Notice of redemption of units in the National Bank Asia-Pacific Fund

Montreal, 26 April 2006 - 

National Bank of Canada (the “Bank”) today informed National Bank Securities Inc., manager of the National Bank Asia-Pacific Fund (the “Fund”), of its intention to redeem its 2,058,925 units of the Fund, representing 70.6% of total Fund units outstanding.

The Bank’s decision is part of its normal course of business and in no way reflects an opinion on the quality of the investment per se.

In order not to prejudice other unitholders, the redemption amount will be settled by distribution of securities held by the Fund rather than in cash. Natcan Investment Management Inc., portfolio manager of the Fund, will select the securities to be used for settlement based on the percentage of units held by the Bank. The units will be redeemed tomorrow.

About National Bank Securities
National Bank Securities is a wholly owned subsidiary of National Bank of Canada that offers a broad selection of investment solutions to individual and business clients.

About National Bank of Canada
National Bank of Canada is an integrated group that 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 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 $105 billion in assets and, together with its subsidiaries, employs 16,993 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 provided below is for the exclusive use of journalists and other media representatives):

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