.17

Source : Factset 1. Weighted Average 2. Median 3. Harmonic Weighted Average

www.fieracapital.com [email protected]

The information provided herein does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results. Information pertaining to Fiera pooled funds is not to be construed as a public offering of securities in any jurisdictions of Canada. The offering of units of Fiera pooled fund is made pursuant to the fund’s Trust Agreement and only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about Fiera pooled funds, including a statement of the fund’s investment objective, is contained in its Trust Agreement, a copy of which may be obtained from Fiera Capital Corporation. Unit values and investment returns will fluctuate. Please read the Trust Agreement of the pooled funds before investing. All performance data assume reinvestment of all distributions or dividends and do not take into account other charges or income taxes payable by any unitholder that would have reduced returns. Pooled funds are not guaranteed, their values change frequently and past performance may not be repeated. 33 STRATEGY PROFILE – AS AT March 31, 2019 INTERNATIONAL EQUITY

PERFORMANCE BENCHMARK: MSCI EAFE (CAN $) CURRENCY: CAD

STRATEGY DESCRIPTION* INVESTMENT PROCESS Superior and sustainable results are achieved by investing in a concentrated Proprietary quantitative screens applied to investable universe based on liquidity, profitability, leverage, ROIC and market cap metrics (yet diversified) portfolio of high quality companies and holding them for the Idea Generation Other sources of ideas include company meetings and existing very long run. As a result of unique competitive advantages, these companies portfolio holdings are able to generate stable and strong return on invested capital (ROIC), In-house comprehensive modeling and rigorous fundamental analysis provide ample long-term growth potential at incrementally higher ROIC, Fundamental Analysis of industry dynamics and attractiveness generate strong and predictable free cash flow, consistently compound Research Close scrutiny of management’s culture, business strategy, economic shareholder wealth over the long term and preserve capital. moat and ESG considerations * Also available with an ethical filter and ESG considerations. Collective decision making process Portfolio Concentrated portfolio forcing discipline to own best ideas Construction HIGHLIGHTS Low Turnover, Long-Term focus Focus on high quality businesses Style Large cap GARP Risk Rigorous fundamental research process Process Fundamental bottom-up Management Progressive position building Turnover Low Diversification of drivers & investment theses Investment horizon Over 60 months Number of holdings 25 to 35 Sector deviation Potentially large, driven by security selection Strategy AUM $7.9 B

WHY INVEST IN THIS STRATEGY

Long term investing ensures emphasis on high quality, best of breed companies and consistency of performance

Strong disciplined approach from which this experienced team never deviates

Rigorous research ensures very deep knowledge of portfolio companies and consistent success of our approach

High conviction focused portfolio with diversified sources of alpha

Broad universe of potential investment opportunities

Strong risk-adjusted returns, top ranking relative to its peers

PERFORMANCE (%) Annual as at December 31 Q1 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 International Equity Strategy 9.78 0.97 23.75 -2.26 21.91 6.95 26.42 24.12 -2.12 12.49 MSCI EAFE (CAN $) 7.57 -6.03 16.82 -2.49 18.95 3.67 31.02 14.72 -9.96 2.13 Added value 2.20 6.99 6.93 0.23 2.96 3.29 -4.60 9.41 7.85 10.37

Annualized as at March 31, 2019 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs SI 1 International Equity Strategy 8.68 11.66 12.91 8.95 10.68 12.62 13.77 13.10 12.89 12.69 MSCI EAFE (CAN $) -0.23 5.23 8.43 4.54 6.31 9.61 10.10 8.35 8.07 7.56 Added value 8.91 6.43 4.48 4.41 4.36 3.01 3.67 4.76 4.82 5.13

Returns are presented gross of management fees 1. Since inception (January 1, 2010)

34 STRATEGY PROFILE – AS AT March 31, 2019 INTERNATIONAL EQUITY

PERFORMANCE BENCHMARK: MSCI EAFE (CAN $) CURRENCY: CAD

RISK/RETURN ANALYSIS COUNTRY ALLOCATION (%) Portfolio MSCI EAFE Country Portfolio MSCI EAFE Annualized return (%) 12.69 7.56 Europe ex-UK 46.3 46.3 Beta 0.87 1.00 United Kingdom 28.7 17.1 Standard deviation (%) 10.74 11.23 Japan 14.3 24.0 Information ratio 1.09 n/a Emerging Markets 7.5 0.0 Sharpe ratio (0.86%) 1.10 0.60 Pacific ex-Japan 3.0 12.6 Up-market capture ratio (%) 103.90 n/a Cash 0.3 0.0 Down-market capture ratio (%) 66.96 n/a Total 100.0 100.0 Composite, Since inception (January 1, 2010) TOP-10 HOLDINGS (%) PORTFOLIO CHARACTERISTICS Security Sector Weight Portfolio MSCI EAFE 1. Keyence Information Technology 6.9 Liquidity1 2. Nestle Consumer Staples 5.1 Average capitalization (M$) 113,137 83,983 3. Unilever Consumer Staples 5.1 Risk1 4. Diageo Consumer Staples 4.7 Debt/Equity 0.94 1.23 5. L'Oréal Consumer Staples 4.4 Net debt/EBITDA 0.82 2.56 6. InterContinental Hotels Consumer Discretionary 4.1 Valuation 7. Taiwan Semiconductor Information Technology 4.1 Price/Earnings (next twelve months)3 21.49 13.28 8. Roche Holdings Health Care 3.9 Enterprise Value/EBIT (trailing twelve months)3 18.62 12.45 9. Schindler Holding Industrials 3.7 Dividend Yield (%)1 2.04 3.35 10. Intertek Industrials 3.5 Profitability and Growth2 Total 45.6 Next year estimated EPS growth (%) 9.36 8.06 Estimated Revenue Growth (%) 5.41 4.19 PORTFOLIO MANAGEMENT TEAM Return on Equity (%) 19.82 11.51 Return on Invested Capital (%, ROIC or ROI) 21.45 11.43 Nadim Rizk, MBA, CFA, is the Senior Portfolio Manager of the strategy and Operating Margin (%) 20.59 12.34 benefits from 22 years of investment experience with US and International equities. He is assisted by Andrew Chan, M.Sc., Portfolio Manager, Thomas Source : Factset 1. Weighted Average Horvath, MBA, CFA, CAIA, Assistant Vice President and Lead Analyst as well 2. Median as by six dedicated analysts. 3. Harmonic Weighted Average

www.fieracapital.com [email protected]

The information provided herein does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results. Information pertaining to Fiera pooled funds is not to be construed as a public offering of securities in any jurisdictions of Canada. The offering of units of Fiera pooled fund is made pursuant to the fund’s Trust Agreement and only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about Fiera pooled funds, including a statement of the fund’s investment objective, is contained in its Trust Agreement, a copy of which may be obtained from Fiera Capital Corporation. Unit values and investment returns will fluctuate. Please read the Trust Agreement of the pooled funds before investing. All performance data assume reinvestment of all distributions or dividends and do not take into account other charges or income taxes payable by any unitholder that would have reduced returns. Pooled funds are not guaranteed, their values change frequently and past performance may not be repeated. 35 STRATEGY PROFILE – AS AT March 31, 2019 GLOBAL EQUITY

PERFORMANCE BENCHMARK: MSCI World (CAN$) CURRENCY: CAD

STRATEGY DESCRIPTION* INVESTMENT PROCESS Superior and sustainable results are achieved by investing in a concentrated Proprietary quantitative screens applied to investable universe based on liquidity, profitability, leverage, ROIC and market cap metrics (yet diversified) portfolio of high quality companies and holding them for the Idea Generation Other sources of ideas include company meetings and existing very long run. As a result of unique competitive advantages, these companies portfolio holdings are able to generate stable and strong return on invested capital (ROIC), In-house comprehensive modeling and rigorous fundamental analysis provide ample long-term growth potential at incrementally higher ROIC, Fundamental Analysis of industry dynamics and attractiveness generate strong and predictable free cash flow, consistently compound Research Close scrutiny of management’s culture, business strategy, economic shareholder wealth over the long term and preserve capital. moat and ESG considerations * Also available under the following approaches: Collective decision making process Portfolio > All Country World Equity Concentrated portfolio forcing discipline to own best ideas Construction > Currency-hedged Low Turnover, Long-Term focus Focus on high quality businesses HIGHLIGHTS Risk Rigorous fundamental research process Style Large cap GARP Management Progressive position building Process Fundamental bottom-up Diversification of drivers & investment theses Turnover Low Investment horizon Over 60 months Number of holdings 30 to 40 Sector deviation Potentially large, driven by security selection Strategy AUM $19.4 B

WHY INVEST IN THIS STRATEGY

Long term investing ensures emphasis on high quality, best of breed companies and consistency of performance

Strong disciplined approach from which this experienced team never deviates

Rigorous research ensures very deep knowledge of portfolio companies and consistent success of our approach

High conviction focused portfolio with diversified sources of alpha

Broad universe of potential investment opportunities

Strong risk-adjusted returns, top ranking relative to its peers

PERFORMANCE (%) Annual as at December 31 Q1 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Global Equity Strategy 13.00 5.73 23.29 2.20 22.68 16.51 37.75 17.80 5.63 13.41 MSCI World (CAN$) 10.02 -0.49 14.36 3.79 18.89 14.39 35.18 13.26 -3.20 5.93 Added value 2.97 6.22 8.93 -1.59 3.80 2.12 2.57 4.54 8.83 7.48

Annualized as at March 31, 2019 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs SI 1 Global Equity Strategy 15.46 15.65 16.78 12.75 15.42 17.80 17.87 17.47 16.94 16.89 MSCI World (CAN$) 7.78 8.79 11.88 8.40 10.93 13.81 13.80 12.43 12.02 11.53 Added value 7.68 6.86 4.90 4.35 4.49 3.99 4.07 5.04 4.92 5.35

Returns are presented gross of management fees 1. Since inception (October 1, 2009)

36 STRATEGY PROFILE – AS AT March 31, 2019 GLOBAL EQUITY

PERFORMANCE BENCHMARK: MSCI World (CAN$) CURRENCY: CAD

RISK/RETURN ANALYSIS COUNTRY ALLOCATION (%) Portfolio MSCI World Country Portfolio MSCI World Annualized return (%) 16.89 11.53 United States 62.2 62.4 Beta 0.97 1.00 Europe ex-UK 15.1 15.8 Standard deviation (%) 9.93 9.49 United Kingdom 10.5 5.8 Information ratio 1.41 n/a Japan 6.7 8.2 Sharpe ratio (0.84%) 1.62 1.13 Emerging Markets 5.3 0.0 Up-market capture ratio (%) 111.42 n/a Pacific ex-Japan 0.0 4.3 Down-market capture ratio (%) 70.02 n/a Canada 0.0 3.5 Composite, Since inception (October 1, 2009) Cash 0.2 0.0 Total 100.0 100.0 PORTFOLIO CHARACTERISTICS Portfolio MSCI World TOP-10 HOLDINGS (%) Liquidity1 Security Sector Weight Average capitalization (M$) 163,749 213,375 1. Moody's Financials 6.2 Risk1 2. Keyence Information Technology 5.2 Debt/Equity 1.74 1.42 3. Mastercard Information Technology 5.1 Net debt/EBITDA 1.26 2.04 4. Johnson & Johnson Health Care 3.8 Valuation 5. Becton Dickinson Health Care 3.7 Price/Earnings (next twelve months)3 21.14 15.27 6. MSCI Financials 3.7 Enterprise Value/EBIT (trailing twelve months)3 18.42 14.66 7. Diageo Consumer Staples 3.5 Dividend Yield (%)1 1.59 2.44 8. Unilever Consumer Staples 3.4 Profitability and Growth2 9. TJX Companies Consumer Discretionary 3.2 Next year estimated EPS growth (%) 9.52 9.05 10. Nestle Consumer Staples 3.2 Estimated Revenue Growth (%) 4.95 4.33 Total 41.1 Return on Equity (%) 25.51 12.13 Return on Invested Capital (%, ROIC or ROI) 28.02 11.86 PORTFOLIO MANAGEMENT TEAM Operating Margin (%) 22.97 14.05 Nadim Rizk, MBA, CFA, is the Senior Portfolio Manager of the strategy and Source: Factset benefits from 22 years of investment experience with US and International 1. Weighted Average 2. Median equities. He is assisted by Andrew Chan, M.Sc., Portfolio Manager, Thomas 3. Harmonic Weighted Average Horvath, MBA, CFA, CAIA, Assistant Vice President and Lead Analyst as well as by six dedicated analysts.

www.fieracapital.com [email protected]

The information provided herein does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results. Information pertaining to Fiera pooled funds is not to be construed as a public offering of securities in any jurisdictions of Canada. The offering of units of Fiera pooled fund is made pursuant to the fund’s Trust Agreement and only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about Fiera pooled funds, including a statement of the fund’s investment objective, is contained in its Trust Agreement, a copy of which may be obtained from Fiera Capital Corporation. Unit values and investment returns will fluctuate. Please read the Trust Agreement of the pooled funds before investing. All performance data assume reinvestment of all distributions or dividends and do not take into account other charges or income taxes payable by any unitholder that would have reduced returns. Pooled funds are not guaranteed, their values change frequently and past performance may not be repeated. 37 STRATEGY PROFILE – AS AT March 31, 2019 EMERGING MARKETS EQUITY

PERFORMANCE BENCHMARK: MSCI Emerging Markets ($CA) CURRENCY: CAD

STRATEGY DESCRIPTION INVESTMENT PROCESS Fiera Capital’s European Division is specialized in emerging markets equity On-the-ground, qualitative research and disciplined, price‑focused modelling investments whose principal activity is the provision of emerging markets Idea Diversity, experience and expertise of investment team are key Generation asset management products and services. The Global Emerging Markets strengths strategy is based on a bottom-up, fundamental research-driven approach Generation of ideas based on experience, knowledge and contacts to stock selection and aims to build a concentrated, growth-orientated Consistent management track record with alignment portfolio with an emphasis on quality. It focuses on both quantitative and Business models with strong market positioning and clear growth qualitative analysis with a preference for less well understood opportunities. opportunities Risk-adjusted upside potential is a main determinant of selection and Fundamental Construction and maintenance of proprietary stock models Research position sizes are driven by conviction with no regard to index weighting. Thorough appraisal of all aspects of management Relative and absolute valuation HIGHLIGHTS Review of ESG issues Best stock ideas are combined in a single portfolio on the basis of Style All-cap GARP upside potential, conviction, dividends, risk, and liquidity among other Process Fundamental bottom-up Portfolio factors and kept under constant review Construction Turnover Low Concentrated portfolio of approximately 50 to 65 holdings. Investment horizon Long term No benchmark relative constraint on country or sector exposures Statistical analysis focused on stock specific risk, tracking error range, Holdings 50 to 65 Risk and liquidity Sector deviation Potentially large, Analysis Fundamental analysis focused on corporate governance risk, driven by conviction fundamental risk, and structural risk Strategy AUM $718 M

