Your portfolio statement—All the information you need at a glance

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contact your Portfolio Manager or Investment Advisor.—NBCN Inc. 130 King Street West, Suite 3000 P.O. Box 21Toronto, Ontario M5X 1J9

National Bank Correspondent Network is a division of NBCN Inc. NBCN Inc. is a subsidiary of National Bank Financial Inc., an indirect wholly-owned subsidiary of National Bank of Canada which is a public company listed on Canadian stock exchanges. Member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada (“IIROC”).

© 2014 National Bank Correspondent Network. All rights reserved. Any reproduction, in whole or in part, is strictly prohibited without the prior written consent of National Bank Correspondent Network.

Managing an investment portfolio takes time, but understanding your portfolio statement should not.—Accordingly, we have designed a statement that is simple, user-friendly and, more importantly, easy to read. Your statement is at a minimum sent to you quarterly or it may be delivered monthly, if a transaction/activity occurs in your account. Your statement presents an overview of all your accounts plus a detailed breakdown of each one. The types of accounts that you hold are clearly indicated and there is enough detail to fully understand the status of your investments.

June 1 to June 30, 2011

Please check the information presented in this statement ofaccount. Any inaccuracy should be reported to us within30 days, failing which the information will be deemed to becorrect. Free credit balances in non−registeredaccounts representfunds payable on demand which, although properlyrecorded in our books, are not segregated and may beused in the conduct of our business. A copy of our statement of financial condition as at the end of ourmost recent financial year and a list of our partners, directors andofficers may be obtained upon request. Our clients in BritishColumbia are entitled to obtain certain additional informationabout us, including information about the commissions and feeswe charge and about any administrative proceedings that mayrelate to the firm or our staff. Clients’ accounts are protected up to certain limits by theCanadian Investor Protection Fund (CIPF). A pamphletdescribing the nature and limits of the coverage offered isavailable upon request. Cash balances of registered plans are held by the plantrustee. The trustee for the self−directedregistered retirementplans offered by National Bank Direct Brokerage Inc. isNatcan Trust Company, a wholly−ownedsubsidiary of NationalBank of Canada. There may be tax implications under federal and provincialincome tax legislation if ineligible investments are bought orheld in a registered account (except RESP accounts) or ifthe percentage of foreign content exceeds the authorizedlimit. Please note that in the event of a stock reorganization in anyshares you own, you must send your instructions to National BankDirect Brokerage at least 48 hours before the expiry dateindicated in the prospectus. Otherwise, National Bank DirectBrokerage reserves the right not to carry out the operationrequested. National Bank Direct Brokerage Inc. is awholly−ownedsubsidiary of National Bank of Canada.

Your Portfolio Statement consists of two main sections: the"Portfolio Summary" section presents an overview of yourinvestments and is followed by a section providing detailedinformation on each of your accounts.

The market value of the securities and cash in each of youraccounts at month−endis expressed in Canadian dollars.The subsection on asset allocation indicates the distributionof the consolidated financial assets you hold with us acrosseach of the main asset classes. Note that any securitiessold short or debit cash positions are not included in theasset mix calculation.

This section presents information on each of your accountsseparately. It is divided into four subsections. The "CashFlow" subsection presents changes in your cash balanceduring the month. The "Interest and Dividends" subsectionshows the total interest income and dividends earned inthe account during the current month and for the calendaryear to date. All transactions made during the month arepresented in chronological order in the "Account ActivityDetails" subsection. Finally, the "Asset Details" subsection

provides a listing of the securities you hold in the account,by asset class.Purchases and/or dispositions of securities resulting fromtransactions settled after month−end(listed under "Transactionsto settle after XXXX") will be reflected in the Portfolio Statementfor the following month.The "Status" column in the "Asset Details" subsectionprovides information on how the securities in your accountsare held. "SEG" (segregated) indicates fully paid securitieswhich are segregated and held for you in nominee form."SFK" (safekeeping) indicates fully paid securities, whichare segregated and held registered in your name."OWED" indicates securities you have sold but which havenot yet been delivered to us, or securities that were soldshort. "UNSG" (unsegregated) indicates securities beingheld as collateral for your margin loan, and are thereforenot segregated. Market values for the securities held in your variousaccounts are provided in the "Asset Details" subsection.For publicly traded stocks, these values are obtained fromsources we consider to be reliable, but we cannotguarantee their accuracy. Whenever possible, marketvalues for fixed income securities include accrued interest.In the case of securities not listed on an exchange ortraded infrequently, the value given is an estimate whichdoes not necessarily reflect the actual market value.Whenever possible, an asterisk is printed beside each pricewhich is questionable. For certain securities where we areunable to provide a market value, none is given.Book Value:"N/A" means that a portion or all of the book value of the securityis unknown. If you did not provide us with the information, thebook value was obtained through sources that we consider reliable.However, under no circumstances can we guarantee the accuracy ofthe book value since it may have been acquired from an externalsource. You accept the entire responsability for the accuracy ofthe book value indicated and its use for tax reporting purposes andyou therefore release National Bank Direct Brokerage from anyliability regarding the accuracy of the book value and any taxconsequences arising from its use.

The following is a list of the main abbreviations that mayappear on your statement to identify transactions oractivities.

