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 SA6.Vinci S.A. 2. Royal Bank Scotland7.BHP Billiton Limited 3. Citigroup8.Air Liquide (L) 4. Diageo PLC9.Schneider Corp. 5. Rio Tinto10.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 $C Source: S&P Micropal

Over 70 Years of Combined Investment Experience Gerry Coleman Lead Portfolio Manager (40 years experience) Stephen Jenkins, CFA Portfolio 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 Coghill Executive 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 Record Harbour Foreign Equity Corporate Class (F Class) Harbour Foreign Equity Corporate Class (Class F shares) were created on May 31, 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. YTD1 mth6 mth1 yr 2 yr3 yr4 yrLife Compound Annual Returns as at December 31, 2006 Calendar Year Fund (%) $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-02 Dec-03Dec-04Dec-05Dec-06

…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 Index

-200% -150% -100% -50% 0% 50% 100% 150% 200% Dec-81Dec-86Dec-91Dec-96Dec-01Dec-06 Canada Outperforms World Outperforms 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% WorldCanada 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 time Reference Portfolio Level Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Maturity , , , , , 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 $ This is a 50.51% return on the Initial NAV of $ In comparison, if the investors had invested $95.00 in the Reference Portfolio directly, their investment would be worth $ The amount of $ 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, , , ,

Accelerator Examples: Harbour Foreign Equity Corporate Class vs. Harbour Foreign Equity EARNS FundNoteFundNoteFundNoteFundNoteFundNote Investment$100 Ending Value 2 $151$169$176$204 $244$235$289$271$ % % 1 6.0% 1 8.0% % 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 SoldEarly 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 terms IssuerNational Bank of Canada Issue dateOn or about March 7, 2007 Maturity date(Term to maturity: 8 years) Issue sizeSubscription price: $100 per note security Minimum purchase: $5,000 (50 note securities) Structural featuresProvide 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 & expensesManagement fee 0.75% (plus taxes) Accelerator cost 2.24% (includes trailer of 0.25% on principal amount) RRSP eligibility100% eligible for RRSPs, RRIFs, RESPs, DPSPs and LIRAs. Secondary marketNational Bank will maintain a secondary market for deposit notes (subject to availability). Selling periodJanuary 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:

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