Mr. Daniel Richard reports

FIERA CAPITAL AND NATIONAL BANK INVESTMENTS RELATIONSHIP REMAINS STRONG

Fiera Capital Corp.'s relationship with National Bank Investments Inc. remains strong despite changes within a limited number of mandates. These changes are in line with NBI's open architecture, are part of the normal course of business, and include gained and lost mandates. Fiera Capital is pleased and proud to entertain a long-standing relationship with NBI as the firm continues to manage a large number of strategies on its behalf and working with it on a number of new opportunities.