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Separately Managed Accounts

Fiera Capital International ADR SMA

Fiera Capital International ADR SMA

Investment objectives may not be met as the underlying investment options are subject to market risk and fluctuate in value. Please keep in mind that there are fees and expenses associated with investing in managed accounts. Accordingly, you can lose money investing in a separately managed account.

There is no guarantee that any strategies discussed will be effective.

1. Assets under management include the assets managed by Fiera Capital’s partially owned affiliates: Fiera Infrastructure and Fiera Comox.

Equity Risk: The risk that the value of stock may decline for issuer-related or other reasons. Equities can lose value rapidly for a variety of reasons and can remain at low prices indefinitely. Market Risk: The risk that the market value of a security may move up or down, sometimes rapidly and unpredictably, based upon a change in market or economic conditions. Liquidity Risk: The risk that the strategy may be unable to find a buyer for its investments when it seeks to sell them. General Risk: Any investment that has the possibility for profits also has the possibility of losses, including loss of principal. ESG and sustainability risk: ESG and Sustainability risk may result in a material negative impact on the value of an investment and performance of the portfolio. Geographic concentration risk: Geographic concentration risk may result in performance being more strongly affected by any social, political, economic, environmental or market conditions affecting those countries or regions in which the portfolio’s assets are concentrated. Investment portfolio risk: Investing in portfolios involves certain risks an investor would not face if investing in markets directly. Operational risk: Operational risk may cause losses as a result of incidents caused by people, systems, and/or processes. The value of non-U.S. investments will fall as a result of political, social, economic or currency factors or other issues relating to non-U.S. investing generally. Among other things, nationalization, expropriation or confiscatory taxation, currency blockage, political changes or diplomatic developments can negatively impact the value of investments. Non-U.S. securities markets may be relatively small or underdeveloped, and non-U.S. companies may not be subject to the same degree of regulation or reporting requirements as comparable U.S. companies. This risk is heightened for underdeveloped or emerging markets, which may be more likely to experience political or economic stability than larger, more established countries. Settlement issues may occur.