WHY INVEST IN THIS STRATEGY

Undiluted commitment to emerging markets

Experienced investment team with a proven track record

Disciplined, research-driven investment process

Focused, high conviction, portfolio of quality growing companies

Strong, risk-adjusted returns over the long term

PERFORMANCE (%) Annual as at December 31 Q1 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Emerging Markets Equity Strategy 12.69 -12.80 34.09 5.82 9.32 9.43 9.21 16.83 -21.24 12.03 51.35 MSCI Emerging Markets ($CA) 7.53 -6.88 28.26 7.34 2.04 6.63 3.93 15.61 -16.40 12.67 51.59 Added value 5.16 -5.92 5.83 -1.52 7.28 2.80 5.28 1.22 -4.84 -0.64 -0.24

Annualized as at March 31, 2019 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs SI 1 Emerging Markets Equity Strategy -3.86 8.95 12.97 7.84 10.07 9.87 9.21 6.86 7.39 10.83 9.75 MSCI Emerging Markets ($CA) -4.06 7.64 11.88 5.91 7.71 7.65 7.03 5.27 6.16 9.60 9.49 Added value 0.20 1.31 1.09 1.93 2.36 2.22 2.18 1.59 1.23 1.23 0.26

Returns are presented gross of management fees 1. Since inception (July 31, 2003)

38 STRATEGY PROFILE – AS AT March 31, 2019 EMERGING MARKETS EQUITY

PERFORMANCE BENCHMARK: MSCI Emerging Markets ($CA) CURRENCY: CAD

RISK/RETURN ANALYSIS COUNTRY ALLOCATION (%) Portfolio Benchmark Country Portfolio Benchmark Annualized return (%) 9.75 9.49 China 38.7 33.0 Beta 1.08 1.00 India 13.6 9.2 Standard deviation (%) 18.17 16.23 Taiwan 7.5 11.3 Information ratio 0.05 n/a Brazil 6.8 7.2 Sharpe ratio (1.67%) 0.44 0.48 Korea 6.1 13.0 Up-market capture ratio (%) 104.99 n/a South Africa 4.4 5.9 Down-market capture ratio (%) 104.50 n/a Mexico 2.4 2.7 Composite, Since inception (July 31, 2003) Other 16.0 17.7 Cash 4.5 0.0 PORTFOLIO CHARACTERISTICS Total 100.0 100.0 Portfolio Benchmark Liquidity1 TOP-10 HOLDINGS (%) Average capitalization (M$) 165,050 113,434 Security Sector Weight Valuation 1. Alibaba Consumer Discretionary 8.0 Price/Earnings (next twelve months)2 16.08 13.06 2. Ping An Insurance Financials 5.2 Price/Book (next twelve months)2 2.64 1.55 3. Tencent Communication Services 5.1 Dividend Yield (%)1 2.88 2.82 4. Taiwan Semiconductor Information Technology 4.3 Profitability and Growth3 5. CNOOC Energy 4.2 Estimated EPS Growth (%) 15.89 12.49 6. HDFC Financials 4.1 Return on Equity (%) 18.77 12.28 7. Chailease Holding Financials 4.0 Source : Factset 8. Samsung Information Technology 3.8 1. Weighted Average 9. Baidu Communication Services 3.5 2. Harmonic Weighted Average 10. Naspers Consumer Discretionary 3.4 3. Median Total 45.5

PORTFOLIO MANAGEMENT TEAM Ian Simmons is portfolio manager of the strategy and is supported by nine dedicated analysts.

www.fieracapital.com [email protected]

STRATEGY PROFILE – AS AT March 31, 2019 FIERA CGOV US EQUITY

PERFORMANCE BENCHMARK: S&P500 CURRENCY: CAD

STRATEGY DESCRIPTION INVESTMENT PROCESS The CGOV strategy is a high conviction portfolio that limits itself to a Based on ROIC, leverage and profitability metrics maximum of 25 companies. The foundation of our investment strategy Idea All market caps in the investable universe subject to liquidity metrics Generation ($1bn Market Cap min) focuses on People, Business, Price and Sustainability. By concentrating our Generated from management meetings and industry conferences focus on companies that have sustainable business drivers, run by great people Proprietary framework applied to assess management, fundamentals and being patient on the purchase price, we believe we can outperform in the Fundamental and valuation long run while minimizing the downside. Portfolio companies have superior Bottom-Up Research Due diligence process used to evaluate economic moat, business business models with distinct competitive advantages and significant pricing drivers and management quality power. These businesses earn high Return on Invested Capital, Free Cash Flow Multi-Factor Ranking Model ranks ideas based on ROIC, leverage and and have strong balance sheets. Predictable and reliable revenue and profit profitability metrics Portfolio High conviction portfolio is formed from 25 best ideas with target yield growth allows for consistent wealth creation over time. Construction of 3% Sector diversification and correlation analysis HIGHLIGHTS Position sizing managed by proprietary upside/downside to intrinsic Style All Cap value calculations Actively Managed Milestone framework used to monitor the performance of Position Sizes and Process Fundamental bottom-up existing positions Risk Monitoring Annual turnover Low Focus on wealth creating business models with high quality of Investment horizon 5 years + Management and solid business drivers Number of holdings Maxium of 25 Sector deviation Potentially large

WHY INVEST IN THIS STRATEGY DIFFERENTIATORS High active share through diversified 25 stock portfolio of Long-term investing ensures emphasis on high quality, best of Not Index-Like high quality companies breed companies and consistency of performance Intense focus on the sustainability of a company's business Strong disciplined approach and an experienced management team Framework to analyze different types of businesses Core/Opportunistic Determines required discount to intrinsic value Rigorous research ensures in-depth knowledge of portfolio Scenario analysis of best and worst case prices companies and consistent success of our approach CGOV Multi-Factor Ranking Model Asymmetrical return profile High conviction focused portfolio with diversified sources of alpha Position sizing is managed by proprietary upside/downside Active Position to intrinsic value calculations Size Management Broad universe of potential investment opportunities Contrarian style

High degree of capital preservation during falling markets

PERFORMANCE (%) Annual as at December 31 Q1 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Fiera CGOV US Equity Strategy 7.80 12.71 14.28 1.60 22.21 22.54 34.88 16.18 3.12 10.48 S&P 500 (CAN$) 11.16 4.20 13.82 8.59 20.96 24.00 41.52 13.48 4.41 9.35 Added value -3.36 8.51 0.46 -6.98 1.25 -1.45 -6.65 2.71 -1.29 1.14

Annualized as at March 31, 2019 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs SI 1 Fiera CGOV US Equity Strategy 17.48 14.52 14.57 10.67 14.80 17.32 16.66 17.01 15.74 15.14 S&P 500 (CAN$) 13.58 11.93 14.66 11.92 15.21 17.94 17.64 16.87 16.16 16.32 Added value 3.90 2.60 -0.09 -1.25 -0.41 -0.62 -0.98 0.15 -0.42 -1.17

Returns are presented gross of management fees 1. Since inception (May 1, 2009)

40 _R5006_A

STRATEGY PROFILE – AS AT March 31, 2019 FIERA CGOV US EQUITY

PERFORMANCE BENCHMARK: S&P500 CURRENCY: CAD

RISK/RETURN ANALYSIS EQUITY SECTOR ALLOCATION (%) Portfolio Benchmark Sector Portfolio Benchmark Beta 0.91 1.00 Energy 8.7 5.4 Standard deviation (%) 10.54 10.58 Materials 2.9 2.6 Information ratio -0.09 n/a Industrials 14.8 9.5 Sharpe ratio (0.83%) 1.33 1.36 Consumer Discretionary 7.8 10.1 Up-market capture ratio (%) 91.38 n/a Consumer Staples 4.4 7.3 Down-market capture ratio (%) 81.34 n/a Health Care 13.3 14.6

Composite, 5 year period ending March 31, 2019 Financials 14.6 12.7 Information Technology 12.5 21.2 PORTFOLIO CHARACTERISTICS Telecom. Services 15.9 10.1 Utilities 0.0 3.3 Portfolio Benchmark Real Estate 0.0 3.1 Liquidity Cash 5.0 0.0 Median Market Cap (M$) 64,390 308,353 Risk Portofolio Benchmark Net Debt/EBITDA 1.22 1.54 Valuation TOP 10 EQUITY HOLDINGS (%) Forward P/E Ratio 20.95 16.63 Security Portfolio Benchmark Enterprise Value/EBITDA (trailing twelve months) 14.22 11.97 1. Visa Inc 7.7 1.2 Dividend Yield (%) 1.37 1.94 2. Alphabet Inc 6.4 1.5 Price/Cash Flow 17.75 12.02 3. CME Group Inc 6.3 0.2 Profitability and Growth 4. Zoetis Inc 6.1 0.2 Return on Equity (%) 18.48 16.32 5. Marathon Petroleum 5.6 0.2 Return on Invested Capital (%, ROIC or ROI) 16.79 13.70 6. Walt Disney Co 5.5 0.8 Number of Securities 23 505 7. Lincoln Elec Hldgs 5.3 0.1 Source: Factset 8. Microsoft Corp 4.8 3.8 9. S&P Global Inc 4.6 0.2 PORTFOLIO MANAGEMENT TEAM 10. Bunge Limited 4.4 0.1 Steve Cocchetto, MBA, CFA, Gord O’Reilly, CFA, is the Senior Portfolio Total 56.7 8.3 Manager of the strategy and benefits from 14 years of investment experience. He is assisted by Portfolio Managers Gord O’Reilly, CFA, and Roy Hewson, MBA, CFA., by Senior Investment Analyst Elena Gorbatkova and by one analyst.

www.fieracapital.com [email protected]

STRATEGY PROFILE – AS AT March 31, 2019 FIERA CGOV GLOBAL EQUITY

PERFORMANCE BENCHMARK: MSCI World (CAN$) CURRENCY: CAD

STRATEGY DESCRIPTION INVESTMENT PROCESS The CGOV strategy is a high conviction portfolio that limits itself to a Based on ROIC, leverage and profitability metrics maximum of 25 companies. The foundation of our investment strategy Idea All market caps in the investable universe subject to liquidity metrics Generation ($1bn Market Cap min) focuses on People, Business, Price and Sustainability. By concentrating our Generated from management meetings and industry conferences focus on companies that have sustainable business drivers, run by great people Proprietary framework applied to assess management, fundamentals and being patient on the purchase price, we believe we can outperform in the and valuation Fundamental long run while minimizing the downside. Portfolio companies have superior Sustainability factors considered within the framework of UN's 17 Bottom-Up Sustainable Development Goals business models with distinct competitive advantages and significant pricing Research power. These businesses earn high Return on Invested Capital, Free Cash Flow Due diligence process used to evaluate economic moat, business and have strong balance sheets. Predictable and reliable revenue and profit drivers and management quality growth allows for consistent wealth creation over time. Multi-Factor Ranking Model ranks ideas based on ROIC, leverage and profitability metrics Portfolio The team also manages a Global Sustainable Impact mandate. Construction High conviction portfolio is formed from 25 best ideas Sector diversification and correlation analysis HIGHLIGHTS Position sizing managed by proprietary upside/downside to intrinsic value calculations Actively Managed Style All Cap Milestone framework used to monitor the performance of Position Sizes and existing positions Process Fundamental bottom-up Risk Monitoring Annual turnover Low Focus on wealth creating business models with high quality of Management and solid business drivers Investment horizon 5 years + Number of holdings Maxium of 25 Sector deviation Potentially large

WHY INVEST IN THIS STRATEGY DIFFERENTIATORS High active share through diversified 25 stock portfolio of Long term focused portfolio with low turnover Not Index-Like high quality companies Intense focus on the sustainability of a company's business High degree of capital preservation during falling markets Framework to analyze different types of businesses Sustainability Matrix Rigorous downside stress test analysis Determines a company’s long term sustainability score

PERFORMANCE (%) Annual as at December 31 Q1 2019 2018 2017 2016 2015 2014 Fiera CGOV Global Equity Strategy 9.23 5.44 19.31 -1.41 17.38 14.80 MSCI World (CAN$) 10.02 -0.49 14.36 3.79 18.89 14.39 Added value -0.80 5.93 4.95 -5.20 -1.50 0.41

Annualized as at March 31, 2019 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs SI 1 Fiera CGOV Global Equity Strategy 12.43 12.28 11.94 8.84 11.59 13.03 MSCI World (CAN$) 7.78 8.79 11.88 8.40 10.93 13.58 Added value 4.65 3.49 0.06 0.43 0.66 -0.55

Returns are presented gross of management fees 1. Since inception (July 1, 2013)

42 _R5007_Aeb

STRATEGY PROFILE – AS AT March 31, 2019 FIERA CGOV GLOBAL EQUITY

PERFORMANCE BENCHMARK: MSCI World (CAN$) CURRENCY: CAD

RISK/RETURN ANALYSIS COUNTRY ALLOCATION (%) Portfolio Benchmark Country Portfolio Benchmark Beta 0.87 1.00 United States 35.1 62.4 Standard deviation (%) 9.54 9.84 Europe ex-UK 23.3 15.8 Information ratio 0.15 n/a Japan 11.3 8.2 Sharpe ratio (0.83%) 1.13 1.03 United Kingdom 9.9 5.8 Up-market capture ratio (%) 86.54 n/a Canada 6.0 3.5 Down-market capture ratio (%) 63.73 n/a Emerging Markets 4.0 0.0 Composite, 5 year period ending March 31, 2019 Pacific ex-Japan 3.9 4.3 Cash 6.4 0.0 PORTFOLIO CHARACTERISTICS Total 100.0 100.0 Portfolio Benchmark Liquidity EQUITY SECTOR ALLOCATION (%) Median Market Cap (M$) 32,736 17,214 Sector Portfolio Benchmark Risk Energy 8.1 6.0 Net Debt/EBITDA 0.68 1.42 Materials 16.6 4.6 Valuation Industrials 6.9 11.1 Forward P/E Ratio 23.51 15.27 Consumer Discretionary 4.0 10.4 Enterprise Value/EBITDA (trailing twelve months) 19.88 14.66 Consumer Staples 16.5 8.6 Dividend Yield (%) 1.35 2.44 Health Care 21.0 12.9 Price/Cash Flow 22.39 10.64 Financials 7.9 15.6 Profitability and Growth Information Technology 12.6 15.9 Return on Equity (%) 19.49 12.13 Telecom. Services 0.0 8.3 Return on Invested Capital (%, ROIC or ROI) 20.04 11.86 Utilities 0.0 3.4 Number of Securities 24 1,124 Real Estate 0.0 3.3 Source: Factset Cash 6.4 0.0

