National Bank Financial Group is proceeding with its plan to consolidate the activities of Altamira with those of National Bank Securities Inc., as announced in October 2007.

Accordingly, Altamira Investment Services Inc. and Altamira Financial Services Ltd. (Altamira) will be merging with National Bank Securities Inc. to accelerate National Bank Financial Group’s growth outside Quebec.

As a result of the merger, which is to occur on or about November 1, subject to the applicable regulatory approvals, National Bank Securities will assume the fund management and distribution functions in respect of the Altamira Funds.

Distribution of the Meritage Portfolios will continue as is, while National Bank Securities will assume the fund management functions in respect of these funds.

National Bank Securities will also maintain its activities as fund manager and distributor of the National Bank Mutual Funds and Omega Funds.