ANNUAL REPORT 2021 Building on Our Foundation Committed to Growth Table of Contents 2 Who We Are 10 Financial Highlights 15 Investing in Our People 25 Global Leadership Team 27 Management’s Discussion and Analysis & Consolidated Financial Statements 8 Executive Chairman of the Board Letter 12 Global President and Chief Executive Officer Letter 21 Contributing to a Sustainable Future 26 Board of Directors 28 Corporate Information 1 | Fiera Capital Corporation 2021 Annual Report Who We Are About Fiera Capital Fiera Capital is an established asset management firm with a growing global presence and an efficient allocator of capital that harnesses the latest in the investment science to create innovative investment solutions and to foster sustainable prosperity for all our stakeholders. Firm Overview We are a firm built for capital allocation excellence, serving the ever-evolving needs of institutional, financial intermediaries, and private wealth clients: the need for the most sophisticated, diversified solutions in public and private markets, and the need to innovate in the face of changing global market conditions. Our outstanding investment performance has fueled close to two decades of tremendous growth with a track record of significant alpha generation, growing capabilities, strategic acquisitions and geographic expansion. We owe this sustained performance to our exceptional investment teams, and pride ourselves on providing a unique entrepreneurial environment for the finest minds Key Facts 840+ employees worldwide 240+ investment professionals 188.3 billion Canadian dollars in AUM* Publicly-traded independent Canadian investment management firm Depth of expertise in public and private markets investment strategies Headquartered in Montreal with offices across Canada, the United States, Europe and Asia to fully express their intellectual capital to the benefit of *As of December 31, 2021 our clients and stakeholders. 2 | Fiera Capital Corporation 2021 Annual Report Who We Are Investment Thesis With capital allocation efficiency as a focus, we see active multi-asset management as the Our strong performance is driven by investment strategy leaders who are fully accountable and independent in their decision making, and supported by a comprehensive investment platform. Our platform is built from long-term asset allocation strategies and a clear strategy to achieve our clients’ objectives. macro view of the investment landscape. Fiera Capital was founded in 2003, and has been delivering excellence for nearly 20 years The architecture principles of our investment platform: 1 2 3 4 5 6 High-quality, institutional-grade, repeatable active investment processes across public and private markets Independent, thorough, and proprietary investment research fueling investment decisions Complementary strategies and risk premiums, offering uncorrelated diversification Differentiated, high-conviction active investment style Risk-oriented portfolio construction process Emphasis on outcome-driven strategies that reflect client needs 3 | Fiera Capital Corporation 2021 Annual Report Who We Are A Truly Global Footprint 581 123 100 5 18 16 Over 840 employees and 240 investments experts A World Class Investment Platform To ensure that we achieve these ambitions, our efforts are anchored towards the development of globally relevant We are efficient allocators of capital committed investment strategies. Whether we are further consolidating to being recognized for our world class, high conviction investment platform, sophisticated client interactions and accessibility to a wide our position within the Canadian marketplace, as a superior provider of outcome-oriented solutions, or building our presence as a well-recognized, at-scale leader within private markets, our team of thoughtful and agile distribution array of public and private markets solutions. professionals are focused on gaining a fulsome understanding of client needs and on building investment portfolios that are best positioned to achieve client success. More than ever, we understand the importance of having a global platform, accessible to all investor types across all geographies as we seek to build sustainable prosperity for all of our stakeholders. 4 | Fiera Capital Corporation 2021 Annual Report Who We Are Outcome-Oriented Solutions Along with our global reach and deep investment Leveraging the breadth of the platform across public capabilities, we have also continued to expand our offering of highly differentiated and outcome-oriented solutions: and private markets to offer fixed income portfolio best positioned to face an evolving interest rate environment • Active and Strategic Fixed Income - Core Plus strategy that brings together the firm’s long-standing expertise in fixed Private markets solutions focused on a mix of income and income markets with complimentary private credit strategies capital appreciation generation aimed at generating steady returns across various economic and inflationary environments Customized fixed income and liability-driven portfolios built to successfully accompany clients on their journey towards • Diversified real asset strategy offering access to the firm’s industry de-risking leading real estate, infrastructure, and agriculture expertise • Offering the firm’s actuarial and investment expertise in the • Diversified private credit portfolio that combines the expertise construction of bespoke fixed income solutions geared towards of various specialized investment teams across quality, sector meeting the specific investment needs of each client and geographic dimensions Impact-Oriented Asset Allocators We are passionate about creating innovative investment solutions driven by our core purpose: being efficient allocators of capital with the objective of fostering sustainable prosperity for all our stakeholders. This perspective offers clear benefit to our clients, as it underpins our approach to: Constructing optimized