National Bank's $237 Million Writedown for Q4 2008

Scotia Capital, 27 November 2008� NA pre-released operating earnings of $1.09 per share below our estimate of $1.35 per share and consensus of $1.31 per share.What It Means� Reported earnings are expected to be $0.37 per share including a moderate $237M (0.99 per share) in net charges. Net charges include a $117M ($0.49 per share) charge against ABCP, a $66M ($0.27 per share) restructuring charge