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Building your financial future Discretionary Portfolio Management Services

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Managing the world’s mostimportant investments: Yours!

With our Private Portfolios and Discretionary Portfolios, National Bank Financial acknowledges the key role that your Investment Advisor plays within the realization of your financial goals. Your Investment Advisor is best suited to understand your personal needs and financial objectives. When he or she is certified as a portfolio manager by the appropriate securities regulator and authorized by our firm, you can be confident that you’re dealing with someone who is highly qualified to safeguard and grow your investments. Building on his or her expertise, your advisor can devote his or her full attention to your investments, freeing up your time to deal with what really matters to you.

Building your financial future

Discretionary Portfolio Management Services

nbf.ca

27 849

-202

 (20

11/1

0)

National Bank Financial is an indirect wholly-owned subsidiary of National Bank of Canada which is a public company listed on the Toronto Stock Exchange (NA: TSX).

While investing in financial markets is an outstanding way to achieve savings goals, it is also a complex process that requires a great deal of time to derive maximum benefits.

This is why a growing number of investors are opting to delegate the

management of their investments to Portfolio Managers. Mandated to make the best decisions for their clients without the requirement of obtaining approval, this approach consistently provides numerous benefits to investors.

2 | 3

| 4

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iscr

etio

nary

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tfol

io M

anag

emen

t Se

rvic

es

What’s the difference between an Investment Advisor and an Investment Advisor who is also a portfolio manager?

Investment Advisors who have received portfolio management certification by a recognized regulatory authority are able to make discretionary decisions on a client account. This service has typically been reserved for wealthy and institutional clientele. The Discretionary Management Program at National Bank Financial now enables the clients of approved advisors to take advantage of services and opportunities not always afforded them elsewhere in the industry.

What is a portfolio manager?

n A portfolio manager is an investment professional certified by securities regulators who has discretionary management authority.

n To be a portfolio manager, investment advisors must meet strict criteria in terms of education and overall investment experience.

What qualifications are required to be a portfolio manager?

As a portfolio manager, candidate must meet stringent criteria that are of the highest standard in the Canadian investment industry. At National Bank Financial, a select group of Investment Advisors have earned the required qualifications:

n Portfolio managers must be certified as a CIM (Canadian Investment Manager) or CFA (Chartered Financial Analyst). These two certifications are granted by recognized organizations that operate completely independent of National Bank Financial.

n Portfolio managers must have accumulated several years of experience as an active registered full-service brokerage representative. They can also qualify by having accumulated several years of experience as a research analyst with a company that is a member of a self-regulatory organization. Relevant experience in managing or analyzing investments, a history of above-average portfolio management performance and an adherence toward internal compliance criteria are all prerequisites for the program offered by National Bank Financial.

If you received this pamphlet from your Investment Advisor, it means that he or she is part of an exclusive group of advisors who can provide discretionary portfolio management services. Not only do these advisors have the highest level of qualification in the industry, they also possess professional distinctions that testify to their commitment of adherence to the highest professional and ethical standards. National Bank Financial has therefore appointed them portfolio managers and authorized them to act with the support of our portfolio management department.

The path to your goals

Finding your personal route to financial independence.

National Bank Financial offers two discretionary management approachesPrivate Portfolios

The first approach is our Private Portfolios. This is an investment vehicle exclusive to National Bank Financial that allows you to directly own a wide range of individual securities while enjoying certain characteristics unique to mutual funds. These include diversification, risk management and a clear performance history all without the drawbacks or higher fees that usually come with typical funds.

Investment into a Private Portfolio provides you the benefit of having a discretionary-managed mandate within your overall investment account. The Private Portfolio mandate is included in the client account and only securities held in the Private Portfolio are managed on a discretionary basis. While always adhering to certain guidelines, Private Portfolios are adjusted by the manager to better adapt the mandate to market conditions or to take advantage of investment opportunities.

Discretionary Portfolios

The second approach available at National Bank Financial is designed specifically for discretionary managers whose larger clients are looking for personalized service over their entire account. Discretionary Portfolios offer an individual approach for all investor profiles.

With this approach, the portfolio manager prepares an investment policy statement and constructs a portfolio based on an in-depth examination of the client’s financial situation and investment needs. The Portfolio Manager will regularly monitor your account ensuring that asset allocation and performance objectives are in line with the original policy statement that was set out.

Discretionary Portfolios provide portfolio managers with the latitude they need to manage all of your investments. You entrust your savings to a portfolio manager who will make all the necessary decisions involved in the day-to-day management of your portfolio in keeping with your investor profile, restrictions, constraints and investment objectives.

In Summary, Private Portfolios provide you with discretionary management for part of your investments, while Discretionary Portfolios address all your assets.