PORTFOLIO MANAGEMENT TEAM Portfolio Benchmark The strategy is managed by a team of two highly experienced Senior Portfolio TOP 10 EQUITY HOLDINGS (%) Managers: Gord O’Reilly, CFA, and Roy Hewson, MBA, CFA. They benefit from 29 and 27 years of investment experience respectively. They are assisted by Security Portfolio Benchmark Portfolio Manager Steve Cocchetto, MBA, CFA, Senior Investment Analyst 1. Franco Nevada 6.0 0.0 Elena Gorbatkova and by one analyst. 2. Visa Inc 6.0 0.7 3. Zoetis Inc 4.3 0.1 4. Novartis AG 4.1 0.5 5. Sika AG 4.1 0.0 6. Texas Pacific Land Trust 4.1 0.0 7. Cboe Global Market 4.1 0.0 8. Keyence Corp 4.0 0.2 9. Marathon Petroleum 4.0 0.1 10. Fomento Económico Mexicano 4.0 0.0 Total 44.7 1.7

www.fieracapital.com [email protected]

STRATEGY PROFILE – AS AT March 31, 2019 FIERA CGOV TOTAL EQUITY

PERFORMANCE BENCHMARK: 35% S&P/TSX Composite, 65% MSCI World CURRENCY: CAD

STRATEGY DESCRIPTION INVESTMENT PROCESS The CGOV strategy is a high conviction portfolio that limits itself to a Based on ROIC, leverage and profitability metrics maximum of 25 companies. The foundation of our investment strategy Idea All market caps in the investable universe subject to liquidity metrics Generation ($1bn Market Cap min) focuses on People, Business, Price and Sustainability. By concentrating our Generated from management meetings and industry conferences focus on companies that have sustainable business drivers, run by great people Proprietary framework applied to assess management, fundamentals and being patient on the purchase price, we believe we can outperform in the and valuation Fundamental long run while minimizing the downside. Portfolio companies have superior Sustainability factors considered within the framework of UN's 17 Bottom-Up Sustainable Development Goals business models with distinct competitive advantages and significant pricing Research power. These businesses earn high Return on Invested Capital, Free Cash Flow Due diligence process used to evaluate economic moat, business and have strong balance sheets. Predictable and reliable revenue and profit drivers and management quality growth allows for consistent wealth creation over time. Multi-Factor Ranking Model ranks ideas based on ROIC, leverage and profitability metrics Portfolio The team also manages a Global Sustainable Impact mandate. Construction High conviction portfolio is formed from 25 best ideas Sector diversification and correlation analysis HIGHLIGHTS Position sizing managed by proprietary upside/downside to intrinsic value calculations Actively Managed Style All Cap Milestone framework used to monitor the performance of Position Sizes and existing positions Process Fundamental bottom-up Risk Monitoring Annual turnover Low Focus on wealth creating business models with high quality of Management and solid business drivers Investment horizon 5 years + Number of holdings Maxium of 25 Sector deviation Potentially large

WHY INVEST IN THIS STRATEGY DIFFERENTIATORS High active share through diversified 25 stock portfolio of Long term focused portfolio with low turnover Not Index-Like high quality companies Intense focus on the sustainability of a company's business High degree of capital preservation during falling markets Framework to analyze different types of businesses Sustainability Matrix Rigorous downside stress test analysis Determines a company’s long term sustainability score

PERFORMANCE (%) Annual as at December 31 Q1 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Fiera CGOV Total Equity Strategy 7.89 -1.97 13.88 9.29 10.87 14.45 24.92 17.84 -0.22 12.28 18.83 Customized benchmark 2 11.11 -3.24 12.98 10.43 8.80 13.54 27.63 11.62 -4.87 10.53 19.76 Added value -3.21 1.27 0.91 -1.14 2.07 0.91 -2.71 6.21 4.66 1.76 -0.93

Annualized as at March 31, 2019 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs SI 1 Fiera CGOV Total Equity Strategy 6.62 7.05 9.44 7.57 9.07 12.01 12.73 11.21 11.74 12.96 7.96 Customized benchmark 2 8.10 7.78 11.29 7.65 9.42 11.90 11.84 10.15 10.47 12.29 5.70 Added value -1.48 -0.73 -1.86 -0.08 -0.35 0.11 0.89 1.05 1.27 0.67 2.26

Returns are presented gross of management fees 1. Since inception (April 1, 1999) 2. Customized benchmark: 35% S&P/TSX Composite, 65% MSCI World

44 _R5005_A

STRATEGY PROFILE – AS AT March 31, 2019 FIERA CGOV TOTAL EQUITY

PERFORMANCE BENCHMARK: 35% S&P/TSX Composite, 65% MSCI World CURRENCY: CAD

RISK/RETURN ANALYSIS COUNTRY ALLOCATION (%) Portfolio Benchmark Country Portfolio Beta 0.89 1.00 Canada 45.1 Standard deviation (%) 8.22 8.45 Europe ex-UK 16.0 Information ratio -0.10 n/a United States 15.8 Sharpe ratio (0.83%) 1.00 1.02 Pacific ex-Japan 4.3 Up-market capture ratio (%) 93.71 n/a Japan 4.2 Down-market capture ratio (%) 90.46 n/a United Kingdom 4.0 Composite, 5 year period ending March 31, 2019 Emerging Markets 3.7 Cash 6.9 PORTFOLIO CHARACTERISTICS Total 100.0 Portfolio Benchmark Liquidity EQUITY SECTOR ALLOCATION (%) Median Market Cap (M$) 29,839 7,216 Sector Portfolio Risk Energy 11.1 Net Debt/EBITDA 1.25 2.86 Materials 24.0 Valuation Industrials 14.9 Forward P/E Ratio 18.21 15.48 Consumer Discretionary 6.2 Enterprise Value/EBITDA (trailing twelve months) 16.87 15.20 Consumer Staples 3.7 Dividend Yield (%) 1.88 2.64 Health Care 9.4 Price/Cash Flow 13.53 9.59 Financials 13.5 Profitability and Growth Information Technology 10.3 Return on Equity (%) 16.42 10.82 Telecom. Services 0.0 Return on Invested Capital (%, ROIC or ROI) 12.74 9.95 Utilities 0.0 Source: Factset Real Estate 0.0 Cash 7.0 PORTFOLIO MANAGEMENT TEAM Portfolio Benchmark The strategy is managed by a team of two highly experienced Senior Portfolio Managers: Gord O’Reilly, CFA, and Roy Hewson, MBA, CFA. They benefit from TOP 10 EQUITY HOLDINGS (%) 29 and 27 years of investment experience respectively. They are assisted by Portfolio Manager Steve Cocchetto, MBA, CFA, Senior Investment Analyst Security Portfolio Elena Gorbatkova and by one analyst. 1. Visa Inc 6.1 2. Franco Nevada Corp 5.9 3. Suncor Energy Inc 5.3 4. Toronto Dominion Bank 5.2 5. CCL Industries Inc 4.6 6. Hong Kong Exchange 4.3 7. Novartis AG 4.2 8. Keyence Corp 4.2 9. Canadian National Railway 4.1 10. Experian 4.0 Total 47.9

www.fieracapital.com [email protected]

The information provided herein does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results. Information pertaining to Fiera pooled funds is not to be construed as a public offering of securities in any jurisdictions of Canada. The offering of units of Fiera pooled fund is made pursuant to the fund’s Trust Agreement and only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about Fiera pooled funds, including a statement of the fund’s investment objective, is contained in its Trust Agreement, a copy of which may be obtained from Fiera Capital Corporation. Unit values and investment returns will fluctuate. Please read the Trust Agreement of the pooled funds before investing. All performance data assume reinvestment of all distributions or dividends and do not take into account other charges or income taxes payable by any unitholder that would have reduced returns. Pooled funds are not guaranteed, their values change frequently and past performance may not be repeated. 45 STRATEGY PROFILE – AS AT March 31, 2019 MARKET NEUTRAL

INCEPTION DATE: October 1, 2007 CURRENCY: CAD

STRATEGY DESCRIPTION HIGHLIGHTS Absolute return strategy based on “pairs trading” through long and short Style Absolute return strategy based on long‑short positions of equal value, selected following thorough fundamental analysis. pairs trading The strategy offers positive long-term returns and downside protection in Correlations Low correlation to movements in case of market downturns. The approach limits volatility and maintains different markets low correlations to market movements through rigorous risk management Process Fundamental bottom-up parameters including neutral currency and sector exposure, minimal net Performance objective Positive absolute returns regardless of market exposure, and strict liquidity constraints. economic environment Investment horizon 12 Months Holdings 20 to 40 pairs Strategy AUM 1 $106 M

1. As at March 31, 2019 WHY INVEST IN THIS STRATEGY

Aims to mitigate volatility while generating positive returns

Targets enhanced diversification through a portfolio with low correlation to traditional asset classes

Aims to provide downside risk protection against an equity market slowdown

Focused on fundamental analysis to generate value across market environments

Targets considerably lower volatility than Canadian equities

PERFORMANCE NET OF ALL FEES (%) Jan. Feb. March April May June July August Sept. Oct. Nov. Dec. Year/YTD 2007 4.62 1.19 5.39 11.57 2008 -0.79 3.72 0.31 0.05 4.38 5.04 -1.61 -1.46 -3.43 -0.28 2.47 1.54 10.01 2009 4.23 2.46 3.73 6.74 3.55 -0.58 2.11 1.60 0.91 -1.74 0.40 0.90 26.85 2010 2.66 1.11 0.49 -0.52 -0.93 -4.06 -0.20 -2.18 1.87 1.22 3.96 2.05 5.31 2011 0.85 -0.51 2.31 -2.01 -0.95 -4.62 -3.25 -0.49 -2.04 -0.25 -0.60 0.11 -11.04 2012 0.85 1.01 -0.39 -0.65 -3.33 -0.21 -1.54 -1.47 0.18 1.17 0.20 0.47 -3.74 2013 0.74 2.16 -0.31 0.88 -1.75 1.17 3.82 1.64 -0.06 0.16 -1.13 2.01 9.60 2014 2.04 0.47 0.98 0.25 1.76 1.29 1.23 -1.11 1.03 2.59 0.93 -0.67 11.29 2015 5.41 -0.65 1.11 -0.37 2.08 1.85 0.03 2.18 -1.18 -1.49 0.90 -0.15 9.96 2016 1.69 -0.57 1.05 -1.25 1.61 0.00 2.49 2.13 -0.82 -0.60 -2.73 0.40 3.32 2017 -1.26 -2.31 0.47 -1.96 -2.22 2.66 -1.34 -0.20 0.04 0.03 0.78 1.45 -3.94 2018 0.55 1.45 -0.96 0.11 0.58 0.08 1.13 -0.97 0.17 -1.11 -0.63 0.57 0.94 2019 0.75 1.19 0.96 2.93

Performance per period Annualized Performance 1 Month 3 Months 6 Months QTD YTD 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years SI 0.96 2.93 1.72 2.93 2.93 2.84 1.48 0.31 1.73 4.04 3.96 3.63 5.94

QTD = Quarter to Date; YTD = Year to Date; SI = Since inception. RISK DIVERSIFICATION Index Correlation BETA 5 Years SI 5 Years SI FTSE Canada 91-day Treasury Bills 0.19 0.23 7.46 5.96 FTSE Canada Universe 0.27 0.04 0.37 0.08 S&P/TSX -0.08 0.31 -0.05 0.18 S&P 500 0.06 0.01 0.03 0.01 MSCI World 0.08 0.09 0.04 0.06

SI = Since inception 46 STRATEGY PROFILE – AS AT March 31, 2019 MARKET NEUTRAL

INCEPTION DATE: October 1, 2007 CURRENCY: CAD

RISK/RETURN ANALYSIS COUNTRY EXPOSURE

Net annualized return since inception (%) 5.94 Canada 83.8 Annualized standard deviation (%) 6.61 United States and other 16.2 Annualized Sharpe ratio (1.12%) 0.73 0% 25% 50% 75% 100% Best monthly return (%) 6.74 Some Canadian domiciled companies are listed in the United States. Worst monthly return (%) -4.62 Percentage of months with positive performance 61.59 MONTHLY COMMENTARY Average return when market is up (%)2 0.78 Average return when market is down (%)2 0.05 The equity markets continued their rise in March, despite losing a little Up-market capture ratio (%) 29.84 strength toward the end of the month. Down-market capture ratio (%) -1.72 Our positions in the energy sector made the largest contributions to the Since inception monthly performance. Aside from Parkland Fuel which led the sector by a 2. Market based on S&P/TSX long way, no other stock posted a particularly remarkable performance. Our tendency to favour oil producers had a positive impact given the continued PORTFOLIO rise in oil prices. Number % BlackBerry’s earnings release drove up its share price by more than 15% Long positions 39 73.1 in March. Our long position in this stock was the biggest contributor to Short positions 40 -72.1 monthly performance. Our participation in Lightspeed’s IPO also had a positive impact. The stock shot out of the blocks and ended the month with gains of almost 30%. Lightspeed produces and distributes cloud-based POS MARKET EXPOSURE (GROSS AND NET) and e-commerce software. +125% Long Short Net +100% In the materials sector, we benefited from the rise in the Agnico Eagle vs. +75% IAMGOLD pair. However, we were hit by the drop in Kirkland Lake Gold, +50% which had posted continued excellent performance over recent months. +25% 0% In financial services, the decline of Nasdaq Inc. (paired with a long position -25% in TMX Group), and our long position in Brookfield Properties in the real -50% estate sector (which we paired with the sector sub-index), were also positive -75% -100% for the strategy. -125% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 We increased our investment in BRP, which is paired with a motorcycle manufacturer. BRP’s discount in comparison to its competitors seems SECTOR EXPOSURE (GROSS AND NET) excessive in our opinion.

Net In March, we slightly increased the strategy’s gross exposure since the rapid Energy - . - . + . shifts in the market opened up a number of opportunities. Materials -. + . +. Industrials -. - . +. PORTFOLIO MANAGEMENT TEAM Cons. Disc. -. . +. Frank Zwarts, MBA, CFA, is the Senior Portfolio Manager and benefits from Cons. Staples -. +. +. over 19 years of investment experience. He is assisted by Jean‑François Health Care . . . Gagnon, CFA, Portfolio Manager. He benefits from 26 years of investment Financials -. - . +. experience. Technology -. - . +. Telecom. -. - . +. Utilities -. - . +. Real Estate -. + . +.

