Press Releases

National Bank Securities Inc. Announces a New Sub-Advisor for the Emerging Markets Fund

Montreal, 15 February 2005 -

Further to a strategic decision by current portfolio manager Natcan Investment Management Inc., the assets of the National Bank Emerging Markets Fund will be sub-advised by Baillie Gifford Overseas Limited effective April 1, 2005. Charles Guay, President and Chief Operating Officer of National Bank Securities Inc., explained that Baillie Gifford Overseas Limited, a specialized portfolio manager with more than $75 billion in assets under management, “has extensive experience in managing emerging market assets and, with its research team, will unquestionably add substantial value to this fund.”

“Baillie Gifford’s bottom-up, value approach will fit well with the philosophy of Natcan, currently the primary portfolio manager of National Bank Mutual Funds. With 18 years’ experience in emerging markets, Gerald Smith, Head of Baillie Gifford’s Emerging Markets Equities team, will provide unparalleled expertise in managing fund performance,” Mr. Guay stressed. The fund will be managed according to an approach based on a diverse group of mid-cap companies, with stock selection focusing on companies whose technology, size and business model make them leaders in their respective industries.

In addition to being offered across the branch network, the National Bank Emerging Markets Fund is also available through a network of external brokers with which National Bank Securities Inc. has a distribution agreement. Investors who hold units of this fund will begin benefiting from the management style of the new asset management team on April 1, 2005.

National Bank Securities Inc. is a wholly owned subsidiary of National Bank of Canada, which offers a complete suite of investment solutions to individual and commercial investors.

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 close to $89 billion and, together with its subsidiaries, employs close to 16,500 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
Manager, Public Relations Department
National Bank of Canada
Tel.: (514) 394-8644