portfolios to deliver on client objectives Offering innovative investment strategies Contributing to socially responsible outcomes Delivering value for our shareholders Harnessing the intellectual capital of our diverse and inclusive team 5 | Fiera Capital Corporation 2021 Annual Report Who We Are Private Markets: A World of Opportunity Our private market offering has become a difference-maker for Fiera Capital and our clients. We offer access to global private market investments through our real estate (equity and debt), infrastructure (equity and debt), agriculture, private credit and private equity strategies. We have a strong track record of success guided by experienced investment managers, which has led to a consistent and significant expansion of our private market offering. For investors seeking portfolio diversification with innovative solutions and unique upside potential, these strategies offer: higher growth, higher yields, stronger absolute returns and less volatility, and a liquidity-risk premium. The Strength of a Global Marketplace Our distribution strategy leverages our diverse and experienced Having strengthened our distribution capabilities worldwide, we have grown our ability to serve more clients in more places with a consistent level of service and excellence that Fiera Capital is known for. group of professionals to achieve the best client outcomes through sophisticated client interaction and a holistic understanding of their unique situation. From expanding our global footprint, to strategic acquisitions and distribution partnerships, our focus remains on accessing the widest breath of investment capabilities across public and private markets globally. Our aim is to not only affirm these efforts, but to accelerate them as we tap into even more opportunities around the globe, where global investors are showing an increasing interest in our strategies. 6 | Fiera Capital Corporation 2021 Annual Report Who We Are Our Investment Platform Firm AUM $188.3 billion All figures are in Canadian dollars. 7 | Fiera Capital Corporation 2021 Annual Report Executive Chairman of the Board Letter Jean-Guy Desjardins The path to our next phase of growth is perfectly clear. As asset managers, our role in society is to allocate capital, and I strongly believe that our future will be one of evolution, progress and a journey that will see Fiera Capital recognized as one of the most efficient allocators of capital globally. Jean-Guy Desjardins Executive Chairman of the Board 2021 was a pivotal year for Fiera Capital. Together, we have shown our commitment to pursuing global It was hallmarked by strong investment performance and also another kind of strength – the strength of our convictions. ambitions and to developing a true global operating model for the firm. In many ways, 2021 was a time of transition – a year of decisive strategic planning, of aligning and unifying our vision for the future and of plotting our course to reach it. With that, I am proud to report that this past year has not simply been a testing ground; it has also been a proving ground for Fiera Capital. 8 | Fiera Capital Corporation 2021 Annual Report Executive Chairman of the Board Letter Evolving Fiera Capital to become a global would have seemed like only a dream. Yet, I recognize that our asset management firm requires that we stay, unwaveringly, at the forefront of the investment science. This is why our greatest competitive future is one of further optimization, improvement, and progress in the pursuit of even greater capital allocation efficiency. I can only imagine how this industry will develop over the next twenty-five years or the next fifty years. However, I am confident that our new advantage remains our people. It is their tenacity leadership and strategic vision will enable us to build a prominent and their grasp of the latest in the investment place for Fiera Capital in that future. science that will allow us to achieve our ambitions Since joining the firm in 2012, Jean-Philippe Lemay has been and become more efficient allocators of capital. It is the primary role of financial markets and investment management to efficiently allocate capital into the economic system. When I started in this business, capital markets were reasonably good at it. Today, 50 years on, they are much more efficient, having incorporated new thinking and strategies into the instrumental in the realization of our global vision and strategy. He embodies the core values that have enabled our success, and I truly believe that, under his guidance as Global President and Chief Executive Officer, Fiera Capital will reach new heights. The Board and I have the utmost confidence in his ability to successfully lead Fiera Capital in the years to come, and I look forward to continuing to work closely with him. investment science, which continues to drive that efficiency further. As Executive Chairman of the Board, I will continue to provide Importantly, greater capital allocation efficiency not only leads to greater productivity, growth and prosperity, but also to greater socially responsible and environmental outcomes. Considering the long term ESG impact of our investment decisions just as importantly as their financial returns allows us to foster sustainable prosperity for all our stakeholders. With this in mind, we have penned a ten-year vision for Fiera Capital, as well as a comprehensive three-year strategic plan that clearly articulates how we will achieve our next phase of success. Staying at the forefront of the investment science will be key to achieving this ambition, just as it was in 2009 when we began our expansion into private markets. We believed then, as we know now, that these strategies would fundamentally improve the risk-reward efficiency of our clients’ portfolios, enabling us to effectively serve our clients’ leadership and direction to the Board and facilitate its deliberations, while also having oversight