RBC Dominion Securities Inc.

CLIENT ACCOUNT AGREEMENTS AND DISCLOSURE DOCUMENTS Table of contents

Client Account Agreements Part 21 – Additional Terms for Pre-Authorized Mutual Fund Part A – General Account Agreement Purchase Plans ...... 26 Part 1 – Interpretation ...... 1 Part B – Retirement Savings Plan – Part 2 – Application ...... 2 Declaration of Trust ...... 27 Part 3 – Operation of Account...... 2 Part C – Retirement Income Fund – Declaration of Trust ...... 33 Part 4 – Fees, Commissions and Charges ...4 Part D – Tax-Free Savings Account – Part 5 – Disclosures ...... 4 Trust Agreement ...... 39 Part 6 – Consents ...... 6 Part E – Education Savings Plan – Part 7 – Liability and Indebtedness ...... 8 Plan Text (Family Plan) ...... 45 Part 8 – Joint Accounts ...... 9 Disclosure Documents Part 9 – Protecting Your Privacy ...... 10 Part A – Leverage Risk Disclosure ...... 53 Part 10 – Shareholder Communications ...11 Part B – Risk Disclosure Statement Part 11 – Automated Services ...... 12 for Futures and Options...... 53 Part 12 – General Terms ...... 14 Part C – Strip Bond Disclosure ...... 56 Part 13 – Personal Guarantee Part D – Shareholder Communications of Corporate Indebtedness ...... 16 Instruction Form ...... 59 Part 14 – Additional Terms Applicable Part E – Administrative Account to Non-Corporate Entities ...... 16 Services Fees ...... 60 Part 15 – Additional Terms Part F – Relationship Disclosure for Trading on Margin ...... 17 Document ...... 62 Part 16 – Additional Terms for Option Trading ...... 18 Attachments Part 17 – Additional Terms for Advisor Accounts ...... 19 Canadian Investor Protection Fund ...... 67 Part 18 – Additional Terms An Investor’s Guide to Making for Managed Accounts ...... 20 a Complaint...... 68 Part 19 – Additional Terms Aequitas Disclosure ...... 70 for Futures Accounts ...... 24 Part 20 – Additional Terms for Foreign Exchange (FX) Forwards and Swaps ...... 25 1 | CLIENT ACCOUNT AGREEMENT AND DISCLOSURE DOCUMENTS RBC DOMINION SECURITIES | 1

Client Account Agreements General Account Agreements – Part A

In consideration of RBC Dominion Securities Inc. (hereinafter referred to as “RBC DS”, “us”, “we” or “our”) agreeing to open, operate or maintain an account (“your account”) for one or more account holders (hereinafter referred to as “you” or “your”), you hereby agree as follows:

This booklet contains Part 1 – Interpretation “Managed Account” means an Access/A+ Account or a PIM Account; important information about This part contains “PIM Account” means your discretionary your account, including the managed account which is identified on our terms of your agreement definitions and rules account forms and otherwise as an account opened under the program entitled “Private with us, details on how of interpretation used Investment Management”; we operate your account, throughout this “Regulations” mean all applicable laws or the our fee schedule, and our Agreement. rules, regulations, bylaws or policies of any commitment to protecting applicable regulatory or self-regulatory 1.1 Definitions. All terms not otherwise authority that apply to us or this Agreement; your privacy. It also includes defined herein shall have the following “Securities” means any and all property in your meanings: information on investor account, excepting cash, including but not protection from the Canadian “Access/A+ Account” means your discretionary limited to shares, bonds, options, investment managed account which is identified on our fund units, commodity futures contracts, Investor Protection Fund (CIPF) account forms and otherwise as an account precious metals, and other forms of investment and the Investment Industry opened under either the “A+ Manager that may be held in an account from time to Selection Program” or “Access Manager time; Regulatory Organization of Selection Program”; “Spouse” means any person to whom you are Canada (IIROC). “Advisor Account” means your fee based legally married or any person with whom you account which is identified on our account live in a conjugal relationship outside of forms and otherwise as an account opened marriage; under the program entitled “Advisor”; “Taxes” means any and all applicable taxes, “DAP/COD Account” means a trading account assessments, interest and penalties. which you have specifically requested that we In this Agreement (defined below), any term establish whereby all trades in securities used where singular shall include the plural. effected by us are to be “delivered against The headings in this Agreement are for payment” on a “cash on delivery” basis to a convenience of reference only and shall not in third party custodian with which you have a any way affect the interpretation of this custody arrangement. Agreement.

