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ths 1 Year ea Year ince nception PORTFOLIO Performance 5.33 8.37 7.61 7.85% 8.24% ENCHMARK Comparison 3.57 5.66 7.98 7.12% 7.47% V al u e o f Private Portfolio ch 4 (Inception Date) September 30 , 201 9 $30,133 6,879 AVAGlobal Growth & Income Private ortfolioSeptember 0th, 2013rdQuarter)anco G. Zava, LL.B., CIMortfolio ManagerInvestmentAdvisorel.: 2509538432franco.zava@nbc.caed e gees.en5% 1 da, 5% al al P 0 al % MEAFal rn & % MI ng rkeal nk This ortfolio is suitable for investors who:are seeking diversified equity exposure to Canadian, US & International markets combined with a reasonable income streamare willing to tolerate a moderate level of risk with a minimum time horizon of 2 5 yearsprefer minimal involvement with the investment decision making process.Asset Allocation Cash Canada US Equity Fixed Income Alternative Foreign Equity C o n t a c t i n f o r m a t i o n Sima Sepahi nk Finia Franco G. Zava, LL.B., CIM Associatenar & Investment Advisor Tel. 2509538413sima.sepahi@nbc.ca Building your financial futurePortfolio at End of Q Issuer Region Weight Brookfield Property Partners Canadian5.41 BMO Ultra ShortTerm Bond ETF Canadian 3.09 Manulife Financial Corp.Canadian6.44 Waste Connections Inc. Canadian 4.69 rookfield Infrastructure UnitsCanadian 7.01 Collers InternationalGroup Canadian 4.68 Bank of Nova cotia Canadian 3.86 Nutrien Ltd Canadian .23 BMO Nasdaq 100 ETF U.S. 3.45 Pattern Energy Group U.S. 5.65 Becton Dickinson& CU.4.3 Vanguard S&P MidCap 400 ETF U.S. 53 Vanguard FTSE Developed Europe ETFInternational 5.69 iShares S&P Global Energy ETF International 4.85 iShares S&P Global Cons. Disc.ETFInternational6.10 Cash Cash 5.03 Issuer Action BMO Ultra Short Term Bond ETF (ZST) DDED Bank of Nova Scotia (BNS) BOUGHT Issuer Action Vanguard FTSE Canada All Cap ETF (VN) SOLD BMO Nasdaq 100 ET(ZQQ) ADDED Transactions Executed In The Quarter I h a v e p r e p a r e d t h i s c o m m e n t a r y t o g i v e y o u m y t hou g h t s o n v a r i ou s fi na nc ia l a s pe c t s a nd c o n si d e r a ti o n s . T h

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i s c o m m e n t a r y r ef l e c t s m y o p i n i o n al on e and m a y n o t r ef l e c t the v i e w s o f N a ti o n a l B a nk Fina nc ia l G r ou p . I n e x p r e s si ng th es e , I bng t udnd proe m the e f some o sus a bnge nvhet shoe s a eftins ther than y the eseah f Ntink Financ. Ntink Financn ubsidnk f anahe Nnk f anada s a n the change nk Financs a emer f the anadn esr n nd . • Ntink Financs financ , ft or er or n heein and e emunn or nk Financ/ or epess or e a n n the d heein and e or f these tie tie n the en t thehe ticuld heein e e e e abbut e t eend e nit uend ns uce,and t e e e P o r t f o l i o M ana ge r ’ s C o m m e n t s For the most part, global markets added to 2019 gains in Q3. Canada (S&P/TSX) is now up 6.3year to date (YTD), underperforming US markets (S&P500) which have now added 8.7YTD. Global markets (MSCI ACWI) gained 5.2while Europe (MSCIEurope) and Emerging markets (MSCI EM) are now up and 5.5respectively YTD. he CDN dollar has gained 2.9% against the USD so far in 2019Q3 aw continued volatility as a result of uncertainty surroundingthe U.S. China trade situation as well as speculation on ere the Federal Reserve was headed with interest rates.Transactions in Q3 were minor in nature. We added to the BMO Nasdaq 100ETF (ZQQ)position after a pullback in order to benefit fromcontinued upward momentumin US tech stocks. Further, we sold our entire position in the Vanguard FTSE Canada All Cap ETF (VCN),broad Canadian market proxy, and reinvested part of those proceeds to initiatea small position in theBank of Nova Scotia (BNS)at a 5.1% annual yield. Your Private Portfolio continues to carry over 20% in very shorttermfixed income using the BMO Ultra Short Term Bond E(ZST)as a cushion against potential downside from the current market highs. The PrivatePortfoliosignificantly outperformed for the year period with a return of 8.37and continues tooutperform our month, 1 year, 5 year & “Since Inception” benchmarkAn investment since inception (March 4, 2014) would now have providedyou withannualizedreturnof % per year.Pleaseclick here for ourmost recent edition of NBF’s “Monthly Equity Monito