Fiera Capital Inc

Item 5: Fees and Compensation
The compensation the Firm receives varies depending on multiple factors, including the investment strategy
and whether the services relate to a separately managed account, Collective Investment Trust, Private
Fund or Registered Fund. A basic fee schedule for each of the investment strategies is provided below.
Please refer to Item 8 and Section 5.G.(3) of Schedule D of the Form ADV Part 1A for a list of the
Registered Funds and UCITS to which the Firm acts as an adviser or sub-adviser, Section 7.B.(1) of
Schedule D of the Form ADV Part 1A for the Private Funds managed by the Firm, and Section 7.B.(2) of
Schedule D of the Form ADV Part 1A for the Private Funds sub-advised by the Firm. The Firm may
negotiate the fees charged for separately managed accounts and Private Funds.

    1. Compensation
Separately Managed Accounts
The Firm receives a management fee for the services it provides to separately managed accounts. The
management fee is generally based upon a percentage of the total portfolio market value of an account at
specified points in time. The Firm will either deduct the fees from Client accounts or invoice the Client,
depending on the strategy and the terms of each Client’s agreement. The billing frequency is set forth in each
Client’s agreement with the Firm, but fees are generally charged on a monthly or quarterly basis. Fees for
the Fixed Income Strategies are generally billed in advance, while fees for the Equity Strategies are generally
billed in arrears. Fees for the Equity-Growth Strategies may be billed in advance or in arrears. If an advisory
relationship begins after the first day of a billing period or terminates before the last day of a billing period,
fees are prorated accordingly. If a Client has paid fees in advance, the Client will receive a refund of any pre-
paid fees attributable to any period after the advisory relationship has terminated. Billing terms are generally
negotiable on a Client-by-Client basis.
    •   Equity Strategies. For the Equity Strategies, the management fees range from 0.30% to 1.00% and
        vary depending on the strategy and account size. Fees for Assets Under Advisement range from
        0.30% to 0.50% per annum depending on the account size.
    •   Equity-Growth Strategies. For the Equity-Growth Strategies, the management fees range from
        0.30% to 1.00% per annum and vary depending on the strategy and account size.
    •   Fixed Income Strategies. For the Fixed Income Strategies, the management fees range from 0.05%
        to 0.75% and vary depending on the strategy and account size. With respect to the Investment
        Companies Strategy, due to the possibility that target returns could be achieved over shorter time
        periods, the full annual fee will be charged in the event that a Client liquidates an account invested
        in this strategy within one year of inception. In such cases, the annual fee will be determined based
        on the cumulative total return net of fees. If the cumulative return net of fees exceeds 3%, a full
        annual fee of 0.65% per annum will be charged. If the return net of fees is 3% or less, a full annual
        fee of 0.35% will be charged.
        With respect to the Fixed Income Strategies, the Firm has entered into sub-advisory investment
        management agreements with various unaffiliated broker-dealers and investment advisers. Under
        such agreements, certain strategies will be available to Clients of the broker-dealers through
        e a c h broker-dealer’s separately managed account platform. The fees for each platform program
        may vary and are typically billed on a quarterly basis. The fee rates are based on assets under
        management and typically range from 0.12% to 0.35% per annum. Minimum account sizes for the
        programs vary. The Firm reserves the right to waive account minimums at its discretion.

Private Funds
The Firm receives a management fee (the “Management Fee”) for the investment advisory services it
provides to the Private Funds. The Management Fee is generally calculated as a percentage of an investor’s
capital or net asset value, depending on the Private Fund, and accrues daily. Management Fees generally
range from 0.45% to 1.50% per annum, depending on the Private Fund and size of the investor’s
commitment. Except for the Fiera U.S. Real Estate Debt Fund LP which pays Management Fees quarterly

in advance, the Management Fee is payable quarterly in arrears. For capital contributions made on a date
other than the first day of a quarter, the Firm charges a pro rata Management Fee for the remainder of that
quarter. Withdrawals or distributions made during a quarter generally result in a pro rata adjustment to the
Management Fee based on the number of days remaining in the period (other than certain Current Income
Distributions, where applicable).
In connection with the Private Funds’ investment activities, the Firm may receive transaction-related fees.
When required under a Fund’s governing documents, these fees will either be credited to the Fund or used
to offset the Management Fee otherwise payable by the Fund.
The Firm may, in its sole discretion, waive, reduce, or modify the Management Fee for any investor,
including related investors and affiliates, to the extent such treatment does not result in adverse legal, tax,
or regulatory consequences. Certain affiliates and related investors may not bear the Management Fee except
as otherwise required.
The General Partner of a Private Fund may call capital to pay the Management Fee, which reduces each
investor’s uncalled capital commitment. The Firm may also charge the Management Fee (or a portion of it)
at the feeder-fund or subsidiary level. If the Management Fee is charged at one of those levels, it will not
also be charged on the corresponding capital account at the main fund level.
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Item 7: Types of Clients
The Firm provides advisory services to the following types of Clients:
    •   Individuals other than high net worth individuals
    •   High net worth individuals (including their related trusts, estates(?) and other related entities)
    •   Investment Companies
    •   Pooled investment vehicles (e.g., hedge funds)
    •   Pension and profit-sharing plans (other than plan participants)
    •   Charitable organizations and foundations
    •   Corporations or other businesses
    •   State and municipal government entities
    •   Wrap Program participants
The Firm generally requires a minimum account size to open a separately managed account. The minimum
account size ranges from $100,000 to $50,000,000 depending on the strategy. In all cases, the Firm reserves
the right to waive or reduce any minimum investment requirements. All terms and conditions, including
conditions for managing accounts, are subject to modification based on the sole discretion of the Firm. The
Firm collects know your client (KYC) identification documentation from each Client and conducts other
verification procedures for anti-money laundering purposes, including vetting clients against the Sanctions
Program Listings maintained by the U.S. Department of the Treasury’s Office of Foreign Asset Control
(OFAC) and other government sanctions lists as appropriate.
The Firm’s Private Funds have a minimum investment amount and applicable investor suitability criteria
which are set forth in their respective offering documents. Current and prospective investors should refer to
each respective Private Fund’s offering documents for a full explanation of the terms and conditions for
partner/shareholder eligibility and suitability. The General Partner or Managing Member of each Private Fund
reserves the right, in its sole discretion, to waive the minimum dollar amount.
The Firm’s Registered Funds have different minimum investment amounts, which are specified in each
relevant prospectus and can be different for the institutional class and investor class. Current and prospective
investors should refer to each respective Registered Fund’s offering documents for a full explanation of the
terms and conditions for investor eligibility and suitability.
The Firm’s UCITS fund has minimum investment amounts, which are specified in the relevant prospectus.
The Directors may in their absolute discretion vary the Minimum Subscription, Minimum Holding or the
Subsequent Subscriptions amounts in the future and may choose to waive these criteria. Current and
prospective investors should refer to the respective UCITS documents for a full explanation of the terms and
conditions for investor eligibility and suitability.
The CIT advised by the Firm does not have a minimum investment amount (initial or subsequent). New
investors of any size are accepted.