Press Release

August 24, 2010 - Shareholders Of Sceptre Investment Counsel Approve Proposed Combination With Fiera Capital

SHAREHOLDERS OF SCEPTRE INVESTMENT COUNSEL APPROVE PROPOSED
COMBINATION WITH FIERA CAPITAL

Fiera Sceptre will have approximately $30 billion in assets under management

TORONTO AND MONTREAL, August 24, 2010 – Sceptre Investment Counsel Limited
(“Sceptre”) (TSX: SZ) and Fiera Capital Inc. (“Fiera Capital”) jointly announced today that 99.8%
of Sceptre common shareholders have voted in favour of the previously announced statutory
plan of arrangement (the “Arrangement”) pursuant to which Sceptre and Fiera Capital will
combine to create Fiera Sceptre, a leading publicly traded, fast growing independent money
manager with approximately $30 billion in assets under management. The shareholders’ vote
took place at the special meeting of shareholders of Sceptre held today at the offices of
McCarthy T�trault LLP in Toronto, Ontario.

Sceptre has a scheduled hearing date on August 27, 2010 at 10:00 a.m. before the Ontario
Superior Court of Justice (Commercial List) to seek to obtain the final approval with respect to
the Arrangement. Subject to the conditions of closing in the transaction agreement dated June
16, 2010, between Sceptre and Fiera Capital, as amended, being satisfied, the arrangement is
expected to be effective on September 1, 2010. Sceptre has applied to the Toronto Stock
Exchange to have the Class A Subordinate Voting Shares of Fiera Sceptre listed on the Toronto
Stock Exchange.

In addition, a majority of shareholders of Sceptre approved an amendment to the Sceptre option
plan dated May 7, 2007. As a result, Sceptre is now authorized to reserve 2,021,588 shares for
issuance under such plan, representing an increase of 1,021,588 shares.

“Two months ago we announced our intention to combine Sceptre and Fiera Capital’s
businesses to create one of very few independent, multi-product Canadian investment firms
offering clients proven depth and expertise in equity and fixed income management, asset
allocation and alternative investments. With the outcome of today’s vote, this value-creating
transaction for both our clients and shareholders is now close to becoming a reality,” said W.
Ross Walker, Chairman of the Board of Sceptre. “The Board of Directors had recommended
that shareholders vote in favour of the Arrangement and we are pleased to see that they
recognized the intrinsic value of this transaction,” he added.

“This is a great day for both Sceptre and Fiera Capital. The two firms are an ideal fit for each
other,” said Jean-Guy Desjardins, Chairman, Chief Executive Officer and Chief Investment
Officer of Fiera Capital. “By leveraging the strengths of both companies and enhancing their
ability to deliver service and performance, this transaction creates a significant player in the
Canadian investment management sector. Everyone at Fiera Capital is very much looking
forward to working with the Sceptre team to realize Fiera Sceptre’s fullest potential,” he
concluded.

About Sceptre Investment Counsel
Sceptre Investment Counsel Limited is a leading Canadian independent investment
management firm with assets under management of approximately $7 billion. Sceptre became a
public company listed on the Toronto Stock Exchange in 1986. Sceptre’s Pension and
Institutional Fund group manages investment portfolios for a wide range of clients, including
corporations, governments, hospitals, charitable foundations, endowments, universities and
unions. Through its Wealth Management group, Sceptre provides discretionary funds and
segregated account management for high net-worth individuals, and offers a family of eight
mutual funds. www.sceptre.ca

About Fiera Capital
Fiera Capital is a Montreal-based privately held investment firm originally created as a result of
a 2003 partnership between Desjardins Financial Group and Mr. Jean-Guy Desjardins together
with a group of employees. Fiera Capital is one of Canada’s leading independent, full-service,
multi product investment firms, focused on delivering competitive and tailored multi-style
investment solutions to its clientele, composed largely of institutional investors, mutual funds,
religious and charitable organizations and high net worth investors. With unique expertise in
asset allocation, equity and fixed income management and non-traditional investment solutions,
Fiera Capital currently manages approximately $23 billion in assets. www.fieracapital.com.

Forward-looking Statements
This document may contain certain forward-looking statements. These statements relate to
future events or future performance and reflect management’s expectations or beliefs regarding
future events including business and economic conditions and Sceptre’s growth, results of
operations, performance and business prospects and opportunities. Such forward-looking
statements reflect management’s current beliefs and are based on information currently
available to management. In some cases, forward-looking statements can be identified by
terminology such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”,
“predict”, “potential”, “continue”, “target”, “intend” or the negative of these terms or other
comparable terminology.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both
general and specific, and a number of factors could cause actual events or results to differ
materially from the results discussed in the forward-looking statements. In evaluating these
statements, readers should specifically consider various factors that may cause actual results to
differ materially from any forward-looking statement.

These factors include, but are not limited to, market and general economic conditions, the
nature of the financial services industry and the risks and uncertainties detailed from time to
time in Sceptre’s interim and annual consolidated financial statements and its Annual Report
and Annual Information Form filed on sedar.com. These forward-looking statements are made
as of the date of this document, and Sceptre assumes no obligation to update or revise them to
reflect new events or circumstances.

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FOR FURTHER INFORMATION, PLEASE CONTACT

Toronto:
Stephen Ledgley
NATIONAL Public Relations
416-848-1376
sledgley@national.ca

Montreal:
Roch Landriault
NATIONAL Public Relations
514-843-2345
rlandriault@national.ca