941

							As at October 31, 2011


National Bank Secure Strategic Portfolio
Category: Canadian Fixed Income Balanced

                                                                               Portfolio Asset Mix (% of Net Assets)                                         Funds
 Portfolio Facts                                                                                            l                                               Cash & Short Term
                                                                                                                                                            National Bank Money Market Fund                                       25.0%
 Regular and stable income with very little volatility.                                                     l                                               National Bank Short Term Canadian Income Fund                         10.0%
                                                                                                            l        65.00% Fixed Income                    Fixed Income
 INVESTMENT HORIZON                                                                                         l        35.00% Cash & Short Term               National Bank Bond Fund                                               35.0%
     SHORT                                                         LONG                                     l                                               Altamira Corporate Bond Fund                                          10.0%
                                                                                                                                                            National Bank Dividend Fund                                           10.0%
                                                                                                            l                                               Altamira High Yield Bond Fund                                          5.0%
 FUND VOLATILITY                                                                                                                                            Altamira Global Bond Fund                                              5.0%
     LOW                                                            HIGH
                                                                               Annual Returns (%)
                                                                                                                                     YTD              2010           2009           2008            2007          2006         2005
 Minimum Initial Investment:                                     $10,000
                                                                              Portfolio                                              3.21             3.17           4.84           0.23            0.81          4.09         4.27
 Subsequent Investment:                                              $100      Annual Compound Returns (%)
                                                                              Funds                                                      1 month 3 months 6 months              1 year      3 years    5 years     10 years     Since
 Systematic Investment:                                              $100                                                                                                                                                     Inception
                                                                              Cash & Short Term
 Distribution Frequency: 1                                       Monthly      National Bank Money Market Fund                               0.04          0.14       0.29        0.58        0.47          1.53     1.81        3.37
                                                                              National Bank Short Term Canadian Income
 Assets Under Management ($M):                                    $351.9      Fund                                                          0.06          0.19       0.55        1.05        0.86          1.78     2.08        3.09
                                                                              Fixed Income
 Price per Unit: 2                                                $14.14      Altamira Corporate Bond Fund                                  -0.54          0.42       3.36        3.64        —             —        —          5.79
                                                                              Altamira Global Bond Fund                                     -5.23          4.51       8.33       -0.25       0.05          3.05     1.23        2.21
 Inception Date:                                  December 16, 2001           Altamira High Yield Bond Fund                                  3.98         -2.27      -1.80        3.43      16.12          4.50      —          5.13
                                                                              National Bank Bond Fund                                       -0.50          1.90       5.28        4.12       6.85          4.43     4.48        7.95
 Value of $10,000 since inception:                               $14,125
                                                                              National Bank Dividend Fund                                    0.77         -1.08      -0.50        2.30       6.69          0.78     4.81        6.67
 Management Fee: 1.12%                                      MER: 1.32%        Portfolio                                                     -0.21         0.75       2.54        2.46        4.29          2.67       —         3.56

 Portfolio Manager: Natcan Investment Management Inc.




 1   The amount paid monthly varies according to the distribution policy of
     funds in the portfolio.
 2   Based on average weighting of the funds.                                 Please carefully read the legal notices contained in the disclosure page.
As at October 31, 2011


National Bank Secure Strategic Portfolio
Category: Canadian Fixed Income Balanced

           Disclosure

           National Bank Securities Mutual Funds (the “Funds”) and National Bank Strategic Portfolios (the “Strategic 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 Funds and the use of
           Strategic Portfolios’ rebalancing services. Please read the prospectus of the Funds included in the Strategic Portfolios before making an investment. 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.