Corporate Private Debt Team

Theresa Shutt Theresa Shutt CFA, MBA, MA

Head of Corporate Debt

647 504-3143 tshutt@fieracapital.com

Theresa Shutt is Head of Corporate Debt at Fiera Private Debt.

Ms. Shutt is responsible for the overall strategic direction and operation of the Corporate Debt Financing Team. In this role, she provides leadership in support of business development, investment approval, fund strategy and portfolio management. With over 20 years of experience in corporate lending and capital markets, she contributes to the success of the business by growing AUM through strategic capital deployment and the development of innovative private debt strategies. Ms. Shutt is a member of the Investment Committee.

Prior to joining the Manager in July 2019, Ms. Shutt had worked at Integrated Asset Management Corp. with the private debt group team since 2013. Her responsibilities included portfolio management and investor relations for all private debt funds with a leadership role in investment approval and fund strategy. Prior to joining Integrated Asset Management Corp., Ms. Shutt was a Managing Director with BMO Corporate Finance where she developed customized financing solutions for mid-market companies incorporating senior debt, mezzanine financing & private equity. From 2002 to 2010, she held a variety of roles at RBC and Scotiabank structuring fixed income and equity derivatives for corporations and asset managers. From 1997 to 2000, Ms. Shutt worked as an economist for the Federal Department of Finance and the Conference Board of Canada.

Ms. Shutt holds a Bachelor of Arts (BA) in Economics (Honours) from the University of Alberta, a Master of Arts (MA) in Economics from McMaster University and a Master of Business Administration (MBA) from the Rotman School of Management of the University of Toronto. She holds the Chartered Financial Analyst (CFA) designation.

Brian Ko Brian Ko BSc, MBA, CFA

Managing Director, Corporate Private Debt

647 963-8000 bko@fieracapital.com

Mr. Ko is responsible for portfolio management, investment approval, and plays a leadership role in managing relationships with investors for all private debt funds. Mr. Ko is a member of the Investment Committee.

Prior to joining Fiera Private Debt in July 2019, Mr. Ko had worked at Integrated Asset Management Corp. with the Private Debt Group since 2011. Mr. Ko was responsible for origination, client negotiations, deal structuring, financial analysis, due diligence, and portfolio management. Prior to joining Integrated Asset Management, he spent four years in fixed income research at DBRS, where he was an Assistant Vice President in the energy group.

Mr. Ko holds a Bachelor of Science (BSc) in Computer Science and Commerce from the University of Toronto, a Master of Business Administration (MBA) from the Darden Graduate School of Business at the University of Virginia and he holds the Chartered Financial Analyst (CFA) designation.

Daniel Patenaude Daniel Patenaude MBA, BBA

Managing Director, Corporate Private Debt

514 770-1920 dpatenaude@fieracapital.com

With more than 25 years of experience in the banking industry, mostly in business financing and international trade, Daniel Patenaude joined the Fiera Private Debt Team in 2017.

An experienced business industry leader, Mr. Patenaude has held several strategic positions, helping bring a number of complex projects to fruition during his career. He has also led teams of account managers, cash management specialists and financial analysts. Mr. Patenaude also headed the National Bank’s Corporate Financing Group, leading a team of major accounts financing professionals responsible for mergers & acquisitions for Quebec.

Holding a Master of Business Administration (MBA) in international trade and a Bachelor’s degree in Business Administration (BBA), specialized in finance from HEC Montréal, Daniel Patenaude has an important network of business contacts.

Dino Fracassi Dino Fracassi CFA, BBA

Managing Director, Corporate Private Debt

647 533-2133 dfracassi@fieracapital.com

Mr. Fracassi joined the Corporate Private Debt Team in June 2017. Mr. Fracassi has over 20 years lending experience, covering a wide range of businesses from small private companies to large publicly traded corporations. In his most recent role, he was a key contributor to Scotiabank’s Toronto-GTA Structured Commercial Banking team where he managed a loan book of over $500 million of assets. Prior to this role, Mr. Fracassi worked at HSBC Bank Canada where he led a commercial banking team and helped establish a leverage finance team. The leverage finance team worked closely with private equity sponsors by providing leveraged credit facilities in support of sponsor backed M&A activity. Earlier in his career, Mr. Fracassi held credit adjudication roles at Credit Suisse Canada and Scotiabank-Global Risk Management.

