Annual Management Report of Fund Performance

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1 Annual Management Report of Fund Performance FOR THE YEAR ENDED DECEMBER 31, 2015 Canadian Preferred Share Trust This management report of fund performance contains financial highlights but does not contain either interim or annual financial statements of the Fund. You can get a copy of the financial statements at your request, and at no cost, by calling , by writing to us at Fiera Capital Corporation, 1501 McGill College, suite 800, Montreal, QC, H3A 3M8 Attention: Fiera Capital Mutual Funds Investor Solutions or by visiting our website at or SEDAR at Securityholders may also contact us using one of these methods to request a copy of the investment fund s proxy voting policies and procedures, proxy voting disclosure record, or quarterly portfolio disclosure.

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3 Canadian Preferred Share Trust CANADIAN PREFERRED SHARE TRUST MANAGEMENT REPORT OF FUND PERFORMANCE For the year ended December 31, 2015 MANAGEMENT DISCUSSION OF FUND PERFORMANCE Fiera Capital Corporation ( Fiera or the Manager ) is the Manager of the Canadian Preferred Share Trust (the Fund ). Investment Objective and Strategies The Fund has both Class A Units and Class F Units outstanding. The Class F Units were designated for fee based and/or institutional accounts and will not be listed on a stock exchange but will be convertible into Class A Units on a weekly basis. The Fund s investment objectives are to provide holders of Units ( Unitholders ) with: (i) monthly cash distributions; (ii) preserve capital and provide the opportunity for capital appreciation; and (iii) reduce the risk of rising interest rates by managing Portfolio (as defined herein) duration. The Fund was created to invest in an actively managed portfolio comprised primarily of Canadian preferred shares (the Portfolio ) and, to a lesser extent preferred securities of U.S. issuers. In managing the Portfolio, Fiera will take into account criteria such as the credit quality, liquidity, and overall duration of the Portfolio. The Manager will use a three step investment process in making investment decisions: 1) Fundamental Analysis a. Analysis of global and local economies; b. Thorough assessment of North American and global credit markets; c. In-depth credit analysis focusing on balance sheets, liquidity, cash flow generation, management strategy and industry trends; and, d. Regular company meetings with senior management. 2) Relative Value Analysis a. Relative value analysis between corporate bonds and preferred shares, international trading levels, rating, capital structure, sectors, issuers, preferred shares type; b. Monitoring of technical factors and the impacts of passively-managed exchange-traded funds mandate. 3) Risk Management The Manager will also manage the Portfolio with a focus on risk management. This process will include the following principal elements: (i) credit analysis across all issuers in the Portfolio and a particular focus on issuers with a credit quality higher than P3; (ii) Analysis of call risks. (iii) Aligning return opportunities with risk exposures by preferred share types, by sectors and by issuers. Duration Management In assessing duration, the Manager will consider potential changes to interest rates, and a security s yield, coupon payments (including, where applicable, the frequency of the coupon resets), price and par value and call features, in addition to the amount of time until the security matures. In the current low yielding environment, the Manager will consider hedging some of the Portfolio s interest rate exposure by reducing the duration of the Portfolio Securities when market conditions are appropriate. Risks There were no material changes to the Fund over the period of this report that affected the overall level of risk associated with an investment in the Fund. For a detailed disclosure of risks associated with an investment in the Fund please refer to the Fund s prospectus. Results of Operations The Fund is a closed end investment trust. The Fund effectively began operations on July 2, 2015 ( Commencement of Operations ) when it completed an initial public offering. Pursuant to the offering, the Fund raised gross proceeds of $92.2 million from the issuance of 6,996,399 Class A units and 2,228,601 Class F units. As the Fund was launched on July 2, 2015, the Fund did not have performance for the entire reporting period, and no commentary on changes from prior periods can be made. NetAssetValue As at December 31, 2015, the net asset value of the fund was $78.8 million. Expenses Since the Fund was launched in 2015, an adequate comparison of expenses for the periods cannot be completed. Annual Management Report of Fund Performance 1