responsibility for Fiera Capital’s strategy. It is with immense pride that I look back on my time leading Fiera Capital. However, as always, we keep our sights set on the future. My optimism and excitement have never been higher. On behalf of the Board, I would like to express my deepest gratitude to our teams around the globe, to Jean-Philippe for his leadership and to our Global Management Committee members for their exceptional contributions. needs and deliver on their desired outcomes. Jean-Guy Desjardins When I started Fiera Capital almost two decades ago, the capabilities and possibilities of investment management today Founder and Executive Chairman of the Board 1 1 Jean-Guy Desjardins became Executive Chairman of the Board on January 1, 2022, as part of Fiera Capital’s CEO succession plan. 9 | Fiera Capital Corporation 2021 Annual Report Financial Highlights $188.3B $181.9B $171B Total AUM 2017-2021 as at December 31 $137.5B $129.6B 2017 2018 2019 2020 2021 All figures are in Canadian dollars. At a Glance 2020 2021 Revenues EBITDA2 Adjusted EBITDA2 Net Earnings (loss)3 Adjusted Net Earnings2, 3 $695.1M $137.7M $209.7M ($3.4M) $146.1M $749.9M $198.5M $247.7M $73.5M $184.8M 10 | Fiera Capital Corporation 2021 Annual Report All figures are in Canadian dollars. Financial Highlights Total Revenues (2017-2021) 4 5 2, 6 2, 6 All figures are in Canadian dollars. Certain totals may not reconcile due to rounding. All figures are in Canadian dollars. 2 Earnings before interest, taxes, depreciation and amortization (EBITDA), Adjusted EBITDA and Adjusted EBITDA per share, Adjusted net earnings and Adjusted net earnings per share (Adjusted EPS), as well as non-cash items, 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. The definition of Adjusted net earnings was amended and 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 period ended December 31, 2021 for the definitions and the reconciliation to IFRS measures, available on SEDAR at www.sedar.com and on Fiera Capital’s Investor Relations website at https://ir.fieracapital.com/. 3 Attributable to the Company’s shareholders. 4 Other revenues include transaction and commitment fees related to the Company’s Private Markets investment platform as well as brokerage commissions, consulting fees and gains or losses on foreign exchange forward contracts. 5 Following the acquisition of the 80% interest in Palmer Capital (subsequently renamed Fiera Real Estate UK) in 2019, the Company has been recording its share of earnings resulting from underlying joint venture projects within Fiera Real Estate UK. 6 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 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. 11 | Fiera Capital Corporation 2021 Annual Report Global President and Chief Executive Officer Letter Jean-Philippe Lemay Reflecting on 2021, I look ahead with confidence; confident in our plan for Fiera Capital’s growth, and humbled by the confidence the Board has placed in me to lead and execute that plan. Our successes in 2021 have given us clarity on the road ahead, and as we chart a new course, I don’t see this as a moment to reassess, but rather to reaffirm. The ambition with which we take these new steps is as strong as the ambition Mr. Desjardins himself had when he started in the industry. This year, we reaffirm our commitment to The only way to have such confidence in the organization we will fostering sustainable prosperity, to serving our clients with sophistication and care, to being solution-oriented, and to championing our continue to build together, is to recognize the strength of the foundation upon which we build. I would like to recognize Jean-Guy for his distinguished leadership, guidance and mentorship. Through his strategic foresight and reverence for the evolving body of the industry as efficient allocators of capital who investment science, Fiera Capital is today well positioned for our embrace the latest in the investment science. next phase of growth. As we continue to strengthen our flagship public market offerings, we are investing heavily in private market capabilities that will enable Fiera Capital to become an even better partner for our clients. 12 | Fiera Capital Corporation 2021 Annual Report Global President and Chief Executive Officer Letter Efficiently allocating capital through innovative and purposeful Following a thorough strategic planning process, we also established investment strategies enables us to construct optimized a sub-advisory partnership with StonePine Asset Management client portfolios that deliver on client outcomes. By evolving for three of Fiera Capital’s equity strategies. With strong support Fiera Capital into a diversified global asset management firm, from our clients, this mutually beneficial structure provides for the we unlock new avenues to do just that – to create more tailored continuation of a relationship that has created significant value for solutions and services that will help us outperform and both our clients and shareholders over the last 12 years. outcompete in the Canadian market and beyond. The successes of 2021, especially in the face of so much market, social and political uncertainty, have validated our investment Elevating Our Private Market Offering theses, and confirmed client interest in our strategies. Our We see private market opportunities as our strongest avenue for near-term priority will be organic growth. To achieve it, we will growth and as such, are considerably investing in our capabilities maximize the commercial potential of our Public Markets platform, to provide those alpha opportunities to our clients. In the last year accelerate growth through our Private Markets platform with a alone, our private market assets have grown by 18.7%, with focus on real assets and private credit, increase our deployment CA$2.4 billion in new mandates and deployed capital of of capital, and further develop our custom client solutions. CA$2.9 billion. In the years