NA National Bank of Canada

MONTREAL, May 6, 2020 /CNW Telbec/ - National Bank Investments Inc. (NBI) announced today changes in the management fees and risk ratings of select NBI Funds. NBI will also be updating the names of select Meritage Portfolios and changing the NBI Unconstrained Fixed Income Fund investment strategy with the filing of its most recent prospectus renewal.

These changes are in keeping with NBI's client-centric approach and commitment to providing investors with access to innovative investment solutions at competitive pricing.

Management fee change
The management fee for the following NBI Fund has been reduced as follows (effective May 6, 2020):

Risk rating changes
NBI also announced a change in the risk rating of certain NBI Funds (effective May 6, 2020):

Select Meritage Portfolios name updates
NBI will be updating the name of select Meritage portfolios (effective on or about May 14, 2020):

NBI Unconstrained Fixed Income Fund investment strategy change
The investment objective of the NBI Unconstrained Fixed Income Fund remains unchanged. However, its investment strategy will be modified to allow it to invest 100% in underlying funds (effective on or about May 14, 2020). This change is in line with the governance process of NBI's open architecture structure.

The changes will be reflected in the NBI Funds simplified prospectus, which will be available on the SEDAR website (www.sedar.com) as well as on the National Bank Investments website (www.nbinvestments.ca).

About National Bank Investments Inc.
National Bank Investments ("NBI") is an investment fund management firm committed to manufacturing and distributing mutual funds, investment solutions and services designed to help Canadian investors pursue their financial goals. As at March 31, 2020, the value of assets under management in NBI products amounted to $55 billion.

Guided by a 100% open architecture structure, NBI is dedicated to providing diverse solutions to meet the evolving needs of its clients. NBI consistently strives to be recognized as a key partner by combining innovation and excellence. NBI's role is not limited to administrative aspects of management; NBI Advisory Services and its registered representatives form a team of specialists who provide information and advice to help advisors build portfolios adapted to their clients' financial needs. Follow NBI's activities at nbinvestments.ca or via social media such as YouTube and LinkedIn.

About NBI Funds and Meritage Portfolios
The NBI Funds are offered by, and the Meritage Portfolios® (together, the "Funds") are managed by, National Bank Investments Inc., a wholly owned subsidiary of National Bank of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. 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.

® MERITAGE PORTFOLIOS and the Meritage Portfolios logo are trade-marks of National Bank of Canada, used under license by National Bank Investments Inc.

About National Bank of Canada
With $289 billion in assets as at January 31, 2020, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. It has more than 26,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities at nbc.ca or via social media such as Facebook, LinkedIn and Twitter.

SOURCE National Bank of Canada