Dynamic Funds Proposes Investment Objective and Other Changes to Certain Funds

TORONTO, ON -- (Marketwired) -- 11/13/15 -- 1832 Asset Management L.P. ("1832 LP"), the manager of Dynamic Funds, announced today proposals to modify the investment objective of Dynamic Power Managed Growth Class as well as to modify the investment objective and replace the performance fee index of Dynamic Alternative Investments Private Pool Class (each, a "fund" and together, the "funds".) A special meeting of shareholders of the funds will be held on December 16, 2015, to consider the proposed changes.

Dynamic Power Managed Growth Class

The investment objective of Dynamic Power Managed Growth Class is proposed to be modified to permit the fund to focus on dividend growth. If the investment change of the fund is approved and implemented, the fund will be re-named Dynamic Power Dividend Growth Class to reflect the modified investment objective in the name of the fund.

The current and proposed investment objective of the Fund is as follows:

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Current Investment Objective  Dynamic Power Managed Growth Class seeks to   
                              provide long-term growth by investing         
                              primarily in equity securities of Canadian    
                              businesses using a growth investment approach.
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Proposed Investment Objective Dynamic Power Dividend Growth Class seeks to  
                              provide long-term growth by investing         
                              primarily in equity securities of Canadian    
                              businesses expected to initiate or grow       
                              dividends.                                    
----------------------------------------------------------------------------

1832 LP believes that the change of the investment objective is in the best interests of the shareholders of the fund.

Dynamic Alternative Investments Private Pool Class

The investment objective of Dynamic Alternative Investments Private Pool Class is proposed to be modified to emphasize the fund's focus on diversification and long-term capital appreciation, as well as to remove the reference to specific asset classes as the fund allocates across a broad range of alternative asset classes.

The current and proposed investment objectives of the fund are as follows:

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Current Investment Objective  Dynamic Alternative Investments Private Pool  
                              Class seeks to provide diversification and the
                              potential for income and long-term capital    
                              appreciation by primarily investing in a      
                              diversified portfolio of alternative          
                              investments, including options and securities 
                              of real estate, energy, infrastructure and    
                              precious metal businesses and the use of short
                              selling strategies.                           
----------------------------------------------------------------------------
Proposed Investment Objective Dynamic Alternative Investments Private Pool  
                              Class seeks to provide diversification and    
                              long-term capital appreciation by primarily   
                              investing in a diversified portfolio of       
                              alternative investments and the use of        
                              alternative investment strategies including   
                              options and short selling strategies.         
----------------------------------------------------------------------------

Concurrently with the change of the investment objective, 1832 LP is proposing to replace the current blended performance fee index of the fund, consisting of seven indices, with one index, Morningstar Diversified Alternatives Index (US$), to simplify the performance fee calculation for the fund and achieve better alignment with the proposed new investment objective. The performance fee index is a reference index against which the performance of the fund is measured for the purpose of determining the amount of performance fees that the fund may pay to 1832 LP.

1832 LP believes that the change of the investment objective and replacement of the performance fee index is in the best interests of the shareholders of the fund.

The Independent Review Committee ("IRC"), which provides independent oversight to 1832 LP in its capacity as manager of Dynamic Funds, has reviewed the performance fee index change proposal and has provided its recommendation to 1832 LP that the proposed performance fee index change achieves a fair and reasonable result for the Fund and shareholders of the Fund.

Special Meeting of Shareholders

The special meeting of the shareholders of the Funds will be held on December 16, 2015, to consider the proposed changes. In late November, shareholders of record as of October 30, 2015, will receive a management information circular with full details of the proposed changes as well as a proxy or voting instruction form. The proposed changes are subject to the applicable Funds obtaining all necessary approvals, including shareholder approval.

About Dynamic Funds

Dynamic Funds is a division of 1832 Asset Management L.P., which offers a range of wealth management solutions, including mutual funds, investment solutions for private clients, institutional clients and managed asset programs. 1832 Asset Management L.P. is a limited partnership, the general partner of which is wholly owned by Scotiabank. ® Dynamic Funds is a registered trademark of its owner, used under license.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

   For further information, please contact:Customer Relations Centre 1-800-268-8186 www.dynamic.caFor media enquiries only:Diana HartPublic, Corporate and Government AffairsScotiabank (416) 866-7238 [email protected]

Source: Dynamic Funds

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