to come, we will continue to fuel this Bringing Fiera Capital to the World With ambition for further global expansion, we have and will continue to strengthen our international deployment capabilities, by leveraging our strategies globally – primarily building on our fast momentum by further deploying capital and expanding globally, while delivering sustainable value with private markets as a crucial component of the diversification we offer clients. Innovating Tailored Client Solutions growing, existing footprint in larger markets where we are already In our commitment to better serve clients, we have continued well-positioned – and establishing a truly global operating model to deliver investment excellence across our range of public and for Fiera Capital. This will enable us to expand our offering of highly private market strategies, which are underpinned by independence differentiated solutions, including private market multi-strategies of perspective, disciplined processes and long-term orientations and diversified credit strategies while providing new opportunities for alpha generation. This, along with our determination to thrive for institutional and high-net-worth investors in Canada. as efficient allocators of capital across all dimensions with ESG and DE&I at our core, will allow us to better serve our clients for years to come. Strengthening Our Public Market Offering In 2021, we have reinforced our strength in the global equity market, notably with the successful acquisition of the Fiera Atlas Global Companies team in March. In less than 10 months since joining the firm, the strategy has gained significant momentum and its assets under management have more than doubled. 13 | Fiera Capital Corporation 2021 Annual Report Global President and Chief Executive Officer Letter A Culture Rising to the Occasion To my colleagues around the world, I offer my gratitude. Your tremendous efforts in highly challenging times have given us the ballast needed to sail through uncertainty and to realize strong performance. I would also like to thank the Global Management Committee for their commitment, our clients for their trust, our Board for their guidance, and our shareholders for their unwavering confidence. Finally, I would like to applaud Jean-Guy for the firm he has built and thank him personally for his support, guidance and friendship, which give me the strength to build on his achievements and realize the next phase of Fiera Capital’s growth. Together, with confidence. Jean-Philippe Lemay Global President and Chief Executive Officer 7 Above all else, our most crucial assets are our people and culture. Ours is a culture truly powered by human intellect and the pursuit of excellence. In the last year, our colleagues have exemplified determination, generating extraordinary results in trying circumstances. We strive to foster an inclusive, collaborative, and entrepreneurial environment that attracts and retains diverse, ambitious, creative professionals. We are a team of trusted, impact-oriented asset allocators, working with integrity to serve our clients’ best interests while creating sustainable prosperity and driving positive and meaningful change within the communities we serve and support around the globe. We value the intellectual capital demonstrated by our team, which is increasingly devoted to developing solutions that meet the growing ESG requirements of our clients. This will continue to be an area of focus for the firm; we forge ahead with responsibility and sustainability at the fore. Confidence to Drive Ahead Fiera Capital is strong, and our future, bright. It is our responsibility, and it is now my responsibility, to execute our plan and help build on the successes of the past. We are motivated, and we are excited – because with clarity comes conviction. Over the coming years, we will put the full strength of the organization towards organic growth and owning our place as a truly global asset management firm. 7 Jean-Philippe Lemay was named Global President and Chief Executive Officer on January 1, 2022. 14 | Fiera Capital Corporation 2021 Annual Report Investing in Our People At Fiera Capital, we understand that our most valuable asset is our people. We are truly committed to providing a healthy and rewarding work environment where our employees feel empowered. We believe that building a respectful, inclusive and supportive culture is integral to our ability to collaborate, make better decisions and exceed the expectations of our clients. During the COVID-19 pandemic, we took meaningful steps to ensure our employees had access to appropriate health and wellness resources and we invested in technology and tools to support them with remote working options and opportunities for learning and growth. Workplace With Purpose: New Ways of Working We recognize that the pandemic and the competitive landscape for talent have profoundly changed the workplace, elevating the need for a more dynamic and innovative work environment to attract and retain employees. In response, we created Workplace With Purpose (WXP), a hybrid work program allowing our employees around the world to choose the work environment that best fits their needs. This new program is based on three guiding principles, used to assist employees and their managers, in deciding where and how to work: Protecting our culture Keeping our clients at the centre of our decisions Fostering work-life balance 15 | Fiera Capital Corporation 2021 Annual Report We are aiming to create a compelling experience for all our employees, and we are deeply committed, as a firm, to promoting employee well-being and offering our people around the world opportunities to develop and thrive as a valued member of our team. Lyne Lamothe Global Chief Human Resources Officer Investing in Our People Hybrid Workplace Training Program As we adapt to new ways of working, we introduced the FLEX Training Program, a hybrid workplace training program to better empower and support managers in successfully leading their teams. This program focuses on ways to build capabilities supporting a variety of work styles while ensuring our firm continues to be successful and our culture protected. Over a three-week period, managers learned how to develop a hybrid mindset, to foster autonomy, to maximize potential, to minimize bias and to hold effective meetings with their teams around the globe. 