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. affiliates, Bel Air Investment Advisors LLC (“Bel Air”) and Fiera Capital Inc. (together with Bel Air, the “U.S. Advisers”). Any investment advisory services of Fiera Capital provided to U.S. persons are (or were) provided by the U.S. Advisers, in each case pursuant to a “participating affiliate” arrangement with Fiera Capital in accordance with the applicable guidance of the staff of the U.S. Securities and Exchange Commission (the “SEC”). The U.S. Advisers are SEC-registered investment advisers. Registration with the SEC does not imply a certain level of skill or training. Unless otherwise indicated, all dollar figures are expressed in Canadian dollars.