Benefits of doing business with a portfolio manager1. Personalized management and communication

Having a portfolio manager as your Investment Advisor brings a human dimension to discretionary management. By entrusting your investments to someone you know well, you can make sure that your assets are managed with your priorities in mind. You will enjoy a personalized business relationship, unparalleled portfolio management skills and a better overall client experience due to the benefits of discretionary management.

2. A rigorous process

Although advisors are fully qualified to oversee your investments, National Bank Financial provides additional support and will work to ensure portfolio integrity through our portfolio manager supervision committee. This committee monitors the following aspects on a regular basis:

n compliance with the parameters set out in the investment policy statement;

n securities held in the portfolio are suitable for the investor;

n the model’s relative performance meets expectations;

n activities are in keeping with regulatory policies and procedures.

3. The flexibility to quickly adjust your portfolio in keeping with market changes.

Portfolio managers are able to make immediate changes to a portfolio without gaining client approval. With financial information circulating faster then ever, managers occasionally need to act quickly on your behalf. Due to the discretionary control granted to the Manager by the client, changes can be made in short order which further ensures your investment objectives are being met.

4. Fees tailored to your portfolio

With discretionary management, monthly management fees represent a fixed percentage of the value of your portfolio and will be adjusted accordingly – rising as your assets increase in value and falling should your investments incur a setback. This fee-based relationship provides the manager the freedom to look after the clients’ best interests without having to take transaction costs into consideration. Portfolio managers serving as Investment Advisors are not compensated for the number of trades they execute, but rather for their expertise, sound decision making and the range of services they provide.

Furthermore, portfolio management fees for a taxable, non-registered account are generally fully or partially tax-deductible.

While investing in financial markets is an outstanding way to achieve savings goals, it is also a complex process that requires a great deal of time to derive maximum benefits.

This is why a growing number of investors are opting to delegate the

management of their investments to Portfolio Managers. Mandated to make the best decisions for their clients without the requirement of obtaining approval, this approach consistently provides numerous benefits to investors.

2 | 3

| 4

D

iscr

etio

nary

Por

tfol

io M

anag

emen

t Se

rvic

es

What’s the difference between an Investment Advisor and an Investment Advisor who is also a portfolio manager?

Investment Advisors who have received portfolio management certification by a recognized regulatory authority are able to make discretionary decisions on a client account. This service has typically been reserved for wealthy and institutional clientele. The Discretionary Management Program at National Bank Financial now enables the clients of approved advisors to take advantage of services and opportunities not always afforded them elsewhere in the industry.

What is a portfolio manager?

n A portfolio manager is an investment professional certified by securities regulators who has discretionary management authority.

n To be a portfolio manager, investment advisors must meet strict criteria in terms of education and overall investment experience.

What qualifications are required to be a portfolio manager?

As a portfolio manager, candidate must meet stringent criteria that are of the highest standard in the Canadian investment industry. At National Bank Financial, a select group of Investment Advisors have earned the required qualifications:

n Portfolio managers must be certified as a CIM (Canadian Investment Manager) or CFA (Chartered Financial Analyst). These two certifications are granted by recognized organizations that operate completely independent of National Bank Financial.

n Portfolio managers must have accumulated several years of experience as an active registered full-service brokerage representative. They can also qualify by having accumulated several years of experience as a research analyst with a company that is a member of a self-regulatory organization. Relevant experience in managing or analyzing investments, a history of above-average portfolio management performance and an adherence toward internal compliance criteria are all prerequisites for the program offered by National Bank Financial.

If you received this pamphlet from your Investment Advisor, it means that he or she is part of an exclusive group of advisors who can provide discretionary portfolio management services. Not only do these advisors have the highest level of qualification in the industry, they also possess professional distinctions that testify to their commitment of adherence to the highest professional and ethical standards. National Bank Financial has therefore appointed them portfolio managers and authorized them to act with the support of our portfolio management department.

The path to your goals

Finding your personal route to financial independence.

National Bank Financial offers two discretionary management approachesPrivate Portfolios

The first approach is our Private Portfolios. This is an investment vehicle exclusive to National Bank Financial that allows you to directly own a wide range of individual securities while enjoying certain characteristics unique to mutual funds. These include diversification, risk management and a clear performance history all without the drawbacks or higher fees that usually come with typical funds.

Investment into a Private Portfolio provides you the benefit of having a discretionary-managed mandate within your overall investment account. The Private Portfolio mandate is included in the client account and only securities held in the Private Portfolio are managed on a discretionary basis. While always adhering to certain guidelines, Private Portfolios are adjusted by the manager to better adapt the mandate to market conditions or to take advantage of investment opportunities.

Discretionary Portfolios

The second approach available at National Bank Financial is designed specifically for discretionary managers whose larger clients are looking for personalized service over their entire account. Discretionary Portfolios offer an individual approach for all investor profiles.