16 | Fiera Capital Corporation 2021 Annual Report Investing in Our People Fostering Health and Wellness Given the various strains caused by the pandemic and the new realities of working from home, we have put particular focus on the well-being of our people. We know that helping them be healthy and thrive is not only the right thing to do, but it also enables them to better support our clients. 5 additional wellness days in 2021 provided home office monetary contributions provided home office technology supplies organized employee fitness events implemented wellness programs Inspiring Innovation Learning and Development This year, we launched Ignite Your Mind, a new thought-provoking series designed to foster a culture of innovation. Through these inspiring conversations, employees To help our workforce meet the challenges of today and tomorrow and develop the right skills to succeed, we offer various continuous learning and development opportunities and make sure they have the tools they need to grow personally and professionally. It is a key driver in employee engagement, while contributing to our firm’s success. can learn from a variety of thought leaders on To better support managers in leading change and our people trending topics, including how to embrace healthy in their development, we launched an educational and doses of stress and anxiety, and how to create a awareness series focused on engagement, driving innovation more inclusive workplace by becoming more aware and creating a more inclusive work environment. of unconscious bias. Investing in Our People We know that investing in the next generation is important for our long-term success. As part of our revised internship program: 40 interns hired in 2021 30% increase in interns hired compared to 2020 62% of interns were women or from underrepresented groups 28% were hired at the end of their internship or retained for stretch assignments We also launched a new graduate rotational program within the finance and accounting function to support and develop a wide range of skills amongst junior hires. Attracting the Best Talent We invested into tools to help us drive change across the organization, such as a new recruitment platform that aims to improve diversity in hiring We also developed new partnerships with various university campuses around the world and further leveraged our career page and social media reach to help us attract new and diverse talents and increase our global visibility. Using a proactive approach to market our employer brand, we were able to and to help recruit hard-to-find talent. increase our pipeline of candidates. 18 | Fiera Capital Corporation 2021 Annual Report Investing in Our People Diversity, Equity and Inclusion (DE&I) We believe that diversity of thought and perspective fuels our ability to generate innovative solutions for our clients and to build sustainable prosperity for all our stakeholders. We know that diverse teams generate competitive business insights, find the best solutions and make better decisions. Our DE&I vision: to cultivate an inclusive, safe and trusting work environment, where everyone can feel a sense of belonging and can bring their full selves to work. In the spring of 2021, we conducted an inclusion survey with participation from our employees globally. Feedback from the survey provided us with a foundation to create a comprehensive five-year DE&I roadmap and objectives. The detailed plan encompasses support and educational initiatives, a focus on human resources programs and policies, as well as targets to increase the inclusion of women in management roles and the representation of underrepresented groups by 2026. We will also be using the survey data as a benchmark to establish accountability and measure progress. 19 | Fiera Capital Corporation 2021 Annual Report Investing in Our People Our DE&I roadmap is comprised of five key components: Creating strong allyship Revisiting our policies and practices Fostering well-being Tracking Giving back to our progress [demographics] the communities we serve Making Progress on Our DE&I Journey With our goal to increase the presence of women in management In September 2021, we created a new role of Head of Diversity, Equity and Inclusion, spearheading our DE&I initiatives globally, ensuring that our practices, policies and systems are equitable and inclusive, and that we foster a trusting environment. We also strengthened our DE&I-CSR Council comprised of roles, we more than tripled the number of participants in the A Effect Ambition Challenge, which propels female ambition and fosters greater equality. Over 40 women from across the organization enrolled in this unique international training program in 2021. 20 leaders and 27 ambassadors from across our global offices As we continue to grow, we aspire to achieve a level of diversity that and from diverse and underrepresented groups. The Council is reflects the communities and organizations we serve and support committed to acting as champions of diversity and inclusion around the globe. Our DE&I initiatives are fundamental to building and to supporting our efforts to ensure we deliver consistent better business decisions and value creation for all our stakeholders, and impactful outcomes aligned with our DE&I strategy. and to establishing our brand and shaping our culture. Although The Council reports directly to our Executive Chairman of progress takes time, we will remain focused on our DE&I vision and the Board and provides regular updates to the Board and its we will keep fostering conversations and cultivating opportunities Nominating and Governance Committee. where we can learn from different perspectives and experiences, grow and improve. As we continue to grow, we aspire to achieve a level of diversity that reflects the communities and organizations we serve and support around the globe. 