The National Bank recommends appointing Samson Bélair/Deloitte &Touche as its sole auditor

Montreal, 9 December 2003 - 

The Board of Directors of National Bank of Canada announced that it would recommend to its shareholders that Samson Bélair/Deloitte & Touche s.e.n.c.r.l. be appointed the sole auditor of the National Bank for the 2004 fiscal year.

This recommendation will be put to a vote of shareholders at the Bank's Annual General Meeting on March 10, 2004.

With a view to maintaining continuity, and also to benefit from years of experience, the National Bank invited each of its external auditing firms, PricewaterhouseCoopers LLP and Samson Bélair/Deloitte & Touche s.e.n.c.r.l. to submit a proposal.

A selection committee, chaired by the Chair of the Audit and Risk Management Committee of the Board of Directors, examined the proposals, met with representatives of both auditing firms and settled on its choice of Samson Bélair/Deloitte & Touche. The National Bank is confident that Samson Bélair/Deloitte & Touche can continue to serve the interests of its shareholders well.

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 $82 billion and, together with its subsidiaries, employs close to 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@nbc.ca