Replacement of the Dynamic American Value Fund in the Meritage American Equity Portfolio

April 28, 2014

National Bank Securities Inc. (“NBS”) announces the conclusion of its periodical review of the Meritage American Equity Portfolio. The Dynamic American Value Fund, which is held by the Meritage American Equity Portfolio, will be replaced by the TD U.S. Mid-Cap Growth Fund on or around April 28, 2014.

Further to the continuous due diligence and monitoring process of Meritage Portfolios, the Fidelity American Disciplined Equity Fund and the Dynamic American Value Fund were put under watch. A detailed analysis in collaboration with Aon Hewitt was performed and resulted in the selection of the TD U.S. Mid-Cap Growth Fund as well as an optimization of the allocation weights to the underlying funds held by the Meritage American Equity Portfolio.

The TD U.S. Mid-Cap Growth Fund is managed since 1992 by Brian Berghuis at T. Rowe Price, a leading independent US-based investment management company with $692 billion in assets under management. Mr. Berghuis was named Fund Manager of the Year by Morningstar (U.S.) in 2004.

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 $3.0  billion, Meritage Portfolios are now amongst the most sought-after investment solutions.

Transition report - for investment advisors only

About Meritage Portfolios^®

The Meritage Portfolios (the “Portfolios”) are managed by National Bank Securities 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 Securities Inc.

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