Press Releases

Natcan Investment Management Announces the First Offering of The Natcan QSSP II Investment Fund, Series 2012

Montreal, 12 March 2012 -

Natcan Investment Management Inc., a subsidiary of the National Bank of Canada, announces its first offering of Class A shares, Series 2012 of The Natcan QSSP II Investment Fund Inc. (the ‘’Fund’’).

The first offering will begin on Monday March 19, 2012 and is expected to end on March 23, 2012. The Fund may close its offering to new subscriptions before the March 23 scheduled closing date in case of high investor demand.

An excellent opportunity for investors that also allows them to encourage Quebec businesses
The Fund seeks to combine the benefits of diversification and professional management with a structure that will capitalize on all the advantages of the Quebec Stock Savings Plan II (the ‘’QSSP II’’).

This Fund’s investment objectives are to provide medium- and long-term capital appreciation and to entitle subscribers of Class A Shares, Series 2012 of the Fund to claim a deduction under the QSSP II for Quebec income tax purposes for the 2012 tax year. The Fund will therefore invest the proceeds of its offering of Class A Shares, Series 2012 primarily in Quebec-based companies whose securities qualify for the QSSP II.

To purchase Class A shares, Series 2012 of The Natcan QSSP II Investment Fund Inc., one may contact National Bank Securities Advisory Service at 514-871-2082 or at 1-888-270-3941 (toll free); National Bank Financial at 514-879-2222 or at 1-800-361-8838 (toll free); National Bank Direct Brokerage at 514-866-6755 or at 1-800-363-3511 (toll free); or most investment advisors or mutual fund sales representatives licensed in Quebec. A minimum initial investment of $2,000 per subscriber is required.

Legal notes
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus of the Fund before investing. The Fund’s securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. The Fund is not guaranteed; its value changes frequently and past performance may not be repeated. No securities regulatory authority has expressed an opinion about the securities of this Fund.

About Natcan
Natcan is a subsidiary of National Bank of Canada that provides asset management services to pension funds, mutual funds, insurance companies, exchange-traded funds, foundations and other institutional clients. With $25 billion in assets under management and more than 45 investment professionals in its
Montreal and Toronto offices, Natcan offers a diversified and comprehensive range of products across all global markets and multiple investment styles. It’s highly disciplined and rigorous risk-management approach focuses on fundamental analyses, an approach all of our investment managers implements with utter conviction and unrivaled integrity. For more information, visit www.natcan.com.

On February 27, 2012, Natcan announced that, on or about April 30, 2012, the roles of manager and portfolio manager of the Fund, currently performed by Natcan, will be assumed by Fiera Sceptre Inc. (“Fiera”), subject to various conditions including shareholder and regulatory authority approvals. This follows the signing of an asset purchase agreement between Natcan, Fiera and the National Bank of Canada whereby substantially all the assets of Natcan are to be sold to Fiera, subject to various conditions. The change of manager and portfolio manager is subject to the closing of the transaction. Uponclosing,the Bank will hold a minority interest in Fiera through Natcan.

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 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. As at January 31, 2012, National Bank has over CDN$175 billion in assets in accordance with IFRS and, together with its subsidiaries, employs 19,785 people. The Bank’s securities are listed on the Toronto Stock Exchange (TSX: NA). For more information, visit the Bank’s website at
www.nbc.ca. To access National Bank of Canada’s financial literacy portal, visit www.clearfacts.ca.

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

Joan Beauchamp
Senior Advisor, Public Affairs
National Bank
Tel.: 514-394-6500