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Replacement of the PH&N Overseas Equity Fund in the Meritage International Equity Portfolio

February 20, 2015

National Bank Investments Inc. (NBI) announces the conclusion of its periodical review of Meritage Portfolios. The PH&N Overseas Equity Fund, which is held by the Meritage International Equity Portfolio, will be replaced by Black Creek International Equity Fund on or around February 20, 2015.

Further to the continuous due diligence and monitoring process of Meritage Portfolios, the PH&N Overseas Equity Fund was put under watch following a complete change of the portfolio management team. A detailed analysis in collaboration with Aon Hewitt, was performed and resulted in the selection of the Black Creek International Equity Fund as well as a re-optimization of the allocation weights to the underlying funds held by the Meritage International Equity Portfolio.

The Black Creek International Equity Fund has been managed by Richard Jenkins since it’s inception in 2008. Bill Kanko and Richard Jenkins lead Black Creek Investment Management Inc., a preeminent independent boutique investment management firm with $3.5 billion in assets under management as of September 30, 2014.

Meritage Portfolios invest in third-party funds that are selected using a quantitative and qualitative approach known as the Select Rating System®. In addition to specific criteria against which the underlying funds are evaluated, the funds selected for Meritage Portfolios are chosen based on a complete complementarity analysis which aims to optimize the risk/return ratio of the investment solution. The selection and monitoring processes of Meritage Portfolios are independently reviewed by Aon Hewitt.

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 January 31, 2015, Meritage Portfolios are now amongst the well-known 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.

The Select Rating System® is a registered trade-mark of National Bank of Canada, used under license by National Bank Investments Inc.