Financial Highlights

1) Earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA, adjusted EBITDA margin and adjusted EBITDA per share, adjusted net earnings and adjusted net earnings per share are not standardized measures prescribed by International Financial Reporting Standards (“IFRS”). These non-IFRS measures do not have any standardized meaning and may not be comparable to similar measures presented by other companies. Certain comparative figures have been restated to conform with the current presentation. Please refer to the “Non-IFRS Measures” Section of the Company’s MD&A for the definitions and the reconciliation to IFRS measures, available at www.fiera.com and www.sedar.com.

2) Attributable to Company’s shareholders.

3) Following the acquisition of 80% interest in Palmer Capital (subsequently renamed Fiera Real Estate UK Limited) in 2019, the Company has been recording its share or earnings resulting from underlying joint venture projects within Fiera Real Estate UK Limited.

4) Other Revenues includes brokerage commissions, consulting fees and gains or losses on foreign exchange forward contracts. In 2019, Other revenues also included commitment and transaction fees related to the Company’s Private Markets investment platform.

5) The Company adopted IFRS 16, Leases, on January 1, 2019 using the modified retrospective approach where comparative information presented for 2018 has not been restated and is presented as previously reported and, therefore, may not be comparable. Prior to the adoption of IFRS 16 on January 1, 2019, as a lessee, the Company classified leases as an operating lease or finance lease under IAS 17, based on its assessment of whether the lease transferred substantially of the risks and rewards of ownership. Rent expenses related to operating leases were previously recognized in selling, general and administrative expenses. Following the adoption of IFRS 16, lease payments are presented as cash generated (used in) financing activities whereas prior to the adoption of IFRS 16, on January 1, 2019, they were presented as cash generated (used in) operating activities in the statement of cash flows. Refer to Note 2 of the audited consolidated financial statements for the year ended December 31, 2019 for further details on the transition to IFRS 16. The Company’s lease portfolio in 2019 was impacted by the four acquisitions completed over the course of the year, in addition to new leases entered into in 2019 related to the Company’s new headquarters in Montreal, Canada and new office premises in London, United Kingdom. Our lease payments presented in the statement of cash flows for the year ended December 31, 2019 were also impacted by lease inducements and rent-free periods related to these new leases in 2019.