#1NATIONAL BANK INVESTMENTS NBI Quebec Growth Fund Investor Series FUND FACTS May 12, 2023 This document contains key information you should know about the NBI Quebec Growth Fund. You can find more detailed information in the fund's simplified prospectus. Ask your representative for a copy, contact the manager, National Bank Investments Inc. ("NBI"), at 1-888-270-3941 or send an email to [email protected] or visit our website at www.nbinvestments.ca. Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk. Quick facts Fund code: Date series started: NBC860 Fund manager: July 23, 1999 Total value of fund on March 31, 2023: Management expense ratio (MER): $515.0 million 2.46% Portfolio manager: Portfolio sub-advisor: Distribution: National Bank Investments Inc. ("NBI") National Bank Trust Inc. Fiera Capital Corporation Net income and net realized capital gains for the year, December (automatically reinvested in additional units, unless the investor chooses differently). Minimum investment: $500 (initial), $50 (additional), $25 (systematic) What does the fund invest in? The fund's investment objective is to ensure long-term capital growth. The fund primarily invests in equity securities of corporations whose head office is in Quebec or who do a substantial part of their business in Quebec. It invests in many sectors of the Quebec economy. It is expected that investments in foreign securities will not exceed approximately 10% of the fund's assets. The charts below give you a snapshot of the fund's investments on March 31, 2023. The fund's investments will change over time. Top 10 Investments (as at March 31, 2023) 1. Cash, Money Market and Other Net Assets 2. WSP Global Group Inc. 3. ¡A Financial Corp Inc. 4. GDI Integrated Facility Services Inc. 5. Richelieu Hardware Ltd. 6. Alimentation Couche-Tard Inc. 7. CGI Group Inc., Class A 8. TFI International Inc. 9. Uni-Select Inc. Investment Mix (as at March 31, 2023) 6.5% Asset Allocation Sector Allocation 5.5% Canadian Equity 91.2% Industrials 33.6% 4.8% Cash, Money Market and Other Consumer Discretionary 12.8% 4.7% Net Assets 6.5% Financials 4.4% International Equity 10.6% 2.3% Consumer Staples 9.6% 4.2% Information Technology 4.2% 8.5% Materials 4.0% 6.5% Cash, Money Market and Other 3.6% 10. National Bank of Canada Net Assets 6.5% 3.4% Total percentage of top 10 investments: Utilities 45.3% 3.6% Total number of investments: Communication Services 45 3.2% Energy 3.0% Real Estate 1.7% Health Care 0.4% How risky is it? The value of the fund can go down as well as up. You could lose money. One way to gauge risk is to look at how much a fund's returns change over time. This is called "volatility". In general, funds with higher volatility will have returns that change more over time. They typically have a greater chance of losing money and may have a greater chance of higher returns. Funds with lower volatility tend to have returns that change less over time. They typically have lower returns and may have a lower chance of losing money. Risk rating NBI has rated the volatility of this fund as medium. This rating is based on how much the fund's returns have changed from year to year. It doesn't tell you how volatile the fund will be in the future. This rating can change over time. A fund with a low risk rating can still lose money. LOW LOW TO MEDIUM MEDIUM MEDIUM TO HIGH HIGH For more information about the risk rating and specific risks that can affect the fund's returns, see the Risk section of the fund's simplified prospectus. No guarantees Like most mutual funds, this fund doesn't have any guarantees. You may not get back the money you invest. Page 1 of 3#2NATIONAL BANK INVESTMENTS NBI Quebec Growth Fund Investor Series How has the fund performed? This section tells you how Investor Series units of the fund have performed over the past 10 years. Returns are after expenses have been deducted. These expenses reduce the funds' returns. Year-by-year returns This chart shows how Investor Series units of the fund performed in each of the past 10 years. The fund dropped in value in 2 of the 10 years. The range of returns and change from year to year can help you assess how risky the fund has been in the past. It does not tell you how the fund will perform in the future. 