Press Releases

National Bank of Canada announces a buyback program of a maximum of 5 per cent of its common shares

Montreal, 19 January 2006 -

National Bank of Canada today announced its intention to make a normal course issuer bid to buy back up to 5% of its issued and outstanding common shares. The notice of intention has been filed with, and approved by, the Toronto Stock Exchange.

The notice provides that the Bank may, during a maximum period of 12 months commencing January 23, 2006 and ending January 22, 2007, purchase on the Toronto Stock Exchange up to 8,278,000 common shares in total. The Bank will pay the market price for the shares at the time of acquisition. The actual number of common shares which may be purchased, and the timing of any such purchases, will be determined by the Bank. The common shares acquired pursuant to the normal course issuer bid will be cancelled.

There were 165,575,844 common shares of the Bank issued and outstanding as at January 16, 2006. Under its previous normal course issuer bid, the Bank purchased and cancelled 5,950,500 common shares.

The normal course issuer bid program represents a proper use of the Bank’s surplus funds and is being established to enhance shareholder value.

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 close to $108 billion in assets and, together with its subsidiaries, employs 16,890 people. The Bank’s securities are listed on the Toronto Stock Exchange (NA:TSX). For more information, visit the Bank’s website atwww.nbc.ca.

Information (The telephone number provided below is for the exclusive use of journalists and other media representatives):

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