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

    MONTREAL, Aug. 24 /CNW/ - 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.

    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

For further information:

For further information: (The telephone number provided below is for the
exclusive use of journalists and other media representatives): Denis Dubé,
Director - Public Relations, National Bank of Canada, Tel.: (514) 394-8644

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