Selling period

January 15, 2007 – February 28, 2007

Harbour Foreign Equity EARNS (Enhanced Accelerated Return Note Securities)

Non-principal protected notes with an accelerated positive return feature

Series 1 (NBC1551)

TM

Investment Highlights

• Exposure to the Harbour Foreign Equity Corporate Class, a global equity mutual fund

• Proven management

Portfolio advisory services by Harbour Advisors, Gerry Coleman & Stephen Jenkins

• Accelerated participation of 150% of any positive return at maturity, 100% participation of any negative performance

• 8-year note security not principal protected

Reference Portfolio – Harbour Foreign Equity Corporate Class

Top Ten Holdings

1. Nestle SA 6. Vinci S.A.

2. Royal Bank Scotland 7. BHP Billiton Limited

3. Citigroup 8. Air Liquide (L)

4. Diageo PLC 9. Schneider Corp.

5. Rio Tinto 10. Holcim LTD

as of December 31, 2006

Reference Portfolio – Harbour Foreign Equity Corporate Class

Equity Sectors as at December 31, 2006

Geographic Composition as at December 31, 2006

Harbour Foreign Equity Fund

100%Total

11%Small-Caps

23%Mid-Caps

66%Large-Caps

Market Cap Flexibility

As of December 31, 2006

Harbour Foreign Equity Fund

Attractive Valuation Metrics

12.5xHarbour Foreign Equity Fund 2007 P/E

14xMSCI World Index 2007 P/E

14%Estimated Earnings Growth (’05 –’07 CAGR)

As of December 31, 2006

Harbour Foreign Equity Corporate Class vs. MSCI World $CRisk and Return Analysis5 Years Ending Dec 2006

Return %

Standard Deviation (Volatility)

2

3

4

5

6

8 9 10 11 12 13

MS World GD*

Harbour Foreign Equity Corporate Class

MS World $C

Data Source & © Copyright Standard & Poor's Micropal, Inc (2001) -- http://www.micropal.comSource: S&P Micropal

Over 70 Years of Combined Investment Experience

Gerry ColemanLead Portfolio Manager

(40 years experience)

Stephen Jenkins, CFAPortfolio Manager(16 years experience)

Aleksy Wojcik, CFA

Senior Investment Analyst(7 years experience)

Jared Spice, CFA

Investment Analyst(4 years experience)

Phil D’Iorio, MBA

Investment Analyst(4 years experience)

Michelle CoghillExecutive Coordinator

• Consistent implementation

• Bottom-up & research intensive

• Long-term focus

• Contrarian

• Focused portfolios

• Cash holdings

Characteristics of Style

Stock Selection Requirements

Good Business• Industry Leader• Strong Balance Sheet• Free Cash Flow Generation• Sustainable Competitive

Advantages• Understandable• High Returns on Capital

Good People• Proven Management• Wise Allocators of Capital• Shareholder Focus• Long-Term Oriented• Proper Incentives

Good Price• Discount to Long-Term Fair Value• Conservative Assumptions• Margin of Safety

Investment Adviser – Proven Track RecordHarbour Foreign Equity Corporate Class (F Class)

Harbour Foreign Equity Corporate Class (Class F shares) were created on May 31, 2002. The value as at December 31, 2006 of a $10,000 investment in Harbour Foreign Equity Corporate Class (Class F shares) made on May 31, 2002 was $13,140.

Note: There can be no assurance that the Note Security performance will equal or exceed the performance of Harbour Foreign Equity Corporate Class.