20 | Fiera Capital Corporation 2021 Annual Report Contributing to a Sustainable Future Our commitment to sustainable investment As we manage assets on behalf of our clients, we aim to efficiently practices has been a journey that first started when the firm was founded in 2003. Since then, we have continuously raised the bar to drive innovation and allocate capital to generate long-term positive outcomes that extend well beyond enhancing risk-adjusted returns. By advocating for sound governance and ethical business practices within the companies we invest in around the world, we contribute to creating enhance our sustainable investment capabilities a more sustainable future. We know that this, in turn, will enable year after year. economies and societies to thrive and prosper. Committed to responsible investing Established Proxy Voting policy prior to the creation of Fiera Capital (previous firms) 2002 Became a member of the Canadian Coalition for Good Governance (CCGG) Updated Proxy Voting Policy and established Global RI Policy Established Global CSR Committee 2009 2014 2016 2017 2018 Became a signatory of the United Nations Principles for Responsible Investment (UN PRI) Subscribed to MSCI ESG Manager and became a member of the Responsible Investment Association (RIA) 2021 2020 2019 Updated Global Proxy Voting Policy and became a signatory of the Net Zero Asset Managers initiative Launched our first Global Impact Strategy and became an official supporter of the Sustainability Accounting Standards Board Launched new Global Proxy Voting Policy and introduced Responsible Investment Spectrum 21 | Fiera Capital Corporation 2021 Annual Report Accelerating Our Capabilities Sustainable investing is core to our investment philosophy. We firmly believe that organizations that understand and successfully manage environmental, social and governance (ESG) factors and related risks and opportunities create more resilient, higher quality businesses better positioned to deliver sustainable value over the long term. Fiera Capital has been a signatory of the United Nations Principles for Responsible Investment (UNPRI) for the past 13 years and is an official supporter of the Sustainability Accounting Standards Board (SASB) since 2020. We have also been actively promoting this standard within our firm, and it is now being used by a growing number of investment teams. Signatory of the UNPRI since 2009 Official supporter of the Sustainability Accounting Standards Board since 2020 Contributing to a Sustainable Future We believe that to successfully integrate ESG factors within the investment decisions we make, our investment teams must be accountable for their respective ESG integration processes. As such, our new global Sustainable Investment team aims to provide them with additional resources and support for the years to come. Vincent Beaulieu Head of Sustainable Investments Contributing to a Sustainable Future In 2021, we continued to accelerate our capabilities on the sustainability front: We created a dedicated global Sustainable Investments As a firm, we successfully complied with the Sustainable team led by Fiera Capital’s Head of Sustainable Finance Disclosure Regulation (SFDR), a new set of Investments. The Sustainability Investment team works European Union rules aiming to make sustainability profiles closely with investment teams and distribution channels more transparent and comparable for funds sold throughout to improve and support ESG capabilities across the firm. Europe. We are proud to say that all our Irish UCITS funds have been classified as Article 8 under the SFDR, with binding We launched the Horizons Active ESG Corporate Bond environmental and social criteria integrated as standard. ETF, a new active ESG Bond ETF that will invest in North American corporate bonds that have gone through We continue to look at recommendations from the a fundamental credit research process. We also launched Task Force on Climate-Related Financial Disclosures a sustainable Canadian Equity ETF in partnership with (TCFD) to further our understanding of our own long-term National Bank of Canada. climate-related risks and opportunities. Our Real Estate team has proudly led the way in the We developed and published our first comprehensive industry with 94% of our Canadian real estate portfolio Responsible Investment Report, which outlines achieving green building certification and six of our funds Fiera Capital’s sustainable investing actions and provides a having reached a “Green Star” score from the Global framework to implement ongoing strategies and to consider Real Estate Sustainability Benchmark (GRESB). new sustainability initiatives over the longer term. Fiera Infrastructure achieved 2021 GRESB results well above its peer group average as well as its previous year scores, with the EagleCrest Infrastructure Canada Fund benefiting from a 32% increase in score and the EagleCrest Infrastructure SCSp Fund recording a 19% increase. Read our 2020 Responsible Investment Report View PDF Contributing to a Sustainable Future Supporting the Decarbonization of the Global Economy We monitor environmental performance, support In August 2021, we joined the Net Zero Asset Managers (NZAM) initiative which brings together an international group of asset managers committed to playing a more active role in battling climate change. We are dedicated to working proactively towards the transition to a lower carbon economy and the goal of reaching net zero greenhouse gas emissions by 2050 invest in climate change mitigation and resilience. As a global asset management firm, we closely analyze the risks posed by climate change when making investment decisions, and we strongly believe this will contribute to our firm’s success or sooner, and to supporting broader efforts to limit global warming to 1.5 degrees Celsius. We encourage enhanced disclosure on climate change-related risks in our portfolio companies and we are ourselves committed to doing the same. We are constantly working on ways to get better emissions data and coverage to help fully understand the and to the sustainability of our clients’ investments. underlying climate-related risks within our portfolio. 