Press Release

Greg A. Reed Appointed President and CEO of Altamira

Montreal, September 25, 2003 - The National Bank is pleased to announce the appointment of Greg A. Reed as President and Chief Executive Officer of Altamira, a subsidiary of the bank specializing in providing wealth management solutions.  As well, he will serve as Senior Vice-President - Personal Banking and Wealth Management of National Bank responsible for branch banking operations West of Quebec. 
 
"We are very excited to have Greg in this newly-formed role.  A veteran of 20 years at McKinsey & Company in New York, London and Toronto, he brings considerable expertise in the financial services industry. He has also worked extensively with senior management teams driving major growth programs.  He will be instrumental in consolidating the leadership role of the Bank in wealth management and in growing the Bank's presence outside Quebec," stated Michel Tremblay, Senior Vice-President - Personal Banking and Wealth Management and a member of the Executive Committee at the National Bank.

Effective September 29, Mr. Reed will head the operations of Altamira.  Renowned for the quality of its customer service, Altamira has been honoured by Dalbar two years in a row as the top firm in the industry for customer service.  "Outstanding service to our clients will always remain a high priority for us.  And with most of our funds outperforming the majority of their competitors this year, I also look forward to translating that strong performance into accelerated growth at Altamira", stated Mr. Reed.  

He will also assume responsibility for operations at the bank's 78 retail branches west of Quebec.  "The Bank already has what it takes to offer its retail customers a full line of financial services adapted to their needs.  These two building blocks - retail banking through National Bank and wealth management through Altamira - provide us with some very promising growth avenues", added Mr. Reed.

As a Director of McKinsey & Company, one of the world's most renowned consulting firms, Mr. Reed was a co-founder and builder of McKinsey's Electronic Commerce Practice, and he recently served as a leader of its Corporate Finance and Strategy Practice.  He holds an MBA from Harvard Business School and a BSc in Computer Science from the University of Toronto. 

About Altamira Investment Services Inc.

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.

About the 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. The 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. The National Bank has more than $75 billion in assets and, together with its subsidiaries, employs over 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.