Press Releases

National Bank Securities Inc. reduces management fees on National Bank Global Bond Fund

Montreal, 16 May 2008 -

National Bank Securities Inc., manager of National Bank Mutual Funds, has announced that it is reducing the management fees on the Investor and Advisor series of the National Bank Global Bond Fund from 1.75% to 1.50%, effective immediately.

The lower management fees on the National Bank Global Bond Fund will also have a positive impact on the Secure, Conservative, Moderate, Balanced and Growth National Bank Strategic Portfolios insofar as the management fees associated with this asset allocation service are those charged by the underlying funds of each Strategic Portfolio.

The fee reductions reflect National Bank Securities’ commitment to offer National Bank mutual fund unitholders the best value for their investments.

National Bank Strategic Portfolios are composed of the securities that make up the different National Bank Mutual Funds, which are selected with a view to ensuring diversification between the different economic and geographic sectors and between different management styles.

National Bank Mutual Funds (the “Funds”) and National Bank Strategic Portfolios are offered by National Bank Securities Inc., a wholly owned subsidiary of National Bank of Canada. There may be commissions, trailing commissions, management fees and expenses associated with National Bank Mutual Funds and use of a Strategic Portfolio. Please read the prospectus for National Bank Mutual Funds or the prospectus for the Funds in which the Strategic Portfolios may invest before making an investment. The Funds are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. For money market funds, there can be no assurances that a fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in a fund will be returned to you. The Funds and the Strategic Portfolios 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 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. 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. National Bank has more than $113 billion in assets and, together with its subsidiaries, employs 16,863 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 Department
National Bank of Canada
Tel.: 514-394-8644