Commissions

• Acuity Funds Limited
• Aegon Fund Management Inc.
• AGF Management Ltd.
• Aston Hill Financial
• Arrow Hedge Partners
• Baring Asset Management
• B.E.S.T.
• Discoveries Fund
• B2B Trust
• BluMont Capital Corporation
• BMO Guardian Funds
• Brandes Funds
• Brickburn Funds Inc.
• BMG Management Services Inc.
• Canoe Financial
• CI Investments Inc.
• Caldwell Investment Management Ltd.
• Capital International Asset
• Management
• CGF Mutual Funds Corp.
• Chou Associates Management Inc.
• CIBC Securities Inc.
• Counsel Portfolio Services Inc.
• Creststreet Asset Management Ltd.
• Dynamic Fund Management Ltd.
• EdgePoint Wealth Management Inc.
• EnerVest Natural Resource Fund
• Excel Funds
• Fidelity Investment Canada Ltd.
• Fiera Capital
• Fonds REA II
• Fiera (previously Natcan)
• Formula Growth Ltd.
• Franklin Templeton Investments
• Front Street Capital Management
• FrontierAlt Orbit Fund Management Ltd.
• Galileo Equity Management Inc.
• Global Growth Assets Inc.
• Globevest Capital
• HartFord Investments Canada
• HSBC Bank Canada Inc.
• IA Clarington Investments Inc.
• Invesco Trimark Ltd.
• Investissements Renaissance
• Jones Heward Investments
• JovFunds Management Inc.
• Mackenzie Financial Corporation
• Man Investments Canada Corp.
• Manulife Mutual Funds
• Mavrix Fund Management Inc.
• McLean Budden Limited
• Meritage Portfolios
• Meritas Financial Inc.
• MiddleField Group
• MineralFields Group (sale only)
• National Bank Securities
• NexGen Financial Corp.
• Norrep Fund
• Northwest and Ethical Investments LP
• O'Leary Funds
• OFM Funds Group Inc.
• One Financial (sale only)
• Pender
• Phillips, Hager & North Inv. Mgmt. Ltd
• PIMCO
• Pro-Hedge Funds
• RBC Dominion Securities Inc.
• Redwood Asset Management Inc.
• ROI Management Inc. (sale only)
• Russell Investments
• SaskWorks Venture Fund Inc.
• Scotia Capital Inc.
• Sentry Select Capital Corporation
• Sprott Asset Management Inc.
• Standard Life Mutual Funds
• Steadyhand Investment Funds
• Stone & Company Limited
• TD Asset Management Inc.

Please note that this list is subject to change at any time. Some mutual fund families are not available in all provinces. For complete information and availability, please refer to the prospectus or contact one of our representatives.

Transaction fees of $44.95 or more will be charged for the purchase, sale or exchange of mutual funds offered by these companies. For more information about these fees, please contact one of our representatives.

• Bar of Québec
• Beutel Goodman
• COTE 100
• Crystalline Management (sale only)
• Desjardins (sale only)
• Fonds FMOQ (sale only)
• Fonds des professionnels (sale only)
• Formula Growth Limited (sale only)
• Friedberg Mercantile Group Ltd.
• GBC Asset Management Inc.
• Gestion Férique*
• Intergra Capital Management (sale only)
• Investors Group (sale only)
• Jarislowsky Fraser**
• K2 & Associate (sale only)
• Landry Morin Inc.
• Lawrence Asset Management Inc.
• Leith Wheeler Investment Counsel Ltd.
• Mawer Investment Management
• MD Financial Management (sale only)
• MD Physician Services
• Montrusco Bolton (sale only)
• Placements NEI
• Tradex Management Inc. (sale only)

*A transaction fee of $25 will be charged for the purchase, sale or exchange of a Férique fund.

**A transaction fee of $28.95 will be charged for the purchase, sale or exchange of Jarislowsky Fraser funds. These fees do not apply when the assets in accounts under the same root exceed $100,000. For more information, please contact one of our representatives.