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Part 2 – Application as correct as received by the Automated end the trading authorization of your Trading Service. We may refuse to execute any Authority, you must send a notice in writing to instructions with respect to your account, this effect by registered mail to your This part contains including without limitation, any order for the Investment Advisor. This notice will be effective purchase or sale of a security or for the deposit on the day after the business day we receive it. important information or withdrawal of securities or money from your We may act on any instructions that we about how and when this account, whenever we deem it necessary for received from your Trading Authority before our protection or for any other purpose and this notice becomes effective. You assume the Agreement applies to without any obligation to provide you with risk on all transactions in your account notice of any such refusal. authorized by your Trading Authority. You your account. agree to indemnify us from all debts, costs, 3.2 Provision of Services and Documents. damages and losses, including legal costs, we 2.1 General Account Agreement. By agreeing to the terms and conditions set may incur from any transaction authorized by This General Account Agreement (this out in this Agreement you acknowledge and your Trading Authority in your account. “Agreement”) is effective as of the date of the agree that (i) you have requested that RBC DS first transaction in your account. In addition, provide you with information about investment 3.4 Agent or Principal. We will act as your the terms set out in any of our account forms products, securities, including collective agent for buying, selling and generally dealing apply to your account. This Agreement investment schemes, and other services in in securities for you. At times, we may also act continues to apply if: (a) your account is connection with an account held with RBC DS; as principal meaning that we may buy temporarily closed or reopened; (b) we give it (ii) you have requested that RBC DS provide to securities from you or sell securities to you for a different number; (c) there is more than one you all documentation, which you will or from our own account. account holder; or (d) if any account holder is complete and return to RBC DS with the a corporation or other entity. assistance of your own independent advisors, 3.5 Your Information. You confirm that the if necessary, required for (a) the opening of an information you provide to us verbally, in account with RBC DS as well as (b) the writing, or electronically by any means, Part 3 – Operation of account provision by RBC DS to you of services in including, without limitation, on our account relation to your account; and (iii) you consent forms or by an Automated Service, is true and to the delivery to you, in your jurisdiction of complete. This includes, without limitation, This part contains residence, of documentation relating to your telephone number and any information important details on securities, new or existing investment products relating to any transaction in your account. You or services as well as documentation will notify us immediately of any change to the how we operate your pertaining to the account and services in information provided to us, including, without relation to such account, including but not limitation, any material change in your account, including limited to, confirmations, if applicable, account financial affairs or a change in your investment details about account statements, tax documentation, marketing objectives, risk tolerance or investment materials, lists of suggested securities or forms experience. You also agree to notify us instructions, trading required to update your personal or financial immediately if you or your spouse acquire a authorizations, agency information (collectively, the “Information”). controlling interest in, or otherwise become, an insider of a reporting issuer or if you become a or principal transactions, 3.3 Trading Authorization. You can authorize partner, director, officer or employee of a another person (your “Trading Authority”) to member of the IIROC or a relative of such your obligation to provide instruct us and to act on your behalf with partner, director, officer or employee living in certain information, respect to your account by providing us with the same household. You warrant that any the appropriate authorization. Your Trading securities delivered to us by you or on your trading rules, payment Authority is authorized to: (a) transfer money behalf are free of any encumbrances including for securities, statements, between your accounts or an account held in constructive liens or hypothecs. your name at the Royal Bank of Canada; (b) confirmations and notices, withdraw money or securities from your 3.6 Trading Rules. The Regulations apply to registration of shares and account if the money is payable to you or the all transactions carried out by us for you. If a securities are registered in your name; and (c) transaction is carried out on a stock exchange credit balances. except if your account is a Managed Account, or market, the constitution, bylaws, rules, trade securities in your account, which may regulations, customs and usages of that include, without limitation, the authority to buy exchange or market and its clearing house 3.1 Account Instructions. We may at our and sell securities on margin or any short apply. If the trade is not carried out on a stock discretion honour instructions purporting to sales. We will act on your Trading Authority’s exchange or market, the rules, usages and be from you given in person or by telephone instructions without conducting any inquiries customs that brokers use for similar trades, conversation with your Investment Advisor or or investigations into the propriety of such including settlement procedures, will apply. any other licensed employee of ours. We may instructions. If you give authorization to more at our discretion record any telephone than one Trading Authority, each of your 3.7 Trading in Securities. You will pay for communications between you and us. We will Trading Authority can deal independently with all securities on the settlement date or on treat any instructions you give through an us without the consent of the others. The any other day we may set. We will credit to Automated Service (as such term is defined in authority of your Trading Authority will not your account any dividends, interest or cash the part herein entitled “Automated Services”) survive your death or incapacity. If you want to received for your securities and the proceeds

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from any sale or disposition, after deducting instances, the market values may not reflect any applicable fees, charges or commissions. the current value of the security. All market We may register ownership of your securities prices and book values shown on your in a nominee account held by us or our account statements are obtained from sources agent. In this case, we will credit any that we believe reliable but we do not dividends, interest and sale proceeds to the guarantee their accuracy. nominee account and then transfer them to your account. We will keep a record of all 3.10 Share Certificates. If we register receipts and deliveries of securities and ownership of your securities in a nominee account positions. We require five (5) account, we do not have to deliver to you business days prior written notice by you to securities or certificates that we receive or withdraw securities, cash or cash equivalents are deposited with us when we buy securities from your account. for you. We may deliver the same kind of securities for the same amount instead. You 3.8 Custody. Except if your account is a DAP/ can choose to have certificates (subject to COD Account, we shall act as custodian in availability from the transfer agent) for your relation to your account, safeguarding all cash securities registered in your name and hold You can choose and securities contained therein. In them for safekeeping in another location. If to receive your accordance with IIROC Rules, when we hold you want to sell any of these securities, you customers’ fully paid securities, such securities must sign the certificates and deliver them account statements are segregated and marked in a manner which to us, in negotiable (i.e. transferable by online to reduce identifies the interest of each individual endorsement or delivery) form, on or before customer and cannot be used by us in the the settlement date. If you do not deliver the your paperwork. conduct of our business. certificates on time, or do not properly sign the certificates, we may borrow or buy a similar 3.9 Statements, Confirmations and kind and amount of securities and deliver Notices. Your account number will appear on them to the buyer instead and you must pay all account statements, trade confirmations any loss or expense we incur in doing so. and tax receipts we send you. Account statements, trade confirmations, notices, Fund 3.11 Credit Balance. Any cash held by us from Facts and other communications we send you time to time to your credit is payable on by prepaid first class mail are deemed to be demand, need not be segregated and may be given and received on the fifth (5th) business used by us in the ordinary conduct of our day after we mail them. Any notices or business. You acknowledge that the information we give to you in person or by fax relationship between you and RBC DS with or electronically, including through an respect to such cash held is one of debtor and Automated Service, are deemed to be given creditor only. and received on the day we send them. You will receive an account statement either 3.12 IPO Allocation. We may, in our sole monthly or quarterly, depending on the level discretion, allocate shares of new issues to of activity in your account. We will assume clients who have expressed an interest in the that any account statements we send you are new issue. However, there is no guarantee that complete and accurate unless you tell us a client, who has expressed an interest in the otherwise within thirty (30) days of the date new issue, will receive an allocation. printed on the account statement or the day we deem you to have received them, 3.13 Offering Document. In accordance with whichever is earlier. We will assume any trade securities laws, we may deliver to you along confirmations or other notices we send you in with your trade confirmation a prospectus, writing or by telephone, personal computer prospectus amendment, Fund Facts, system or any other electronic or information statement, or similar product telecommunication device, including through specific disclosure document. You agree that an Automated Service, are complete and we may refer to any such document as an accurate unless you tell us otherwise within “Offering Document” in a cover page to the five (5) days of deemed receipt. related trade confirmation or in a notice if delivered through an Automated Service. In certain instances, the current market value of a security held in your account is not 3.14 Return of Funds Deposited into available and/or no market currently exists for Account by Wire Transfer. RBC DS may the security. In such instances, your account refuse to accept a wire transfer into your statements will show the market value of the Account or it may return funds deposited into security based on either the last available your Account by wire transfer, without market value/net asset value for the security notification to you, in its sole and absolute or the book value for the security. In such discretion.

