Ms. Krista Matheson reports

CANADIAN PREFERRED SHARE TRUST FILES PRELIMINARY PROSPECTUS

Fiera Capital Corp.'s Canadian Preferred Share Trust has filed a preliminary prospectus dated May 27, 2015, with the securities regulatory authorities of all of the Canadian provinces and territories for an initial public offering of Class A units and Class F units of the fund at a price of $10 per unit. The Class F units are designated for fee-based and institutional accounts, and will not be listed on a stock exchange but will be convertible into Class A units on a weekly basis.

Prospective purchasers investing in the fund will have the option of paying for units in cash or by exchanging preferred shares of issuers and securities of exchange-traded funds listed in the preliminary prospectus. Prospective purchasers under the exchange option are required to deposit their exchange eligible securities prior to 5 p.m. (Toronto time) on June 22, 2015, in the manner described in the preliminary prospectus. The fund will issue a news release as soon as practicable after the close of business on June 22, 2015, announcing for each of the exchange eligible securities, among other things, the exchange ratio.

The fund's investment objectives are to provide holders of units with monthly cash distributions, preserve capital and provide the opportunity for capital appreciation, and reduce the risk of rising interest rates by managing portfolio duration. The fund has been created to invest in an actively managed portfolio, comprising primarily Canadian preferred shares. The fund's distributions are initially targeted to be 3.33 cents per unit per month (40 cents per year) to yield 4.0 per cent on the subscription price per unit.

Fiera Capital is the manager, portfolio manager and promoter of the fund. Fiera Capital is responsible for creating, structuring, managing and promoting the fund, and will also implement the fund's investment strategies.

The syndicate of agents for this offering is being co-led by RBC Capital Markets and Canadian Imperial Bank of Commerce, and includes Bank of Nova Scotia, National Bank Financial Inc., BMO Capital Markets, TD Securities Inc., GMP Securities LP, Raymond James Ltd., Desjardins Securities Inc., Canaccord Genuity Corp., Dundee Securities Ltd. and Manulife Securities Inc.

A preliminary prospectus containing important information relating to these units has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from one of the agents. There will not be any sale or any acceptance of an offer to buy the units until a receipt for the final prospectus has been issued.