National Bank Investments Inc. Announces Risk Changes to Three Meritage Portfolios

August 19, 2014

Today, National Bank Investments Inc., manager of Meritage Portfolios, announced a change in the risk ratings of the Meritage Equity Portfolio, Meritage Equity Class Portfolio and Meritage Equity Income Portfolio. The change will be reflected in the updated Meritage Portfolios’ simplified prospectus, which will be filed with Canadian securities regulators on or about August 28, 2014.

National Bank Investments Inc. applies a risk rating policy based upon the guidelines established by the Investment Funds Institute of Canada which are themselves based primarily upon the variability of a mutual fund’s returns. In the application of this policy, the level of risk associated with the Meritage Equity Portfolio, Meritage Equity Class Portfolio and Meritage Equity Income Portfolio has been lowered from "Medium" to "Low to Medium". These changes aim to more accurately reflect the funds' actual risk levels. No changes have been made to the investment objectives, strategies or management of these funds.

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.

About National Bank of Canada

With $194 billion in assets as at April 30, 2014, National Bank of Canada (http://www.nbc.ca), together with its subsidiaries, forms one of Canada’s leading integrated financial groups. The Bank has close to 20,000 employees and is widely recognized as a top employer. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank’s activities via social media and learn more about its extensive community involvement at clearfacts.ca and commitment.nationalbank.ca.

Information (The telephone number provided below is for the exclusive use of journalists and other media representatives.):

Marie-Pierre Jodoin
Director – Public Affairs
National Bank
Tel.: 514 394-4209