National Bank Securities Inc. announces a proposal for a fixed-rate administration fee to increase the predictability and

National Bank Securities Inc. announces a proposal for a fixed-rate 
administration fee to increase the predictability and clarity of Meritage 
Portfolio expenses as well as other proposals pertaining to the Meritage 
Portfolios 
MONTREAL, Aug. 1, 2013 /CNW Telbec/ - National Bank Securities Inc. ("NBS") 
today announced a proposal to change the way operating expenses are charged to 
the Meritage Portfolios (the "Administration Fee Proposal"). Securityholders 
will be asked to vote on the Administration Fee Proposal, as well as other 
proposals described below, at a special meeting to be held on or about October 
22, 2013 (the "Special Meeting"). 
"This proposal is intended to protect securityholders from potential increases 
in certain operating expenses. These increases will now be borne by National 
Bank Securities," said Michel Falk, President and Chief Executive Officer of 
NBS. "This proposal, if it receives securityholder approval, will result in 
greater predictability and clarity of expenses," he added. 
If the Administration Fee Proposal is approved by the securityholders, NBS 
will start to pay, on or about October 29, 2013, all operating expenses of the 
Meritage Portfolios except the portfolio costs listed below. In return, the 
Meritage Portfolios will pay a fixed-rate administration fee to NBS. The 
fixed-rate administration fee for each Meritage Portfolio will be less than or 
equal to the actual operating expenses paid by each Meritage Portfolio during 
the last six-month period. 
Currently, each Meritage Portfolio bears all of its operating expenses. If the 
Administration Fee Proposal is approved by the securityholders, the operating 
expenses payable by NBS will include transfer agency and recordkeeping costs, 
custodial costs, accounting and valuation fees, audit fees, legal fees, the 
costs of preparing and distributing financial reports, simplified 
prospectuses, annual information forms, fund facts, continuous disclosure 
documents and other investor communications and the costs of trustee services 
relating to registered tax plans. NBS will pay these expenses, provided such 
expenses are incurred in the normal course of business of the Meritage 
Portfolios. 
The portfolio costs that will continue to be paid by the Meritage Portfolios 
will include taxes, the costs of complying with any material change to 
existing regulatory requirements and/or any new regulatory requirements, 
including any new fees introduced after August 1, 2013, interest and borrowing 
costs, fees related to external services that were not commonly charged in the 
Canadian mutual fund industry as at August 1, 2013, fees and expenses related 
to National Bank Funds Corporation's board of directors, fees and expenses of 
the Independent Review Committee ("IRC") and operating expenses relating to 
the operating expenses payable by NBS that are incurred outside the normal 
course of business of the Meritage Portfolios. 
The fixed-rate administration fee will be subject to a transitional adjustment 
payment up to December 31, 2013. Similar fixed-rate administration fee 
proposals have been approved by the securityholders of other mutual funds 
managed by large Canadian corporations. 
The Administration Fee Proposal was submitted to the Meritage Portfolios' 
Independent Review Committee (the "IRC"). The IRC considered the 
Administration Fee Proposal and determined that, if implemented, it would 
achieve a fair and reasonable result for the Meritage Portfolios. 
Other proposed changes to the Meritage Corporate Portfolios 
At the Special Meeting, the shareholders of the Meritage Corporate Portfolios 
will also be asked to vote on changes to the fundamental investment objectives 
of the Meritage Corporate Portfolios that would allow, in particular, each 
such Portfolio to invest in its equivalent Trust Portfolio. Appendix A 
provides a summary of the proposed changes in this regard. If the changes to 
the investment objectives are approved by the shareholders of the Meritage 
Corporate Portfolios and the exemptive relief necessary to implement the 
proposed investment objectives is obtained from the Canadian Securities 
Authorities, the fund investment strategies will be revised accordingly. 
Subject to receipt of shareholder approval and the above-mentioned exemptive 
relief, the proposed changes to the investment objectives will take effect on 
or about October 29, 2013. 
Finally, the shareholders of the Meritage Corporate Portfolios will be asked 
to vote on a change to the redemption rights of the Meritage Corporate 
Portfolios that would permit such Portfolios to redeem shares more efficiently 
when closing series that are no longer economically viable or that have 
become, in any way, detrimental to investors or the Portfolio. 
Securityholders are asked to refer to the amendments to the simplified 
prospectus and the Annual Information Form of the Meritage Portfolios, which 
will be filed shortly and will contain the relevant information concerning the 
proposals. These amendments will be posted on www.sedar.com 
All information pertaining to the changes proposed as part of the Special 
Meeting will be provided to current investors, and potential investors can 
obtain this information from National Bank Securities Inc. prior to the 
Special Meeting. The time and place of the Special Meeting will appear in the 
notice of meeting and management circular which shall be mailed to 
securityholders. In addition, this information will be posted on www.sedar.com 
and will be available from your advisor or from National Bank Securities Inc. 
About National Bank Securities Inc. 
The Meritage Portfolios (the "Portfolios") are offered 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 Portfolio' 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. 
About National Bank of Canada
With $185 billion in assets as at April 30, 2013, National Bank of Canada 
(www.nbc.ca), together with its subsidiaries, forms one of Canada's leading 
integrated financial groups, and was named among the 20 strongest banks in the 
world by Bloomberg Markets. The Bank has close to 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 clearfacts.ca and 
commitment.nationalbank.ca.   
APPENDIX A 
