North American Financials Capital Securities Trust

North American Financials Capital Securities Trust (the “Fund”) was designed to provide investors with access to an actively managed portfolio of Innovative Tier 1 Capital Securities. Class A Units are listed on the Toronto Stock Exchange under the symbol NAF.UN. Class F Units are designed for fee-based accounts and are not listed on a stock exchange but may be converted into Class A Units on a weekly basis.

The Fund's investment objectives are to (i) provide Unitholders with attractive tax-advantaged quarterly cash distributions, and (ii) return to Unitholders the original issue price of the Units upon termination of the Fund on November 30, 2014. Distributions are initially targeted to be $1.50 per annum per Unit consisting primarily of returns of capital, representing a yield on the Unit issue price of 6.0% per annum. The Fund will seek to achieve its investment objectives through exposure to an actively managed portfolio consisting primarily of the six largest Canadian banks, large Canadian insurance companies and US financial institutions with a minimum issuer rating of ‘‘A’’ by S&P. The Portfolio will be managed using an investment approach similar to the investment approach employed by Canadian Banc Capital Securities Trust.

Performance Update

North American Financials Capital Securities Trust Performance Update — First Quarter 2013
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