North American Dividend Mandate

ScotiaMcLeod Investment Portfolios Update

June 30, 2017

Trade rationale: summary of recent activity that has taken place within the mandate.

Added Enbridge Inc.: We believed this was a good time to add this position as the stock has become cheap post the Spectra Energy merger allowing patient investors the opportunity to add it at a reasonable price.

Removed Hormel Foods Corp.: Hormel Foods remains a best in class company , however in the near term there is poor visibility on how they will return to double digit earnings growth. Weakness around commodity related pricing and margins have been more prolonged than originally anticipated. For these reasons we have removed Hormel Foods from the portfolio.

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