MONTREAL, QUEBEC–(EMWNews – Aug. 7, 2008) – National Bank (TSX:NA) has adjusted its rates for residential mortgages, The new rates are effective as of August 8, 2008.

                           CURRENT RATE     NEW RATE
TERM                                 (%)          (%)     CHANGE
----------------------------------------------------------------
FIXED-RATE OPEN TERM
6 months open                     8.400        8.150      -0.250
1 year open                       8.800        8.500      -0.300

FIXED-RATE CLOSED
 TERM
3 months closed                   6.500        6.300      -0.200
6 months closed                   6.500        6.300      -0.200
1 year closed                     6.500        6.300      -0.200
2 years closed                    6.650        6.300      -0.350
3 years closed                    7.000        6.350      -0.650
4 years closed                    7.000        6.700      -0.300
5 years closed                    7.000        6.850      -0.150
7 years closed                    7.600        7.250      -0.350
10 years closed                   7.750        7.450      -0.300

VARIABLE-RATE CLOSED
 TERM
5 years Variable rate
 (discount included)              4.500        4.500       0.000
5 years Saver                     6.150        5.950      -0.200
5 years Capped rate               4.750        4.750       0.000

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 $123 billion in assets and, together with its subsidiaries, employs 17,093 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.

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