For Dealer Use Only

2 Key Features Tactical Asset Allocation Benefits of Indexing, Convenience of ETFs Experienced Portfolio Management Low Cost, Managed Solution

For Dealer Use Only 3 Tactical Asset Allocation Asset allocation accounts for more than 90% of the variability of a portfolio's return Source: Brinson, Hood, Beebower, 1986, “Determinants of Portfolio Preference”, Financial Analysts Journal, 42(4), 39-44

For Dealer Use Only 4 Active vs. Passive Management Funds that consistently beat the index are rare and difficult to select ○Less than 11% of actively managed Canadian equity funds have outperformed the index since 2001* ○Only 1 of the largest 20 Canadian equity funds outperformed the TSX over a 5 year period ( )* Exchange Traded Funds (ETFs) are designed to track the performance of well established indices ETFs are ideal investment tools to implement asset allocation * Source: Standard & Poor’s

For Dealer Use Only 5 Convenience of ETFs What are ETFs? ○Similar to traditional open ended Mutual Funds but are listed on an exchange ○Typically track well known liquid indices or benchmarks around the world ○Cover a range of asset classes: equity, fixed income, currency and commodities Benefits of ETFs ○Low Cost maintain a fully allocated portfolio at a cost typically required for a single asset class fund ○Diversification offers instant exposure to a variety of asset classes ○Transparency provides clear understanding of underlying securities ○Flexibility enables high liquidity for fast, easy transfers among asset classes ○Performance matches their benchmarks

For Dealer Use Only 6 Fiera Capital Inc. Overview Approximately $20B in Assets under Management (AUM) ○Over $7B in Retail assets under management Controlled and owned by its senior employees (77%) More than 100 employees Depth and expertise in: ○Fixed income ○Canadian and US equities ○Asset allocation ○Alternative and quantitative strategies Offices in Toronto and Montreal

For Dealer Use Only 7 Fiera’s Portfolio Construction

For Dealer Use Only 8 Jov Fiera Conservative Tactical Portfolio Exposure to fixed income & equity asset classes Defensive asset allocation mix Preservation of capital, with low risk tolerance Seeks consistent long-term income & growth

For Dealer Use Only 9 Jov Fiera Balanced Tactical Portfolio Exposure to equity, fixed income & commodity asset classes Balanced asset allocation mix Moderate risk tolerance Seeks long-term growth & income

For Dealer Use Only 10 Jov Fiera Growth Tactical Portfolio Exposure to equity & commodity asset classes Growth asset allocation mix High tolerance for risk and volatility Seeks long-term growth

For Dealer Use Only 11 Low Cost, Managed Solution Tactical Asset Allocation ○Fiera Capital Inc.’s systematic division and risk management of investment dollars among various asset classes helps reduce portfolio risk and volatility Low Management Fees ○Lower management fees than the average actively managed mutual fund Performance ○Potentially higher risk-adjusted returns and performance

For Dealer Use Only 12 Low Cost, Managed Solution (con’t) Transparency ○Clearly defined baskets of securities that track their benchmarks and change only when the underlying index changes Monthly Distributions ○T Series units provide monthly tax-efficient distributions, ranging from 4% to 6% annualized

For Dealer Use Only 13 Monthly Distributions T Series Portfolios ○Based on an initial net asset value of $10/unit, T Series units have a targeted monthly distribution of: Jov Fiera Conservative Tactical Portfolio: 4% per annum Jov Fiera Balanced Tactical Portfolio: 5% per annum Jov Fiera Growth Tactical Portfolio: 6% per annum

For Dealer Use Only 14 Ideal for Investors Who: Are seeking a low-cost managed solution Want broad diversification through a single portfolio Want a consistent monthly income stream** Have a long-term investment horizon ** T Series Version Only

For Dealer Use Only 15 Summary Tactical asset allocation combined with index investing outperforms traditional active management Direct access to asset classes via ETFs Low-cost solution (management fee of 1.95%) T Class portfolios available

For Dealer Use Only 16 Fund Details Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

For Dealer Use Only 17 Disclaimer Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rate(s) of return is (are) the historical annual compounded total return(s) including changes in (share or unit) value and reinvestment of all (dividends or distributions) and does (do) not take into account sales, redemptions, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

For Dealer Use Only 18 Appendix

For Dealer Use Only 19 Competitive Product Breakdown