PRESS RELEASES

National Bank Investments Announces Changes to Certain NBI Funds

Montreal, November 6, 2018

National Bank Investments Inc. (“NBI”) announced today changes of portfolio advisors and sub-advisors for certain funds. NBI also announced the reduction of management fees and trailing commissions on certain series as well as the addition of a new subscription option for the NBI U.S. Equity Fund.

Portfolio Management

As of December 10, 2018, or around this date:

National Bank Trust will be responsible for the portfolio management of the NBI Unconstrained Fixed Income Fund and will retain J.P. Morgan Investment Management Inc. as portfolio sub-advisor. The investment objective of the Fund remains unchanged.
The NBI Emerging Markets Equity Private Portfolio will be renamed NBI Diversified Emerging Markets Equity Fund. National Bank Trust, as portfolio manager, will retain Goldman Sachs Asset Management L.P. and BNY Mellon Asset Management Canada Ltd. (the latter will in turn delegate its functions to its affiliate Newton Investment Management (North America) Limited) as portfolio sub-advisors. The investment objective of the Fund remains unchanged. NBI’s lineup for emerging market mandates will thus consist of the two following funds:

Funds	Sub-Advised / Managed by
NBI Diversified Emerging Markets Equity Fund	Goldman Sachs Asset Management L.P. and Newton Investment Management (North America) Limited
NBI Westwood Emerging Markets Fund	Westwood International Advisors Inc.

These changes are in line with the governance process within NBI’s open architecture structure.

Lower Management Fees and Trailing Commissions

As of December 1, 2018, or around this date, the management fees and the maximum annual trailing commission rates for certain series of the NBI U.S. Equity Fund will be reduced as follows:

Changes to management fees

Series	Current Management Fees	New Management Fees
Investor	2.00	1.75
Advisor*	2.00	1.75
F	0.75	0.65
F5	0.75	0.65
T5*	2.00	1.75

* Management fees apply to all subscription options of the Advisor and T5 Series.

Changes to trailing commissions

Series	Current Trailers (%)	New Trailers (%)
Investor	1.25	1.00
Advisor ISC	1.25	1.00
Advisor LSC (1 to 3 years)	0.50	0.50
Advisor LSC (> 4 years)	1.00	1.00
Advisors DSC (1 to 6 years)	0.50	0.50
Advisors DSC (> 7 years)	1.25	1.00
T5 ISC	1.25	1.00
T5 LSC (1 to 3 years)	0.50	0.50
T5 LSC (> 4 years)	1.00	1.00
T5 DSC (1 to 6 years)	0.50	0.50
T5 DSC (> 7 years)	1.25	1.00

Note:
ISC: initial sales charges; LSC: low sales charges; DSC: deferred sales charges.

Addition of a Subscription Option

Starting December 1, 2018, a new subscription option in U.S. dollars on the F series of the NBI U.S. Equity Fund will be available.

Changes will be reflected in the upcoming amendment to the simplified prospectus for the NBI Funds, which will be available at www.sedar.com and www.nbc.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 (“NBI”) is an investment fund management firm committed to manufacturing and distributing mutual funds, investment solutions and services designed to help Canadian investors pursue their financial goals. As at August 31, 2018, the value of assets under management in NBI products amounted at almost $54 billion.

Guided by a 100% open architecture structure, 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.

About National Bank of Canada
With $258 billion in assets as at July 31, 2018, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. It has more than 21,000 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:

Marie-Pierre Jodoin

Senior Manager, Public Affairs and Corporate Social Responsibility
National Bank

514-394-4209