4 Canadian Preferred Share Trust MANAGEMENT DISCUSSION OF FUND PERFORMANCE Continued Distributions During the year ended December 31, 2015, the Fund made monthly cash distributions, which totaled $0.167 for both the Class A and Class F units. Leverage The Fund may utilize various forms of leverage including borrowings under loan facilities, margin purchases and through derivatives. At the time such leverage is incurred, the maximum amount of leverage that the Fund could employ shall not exceed 20% of the NAV of the Fund (the Leverage Threshold ) or 1.2:1 (total long positions (including leveraged positions) divided by the net assets of the Fund). Interest is charged on outstanding amounts at a variable rate based on Bank of Canada rate for Canadian borrowings and the federal funds rate for borrowings in United States dollars. Balances are due on demand. The minimum amount borrowed during the period was nil while the maximum amount was $8,544,377. As at December 31, 2015 the amount of the loan facility outstanding was $4,619,746 representing 5.5% of the net assets of the Fund. Recent Developments During the period ended December 31, 2015, under its Normal Course Issuer Bid ( NCIB ) program announced on July 30, 2015, the Fund surrendered 5,000 units during the period. Fiera believes the NCIB is in the best interests of the Fund and is a desirable use of its available funds. The purpose of the NCIB is to provide the Fund with a mechanism to decrease the potential spread between the net asset value per unit and the market price of the Units and to provide enhanced liquidity of the Units. Related Party Transactions The Manager provides all administrative services required by the Fund, including the appointment of the Portfolio Manager. The Manager receives a monthly fee in the amount of 0.75% per annum, plus applicable taxes, of the net asset value of the Fund, calculated and accrued daily and payable monthly in arrears. The Manager is responsible for payment of the portfolio management fee of the Fund to the Portfolio Managers out of its annual management fees. Also, Fiera charges to the Fund fund accounting fees which are allocated using the average weight of the Net Asset Value of each Fiera funds, and which are calculated and accrued on each Valuation Day and payable quarterly. National Bank of Canada and Fédération des caisses Desjardins du Québec respectively own 22.65% and 10.17% of Fiera s voting shares. Transaction costs, if any, may include brokerage fees paid to subsidiaries of National Bank of Canada and Fédération des caisses Desjardins du Québec. National Bank Correspondent Network Inc ( NBCN Inc. ) is a wholly owned subsidiary of National Bank of Canada. NBCN Inc. is the Fund prime broker responsible for facilitating the Fund s leverage. These transactions are in the normal course of operations and are measured at the exchange amount, which is the amount of consideration established and agreed to be by Fiera. Related party transactions presented in the financial statements incurred by the Fund with the Manager are as follows: As at December 31, 2015 Management fees $297,361 Fund accounting fees 6,017 Interest expense 26,856 Transaction costs 14,243 Management fees payable 47,669 Fund accounting fees payable 2,333 2 Annual Management Report of Fund Performance

5 Canadian Preferred Share Trust FINANCIAL HIGHLIGHTS The following tables show selected key financial information about the Fund and are intended to help you understand the Fund s financial performance for the past 5 years, where applicable. Canadian Preferred Share Trust Years ended December Class A The Fund s Net Assets per Unit (1) (8) Net Assets, beginning of the period $ N/A N/A N/A N/A Increase (decrease) from operations: Total revenue 0.25 N/A N/A N/A N/A Total expenses (0.06) N/A N/A N/A N/A Realized gains (losses) for the period (0.34) N/A N/A N/A N/A Unrealized gains (losses) for the period (0.69) N/A N/A N/A N/A Total increase (decrease) from operations (2) (0.84) N/A N/A N/A N/A Distributions: From income (excluding dividends) N/A N/A N/A N/A From dividends (0.09) N/A N/A N/A N/A From capital gains N/A N/A N/A N/A Return of capital (0.08) N/A N/A N/A N/A Total Annual Distributions (3) (0.17) N/A N/A N/A N/A Net Assets, end of the period $ 8.50 N/A N/A N/A N/A Ratios and Supplemental Data Net Asset Value ($000 s) (4) 61,310 N/A N/A N/A N/A Number of units outstanding (4) 7,216 N/A N/A N/A N/A Management expense ratio excluding Interest and Issuance Costs (%) (9) 1.07 N/A N/A N/A N/A Management expense ratio (%) (5) 5.99 N/A N/A N/A N/A Management expense ratio before waivers or absorptions (%) 5.99 N/A N/A N/A N/A Portfolio turnover rate (%) (6) N/A N/A N/A N/A Trading expense ratio (%) (7) 0.23 N/A N/A N/A N/A Net Asset Value per unit $ 8.50 N/A N/A N/A N/A Closing market price $ 7.96 N/A N/A N/A N/A Class F The Fund s Net Assets per Unit (1) (8) Net Assets, beginning of the period $ N/A N/A N/A N/A Increase (decrease) from operations: Total revenue 0.25 N/A N/A N/A N/A Total expenses (0.06) N/A N/A N/A N/A Realized gains (losses) for the period (0.34) N/A N/A N/A N/A Unrealized gains (losses) for the period (0.83) N/A N/A N/A N/A Total increase (decrease) from operations (2) (0.98) N/A N/A N/A N/A Distributions: From income (excluding dividends) N/A N/A N/A N/A From dividends (0.11) N/A N/A N/A N/A From capital gains N/A N/A N/A N/A Return of capital (0.06) N/A N/A N/A N/A Total Annual Distributions (3) (0.17) N/A N/A N/A N/A Net Assets, end of the period $ 8.70 N/A N/A N/A N/A Ratios and Supplemental Data Net Asset Value ($000 s) (4) 17,467 N/A N/A N/A N/A Number of units outstanding (4) 2,008 N/A N/A N/A N/A Management expense ratio excluding Interest and Issuance Costs (%) (9) 1.07 N/A N/A N/A N/A Management expense ratio (%) (5) 5.99 N/A N/A N/A N/A Management expense ratio before waivers or absorptions (%) 5.99 N/A N/A N/A N/A Portfolio turnover rate (%) (6) N/A N/A N/A N/A Trading expense ratio (%) (7) 0.23 N/A N/A N/A N/A Net Asset Value per unit $ 8.70 N/A N/A N/A N/A Annual Management Report of Fund Performance 3

