National Bank Securities announces its intention to terminate the National Bank Protected Funds
Montreal, 2 April 2012 -
National Bank Securities Inc., manager of National Bank Protected Funds (the “Protected Funds”), today announced that it intends to terminate the National Bank Protected Funds – namely, the National Bank Protected Canadian Bond Fund, the National Bank Protected Canadian Equity Fund, the National Bank Protected Global Fund, the National Bank Protected Balanced Growth Fund and the National Bank Protected Retirement Balanced Fund – on or about June 21, 2012.
The number of unitholders and the assets under management of the Protected Funds, which have been closed to new purchases since 2005, are now very low. In addition, investment products have evolved since 1998, when the Funds were created. There are now other products that meet the same needs as the Protected Funds and that may, in some regards, be more advantageous. With a view to offering clients products that meet their financial needs, National Bank Securities has decided to terminate the Protected Funds.
The securities of the Protected Funds will be liquidated at the close of business at 4 p.m. (EDT) on or around June 21, 2012. The securities of any unitholders remaining on the termination date will be redeemed at their net asset value. The redemption proceeds will automatically be deposited in the Canadian Dollars Altamira High-Interest CashPerformer®, a high-interest savings vehicle offered by National Bank Securities. Some unitholders with guarantees that have not matured as at the termination date will receive a termination indemnity from National Bank Securities in addition to the net asset value of their securities. The indemnity will be paid to unitholders whose securities have declined in value since the reference date of their securities.
Pursuant to securities regulations, detailed prior notice will be sent to all unitholders.
About National Bank Securities Inc.
National Bank Securities Mutual Funds (the “Funds”) are offered by National Bank Securities Inc., a wholly owned subsidiary of National Bank of Canada. Brokerage fees, commissions, trailing commissions, management fees and expenses all may be associated with investment 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 of Canada
National Bank of Canada is an integrated group that provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world. National Bank offers a full array of banking services, including retail, corporate and investment banking. It is an active player on international capital markets and, through its subsidiaries, is involved in securities brokerage, insurance and wealth management as well as mutual fund and retirement plan management. As at January 31, 2012, National Bank has over CDN$175 billion in assets in accordance with IFRS and, together with its subsidiaries, employs 19,785 people. The Bank’s securities are listed on the Toronto Stock Exchange (TSX: NA). For more information, visit the Bank’s website at www.nbc.ca. To access National Bank of Canada’s financial literacy portal, visit www.clearfacts.ca.
Information (The telephone numbers provided below are for the exclusive use of journalists, other media representatives and shareholders.):
Senior Advisor, Public Affairs
Tel.: 514 394-6500