Montreal, January, 15 2003 - The National Bank introduces a note linked to a Canadian equity portfolio

The National Bank announces the launch of the Canadian Blue Chip Portfolio-Linked Note, an innovative product that can produce excellent returns while guaranteeing the capital invested.

Investors who opt for this product, which sells for $100 per note, can benefit from the increase in value of a basket of 20 Canadian blue chip stocks. At maturity in 2010, investors will be entitled to receive a minimum of $100 per note, plus the increase in the value of the benchmark portfolio which is unlimited ($100 X the value at maturity divided by the initial value). In addition, the National Bank can redeem the notes at its discretion half way through the term (3½ years) for a price of $135, which represents an annual compound return of 8.95%. Moreover, the note can be sold one year after the purchase date at market value.

"In today's market, this note should appeal to investors looking for security as the capital is guaranteed. What's more, if the notes are redeemed after 3½ years, investors are assured of obtaining an 8.95% return, which is more than double the rates currently offered on three- and four-year GICs," stated Jean Blouin, Vice-President, Retail Credit and Investment Solutions at National Bank of Canada.

The basket of securities is weighted as follows: natural resources (18%), pipelines and utilities (8%), industrials (7%), banks (47%) and communications (20%).

This product can be included in registered retirement savings plans (RRSPs), registered retirement income funds (RRIFs) and registered education savings plans (RESPs). All fees have been worked into the structure and no management fees are charged on the benchmark portfolio. This product can be purchased through National Bank branches or representatives at National Bank Financial and National Bank Discount Brokerage, or by calling TelNat at 1-888-4TelNat or (514) 394-5555.

About National Bank of Canada

National Bank of Canada is an integrated group which provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world. The National Bank offers a full array of banking services, including retail, corporate and investment banking. It is an active player on international capital markets and, through its subsidiaries, is involved in securities brokerage, insurance and wealth management as well as mutual fund and retirement plan management. The National Bank has assets of about $75 billion and, together with its subsidiaries, employs over 17,000 people. The Bank's securities are listed on the Toronto Stock Exchange (NA:TSX). For more information, visit the Bank's website at www.nbc.ca.

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Information (the following telephone number and e-mail address are intended solely for the use of journalists and other media representatives):

Denis Dubé
Director of Public Relations
National Bank of Canada
Tel.: (514) 394-8644
E-mail: denis.dube@bnc.ca