6 Canadian Preferred Share Trust FINANCIAL HIGHLIGHTS Continued Canadian Preferred Share Trust (1) This information is derived from the Fund s financial statements. The net assets per unit presented in the financial statements may differ from the net asset value calculated for fund transactional purposes. An explanation of these differences can be found in the notes to the financial statements if applicable. (2) Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase/decrease from operations is based on the weighted average number of units outstanding over the financial period. (3) Distributions were paid in cash. (4) The information is provided as at December 31 of the year shown. (5) The management expense ratio is based on total expenses (excluding commissions and other portfolio transaction costs before income tax) for the stated period and is expressed as an annualized percentage of daily average net assets during the period. (6) The Fund s portfolio turnover rate indicates how actively the Fund s portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher a fund s portfolio turnover in a year, the greater the trading costs payable by the Fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the performance of a fund. (7) The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net assets during the period. (8) In 2015, the Fund was launched, commencing operations on July 2, (9) The Management expense ratio excluding interest and issuance costs has been presented separately as it expresses only the ongoing management and administration expenses of the Fund as a percentage of average Net Asset Value. Issuance costs are one time costs incurred at inception. Management Fees The Manager is responsible for managing the business and administration of the Fund and oversees the portfolio management services provided by the Portfolio Manager. As compensation for the management services rendered to the Fund, the Manager is entitled to receive an annual management fee from the Fund in an amount equal to 0.75% of the average daily net asset value of the Fund, which is calculated and paid monthly in arrears. PAST PERFORMANCE Since the Fund is new, this information is not available. Annual Compound Returns Since the Fund is new, this information is not available. SUMMARY OF INVESTMENT PORTFOLIO As at December 31, 2015 %of Net Asset Sector Mix Value Preferred Shares Canadian Preferred Shares Consumer Discretionary 0.2 Consumer Staples 0.3 Energy 27.2 Financial Services 55.3 Industrials 0.3 Telecommunication Services 5.4 Utilities 8.0 Foreign Preferred Shares Bermuda 0.9 United States 1.9 Common Shares Canadian Common Shares 0.9 Foreign Corporate Bonds United States 5.2 Derivatives (0.2) Other Assets/Liabilities (5.4) Annual Management Report of Fund Performance

