As at October 31, 2025

Meritage Tactical ETF Growth Portfolio

Advisor Series

Category: Tactical Balanced

Investment Objective

To achieve a combination of income and long-term capital appreciation by making tactical investments primarily in a diverse mix of exchange-traded funds (“ETFs”) that are fixed income funds and equity funds. The weighting assigned to equity securities will generally be greater than the weighting assigned to fixed-income securities.

Fund Details

Investment horizon

At least 3 years

Fund volatility

Low to Medium

Minimum Initial Investment:

$500

Subsequent Investment:

$50

Systematic Investment:

$25

Distribution Frequency:

Quarterly

Assets Under Management ($M):

$145.0

Price per Unit:

$17.01

Inception Date:

March 1, 2016

Value of $10,000 since inception:

$19,316

Management Fee:

1.40%

MER:

1.74%

Management Fee Reduction Plan¹

For High Net Worth investors
Amount Applicable

Level to the level* Reduction
1 First $250,000 0.050%
2 Next $250,000 0.100%
3 In excess of $500,000 0.150%

¹ Subject to satisfying one of the Plan admissibility criteria.

* The levels apply according to the market value of the
   assets.

Available Fund Code:

Trust Portfolios Fund Code
Advisor Series
Initial Sales Charge NBC7444
Deferred Sales Charge NBC7544
Low Sales Charge NBC7644
F Series NBC7744
F5 Series NBC8744
T5 Series
Initial Sales Charge NBC8444
Deferred Sales Charge NBC8544
Low Sales Charge NBC8644

Portfolio Statistics

Alpha

-0.02

Beta

1.11

R-squared

0.90

Standard Deviation

8.35

Sharpe

1.14

Portfolio Asset Mix (% of Net Assets)

US Equity 29.67
International Equity 28.72
Canadian Equity 25.90
Canadian Government Bonds 7.01
Canadian Corporate Bonds 3.39
Other 3.23
Foreign Government Bonds 2.08
Third-Party funds %
Schwab US Broad Market ETF (SCHB) 21.92
BMO S&P/TSX Capped Composite Index ETF (ZCN) 14.96
iShares Core MSCI EAFE ETF (IEFA) 13.66
BMO Aggregate Bond Index ETF (ZAG) 8.19
CI MStar Canada Moment Indx ETF (WXM) 6.94
Schwab amental EM Large Co Index ETF (FNDE) 6.29
BMO MSCI USA High Quality Index ETF (ZUQ) 4.69
Invesco S&P 500 Eql Wght ETF (RSP) 4.61
iShares Core MSCI Emerging Markets ETF (IEMG) 4.25
Vanguard European Stock Index ETF (VGK) 3.42

Geographic Allocation

United States 35.04%
Canada 34.61%
Other 13.70%
Japan 3.27%
China 3.26%
United Kingdom 2.97%
Taiwan 2.07%
Switzerland 1.77%
France 1.66%
Germany 1.65%

Sector Allocation

Technology 18.91%
Financial Services 18.84%
Fixed Income 13.70%
Other 12.48%
Basic Materials 8.65%
Consumer Goods 6.12%
Industrial Goods 5.60%
Consumer Services 5.38%
Energy 5.25%
Healthcare 5.07%

Calendar Returns (%)

YTD 2024 2023 2022 2021 2020 2019
Portfolio 15.21 13.76 10.29 -10.84 11.95 7.39 14.58

Annualized Returns (%)

Portfolio 1 M 3 M 6 M 1 Y 3 Y 5 Y 10 Y Incp. Incp. Date
Portfolio 1.77 9.36 17.69 17.39 13.94 9.58 - 7.05

*Underlying fund data are as of October 31, 2025.

As at October 31, 2025

Meritage Tactical ETF Growth Portfolio

Advisor Series

Category: Tactical Balanced

Disclosure

Meritage Portfolios® (the "Portfolios") 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 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. The indicated rates of returns are based on the historical annual compounded total returns including changes in securities value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. "Meritage Portfolios®" and the Meritage Portfolios logo are trade-marks of National Bank of Canada, used under license by National Bank Investments Inc. All trade-marks and logos of the mutual funds companies are their property. National Bank Investments Inc. is an authorized user. Fidelity Investments is a registered trade-mark of FMR LLC. ® CI Investments and the CI Investments design are trade-marks of CI Investments Inc. Dynamic Funds® is a registered trademark of its owner, used under license, and a division of GCIC Ltd. TD Asset Management Inc. is a wholly owned subsidiary of The Toronto-Dominion Bank. The TD logo is a trade-mark of The TorontoDominion Bank. Invesco and all associated trade-marks are trade-marks of Invesco Holding Company Limited, used under licence. Trimark and all associated trade-marks are trade-marks of Invesco Canada Ltd. © Invesco Canada Ltd., 2019. Manulife Funds, Manulife Corporate Classes and Manulife Leaders Portfolios are managed by Manulife Mutual Funds. Manulife, Manulife Mutual Funds and the Manulife Mutual Funds For Your Future Logo are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.