50% 40% 37.3% 30% 21.9% 20% 22.8% 18.7% 12.3% 15.3% 17.3% 10% 5.7% 0% -10% -20% -11.5% -6.4% -30% -40% -50% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Best and worst 3-month returns This table shows the best and worst returns for Investor Series units of the fund in a 3-month period over the past 10 years. The best and worst 3-month returns could be higher or lower in the future. Consider how much of a loss you could afford to take in a short period of time. Best Return Worst return Return 3 months ending 17.8% June 30, 2020 -24.8% March 31, 2020 If you invested $1,000 at the beginning of the period Your investment would rise to $1,178. Your investment would drop to $752. Average return The annual compounded return of Investor Series units of the fund was 12.38% over the past 10 years. If you had invested $1,000 in this fund 10 years ago, your investment would now be worth $3,213. Who is this fund for? Investors who: are looking to invest for the long term (at least five years); ⚫ are seeking to participate in Quebec's economic growth within a diversified portfolio. Don't buy this fund if you need a steady source of income from your investment. How much does it cost? A word about tax In general, you'll have to pay income tax on any money you make on a fund. How much you pay depends on the tax laws where you live and whether or not you hold the fund in a registered plan, such as a Registered Retirement Savings Plan (RRSP) or a Tax-Free Savings Account (TFSA). Keep in mind that if you hold your fund in a non-registered account, fund distributions are included in your taxable income, whether you get them in cash or have them reinvested. The following tables show the fees and expenses you could pay to buy, own and sell Investor Series units of the fund. The fees and expenses - including any commissions - can vary among series of the fund and among funds. Higher commissions can influence representatives to recommend one investment over another. Ask about other funds and investments that may be suitable for you at a lower cost. 1. Sales Charges There are no charges when you purchase your units through NBI or National Bank Direct Brokerage (a division of National Bank Financial Inc.). Other representative's firm may charge you a fee. 2. Fund expenses You don't pay these expenses directly. They affect you because they reduce the fund's returns. As of December 31, 2022, the fund's expenses were 2.49% of its value. This equals $24.90 for every $1,000 invested. Page 2 of 3#3NATIONAL BANK INVESTMENTS How much does it cost? (cont'd) Management expense ratio (MER) This is the total of the fund's management fee (including the trailing commission) and operating expenses (including fixed rate administration fee). NBI waived some of the fund's expenses. If it had not done so, the MER would have been higher. Trading expense ratio (TER) These are the fund's trading costs. NBI Quebec Growth Fund Investor Series Annual rate (as a % of the fund's value) 2.46% 0.03% Fund Expenses More about the trailing commission 2.49% The trailing commission is an ongoing commission. It is paid for as long as you own the fund. It is for the services and/or advice that your representative and their firm provide to you. NBI pays the trailing commission to your representative's firm. It is paid from the fund's management fee and is based on the value of your investment. The rate for this series of the fund is up to 1.00% of the value of your investment each year. This equals $10.00 each year for every $1,000 invested. 3. Other fees You may have to pay other fees when you buy, hold, sell, switch or convert units of the fund. Fee What you pay Short-term trading fee 2% of the value of the units you redeem or switch within 90 days of purchase may be charged by NBI. This fee goes to the fund. Registered Account termination fee, only if the registered investment account is with NBI. Other fees What if I change my mind? Under the securities law in some provinces and territories, you have the right to: ⚫ withdraw from an agreement to buy mutual fund units within two business days after you receive a simplified prospectus or Fund Facts document; or • cancel your purchase within 48 hours after you receive confirmation of the purchase. In some provinces and territories, you also have the right to cancel a purchase, or in some jurisdictions, claim damages, if the simplified prospectus, Fund Facts document or financial statements contain a misrepresentation. You must act within the time limit set by the securities law in your province or territory. For more information, see the securities law of your province or territory or ask a lawyer. For more information $100 Contact your representative or NBI for a copy of the fund's simplified prospectus and other disclosure documents. These documents and the Fund Facts make up the fund's legal documents. National Bank Investments Inc. 1155 Metcalfe Street, 5th floor Montreal, Quebec H3B 4S9 Phone: 514-871-2082 Toll-free: 1-888-270-3941 Email: [email protected] www.nbinvestments.ca To learn more about investing in mutual funds, see the brochure Understanding mutual funds, which is available on the website of the Canadian Securities Administrators at www.securities-administrators.ca. Page 3 of 3