National Bank Securities Inc. announces changes to fund management of National Bank Mutual Funds

National Bank Securities Inc., manager of the National Bank Mutual Funds, announced today changes to its investment management mandates. These changes follow the decision to consolidate at Natcan Investment Management Inc., the manager of all National Bank Mutual Funds, the management of Fixed Income and Core International Equity assets.

Consequently, National Bank Global RSP Bond Fund and National Bank Emerging Markets Fund will be managed by Natcan. The portfolio management of these funds were previously delegated by Natcan to its sister subsidiary, Altamira Management Ltd., based in Toronto.

These changes are aimed at taking advantage of the combined expertise of Natcan and Altamira where both firms will continue to build on their respective teams and strengths.

From its Quebec base, Natcan, a subsidiary of the National Bank of Canada, offer a complete range of high quality investment management services covering global markets. Natcan currently has over $18 billion in assets under management, $10.5 billion of which are in fixed income and international assets. Natcan has its head office in Montreal. For more information please visit www.natcan.com.

About the 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 over $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.

Information (the telephone number and e-mail address provided below are for the exclusive use of journalists and other media representatives) :

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