Press Releases

National Bank of Canada confirms the launch of their new buyback program of up to 3% of its Common Shares

Montreal, 28 January 2008 -

National Bank of Canada (the “Bank”) announced today its intention to launch its new normal course issuer bid program, previously disclosed on November 29, 2007. The Bank believes that this program represents a proper utilization of its available funds and is being established to enhance shareholder value.

On December 21, 2007, the Superintendent of Financial Institutions approved the buyback by the Bank of its shares pursuant to the program. The Toronto Stock Exchange (the “Exchange”) has accepted a notice filed by the Bank of its intention to make a normal course issuer bid. According to the notice, the Bank intends to purchase, for cancellation, in accordance with the requirements of the Exchange, for a period not exceeding 12 months, up to 4,700,000 common shares, representing approximately 3% of its issued and outstanding common shares as of January 14, 2008.

The average daily trading volume of the Bank’s common shares over the late six completed calendar months was 882,791 (the “ADTV”). Accordingly, under the requirements of the Exchange, the Bank is entitled to buy-back during the same trading day up to 25% of the ADTV of its common shares, being 220,697. Once a week, in excess of the daily repurchase limit, the Bank may also purchase a block of common shares not owned by an insider (i) having a purchase price of $200,000 or more, (ii) of at least 5,000 common shares having a purchase price of at least $50,000, or (iii) of at least 20 board lots of common shares which total 150% or more of the ADTV in accordance with Exchange rules. The Bank has retained National Bank Financial Inc. as broker to manage the program.

The Bank has purchased some of its common shares within the past twelve (12) months pursuant to a normal course issuer bid which began on February 1, 2007 and will terminate no later than January 31, 2008. The purchases were executed through the facilities of the Exchange. 4,289,600 common shares were purchased at a weighted average price of $62.78 as of January 14, 2008.

The normal course issuer bid will begin on February 1, 2008 and will terminate no later than January 30, 2009. All purchases will be made through the facilities of the Exchange at the discretion of the Bank’s management, as and when it will deem the market price of the common shares to be favourable to the reduction of its outstanding share capital. The purchase of and payment for the shares will be made by the Bank in accordance with the requirements of the Exchange and the price the Bank will pay for any shares will be the market price of such shares at the time of acquisition. As of the close of business on January 14, 2008, there were 158,127,338 common shares outstanding.

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. The 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 $113 billion in assets and, together with its subsidiaries, employs 16,863 people. The Bank’s securities are listed on the Toronto Stock Exchange (NA:TSX). For more information, visit the Bank’s website at

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