-30% -20% -10% 0% 10% 20% 30%

www.fieracapital.com [email protected]

The information provided herein does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results. Information pertaining to Fiera pooled funds is not to be construed as a public offering of securities in any jurisdictions of Canada. The offering of units of Fiera pooled fund is made pursuant to the fund’s Trust Agreement and only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about Fiera pooled funds, including a statement of the fund’s investment objective, is contained in its Trust Agreement, a copy of which may be obtained from Fiera Capital Corporation. Unit values and investment returns will fluctuate. Please read the Trust Agreement of the pooled funds before investing. All performance data assume reinvestment of all distributions or dividends and do not take into account other charges or income taxes payable by any unitholder that would have reduced returns. Pooled funds are not guaranteed, their values change frequently and past performance may not be repeated. 47 STRATEGY PROFILE – AS AT March 31, 2019 LONG/SHORT EQUITY

INCEPTION DATE: August 1, 2010 CURRENCY: CAD

STRATEGY DESCRIPTION HIGHLIGHTS Absolute return strategy based on a three-tier approach of “pairs trading”, Style Absolute return strategy based on net long and net short positions, selected following thorough fundamental long‑short pairs trading, net long, and net short opportunities analysis. The strategy offers positive long-term returns and downside protection in case of market downturns. The approach limits volatility and Correlations Low correlation relative to movements in different markets maintains low correlations to market movements through rigorous risk Process Fundamental bottom-up management parameters including neutral currency exposure and strict liquidity constraints. Performance objective Positive absolute returns Investment horizon 12 Months Holdings 20 to 80 Strategy AUM 1 $110 M

1. As at March 31, 2019

WHY INVEST IN THIS STRATEGY

Aims to preserve capital in down markets while maintaining strong upside potential

Solid risk/reward profile as measured by Sharpe ratio

Targets enhanced diversification through a portfolio with low correlation to traditional asset classes

Alternative to stocks, having captured most of the market upside and almost none of the downside since inception

Targets lower volatility than equities and downside risk protection

Process emphasizing fundamental analysis and generating alpha through stock selection and active adjustment of net exposure

PERFORMANCE NET OF ALL FEES (%) Jan. Feb. March April May June July August Sept. Oct. Nov. Dec. Year/YTD 2010 -0.85 5.55 5.03 7.75 6.22 25.80 2011 3.77 0.70 1.89 -2.61 -0.86 -7.93 -3.59 -0.24 -1.57 -0.32 -0.52 0.21 -10.97 2012 1.56 2.33 0.54 -1.36 -2.94 0.20 -1.53 -1.00 -0.18 1.70 1.30 1.45 1.97 2013 3.29 4.02 -0.22 2.21 0.20 1.26 7.16 0.43 1.46 3.88 1.42 3.91 32.91 2014 0.52 2.75 1.81 1.55 2.80 2.38 2.94 -1.18 2.41 4.72 2.33 -0.52 24.81 2015 5.86 0.41 1.11 0.01 3.43 3.67 2.27 3.18 -1.91 -0.41 0.64 -1.64 17.61 2016 2.54 1.18 2.88 -2.92 2.47 -0.47 5.69 3.43 -0.89 -0.89 -3.09 1.57 11.68 2017 -3.09 -4.30 1.05 -3.29 -3.27 2.13 -1.96 -0.96 1.37 0.03 0.16 1.49 -10.38 2018 0.19 0.34 -0.31 1.83 0.87 0.29 1.42 -2.23 0.27 -3.03 -1.16 -0.65 -2.28 2019 2.88 2.60 0.91 6.51

Performance per period Annualized Performance 1 Month 3 Months 6 Months QTD YTD 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years SI 0.91 6.51 1.42 6.51 6.51 3.86 -0.24 -0.80 3.33 7.78 10.28 - 10.21

QTD = Quarter to Date; YTD = Year to Date; SI = Since inception. RISK DIVERSIFICATION Index Correlation BETA 5 Years SI 5 Years SI FTSE Canada 91-day Treasury Bills 0.11 0.08 6.40 6.53 FTSE Canada Universe 0.18 -0.04 0.38 -0.10 S&P/TSX 0.16 0.36 0.14 0.34 S&P 500 0.15 0.31 0.12 0.29 MSCI World 0.17 0.34 0.15 0.32

SI = Since inception 48 STRATEGY PROFILE – AS AT March 31, 2019 LONG/SHORT EQUITY

INCEPTION DATE: August 1, 2010 CURRENCY: CAD

RISK/RETURN ANALYSIS COUNTRY EXPOSURE

Net annualized return since inception (%) 10.21 Canada 85.5 Annualized standard deviation (%) 8.85 United States and other 14.5

Annualized Sharpe ratio (0.89%) 1.05 0% 25% 50% 75% 100% Best monthly return (%) 7.75 Some Canadian domiciled companies are listed in the United States. Worst monthly return (%) -7.93 Percentage of months with positive performance 65.38 MONTHLY COMMENTARY Average return when market is up (%)2 1.36 Average return when market is down (%)2 -0.06 The equity markets continued their rise in March, despite losing a little Up-market capture ratio (%) 63.64 strength toward the end of the month. Down-market capture ratio (%) 2.67 Our positions in the energy, consumer staples and information technology Since inception sectors made the largest contributions to the monthly performance. 2. Market based on S&P/TSX BlackBerry’s earnings release drove up its share price by more than 15% PORTFOLIO in March. Our long position in this stock was the biggest contributor this month. In contrast, our pair that included a long position in Kinaxis vs. Number % Shopify did not produce the expected results and hampered performance. Long positions 44 89.7 However, we continue to find this pair’s risk-reward trade-off attractive. Short positions 31 -68.8 The strategy also benefited from the rise in Alimentation Couche-Tard on the back of its quarterly financial earnings release. In the materials sector, MARKET EXPOSURE (GROSS AND NET) our Newmont Mining vs. AngloGold Ashanti pair also contributed to the monthly return. +200% Long Short Net +150% This month, we participated in Lightspeed’s IPO. The company produces and +100% distributes cloud-based POS and e-commerce software. +50% We increased our investment in BRP, which is paired with a motorcycle 0% manufacturer. BRP’s discount in comparison to its competitors seems -50% excessive in our opinion. -100% -150% At the beginning of the year, we increased the strategy’s net exposure in order -200% to benefit from the exaggerated share price correction. Since mid-February 2011 2013 2014 2015 2016 2017 2018 2012 and throughout March, we have chosen to take profits and gradually reduce SECTOR EXPOSURE (GROSS AND NET) our net exposure. Moreover, we slightly increased our gross exposure since the rapid shifts in the market opened up a number of opportunities. Net Energy - . +. +. PORTFOLIO MANAGEMENT TEAM Materials -. +. + . Industrials -. -. +. Frank Zwarts, MBA, CFA, is the Senior Portfolio Manager and benefits from over 19 years of investment experience. He is assisted by Jean‑François Cons. Disc. -. +. +. Gagnon, CFA, Portfolio Manager. He benefits from 26 years of investment Cons. Staples - . +. +. experience. Health Care . . . Financials -. -. +. Technology - . -. +. Telecom. -. -. +. Utilities -. +. +. Real Estate -. -. +.

-50% 0% 50%

www.fieracapital.com [email protected]

The information provided herein does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results. Information pertaining to Fiera pooled funds is not to be construed as a public offering of securities in any jurisdictions of Canada. The offering of units of Fiera pooled fund is made pursuant to the fund’s Trust Agreement and only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about Fiera pooled funds, including a statement of the fund’s investment objective, is contained in its Trust Agreement, a copy of which may be obtained from Fiera Capital Corporation. Unit values and investment returns will fluctuate. Please read the Trust Agreement of the pooled funds before investing. All performance data assume reinvestment of all distributions or dividends and do not take into account other charges or income taxes payable by any unitholder that would have reduced returns. Pooled funds are not guaranteed, their values change frequently and past performance may not be repeated. 49 STRATEGY PROFILE – AS AT March 31, 2019 FOCUSED MARKET NEUTRAL EQUITY

INCEPTION DATE: February 1, 2018 CURRENCY: CAD

STRATEGY DESCRIPTION HIGHLIGHTS This strategy based on fundamental research aims to deliver absolute returns Style Absolute return strategy based on with reduced market risk through high conviction pair ideas in up and down pairs trading markets. By exploiting market inefficiencies within sectors, industries and Approach High conviction, driven by throughout the value chain, the strategy expects to generate alpha on an fundamental research incremental basis. Through rigorous risk management, the strategy aims to Correlations Low correlations to movements in different markets minimize potential permanent loss of capital and enhance diversification through a portfolio with low correlation to traditional asset classes. Performance objective 5% in excess of the return of the FTSE TMX Canada 91 Day T-Bill Index Investment horizon 6 to 18 months Holdings 10 to 25 pairs Strategy AUM 1 $60 M

1. As at March 31, 2019

WHY INVEST IN THIS STRATEGY

Provides access to a fundamentally-driven manager’s alpha generation skills with a tremendous track record

High conviction absolute returns strategy driven by fundamental approach

Aims to enhance diversification with low correlation to traditional asset classes

Targets value added in both up and down markets with lower volatility

Consistent, disciplined and repeatable process

PERFORMANCE, NET OF ALL FEES (%) Jan. Feb. March April May June July August Sept. Oct. Nov. Dec. Year/YTD 2018 0.61 1.07 -0.82 1.71 -0.53 0.14 0.85 1.14 -0.74 0.47 0.60 4.55 2019 0.60 0.64 -0.18 1.06

Performance per period Annualized Performance 1 Month 3 Months 6 Months QTD YTD 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years SI -0.18 1.06 1.38 1.06 1.06 3.91 ------4.83

QTD = Quarter to Date; YTD = Year to Date; SI = Since inception.

RISK/RETURN ANALYSIS RISK DIVERSIFICATION Net annualized return since inception (%) 4.83 Index Correlation BETA Annualized standard deviation (%) 2.48 FTSE Canada 91-day Treasury Bills 0.03 1.02 Annualized Sharpe ratio (1.45%) 1.36 FTSE Canada Universe 0.22 0.17 Best monthly return (%) 1.71 S&P/TSX 0.17 0.03 Worst monthly return (%) -0.82 S&P 500 0.21 0.05 Percentage of months with positive performance 71.43 MSCI World 0.17 0.05

Since inception Since inception

50 STRATEGY PROFILE – AS AT March 31, 2019 FOCUSED MARKET NEUTRAL EQUITY

INCEPTION DATE: February 1, 2018 CURRENCY: CAD

PORTFOLIO MONTHLY COMMENTARY Number % The markets were up during the month of March with the S&P 500 up 3.41% Long positions 24 66.2 and the S&P TSX up 1.01%. For the strategy, the communication services Short positions 24 -65.3 and information technology sectors added most value while the energy and industrial sectors were the biggest detractors. SECTOR EXPOSURE (GROSS AND NET) Brookfield Infrastructure, Microsoft and Lightspeed added the most value

Net this month. Energy -. - . +. Lightspeed is a Canadian technology company that has created a niche in Materials . . . providing point of sale software to restaurant and small to medium retail Industrials - . + . + . companies. It is in effect a mini-ERP (enterprise resource planning) software Cons. Disc. -. - . +. that small and mid-size companies can use to make their operations efficient. Cons. Staples -. + . +. Lightspeed is further leveraging its penetration to launch more services Health Care . . . (such as payment services) that will enable it to keep a higher share of the Financials - . -. +. economics for itself. A high growth market, early mover advantage and Technology -. +. + . potential for increasing returns were the reasons to initiate a position in Telecom. -. - . +. Lightspeed. We will monitor the investment closely given the high valuation that it trades at. Utilities -. - . +. Real Estate . . . Inter Pipeline, Canadian Utilities and Canadian National Railways were -30% -20% -10% 0% 10% 20% 30% companies that contributed negatively this month.

COUNTRY EXPOSURE PORTFOLIO MANAGEMENT TEAM

Canada 57.3 Ashish Chaturvedi, MBA, CFA, is the Senior Portfolio Manager and benefits United States and other 42.7 from over 15 years of investment experience. He is assisted by one analyst.

0% 25% 50% 75% 100%

Some Canadian domiciled companies are listed in the United States.

www.fieracapital.com [email protected]

The information provided herein does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results. Information pertaining to Fiera pooled funds is not to be construed as a public offering of securities in any jurisdictions of Canada. The offering of units of Fiera pooled fund is made pursuant to the fund’s Trust Agreement and only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about Fiera pooled funds, including a statement of the fund’s investment objective, is contained in its Trust Agreement, a copy of which may be obtained from Fiera Capital Corporation. Unit values and investment returns will fluctuate. Please read the Trust Agreement of the pooled funds before investing. All performance data assume reinvestment of all distributions or dividends and do not take into account other charges or income taxes payable by any unitholder that would have reduced returns. Pooled funds are not guaranteed, their values change frequently and past performance may not be repeated. 51 STRATEGY PROFILE – AS AT March 31, 2019 ACTIVE TRADING

INCEPTION DATE: February 1, 2012 CURRENCY: CAD

STRATEGY DESCRIPTION HIGHLIGHTS Absolute return strategy based on a dual approach of currency management Style Absolute return, dual strategy based on and short term arbitrage to benefit from daily price fluctuations. The team currency management and arbitrage opportunities in short term instruments aims to achieve the investment objective by utilizing active trading methods on a vast array of eligible asset classes and derivative instruments. The Correlations Low correlation to movements in different markets active trading methods will mainly be based on technical and fundamental Process Top-down and technical, short‑term analysis, economic indicators, data on capital movement and momentum. transactions This strategy, which places great emphasis on capital preservation, produces Performance objective Treasury Bills + 5% both absolute positive returns and low volatility. Investment horizon Intraday Positions Most positions are closed overnight, use of leverage only intra-day Strategy AUM 1 $324 M

1. As at March 31, 2019

WHY INVEST IN THIS STRATEGY

Very low realized volatility

Short-term fixed income portfolio targeting low interest rate exposure and low credit risk

Solid risk/reward profile as measured by Sharpe ratio

Diversified solution with multiple, risk-controlled positions

PERFORMANCE (%) Jan. Feb. March April May June July August Sept. Oct. Nov. Dec. Year/YTD 2012 2.51 4.51 0.72 0.37 1.14 0.70 1.03 0.60 0.80 0.56 0.71 14.45 2013 0.98 0.93 0.71 0.89 0.77 1.17 0.51 0.50 0.33 0.27 0.27 0.17 7.76 2014 0.33 0.11 0.22 -0.02 0.20 0.09 0.01 0.06 0.18 0.15 0.08 0.53 1.96 2015 0.33 -0.02 -0.11 0.14 -0.04 0.28 0.20 0.19 0.14 0.11 0.12 0.64 2.01 2016 0.42 0.45 0.63 0.43 0.68 0.35 0.21 0.39 0.16 0.13 0.10 0.03 4.03 2017 0.10 0.11 0.07 0.06 0.08 0.28 0.09 0.18 0.22 0.16 0.11 0.14 1.62 2018 0.21 0.30 0.15 0.07 0.09 0.31 -0.06 0.15 0.11 0.04 0.09 0.05 1.53 2019 0.13 0.10 0.11 0.35

Performance per period Annualized Performance 1 Month 3 Months 6 Months QTD YTD 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years SI 0.11 0.35 0.53 0.35 0.35 1.21 1.60 2.00 2.33 2.16 3.70 - 4.61

Performance returns are gross of management fees and net of administrative and transaction fees from February 2012 to June 2013 and net of all fees since July 2013. QTD = Quarter to Date; YTD = Year to Date; SI = Since inception.

