Altamira Press Release

Altamira announces the establishment of an Independent Review Committee

TORONTO (February 28, 2005) Altamira Investment Services Inc., manager of the Altamira family of mutual funds, announced today that it has established an Independent Review Committee (IRC) to review investments by Altamira funds in common shares of the National Bank of Canada (the “Bank”), as well as to review investments in particular securities, in compliance with orders issued by the Canadian securities regulatory authorities. Altamira is a wholly owned subsidiary of the Bank. The creation of this committee follows a decision made in 2004 by the Canadian securities regulatory authorities to permit investment by Altamira funds in common shares of the Bank subject to review by an independent committee.

The primary mandate of the IRC is to review, at least quarterly, the purchase, sale and continued holdings by Altamira funds of common shares of the Bank and ensure that they 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. Natcan Investment Management Inc., the portfolio manager of the funds is majority owned by the Bank. The IRC is obligated to report any decisions that do not satisfy these requirements to the Canadian securities regulators.

The initial members of the committee are Jean Durivage, Yves Julien, André Godbout and Jean-François Bernier. All members of the IRC are independent and none are an employee, director, officer or associate of Altamira, the Bank, its subsidiaries, Natcan Investment Management Inc., or an associate or affiliate of any of them.

Members of the IRC receive a fee plus expenses for each meeting they attend. These fees will be allocated among the funds in a manner that is considered by the IRC to be fair and reasonable to the funds.

In addition to the establishment of the IRC, Altamira’s Advisory Council will continue to review and advise the company on matters of importance to its unitholders such as management fees, compliance procedures, regulatory policies and ethical standards. The Advisory Council was established in 1994 and its members are Stanley Beck, Sue Bochner, Mary Mogford and Duff Scott. The Council meets with the senior management of Altamira on a quarterly basis.

Altamira is a leading investment services company, offering a wide range of mutual funds, savings products, custom portfolios, and financial planning services to both individual investors and institutional clients. Personal attention, expert advice and investment performance are the foundation of Altamira’s award-winning client service. The company is headquartered in Toronto with offices across the country, and is a subsidiary of the National Bank of Canada. www.altamira.com