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Part 4 – Fees, commissions and charges time to time. Commissions may be reported on and our spread will depend on market your account statements and/or annual fluctuations as well as the amount, date and charges and compensation reports as type of foreign currency transaction. Foreign This part contains “transactional charges”, which are any currency conversions take place at such rates amounts charged to you by us in respect of a as are available to our retail customers for important information purchase or sale of a security and includes any currency conversions of a similar amount, date about our fees, taxes paid on that amount. Commissions are and type. In performing foreign currency generally not applicable if your account is a transactions, we may act as agent or principal. including details Managed Account or an Advisor Account. We may, at our discretion, reject a foreign currency transaction request. We convert about administrative 4.3 Additional Commissions. We may receive foreign currencies on the day we carry out your fees, commissions, Commissions in connection with trading in Foreign Trade. We may use a different day for: fixed income securities in your account, which (a) mutual fund transactions; (b) transactions additional commissions, include, without limitation, treasury bills, that you and we agree on; and (c) other compensation received bonds, strip bonds, non-exchange listed transactions we deem necessary. debentures, investment certificates, money by us from third parties, market instruments or other similar securities 4.7 Physical Precious Metals. For all trading in addition to the Commissions applicable to and holdings of physical precious metals, we interest charges and your account and any such Commissions may, will charge you the fees and charges set out in foreign exchange at our discretion, be included in the purchase the RBC DS Physical Precious Metals Program or sale price of such securities. Fee Schedule which you acknowledge having transactions based on been provided prior to trading or transferring in direct or indirect requests 4.4 Third Party Compensation. We may the precious metals and which is available receive Commissions or other compensation from your Investment Adviser upon request. by you. from third parties, including, without limitation, with respect to the sale of securities of a Part 5 – Disclosures mutual fund, newly issued securities, limited 4.1 Administrative Fees. We will deduct from partnership units, tax shelter securities, your account all administrative fees, costs and annuities and insurance products, Canada and other charges applicable to your account provincial savings bonds, guaranteed This part contains (collectively, “Administrative Fees”). investment certificates and farm credit notes. Administrative Fees include, without limitation, important disclosures fees for Automated Services, registered 4.5 Interest. We will deduct from your account about our membership account trustee and administrator fees, interest any interest you owe us. Our rate of interest is or financing charges, exchange fees, electronic available upon request and will be the rate in the Canadian fund transfer fees and wire transfer fees. shown on your monthly or quarterly account Investor Protection Administrative Fees are set out in the fee statement. We may change our rate of interest disclosure document provided to you upon at any time. No interest is payable by you or us Fund and about our opening your account. Additional Taxes may be with respect to monthly debit or credit interest corporate relationships. applicable. We can change Administrative Fees amounts of less than $5.00. by giving you sixty (60) days notice in writing. Administrative Fees may be reported on your 4.6 Foreign Exchange. For non-Managed 5.1 Investor Protection. We are a member of account statements and/or annual charges and Accounts, we perform foreign currency the Canadian Investor Protection Fund (“CIPF”). compensation reports as “operating charges”, transactions based on a direct or indirect CIPF protects your account within certain limits. which are any amounts charged to you by us in request by you. An indirect request is where These limits are described in the CIPF brochure respect of the operation, transfer or termination you have requested a trade in securities which is included in this Client Account of your account and include taxes paid on that denominated in a currency other than the Agreements and Disclosure Documents (this amount. Additional administrative fees with currency of your account or have received “Booklet”) and is also available from your respect to Managed Accounts or Advisor certain corporate entitlements (including Investment Advisor upon request. Accounts may be reported on account dividends, interest, etc.) from an issuer of statements and/or annual charges and securities denominated in a currency other 5.2 Corporate Information. We are a separate compensation reports as “investment than the currency in your account (“Foreign legal entity that is affiliated with a number of management” fees. Further information Trade”). For discretionary or Managed companies that are part of the Royal Bank of regarding these fees are set out under the Accounts, foreign currency transactions are Canada including, without limitation, the sections entitled “Additional Terms for Advisor performed on your behalf when we make a following: Accounts” and “Additional Terms for Managed Foreign Trade. The foreign currency conversion Accounts” respectively. rate that appears on your trade confirmation Royal Bank of Canada and/or account statement includes our Royal Trust Corporation of Canada The Royal 4.2 Commissions. We will deduct from your spread-based revenue (“spread”) for Trust Company account all commissions and transaction performing this function, in addition to any RBC Life Insurance Company RBC Travel charges applicable to your account commissions or fees related to the Foreign Insurance Company RBC General Insurance (collectively, “Commissions”). Additional Taxes Trade or your account. Spread is the difference Company Royal Mutual Funds Inc. may be applicable. Commissions will be between the rate we obtain and the rate you RBC Phillips, Hager & North Investment Counsel charged at our customary rates in place from receive. The foreign currency conversion rate Inc. RBC Private Counsel (USA) Inc.