RISK/RETURN ANALYSIS RISK DIVERSIFICATION Annualized return since inception (%) 4.61 Index Correlation Standard deviation (%) 2.02 5 Years SI Sharpe ratio (0.88%) 1.85 FTSE Canada 91-day Treasury Bills -0.09 -0.03 Best monthly return (%) 4.51 FTSE Canada Universe -0.02 -0.06 Worst monthly return (%) -0.11 S&P/TSX -0.03 -0.03 Percentage of months with positive performance 94.19 S&P 500 -0.02 -0.01 Composite, since inception MSCI World -0.04 -0.02

SI = Since inception

52 STRATEGY PROFILE – AS AT March 31, 2019 ACTIVE TRADING

INCEPTION DATE: February 1, 2012 CURRENCY: CAD

PERFORMANCE MONTHLY STATISTICS MONTHLY COMMENTARY Monthly Performance (Net of fees) (%) 0.11 The S&P 500 started the month off with a brief pullback from its key level Positive trading days (For the month, gross of fees) 21 of resistance at 2800 - which has continued to be a major level of the Negative trading days (For the month, gross of fees) 0 index for the last 6 months - before marching higher to set new highs for 2019. Despite the swings in the market’s risk sentiment, global bond yields CONTRIBUTORS TO MONTHLY PERFORMANCE remained stuck in a range since the beginning of the year, before finally breaking lower in March (key levels broken of 2.6% on US 10-year notes, Asset Class Contribution (%) 3% on US 30-year bonds and 0.1% on German 10-year bunds). This push Canadian Fixed Income 90.6 lower in global bond yields was given a boost by the FOMC stating that they US Bonds 11.7 would remain on the sidelines for the rest of the year. Yields across the curve International Bonds -2.9 moved to new lows on the year; we saw curve inversion in the US for the first time since 2007 and German 10-year yields were negative for the first Currencies -3.4 time since 2016. Despite the large moves in yields and dovishness from the Equities 3.0 major central banks, the US dollar failed to move out of its 6-month range. Commodities 1.1 -20 0 20 40 60 80 100 In commodities, gold showed some signs of losing some of the momentum Total 100.0 it has experienced since last November, but continues to hold support at $1280 per oz., while oil continued trading up to hit a key level at $60 per INTRA-MONTH RANGES barrel (WTI).

Type of Security Range Low High PORTFOLIO MANAGEMENT TEAM Canadian 5y Yield 0.441 1.396 1.837 Canadian 10y Yield 0.451 1.511 1.962 Richard Lévesque, Portfolio Manager, with 32 years of industry experience US 5y Yield 0.452 2.116 2.568 and 30 with the firm, is the strategy’s lead manager. He is supported by US 10y Yield 0.427 2.338 2.766 Craig Salway, CFA, Portfolio Manager, as well as by Yannick Simoneau, CFA, German 10y Yield 0.298 -0.093 0.205 Portfolio Manager. USD/CAD 0.034 1.313 1.347 EUR/USD 0.0271 1.1177 1.1448 USD/JPY 2.43 109.71 112.14 GBP/USD 0.0432 1.2949 1.3381 S&P 500 Future 139.50 2726.50 2866.00 WTI Crude Oil Future 5.86 54.87 60.73 Gold 43.69 1280.94 1324.63 VIX Index 5.96 12.37 18.33

www.fieracapital.com [email protected]

The information provided herein does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results. Information pertaining to Fiera pooled funds is not to be construed as a public offering of securities in any jurisdictions of Canada. The offering of units of Fiera pooled fund is made pursuant to the fund’s Trust Agreement and only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about Fiera pooled funds, including a statement of the fund’s investment objective, is contained in its Trust Agreement, a copy of which may be obtained from Fiera Capital Corporation. Unit values and investment returns will fluctuate. Please read the Trust Agreement of the pooled funds before investing. All performance data assume reinvestment of all distributions or dividends and do not take into account other charges or income taxes payable by any unitholder that would have reduced returns. Pooled funds are not guaranteed, their values change frequently and past performance may not be repeated. 53 STRATEGY PROFILE – AS AT March 31, 2019 DIVERSIFIED LENDING

INCEPTION DATE: April 1, 2008 CURRENCY: CAD

STRATEGY DESCRIPTION HIGHLIGHTS The strategy’s investment objective is to provide stable returns mainly Correlations Low correlation to traditional market through income generation. The strategy will invest in the residential and indices and bonds. commercial construction sector through limited partnerships (LPs) with Performance objective 91‑day T‑bill + 4.5% various partners specialized in lending solutions. The strategy also invests in Target Yield 6% limited partnerships that offer private loans to companies and other types Valuation Monthly of loans. Average maturity of loans 1 to 2 years Structure Pooled fund investing in in a diversified portfolio of loans Strategy AUM 1 $1.2 B

1. As at March 31, 2019

WHY INVEST IN THIS STRATEGY

Compelling risk/return proposition achieved through lower duration, higher yielding investments

Stable source of income generation resulting in a consistent track record

Alternative to traditional fixed income portfolios offering solid risk-adjusted returns

Low correlations to traditional equity and bond indices

Short maturity loans ensuring significant liquidity

PERFORMANCE (%)

Jan. Feb. March April May June July August Sept. Oct. Nov. Dec. Year/YTD 2008 -0.05 0.23 0.42 0.38 0.36 0.61 -1.21 0.34 0.56 1.63 2009 0.35 0.30 0.33 0.31 0.35 0.43 0.41 0.45 0.44 0.05 0.79 0.46 4.76 2010 0.49 0.46 0.62 0.50 0.48 0.53 0.46 0.45 0.53 0.53 0.50 0.61 6.31 2011 0.61 0.54 0.63 0.60 0.63 0.64 0.68 0.69 0.70 0.63 0.66 0.76 8.05 2012 0.68 0.76 0.86 0.86 0.78 0.67 0.67 0.67 0.67 0.69 0.69 0.77 9.13 2013 0.65 0.56 0.61 0.59 0.61 0.63 0.53 0.68 0.51 0.54 0.52 0.66 7.34 2014 0.60 0.35 0.59 0.47 0.50 0.45 0.48 0.43 0.46 0.48 0.48 0.56 6.02 2015 0.49 0.39 0.41 0.50 0.47 0.45 0.49 0.50 0.46 0.44 0.51 0.67 5.93 2016 0.49 0.57 0.60 0.49 0.58 0.51 0.51 0.50 0.39 0.42 0.42 0.37 6.03 2017 0.55 0.69 0.59 0.45 0.57 0.42 0.29 0.08 0.32 0.67 0.47 0.57 5.82 2018 0.60 0.48 0.80 0.74 0.49 0.58 0.57 0.51 1.35 0.54 0.57 0.61 8.12 2019 0.67 0.58 0.82 2.07

Performance per period Annualized Performance 1 Month 3 Months 6 Months QTD YTD 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years SI 0.82 2.07 3.83 2.07 2.07 8.31 7.08 6.79 6.67 6.49 6.87 6.86 6.47

Returns are net of fees payable to underlying strategy. QTD = Quarter to Date; YTD = Year to Date; SI = Since inception. RISK DIVERSIFICATION Index Correlation 5 Years SI FTSE Canada 91-day Treasury Bills 0.10 -0.03 FTSE Canada Universe -0.01 0.00 S&P/TSX 0.18 0.24 S&P 500 0.04 0.22 MSCI World 0.08 0.24

SI = Since inception 54 STRATEGY PROFILE – AS AT March 31, 2019 DIVERSIFIED LENDING

INCEPTION DATE: April 1, 2008 CURRENCY: CAD

RISK/RETURN ANALYSIS MONTHLY COMMENTARY Net annualized return since inception (%) 6.47 The month of March saw both equity markets and fixed income markets Annualized standard deviation (%) 0.77 produce some respectable results, owing mainly to the dovish pivot from Annualized Sharpe ratio (0.97%) 7.16 major central banks and as US and Chinese policymakers took further steps Best monthly return (%) 1.35 towards securing a trade deal. Worst monthly return (%) -1.21 In the end, global equity markets thrived on the accommodative impulse Percentage of months with positive performance 98.48 from major central banks that appears to have extended the cycle. Gains Average return when market is up (%)2 0.54 were fairly broad-based across the globe, with the mighty US leading the Average return when market is down (%)2 0.49 charge and demonstrating some notable upward momentum. Canadian Worst drawdown (%) -1.21 equity markets also thrived in the environment of increased appetite for risk, while looking abroad, international developed and emerging markets Since inception 2. Market based on FTSE Canada Universe also joined the monthly climb. Somewhat perplexing was that North American fixed income markets also CURRENT BREAKDOWN (%) posted positive results. Bond yields moved broadly lower during the month and yield curves bull-flattened. In some cases, yield curves even inverted Residential Real Estate 59.4 and prompted recession fears that sent nervous investor flocking to the safety of government bonds, which when combined with the ultra-cautious Commercial Real Estate 13.3 undertones from central banks, sent bond yields plunging lower throughout Corporate Lending 17.9 the month. Marketplace Lending 3.6 Asset-Based Lending 2.3 In March, the performance of the Fiera Diversified Lending strategy was Short-Term 3.6 positive. Total 100.0 The historically low level of interest rates combined with receding deflation risks has created an environment where investors are looking to reduce the MANAGEMENT TEAM duration of their fixed income portfolio. As such, the Diversified Lending strategy is well-positioned to accomplish this objective due to its shorter François Bourdon, FCIA, FSA, CFA, PRM, is Global Chief Investment Officer. In maturity and its lower duration, a result of the floating nature of the this role, Mr. Bourdon oversees the firm’s investment policies and strategies underlying loans in the portfolio. as well as aspects of risk management, operations and governance across all of Fiera Capital’s investment activities. He manages, for the Canadian division, private financing strategies, global bonds and income funds, while also focusing on infrastructure funds, real estate, and private investments. Mr. Bourdon has 24 years of industry experience and has been with the firm since its inception. Over the course of his career, he has held various positions in portfolio management, product development and actuarial consultation. He is the Lead Portfolio Manager of the strategy.

Marc-André Desjardins, EMBA, Vice President, Private Debt, benefits from 18 years of industry experience, including positions in leading alternative lending and investment companies. He contributes to the management of the Diversified Lending strategy.

Barry Ipp, CPA, Head of Operational and ESG Diligence and Majlinda Kamberi, CAIA, Research Analyst, Alternative Strategies, are members of the Fund investment – Private Lending team and participate in due diligence efforts.

www.fieracapital.com [email protected]

The information provided herein does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results. Information pertaining to Fiera pooled funds is not to be construed as a public offering of securities in any jurisdictions of Canada. The offering of units of Fiera pooled fund is made pursuant to the fund’s Trust Agreement and only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about Fiera pooled funds, including a statement of the fund’s investment objective, is contained in its Trust Agreement, a copy of which may be obtained from Fiera Capital Corporation. Unit values and investment returns will fluctuate. Please read the Trust Agreement of the pooled funds before investing. All performance data assume reinvestment of all distributions or dividends and do not take into account other charges or income taxes payable by any unitholder that would have reduced returns. Pooled funds are not guaranteed, their values change frequently and past performance may not be repeated. 55 STRATEGY PROFILE – AS AT March 31, 2019 INFRASTRUCTURE

INCEPTION DATE: March 1, 2010 CURRENCY: CAD

STRATEGY DESCRIPTION Levels of Liquidity The fundamental investment objective of the strategy is to provide stable Targeted cash reserve: 5 % returns primarily through income generation. To attain this objective, the Pairing of exiting and incoming investors strategy invests directly in transportation, energy and social infrastructure Cash inflows from maturing underlying Limited Partnership (LP) projects or indirectly through other investment vehicles managed by Sale of a portion of the Fund’s LP units to existing limited partners Fiera Capital, its affiliates or other asset managers, which specialize in development, implementation and administration of infrastructure projects. Infrastructure Infrastructure vs Bonds vs Equities HIGHLIGHTS Return Return potential Higher Similar Manager Fiera Capital More stable Performance objective 8% Current revenue Higher and higher Target yield 5 to 7% Protection against inflation Higher Higher Liquidity 5 levels of liquidity Risk Structure Pooled Fund investing in Risk of the asset class Riskier Less risky limited partnerships Liquidity Less liquid Less liquid Distributions All income distributed Impact on Low correlation to other asset classes overall portfolio risk and reduced overall portfolio risk

INFRASTRUCTURE ASSET BENEFITS

Long-term investment offering high potential for return

Protection against inflation

Stable and predictable revenues

Diversifying asset class with higher total return potential than bonds and less volatility than equities

PERFORMANCE (%) Jan. Feb. March April May June July August Sept. Oct. Nov. Dec. Year/YTD 2010 -0.15 - - -0.05 - - 0.36 - - 0.64 0.79 2011 - - 0.57 - - 1.02 - - 0.63 - - 0.85 3.11 2012 - - 1.41 - - 1.13 - - 1.70 - 0.60 1.48 6.47 2013 - 0.33 0.23 1.19 0.40 1.01 1.15 0.60 0.65 -0.11 0.16 0.46 6.25 2014 2.06 0.37 -0.35 1.23 -0.10 0.28 1.32 -0.37 0.20 1.99 0.24 1.02 8.13 2015 1.11 0.67 0.58 -0.34 0.16 1.53 0.68 -0.12 0.07 0.90 0.19 1.21 6.82 2016 0.31 0.25 -0.02 0.16 0.40 0.49 0.40 0.51 0.41 0.41 0.03 0.19 3.61 2017 0.80 0.33 0.26 0.00 0.68 0.15 0.43 0.71 0.84 0.64 0.45 1.09 6.56 2018 0.48 1.12 1.42 0.31 0.20 -0.11 0.83 0.53 0.73 0.43 0.45 0.63 7.24 2019 0.63 0.45 0.73 1.82

Performance per period Annualized Performance 1 Month 3 Months 6 Months QTD YTD 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years SI 0.73 1.82 3.35 1.82 1.82 5.95 7.12 6.23 5.90 6.40 6.49 - 5.57

Returns shown are the returns for the initial series of the strategy. Returns for subsequent series may differ. Returns are net of fees payable to underlying strategies. The strategy has been valued monthly since February 2013. QTD = Quarter to Date; YTD = Year to Date; SI = Since inception.

