An exterior insulating system for a building includes at least one insulating panel having a wall-facing side and an outward-facing side, a top and a bottom, the at least one insulating panel having a slope at the top that angles downwardly from the wall facing side to the outward-facing side; and at least one auxiliary panel having a first elongated edge dimensioned to be fastened along a soffit that is extending outwards from a wall of the building, the first elongated edge opposite a main body of the at least one auxiliary panel from a second elongated edge of the at least one auxiliary panel that is connectable to the at least one insulating panel, the main body incorporating structure for permitting airflow through the main body. In one example, the first elongated edge of the at least one auxiliary panel comprises holes therethrough for receiving respective fasteners to fasten the first elongated edge along the soffit.