Harbour Foreign Equity EARNS™ (Enhanced Accelerated Return Note Securities), Series 1

    Available January 15 to Febuary 28, 2007

  • Notes provide 150% exposure to the upside returns of a Reference Portfolio made up of shares of Harbour Foreign Equity Corporate Class, a global equity fund.
  • Acceleration feature provides returns comparable to leveraged returns without the corresponding downside of actual leverage.
  • Fund’s portfolio consists of high-quality global companies, well diversified by region and sector.
  • Proven management from CI Investments’ award-winning Harbour Advisors, led by Gerry Coleman and Stephen Jenkins.
    Eight-year note not principal protected.

Harbour Foreign Equity Corporate Class

*Inception date is May 31, 2002

Harbour Foreign Equity Corporate Class
Top 10 Holdings (as at December 31, 2006)

1. Nestle
2. Royal Bank of Scotland
3. Citigroup
4. Diageo
5. Rio Tinto
6. Vinci
7. BHP Billiton
8. Air Liquide
9. Imperial Oil Ltd
10. Suncor Energy Inc.

Issuer: National Bank of Canada
Minimum Purchase: $5,000
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).

For more information, please contact your Financial Advisor.

Available information:
  • Shelf Prospectus
  • Pricing Supplement

  • Details regarding the accelerator strategy, calculation and payment of interest and certain risk factors are contained in the Pricing Supplement No. 3 dated January 15, 2007 to the short form base shelf prospectus dated April 15, 2006 relating to Harbour Foreign Equity EARNS™ (Enhanced Accelerated Return Note Securities), series 1 (the “Pricing Supplement”). Investors are encouraged to read the Pricing Supplement carefully before investing in the Note Securitiesand to discuss the suitability of the investment with their investment advisor. Harbour Foreign Equity EARNS™, Series 1 are available for sale January 15, 2007 to February 28, 2007. ®CI Investments, CI, the CI Investments design and Harbour Funds are registered trademarks of CI Investments Inc. ™Harbour Advisors is a trademark of CI Investments Inc.

    This notice is intended for information purposes only and is not, and under no circumstances is to be construed as, an offering of the Note Securities described herein, or as investment advice. This e-mail is intended to be read in conjunction with the Pricing Supplement. The Note Securities described in the Pricing Supplement are being offered in Canada only in those jurisdictions and to those persons where and to whom they may lawfully be offered for sale, and therein only by persons permitted to sell such Note Securities.