Legal Notice to U.S. Persons

Legal Notice to U.S. Persons: Fiera Capital does not provide investment advisory services, or offer investment funds, in the United States or to U.S. persons. Investment advisory services for U.S. persons are provided by Fiera Capital’s U.S. affiliate, Fiera Capital Inc (FCI). Any investment advisory services of Fiera Capital provided to U.S. persons are (or were) provided by FCI, pursuant to a “participating affiliate” arrangement with Fiera Capital as that term is used in relief granted by the staff of the U.S. Securities and Exchange Commission (the “SEC”). The U.S. Advisers are SEC-registered investment advisers. Unless otherwise indicated, all dollar figures are expressed in Canadian dollars.