National Bank Securities Inc.

WHEREAS the Canadian securities regulatory authority or regulator (the"Decision Maker") in Québec, Ontario and New Brunswick (the "Jurisdictions") havereceived an application from National Bank Securities Inc ("NBSI"), which act as themanager and principal distributor of the National Bank Funds (the "Funds") for adecision pursuant to the securities legislation of the Jurisdictions (the "Legislation") inorder that the distribution of units of the Funds pursuant to the current prospectusoffering of the Funds, be extended to the time periods that would be applicable if thelapse date for distribution of these units pursuant to that current prospectus wasSeptember 30, 2000;

AND WHEREAS pursuant to the Mutual Reliance System for Exemptive ReliefApplications (the "System"), the Commission des valeurs mobilières du Québec is theprincipal regulator for this application;

AND WHEREAS the NBSI has represented to the Decision Makers that:

1. NBSI is the manager and principal distributor of the Funds;

2. Each of the Funds is an unincorporated open-end mutual fund trust createdunder the laws of Ontario by a separate declaration of trust;

3. Each Fund is a reporting issuer as defined in the Legislation and is not in defaultof any of the requirements of the Jurisdiction;

4. A receipt dated August 3 and August 4, 1999, was issued by the Jurisdiction forthe (final) simplified prospectus (the "Prospectus") and an annual informationform, dated July 23, 1999;

5. the lapse date for the distribution of units of the Funds pursuant to theProspectus is August 3, 2000 in Québec and in New Brunswick and August 4,2000 in Ontario;

6. The Funds filed pro forma simplified prospectus and pro forma annualinformation form with the Jurisdictions on June 21, 2000 and June 22, 2000; and

7. A decision has been rendered on August 2, 2000, in order to extend the termperiod that would be applicable if the lapse date for distribution of these unitspursuant to the Prospectus was August 31, 2000.

AND WHEREAS pursuant to the System, this MRRS Decision Documentevidences the decision of each Decision Maker (collectively, the "Decision");

AND WHEREAS each of the Decision Makers is satisfied that the test containedin the Legislation that provides the Decision Maker with the authority to make theDecision has been met.

THE DECISION of the Decision Makers pursuant to the Legislation is that thedistribution of units of the Funds, pursuant to the Prospectus of the Funds, be extendedto the time periods that would be applicable if the lapse date for distribution of theseunits pursuant to the Prospectus was September 30, 2000.

September 6^th, 2000.

(s) Jean-François Bernier