56 STRATEGY PROFILE – AS AT March 31, 2019 INFRASTRUCTURE

INCEPTION DATE: March 1, 2010 CURRENCY: CAD

PORTFOLIO OVERVIEW MONTHLY COMMENTARY Asset Country Capacity In March, appetite for risk prevailed as investors welcomed some dovish- Solar leaning comments from major central banks and renewed optimism for a Alta Luna United-States 28 MW trade deal between the world’s two largest economies. Levantera Developments United-Kingdom 41 MW In the end, global equity markets were broadly higher during the month, Marion United-States 5 MW with US equity markets leading the charge and displaying some remarkable Mississippi II United-States 52 MW upward momentum. Gains were predominately a result of multiple North Star United-States 100 MW expansion as headline risks pertaining to global trade receded and as the Portal Ridge United-States 31 MW dovish turn from central banks improved the visibility of the cycle – which Red Horse II 1 United-States 55 MW when taken together saw investors increase what they were willing to pay Red Horse III United-States 30 MW for equities. Meanwhile, earnings detracted as ongoing concerns regarding Springbok I United-States 108 MW the health of the global economy saw analysts revise down their forecasts Springbok II United-States 150 MW during the first quarter. Wind Interestingly, fixed income markets also posted positive results. Yield curves Balko Wind United-States 300 MW flattened, with bond yields collapsing relentlessly across the curve. North Cedar Point II Canada 100 MW American 10-year yields slipped back to 2017 levels, while German bonds are Huntington United-States 50 MW sporting negative yields for the first time since 2016. At the short end, yields Red Horse II 1 United-States 30 MW were pressured lower after the Federal Reserve signalled it would remain Hydroelectric sidelined through 2019 – with similar rhetoric from the likes of the Bank of Clark Canyon Hydro United-States 5 MW Canada, European Central Bank and the Bank of Japan. As a result, markets are now fully discounting two Fed funds rate cuts by the end of 2020 and Dorena Hydro United-States 8 MW one full rate cut from the Bank of Canada in 2019. Raging River Power and Mining Canada 8 MW Energy from Waste The performance of the Fiera Infrastructure strategy was positive in March. Cory Riverside Energy United-Kingdom n/a Looking forward, the attractiveness of infrastructure investments versus Social PPP traditional income vehicles should continue as investors focus on the stability BC Housing SRO Initiative Canada n/a of cash flows, the relatively high internal rates of return in the asset class, Quinte Consolidated Courthouse Canada n/a and the lower volatility versus traditional fixed income. South West Detention Center Canada n/a Surrey Pretrial Services Centre Expansion Canada n/a Telecommunication IslaLink Spain n/a Transportation PPP Billy Bishop Pedestrian Tunnel Canada n/a Water and Wastewater Thames Water United-Kingdom n/a

1. Red Horse II is a combined wind (30 MW) and solar farm (55 MW) project.

www.fieracapital.com [email protected]

The information provided herein does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results. Information pertaining to Fiera pooled funds is not to be construed as a public offering of securities in any jurisdictions of Canada. The offering of units of Fiera pooled fund is made pursuant to the fund’s Trust Agreement and only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about Fiera pooled funds, including a statement of the fund’s investment objective, is contained in its Trust Agreement, a copy of which may be obtained from Fiera Capital Corporation. Unit values and investment returns will fluctuate. Please read the Trust Agreement of the pooled funds before investing. All performance data assume reinvestment of all distributions or dividends and do not take into account other charges or income taxes payable by any unitholder that would have reduced returns. Pooled funds are not guaranteed, their values change frequently and past performance may not be repeated. 57 STRATEGY PROFILE – AS AT March 31, 2019 REAL ESTATE

INCEPTION DATE: July 1, 2013 CURRENCY: CAD

STRATEGY DESCRIPTION WHY INVEST IN THIS STRATEGY This strategy produces growing income and stable total returns through Inflation Hedge investment in real property across Canada comprising institutional grade retail, office, industrial and rental apartments across regions. Fiera Properties High Inflation Low inflation Rents increase faster than inflation is the investment manager of the underlying real estate strategy. Core Rents increase with inflation real estate is an attractive element of a multi-asset portfolio based on its creating capital growth investment characteristics, and its ability to stabilize portfolio performance Portfolio Protection and protect against inflation. This strategy is risk-managed with an Investment Policy that establishes exposure limits by asset size, debt, and Downside protection during equity market downturns development as well as property type and region. Overall portfolio diversification benefits

HIGHLIGHTS Income Return Stable and growing income with quarterly cash distributions Manager Fiera Capital Long-term 6-7% net of fees and Performance Objective expenses incurred by Fiera Properties REAL ESTATE INVESTMENT LIMITS Target Yield 4-6% >> Core Buildings not less than 70% of strategy Valuation Monthly >> Development of Core not more than 20% 4 levels of liquidity Liquidity Targeted cash reserve: 5% >> Development plus Value Added not more than 30% Pooled fund investing in trusts, >> Up to 70% in Eastern Canada and 55% in Western Canada mutual fund corporations and limited Structure >> Up to 40% each in Office, Industrial, Retail and Rental Apartments partnerships (LP) managed by Fiera Properties >> Leverage: Target 30-35%; Maximum 40% Distribution All income distributed >> Primarily located in major Canadian cities

PERFORMANCE (%) Jan. Feb. March April May June July August Sept. Oct. Nov. Dec. Year/YTD 2013 ------0.00 -0.10 0.22 0.20 0.08 0.18 0.58 2014 0.72 0.15 1.24 0.00 0.05 1.07 -0.05 0.23 1.30 -0.12 0.12 0.96 5.83 2015 0.01 -0.02 1.20 -0.15 0.04 1.74 -0.26 -0.21 1.16 -0.16 0.00 1.57 5.00 2016 -0.18 0.01 1.46 -0.11 0.02 1.36 -0.12 0.01 2.51 -0.16 0.02 2.39 7.42 2017 -0.15 0.02 2.61 -0.17 0.00 1.72 0.45 0.27 0.73 0.19 0.25 0.53 6.61 2018 0.39 0.29 -0.13 1.18 -0.26 1.67 0.46 0.07 2.01 0.45 0.19 0.68 7.20 2019 0.87 0.97 0.22 2.07

Performance per period Annualized Performance 1 Month 3 Months 6 Months QTD YTD 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years SI 0.22 2.07 3.41 2.07 2.07 8.82 6.69 7.35 6.78 6.40 - - 6.03

Returns are net of fees payable to underlying strategies. QTD = Quarter to Date; YTD = Year to Date; SI = Since inception. RISK DIVERSIFICATION DIVERSIFICATION BY PROPERTY TYPE Index Correlation Retail % to % 5 Years SI FTSE Canada 91-day Treasury Bills 0.01 -0.02 Industrial % to % FTSE Canada Universe -0.01 0.01 Ofﬁces % to % S&P/TSX 0.22 0.16 S&P 500 -0.09 -0.11 Multi-Residential % to % MSCI World 0.00 -0.04 0 10 20 30 40 50 S&P/TSX Capped REIT 0.28 0.27

SI = Since inception

58 STRATEGY PROFILE – AS AT March 31, 2019 REAL ESTATE

INCEPTION DATE: July 1, 2013 CURRENCY: CAD

PORTFOLIO SUMMARY (%)1 MONTHLY COMMENTARY Investments by Property Type In March, investor sentiment was dominated by headlines surrounding cooling global growth, ongoing US-China trade negotiations and cautious undertones from major central banks. Equity markets welcomed encouraging Industrial 31.6 signs of progress towards a trade deal and the dovish pivot from major central Retail 24.7 banks – which boosted risk appetite and saw global equity markets cap Office 23.7 their best quarterly gain in a decade. However, bond investors were in panic Multi-Residential 7.5 mode after yield curves flattened (and in some cases, inverted) during the Development 2.0 month, which prompted recession fears and sent nervous investors fleeing Value-Add 0.3 to government bonds as a refuge. Cash & Other Assets 10.2 Global equity markets extended their 2019 gains in March. The upswing was Total 100.0 widespread across the globe, with US equity markets leading the charge and displaying some remarkable upward momentum. Of note, the S&P 500 is Investments by Property Location now sitting just 3% below its September highs, while Canadian, international and emerging markets also thrived in the environment of improved risk Ontario 42.6 appetite. The S&P/TSX advanced 1.0% in March while the REIT index soared Alberta 22.1 3.8% as the precipitous drop in interest rates bolstered investor appetite for Quebec 13.2 yield and the interest-rate sensitive asset classes in general. British Columbia 9.1 North American bond yields shifted broadly lower during the month and Nova Scotia 1.7 yield curves bull-flattened in March. At the short end, yields were pressured Manitoba 1.1 lower after the Federal Reserve signalled it would remain sidelined through Cash & Other Assets 10.2 2019, with the cautious tone echoed from other major central banks. The Total 100.0 slump in the long end of the curve was even more pronounced as investors flocked to the safety of longer-dated bonds in what was an erratic trading 1. As at December 31, 2018 environment. The Fiera Real Estate strategy posted positive results in March. FIERA PROPERTIES GOVERNANCE Looking forward, the attractiveness of real estate versus traditional fixed income should continue, in our view, owing to the stability of cash flows Investment Policy Statement Comprehensive, clear limits and the high single digit expected return of the real estate asset class. Global Chief Investment Officer and Investment Committee Furthermore, the environment of receding deflationary risks and the three independent members corresponding revival in global growth and inflation expectations should Investor Advisory Committee Fund governance body (AC) bode well for inflation-sensitive asset classes such as real estate. Compliance Process Quarterly report certifying compliance ABOUT FIERA PROPERTIES All properties appraised quarterly Valuation by qualified third-parties Fiera Properties is a Canadian real estate investment management company that provides direct real estate investment opportunities to institutional investors, foundation and endowment clients, and high net worth investors. As part of the Fiera Capital family of alternative asset offerings, we are a team of experienced real estate practitioners backed with the kind of support that empowers us to offer innovative solutions to our clients’ investment challenges. We are committed to providing superior client-driven investment strategies that continuously generate value for our investors. Our vision is to be the most trusted real estate investment management firm in Canada as recognized by our stakeholders.

www.fieracapital.com [email protected]

The information provided herein does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results. Information pertaining to Fiera pooled funds is not to be construed as a public offering of securities in any jurisdictions of Canada. The offering of units of Fiera pooled fund is made pursuant to the fund’s Trust Agreement and only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about Fiera pooled funds, including a statement of the fund’s investment objective, is contained in its Trust Agreement, a copy of which may be obtained from Fiera Capital Corporation. Unit values and investment returns will fluctuate. Please read the Trust Agreement of the pooled funds before investing. All performance data assume reinvestment of all distributions or dividends and do not take into account other charges or income taxes payable by any unitholder that would have reduced returns. Pooled funds are not guaranteed, their values change frequently and past performance may not be repeated. 59 STRATEGY PROFILE – AS AT March 31, 2019 FIERA COMOX AGRICULTURE

ABOUT FIERA COMOX PARTNERS OWNERSHIP STRUCTURE Fiera Comox is comprised of a team of dedicated experts, headed by Antoine Bisson McLernon, who have been working together for more than 6 years at Fiera Capital Corporation Comox Equity Partners one of Canada’s largest institutional pension plans where they founded and led the Natural Resources group. 60% 40% The team was responsible for deploying a $3B portfolio of direct timber and agriculture investments on a global scale which achieved an IRR of 16.8%. The team was one of the largest investors of agriculture and timber in the world during this period, where they acquired over 2 million acres of land.

STRATEGY DESCRIPTION INVESTMENT HIGHLIGHTS The Fiera Comox Agriculture strategy is dedicated to building a diversified Manager Fiera Comox Partners global portfolio of assets, primarily farmland, generating stable, attractive Targeted Gross Return 10 to 12% IRR returns over the long-term for investors. The strategy seeks to create unique Targeted Cash Yield 3 to 5% partnerships with best–in-class local operators and invests primarily in the Conservative Leverage 30-35% LTV sectors of staple row crops, animal protein (dairy, beef), permanent crops Vehicle Open-Ended and Closed-Ended Vehicles and timberland. available Currency USD

WHY INVEST IN THIS ASSET CLASS

Portfolio diversification – Farmland exhibits low correlation with traditional asset classes and alternative asset classes

Strong risk-adjusted returns

Reliable store of value – Principal asset is land

Inflation hedge

Positive long-term secular trends: population growth, rising incomes and urbanization in developing countries as well as westernization of diets leads to increased demand for farmland while there is a decline in arable land per person

Attractive cash yield from crop production or rental income

Strong Risk-Adjusted Returns Positive Long-Term Secular Trends Time period: 1997-2016 3,000 1.0 Farmland U.S. Equities 2,800 0.9 Treasuries 2,600 0.8 Corporate Bonds 2,400 0.7 REITs Gold 2,200 0.6 International Equities 2,000 0.5 Emerging Markets 1,800 0.4 0.00 0.25 0.50 0.75 1.00 1.25 1.50 1965 1975 1985 1998 2015 Sharpe Ratios (3.3B) (4.1B) (4.8B) (6.0B) (7.3B) Calories per Capita (world populaton) Source: Based on NCREIF Farmland Index for Farmland, S&P 500 Total Return Index for U.S. Arable Land per Capita Equities, BofA Merrill Lynch U.S. Corp Master Total Return Index Value for Corporate Bonds, Federal Reserve 10 Year Treasury Constant Maturity Rate for 10 Year Treasuries, NAREIT Source: United Nations’ Food and Administration Organization, “World Agriculture Towards Diversified REIT Index for REITs, Gold Spot Price for Gold, MSCI Emerging Markets Index for 2030/2050, The 2012 Revision”, 2012. Food and Agriculture Organization of the UN: World Emerging Markets, MSCI EAFE Index for International Equities. As of December 31, 2016. agriculture towards 2015/2030, p. 30.