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RBC Wealth Management Financial Services If you have been referred to RBC DS by an RBC Inc. RBC Direct Investing Inc. IRP, FP or Private Banker after November 1, RBC Global Asset Management Inc. 2011, RBC DS will pay RBC a referral fee of 25% Phillips, Hager & North Investment Funds Ltd. of the actual first year revenue in connection with your account. Unless you are otherwise informed by us, securities purchased from or though us are not RBC may share a portion of any referral fee insured by the Canada Deposit Insurance that it receives from RBC DS to individual Corporation, the Quebec Deposit Insurance representatives of RBC, including the Board or any other government deposit insurer individual who referred you to RBC DS. and are not guaranteed by any Canadian financial institution. Securities purchased from The payment of any referral fee will not or though us may fluctuate in value. increase the fees you pay to RBC DS for your account. 5.3 Referral Arrangement Disclosure. You may have been referred to RBC DS by Conflicts of Interest. As a result of a referral Royal Bank of Canada (“RBC”) because of your arrangement, the RBC employee who refers The payment of any referral need for investment management products or you to RBC DS may have a conflict of interest fee will not increase the fees services. RBC provides banking services to its between his or her own financial interests and clients, but it is not registered in Canada to your interest in being referred to an RBC DS you pay to RBC DS for your provide investment management services. Investment Advisor that will provide to you the account. RBC DS is registered as an investment dealer type of investment management services that with the securities regulatory authorities in all you have requested. In addition, RBC has a Canadian provinces and territories. An conflict of interest between its own financial employee of RBC, specifically an Investment interests and your interest in being referred to and Retirement Planner (“IRP”), a Financial RBC DS to provide you the type of investment Planner (“FP”) or Private Banker may have management products or services that you referred you to RBC DS because of your have requested. need for investment management products or services. RBC has policies and procedures that help identify and manage potential conflicts of RBC DS has a written referral arrangement interest arising from its participation in referral agreement with RBC. Under this referral arrangements. Please speak with your RBC agreement, if you purchase securities products Representative if you would like more or services from RBC DS, a referral fee will be information about these policies and paid by RBC DS to RBC for referring you. procedures.

If you have been referred to RBC DS by an RBC You acknowledge that (a) you have read and employee prior to November 1, 2011, then the understood the contents of this Referral following referral arrangement applies. Arrangement Disclosure; (b) RBC DS is not responsible for any acts, omissions, Referrals from RBC Private Banking. If you statements, or negligence of RBC or RBC were referred to RBC DS by an employee in the employees or officers; (c) you consented to Private Banking Division of RBC, the referral fee RBC giving your contact information to RBC DS payable by RBC DS to RBC is based on the and to a representative of RBC DS contacting annual aggregate amount of all client assets you by telephone, computer or mail regarding referred to RBC DS, subject to a certain dollar products and services; (d) RBC DS may advise threshold of successful client referrals by the RBC of the products and services provided to Private Banking Division of RBC. you; (e) all services requiring registration under securities laws will be performed by a Referrals from an RBC IRP. If you were representative of RBC DS; and (f) You are referred to RBC DS by an RBC IRP, RBC DS will under no obligation to purchase any product pay RBC a referral fee of 20% to 25% of RBC or service as a result of this referral DS’s first year forecasted revenue in arrangement. connection with your account, subject to a maximum of $13,500. In addition, if you remain a client of RBC DS for 12 months, RBC DS will pay RBC a second referral payment based on the lower of your referred balance and your confirmed account balance at the end of the first year relationship with RBC DS based on the same calculation for the initial referral.

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Part 6 – Consents accordance with your instructions. You Investment Advisor, you acknowledge, if acknowledge that we may accept instructions your account is a registered account, that from you that include without limitation the funds will be taken from, or deposited to, This part contains amount, the frequency and the start date, the cash balance inside your registered which may or may not be in writing, in account. If your account is a non-registered important information connection with the establishment of, or a account, you acknowledge that cash will about consents you are change to, a pre-authorized transaction for be taken from, or deposited to, the bank your account (including, without limitation, account you instructed RBC DS and in providing to us by opening pre-authorized transfers of funds, pre- connection therewith, you further authorize authorized contributions to your registered us to share your banking information with your account, including retirement account, pre-authorized mutual fund the applicable mutual fund company, if information about purchases or redemptions, or pre-authorized this is necessary to set up the purchase or payment instructions from your registered redemption plan. your consent to effect retirement income fund) and accordingly, you transactions with affiliated agree to waive pre-notification. In addition, you You have certain recourse rights if any debit agree to the following: does not comply with this Agreement. For entities, your consent to example, you have the right to receive (a) Pre-Authorized Registered Account reimbursement for any pre-authorized transfer, electronic retention of your Contributions: In the event that you have payment, contribution, purchase and/or account documentation instructed us to set up a pre-authorized redemption (“PAD”) that is not authorized or is contribution to your registered account not consistent with the terms set out in this and the destruction of using funds held in an account in your section and in the Application for Funds original documents, and, if name or, if applicable, in the name of a Transfer sections of the Client Account Form spousal contributor, at another financial (collectively, the “PAD Agreement”). To obtain applicable, your consent in institution (the “FI Account”), you more information on your recourse rights, you relation to pre-authorized acknowledge that the authorization may contact us or visit www.cdnpay.ca. provided by you hereunder is for the transactions. benefit of RBC DS and Royal Bank of Unless you have expressly advised us Canada (“RBC”) in consideration of RBC otherwise, this PAD will be considered to be for agreeing to process one or more fund your personal use, not for the use of a 6.1 Electronic Retention and Destruction transfer debits against the FI Account in business. If it is in fact intended for the use of of Documents: This Agreement, our account accordance with the rules of the Canadian a business, please advise us accordingly forms and all other agreements, forms and Payments Association. In connection forthwith. documents relating to your account, whether therewith, you agree that RBC is not created or executed prior to or after the date of required to verify that any fund transfer You may revoke your authorization at any time. this Agreement (collectively, your “Account debits have been issued in accordance To obtain a sample cancellation form, or for Documentation”) may at our discretion be with the particulars of the instructions more information on your right to cancel a PAD retained by us electronically and the original or provided by you to RBC DS and until Agreement, you may contact us or visit www. originals destroyed. You hereby consent, cancelled by you in writing to RBC DS, RBC cdnpay.ca. We may be contacted through pursuant to applicable electronic commerce is authorized to withdraw the contribution e-mail on our website: https://www.rbcds. legislation and otherwise, to your Account amount from the FI Account and credit com/request-contact-form.html. Documentation being retained by us solely your account with RBC DS. Your in electronic form and to the destruction of cancellation of this pre-authorized 6.3 Related and Connected Issuers. the original or originals. You further agree contribution does not terminate any other In respect of your Account, you consent to the that the electronic record of your Account contracts that exist between you and RBC purchase or sale of securities of issuers that Documentation is admissible in any legal, DS. It is understood that any debit are related or connected to RBC DS. For an administrative, regulatory, self-regulatory or instructions hereunder can only be made explanation of what comprises a related and/ other proceeding as conclusive evidence of the to an FI Account held solely or jointly in or connected issuer, as well as to view a accuracy and completeness of its contents and your name or, if applicable, a spousal current list of all related and connected issuers your Agreement to the terms and conditions contributor, and you warrant and of RBC DS, please refer to the following contained therein in the same manner as the guarantee that all persons whose website: www.rbc.com/issuers-disclosures or original or originals. In connection with the signatures are required to provide written contact your Investment Advisor. In respect of foregoing, you consent to and waive any right instructions to RBC DS have done so on your Managed Account, you consent to the to object to the use, provision, acceptance, the account opening forms of RBC DS. exercise of discretionary authority by RBC DS enforcement or introduction into evidence in under this Agreement in respect of the any proceeding of any electronic copy of your (b) Pre-Authorized Mutual Fund Purchases or purchase or sale of securities of issuers that Account Documentation. Redemptions: In the event that you have are related or connected to RBC DS as instructed us to establish a pre-authorized explained in section 18.1 of this Agreement. 6.2 Pre-Authorized Transactions: Pursuant mutual fund purchase or redemption plan, to the Application for Funds Transfer sections with fixed-amount purchases or 6.4 Mutual Funds and Other Proprietary of the Client Account Form (the “PAD redemptions annually, semi-annually, Products: You agree that we may effect Agreement” for this section) you authorized us quarterly, monthly, or bi-weekly, as transactions in your account in the securities to carry out the pre-authorized transactions instructed by you verbally to your of a mutual fund or other investment product (“PAD”) set out in the PAD Agreement in managed by any of our affiliates as you may,

