Date Closed

April 2, 2012

Lead Office

Montréal

Value

309.50 Million CAD

On April 2, 2012, Fiera Capital Corporation and National Bank of Canada announced the closing of the transaction under which Fiera will acquire substantially all of the assets of Natcan Investment Management Inc. from the Bank for C$309.5 million subject to reduction. In return, the Bank, through Natcan, will receive 19,732,299 Class A subordinate voting shares of the share capital of Fiera as well as a cash payment of C$85,553,219.

The transaction has been approved by regulatory authorities and has satisfied other customary conditions.

Fiera Capital Corporation is the new name of Fiera Sceptre, as approved by the shareholders at Fiera's annual and special meeting held on March 29, 2012.

Fiera, headquartered in Montréal, Québec, is a leading publicly traded, independent investment firm with approximately C$54 billion in assets under management.

National Bank of Canada, headquartered in Montréal, Québec, is an integrated group that provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world.

McCarthy Tétrault LLP represented Natcan Investment Management, as seller, with a team that was led by David McAusland.