As at November 30, 2014 National Bank Consensus International Equity Fund* HHHH † (formerly Omega Consensus International Equity Fund) Morningstar RatingTM Category: International Equity Portfolio Asset Mix (% of Net Assets) Quick Facts The fund’s investment objective is to provide long-term capital growth. This fund invests directly, or through investments in securities of other mutual funds, in a portfolio mainly composed of equities of foreign companies located outside North America and in American Depository Receipts (ADR) traded on recognized stock exchanges. INVESTMENT HORIZON SHORT LONG FUND VOLATILITY LOW HIGH STYLE SECTOR DEVIATION MARKET CAPITALIZATION Value Minimal Small Blend Moderate Mid Growth Wide Large Top Holdings (%) Information Technology Energy Health Care Financials Telecommunication Services Consumer Discretionary Industrials Materials Utilities 50 37.36 24.86 10 $50 -30 Systematic Investment: $25 -50 Benchmark Index: Validea Capital Management, LLC -8 Fund † The fund’s name was changed on May 12, 2014. 2009 2008 7.18 5.24 4 -2 John P. Reese 2010 10.03 10 MER: 2.15% Management Team: 2011 15.75 $14,314 MSCI EAFE Management Fee: 1.70% 2012 16 November 22, 2007 Value of $10,000 since inception: -30.00 2013 Annual Compound Returns (%) $312.3 $8.99 Inception Date: -11.47 YTD Annually Price per Unit: 13.36 10.76 4.53 -10 Subsequent Investment: Assets Under Management ($M): 22.75 17.68 17.25 14.25 12.71 6.57 3.42 3.02 2.35 Annual Returns (%) $500 Distribution Frequency: Sector Allocation (%) 30 Minimum Initial Investment: * Europe Americas Asia Ex-Japan Japan Africa Cash & Other Assets Banco Macro SA, ADR 3.01 Jazz Pharmaceuticals Plc 2.95 Netease.com, ADR 2.89 Orange 2.78 Seagate Technology 2.52 Novo-Nordisk A/S, ADR 2.50 TAL Education Group 2.42 Mettler-Toledo International Inc. 2.37 Silicon Motion Technology Corp. 2.35 AVG Technologies NV 2.33 Total of Top Holdings of the Fund (% of Net Assets): 26.12 Total Number of Securities Held: 51 Quantitative Portfolio Manager: 55.13% 21.17% 15.20% 5.50% 1.66% 1.34% -0.33 -1.32 -4.46 1 month 3 months 6 months 1 year 3 years 5 years 10 years -0.33 -4.46 -1.32 7.18 15.75 10.03 — © 2014 Morningstar Research Inc. All rights reserved. Morningstar Ratings reflect performance as of November 30, 2014 and are subject to change monthly. Please carefully read the legal notices contained in the disclosure page. Since Inception 5.24 As at November 30, 2014 National Bank Consensus International Equity Fund* (formerly Omega Consensus International Equity Fund) Category: International Equity Disclosure National Bank Mutual Funds (the “Funds”) are offered 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 investments in the Funds. Please read the prospectus of the Funds before investing. The indicated rates of return are the historical annual compounded total returns which include changes in the value of securities and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. The Funds’ securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. For money market funds, there can be no assurances that a fund will be able to maintain its net asset value per security at a constant amount or that the full amount of the investment in a fund will be returned. The Funds are not guaranteed, their values change frequently and past performance may not be repeated. The Morningstar Risk-Adjusted Rating, commonly referred to as the Star Rating, relates the risk-adjusted performance of a fund to that of its category peers. To determine a fund’s rating, the fund and its peers are ranked by their Morningstar Risk-Adjusted Returns. If a fund scores in the top 10% of its fund category, it receives five stars (High); if it falls in the next 22.5%, it receives four stars (Above Average); a place in the middle 35% earns a fund three stars (Neutral or Average); those in the next 22.5% receive two stars (Below Average); and the lowest 10% get one star (Low). The overall Star Rating for a fund is a weighted combination of its three, five, and ten year ratings. If a fund has less than three years’ performance history, it is not rated. If it has at least three but less than five years’ history, its overall rating is equal to its three-year rating. If it has at least five but less than ten years’ history, its overall rating is equal to 60% five-year rating and 40% three-year rating. If it has at least ten years’ history, its overall rating is equal to 50% ten-year rating, 30% five-year rating and 20% three-year rating. Morningstar Risk-Adjusted Ratings are recalculated monthly. © 2014 Morningstar Research Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its service providers; (2) may not be copied or distributed; and (3) is not represented or warranted to be accurate, correct, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For greater detail see www.morningstar.ca. † © 2014 Morningstar Research Inc. All rights reserved. Morningstar Ratings reflect performance as of November 30, 2014 and are subject to change monthly. Please carefully read the legal notices contained in the disclosure page.