60 STRATEGY PROFILE – AS AT March 31, 2019 FIERA COMOX AGRICULTURE

WHY INVEST IN THIS ASSET CLASS (Cont’d) Low Correlation with Other Asset Classes Inflation Hedge Farmland Correlation (from 1997 to 2016) Asset Class Inflation Betas (1965-2009) 4 U.S. Equities 0.03 3 10-Yr U.S. Treasuries -0.09 2 . 3-Month T-Bills -0.10 1 -. -. . Corporate Bonds -0.42 0 REITs 0.06 -1 Gold 0.07 -2 International Equities 0.19 -3 Emerging Markets 0.09 -4 20-Yr S&P 500 3-Mo T-Bills Farmland US Treasuries

TARGETED PORTFOLIO VALUE CREATION PROCESS Targeted Geographies Acquire resilient, high-quality assets Develop a deep understanding of assets’ positioning on the global cost curve and implication on risk and volatility Country Range Target Buying Right Robust due diligence processes United States Up to 50% 35% Amalgamate assets to take advantage of economies of scale, Canada Up to 30% 10% productivity gains and generating “portfolio” value impact Australia Up to 50% 30% Local presence & global perspective New Zealand Up to 40% 15% Local Operational Expertise Nimble Sourcing Capabilities Other Up to 30% 10% Operating Partnership Unique Entrepreneurial Model and Alignment of Interests Total 100% Model Financial Discipline and Execution Expertise Targeted Sectors Sharing of Best-in-Class Agricultural Practices across Partnerships

Land Improvement Identify and implement low-risk land development initiatives Sector Range Target Staple Row Crops Up to 50% 30% Animal Protein Up to 50% 30% Permanent Crops Up to 40% 20% Related Rural Sectors Up to 40% 20% Total 100%

www.fieracapital.com [email protected]

The information provided herein does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results. Information pertaining to Fiera pooled funds is not to be construed as a public offering of securities in any jurisdictions of Canada. The offering of units of Fiera pooled fund is made pursuant to the fund’s Trust Agreement and only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about Fiera pooled funds, including a statement of the fund’s investment objective, is contained in its Trust Agreement, a copy of which may be obtained from Fiera Capital Corporation. Unit values and investment returns will fluctuate. Please read the Trust Agreement of the pooled funds before investing. All performance data assume reinvestment of all distributions or dividends and do not take into account other charges or income taxes payable by any unitholder that would have reduced returns. Pooled funds are not guaranteed, their values change frequently and past performance may not be repeated. 61 STRATEGY PROFILE – AS AT March 31, 2019 MULTI-STRATEGY INCOME

INCEPTION DATE: November 1, 2009 CURRENCY: CAD

STRATEGY DESCRIPTION HIGHLIGHTS This strategy provides an attractive cash yield and stable returns through Approach Multi-style, multi-strategy portfolio income generation. The strategy will invest in a broad range of assets Investment objective 5% annualized income generation plus including, corporate and convertible bonds, preferred shares, private lending, moderate capital appreciation REIT’s, mortgages, infrastructure and real-estate. Diversification Low correlation to traditional equity and bond indices The investment philosophy is that fixed-income-related assets will generally Strategy AUM1 $1,035 M have a short to mid-term orientation, which will reduce capital volatility. The objective is to benefit from the yield premium available on corporate 1. As at March 31, 2019 investments. Credit risk is minimized by the broad diversification in the portfolio and active management. WHY INVEST IN THIS STRATEGY The investment team actively manages the asset-class exposures to achieve Higher yielding solution in today’s low interest rate environment the strategy’s objectives based on the risk and return outlook for each asset class. Security selection is based on fundamental analysis and the managers Investment in a broad range of assets to diversify sources of return lever the research capabilities of Fiera’s fixed income and equity teams. Aims to limit downside risk through a diversified portfolio of revenue generating traditional and alternative investments

Low duration solution which aims to offer better protection against interest rate increases

Targets enhanced diversification through low correlation with traditional asset classes

PERFORMANCE (%)

Jan. Feb. March April May June July August Sept. Oct. Nov. Dec. Year/YTD 2009 1.99 2.39 4.43 2010 0.99 0.95 0.54 0.44 -1.07 1.16 1.96 1.66 2.04 1.16 0.10 0.37 10.78 2011 1.18 1.04 0.88 0.14 0.39 -0.20 0.44 -1.11 -1.36 1.11 0.69 1.15 4.39 2012 1.69 0.94 0.35 0.98 0.01 0.14 1.17 0.57 0.62 0.64 -0.17 0.93 8.13 2013 1.15 0.41 0.46 0.65 -0.51 -1.89 -0.05 -0.68 0.56 0.71 0.28 -0.33 0.75 2014 0.90 1.22 0.91 0.83 0.15 0.69 0.45 1.11 -0.31 0.29 0.63 0.03 7.12 2015 0.84 0.00 -0.37 0.40 0.53 -0.75 -0.45 -1.42 -0.83 2.07 0.63 0.48 1.09 2016 -2.92 0.06 4.07 1.84 0.76 0.31 1.60 0.52 0.13 0.97 -0.22 1.47 8.79 2017 1.58 0.72 0.82 0.47 -0.28 0.61 0.52 -0.46 0.70 0.10 0.70 0.20 5.80 2018 0.70 -0.27 -0.03 0.10 0.69 0.14 0.18 0.34 0.18 -0.90 -0.90 -0.38 -0.17 2019 1.55 0.74 0.36 2.68

Performance per period Annualized Performance 1 Month 3 Months 6 Months QTD YTD 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years SI 0.36 2.68 0.45 2.68 2.68 2.09 2.54 5.29 4.38 4.39 4.39 - 5.67

Returns are net of fees payable to underlying strategies. QTD = Quarter to Date; YTD = Year to Date; SI = Since inception.

RISK/RETURN ANALYSIS (%) RISK DIVERSIFICATION Annualized return since inception (%) 5.67 Index Correlation BETA Annualized standard deviation (%) 3.11 5 Years SI 5 Years SI Best monthly return (%) 4.07 FTSE Canada Universe -0.02 -0.11 -0.02 -0.23 Worst monthly return (%) -2.92 S&P/TSX 0.32 0.61 0.09 0.27 Worst drawdown (%) -3.41 SI = Since inception Percentage of months with positive performance 77.88

Since inception

62 STRATEGY PROFILE – AS AT March 31, 2019 MULTI-STRATEGY INCOME

INCEPTION DATE: November 1, 2009 CURRENCY: CAD

PORTFOLIO ALLOCATION MONTHLY COMMENTARY

Asset Class Weight (%) March was a positive month for the strategy. Interest rates continued their Cash 12.5 fall as central banks indicated their intent to support the economy and Bonds – Developed 23.7 refrain from further rate hikes for the foreseeable future. The stock market also benefitted from dovish central bankers and early signs of economic Bonds – Emerging 12.1 improvement in China. High Yield 7.9 Preferred Shares 11.9 As interest rates fell, we reduced the duration of the strategy by selling Real Estate Investment Trust 2.7 inflation-linked bonds and government bonds. We also reduced closed-end Loans/Mortgages 10.7 funds as their discount to net asset value shrunk. We increased the position in short-term securities as yield curves are inverted in Canada and the United Real Estate 2.2 States which means there is a higher rate of interest on short-term securities Infrastructure 5.0 compared to 5-year securities. Closed End Funds 4.7 Reinsurance 2.0 We anticipate the economy will improve which should result in yield curves Agriculture 4.8 returning to a positive slope. The strategy is very well positioned to deliver positive returns whether interest rates go up or down. Total 100.0 PORTFOLIO MANAGEMENT TEAM ANNUAL CURRENT YIELD François Bourdon, FCIA, FSA, CFA, PRM, is Global Chief Investment Officer. In Year Yield Year Yield this role, Mr. Bourdon oversees the firm’s investment policies and strategies 2010 4.8% 2015 5.0% as well as aspects of risk management, operations and governance across 2011 5.6% 2016 5.4% all of Fiera Capital’s investment activities. He manages, for the Canadian 2012 4.9% 2017 3.4% division, private financing strategies, global bonds and income funds, while 2013 4.7% 2018 5.4% also focusing on infrastructure funds, real estate, and private investments. Mr. 2014 5.0% Bourdon has 24 years of industry experience and has been with the firm since its inception. Over the course of his career, he has held various positions in portfolio management, product development and actuarial consultation. He is the Lead Portfolio Manager of the strategy. He is assisted by Craig Salway, CFA, Portfolio Manager, and by Nicolas Vaugeois, CFA, Portfolio Manager.

www.fieracapital.com [email protected]

The information provided herein does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results. Information pertaining to Fiera pooled funds is not to be construed as a public offering of securities in any jurisdictions of Canada. The offering of units of Fiera pooled fund is made pursuant to the fund’s Trust Agreement and only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about Fiera pooled funds, including a statement of the fund’s investment objective, is contained in its Trust Agreement, a copy of which may be obtained from Fiera Capital Corporation. Unit values and investment returns will fluctuate. Please read the Trust Agreement of the pooled funds before investing. All performance data assume reinvestment of all distributions or dividends and do not take into account other charges or income taxes payable by any unitholder that would have reduced returns. Pooled funds are not guaranteed, their values change frequently and past performance may not be repeated. 63 STRATEGY PROFILE – AS AT March 31, 2019 INCOME OPPORTUNITIES

INCEPTION DATE: May 1, 2014 CURRENCY: CAD

STRATEGY DESCRIPTION HIGHLIGHTS The Income Opportunities strategy aims to generate positive absolute Style Long/Short credit focused on the High returns throughout the credit cycle by investing long and short in credit Yield market and other income generating securities; and to pay out a distribution Diversification Low correlation relative to movements in corresponding to the income generated by the Portfolio. The strategy will different markets also seek to preserve capital and mitigate risk through the application of Process Fundamental combining top-down and bottom-up analysis both portfolio and risk management tools. Performance objective Stable and positive absolute returns Strategy AUM1 $94 M

1. As at March 31, 2019

WHY INVEST IN THIS STRATEGY

Solid investment team with deep knowledge of the high yield market

Targets considerably lower volatility than traditional High Yield funds while maintaining superior returns across market cycles

Focus on capital preservation with a significant emphasis on income

Increased diversification through a portfolio with low correlation to traditional asset classes

Generate value through the management of the high yield exposure as well as the portfolio’s duration

PERFORMANCE NET OF ALL FEES (%) Jan. Feb. March April May June July August Sept. Oct. Nov. Dec. Year/YTD 2014 4.56 2.83 0.88 0.03 0.26 0.30 -0.01 0.02 9.12 2015 0.83 2.37 -0.12 0.27 0.00 -0.61 -0.13 -0.26 -1.49 1.07 -0.21 0.33 2.02 2016 -0.51 2.11 7.38 6.10 1.04 0.11 1.97 2.64 0.91 0.31 2.13 1.67 28.77 2017 0.45 -0.03 -1.32 -0.13 0.08 -0.72 0.76 0.64 0.73 -0.23 -0.31 1.23 1.13 2018 1.24 -1.14 -0.08 1.41 1.68 1.44 -0.40 -0.19 1.16 -4.77 -2.64 -5.42 -7.76 2019 5.35 1.81 -0.96 6.23

Performance per period Annualized Performance 1 Month 3 Months 6 Months QTD YTD 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years SI -0.96 6.23 -6.85 6.23 6.23 -2.03 0.00 5.37 6.01 - - - 7.40

QTD = Quarter to Date; YTD = Year to Date; SI = Since inception.

RISK/RETURN ANALYSIS RISK DIVERSIFICATION Net annualized return since inception (%) 7.40 Index Correlation Annualized standard deviation (%) 7.03 FTSE Canada 91-day Treasury Bills -0.27 Annualized Sharpe ratio (0.83%) 0.93 FTSE Canada Universe -0.02 Best monthly return (%) 7.38 S&P/TSX 0.70 Worst monthly return (%) -5.42 S&P 500 0.25 Percentage of months with positive performance 61.02 MSCI World 0.28 Average return when market is up (%) 2 1.34 Since inception Average return when market is down (%) 2 -0.59 Up-market capture ratio (%) 101.90 Down-market capture ratio (%) 47.90

Since inception 2. Market based on BofA Merrill Lynch US cash Pay High Yield Index.

64 STRATEGY PROFILE – AS AT March 31, 2019 INCOME OPPORTUNITIES

INCEPTION DATE: May 1, 2014 CURRENCY: CAD

PORTFOLIO STATS MONTHLY COMMENTARY Portfolio Index 3 The Fiera Capital Income Opportunities strategy returned -0.96% for the Average YTW 7.48 6.62 month of March 2019. That compares to the BAML – HY CAD hedged Index Average duration 2.53 3.62 return of 0.85% for the same period. On a year-to-date basis the strategy Average credit rating (excluding stocks) B 4 B has returned 6.23% while that same index has returned 7.00%. The main sources of underperformance over the month were two positions in energy 3. BofA Merrill Lynch US cash Pay High Yield Index. (85% Merrill Lynch BB/B Rated High Yield and one in health care. Cash Pay and 15% Merrill Lynch CCC Rated High Yield Cash Pay) 4. Cash is weighted as AAA Risk markets modestly improved over the month of March as expectations on the trade front progressed and the Fed continued to indicate data MARKET EXPOSURE (GROSS AND NET) dependency and to set expectations for balance sheet normalization ending +100% later this year (both bullish factors). Globally, the growth picture continued Long Short Net +80% to be mixed with China at the epicenter of worries. However, by month- end some data series were pointing to some stability in their economy. At +60% present, we continue to be tactically inclined to be somewhat more cautious +40% on risk assets considering the huge rebound we have had and the fact that +20% real time data continues to show soft economic conditions. On the latter, we 0% do feel that it is just a soft spot and that no recession is imminent. -20%

-40% PORTFOLIO MANAGEMENT TEAM 2015 2016 2017 2018 Angus Rogers, CFA, is the Senior Portfolio Manager and benefits from 30 years of investment experience. He is assisted by Ovidiu Sandu, MBA, CFA, EXPOSURE (%) Portfolio Manager and Neil McCabe, MBA, CFA, Assistant Portfolio Manager. Credit Equity Overall They benefit from 22 and 15 years of investment experience, respectively. Gross 81.93 19.47 101.40 Longs 74.56 19.47 94.03 Shorts -7.37 0.00 -7.37 Net 67.20 19.47 86.67

www.fieracapital.com [email protected]

