Direct Client Market Commentary

GENERAL:
This report is being furnished to you on a confidential basis to provide summary information regarding your existing investment in the portfolio, and may not be reproduced and may not be used for any other purpose. This report does not constitute an offer to sell or a solicitation to an offer to buy interests in the portfolio. Any offering is made only to you in your capacity as an existing investor, and is subject to the private placement memorandum and governing and subscription documents of the portfolio (the “Operative Documents”), which should be read in their entirety. The Operative Documents contain additional information about the investment objective, terms and conditions of your investment in the portfolio and certain risks and conflicts of interest disclosures that are important to your investment in the portfolio.

The report is highly confidential. Your acceptance of this document constitutes your agreement to (i) keep confidential all the information contained in this report, as well as any information derived by you from the information contained in this report (collectively, “Confidential Information”) and not disclose any such Confidential Information to any other person and (ii) not to use any of the Confidential Information for any purpose other than to monitor an investment in the portfolio.

This report is for information purposes only and does not constitute a financial promotion, investment advice or an inducement or incitement to participate in any product, offering or investment. It does not constitute or form part of any offer to issue or sell, or any solicitation to any officer to subscribe or purchase any investment nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract.

All information is as of the date of this document unless otherwise noted. This document is not intended as investment advice or a recommendation of any security or investment strategy for a specific recipient. Investments or strategies described herein are provided as general market commentary, and there may be no account or fund managed by Fiera Capital Inc. for which investments or strategies described herein are suitable due to the various types of accounts or funds that are managed by Fiera Capital Inc. Nothing herein constitutes an offer to sell, or a solicitation of an offer to purchase, any securities, nor does it constitute an endorsement with respect to any investment area or vehicle. This material cannot be reproduced or redistributed without the prior written consent of Fiera Capital Inc.

Certain information contained in this document may constitute “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” anticipate,” “project,” “estimate,” “intend” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of any strategy or market sector may differ materially from those reflected or contemplated in such forward-looking statements.

Statements regarding current conditions, trends or expectations in connection with the financial markets or the global economy are based on subjective viewpoints and may be incorrect.

Past performance is not necessarily indicative of future results. There is no guarantee that the strategy will achieve its investment objectives or comparable results. Inherent in any investment is the potential for loss.

SOURCES:
All market data and indicators are sourced from Bloomberg.

INDEX DEFINITIONS:
S&P 500 – is a stock market index made up of approximately 500 US large cap stocks. It is often used as a common benchmark for US stock funds. The index comprises a collection of stocks of 500 leading companies and captures 80% coverage of available market capitalization. Index results assume the re-investment of all dividends and capital gains.

Standard and Poor’s 500 Information Technology Index is a capitalization-weighted index. The index was developed with a base level of 10 for the 1941-43 base period. The parent index is SPXL1. This is a GICS Level 1 Sector group. Intraday values are calculated by Bloomberg and not supported by S&P DJI, however the close price in HP is the official close price calculated by S&P DJI. Standard and Poor’s 500 Health Care Index is a capitalization-weighted index. The index was developed with a base level of 10 for the 1941-43 base period. The parent index is SPXL1. This is a GICS Level 1 Sector group. Intraday values calculated by Bloomberg and not supported by S&P.

MSCI EAFE Index – Is a stock market index made up of approximately 909 constituents. It is often used as a common benchmark for international stock funds. The index comprises the MSCI country indexes capturing large and mid-cap equities across developed markets in Europe, Australasia and the Far East, excluding the U.S. and Canada. Index results assume the re-investment of all dividends and capital gains.

MSCI Emerging Markets Index – is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.

Intermediate Agg – The Bloomberg Barclays Intermediate US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market with less than 10 years to maturity. The securitized sector is wholly included. The index includes Treasuries, government-related and corporate securities, MBS, ABS and CMBS.

ICE BofAML Fixed Rate Preferreds Index – tracks the performance of fixed rate US dollar denominated preferred securities issued in the US domestic market.