Press Releases

National Bank Securities Inc. announces a risk rating change for the National Bank Dividend Fund and for the Altamira Canadian Equity Growth Fund

Montreal, 16 May 2012 -

National Bank Securities Inc. (NBSI), the manager of the National Bank Securities Mutual Funds, today announced a change to the risk rating associated with investing in the National Bank Dividend Fund and the Altamira Canadian Equity Growth Fund. This change will be reflected in the Simplified Prospectus of the National Bank Securities Mutual Funds which will be filed on or about May 28, 2012.

The Investment Funds Institute of Canada established guidelines for determining risk ratings based primarily upon the variability of returns for a mutual fund. Based on theses guidelines, NBSI determined it was prudent to change the risk rating for the National Bank Dividend Fund from "low" to "low to medium". The risk rating for the Altamira Canadian Equity Growth Fund is for its part reduced from "medium to high" to "medium". No material changes have been made to the investment objectives, strategies or management of these funds.

National Bank Securities Mutual Funds (the “Funds”) are offered by National Bank Securities Inc., a wholly owned subsidiary of National Bank of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with investments in the Funds. Please read the prospectus of the Funds before investing. The Funds’ securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. The Funds are not guaranteed, their values change frequently and past performance may not be repeated.

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