Press Release

Altamira Securities integrates with National Bank Discount Brokerage to offer greatly improved range of products and services

Toronto, August 6, 2003 – Altamira Securities announced today that effective September 8, 2003 clients will have access to a broader range of products and services. This will be made possible by Altamira Securities becoming a division of National Bank Discount Brokerage (NBDB). Both Altamira Securities and NBDB are wholly owned subsidiaries of the National Bank of Canada.

Altamira Securities' clients will now have access to margin accounts, options trading, a wider range of mutual funds, as well as the support of an expanded team of award-winning representatives – all at a discounted rate. Clients will also benefit from a new Altamira Securities website that will offer online trading, access to account information, economic forecasts, investment research and advice.

"This move puts us in a position to become a highly competitive national player," says Mr. Yves Breton, President of NBDB. "By leveraging the strengths of NBDB, we've taken a great offering and made it much better for the benefit of Altamira Securities' clients."

In addition, Altamira Securities' clients will continue to benefit from the award-winning service they've become used to. NBDB's customer service was ranked number one for five consecutive periods by Dalbar, an international research firm specializing in the evaluation of services offered by financial institutions.

Altamira received the Dalbar service award for mutual funds in four of the past five years.

The transition will take place seamlessly during the weekend of September 6th and 7th. On September 8th clients will be able to access the improved services through the new Altamira Securities website, including on-line transactions, advanced research, and account information. Altamira Securities clients will continue to use existing telephone numbers and e-mail addresses to communicate with advisors.

Altamira Investment Services Inc., a subsidiary of the National Bank of Canada, is a leading investment management company that offers a wide range of products and services to individual and institutional clients. The company is headquartered in Toronto with offices across the country.