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Changes to the fixed income component of the Meritage Global Income and Growth Portfolio

October 30, 2015

National Bank Investments Inc. ("NBI") has concluded its periodic assessment of the fixed income component of the Meritage Global Income and Growth Portfolio.

The allocation of underlying fixed income funds held within the Meritage Global Income and Growth Portfolio has been changed in order to increase currency hedging and ensure a proper diversification and complementarity of the Portfolio.

The Renaissance Global Bond and RBC Global Corporate Bond Fund were replaced by the RBC Global Bond Fund.

This new Fund has the ability to invest in government, corporate, high yield and emerging markets bonds. This Fund, in its majority, is hedged against currency fluctuations which allowed it, in recent years, to be among the least volatile versus its peers. This low volatility contributes to the Fund’s attractive risk-return ratio.

This Fund is managed by Dagmara Fijalkowski and Soo Boo Cheah that are part of the same team as the RBC Global Corporate Bond Fund. NBI believes that this team has the skills to anticipate, position and steer the Fund advantageously through different market environments.

Meritage Portfolios are designed to suit the needs of investors with varying risk tolerance levels and investment horizons. Meritage Portfolios offer a complete investment solution with optimal diversification across asset classes, regions, market capitalizations, and management styles, all integrated into a “fund of funds” structure. With assets exceeding $3.3 billion as of October 30, 2015, Meritage Portfolios are now amongst the most recognized and performing investment solutions.

Transition report - for investment advisors only.

About Meritage Portfolios®
The Meritage Portfolios (the “Portfolios”) are managed by National Bank Investments Inc., a wholly-owned subsidiary of National Bank of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with investments in the Portfolios. Please read the prospectus of the Portfolios before investing. The Portfolios’ securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. The Portfolios are not guaranteed, their values change frequently and past performance may not be repeated. “Meritage Portfolios®” and the Meritage Portfolios® logo are trademarks of National Bank of Canada and are used by National Bank Investments Inc.