YTD 1 mth 6 mth 1 yr 2 yr 3 yr 4 yr Life

17.8 2.9 13.0 17.8 11.0 9.3 8.3 5.6

Compound Annual Returns as at December 31, 2006

Calendar Year 2002 2003 2004 2005 2006

Fund (%) -4.5 5. 3 6.0 4.6 17.8

$13,140

Harbour Foreign Equity Corporate Class (Class F)$10,000 invested, Inception to December 31, 2006

$8,500

$9,000

$9,500

$10,000

$10,500

$11,000

$11,500

$12,000

$12,500

$13,000

$13,500

May

-02

Dec-0

2

Dec-0

3

Dec-0

4

Dec-0

5

Dec-0

6

…Canada has significantly outperformed over the past five years…

Source: Bloomberg

S&P US Total Return Index

MSCI World Total Return Index

S&P Income Trust Total Return IndexGrowth of $1: Canada vs Global Market

0.5

1.0

1.52.0

2.5

3.03.5

4.0

4.5

Dec

-99

Apr

-00

Aug

-00

Dec

-00

Apr

-01

Aug

-01

Dec

-01

Apr

-02

Aug

-02

Dec

-02

Apr

-03

Aug

-03

Dec

-03

Apr

-04

Aug

-04

Dec

-04

Apr

-05

Aug

-05

Dec

-05

Apr

-06

Gro

wth

of

$1

S&P/TSX Total Return Index

-200%

-150%

-100%

-50%

0%

50%

100%

150%

200%

Dec-81 Dec-86 Dec-91 Dec-96 Dec-01 Dec-06

Can

ad

a O

utp

erfo

rms

World

Ou

tpe

rform

s

Source: Morgan Stanley/S&P

Comparison of the S&P/TSX TR to the MSCI World $C Rolling 5 year investment periods, 30 years ending Dec. 2006

Health Care, 9%

Utilities, 4%

Consumer Staples, 8%

Technology, 10%

Telecommunications, 4%

Consumer Disc., 11%

Industrials, 11%

Materials, 6%

Materials, 16%

Energy, 9%

Energy, 28%

Financials, 26%Financials, 32%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

World Canada

Diversity

Industry Concentration!

76% of the TSX is in the top 3

industry sectors.

Seven Industry Sectors representing 60% of the world economy represent only 24% of the TSX.

Source: Morgan Stanley/TD Newcrest

Comparison of MSCI World and S&P/TSX Composite GICS sectors

Accelerator Table: Exposure moves up over timeReference

Portfolio Level

Year 1

Year 2

Year 3

Year 4

Year 5

Year 6

Year 7

Maturity

500 45.85 45.90 45.98 46.10 46.29 46.58 47.00 47.50600 55.12 55.23 55.34 55.47 55.63 55.88 56.31 57.00700 64.82 65.01 65.17 65.31 65.43 65.55 65.78 66.50800 74.92 75.22 75.47 75.66 75.77 75.79 75.68 76.00900 85.17 85.63 86.03 86.34 86.54 86.56 86.25 85.50

1,000 95.20 95.45 95.70 96.00 96.40 96.2 95.55 95.001,100 106.30 107.19 108.02 108.76 109.38 109.80 109.86 109.251,200 117.14 118.29 119.39 120.43 121.38 122.18 122.79 123.501,300 128.21 129.65 131.06 132.43 133.75 135.01 136.23 137.751,400 139.50 141.24 142.98 144.72 146.44 148.17 149.97 152.00

Example 1, for a Reference Portfolio Level of 1,400 (representing a 40% return if the Initial Portfolio Level is 1,000) after three years, the Note Security could theoretically be worth $142.98. This is a 50.51% return on the Initial NAV of $95.00. In comparison, if the investors had invested $95.00 in the Reference Portfolio directly, their investment would be worth $133.00. The amount of $142.98 represents an “accelerated” return of 26.26%, as the Note Security would theoretically be worth an extra $9.98 compared to a direct investment in the Reference Portfolio. A Holder would not receive the full 50% acceleration if the Note Security was to be sold at that point as the Note Securities have not yet reached maturity.

