AS AT MARCH 31, 2016 INTERNATIONAL EQUITY

STRATEGY DESCRIPTION Our highest conviction ideas are selected for this research-focused approach that identifies best of breed companies with a sustainable competitive advantage and growth potential, trading at what we believe are attractive valuations. HIGHLIGHTS WHY INVEST IN THIS STRATEGY Style Large cap GARP Long term investment approach emphasizing high quality, best of Process Fundamental bottom-up breed companies and consistency of performance Performance benchmark MSCI EAFE Disciplined process from which our experienced team does not Turnover Low generally deviate Investment horizon 36 to 60 months Rigorous research to develop deep knowledge of Holdings 25 to 45 portfolio companies Sector deviation Potentially large, driven by security selection Strategy AUM (US$) $2.1 B 1 High conviction focused portfolio with diversified sources of alpha 1 Approximately $835.38 million of the Strategy AUM is managed by Fiera Capital Broad universe of potential investment opportunities Inc. and another U.S. adviser with the use of Fiera Capital Corporation’s resources acting in its capacity as a “participating affiliate” of the U.S. advisers. Please refer to Established risk-adjusted returns Important Disclosures regarding the participating affiliate arrangement.

PERFORMANCE (%)* Annual as at December 31 Q1 2016 2015 2014 2013 2012 2011 2010 International Equity Composite, gross of fees -0.31 1.77 -1.89 18.52 26.90 -4.48 18.69 International Equity Composite, net of fees -0.52 0.91 -2.72 17.49 25.88 -5.29 17.70 MSCI EAFE (US$) -3.01 -0.81 -4.90 22.78 17.32 -12.14 7.75 Added value, gross of fees 2.70 2.58 3.01 -4.26 9.58 7.66 10.94 Added value, net of fees 2.49 1.72 2.18 -5.29 8.56 6.85 9.95

Annualized as at March 31, 2016 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs SI 2 International Equity Composite, gross of fees -4.34 -0.89 3.59 7.22 6.90 15.05 8.83 International Equity Composite, net of fees -5.15 -1.72 2.70 6.32 6.00 7.46 7.92 MSCI EAFE (US$) -8.27 -4.67 2.23 4.42 2.29 3.61 3.60 Added value, gross of fees 3.93 3.78 1.36 2.80 4.61 11.44 5.23 Added value, net of fees 3.12 2.95 0.47 1.90 3.71 3.85 4.32 2 Since inception (January 1, 2010) RISK/RETURN ANALYSIS* COUNTRY ALLOCATION (%) Composite MSCI EAFE Country Composite MSCI EAFE 12.5 Annualized return (%) (Gross) 8.83 3.60 ex-UK 51.8 46.2 11.5 Beta 0.90 1.00 20.8 19.3 10.5 Standard deviation (%) 15.39 16.46 13.5 22.5 9.5 Information ratio 1.16 n/a Emerging Markets 8.6 0.0 8.5 Sharpe ratio (0.08%) 0.57 0.21 Pacific ex-Japan 4.1 12.0 7.5 Up-market capture ratio (%) 94.55 n/a Cash 1.3 0.0 6.5 Down-market capture ratio (%) 70.58 n/a Total 100.0 100.0 5.5

Composite, Since inception (January 1, 2010) 4.5

3.5

2.5

1.5 * Past performance is not a guarantee of future results. Inherent in any investment is the potential for loss. Gross performance results0.5 do not reflect the deduction of management fees or other expenses. Net performance results are calculated using the highest management fee currently charged to any account, fund, or other investment vehicle using this strategy (collectively, the “accounts”), but do not reflect the deduction of other expenses that may be charged to an account, such as administration or custody fees. The actual management fee paid by an account may be higher or lower. Performance of the composite is provided for illustration purposes only and should not be construed as performance of a particular account. The performance results include the reinvestment of all dividends and capital gains. The accounts included in the composite reflect all accounts managed by the portfolio management team, which includes accounts managed by the team for Fiera Capital Corporation itself and for Fiera Capital Inc. through its participating affiliate arrangement with Fiera Capital Corporation. Please refer to Important Disclosures at the end of this presentation regarding the participating affiliate arrangement, risk/return analysis, index comparisons and other important information. AS AT MARCH 31, 2016 INTERNATIONAL EQUITY