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from time to time, instruct us or as we are investing website (the “Homepage”) or the otherwise permitted without your instructions. secure online communication centre located In respect of your Managed Account, you within the Homepage (the “Message Centre”). consent to the exercise of discretionary Based on the foregoing, you understand that authority by RBC DS under this Agreement in you must be registered to access the respect of the purchase or sale of mutual funds Homepage in order to electronically receive or other proprietary products managed by any documents hereunder. You further understand of our affiliates as explained in section 18.1 of that you have been advised to access the this Agreement. Homepage as soon as possible, and that it is your responsibility to do so. 6.5 Cross Transactions. In the course of operating your Managed Account, situations You further understand that the services may arise involving the purchase and sale of provided hereunder by RBC DS in connection securities between your Managed Account and with the electronic delivery of Documents a fund that is managed or advised by an constitute an “Automated Service.” affiliate of RBC DS, including without limitation, RBC Global Asset Management Inc. You (a) Documents: You understand that the types You must be registered to authorize and consent to such cross of documents covered by this Consent access the Homepage in transactions subject to it being conducted in include any record of a transaction in my accordance with applicable Regulations. account that RBC DS is required to send you order to electronically under securities legislation, including receive documents. 6.6 Communication by Telephone. account statements and trade confirmations The Canadian Radio-television and (collectively, “Records”) and any other Telecommunications Commission (“CRTC”) document that RBC DS is required to send has rules governing when your Investment you under securities legislation or otherwise Advisor can call you. If we need to get in touch including, without limitation, amendments with you by telephone, your Investment to any agreement that you entered into with Advisor will ordinarily contact you between RBC DS, amendments to the RBC DS fee the hours of 9:00 a.m. to 9:30 p.m. local time schedule or the RBC DS statement of on weekdays and 10:00 a.m. to 6:00 p.m. on policies (collectively, “Notifications”) weekends (“Ordinary Hours”). For the purposes (Records and Notifications may be of the CRTC rules, you authorize your hereinafter collectively referred to as the Investment Advisor to contact you by “Documents”). telephone outside the Ordinary Hours with respect to important information concerning (b) Delivery of Documents: You understand your account, including without limitation, that Records will be made available to you important developments or changes in the through the Homepage and that markets, particular securities or other Notifications will be posted to the Message investment products relevant to your account. Centre. RBC DS will notify you that a Record is available to access on the You understand that the foregoing authorization Homepage through a message posted to does not change the scope of the services you the Message Centre. will be provided under this Agreement. You also understand that you may withdraw this (c) Deemed Delivery: You acknowledge that authorization at any time by advising your any Document delivered to you through an Investment Advisor that you only want to be Automated Service is deemed to be contacted with important information delivered to you on the day that the concerning your account during Ordinary Hours. Document is made available through the You release RBC DS from any and all claims and Homepage or posted to the Message from all liability for financial losses or other Centre, as applicable, and not on the day damages you may sustain as a result of your that you actually review the Document. You decision to withdraw your authorization. agree that it is your responsibility to monitor the Homepage for Records and 6.7 Consent to the Electronic Delivery the Message Centre for Notifications on a of Documents. You have read and understand regular basis but in any event, not less this Consent to Electronic Delivery of Documents than once every fifteen (15) days. You (this “Consent”) and consent to the electronic understand and agree that RBC DS is not delivery of the documents listed below by RBC responsible to you in any way for any DS in accordance with the terms of this Consent. damages or costs incurred by you resulting from your failure to review Records made For the purpose of this Consent, you available to the Homepage or Notifications understand that all documents delivered posted to the Message Centre. electronically hereunder will be made available or delivered through the RBC DS secure

