National Bank of Canada Announces a Normal Course Issuer Bid

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National Bank of Canada announced on December 3rd, 2009, that its board of directors has authorized a normal course issuer bid to purchase for cancellation up to 2% of its issued and outstanding common shares, which represents approximately 3,220,000 common shares.

This normal course issuer bid is subject to the approval of the Office of the Superintendent of Financial Institutions Canada (OFSI) and the Toronto Stock Exchange (TSX).

It is expected that the normal course issuer bid will begin on or around February 1st ,2010 and it will end at the latest or around January 31st, 2011.

The purchases will be made through the facilities of the TSX and it will be made in accordance with applicable regulatory requirements.

The National Bank of Canada will pay market price for the common shares at the time of acquisition. The actual number of common shares which may be purchased and the timing of the purchases will be determined by the National Bank of Canada.

The National Bank of Canada will only make purchases under the bid after consulting with OFSI.

The common share acquired pursuant to the normal course issuer bid will be cancelled.

As at October 31st, 2009, there were 161,146,627 common shares of the National Bank of Canada issued and outstanding. No common shares were repurchased under the Bank’s previous normal course issuer bid which expired on January 31st, 2009.

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