The chart above serves to illustrate the potential theoretical fluctuation of the price of the Notes relative to the Reference Portfolio Level and the time remaining to maturity. This illustration is based on the assumption that all other factors remain constant, including interest rates and volatility. As a result, the chart is not and should not be construed as a forecast or projection of how the Note Securities may trade in any secondary market that may develop. Actual prices will differ, and such difference may be substantial, when taking into account all relevant factors, including the level of interest rates and volatility. The first column represents different levels of the Reference Portfolio while the first row represents a time line from the first year up to the Maturity Date.

1,500 150.98 153.05 155.13 157.24 159.37 161.55 163.84 166.251,600 162.81 165.18 167.59 170.03 172.52 175.08 177.74 180.501,700 174.70 177.38 180.11 182.88 185.72 188.64 191.66 194.751,800 188.64 189.62 192.67 195.77 198.95 202.22 205.57 209.00

Accelerator Examples:Harbour Foreign Equity Corporate Class vs.

Harbour Foreign Equity EARNS

Fund Note Fund Note Fund Note Fund Note Fund Note

Investment $100 $100 $100 $100 $100 $100 $100 $100 $100 $100

Ending Value2 $151 $169 $176 $204 $204 $244 $235 $289 $271 $341

12.0%1 14.0%16.0%1 8.0%1 10.0%1

Assumptions:

1. Percentage return shown is the hypothetical annual compound return of an investment in Class A shares of Harbour Foreign Equity Corporate Class, including changes in share value and assuming reinvestment of all dividends.

2. Ending value of the Fund investment assumes the investor paid a 5% initial sales charge. Ending value of the Note investment takes into account 5% selling concession fee and all other fees and expenses of the Harbour Foreign Equity EARNS in excess of the current management expense ratio of Harbour Foreign Equity Corporate Class (currently 2.35%). All ending values assume an 8 year holding period.

Early trading charge schedule

If Sold Early Trading Charge

From days 0 to 179 following the closing date

From days 180 to 365 following the closing date

From days 366 to 545 following the closing date

From days 546 to 730 following the closing date

Thereafter

5.00%

3.75%

2.50%

1.25%

Nil

Summary of termsIssuer National Bank of Canada

Issue date On or about March 7, 2007

Maturity date (Term to maturity: 8 years)

Issue size Subscription price: $100 per note securityMinimum purchase: $5,000 (50 note securities)

Structural features Provide an accelerated participation rate of 150% of any positive return of the Reference Portfolio at maturity, while keeping at 100% the participation rate of any negative return (or absence of return) of the Reference Portfolio at maturity.

Fees & expenses Management fee 0.75% (plus taxes)

Accelerator cost 2.24% (includes trailer of 0.25% on principal amount)

RRSP eligibility 100% eligible for RRSPs, RRIFs, RESPs, DPSPs and LIRAs.

Secondary market National Bank will maintain a secondary market for deposit notes(subject to availability).

Selling period January 15, 2007 – February 28, 2007

FundSERV code: NBC1551

Key Dates:

• Selling period: January 15, 2007 to February 28, 2007

• Issue date: On or about March 7, 2007• Term to maturity: Eight (8) years

• Selling concession: 5.0%• Trailing commission: 0.25% per annum• FundSERV code: NBC1551

Advisor Compensation:

THANK YOU

For more information please visit our website:

http://www.ci.com/depositnotes

The information contained herein is confidential and for advisor use only. It is not to be reproduced or distributed to the public or the press.

This presentation is not an offer or a solicitation of an offer or a recommendation to buy or sell any securities or financial instrument, nor shall it be deemed to provide investment, tax or accounting advice. The information contained herein is intended as a summary only and is qualified entirely by, and should be read in conjunction with, the more detailed information appearing in the Prospectus and related Pricing Supplement.

The indicated rates of return are the historical annual compounded total returns including changes in share value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

“CI”, “CI Investments”, and the CI Investments design are registered trademarks of CI Investments Inc. and have been licensed for use by National Bank and its affiliates.