National Bank Investments Announces Changes to Select NBI Funds

Montreal, May 3, 2023 – National Bank Investments Inc. (“NBI”) announced changes today to select NBI Funds. These changes include management fee reductions, trailing commission reductions and risk rating revisions for some funds as well as the soft capping of certain series of the NBI U.S. High Conviction Equity Private Portfolio and the NBI International High Conviction Equity Private Portfolio (the “Funds”).

Management fee reductions

The management fees for the following NBI Funds have been reduced as indicated below (effective immediately):

Fund	Series	Current management fee	New management fee
NBI Global Tactical Bond Fund	Investor, Advisor, U.S.$-Advisor, T, U.S.$-T and R Series	1.60%	1.35%
NBI Canadian All Cap Equity Fund	Investor, Advisor, and T5 Series	2.00%	1.85%
NBI Canadian All Cap Equity Fund	F and F5 Series	0.85%	0.70%
NBI Global Real Assets Income Fund	Investor, Advisor, H and T5 Series	2.00%	1.80%
NBI Global Real Assets Income Fund	F, F5 and FH Series	1.00%	0.80%
NBI Canadian Bond Private Portfolio	Advisor Series	0.85%	0.70%
NBI Corporate Bond Private Portfolio	Advisor Series	0.93%	0.78%

Fund	NBI Global Tactical Bond Fund
Series	Investor, Advisor, U.S.$-Advisor, T, U.S.$-T and R Series
Current management fee	1.60%
New management fee	1.35%

Fund	NBI Canadian All Cap Equity Fund
Series	Investor, Advisor, and T5 Series
Current management fee	2.00%
New management fee	1.85%

Fund	NBI Canadian All Cap Equity Fund
Series	F and F5 Series
Current management fee	0.85%
New management fee	0.70%

Fund	NBI Global Real Assets Income Fund
Series	Investor, Advisor, H and T5 Series
Current management fee	2.00%
New management fee	1.80%

Fund	NBI Global Real Assets Income Fund
Series	F, F5 and FH Series
Current management fee	1.00%
New management fee	0.80%

Fund	NBI Canadian Bond Private Portfolio
Series	Advisor Series
Current management fee	0.85%
New management fee	0.70%

Fund	NBI Corporate Bond Private Portfolio
Series	Advisor Series
Current management fee	0.93%
New management fee	0.78%

Trailing commission reductions

The trailing commissions for the following NBI Funds have been reduced as indicated below (effective immediately):

Fund	Series	Current trailing commission	New trailing commission
NBI Global Tactical Bond Fund	Investor, Advisor, U.S.$-Advisor, T, U.S.$-T and R Series	0.75%	0.50%
NBI Canadian Bond Private Portfolio	Advisor Series	0.65%	0.50%
NBI Corporate Bond Private Portfolio	Advisor Series	0.65%	0.50%

Fund	NBI Global Tactical Bond Fund
Series	Investor, Advisor, U.S.$-Advisor, T, U.S.$-T and R Series
Current trailing commission	0.75%
New trailing commission	0.50%

Fund	NBI Canadian Bond Private Portfolio
Series	Advisor Series
Current trailing commission	0.65%
New trailing commission	0.50%

Fund	NBI Corporate Bond Private Portfolio
Series	Advisor Series
Current trailing commission	0.65%
New trailing commission	0.50%

Risk rating revisions

The risk ratings of the following NBI Funds have been revised as indicated below (effective immediately):

Fund	Current risk level	New risk level
NBI Preferred Equity Income Fund	Low to medium	Medium
NBI Conservative Portfolio	Low	Low to medium
NBI Equity Portfolio	Low to medium	Medium
NBI Canadian Equity Fund	Low to medium	Medium
NBI Non-Traditional Fixed Income Private Portfolio	Low	Low to medium
NBI North American Dividend Private Portfolio	Low to medium	Medium
Meritage Global Equity Portfolio	Low to medium	Medium
Meritage Moderate Portfolio	Low	Low to medium
Meritage Moderate Income Portfolio	Low	Low to medium
Meritage Tactical ETF Equity Portfolio	Low to medium	Medium

Fund	NBI Preferred Equity Income Fund
Current risk level	Low to medium
New risk level	Medium

Fund	NBI Conservative Portfolio
Current risk level	Low
New risk level	Low to medium

Fund	NBI Equity Portfolio
Current risk level	Low to medium
New risk level	Medium

Fund	NBI Canadian Equity Fund
Current risk level	Low to medium
New risk level	Medium

Fund	NBI Non-Traditional Fixed Income Private Portfolio
Current risk level	Low
New risk level	Low to medium

Fund	NBI North American Dividend Private Portfolio
Current risk level	Low to medium
New risk level	Medium

Fund	Meritage Global Equity Portfolio
Current risk level	Low to medium
New risk level	Medium

Fund	Meritage Moderate Portfolio
Current risk level	Low
New risk level	Low to medium

Fund	Meritage Moderate Income Portfolio
Current risk level	Low
New risk level	Low to medium

Fund	Meritage Tactical ETF Equity Portfolio
Current risk level	Low to medium
New risk level	Medium

Closed to new subscriptions

F5, T5, Advisor-2, F-2, FH-2, and H-2 Series of the NBI U.S. High Conviction Equity Private Portfolio and the NBI International High Conviction Equity Private Portfolio will be soft capped on or around May 31, 2023. This means that these series will be closed to new investments, except for purchases in existing accounts by unitholders as of the soft capping date, and those with active pre-established systematic investment and distribution reinvestment plans.

The above changes will be reflected in the upcoming amendment to the simplified prospectus for the NBI Funds which will be available on the SEDAR website (www.sedar.com) and the National Bank Investments website (www.nbinvestments.ca).

About NBI Funds

NBI Funds (the “Funds”) are offered 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 Funds. Please read the prospectus of the Funds before investing. The Funds’ securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. The Funds are not guaranteed, their values change frequently, and past performance may not be repeated.

About National Bank Investments Inc.

National Bank Investments Inc. (NBI) is an investment funds management firm committed to manufacturing and offering mutual funds, investment solutions and services designed to help Canadian investors pursue their financial goals. As at March 31, 2023, assets under management in NBI products were valued at over $78.4 billion.

Guided by an open architecture strategy, NBI is dedicated to providing diverse solutions to meet the evolving needs of its clients. NBI consistently strives to be recognized as a key partner by combining innovation and excellence. NBI’s role is not limited to administrative aspects of management; NBI Advisory Services and its registered representatives form a team of specialists who provide information and advice to help advisors build portfolios adapted to their clients’ financial needs. Follow NBI’s activities at nbinvestments.ca or via social media such as YouTube and LinkedIn.

National Bank Investments is a signatory of the United Nations-supported Principles for Responsible Investment, a member of Canada’s Responsible Investment Association, and a founding participant in the Climate Engagement Canada initiative.

About National Bank of Canada

With $418 billion in assets as at January 31, 2023, National Bank of Canada, together with its subsidiaries, forms one of Canada’s leading integrated financial groups. The Bank has approximately 30,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank’s activities at nbc.ca or via social media such as Facebook, LinkedIn and Twitter.

Information:

Stéphanie Rousseau
Senior Advisor, Public Affairs and Corporate Social Responsibility
National Bank of Canada
Tel.: 514-394-5684
stephanie.rousseau@nbc.ca