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Without limiting the generality of the with a paper copy of any Document any losses due to government restrictions, foregoing, you acknowledge that account through standard mail if it determines in stock exchange or market rulings, suspension statements and trade confirmations are its sole discretion that (i) a paper copy is of trading, unusual market activity, wars, deemed to be complete and accurate necessary or (ii) if it is unable to deliver strikes or any other event beyond our control. unless you inform RBC DS otherwise within any Document electronically. We are not liable for any loss, expense or a specified period of time and that in damage you suffer as result of any action we certain instances, you have the right under (h) Capacity: You represent to RBC DS that you take or do not take because of an error in your securities legislation to withdrawal from have the authority to enter into this instructions to us. We are also not liable if we the purchase of a security offered in Consent with respect to the account(s) in do not receive your instructions. distribution within a specified period of which this Consent pertains, which may time after receiving a prospectus from RBC include, without limitation, any account 7.2 Indebtedness. If you owe us money, or DS. In connection with the foregoing, you opened with RBC DS in your name, either have a “short” position with us, we may apply understand that it is your responsibility to individually or jointly with another person, the credit balance in any of your non-registered monitor the Homepage for Records and or in your capacity as a trustee, executor, accounts against any indebtedness without the Message Centre for Notifications in officer or any other authorized giving you notice. This means we may transfer order to comply with the terms of this representative. any credit or debit balance between your Agreement or to enforce your rights under account and any other account you hold with us securities legislation. (i) Amendments: You understand that RBC DS in order to offset any indebtedness. Subsections may change the terms of this Consent at (a) and (b) create rights in our favour which are (d) Delivery Options: You understand that you any time by giving you thirty (30) days in addition to and not in substitution for any are not required to consent to the electronic advance notice and that any such notice other right or security held by us and shall be delivery of the Documents and that your may be in the form of a Notification posted interpreted in order that any part of the consent may be revoked at any time by to the Message Centre or delivered to you collateral located in any jurisdiction other than contacting RBC DS. You further understand through standard mail. the jurisdiction governing this Agreement shall that, in the case of Records, you may be charged by a valid lien or security according change the delivery options between (j) Other Agreements: You understand that to the applicable laws of the other jurisdiction. electronic and standard mail delivery at this Consent applies in addition to any anytime through the Homepage. You further other agreement I have entered into with (a) Security Interest: We have a security understand that RBC DS has reserved the RBC DS. interest in all present and future credit right, but is not obligated, to revert to balances or contracts relating to securities delivery of a paper copy of any Document You have read, understood and agree to be held in or carried through your account, through standard mail in the event that you bound by the terms of this Consent. You including any property in which you have do not access the Home Page within one understand that you can print a copy of this an interest, dividends or other income year of my granting this Consent. Consent for your files and that a copy of this derived therefrom (the “collateral”), except Consent, as amended from time to time, is collateral held in a registered plan. (e) Document Retention: You understand that available at any time on the Homepage. you will be able to print and/or save any (b) Quebec Accounts: If your account was Document made available through the Part 7 – Liability and indebtedness opened in Quebec, you hereby grant to us Homepage or posted in the Message (and upon each delivery) a hypothec in the Centre, as applicable. You further amount of one million dollars, plus interest understand that until such time as you This part contains at the rate of interest described to you in close my account(s) with RBC DS, you will your monthly or quarterly account have access to Records made available important information statements, on all collateral as security for through the Homepage for a period of 7 about limitations on our all of your indebtedness and obligations, years and Notifications will remain posted present or future, matured or contingent to in the Message Centre for 90 days, unless liability for losses in your you up to a maximum of one million you otherwise delete them from the account, how we deal with dollars. This amount may differ pursuant to Message Centre. a written agreement between you and us your indebtedness to us, which has been approved by an officer of (f) Technical Requirements: You understand ours. Nevertheless, we are not obligated to that Records made available to you our security interest in grant credit to the extent of such or any through the Homepage will be in Adobe® your account and our other amount. This means we may treat Portable Document Format (PDF), which the collateral as security for any or all of requires me to have Adobe Reader® ability to lend or otherwise your indebtedness and obligations, software in order to open, save and/or deal with your securities. present or future, mature or contingent, to print a Record. RBC DS does not own or us. Our nominees and we have full operate, and is not responsible for, Adobe ownership with respect to the collateral to Reader® software. You understand that 7.1 Liability. We are not liable for any losses the same extent as you. This subsection Notifications posted to the Message Centre in your account, however caused, as a result (b) shall not be applicable to collateral will be in hypertext markup language of: (a) delays in receiving or processing while held in a registered plan. (HTML) format. transactions; (b) delays in transferring securities or account balances to a third party; (c) Debt Repayment: We may pledge or sell (g) Delivery Failure: You understand that RBC or (c) except if your account is a Managed the collateral if you do not repay your debt DS, in its sole discretion, may provide you Account, trading in securities. This includes or if we think it is necessary to protect

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ourselves. We may, without limitation, any acceptable delivery form has not been pledge or sell the collateral at public or made, and you acknowledge and agree private sales or otherwise realize on any of that if demand is made or notice given to the collateral at the price and on such you by us, such demand or notice shall not terms as we deem best, without constitute a waiver of any of our rights to advertisement or notice to you or others act hereunder without demand or notice. and without prior tender, demand or call of any kind upon you or others. We will apply Part 8 – Joint accounts the proceeds of any sale of collateral in the following order: (i) pay our costs and expenses related to the sale; (ii) repay your This part contains debt to us; and (iii) transfer any remaining balance to you. If any sale of collateral important information does not cover the full amount of your about opening and debt, you will remain liable to us for any deficiency remaining following our exercise operating your account of any or all of the foregoing rights. You when there is more than agree that the rights we are entitled to exercise pursuant to this section are one account holder. reasonable and necessary for our protection having regard to the nature of This part applies if your securities markets, including in particular, 8.1 Applicability. account is opened with more than one account their volatility. If we choose to grant any holder. A joint account is not available for indulgence or not to exercise our rights registered plans, except registered education over the collateral, we do not in any way savings plans. limit, reduce or discharge any indebtedness or part thereof. If we think it 8.2 Rights of Survivorship. It is your express is necessary, we may also grant a security intention that the ownership of your account interest in any of your securities to any be vested as joint tenants with rights of third party. The value of these securities survivorship, except if you otherwise notify us may be more or less than the amount you in writing of your intention to open your owe us. This paragraph shall not apply to account as tenants in common. Upon your collateral held in a registered plan. death, subject to applicable laws, as we may interpret in our sole discretion, your interest in (d) Securities Lending: If your securities are not your account will pass automatically to the fully paid for or are not excess margin surviving account holders without releasing securities, we may lend any of your you, or your estate, from liability provided for securities to any third party on terms we under this part. Once we receive evidence think are best. We may also use any of your acceptable to us of your death, we will transfer securities to deliver against any other sale the assets of the account to the name(s) of the of securities we make, including a short surviving account holder(s). Upon such sale. We may do so for a sale for your transfer, we will be fully discharged respecting account or another client’s account. Nothing your and your estate’s interest in the account. in this section shall relieve us from any of our obligations under this Agreement, 8.3 Tenants in Common. Subject to including the obligation to deliver to you applicable local requirements, if RBC DS your securities pursuant to this Agreement. receives written instructions from you to open your account as tenants in common, or other (e) Third Party Fees: You will reimburse us for form of ownership without rights of any reasonable legal or third-party fees we survivorship, each account holder’s interest in incur from collecting money that you owe us. the account as of the close of business on the (f) Short Positions: if you have a short date of an account holder’s death (or on the position with us, and if on or before any following business day if the date of death is settlement date you fail to provide to us not on a business day) shall be deemed to be any required Securities or certificates in equal unless, prior to the account holder’s acceptable delivery form, then in addition death, RBC DS received your written to any other right or remedy to which we instructions setting out the proportionate are entitled, we may at any time and from interest of all account holders. time to time without notice or demand to Each of you is you purchase or borrow any Securities 8.4 Joint and Several Liability. jointly and severally (in Quebec, solidarily) necessary to cover such short sales or any liable for all of the debts, obligations and other sales made on the your behalf in liabilities in respect of your account. respect of which delivery of certificates in