With this approach, the portfolio manager prepares an investment policy statement and constructs a portfolio based on an in-depth examination of the client’s financial situation and investment needs. The Portfolio Manager will regularly monitor your account ensuring that asset allocation and performance objectives are in line with the original policy statement that was set out.

Discretionary Portfolios provide portfolio managers with the latitude they need to manage all of your investments. You entrust your savings to a portfolio manager who will make all the necessary decisions involved in the day-to-day management of your portfolio in keeping with your investor profile, restrictions, constraints and investment objectives.

In Summary, Private Portfolios provide you with discretionary management for part of your investments, while Discretionary Portfolios address all your assets.

Benefits of doing business with a portfolio manager1. Personalized management and communication

Having a portfolio manager as your Investment Advisor brings a human dimension to discretionary management. By entrusting your investments to someone you know well, you can make sure that your assets are managed with your priorities in mind. You will enjoy a personalized business relationship, unparalleled portfolio management skills and a better overall client experience due to the benefits of discretionary management.

2. A rigorous process

Although advisors are fully qualified to oversee your investments, National Bank Financial provides additional support and will work to ensure portfolio integrity through our portfolio manager supervision committee. This committee monitors the following aspects on a regular basis:

n compliance with the parameters set out in the investment policy statement;

n securities held in the portfolio are suitable for the investor;

n the model’s relative performance meets expectations;

n activities are in keeping with regulatory policies and procedures.

3. The flexibility to quickly adjust your portfolio in keeping with market changes.

Portfolio managers are able to make immediate changes to a portfolio without gaining client approval. With financial information circulating faster then ever, managers occasionally need to act quickly on your behalf. Due to the discretionary control granted to the Manager by the client, changes can be made in short order which further ensures your investment objectives are being met.

4. Fees tailored to your portfolio

With discretionary management, monthly management fees represent a fixed percentage of the value of your portfolio and will be adjusted accordingly – rising as your assets increase in value and falling should your investments incur a setback. This fee-based relationship provides the manager the freedom to look after the clients’ best interests without having to take transaction costs into consideration. Portfolio managers serving as Investment Advisors are not compensated for the number of trades they execute, but rather for their expertise, sound decision making and the range of services they provide.

Furthermore, portfolio management fees for a taxable, non-registered account are generally fully or partially tax-deductible.

While investing in financial markets is an outstanding way to achieve savings goals, it is also a complex process that requires a great deal of time to derive maximum benefits.

This is why a growing number of investors are opting to delegate the

management of their investments to Portfolio Managers. Mandated to make the best decisions for their clients without the requirement of obtaining approval, this approach consistently provides numerous benefits to investors.

2 | 3

| 4

D

iscr

etio

nary

Por

tfol

io M

anag

emen

t Se

rvic

es

What’s the difference between an Investment Advisor and an Investment Advisor who is also a portfolio manager?

Investment Advisors who have received portfolio management certification by a recognized regulatory authority are able to make discretionary decisions on a client account. This service has typically been reserved for wealthy and institutional clientele. The Discretionary Management Program at National Bank Financial now enables the clients of approved advisors to take advantage of services and opportunities not always afforded them elsewhere in the industry.

What is a portfolio manager?

n A portfolio manager is an investment professional certified by securities regulators who has discretionary management authority.

n To be a portfolio manager, investment advisors must meet strict criteria in terms of education and overall investment experience.

What qualifications are required to be a portfolio manager?

As a portfolio manager, candidate must meet stringent criteria that are of the highest standard in the Canadian investment industry. At National Bank Financial, a select group of Investment Advisors have earned the required qualifications:

n Portfolio managers must be certified as a CIM (Canadian Investment Manager) or CFA (Chartered Financial Analyst). These two certifications are granted by recognized organizations that operate completely independent of National Bank Financial.

n Portfolio managers must have accumulated several years of experience as an active registered full-service brokerage representative. They can also qualify by having accumulated several years of experience as a research analyst with a company that is a member of a self-regulatory organization. Relevant experience in managing or analyzing investments, a history of above-average portfolio management performance and an adherence toward internal compliance criteria are all prerequisites for the program offered by National Bank Financial.

If you received this pamphlet from your Investment Advisor, it means that he or she is part of an exclusive group of advisors who can provide discretionary portfolio management services. Not only do these advisors have the highest level of qualification in the industry, they also possess professional distinctions that testify to their commitment of adherence to the highest professional and ethical standards. National Bank Financial has therefore appointed them portfolio managers and authorized them to act with the support of our portfolio management department.

The path to your goals

Finding your personal route to financial independence.