The information provided herein does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results. Information pertaining to Fiera pooled funds is not to be construed as a public offering of securities in any jurisdictions of Canada. The offering of units of Fiera pooled fund is made pursuant to the fund’s Trust Agreement and only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements. Important information about Fiera pooled funds, including a statement of the fund’s investment objective, is contained in its Trust Agreement, a copy of which may be obtained from Fiera Capital Corporation. Unit values and investment returns will fluctuate. Please read the Trust Agreement of the pooled funds before investing. All performance data assume reinvestment of all distributions or dividends and do not take into account other charges or income taxes payable by any unitholder that would have reduced returns. Pooled funds are not guaranteed, their values change frequently and past performance may not be repeated. 65 STRATEGY PROFILE – AS AT March 31, 2019 DIVERSIFIED BALANCED

PERFORMANCE BENCHMARK: Customized benchmark1 CURRENCY: CAD

STRATEGY DESCRIPTION HIGHLIGHTS This balanced strategy invests in Fiera Capital’s best investment strategies, Style Multiple styles, including access to non- in all asset classes, through active asset allocation. traditional strategies Process Asset allocation through a fundamental Fiera Capital is one of the rare firms to offer in-depth expertise in the investment process. management of traditional and non-traditional investment strategies. Underlying strategies: Accordingly, we are able to include in this strategy, top-performing and Bottom-up for equities and Top-down for fixed income diversified strategies that are complementary in terms of management styles. This enables investors to benefit from the added value of the different Investment horizon Asset allocation: 12 months strategies while simultaneously reducing the total risk level. As such, this Underlying strategies: strategy generates very attractive returns and offers effective capital Specific to each strategy protection throughout the economic cycle. Strategy AUM $87 M

PERFORMANCE (%) Annual as at December 31 Q1 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Diversified Balanced Strategy 6.95 -0.05 9.54 7.45 6.01 10.15 12.98 7.54 -0.46 9.85 17.52 Benchmark1 8.33 -2.21 8.35 7.85 3.64 9.79 9.94 6.50 0.95 9.39 16.21 Added value -1.38 2.15 1.18 -0.41 2.38 0.35 3.04 1.03 -1.41 0.46 1.31

Annualized as at March 31, 2019 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs SI 2 Diversified Balanced Strategy 6.59 6.41 8.08 5.99 7.20 8.17 8.08 7.15 7.39 8.62 7.27 Benchmark1 6.74 5.53 7.50 5.18 6.26 6.99 6.94 6.30 6.71 7.95 6.68 Added value -0.15 0.87 0.58 0.81 0.95 1.18 1.15 0.85 0.68 0.67 0.59

Returns are presented gross of management fees 1. Current benchmark: 40% FTSE TMX Universe, 30% S&P TSX Composite, 13% S&P 500 CAD, 12% MSCI EAFE, 5% MSCI Emerging Markets Net CAD 2. Since inception (January 1, 2004)

ASSET ALLOCATION PROCESS ASSET ALLOCATION (%) The asset allocation process relies on a fundamental approach designed to Income optimize returns while preserving capital, regardless of the market context. Short-term 3.0 The analytical framework is achieved through in-house fundamental Canadian Bonds 0.0 economic and market research. The results are framed in economic and Non-traditional Strategies 32.7 financial scenarios that reflect the investment environment in which we Capital Appreciation are engaging. Our asset allocation team is supported by senior portfolio Canadian Equity 21.9 managers from major asset classes who make recommendations and US Equity 10.7 provide valuable input on capital market trends. International Equity 7.8 Emerging Markets 9.5 Non-traditional Strategies 14.4 Total 100.00

66 STRATEGY PROFILE – AS AT March 31, 2019 DIVERSIFIED BALANCED

PERFORMANCE BENCHMARK: Customized benchmark1 CURRENCY: CAD

UNDERLYING STRATEGIES

Short Term

Canadian Bonds

Diversified Lending Income Multi-Strategy Income Infrastructure

Real Estate

Agriculture

Canadian Equity Asset Allocation Canadian Equity Small Capitalization High Income Equity

US Equity

International Equity Capital Appreciation Emerging Markets

Market Neutral

Long/Short Equity

Active Trading

Global Macro Opportunity

PORTFOLIO MANAGEMENT TEAM

François Bourdon, FCIA, FSA, CFA, PRM, is Global Chief Investment Officer. In this role, Mr. Bourdon oversees the firm’s investment policies and strategies as well as aspects of risk management, operations and governance across all of Fiera Capital’s investment activities. He manages, for the Canadian division, private financing strategies, global bonds and income funds, while also focusing on infrastructure funds, real estate, and private investments. Mr. Bourdon has 24 years of industry experience and has been with the firm since its inception. Over the course of his career, he has held various positions in portfolio management, product development and actuarial consultation. He is the Lead Portfolio Manager of the strategy.

www.fieracapital.com [email protected]

STRATEGY PROFILE – AS AT March 31, 2019 FIERA CGOV BALANCED

PERFORMANCE BENCHMARK: 5% T-Bill, 35% FTSE TMX Mid Term Bond Index, 20% S&P/TSX Composite, 40% MSCI World CURRENCY: CAD

STRATEGY DESCRIPTION PORTFOLIO MANAGEMENT TEAM Our balanced clients derive value from appropriate long-term asset mix The strategy is managed by a team of two highly experienced Senior Portfolio decisions, underpinned by conservative bond management and our Managers: Gord O’Reilly, CFA, and Roy Hewson, MBA, CFA. They benefit from disciplined equity management. 29 and 27 years of investment experience respectively.

WHY INVEST IN THIS STRATEGY

Long-term investing ensures emphasis on high quality, best of breed companies and consistency of performance

Strong disciplined approach and an experienced management team

Rigorous research ensures in-depth knowledge of the companies within the strategy and consistent success of our approach

High conviction focused portfolio with diversified sources of alpha

Broad universe of potential investment opportunities

High degree of capital preservation during falling markets

PERFORMANCE (%) Annual as at December 31 Q1 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Fiera CGOV Balanced Strategy 5.67 -0.14 8.39 5.70 8.05 11.43 16.03 12.31 2.59 10.59 15.76 Customized benchmark 2 7.97 -1.06 8.09 6.71 7.37 11.42 15.90 8.77 0.90 9.18 14.41 Added value -2.30 0.91 0.30 -1.01 0.68 0.01 0.13 3.53 1.69 1.42 1.35

Annualized as at March 31, 2019 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs SI 1 Fiera CGOV Balanced Strategy 5.82 5.11 6.44 5.13 6.51 8.41 9.00 8.23 8.73 9.71 7.59 Customized benchmark 2 7.08 5.73 7.63 5.49 7.12 8.42 8.53 7.90 8.12 9.23 6.55 Added value -1.26 -0.62 -1.19 -0.36 -0.61 -0.01 0.47 0.33 0.61 0.48 1.04

Returns are presented gross of management fees 1. Since inception (February 1, 1997) 2. Customized benchmark: 5% T-Bill, 35% FTSE TMX Mid Term Bond Index, 20% S&P/TSX Composite, 40% MSCI World

QUARTERLY ADDED VALUE IN UP AND DOWN MARKETS (GROSS OF FEES) 5% 5% 4% 4% 3% 3% 2% 2% 1% 1% 0% 0% -1% -1% -2% -2% -3% -3% -4% -4% -5% -5% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Added value in rising markets Added value in falling markets

68 _R5004_A

STRATEGY PROFILE – AS AT March 31, 2019 FIERA CGOV BALANCED

PERFORMANCE BENCHMARK: 5% T-Bill, 35% FTSE TMX Mid Term Bond Index, 20% S&P/TSX Composite, 40% MSCI World CURRENCY: CAD

PORTFOLIO CHARACTERISTICS Equity Characteristics Balanced Characteristics Portfolio Benchmark 1 Portfolio Benchmark 2 Trailing P/E Ratio 19.7x 15.7x Standard Deviation (5 year) 5.6% 5.7% Forward P/E Ratio 18.2x 15.5x Tracking Error (5 year) 2.1% Price / Book 3.0x 2.0x Price / Cash Flow 13.5x 9.6x Fixed Income Characteristics Price / Sales 1.9x 1.6x Portfolio Benchmark 2 Return On Equity 16.4% 10.8% Duration 3.1 years 6.5 years Dividend Yield 1.9% 2.6% Yield to Maturity 2.13% 2.30%

Debt / Equity Ratio 0.7x 1.4x 2. Fixed Income Benchmark: FTSE TMX Mid Term Bond Index Beta 0.97 1.00

Source: Factset 1. Equity Benchmark: 35% S&P/TSX Composite, 65% MSCI World

ASSET ALLOCATION (%) PORTFOLIO ALLOCATION – EQUITY (%) Country Portfolio Sector Portfolio Equity 57.2 Energy 11.8 Fixed Income 34.6 Materials 25.9 Short Term Fixed Income 7.6 Industrials 16.0 Cash 0.6 Consumer Discretionary 6.6 Consumer Staples 4.0 Health Care 10.2 Total 100.0 Financials 14.4 Information Technology 11.1 PORTFOLIO ALLOCATION – FIXED INCOME (%) 3 Telecom. Services 0.0 Utilities 0.0 Asset Allocation Portfolio Real Estate 0.0 Federal 6.3 Provincial 37.2 TOP 10 EQUITY HOLDINGS (%) Municipal 20.4 Corporate 36.1 Security Portfolio 1. Visa Inc 3.8 Credit Profile Portfolio 2. Franco Nevada Corp 3.6 AAA 8.8 3. Suncor Energy Inc 3.3 AA 62.3 4. Toronto Dominion Bank 3.2 A 23.9 5. CCL Industries Inc 2.8 BBB 4.9 6. Novartis AG 2.6 Not Rated 0.2 7. Hong Kong Exchange 2.6 0 10 20 30 40 50 60 70 80 8. Keyence Corp 2.6 Maturity Profile Portfolio 9. Canadian National Railway 2.5 Short (0 to 5 years) 62.2 10. Experian 2.5 Mid (5 to 10 years) 37.8 Total 29.5 Long (> 10 years) 0.0 3. Excluding cash and cash equivalents

www.fieracapital.com [email protected]

C3C2 - Inside Front Cover

Disclaimers and legalese *Neitherregistration with norregulation by the SEC impliesacertainlevel of skill or training. Clearwater Capital Partners, L.P. – Cayman Islands,registered with the Cayman Islands Monetary Authority under the category of Securities, Excluded Persons andanExempt Reporting Adviser with the SEC*. Clearwater Capital Partners HongKong Limited–HongKong, licensedby the Securities andFutures Commission for the provision of Type 9 Asset ManagementservicesandanExempt Reporting Adviser with the SEC*. Clearwater Capital Partners Singapore PteLtd.– Singapore, licensedby the Monetary Authority of Singapore for the provision of Capital Markets Services inFundManagement andanExempt Reporting Adviser with the SEC*. Fiera Comox Partners Inc.– A corporationincorporatedunder the laws of Canada. Fiera Infrastructure Inc.– A corporationincorporatedunder the laws of Canada. Fiera PrivateLendingInc.– A corporation incorporatedunder the laws of the province of Québec (Canada). Fiera Properties Limited– A corporationincorporatedunder the laws of the province of Ontario (Canada). Fiera Capital (IOM)Limited– United States, registered asaninvestment adviser with the SEC*. Isle of Man,licensedby the Isle of ManFinancial Services Authority. Fiera Capital (UK)Limited– United States, registered asaninvestment adviser with the SEC*. United Kingdom,authorized andregulated by the Financial Conduct Authority. Bel Air Investment Advisors LLC—United States, registered asaninvestment adviser with the SEC*. Fiera Capital Inc.– United States, registered as(i)aninvestment adviser with the U.S. Securities andExchange Commission (the“SEC”)*and(ii)acommoditypool operator with the U.S. Commodity Futures Trading Commission. as derivatives portfoliomanagerpursuant to the Derivatives Act (Québec); of Ontario, Québec, NewfoundlandandLabrador;(iii)asacommodity trading managerpursuant to the Commodity Futures Act (Ontario),(iv)asanadviserunder the Commodity Futures Act (Manitoba)and,(v)in Québec, Fiera Capital Corporation – Canada, registered: (i)in the categories of exempt market dealer andportfoliomanagerinallProvinces and Territories of Canada (ii)in the category of investment fund managerin the Provinces Details on the particularregistration and offering exemptions for the Exempt Entities’activitiesare availableuponrequest. pursuant to an exemption from such registration. These include the entities listed below. Where an entity operates under an exemption from registration (the “Exempt Entities”), only its jurisdiction of incorporation is listed. Each entity of Fiera Capital only provides investment advisory services or offers investment funds in the jurisdictions where suchmemberand/or the relevant product isregistered or authorized to provide suchservices regarding aparticularcompany, security, industry or market sectorshouldnotbeconsidered anindication of trading intent of any funds or accountsmanaged by any Fiera Capital entity. terminology. Due to various risksanduncertainties,actualevents or results or the actualperformancemay differ materially from those reflected or contemplatedinsuch forward- lookingstatements. Viewsexpressed by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable indirect or consequentialloss or damage of any kindarising out of the use of all or any of this material. Certain informationcontainedin this document constitutes“forward-looking statements,” which canbeidentified been obtained from, andare basedupon,sources that we believe to bereliable, we do notguarantee their accuracy, andany suchinformationmaybeincomplete or condensed.Noliability will beaccepted for any direct, for, decisions based on suchinformation. Any opinions expressed herein reflect ajudgmentat the date ofpublicationandare subject tochange. Althoughstatements of factand datacontainedin thispresentation have to sellasecurity. It does not take intoaccountany investor’s particularinvestment objectives, strategies, tax status or investment horizon. There isnorepresentation or warranty as to the current accuracy of, norliability stated in Canadian dollars, unless otherwise noted. The informationprovided herein does notconstituteinvestment adviceanditshouldnotberelied on assuch.Itshouldnotbeconsidered asolicitation to buy or an offer performance isnoguarantee of future results. All investments pose the risk of lossand there isnoguarantee that any of the benefitsexpressed herein willbeachieved or realized. Valuations and returns are computed and nature, these ImportantDisclosures provide importantinformationaboutFiera Capital anditsservicesare intended to beread andunderstoodinassociation with allmaterialsavail T M5C 2V9 Toronto, Ontario Suite 600 East Street1 Adelaide Toronto T H3A 3M8 Montreal, Quebec Suite 800 CollegeMcGill Avenue 1501 Montreal FIERA CAPITAL CORPORATION 416364-3711 T 514 954-3300 T CLIENT SERVICES CLIENT

1800994-9002 1800361-3499

T V6E 4H1 Vancouver,British Columbia Suite 520 1040 WestStreetGeorgia Vancouver T T2P 0A7 Calgary, Alberta Suite 300 8th AvenueSW 607 Calgary

604688-7234 T 403699-9000

1877737-4433

[email protected] fieracapital.com

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