National Bank Q1 2009 Earnings

RBC Capital Markets, 27 February 2009� We view National Bank's Q1/09 as mildly positive to our view on the stock. Credit performance was better than peers, as expected, and capital ratios were in line with our expectations.� Operating EPS were stronger than we expected while reported EPS were lower on higher than expected ABCP-related charges.� We increased our 2009 core cash EPS estimate from