February 28, 2005 10:00 ET

National Bank Securities Inc. has Established an Independent Committee to Monitor Investiments in the Common Shares of National Bank of Canada




FEBRUARY 28, 2005 - 10:00 ET

National Bank Securities Inc. has Established an
Independent Committee to Monitor Investiments in the
Common Shares of National Bank of Canada

MONTREAL, QUEBEC--(CCNMatthews - Feb. 28, 2005) - National Bank
Securities Inc. (TSX:NA), the manager of the National Bank Mutual Funds
(the "Funds"), announced today that it has established an independent
committee to review the Funds' purchases, sales and continued holdings
of the common shares of National Bank of Canada (the "Bank"). The
creation of this committee follows a decision made by the Canadian
securities regulatory authorities to permit the Funds to invest in the
common shares of the Bank as long as an independent committee monitors
these investments.

The mandate of the independent committee is to review decisions made on
behalf of the Funds to invest in common shares of the Bank in order to
be satisfied that the decisions to buy, sell and hold common shares of
the Bank represent the business judgment of the portfolio manager,
uninfluenced by considerations other than the best interests of the
Funds, that the decisions were made free from any influence of the Bank
and without taking into account any consideration relevant to the Bank
or its associates or affiliates. National Bank Securities Inc., the
manager of the Funds, and National Bank Financial Inc., an unrestricted
practice broker, are wholly owned by the Bank. Natcan Investment
Management Inc., the portfolio manager of the Funds, is majority owned
by the Bank.

In addition to monitoring the Funds' transactions in the common shares
of the Bank, the independent committee will also act in compliance with
conditions of various orders issued from time to time by the Canadian
securities regulatory authorities.

The initial members of the committee are Jean Durivage, Yves Julien,
Andre Godbout and Jean-Francois Bernier. All members of the independent
committee are not employee, director, officer or associate of the Bank,
National Bank Securities Inc. and Natcan Investment Management Inc. or
an associate of an affiliate of the above mentioned corporations.

Each member of the independent committee receives a fee plus expenses
for each meeting of the independent committee that the member attends.
This fee will be allocated among the Funds in a manner that is
considered by the independent committee to be fair and reasonable to the

National Bank Securities 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
of more than $90 billion 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

Information: (The telephone number provided below is for the exclusive
use of journalists and other media representatives.)


Contact Information

    National Bank of Canada
    Denis Dube
    Manager, Public Relations Department
    (514) 394-8644