Executive change at Altamira

Montreal, 26 June 2003 - 

National Bank of Canada today announced that Chris Hodgson will leave his post as President and Chief Executive Officer of Altamira Investment Services Inc. effective July 11, 2003 to pursue new business opportunities.

"Chris has been a major factor in the success of the transition plan since National Bank's purchase of Altamira," commented Michel Tremblay, Chair of the Board of Directors of Altamira and Senior Vice President, Personal Banking and Wealth Management, National Bank. "His experience and leadership style have been instrumental in helping us realize our vision of combining the complementary investment styles and superb client service that is the hallmark of both firms. I want to take this opportunity to thank him for his tremendous efforts over the past year, and I wish him the very best with his future enterprises," said Mr.Tremblay.

An Executive Search Committee has been formed to recruit a new permanent CEO, headed by Mr Tremblay. In the interim, Marc Knuepp, currently Chief Financial Officer, will become Altamira's Chief Executive Officer.

"Altamira's vision for some time has been to grow from a manager and distributor of mutual funds to a broad manufacturer and provider of investment and advisory services," said Mr. Tremblay. "The alliance with National Bank and the ability to access their client base and vast distribution network is the key to unlocking this potential. Along with the broadening of Altamira's investment styles to deliver more consistent returns for clients, progress towards this vision has been very substantial."

Since September, Altamira put in place a new Board of Directors and has built a new senior portfolio management team that reflects the best of both Altamira's growth style with the value style of Natcan Investment Management Inc.. Mutual fund redemptions have been stabilized and overall investment performance has improved, with 75% of all actively managed Altamira mutual fund assets in the top half of their peer group for the three-month period ending May 31, 2003.

Another key area of progress has been creating a growth platform for Altamira by building on National Bank's retail branch network and broad range of financial products. Altamira clients already have access to National Bank's suite of GICs, with other products to be made available in the near future. Finally, Altamira advisors are now available in four National Bank branches in Ontario, with plans to expand this network in coming months.

About Altamira Investment Services Inc.

Altamira Investment Services Inc., a subsidiary of the National Bank of Canada, is a leading investment management company that offers a wide range of products and services to individual and institutional clients. The company is headquartered in Toronto with offices across the country. Altamira's website is www.altamira.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.

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