Mr. Fracassi holds a Bachelor’s degree in Business Administration (BBA) from Ryerson University. He holds the Chartered Financial Analyst (CFA) designation and is a member of the CFA Society Toronto.

Madalina Dragomirescu Madalina Dragomirescu BCom

Managing Director, Corporate Private Debt

438 873-4346 mdragomirescu@fieracapital.com

Ms. Dragomirescu joined Fiera Private Debt in December 2021 after a 17-year career at HSBC Bank, where she held various senior roles within Commercial and Corporate Banking in Montreal and Toronto. Most recently, she led the South Shore and Eastern Townships region, where her mandate was to build a team of account managers and financial analysts in order to develop this strategic growth market. Previous roles include leading Quebec’s cash management team, corporate credit adjudication, client relationship management and business development. She also held a director role on the board of directors of Hong Kong Canada Business Association. Ms. Dragomirescu has extensive experience in structuring complex transactions and has guided many clients with their financing needs.

Ms. Dragomirescu holds a Bachelor’s degree in Commerce with a Major in Finance from McGill University, where she graduated with great distinction. She also studied at Vienna University of Economics, German being one of the five languages that she speaks fluently.

Nelson Penelas Nelson Penelas MBA

Managing Director, Corporate Private Debt

647 354-4252 npenelas@fieracapital.com

Prior to joining Fiera Private Debt in June 2020, Mr. Penelas worked at BMO Corporate Finance within the Diversified Industries Group where he was responsible for origination, deal structuring, due diligence, and execution of corporate lending transactions in Canada and Internationally. Prior to joining BMO, Mr. Penelas spent four years in the Leverage Finance Group at CIT Corporate

Finance, where he was a Director responsible for the origination, due diligence and execution of leveraged buyout supporting Canadian and US Financial Sponsors.

Mr. Penelas holds a Bachelor of Arts (BA) from Wilfrid Laurier University and a Master of Business Administration (MBA) from the Manchester Business School at the University of Manchester.

Russell French Russell French MAcc, CPA, CA, CIRP, LIT

Managing Director, Special Loan Management

416 557-2958 rfrench@fieracapital.com

With more than 22 years of experience in corporate restructuring, Mr. French joined Fiera Private Debt as Managing Director, Special Loan Management in 2021 to support the investment team on non-performing loan management, credit structuring and special situations. Mr. French is a member of the Investment Committee.

Prior to joining Fiera Private Debt, Mr. French was an Assistant Vice President at Business Development Bank of Canada (BDC) where he led BDC’s Business Restructuring Unit for the Ontario and Atlantic Regions. In this role, he was responsible for strategy development and risk management related to special loans in the bank’s portfolio. Previous to this role, Mr. French was a senior practitioner in Ernst & Young’s Corporate Restructuring Group. For more than 15 years, he advised lenders, management and other stakeholders in Canadian and cross-border restructuring matters including restructuring strategy, refinancing, business viability assessment, business plan development and the preservation and enhancement of stakeholder value.

Mr. French holds a Bachelor of Arts in Chartered Accountancy and a Master of Accounting from the University of Waterloo. He is a CPA, CA as well as a Chartered Insolvency and Restructuring Professional (CIRP) and a Licensed Insolvency Trustee (LIT).

Matthew Tokaruk Matthew Tokaruk CPA, CA, CFA

Director, Special Loan Management

437 425-1531 mtokaruk@fieracapital.com

Matthew Tokaruk joined Fiera Private Debt as Director, Special Loan Management, in 2022. In his role, Matthew supports the management of non-performing loans and other special situations. Mr. Tokaruk brings over ten years of professional experience in business restructuring, financial institution oversight, and financial services.

Prior to joining Fiera Private Debt, Mr. Tokaruk was a Senior Analyst in BDC’s Business Restructuring Unit, where he worked closely with business owners and their senior management to help guide their organizations through financial, operational, and other unique challenges. Matthew held previous roles at the Financial Services Regulatory Authority of Ontario (FSRAO), Canada Life Assurance Company, and Grant Thornton LLP.

