Corporate Private Debt Team

Theresa Shutt Theresa Shutt CFA, MBA, MA

Senior Vice President, Corporate Private Debt

647 504-3143 tshutt@fieracapital.com

Theresa Shutt is Senior Vice President for Corporate Private Debt at Fiera Private Debt. Prior to joining the company in July 2019, she was the Chief Investment Officer of Private Debt with Integrated Asset Management.

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.

Prior to Fiera Private Debt, Ms. Shutt was a Managing Director with BMO Corporate Finance where she developed customized financing solutions for mid-market Canadian Companies. Previous to this role, she held a variety of roles at RBC and Scotiabank structuring fixed income and equity derivatives for corporations and asset managers. She began her career working as an economist for the Conference Board of Canada.

Theresa 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. Ms. Shutt is a Chartered Financial Analyst (CFA) charterholder.

Ala Azara Ala Azara BCom

Managing Director, Corporate Private Debt

514 702-0447 aazara@fieracapital.com

With over 16 years of experience in the financial services industry, Ala Azara joined Fiera Private Debt in January 2022.

Prior to joining Fiera Private Debt, Mr. Azara spent the last 11 years at BMO Financial Group. Most recently, he played a key role as Vice President, Business Banking where he led a team of 15 commercial account managers. He also held various senior roles with the same financial institution including Senior Business Development Manager, and thereafter was appointed to Head of client acquisition and Business Development for Quebec and Eastern Ontario. Previously, he worked with HSBC Bank in commercial banking supporting clients via trade finance and cross-border financing, and he also managed several client portfolios with lending over $400 million. Mr. Azara has extensive experience in management, business development, contract negotiations and commercial risk management.

Ala Azara earned his Bachelor of Commerce degree from Concordia University’s John Molson School of Business with a Major in finance.

Brian Ko Brian Ko BSc, MBA, CFA

Managing Director, Corporate Private Debt

647 963-8000 bko@fieracapital.com

Prior to joining Fiera Private Debt in July 2019, Brian 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 most recently 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

Dino 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.

Dino 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

Madalina 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.

Madalina 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, Nelson 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.

Rory O'Leary Rory O'Leary MBA, BA

Managing Director, Corporate Private Debt

647 402-8581 roleary@fieracapital.com

Rory O’Leary has 18 years of professional experience with range of disciplines within the Banking and Financial Services Industry. Prior to joining Fiera Private Debt in 2020, Mr. O’Leary held a senior Banking position with TD Bank where he was responsible for managing a senior commercial portfolio of clients with approximately $400 million in authorized credit.

Mr. O’Leary has strong experience in client relationship management, credit risk assessment and monitoring, business development and commercial credit structuring. He also has experience in financial advisory including corporate consulting, Merger & Acquisition Services and business valuation.

Rory O’Leary holds a Bachelor of Arts (BA) from the University of Windsor, a graduate certificate in management from École Supérieure de Commerce (France) and a Master of Business Administration (MBA) from Griffith University (Australia).

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, Russell 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.

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.

Russell 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).

Aaron Young Aaron Young CFA

Senior Director, Business Development and Investor Relations

416 955-4943 ayoung@fieracapital.com

Prior to joining Fiera Private Debt in June 2022, Aaron Young worked with an independent alternative corporate bond manager as an Associate Portfolio Manager where he was responsible for working with institutional clients on solution design and servicing. He also helped build the firm’s ESG investment process.

Previously, he spent eight years in fixed income and institutional client servicing at a leading Canadian asset management firm, helping design and manage solutions for liability-driven investors.

Mr. Young holds an Honours Bachelor of Arts (BA) from the University of Toronto and is a 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 from the Université du Québec à Montréal.

Maëlle Desjardins Maëlle Desjardins CPA-auditor, CBV

Director, Corporate Private Debt

514 892-0456 desjardinsm@fieracapital.com

Maëlle Desjardins joined Fiera Private Debt in January 2019 and became a member of the Corporate Private Debt Team in January 2022. Previously, she held the position of Senior Financial Analyst within the Risk Management Team, where she was involved in the credit approval process of the different business lines.

As a Director, Ms. Desjardins is responsible for origination, deal structuring, financial analysis, and portfolio management. Prior to joining Fiera Private Debt, she spent five years in audit at KPMG in Montreal.

Maëlle Desjardins holds a Bachelor’s degree in Business Administration (BBA) and Graduate degree in Accounting from HEC Montréal. She is a Chartered Professional Accountant and a Chartered Business Valuator. Ms. Desjardins is a member of the Ordre des comptables professionnels agréés du Québec and a member of CBV Institute.

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).