National Bank of Canada announces a normal course issuer bid for up to 2% of its common shares

MONTREAL, May 24, 2013 /CNW Telbec/ - National Bank of Canada (the "Bank") (NA) today announced that its Board has authorized a normal course issuer bid to purchase for cancellation up to 2% of its issued and outstanding common shares, representing approximately 3,246,676 common shares. This normal course issuer bid is subject to the approval of the Office of the Superintendent of Financial Institutions Canada (OSFI) and the Toronto Stock Exchange (TSX). It is expected that this normal course issuer bid will begin on or about June 20, 2013 and will end at the latest on or about June 19, 2014. The purchases will be made through the facilities of the TSX and will be made in accordance with applicable regulatory requirements. The Bank will pay the 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 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 162,333,841 common shares of the Bank issued and outstanding as at May 22, 2013. Under the normal course issuer bid which will end on June 19, 2013, the Bank purchased and cancelled 1,000,000 common shares at an average price of $74.7069 per common share.

The Bank believes that the normal course issuer bid represents a proper utilization of the Bank's available funds as part of the Bank's capital management strategy.

About National Bank of Canada
With $185 billion in assets as at April 30, 2013, National Bank of Canada (www.nbc.ca), together with its subsidiaries, forms one of Canada's leading integrated financial groups, and was named among the 20 strongest banks in the world by Bloomberg Markets. The Bank has close to 20,000 employees and is widely recognized as a top employer. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities via social media and learn more about its extensive community involvement at clearfacts.ca and commitment.nationalbank.ca.

SOURCE: National Bank of Canada