Press Releases

Desjardins Securities and National Bank Financial reach amicable settlement

Montreal, 15 October 2008 -

Following mediation before a Quebec Superior Court judge, Desjardins Securities and National Bank Financial, subsidiary of National Bank Financial Group, are announcing that they have come to an amicable settlement to the satisfaction of both parties.

The case related to the departure of investment advisors from National Bank Financial to Desjardins Securities in November 2004 in Rivière-du-Loup.

Mr. Luc Paiement, Co-President and Co-Chief Executive Officer of National Bank Financial, and Mr. Germain Carrière, President and Chief Operating Officer of Desjardins Securities, jointly issued the following comment: “Under the present circumstances, it is better to prioritize both our human and material resources. We believe it is more important to devote our energies to helping our clients and employees deal with the current period of turmoil in the financial markets. With this in mind, we decided to put an end to this dispute and turn the page.”

Desjardins Securities and National Bank Financial will issue no further comments on this subject.

About Desjardins Securities
Desjardins Securities is a subsidiary of Desjardins Group, the largest cooperative financial group in Canada. It offers a full range of securities brokerage products and services through its Investment Advisors, and online brokerage services through its Disnat online division. The needs of businesses and government agencies are covered by its Corporate Financing, Fixed Income, and Equity Capital Markets departments, solidly backed by its Research department. The company, which manages $16 billion in assets, has 46 full-service brokerage offices and employs more than 1,230 people, including 325 Investment Advisors throughout Quebec and Ontario.

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 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. National Bank has more than $122 billion in assets and, together with its subsidiaries, employs 17,232 people. The Bank’s securities are listed on the Toronto Stock Exchange (NA:TSX). For more information, visit the Bank’s website National Bank Insurance is a brand used by National Bank National Bank Life Insurance.

Sources: Desjardins Securities and National Bank Financial

Further information: Desjardins Securities

Yves Lorange, Senior Vice-President
Strategic Planning and Corporate affairs
Desjardins Securities
Telephone:  514-281-7074

Frédéric Tremblay
HKDP Communications and Public Affairs
Telephone:  514-395-0375, ext. 234

National Bank Financial Group

Denis Dubé
National Bank Financial Group
Telephone:  514-394-8644