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8.5 Instructions. We may accept instructions Part 9 – Protecting your privacy We may confirm your information at any time for your account from any of you without during the course of our relationship with you. notifying the other(s). This means that we may Most of your information will be collected from buy, sell and transfer securities, money or Your privacy is important you directly on our account opening forms. property to any of you or to any third party, However, we may collect additional including, without limitation, paying any account to us. We are committed information from other sources, including, proceeds to any of you or to any third party, to protecting your without limitation, credit reporting agencies, without giving notice to the others. We may other investment dealers, other financial deliver securities, money and account property information. We will only institutions, from registries, and from other to any of you without notifying the others. We sources, as is necessary to open and operate are only responsible to send account collect, use and disclose your account. You acknowledge receipt of statements, trade confirmations, notices and your information for the notice that from time to time reports about other communications as required under the you may be obtained by us from credit section of this Agreement entitled “Statements, purposes outlined below reporting agencies. Confirmations and Notices” to one of you, and we will not otherwise without giving notice to the others, unless you Use of Your Information. Your information notify us in writing that you would like to receive disclose your information may be used by us for the purposes of opening such account statements, trade confirmations, without your consent. In and operating your account and to provide you notices and other communications. In the event with services you request. We may also use that you receive account statements, trade order for us to open and your information in any other manner that is confirmations, notices and other required or permitted by law or under the rules communications from us, you agree to provide operate your account, you of any self-regulatory authority in which we are copies of such to the other co-account holders are required to agree to the a member. For greater certainty, the following immediately upon receipt, except to the other are examples of the manner in which we may co-account holders that have notified us in collection and use of your need to use your information: writing that they would like to receive account information in the manner statements, trade confirmations, notices and • to verify your identity and investigate your other communications directly from us. described below under personal background;

8.6 Sharing of Personal Information. the heading “Required • to better understand your current and future Personal information collected from any of you Consent”. In addition, investment needs and your financial for the purpose of establishment or ongoing situation; maintenance and operation of the joint you may consent for us account may be shared, solely with respect to to use your information • to determine your eligibility for the products the joint account, with account holders of such and services that we offer; joint account. You consent to such disclosure in the manner described • to help us better understand the current and of personal information. below under the heading future needs of our clients; 8.7 Relationship Breakdown. “Optional Consent.” • to communicate to you any benefit, feature Notwithstanding anything to the contrary in and other information about the products this part 8, in the event that any of the joint and services you have with us; account holders notifies RBC DS that the 9.1 Required Consent assets of the account are subject to divorce, Collection of Your Information. We are required to collect the following personal, • to help us better manage our business and or other legal proceedings between the joint your relationship with us; and account holders, or legal separation financial and other information (collectively, proceedings, or RBC DS otherwise becomes “your information”) in order to open and operate your account and to fulfill our legal, • to protect or enforce our rights under this aware that the joint account holders have Agreement or to comply with applicable law otherwise suffered a relationship breakdown, regulatory and self-regulatory obligations in Canada and in some cases, abroad, and, if or the rules of any self-regulatory authority RBC DS may require all instructions given in in which we are a member. respect of the account to be given jointly in necessary, to protect or enforce our rights writing by all account holders. under this Agreement. Your information includes, without limitation: Disclosure of Your Information. For the purposes described above, we may disclose 8.8 Death. If any of you die, those who survive • information required to establish your your information to other financial institutions, must immediately notify us in writing and to our employees, agents and service providers, provide us with evidence of your death identity (e.g., name, date of birth, citizenship, etc.); who are required to maintain the confidentiality acceptable to us. Until we receive this notice, of your information, except in limited we may carry out orders and treat the account • information required to establish your circumstances where a service provider (such as as though all of you were living. Before or after financial situation (e.g., income, marital a collection agency) may share your information we receive this notice, we may ask any of you status, dependents, etc.) and your personal with a credit reporting agency and to credit for certain documents, restrict trading or other background; and reporting agencies who may share it with others. activity in your account or take any other In the event our service provider is located actions we think are necessary. • information required to comply with our tax outside Canada, the service provider is bound reporting obligations (e.g., your social by, and your information may be disclosed in insurance number). accordance with the laws of the jurisdiction in

