RBC Global Asset Management announces changes to the PH&N Overseas Equity Fund

July 22, 2014

RBC Global Asset Management Inc. (RBC GAM) announced on Tuesday that, effective mid-August, 2014, responsibilities of the PH&N Overseas Equity Fund will be transferred from Sky Investment Counsel to RBC Global Asset Management (UK) Limited (RBC GAM-UK), in London.

This is an important development, which triggers a due diligence review to assess the impact of this change on the PH&N Overseas Equity Fund held in Meritage Portfolios. The due diligence review includes a comprehensive analysis of any quantitative and qualitative factors related to this change thereby ensuring that Meritage Portfolios continue to hold funds with above average prospects for long term risk-adjusted returns.

The results of the due diligence review will be communicated over the coming weeks.

The commitment of Meritage Portfolios has always been to offer the best blend of the best funds available in the industry. From over 5,000 funds available to investors, 24 were carefully selected based on their potential return, sustained performance over time and the synergy of their portfolio managers’ investment approaches.

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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 trade-marks of National Bank of Canada, used under license by National Bank Investments Inc.