National Bank Financial offers two discretionary management approachesPrivate Portfolios

The first approach is our Private Portfolios. This is an investment vehicle exclusive to National Bank Financial that allows you to directly own a wide range of individual securities while enjoying certain characteristics unique to mutual funds. These include diversification, risk management and a clear performance history all without the drawbacks or higher fees that usually come with typical funds.

Investment into a Private Portfolio provides you the benefit of having a discretionary-managed mandate within your overall investment account. The Private Portfolio mandate is included in the client account and only securities held in the Private Portfolio are managed on a discretionary basis. While always adhering to certain guidelines, Private Portfolios are adjusted by the manager to better adapt the mandate to market conditions or to take advantage of investment opportunities.

Discretionary Portfolios

The second approach available at National Bank Financial is designed specifically for discretionary managers whose larger clients are looking for personalized service over their entire account. Discretionary Portfolios offer an individual approach for all investor profiles.

With this approach, the portfolio manager prepares an investment policy statement and constructs a portfolio based on an in-depth examination of the client’s financial situation and investment needs. The Portfolio Manager will regularly monitor your account ensuring that asset allocation and performance objectives are in line with the original policy statement that was set out.

Discretionary Portfolios provide portfolio managers with the latitude they need to manage all of your investments. You entrust your savings to a portfolio manager who will make all the necessary decisions involved in the day-to-day management of your portfolio in keeping with your investor profile, restrictions, constraints and investment objectives.

In Summary, Private Portfolios provide you with discretionary management for part of your investments, while Discretionary Portfolios address all your assets.

Benefits of doing business with a portfolio manager1. Personalized management and communication

Having a portfolio manager as your Investment Advisor brings a human dimension to discretionary management. By entrusting your investments to someone you know well, you can make sure that your assets are managed with your priorities in mind. You will enjoy a personalized business relationship, unparalleled portfolio management skills and a better overall client experience due to the benefits of discretionary management.

2. A rigorous process

Although advisors are fully qualified to oversee your investments, National Bank Financial provides additional support and will work to ensure portfolio integrity through our portfolio manager supervision committee. This committee monitors the following aspects on a regular basis:

n compliance with the parameters set out in the investment policy statement;

n securities held in the portfolio are suitable for the investor;

n the model’s relative performance meets expectations;

n activities are in keeping with regulatory policies and procedures.

3. The flexibility to quickly adjust your portfolio in keeping with market changes.

Portfolio managers are able to make immediate changes to a portfolio without gaining client approval. With financial information circulating faster then ever, managers occasionally need to act quickly on your behalf. Due to the discretionary control granted to the Manager by the client, changes can be made in short order which further ensures your investment objectives are being met.

4. Fees tailored to your portfolio

With discretionary management, monthly management fees represent a fixed percentage of the value of your portfolio and will be adjusted accordingly – rising as your assets increase in value and falling should your investments incur a setback. This fee-based relationship provides the manager the freedom to look after the clients’ best interests without having to take transaction costs into consideration. Portfolio managers serving as Investment Advisors are not compensated for the number of trades they execute, but rather for their expertise, sound decision making and the range of services they provide.

Furthermore, portfolio management fees for a taxable, non-registered account are generally fully or partially tax-deductible.

Managing the world’s mostimportant investments: Yours!

With our Private Portfolios and Discretionary Portfolios, National Bank Financial acknowledges the key role that your Investment Advisor plays within the realization of your financial goals. Your Investment Advisor is best suited to understand your personal needs and financial objectives. When he or she is certified as a portfolio manager by the appropriate securities regulator and authorized by our firm, you can be confident that you’re dealing with someone who is highly qualified to safeguard and grow your investments. Building on his or her expertise, your advisor can devote his or her full attention to your investments, freeing up your time to deal with what really matters to you.

Building your financial future

Discretionary Portfolio Management Services

nbf.ca

27 849

-202

 (20

11/1

0)

National Bank Financial is an indirect wholly-owned subsidiary of National Bank of Canada which is a public company listed on the Toronto Stock Exchange (NA: TSX).

Managing the world’s mostimportant investments: Yours!

With our Private Portfolios and Discretionary Portfolios, National Bank Financial acknowledges the key role that your Investment Advisor plays within the realization of your financial goals. Your Investment Advisor is best suited to understand your personal needs and financial objectives. When he or she is certified as a portfolio manager by the appropriate securities regulator and authorized by our firm, you can be confident that you’re dealing with someone who is highly qualified to safeguard and grow your investments. Building on his or her expertise, your advisor can devote his or her full attention to your investments, freeing up your time to deal with what really matters to you.

Building your financial future

Discretionary Portfolio Management Services

nbf.ca

27 849

-202

 (20

11/1

0)

National Bank Financial is an indirect wholly-owned subsidiary of National Bank of Canada which is a public company listed on the Toronto Stock Exchange (NA: TSX).