24 | Fiera Capital Corporation 2021 Annual Report Global Leadership Team Global Leadership Team Jean-Philippe Lemay Global President and Chief Executive Officer Anik Lanthier President and Chief Investment Officer, Public Markets John Valentini President and Chief Executive Officer, Fiera Private Markets Michael Quigley Executive Vice President and Global Head of Distribution Peter Stock Executive Vice President and Head of Global Private Wealth Lucas Pontillo Executive Vice President and Global Chief Financial Officer Gabriel Castiglio Executive Vice President, Chief Legal Officer and Corporate Secretary Sebastian Blandizzi Global Chief Technology and Operations Officer Lyne Lamothe Global Chief Human Resources Officer Monique Leroux Senior Advisor (Non-Executive) 25 | Fiera Capital Corporation 2021 Annual Report Board of Directors Jean-Guy Desjardins Executive Chairman of the Board, Fiera Capital Raymond Laurin8 Corporate Director David R. Shaw Non-Executive Chairman, LHH Knightsbridge, Chairman, Guy Masson Lawyer and President, RGM Legal Inc. Axsium Group, and Corporate Director Geoff Beattie Chief Executive Officer, Generation Capital and Chairman, Relay Ventures France Margaret Bélanger President, Sports and Entertainment, CH Group Réal Bellemare Senior Executive Vice President and Chief Operating Officer, Desjardins Group Gary Collins Senior Advisor, Lazard Ltd. Jean C. Monty Director, DJM Capital Inc. and Corporate Director Lise Pistono8 Vice President and Chief Financial Officer, DJM Capital Inc. and Corporate Director Jean Raby Co-Chief Executive Officer, Odyssey Acquisition Norman M. Steinberg Vice Chair, BFL Canada 8 Raymond Laurin and Lise Pistono will not be standing for re-election as directors at the Company’s Annual and Special Meeting of Shareholders on May 26, 2022. 26 | Fiera Capital Corporation 2021 Annual Report Management’s Discussion and Analysis & Consolidated Financial Statements Management’s Discussion Consolidated Financial and Analysis Statements For the fourth quarter and fiscal year ended For the years ended December 31, 2021 December 31, 2021 and 2020 Read the document online > Read the document online > 27 | Fiera Capital Corporation 2021 Annual Report Corporate Information Head Office 1981 McGill College Avenue, Suite 1500 Montreal, Quebec, Canada H3A 0H5 T 514 954-3300 T 1 800 361-3499 (toll free) F 514 954-5098 info@fieracapital.com fiera.com Transfer Agent and Registrar for Fiera Capital Class A Subordinate Voting Shares Computershare Investor Services Inc. 100 University Avenue, 8th Floor Toronto, Ontario, Canada M5J 2Y1 T 1 800 564-6253 (toll free Canada and United States) T 514 982-7555 (international direct dial) computershare.com Transfer Agent and Registrar for Fiera Capital Debentures and Indenture Trustee Computershare Trust Company of Canada 1500 Robert-Bourassa Blvd., Suite 700 Montreal, Quebec, Canada H3A 3S8 T 514 982-7888 Auditor Deloitte LLP Stock Exchange Listing Fiera Capital’s Class-A subordinate voting shares are listed on the TSX under the symbol FSZ Fiera Capital’s 5.00% convertible unsecured subordinated debentures due June 30, 2023, are listed on the TSX under the symbol FSZ.DB Fiera Capital’s 5.60% senior subordinated unsecured debentures due July 31, 2024, are listed on the TSX under the symbol FSZ.DB.A The Annual General and Special Meeting of Shareholders will be held on May 26, 2022, 10:00 a.m. EDT, in a hybrid format In person: Centre Mont-Royal, 2200, Mansfield Street, Montreal (Quebec) H3A 3R8 Simultaneous video webcast: https://web.lumiagm.com/463178617 (Password: fiera2022) 28 | Fiera Capital Corporation 2021 Annual Report Forward-Looking Statements Important Disclosures This document contains forward-looking statements relating to future events or Fiera Capital Corporation is a global asset management firm with affiliates in various future performance and reflecting management’s expectations or beliefs regarding jurisdictions (collectively, “Fiera Capital”). The information and opinions expressed future events including business and economic conditions and Fiera Capital’s growth, herein are provided for informational purposes only. It is subject to change and results of operations, performance and business prospects and opportunities. should not be relied upon as the basis of any investment or disposition decisions. Forward-looking statements may include comments with respect to Fiera Capital’s While not exhaustive in nature, these Important Disclosures provide important objectives, strategies to achieve those objectives, expected financial results, and the information about Fiera Capital and its services and are intended to be read and outlook for Fiera Capital’s businesses and for the Canadian, American, European, understood in association with all materials available on Fiera Capital’s websites. Asian and other global economies. Such statements reflect management’s current beliefs and are based on factors and assumptions it considers to be reasonable based on information currently available to management and may typically be identified by terminology such as “believe”, “expect”, “plan”, “anticipate”, “estimate”, “may increase”, “may fluctuate”, “predict”, “potential”, “continue”, “target”, “intend” or the negative of these terms or other comparable terminology and similar expressions of future or conditional verbs, such as “will,” “should,” “would” and “could.” By their very nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, and the risk that predictions, forecasts, projections, expectations or conclusions will not prove to be accurate. The uncertainty created by the COVID-19 pandemic has heightened such risk given the increased challenge in making predictions, forecasts, projections, expectations, or conclusions. As a result, the Company does not guarantee that any forward-looking statement will materialize and readers are cautioned not to place undue reliance on these forward-looking statements. A number of important factors, many of which are beyond Fiera Capital’s control, could cause actual events or results to differ materially from the predictions, forecasts, projections, expectations, or conclusions expressed in such forward-looking statements which include, but are not limited to, risks related to investment performance and investment of the assets under management (“AUM”), AUM concentration related to strategies sub-advised by StonePine Asset Management Inc., reputational risk, regulatory compliance, information security policies, procedures and capabilities, privacy laws, litigation risk, insurance coverage, third-party relationships, growth and integration of acquired businesses, AUM growth, key employees and other factors described in Fiera Capital’s Annual Information Form for the year ended December 31, 2021 or discussed in other materials filed by the Company with applicable securities regulatory authorities from time to time which are available on SEDAR at www.sedar.com. The preceding list of important factors is not exhaustive. When relying on forward-looking statements in this document and any other disclosure made by Fiera Capital, investors and others should carefully consider the preceding factors, other uncertainties and potential events. Fiera Capital does not undertake to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf in order to reflect new events or circumstances, except as required by applicable laws. Past performance is no guarantee of future results. All investments pose the risk of loss and there is no guarantee that any of the benefits expressed herein will be achieved or realized. Valuations and returns are computed and stated in Canadian dollars, unless otherwise noted. The information provided herein does not constitute investment advice and should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell any security or other financial instrument. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, or responsibility for, decisions based on such information. Any opinions expressed herein reflect a judgment at the date of publication and are subject to change at any point without notice. Although statements of fact and data contained in this presentation have been obtained from, and are based upon, sources that Fiera Capital believes to be reliable, we do 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. Any charts, graphs, and descriptions of investment and market history and performance contained herein are not a representation that such history or performance will continue in the future or that any investment scenario or performance will even be similar to such chart, graph, or description. Any charts and graphs contained herein are provided as illustrations only and are not intended to be used to assist the recipient in determining which securities to buy or sell, or when to buy or sell securities. Any investment described herein is an example only and is not a representation that the same or even similar investment scenario will arise in the future or that investments made will be as profitable as this example or will not result in a loss. All returns are purely historical, are no indication of future performance and are subject to adjustment. Each entity of Fiera Capital only provides investment advisory services or offers investment funds only in those jurisdictions where such entity and/or the relevant product is registered or authorized to provide such services pursuant to an applicable exemption from such registration. Thus, certain products, services, and information related thereto provided in the materials may not be available to residents of certain jurisdictions. Please consult the specific disclosures relating to the products or services in question for further information regarding the legal requirements (including any offering restrictions) applicable to your jurisdiction. For details on the particular registration of, or exemptions therefrom relied upon by, any Fiera Capital entity, please consult https://www.fieracapital.com/en/registrations-and-exemptions. 29 | Fiera Capital Corporation 2021 Annual Report Contact us North America Montreal Toronto Calgary Fiera Capital Corporation Fiera Capital Corporation Fiera Capital Corporation 1981 McGill College Avenue Suite 1500 Montreal, Quebec Canada H3A 0H5 200 Bay Street, South Tower Suite 3800 Toronto, Ontario Canada M5J 2J1 607 8th Avenue SW Suite 300 Calgary, Alberta Canada T2P 0A7 1 800 361-3499 1 800 994-9002 403 699-9000 New York Boston Dayton Fiera Capital Inc. Fiera Capital Inc. Fiera Capital Inc. 375 Park Avenue 8th Floor New York, New York 10152 United States One Lewis Wharf 3rd Floor Boston, Massachusetts 02110 United States 10050 Innovation Drive Suite 120 Dayton, Ohio 45342 United States 212 300-1600 857 264-4900 937 847-9100 Europe London Frankfurt Fiera Capital (UK) Limited Fiera Capital (Germany) GmbH Queensberry House 3 Old Burlington Street London, United Kingdom W1S 3AE Walther-von-Cronberg-Platz 13 Frankfurt, Germany 60594 +44 (0) 207 409 5500 +49 69 9202 0750 Asia Hong Kong Singapore Fiera Capital (Asia) Hong Kong Limited Fiera Capital (Asia) Singapore Pte. Ltd. No. 9 Queen’s Road Central Suite 3205 Hong Kong 6 Temasek Boulevard #38-03 Suntec Tower 4 Singapore 038986 +852 3713-4800 +852 3713-4800 For general inquiries info@fieracapital.com 30 | Fiera Capital Corporation 2021 Annual Report