An anonymous director reports

1832 ASSET MANAGEMENT L.P. IS APPOINTED AS MANAGER AND TRUSTEE OF THE TANGERINE INVESTMENT FUNDS

Tangerine Investment Management Inc. has appointed its affiliate, 1832 Asset Management LP, as the successor trustee, manager and portfolio adviser for all Tangerine Investment Funds, effective today.

Prior to the announcement, 1832 Asset Management LP was the portfolio adviser to the Tangerine Global ETF Portfolios, Tangerine Socially Responsible Global Portfolios and the Tangerine Money Market Fund.

There is no change to the investment objectives, strategies, or fees of the Tangerine Investment Funds associated with this appointment.

The Tangerine Investment Fund's portfolio management team, already registered under 1832 Asset Management LP, will continue to advise the funds, but will surrender their dual portfolio adviser registrations under TIMI. TIMI will no longer serve as the investment fund manager or portfolio advisor for Tangerine Investment Funds and will apply to surrender its firm and individual registrations. State Street Global Advisors remains the subadviser of the Tangerine Core Portfolios.

Tangerine Investment Funds Ltd. will continue to be the sole distributor of the Tangerine Investment Funds.

About the Tangerine Investment Funds

Tangerine Investment Funds are managed by 1832 Asset Management LP and are available only by opening an on-line investment fund account with Tangerine Investment Funds. These firms are wholly owned subsidiaries of The Bank of Nova Scotia. Tangerine Investment Funds Limited is the principal distributor of the Tangerine Investment Funds.

About Scotia Global Asset Management

Scotia Global Asset Management is a business name used by 1832 Asset Management LP, a limited partnership, the general partner of which is wholly owned by Scotiabank.

About Scotiabank

Scotiabank's vision is to be its clients' most trusted financial partner, to deliver sustainable, profitable growth and maximize total shareholder return.