Press Release

National Bank completes acquisition of all asset backed commercial paper of Altamira Mutual Funds

MONTREAL (August 24, 2007) Altamira Investment Services Inc., manager of the Altamira Mutual Funds, announced that National Bank of Canada has completed the acquisition, announced on August 20th, of all the asset backed commercial paper ("ABCP") held by the Altamira Mutual Funds. The acquisition was made in accordance with the terms of an exemption obtained by the relevant funds from the Canadian Securities Administrators.

National Bank of Canada, mindful of the best interests of the unitholders of the Altamira Mutual Funds, completed the transaction so that its clients would not have to bear the brunt of the current market uncertainty relating to the liquidity of the ABCP. Further to this transaction, none of the Altamira Mutual Funds has any exposure to the current ABCP market.

Altamira Mutual Funds (the "Funds") are offered by Altamira Investment Services Inc., a wholly owned subsidiary of National Bank of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with Fund investments. Please read the prospectus of the Funds before investing. The Funds securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurances that the Money Market Funds will be able to maintain their net asset value per security at a constant amount or that the full amount of your investment in the Funds will be returned to you. The Funds are not guaranteed, their values change frequently and past performance may not be repeated.

About Altamira
Altamira Investment Services is a leading provider of financial and retirement planning services offering a wide range of investment solutions including mutual funds, savings accounts, principal-protected notes and managed portfolio 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

About 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. 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. National Bank has more than $130 billion in assets and, together with its subsidiaries, employs 16,852 people. The Bank’s securities are listed on the Toronto Stock Exchange (NA). For more information, visit the Bank’s website at www.nbc.ca.

Denis Dubé
Director – Public Relations
National Bank of Canada
Tel.: 514-394-8644