Please note that this list is subject to change at any time. Some mutual fund families are not available in all provinces. For complete information and availability, please refer to the prospectus or contact one of our representatives.

1. To qualify for the commission fees applicable to Active Investors, you must have carried out one hundred (100) equity, ETF or option transactions generating a commission under the same account root in the preceding three (3) months (quarter). When the criterion is met, the commission fee schedule for Active Investors comes into effect on the first day of the following month. This criterion has to be met on the first day of each month for the Active Investors pricing to remain in effect. This commission schedule does not apply to transactions carried out by telephone through a representative. However, such transactions are taken into consideration when calculating the number of transactions carried outin a quarter. Accounts for legal entities are eligible for reduced pricing for Active Investors; however, these accounts cannot be combined with a personal account for the purpose of calculating transactions.

2. You must be 30 years old or younger to benefit from the young investor rate.

3. An option contract gives the holder the right, but not the obligation, to buy or sell a given position in an underlying security at a given exercise price. Contracts are for 100 shares.

4. Each trade must involve 100 or more exchange-traded funds (ETFs) units and must be carried out using our electronic solutions.

Commission-free ETF trades are not counted when calculating:

• Free access to trading platforms
• Active Investor pricing
• Annual administrative fees

Management and other fees may apply to ETF investments. Please read the prospectus before making an investment. ETFs are not guaranteed, their values change frequently and past performance may not be repeated.

Regular pricing on equities trade applies if the $0 commission conditions on ETFs are not met.

5. Except for NBI Funds and Meritage Portfolios, the minimum amount for a mutual fund transaction through National Bank Direct Brokerage is $1,000 or the amount required by the mutual fund company, whichever is higher. Subsequent mutual fund transactions must be for at least $500.00 or the amount required by the mutual fund company, whichever is greater.

Switch orders are subject to the same redemption fees. Some mutual fund companies may charge fees in addition to the commissions payable to National Bank Direct Brokerage. These fees may include account opening fees, early redemption fees, deferred sales commissions on funds with redemption fees, management fees, etc. For more details, please refer to the prospectus of the mutual fund in question.

Fund companies charge fees when fund units with back-end loads are sold. These fees usually follow a degressive fee structure set by the fund company.

Switch transactions are allowed only within the same fund family and the same fee structure.

NBI Funds include the NBI Jarislowsky Fraser Funds, NBI Westwood Fund, NBI Portfolios, NBI Private Portfolios, NBI SmartData Funds and NBI SmartBeta Funds.

A commission fee of $44.95 applies to all transactions for certain fund families. For the complete list of fund families with transaction fees, please contact one of our representatives.

Only a few fund families charge transaction fees. Consult the full list of funds or contact one of our representatives.

Commissions are billed in the same currency as the transaction.

Each partial execution of a transaction is subject to the full commission, unless the transaction is executed in its entirety on the same trading session. Full commission is charged on all separate transaction performed on the same security. Additional fees may be charged by the local securities exchange commission and/or by the stock market and are billed in the same currency as the transaction.

When an order is placed through one of our services (e.g., a representative) and then modified via another service (e.g., the website), the commission is based on the higher of the two commission applicable. The commission charged to exercise an option is the same as the one applicable when trading the underlying securities through a representative. A currency conversion is required for any trade involving a security in a currency other than that of the account in which the trade is settled. When carrying out this conversion, National Bank Direct Brokerage acts as principal and can earn, in addition to the commission applicable to the transaction, revenue based on the spread between the bid and ask rates. Borrowing fees, which vary according to the market and without prior notice, may be incurred when selling securities short or when carrying out any other transaction resulting in a short position in an account. These fees are charged directly to your account the following month in the currency of the account, regardless of whether the position is covered or not. Contact one of our representatives for more information regarding these fees.