Proxy Voting Policy

In accordance with current regulations, National Bank Securities Mutual Funds are subject to a policy governing the exercise of voting rights attached to the securities held in their portfolios. This policy sets out guidelines for those matters that may be voted on during a shareholders meeting (election of directors, appointment of auditors, remuneration of officers and directors, changes to shareholder rights, etc.).

• Current policies: Natcan - CI - Fidelity - TIS Group - Intact - Fiera Capital - Westwood

Here is the proxy voting record for each National Bank Securities Mutual Fund for the period from July 1^st 2011 to June 30^th 2012 indicating, among other things, the matters voted on and how the portfolio managers of National Bank Securities Mutual Funds voted on such natters. A copy of this record can be obtained by contacting National Bank Securities Advisory Service at 1-888-270-3941 or 514-871-2082 or by sending an e-mail to securities@bnc.ca. In accordance with regulations, subsequent proxy voting records will be made available annually on August 31^st.

Documents