 _____________________________________________________________________
|Portfolio             |Current Investment    |Proposed New Investment|
|                      |Objective             |Objective              |
|______________________|______________________|_______________________|
|Meritage Canadian     |The Portfolio's       |The Portfolio's        |
|Equity Class          |investment objectives |investment objective is|
|Portfolio             |are to achieve        |to obtain a comparable |
|                      |long-term capital     |return to that of the  |
|                      |appreciation by       |Meritage Canadian      |
|                      |investing primarily in|Equity Portfolio (the  |
|                      |a diverse mix of      |"Underlying Fund").    |
|                      |Canadian equity mutual|                       |
|                      |funds.                |The Portfolio invests  |
|                      |                      |mainly in units of the |
|                      |                      |Underlying Fund and/or |
|                      |                      |in securities of the   |
|                      |                      |mutual funds held by   |
|                      |                      |the Underlying Fund    |
|                      |                      |and/or in mutual funds |
|                      |                      |similar to those funds,|
|                      |                      |based on a similar     |
|                      |                      |weighting to that used |
|                      |                      |by the Underlying Fund.|
|______________________|______________________|_______________________|
|Meritage Global Equity|The Portfolio's       |The Portfolio's        |
|Class Portfolio       |investment objectives |investment objective is|
|                      |are to achieve        |to obtain a comparable |
|                      |long-term capital     |return to that of the  |
|                      |appreciation by       |Meritage Global Equity |
|                      |investing primarily in|Portfolio (the         |
|                      |a diverse mix of      |"Underlying Fund").    |
|                      |global equity mutual  |                       |
|                      |funds.                |The Portfolio invests  |
|                      |                      |mainly in units of the |
|                      |                      |Underlying Fund and/or |
|                      |                      |in securities of the   |
|                      |                      |mutual funds held by   |
|                      |                      |the Underlying Fund    |
|                      |                      |and/or in mutual funds |
|                      |                      |similar to those funds,|
|                      |                      |based on a similar     |
|                      |                      |weighting to that used |
|                      |                      |by the Underlying Fund.|
|______________________|______________________|_______________________|
|Meritage Growth Class |The Portfolio's       |The Portfolio's        |
|Portfolio             |investment objectives |investment objective is|
|                      |are to achieve        |to obtain a comparable |
|                      |long-term capital     |return to that of the  |
|                      |appreciation by       |Meritage Growth        |
|                      |investing primarily in|Portfolio (the         |
|                      |a diverse mix of      |"Underlying Fund").    |
|                      |fixed-income and      |                       |
|                      |equity mutual funds.  |The Portfolio invests  |
|                      |                      |mainly in units of the |
|                      |                      |Underlying Fund and/or |
|                      |                      |in securities of the   |
|                      |                      |mutual funds held by   |
|                      |                      |the Underlying Fund    |
|                      |                      |and/or in mutual funds |
|                      |                      |similar to those funds,|
|                      |                      |based on a similar     |
|                      |                      |weighting to that used |
|                      |                      |by the Underlying Fund.|
|______________________|______________________|_______________________|
|Meritage Equity Class |The Portfolio's       |The Portfolio's        |
|Portfolio             |investment objectives |investment objective is|
|                      |are to achieve        |to obtain a comparable |
|                      |long-term capital     |return to that of the  |
|                      |appreciation by       |Meritage Equity        |
|                      |investing primarily in|Portfolio (the         |
|                      |a diverse mix of      |"Underlying Fund").    |
|                      |fixed-income and      |                       |
|                      |equity mutual funds.  |The Portfolio invests  |
|                      |                      |mainly in units of the |
|                      |                      |Underlying Fund and/or |
|                      |                      |in securities of the   |
|                      |                      |mutual funds held by   |
|                      |                      |the Underlying Fund    |
|                      |                      |and/or in mutual funds |
|                      |                      |similar to those funds,|
|                      |                      |based on a similar     |
|                      |                      |weighting to that used |
|                      |                      |by the Underlying Fund.|
|______________________|______________________|_______________________| 

SOURCE  National Bank of Canada 
(The telephone number provided below is for the exclusive use of  journalists 
and other media representatives.) 
Marie-Pierre Jodoin Senior Advisor - Public Affairs National Bank Tel.: 
514-394-4209 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/August2013/01/c3139.html 
CO: National Bank of Canada
ST: Quebec
NI: FIN NP FIN  
-0- Aug/01/2013 21:00 GMT
 
 
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