Mr. Daniel Richard reports

FIERA CAPITAL CORPORATION ANNOUNCES ISSUANCE OF CLASS A SUBORDINATE VOTING SHARES TO NATCAN IN SATISFACTION OF ITS ANNUAL PAYMENT OBLIGATION

Fiera Capital Corp. has completed a private placement of 581,602 Class A subordinate voting shares to Natcan Investment Management Inc., a wholly owned subsidiary of National Bank of Canada (NBC), pursuant to the terms of the asset purchase agreement between Fiera, Natcan and NBC dated Feb. 24, 2012, as amended, with respect to the acquisition by the corporation of the business of Natcan.

Pursuant to the agreement, a portion of the purchase price shall be satisfied by the corporation by making annual payment for a period of seven years following the closing of the acquisition which occurred on April 2, 2012. The annual payment in respect of the two first years were payable by the issuance of Class A shares of the corporation. Each of the remaining annual payments are payable in cash or, at the sole discretion of the corporation, by the issuance of Class A shares of the corporation.

In accordance with the agreement, the corporation has elected to issue to Natcan Class A shares in satisfaction of the annual payment of $8.5-million in respect of the year commencing July 1, 2016, and ended June 30, 2017. The issue price per Class A share is equal to the volume weighted average trading price of the Class A shares for the 20-trading-day period ended Oct. 17, 2017.

As a result of such issuance, NBC beneficially owns approximately 21.2 per cent of the issued and outstanding Class A shares and Class B special voting shares of Fiera Capital.

The issuance of the Class A shares to Natcan constitutes a related party transaction but is exempt from the valuation and minority approval requirements of National Instrument 61-101 because the amount involved does not exceed 25 per cent of Fiera Capital's market capitalization.

The Class A shares issued to Natcan are subject to a four-month hold period in accordance with applicable Canadian securities laws.

About Fiera Capital Corp.

Fiera Capital is a leading independent asset management firm with more than $125-billion in assets under management as of June 30, 2017. The firm provides institutional, retail and private wealth clients with access to full-service integrated money management solutions across traditional and alternative asset classes. Clients and their portfolios derive benefit from Fiera Capital's depth of expertise, diversified offerings and outstanding service.

In the United States, asset management services are provided by the Firm's U.S. affiliates, Bel Air Investment Advisors LLC and Fiera Capital Inc., investment advisers that are registered with the U.S. Securities and Exchange Commission (SEC).