Matthew Tokaruk holds a Bachelor of Commerce (Hons.) from the Asper School of Business at the University of Manitoba. He is a CPA, CA, and CFA Charterholder.

Varun Bhardwaj Varun Bhardwaj CFA, CAIA, BBA

Senior Director, Corporate Private Debt

905 617-1773 vbhardwaj@fieracapital.com

As a Senior Director, Mr. Bhardwaj participates in all aspects of Fiera Private Debt’s investment activities with a primary focus on origination, diligence, and monitoring of investments.

Prior to joining Fiera Private Debt in July 2019, Varun Bhardwaj worked at Integrated Asset Management Corp. with the Private Debt Group since 2015. Previously, he spent two years in pension consulting, advising defined benefit and defined contribution plans on capital market expectations, pension liabilities, and asset management.

Mr. Bhardwaj holds an Honours Bachelor of Business Administration (BBA) from Wilfrid Laurier University, a Chartered Financial Analyst (CFA) designation, and a Chartered Alternative Investment Analyst (CAIA) designation.

Elliott Venessy Elliott Venessy MSc

Director, Corporate Private Debt

438 347-9000 evenessy@fieracapital.com

Elliott Venessy joined Fiera Private Debt in 2019 and became a member of the Corporate Private Debt Team in 2021. As a Director, he is responsible for origination, deal structuring, financial analysis, and portfolio management. Previously, he held the position of Associate Director, where he was responsible for supporting the team in analyzing new financial transactions, assessing risk and credit structure, and monitoring the portfolio.

Prior to joining Fiera Private Debt, Mr. Venessy spent three years in alternative investments as a Financial Analyst with exempt market dealer Quintal & Co. Financial Services. In this role, his responsibilities included financial modeling of renewable energy projects, as well as managing client and investor relationships.

Elliott Venessy holds a Bachelor’s degree in Economics and Management from Université Jean Moulin Lyon 3, and a Master’s degree in Applied Finance with a specialization in Portfolio Management from the Université du Québec à Montréal.

Reda Tahlaoui Reda Tahlaoui MSc

Associate Director, Corporate Private Debt

438 342-4892 rtahlaoui@fieracapital.com

Reda Tahlaoui joined Fiera Private Debt in August 2022. As an Associate Director, he is responsible for deal structuring, financial analysis, as well as portfolio management.

Prior to joining Fiera Private Debt, Mr. Tahlaoui worked at Laurentian Bank Financial Group as part of the Business Development Team. Previously, he spent six years at the European Investment Bank, where he was responsible for the analysis, due diligence and monitoring of private debt investments, and was also assisting in origination and co-investment efforts. Earlier in his career, Mr. Tahlaoui worked for four years in multiple investment banks advising clients on ECM/DCM mandates in emerging markets.

Reda Tahlaoui holds a Master of Science in Global Banking and Finance from Regent’s University in London (United Kingdom).

Sean Grady Sean Grady

Senior Director

437 419-2584 sgrady@fieracapital.com

Sean Grady joined Fiera Corporate Private Debt as a Senior Director in 2023 and is focused on the entire investment lifecycle from originating high-quality mid-market long-term loans, credit underwriting, and overseeing a portfolio of clients across Canada.

Sean Grady has 18 years of Banking and Corporate Lending experience and brings extensive experience in structuring cash flow transactions and underwriting both senior and junior debt financing solutions. Prior to joining Fiera, Mr. Grady worked at Centurion Financial Trust a smaller alternative private debt provider for over 3 and a half years as a Senior Director. Previously, Mr. Grady worked at Scotiabank for 14 years and held various management roles managing a portfolio of bank supplier relationships with a focus of loss mitigation. His time at the bank included 4.5 years with Roynat Capital (a wholly owned subsidiary of Scotiabank) as a Senior Associate where he managed and grew a portfolio of clients by tailoring long-term capital solutions for mid-sized companies in Canada.

Sean Grady received a Bachelor of Commerce (Honours) with a specialization in Finance from the University of Ottawa.