NATIONAL BANK OF CANADA

NATIONAL BANK OF CANADA

January 10, 2005 16:55 ET

National Bank of Canada Announces Buyback of a Maximum of 5 Per Cent of its Common Shares


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: NATIONAL BANK OF CANADA

TSX SYMBOL: NA

JANUARY 10, 2005 - 16:55 ET

National Bank of Canada Announces Buyback of a Maximum
of 5 Per Cent of its Common Shares

MONTREAL, QUEBEC--(CCNMatthews - Jan. 10, 2005) - National Bank of
Canada (TSX:NA) 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 13, 2005 and ending January 12, 2006, purchase
on the Toronto Stock Exchange up to 8,400,000 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 168,518,104 common shares of the Bank issued and outstanding
as at January 5, 2005. Under its previous normal course issuer bid, the
Bank has purchased and cancelled 8,700,000 of its common shares.

The normal course issuer bid 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 assets of
about $89 billion and, together with its subsidiaries, employs close to
17,000 people. National Bank's securities are listed on the Toronto
Stock Exchange (TSX:NA). For more information, visit National Bank's
website at www.nbc.ca.

Information: (The following telephone number is intended solely for the
use of journalists and other media representatives).

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    National Bank of Canada
    Denis Dube
    Director of Public Relations
    (514) 394-8644
    denis.dube@bnc.ca
    www.bnc.ca