COMPOSITE CHARACTERISTICS TOP 10 HOLDINGS (%) Composite MSCI EAFE Security Sector Weight Liquidity1 1. Keyence Information Technology 5.8 Average capitalization (M$) 69,338 50,270 2. Nestle Consumer Staples 5.6 Risk1 3. InterContinental Hotels Consumer Discretionary 4.7 Debt/Equity 1.28 1.33 4. Unilever Consumer Staples 4.5 Net debt/EBITDA 0.70 2.05 5. L'Oreal Consumer Staples 4.3 Debt/Capital (%) 33.89 41.95 6. Novartis Health Care 4.3 Valuation 7. Roche Holding Health Care 4.2 Price/Earnings (next twelve months) 3 19.11 14.39 8. Diageo Consumer Discretionary 4.0 Enterprise Value/EBIT (trailing twelve months) 3 15.59 13.27 9. Intertek Industrials 3.9 Dividend Yield (%) 1 2.38 3.48 10. Schindler Holding Industrials 3.8 Profitability and Growth2 Total 45.1 Next year estimated EPS growth (%) 8.31 8.56 Estimated Revenue Growth (%) 4.62 2.99 PORTFOLIO MANAGEMENT TEAM Return on Equity (%) 16.97 9.79 Nadim Rizk, MBA, CFA, is the Senior Portfolio Manager of the strategy at Fiera Return on Invested Capital (%, ROIC or ROI) 25.36 10.26 Capital Corporation and benefits from 19 years of investment experience with Operating Margin (%) 20.00 10.42 US and International equities. He is assisted by Andrew Chan, M.Sc., Portfolio 1 Weighted Average 2 Median 3 Harmonic Weighted Average Manager at Fiera Capital Corporation, and by a team of dedicated analysts. Source: FactSet In connection with the provision of investment advisory services to U.S. Composite Characteristics and comparisons are generated by Factset using current data of both the composite and the index as of March 31, 2016. Return information is gross of management clients of Fiera Capital Inc., Mr. Rizk and Mr. Chan act under a participating fees and operating expenses. There is no guarantee that any of the profitability or growth affiliate arrangement between Fiera Capital Corporation and Fiera Capital estimates generated by Factset will be achieved. The composite could lose value. Inc. See Important Disclosures below regarding this participating affiliate arrangement.

IMPORTANT DISCLOSURES Participating Affiliate Arrangement Top 10 Holdings Fiera Capital Inc. (“FCI”) was founded in 1972 and, on October 13, 2013, became an indirect, wholly- Top 10 holdings are based on size of the position in the portfolio. The specific holdings identified are owned affiliate of Fiera Capital Corporation (“FCC”). FCC is a Canadian investment management firm not representative of all holdings and it should not be assumed that the holdings identified were or whose stock trades on the Toronto Stock Exchange under the symbol FSZ. In connection with providing will be profitable. services to U.S. clients, FCI will use the resources of FCC acting in its capacity as our “participating Index Comparisons affiliate,” in accordance with applicable guidance of the staff of the U.S. Securities and Exchange A benchmark, the MSCI EAFE Index, is provided so that the International Equity strategy’s performance Commission (the “SEC”). These resources will specifically include, without limitation, the use of the can be compared with the performance of a well-known and widely recognized index. The Morgan investment personnel of the FCC portfolio management team. All discussions herein concerning Stanley Capital International (“MSCI”) EAFE Index is a stock market index made up of approximately investment advice, performance and process are with respect to the activities of the FCC portfolio 909 constituents. It is often used as a common benchmark for international stock funds. The index management team, unless indicated otherwise. All such personnel of FCC will be treated as persons comprises the MSCI country indexes capturing large and mid-cap equities across developed markets “associated with” FCI (as that term is defined by the Investment Advisers Act of 1940, as amended) in in Europe, Australasia and the , excluding the U.S. and Canada. Index results assume the re- connection with the provision of any investment advisory services provided by such team members investment of all dividends and capital gains. The index is not a projection, prediction or guarantee of to U.S. clients. FCC does not provide investment advisory services, or offer investment funds, in the performance. It is not possible to invest directly in the index. United States or to U.S. persons. Investment advisory services for U.S. persons are provided by FCC’s U.S. affiliate, FCI. FCI is an SEC-registered investment adviser. Registration with the SEC does not Forward Looking Statements imply a certain level of skill or training. This presentation contains statements which constitute forward-looking statements. These statements may include statements regarding the intent, belief or current expectations of FCI and/or FCC with Risk/Return Analysis respect to, among other things: (i) the diversification of the portfolio; (ii) the ability to identify Beta, standard deviation, information ratio, Sharpe ratio, up-market capture ratio, down-market investment opportunities; and (iii) the performance of various investments. Prospective investors are capture ratio and other measures presented herein are used for measurement or comparison cautioned that any such forward-looking statements are not guarantees of future performance and purposes and only as a reference for prospective investors to evaluate the investment strategy and involve risks and uncertainties, and that actual results may differ materially from those in the forward- the accompanying risk/reward ratios. Other metrics are available and should be considered prior to looking statements as a result of various factors. investment as those provided herein are the subjective choice of the manager and not guaranteed to accurately predict investment results. The weighting of such subjective factors in a different manner General Disclosures would likely lead to different conclusions. This document is for informational purposes and should not be considered a solicitation to buy, or an offer to sell, a security. The information provided herein does not constitute investment advice and Allocations it should not be relied on as such; it does not take into account any investor’s particular investment Account details, holdings and allocation, and characteristics are as of the date noted and subject objectives, strategies, tax status or investment horizon. This document is confidential and may not to change. be copied or forwarded, in whole or in part (except to individuals within the recipient’s organization), without the prior written consent of Fiera Capital Inc.

Fiera Capital Inc. 375 Park Avenue, 8th Floor T 212 300-1600 New York, NY 10152 www.fierausa.com