Press Releases

Management Change at Natcan Investment Management

Montreal, 26 April 2005 -

National Bank of Canada today announced that Sam Reda has decided to step down as President and Chief Operating Officer of Natcan Investment Management. To ensure an orderly transition of business, Mr. Reda will stay on until June 1, 2005. Known for his investment management expertise, Mr. Reda joined Natcan in September 2002. National Bank officials took the opportunity to thank Mr. Reda for having contributed to the organization’s growth and wished him every success in his future endeavours.

Pascal Duquette, Natcan’s Senior Vice-President since June 2004, will be taking over as President and Chief Executive Officer. Mr. Duquette has close to 20 years of portfolio management experience.

Prior to joining Natcan, Mr. Duquette held a number of key positions at Canadian National Railway’s pension fund where he was international equities manager from 1991 to 2004. His proven management approach and the excellent performance that he and his team were able to sustain earned him an enviable reputation within the industry.

About National Bank
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 customers 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 $90 billion in assets 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 provided below is for the exclusive use of journalists and other media representatives):

Johanne Bissonnette
Public Relations
National Bank of Canada
Tel.: (514) 394-6500