Press Release

National Bank Financial Group continues with integration of Altamira

MONTREAL (May 14, 2008) - National Bank Financial Group is proceeding with its plan to consolidate the activities of Altamira with those of National Bank Securities Inc., as announced in October 2007.

Accordingly, Altamira Investment Services Inc. and Altamira Financial Services Ltd. (Altamira) will be merging with National Bank Securities Inc. to accelerate National Bank Financial Group’s growth outside Quebec.

As a result of the merger, which is to occur on or about November 1, 2008 subject to the applicable regulatory approvals, National Bank Securities will assume the fund management and distribution functions in respect of the Altamira Funds. Distribution of the Meritage Portfolios will continue as is, while National Bank Securities will assume the fund management functions in respect of these funds. National Bank Securities will also maintain its activities as fund manager and distributor of the National Bank Mutual Funds and Omega Funds.

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. 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. National Bank has more than $124 billion in assets and, together with its subsidiaries, employs 17,169 people. The Bank’s securities are listed on the Toronto Stock Exchange (NA). For more information, visit the Bank’s website at www.bnc.ca.

Information (The telephone number provided below is for the exclusive use of journalists and other media representatives):

Denis Dubé
Director – Public Relations Department
National Bank of Canada
Tel.: 514-394-8644