Registrations and Exemptions

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).

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.