Proxy Voting Policy

In accordance with current regulations, National Bank 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.).

Here is the proxy voting record for each National Bank Mutual Fund for the period from July 1st 2013 to June 30th 2014 indicating, among other things, the matters voted on and how the portfolio managers of National Bank Mutual Funds voted on such natters. A copy of this record can be obtained by contacting National Bank Investments Advisory Service at 1-888-270-3941 or 514-871-2082 or by sending an e-mail to Investments@bnc.ca. In accordance with regulations, subsequent proxy voting records will be made available annually on August 31st.

Vote Summary Reports
Short-Term and Income Funds
326 National Bank Dividend Fund
480 National Bank Preferred Equity Income Fund
188 National Bank Dividend Income Inc. Fund
Monthly Income Portfolios
875 National Bank Monthly Conservative Income Fund
876 National Bank Monthly Moderate Income Fund
871 National Bank Monthly Balanced Income Fund
872 National Bank Monthly Growth High Income Fund
873 National Bank Monthly Equity Income Fund
Diversified Funds
837 National Bank Balanced Diversified Fund
838 National Bank Growth Diversified Fund
Canadian Equity Funds
481 National Bank High Dividend Fund
812 National Bank Canadian Equity Fund
885 National Bank Canadian All Cap Equity Fund
887 National Bank Canadian Equity Growth
859 National Bank Altafund Investment Corporation Fund
841 National Bank Small Cap Fund
860 National Bank Quebec Growth Fund
Global Equity Funds
867 National Bank Global Equity Fund
882 National Bank Global Diversified Equity
490 National Bank Consensus American Equity Fund
843 National Bank US Equity
491 National Bank Consensus International Equity Fund
193 National Bank European Equity Fund
194 National Bank Asia Pacific Fund
192 National Bank Japanese Equity Fund
889 National Bank Global Small Cap
Specialized Funds
844 National Bank Resource Fund
198 National Bank Energy Fund
857 National Bank Precious Metal Fund
879 National Bank Science & Technology Fund
199 National Bank Health Sciences Fund
Index Funds
814 National Bank Canadian Index Fund
Westwood
869 Westwood Emerging Markets
408 Westwood Global Equity
409 Westwood Global Dividend