National Bank Decreases its Prime Rate

Market Wire, October, 2008

National Bank of Canada (TSX: NA) decreases its prime rate from 4.50% to 4.25% effective October 14, 2008.

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 close to $122 billion in assets and, together with its subsidiaries, employs 17,232 people. The Bank's securities are listed on the Toronto Stock Exchange (TSX: NA). For more information, visit the Bank's website at www.nbc.ca .

The telephone number provided below is for the exclusive use of journalists and other media representatives.

Contacts: National Bank Financial Group Denis Dube Senior Manager, Public Relations Department 514-394-8644