Global Financial Forecast 2020-2027

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Fiera Capital Corporation is a global asset management firm with affiliates in various jurisdictions (collectively, “Fiera Capital”). Each entity of Fiera Capital only provides investment advisory services or offers investment funds in the jurisdictions where such entity and/or the relevant product is registered or authorized to provide such services pursuant to an exemption from such registration. For details on the particular registration of, or exemptions therefrom relied upon by, any Fiera Capital entity, please consult https://www.fieracapital.com/en/fiera-capital-entities.

All charts and graphs in this presentation are as of January 1, 2020 unless otherwise noted. This Global Financial Forecast – 2020-2027, is published by Fiera Capital’s Global Chief Investment Officer. This document contains proprietary Fiera Capital research, all charts and graphs are sourced internally unless otherwise noted. This information is confidential and intended for the audiences as indicated. It is not to be distributed to or disclosed to retail investors. The views expressed in this document represent those of the relevant investment team and are subject to change. No information set out in this document constitutes research or investment advice, an advertisement, an invitation, a confirmation, a recommendation, an offer or a solicitation, to buy or sell any security or other financial product or to engage in any investment activity, or an offer of any banking or financial service. Some products and/or services mentioned in this document may not be suitable for you and may not be available in all jurisdictions. Investing involves risk including the possible loss of principal. The investment capabilities described herein involve risks due, among other things, to the nature of the underlying investments. International investing involves risks, including risks related to foreign currency, limited liquidity, government regulation, and the possibility of substantial volatility due to adverse political, economic or other developments.

IMPORTANT RISK FACTORS: Emerging Markets risks – an investment in emerging markets may be subject to greater risk due to investing in emerging market countries, which may introduce greater volatility and political, economic, and currency risks, as well as differences in accounting methods. Alternative Investments risks – Alternative investments are speculative and involve a great deal of risk and are not suitable for all investors. There can be no assurance that a manager’s strategy or target objective will be successful. The overall performance of the strategy is dependent not only on investment performance but also on a manager’s ability to source assets. Investment return and principal value will fluctuate so that an investor’s units, if and when redeemed, may be worth more or less than original cost. The fees and expenses charged within the strategy may offset its total return. Exposure to currency fluctuations may have an impact on such strategy’s cash flow and asset values denominated in the currency of domicile. The use of leverage could increase the risks of an investment. Portfolio investments may be subject to high levels of regulation which could result in risks related to delays in obtaining relevant permits or approvals. Investors should be aware that there will be instances where the Fiera Capital entities and/or their clients will experience actual conflicts of interest associated with the management of one or more strategies.

All examples herein are for illustrative purposes only and there can be no assurance that any particular investment objective will be realized or any investment strategy seeking to achieve such objective will be successful. Past performance is not a reliable indication of future performance. Before acting on any information, you should consider the appropriateness of it having regard to your particular objectives, financial situation and needs. You should always seek advice from your investment adviser before making investment decisions. There is no assurance the forecasted returns will be achieved.

This document contains forward-looking statements. These statements relate to future events or future performance, and reflect management’s expectations or beliefs regarding future events, including business and economic conditions. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. In some cases, forward-looking statements can be identified by terminology such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “potential”, “continue”, “target” or the negative of these terms, or other comparable terminology. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and a number of factors could cause actual events or results to differ materially from the results discussed in the forward-looking statements. In evaluating these statements, readers should specifically consider various factors that may cause actual results to differ materially from any forward-looking statement. These factors include, but are not limited to, market and general economic conditions, the nature of the financial services industry, and the risks and uncertainties related thereto. These forward-looking statements are made as of the date of this document, and Fiera Capital Corporation assumes no obligation to update or revise them to reflect new events or circumstances, except as required by applicable law. Although statements of fact and data have been obtained from, and are based upon, sources believed by Fiera Capital to be reliable, Fiera Capital does not guarantee their accuracy, and any such information may be incomplete or condensed. No liability will be accepted for any direct, indirect, incidental or consequential loss or damage of any kind arising out of the use of all or any of this material.

Date of publication: February 2020. The information herein is as of the date of this presentation unless otherwise indicated. © 2020 Fiera Capital Corporation. All Rights Reserved. Fiera Capital is a registered trademark of Fiera Capital Corporation or its affiliates. All other trademarks herein are those of their respective owners.