1. ENERGY OUTLOOK “Further Gains Ahead”

2. “The earnings from rising oil and natural gas prices and a further expansion in cash flow multiples should drive the TSX energy sector to 5,400 by the end of next year. Including a nearly 2 1/2 % dividend yield, total returns from the energy sector should come in just under 50% this year followed by a 25% return in 2007.” (Jeff Rubin, Chief Strategist, CIBC World Markets, May 1, 2006)

3. Crude Oil vs. TSX Energy Sector 75 70 65 60 2005 Jul2005 Aug2005 Sep2005 Oct2005 Nov2005 Dec2006 Jan2006 Feb2006 Mar2006 Apr2006 May2006 Jun 3400 3200 3000 2800 2600 Crude Oil vs. TSX Energy Sector 041118 01081522 01081501081522 03101724 031017 03 TSX Energy Sector Crude Oil

4. Oil Price Drivers Dwindling Supply Growth and Accelerated Demand Growth China Geopolitical Risks

6. U.S. Crude Oil Field Production Source: EIA

7. Oil Risk Premium

8. Global Crude Oil Reserves

9. Top 10 World Crude Oil Producers in 2005

10. Canadian Oil Production

11. Total Oil Sands Project Production Source: CAPP

12. Selling period July 13 – August 31 CI Oil Sands and Energy EARNS (Enhanced Accelerated Return Note Securities) Non-principal protected notes with an accelerated positive return feature Series 1 (NBC073) TM

13. Investment Highlights Exposure to a Portfolio of Companies Involved in Oil Sands, Energy and Alternative Energy Proven Management  Portfolio Advisory Services by CI Signature Advisors, Eric Bushell & Scott Vali Accelerated Participation of 150% of any Positive Return at Maturity, 100% Participation of any Negative Performance 8-Year Note Not Principal Protected

14. Indicative Reference Portfolio Top Ten Holdings 1. Petro-Canada6.Exxon Mobil Corp. 2. Penn West Energy Trust7.Husky Energy Inc. 3. TransCanada Corp.8.Shell Canada Ltd. 4. Mullen Group Income Fund9.Imperial Oil Ltd. 5. ConocoPhillips Inc.10.Suncor Energy Inc. Reference portfolio expected to consist of 32 constituents, consisting of issuers participating in the Canadian Oil Sands Sector (53.5%), Global Energy Industry (38.75%) and Alternative Energy Technologies (7.75%)

15. Investment Adviser – Proven Track Record CI Global Energy Corporate Class 50000 40000 30000 20000 10000 0 1999 2006200520042003200220012000 Current value of a $10,000 investment is $39,490 1.CI Global Energy Corporate Class was created on June 11, 1998. The value as at May 31, 2006 of a $10,000 investment in CI Global Energy Corporate Class made on June 11, 1998 was $39,490 Note: There can be no assurance that the Note performance will equal or exceed the performance of CI Global Energy Corporate Class. Compound Annual Returns as at May 31, 2006 YTD1 mth6 mth1 yr2 yr3 yr5 yrLife Fund (%)2.5-5.19.441.746.941.218.619.7 Calendar Year1999200020012002200320042005 Fund (%)31.438.90.3-4.423.839.161.6

16. Accelerator Examples Reference Portfolio Level Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Maturity 500 44.36 44.83 44.74 45.09 45.17 45.66 46.48 47.50 600 54.09 54.70 54.56 54.94 54.82 55.13 55.81 57.00 700 64.13 64.89 64.77 65.22 64.94 65.06 65.41 66.50 800 74.10 75.33 75.11 75.68 75.36 75.38 75.43 76.00 900 84.25 85.22 85.46 86.22 85.99 85.94 86.05 85.50 1,000 95.07 95.12 95.20 95.31 96.26 97.25 96.65 95.00 1,100 104.28 105.76 107.14 108.39 109.45 110.20 110.41 109.25 1,200 115.22 116.97 118.63 120.16 121.51 122.58 123.21 123.50 1,300 126.31 128.34 130.28 132.12 133.80 135.25 136.39 137.75 1,400 137.50 139.83 142.08 144.25 146.28 148.15 149.84 152.00 1,500 148.78 151.42 153.99 156.50 158.91 161.21 163.45 166.25 1,600 160.14 163.09 166.00 168.86 171.65 174.39 177.17 180.50 1,700 171.57 174.84 178.08 181.30 184.49 187.66 190.96 194.75 1,800 183.06 186.65 190.23 193.82 197.39 201.01 204.79 209.00 1,900 194.59 198.51 202.43 206.38 210.35 214.40 218.63 223.25 2,000 206.16 210.41 214.68 219.00 223.36 227.82 232.49 237.50 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 could theoretically be worth $142.08. This is a 49.56% return on the Initial NAV of $95.00. In comparison, if the investors would have invested $95.00 in the Reference Portfolio, their investment would be worth $133.00. The amount of $142.08 represents an “accelerated” return of 123.9%. 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 following is not and should not be construed as a forecast or projection of how the Notes 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.

17. Summary of Terms IssuerNational Bank of Canada Issue DateSeptember 8, 2006 Maturity DateSeptember 8, 2014 (Term to Maturity: 8 years) Issue SizeSubscription Price: $100 per Deposit Note Minimum Purchase: $5,000 (50 Deposit Notes) 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 & ExpensesManagement Fee 0.50% (plus taxes) Accelerator Cost 2.40% (includes Trailer of 0.25% on principal amount) Admin Fee: 0.25% 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 PeriodJuly 13, 2006 – August 31, 2006 FundSERV Code:NBC073

18. Key Dates: Selling Period:July 13, 2006 to August 31, 2006 Issue Date:September 8, 2006 Term to Maturity:Eight (8) years Selling Concession:2.8% Trailing Commission:0.25% per annum FundSERV Code:NBC073 Advisor Compensation:

19. THANK YOU For more information please visit our website: http://www.ci.com/depositnotes

20. 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.