7 Canadian Preferred Share Trust SUMMARY OF INVESTMENT PORTFOLIO Continued Coupon (%) %of Net Asset Value Top 25 Investments Maturity 1 Royal Bank of Canada, Preferred, Perpetual Husky Energy Inc., Preferred, Series 7, Variable Rate, Perpetual Bank of Nova Scotia, Preferred, Series 32, Variable Rate, Convertible, Callable Canadian Imperial Bank of Commerce, Series 43, Variable Rate, Perpetual HSBC Bank Canada, Preferred, Class 1, Series D, Callable Fortis Inc., Preferred, Series M, Variable Rate, Perpetual Toronto-Dominion Bank (The), Preferred, Class A, Series Z, Variable Rate, Perpetual, Callable Partners Value Split Corp. Preferred, Class AA, Series 6, Callable Toronto-Dominion Bank (The), Preferred, Series 7, Perpetual BCE Inc., Preferred, Series AK, Convertible, Variable Rate, Perpetual Royal Bank of Canada, Preferred, Series BF, Variable Rate, Perpetual Royal Bank of Canada, Preferred, Series BK, Non-Cumulative, Variable Rate, Perpetual JPMorgan Chase & Co., Series Z, Variable Rate, Perpetual 12/29/ Bank of Nova Scotia, Preferred, Series 19, Variable Rate, Perpetual, Callable Toronto-Dominion Bank (The), Preferred, Series 5, Variable Rate, Perpetual 1.40 Coupon (%) %of Net Asset Value Top 25 Investments Maturity 16 Royal Bank of Canada, Preferred, Series AC, Perpetual Pembina Pipeline Corp., Preferred, Series 1, Variable Rate, Perpetual Morgan Stanley, Series J, Variable Rate, Perpetual 12/29/ Pembina Pipeline Corp., Preferred, Series 9, Perpetual TransAlta Corp., Preferred, Series C, Variable Rate, Convertible, Callable Bank of Nova Scotia, Preferred, Series 21, Variable Rate, Perpetual, Callable Goldman Sachs Group Inc. (The), Series M, Variable Rate, Perpetual 12/29/ TransCanada Corp., Preferred, Series 2, Cumulative Citigroup Inc., Variable Rate, Perpetual 12/29/ Enbridge Inc., Preferred, Series N, Variable Rate, Perpetual 1.11 Total Net Asset Value: $78,776, The summary of investment portfolio may change due to ongoing portfolio transactions of the Fund. Annual Management Report of Fund Performance 5

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11 fieracapital.com CLIENT SERVICES Montreal (Head office) 1501 McGill College Avenue Suite 800 Montreal, Quebec H3A 3M8 T T (toll free) Toronto 1 Adelaide Street East Suite 600 Toronto, Ontario M5C 2V9 T T (toll free) Calgary 607 8th Avenue SW Suite 300 Calgary, Alberta T2P 0A7 T Vancouver 1040 West Georgia Street Suite 520 Vancouver, British Columbia V6E 4H1 T T (toll free) Halifax 5657 Spring Garden Road Box 117 Suite 505 Halifax, Nova Scotia B3J 3R4 T New York* 375 Park Avenue 8th Floor New York, New York USA T T Boston* 60 State Street 22nd Floor Boston, Massachusetts USA T Los Angeles* BEL AIR INVESTMENT ADVISORS* 1999 Avenue of the Stars Suite 2800 Los Angeles, California USA T T (sans frais) San Francisco* BEL AIR INVESTMENT ADVISORS 555 Mission Street Suite 3325 San Francisco, California USA T *Legal Notice to U.S. Persons: Fiera Capital does not provide investment advisory services, or offer investment funds, in the United States or to U.S. persons. Investment advisory services for U.S. persons are provided by Fiera Capital s U.S. affiliates, Bel Air Investment Advisors LLC ( Bel Air ) and Fiera Capital Inc. ( FCI and together with Bel Air, the U.S. Advisers ). Any investment advisory services of Fiera Capital provided to U.S. persons are (or were) provided by the U.S. Advisers, in each case pursuant to a participating affiliate arrangement with Fiera Capital as that term is used in relief granted by the staff of the U.S. Securities and Exchange Commission (the SEC ). The U.S. Advisers are SEC-registered investment advisers. Registration with the SEC does not imply a certain level of skill or training. Unless otherwise indicated, all dollar figures are expressed in Canadian dollars.

12 FORWARD-LOOKING STATEMENT Some of the statements contained herein including, without limitation, financial and business prospects and financial outlook may be forward-looking statements which reflect management s expectations regarding future plans and intentions, growth, results of operations, performance and business prospects and opportunities. Words such as may, will, should, could, anticipate, believe, expect, intend, plan, potential, continue and similar expressions have been used to identify these forward-looking statements. These statements reflect management s current beliefs and are based on information currently available to management. Forward-looking statements involve significant risks and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward- looking statements including, but not limited to, changes in general economic and market conditions and other risk factors. Although the forward-looking statements contained herein are based on what management believes to be reasonable assumptions, we cannot assure that actual results will be consistent with these forward-looking statements. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no obligation to update or revise them to reflect new events or circumstances. R739CPS-EN

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