PRESS RELEASE

Altamira reports strongest monthly sales in five years

TORONTO (May 2, 2005) Altamira Investment Services today announced net sales of $95 million for the month of April, 2005.  This represents Altamira's strongest monthly sales performance in over five years – since the market downturn in the spring of 2000.

"Investors are seeking a wider choice of investment solutions tailored to their needs, and we have been innovating new products ranging from private investment management to no-fee, high-rate savings. The popularity of these new products, and strong sales increases through investment advisors and brokers, have been building momentum for several months", stated Glenn Cooper, Director of Communications.

"In April the proportion of Altamira's assets under management, not included in mutual fund industry statistics, passed the 25% mark. Therefore it is appropriate to provide greater detail on our overall asset  mix", Cooper continued. "About half of Altamira's reported mutual fund redemptions in the past six months have remained with Altamira, transferring to our newer products. For example, many investors are finding High-Interest CashPerformer a preferred alternative to T-bill and money market funds."

Altamira April Net Sales

Altamira is a leading investment services company, offering a wide range of mutual funds, savings products, managed portfolios and financial planning services. Award-winning client service, product innovation and expert advice define Altamira's distinctive approach to investment management. The company is headquartered in Toronto with offices across the country, and is a subsidiary of the National Bank of Canada.  www.altamira.com

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Media Contact:
Glenn Cooper
Director of Communications
(416) 507-7044
gcooper@altamira.com