National Bank Securities Inc. Announces Risk Rating Changes

National Bank Securities Inc. Announces Risk Rating Changes to Three
Meritage Portfolios 
MONTREAL, QUEBEC -- (Marketwire) -- 10/26/12 -- (TSX:NA) - National
Bank Securities Inc. ("NBSI"), manager of the Meritage Portfolios,
today announced a change in the risk ratings of the Meritage Moderate
Income Portfolio, Meritage Canadian Equity Class Portfolio and
Meritage Canadian Equity Portfolio. The change is reflected in the
Meritage Portfolios updated simplified prospectus, filed with
Canadian securities regulators today.  
The level of risk attributed to the Meritage Moderate Income
Portfolio has thus been lowered from "Low to Medium" to "Low", while
the risk levels of the Meritage Canadian Equity Class Portfolio and
the Meritage Canadian Equity Portfolio have changed from "Medium to
High" 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 National Bank Securities 
Meritage Portfolios(R) (the "Portfolios") are managed by National
Bank Securities 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(R)" and
the Meritage Portfolios logo are trademarks of National Bank of
Canada, used under license by National Bank Securities Inc. All
trademarks and logos of the mutual fund companies are their property.
National Bank Securities Inc. is an authorized user.  
About National Bank of Canada 
With $180 billion in assets as at July 31, 2012, National Bank of
Canada (, together with its subsidiaries, forms one of
Canada's leading integrated financial groups, and was named among the
five strongest banks in the world by Bloomberg Markets. The Bank has
more than 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 and 
Information (The telephone number provided below is for the exclusive
use of journalists and other media representatives.)
Joan Beauchamp
Senior Advisor - Public Affairs
National Bank
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