NVS Non−votingsharesRS Restricted sharesRTS RightsRVS Restricted voting sharesSVS Subordinate voting sharesWTS Warrants

/D Deferred sales chargeFRAC Thousandths of units/N No certificate issued

CAP CapitalCXL CancellationDAP Delivery Against PaymentN/A Not applicablePMNT PaymentPRIN PrincipalRES ResidentREIMB ReimbursementTRSF Transfer

Statement Period:

Portfolio Summary

Detailed Information

Share classes

Mutual funds

Other abbreviations

Explanations

Abbreviations

IMPORTANT STATEMENT INFORMATION

Page 5 of 5 K1AA D07D07E 66BQ44 20100630 MEST00070503

250 Yonge Street,Suite 1900, P.O. Box 19Toronto, OntarioM5B 2L7www.nbcn.ca

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6. Registered Accounts

If you hold a registered account, your year-to-date contributions are clearly indicated. In the case of an RRSP account, the RRSP Details show the period when the contributions were made, either during the first 60 days of the year or during the remainder of the year.

7. Cash Summary

A summary of all the transactions conducted in your account which affect your cash balance during the statement period grouped by type of activity.

8. Income and Expense

A monthly and year-to-date summary of all the interest and dividend investment income you earned, expenses you incurred and fees you paid.

9. Account Activity Details

This section presents the detailed transactions that have occurred in your account during the period covered by the statement.

For each transaction, the settlement date, description, quantity and price are clearly shown, as are the total amounts — including commissions if applicable — and the balance, which reflects the change in cash.

10. Asset Details

You will find this section useful for monitoring changes in your holdings. Among other things, it presents the book value of your investments. The Book Value is how much you paid for the investment or the market value at which it was transferred onto our books. You will also find the market value of your investments according to asset category.

11. Important Statement Information

The last page of your statement provides explanations about the sections and subsections of your portfolio statement and a list of the main abbreviations that are used therein.

1. Portfolio Manager/Investment Advisor

The contact information of your Portfolio Manager/Investment Advisor.

2. Portfolio Summary

This section presents an overview of your portfolio. It lists all your accounts, the value of your cash assets, the value of your securities and the total value of your portfolio. If you hold a U.S. dollar account, the amount shown is converted to Canadian currency according to the exchange rate in effect at the end of the month.

3. Portfolio’s Overall Asset Allocation

Your portfolio is subdivided into asset categories, so you can see, at a glance, what percentage each category represents. This section shows the market value of your portfolio and indicates whether you have a negative balance (if so, the amount is shown between brackets).

4. What’s New

This section contains new or relevant information that is likely to affect your account. It is therefore important to read it each time you receive your statement.

5. Details on your Accounts

All of your accounts are shown separately and in detail. You will find your account number and the type of account clearly indicated. Whether you have a registered or a non-registered account, you will find for each of your accounts the sections “Account Activity Details” and “Asset Details”.

June 1 to June 30, 2011

Your Portfolio Summary values are in Canadian dollars. USD at 0.96430

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21 Eglinton RoadOSHAWA ON M9W 2P6

Account Account Total cash and Cash ($) Securities ($) Total cash andtype number securities securities ($)

CDN$ CASH 2YXXXXA 34,397.31 59.49 34,386.85 34,446.34RRSP S 2YXXXXS 81,380.39 32,569.81 49,895.17 82,464.98

Estimated Market Value ($) % of portfolio

Cash & Equivalents 67,016.15 57.3%Common Stock 15,805.00 13.5%Call Options 34,090.17 29.2%

WE ARE PLEASED TO ANNOUNCE A NEW TYPE OF ACCOUNT, ARRIVING SOON, THE SWEEP ACCOUNT, DESIGNED TO REDIRECT ANY PAYMENT OF DIVIDEND AND INTEREST PAID TO YOUR NON-REGISTERED ACCOUNT DIRECTLY TO YOUR BANK ACCOUNT.

FOR MORE INFORMATION, PLEASE CONTACT YOUR INVESTMENT ADVISOR.

Statement Period:

Portfolio statement

MR JOHN SMITH

Last period:

TOTAL PORTFOLIO 115,777.70 32,629.30 84,282.02 116,911.32

TOTAL 116,911.32 100.0%

PORTFOLIO SUMMARY

PORTFOLIO’S OVERALL ASSET ALLOCATION

WHAT’S NEW

Page 1 of 5

May 31, 2011 This period: June 30, 2011

Investment Advisor:

Michael Johnson5670 Spring Garden Road, Suite 900Halifax, Nova Scotia B3J 1H6

250 Yonge Street,Suite 1900, P.O. Box 19Toronto, OntarioM5B 2L7www.nbcn.ca

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June 1 to June 30, 2011

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First 60 days of year ($) Remainder of year ($) Total ($)

By you 0.00 0.00 0.00

Total

OtherTotalChange to cash balance

Closing balance

57.50

32,569.81

Deductions From Account57.5057.50

Additions to Account

0.00

book value of your account $73,350.65Foreign Book value $0.00Percentage of Foreign Book Value 0.0%

Account Date Activity Description Quantity Price Deductionsfrom account

Additionsto account

RRSP S Jun 20 HST Administration fee 2011 7.50RRSP S Jun 20 Fee Administration fee 2011 50.00

57.50

Symbol Status Quantity Market MarketPrice ($) Value ($)

EMERA INCORPORATED EMA SEG 500

BookValue ($)12,000.0031.610 15,805.00

Statement Period:

Name of beneficiary: MARY SMITH

Foreign

Opening Cash on Deposit

Interest Earned

Totals

24.61

24.61

Investment Income

Closing balance owing 2YXXXXA

32,627.31

content

OpeningOther

Cash on deposit 2YXXXXA 32,627.31

Common Stock

15,805.00

RRSP DETAILS

ACCOUNT ACTIVITY DETAILS

ASSET DETAILS

RRSP 2YXXXXS

Page 3 of 5

CASH SUMMARY

INCOME & EXPENSE

This Period This YearInterest Charged

Totals

270.22

270.22

Expenses & FeesThis Period This Year

250 Yonge Street,Suite 1900, P.O. Box 19Toronto, OntarioM5B 2L7www.nbcn.ca

32,569.81

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