Registrations and Exemptions

Registrations and Exemptions

Fiera Capital Corporation (“Fiera Capital“) and certain of its subsidiaries are registered in various jurisdictions as more fully described below.

Canada

Fiera Capital and its subsidiaries are registered in the following categories in order to provide asset management services to clients residing in Canada:

Notes:

(1)         Registration as an adviser under the Commodity Futures Act (Manitoba).
(2)         Registration as a commodity trading manager pursuant to the Commodity Futures Act (Ontario).
(3)         Registration as a derivatives portfolio manager pursuant to the Derivatives Act (Québec).

In addition, Fiera Capital Inc. (« FCI ») relies on the international investment fund manager registration exemption in Québec, Fiera Capital (UK) Limited (“Fiera UK”) relies on the international investment fund manager registration exemption in Ontario and Québec, and the international dealer exemption in British Columbia, Ontario and Québec.

United States

The following registrations and authorizations are held by Fiera Capital’s subsidiaries or Fiera Capital (in the case of the Participating Affiliate) in connection with the provision of asset management services in the United States or to U.S. clients.

Notes:

1. Registration with the US Securities and Exchange Commission (“SEC”).
2. Registration with the US Commodity Futures Trading Commission (“CFTC”).
3. “Participating Affiliate” refers to a term used in relief granted by the staff of the SEC that allows US registered investment advisers to use the investment advisory resources of non-US affiliates that are not registered with the SEC. Fiera Capital has agreed to submit to the jurisdiction of the SEC and the US courts for actions arising under US securities laws in connection with its activities as a participating affiliate of FCI.
4. “Exempt Reporting Adviser” (“ERA”) refers to a term used in relief granted by the staff of the SEC that allows “private fund advisers” to act as investment advisers in the US without SEC registration provided that its US clients are limited to qualifying private funds and US AUM are less than $150 million. ERAs are subject to certain periodic SEC reporting requirements and agree to submit to the jurisdiction of the SEC and the US courts for actions arising under US securities laws in connection with their ERA activities.
5. “Exempt Commodity Pool Operator” (“ECPO”) refers to a commodity pool operator (“CPO”) that requested relief for its commodity pools pursuant to certain CFTC regulations and is exempt to register as CPO.
6. Exempt Commodity Trading Advisor (“ECTA”) refers to a commodity trading advisor (“CTA”) that requested relief for its clients and exempt pools pursuant to certain CFTC regulations and is exempt to register as CTA.

Other Jurisdictions

Fiera Real Estate UK and Fiera UK are authorized and regulated by the United Kingdom Financial Conduct Authority.

Fiera Capital (Germany) GmbH is authorized and regulated by Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin).

Fiera Capital (Asia) Singapore Pte Ltd. is licensed by the Monetary Authority of Singapore for the provision of Capital Markets Services in Fund Management and Dealing in Capital Markets Products and is an ERA with the SEC and an ECTA with the CFTC.

Fiera Capital (Asia) Hong Kong Limited is licensed by the Securities and Futures Commission of Hong Kong for the provision of Type 9 Asset Management services and is an ERA with the SEC and an ECTA with the CFTC.

Fiera Capital (Asia) is registered in the category of Registered Person with the Cayman Islands Monetary Authority and is an ERA with the SEC, and an ECPO and an ECTA with the CFTC.