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which the service provider is located. We may • In the event that you also deal with RBC also disclose your information to government, companies, we may, where not prohibited by regulatory or self-regulatory authorities or to an law, consolidate your information with issuer of securities, as required, whether directly information they have about you to allow us or indirectly, by any domestic or foreign law or and any of them to manage your relationship as required or permitted under the by-laws, with RBC companies and our business. rules, regulations and notices of any self- regulatory authority of which we are a member 9.3 Access to Your Personal Information. or as otherwise permitted by law. Such reporting You may obtain access to the personal of your information (including trading related information we hold about you at any time and activity) may be made at our discretion, without review its content and accuracy, and have it notice, acting reasonably, even in the absence amended as appropriate; however, access may of a specific request or a legal or regulatory be restricted as permitted or required by law. requirement to do so. We are currently a To request access to your information, to ask member or participant of the following questions about our privacy policies or to self-regulatory authorities: the Investment request that your information not be used for Industry Regulatory Organization of Canada any or all of the purposes outlined under the (IIROC), Bourse de Montreal Inc. and Canadian heading “Optional Consent”, you may do so Investor Protection Fund. now or at any time in the future by contacting your Investment Advisor. We may also use your information and share it with RBC companies to: (a) manage our risks 9.4 Our Privacy Policies. You may obtain and operations and those of RBC companies, (b) more information about our privacy policies comply with valid requests for information about from your Investment Advisor or by visiting our you from regulators, self-regulatory authorities web site at www.rbc.com/ privacysecurity. and other persons who have a right to issue such requests, and (c) let RBC companies know Part 10 – Shareholder communications your choices under “Optional Consent” for the sole purpose of respecting your choices. This part contains If we have your social insurance number, we may use it or for tax related purposes if you important information hold a product generating income and share about your instructions it with the appropriate government agencies and we may also share it with credit regarding shareholder reporting agencies as an aid to identify you. communications, including 9.2 Optional Consent your instructions relating to In addition to the uses above, we may also use your personal information for the following if disclosure of information you give us your permission: relating to your beneficial • We may use your information to promote ownership of securities our products and services, and promote products and services of third parties we that you hold in your select, which may be of interest to you. We account, instructions may communicate with you through various channels, including telephone, relating to delivery of computer or mail using the contact securityholder materials, information you have provided; your preferred language of • We may also, where not prohibited by law, share your information with RBC companies communication and delivery for the purpose of referring you to them or of securityholder materials promoting to you products and services which may be of interest to you. We and by electronic means. RBC companies may communicate with you through various channels, including 10.1 General. Based on your instructions, the telephone, computer or mail, using contact securities in your account with us are not information you have provided. You registered in your name but in our name or the acknowledge that as a result of such sharing name of another person or company holding they may advise us of those products or your securities on our behalf. The issuers of services provided; and the securities in your account may not know the identity of the beneficial owner of these

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securities. We are required under securities delivery at any time by contacting your 10.4 Preferred Language of Communication. law to obtain your instructions concerning Investment Advisor. You will receive materials in your preferred various matters relating to your holding of language of communication (English or French) securities in your account. 10.3 Receiving Securityholder Materials. if the issuer makes these materials available in For securities that you hold through your that language. This part applies only to securities that are account, you have the right to receive issued by reporting issuers that are governed proxy-related materials sent by reporting 10.5 Electronic Mail Disclosure. Securities by Canadian securities laws and does not apply issuers to registered holders of their securities law permits us to deliver some documents by to reporting issuers that are governed by the in connection with meetings of such electronic means if the consent of the recipient laws of the United States or other countries. securityholders. Among other things, this to the means of delivery has been obtained. Please note that we may receive proxy permits you to receive the necessary Please provide your electronic mail address if solicitation or other fees in connection with the information to allow you to have your you have one. Securityholder materials will not voting of securities in your account with us. securities voted in accordance with your be delivered to you electronically without first instructions at a securityholder meeting. obtaining your consent. The disclosure of your 10.2 Disclosure of Beneficial Ownership electronic mail address does not constitute Information. Securities law permits reporting In addition, reporting issuers may choose to your consent to receive securityholder material issuers and other persons and companies to send other securityholder materials to electronically nor will it result in the receipt of send materials related to the affairs of the beneficial owners, although they are not securityholder material as a result of you reporting issuer directly to beneficial owners of obliged to do so. Securities law permits you to providing your electronic mail address. the reporting issuer’s securities if the beneficial decline to receive three types of securityholder owner does not object to having information materials. The three types of material that you Part 11 – Automated services about it disclosed to the reporting issuer or may decline to receive are: (a) proxy-related other persons and companies. Part 1 of the materials, including annual reports and Shareholder Communication Instructions Form financial statements, that are sent in This part contains (the “Form”) allows you to tell us if you OBJECT connection with a securityholder meeting; (b) to the disclosure by us to the reporting or other annual reports and financial statements that important information persons or companies, of your beneficial are not part of proxy-related materials; and (c) about the terms and ownership information, consisting of your materials that a reporting issuer or other name, address, electronic mail address, person or company sends to securityholders conditions for using any of securities holdings and preferred language of that are not required by corporate or securities communication. Securities legislation restricts law to be sent to registered securityholders. our Automated Services, the use of your beneficial ownership including online information to matters relating to the affairs of Part 2 of the Form allows you to receive all the reporting issuer. materials sent to beneficial owners of account access through securities or to decline to receive the three our private client If you DO NOT OBJECT to the disclosure of your types of materials referred to above, or to beneficial ownership information, please receive only proxy-related materials that are websites. instruct your Investment Advisor to mark the sent in connection with a special meeting. If first box on Part 1 of the Form. If you object to you want to receive ALL materials that are sent 11.1 General. By using any of our Automated the disclosure of your beneficial ownership to beneficial owners of securities, please Services, you agree that the terms in this part information by us, please instruct your instruct your Investment Advisor to mark the are in addition to the rest of this Agreement Investment Advisor. In those circumstances, first box in Part 2 of the Form. If you want to and that if there is a conflict between the terms you will not be charged with any costs DECLINE to receive the three types of materials of this part and the rest of this Agreement the associated with sending securityholder referred to above, please instruct your terms in this part will prevail. materials to you. Investment Advisor to mark the second box in Part 2 of the Form. If you want to receive ONLY 11.2 Definitions. In this Agreement, an If you OBJECT to the disclosure of your proxy-related materials that are sent in “Automated Service” means any service we beneficial ownership information by us, please connection with a special meeting, please provide, now or in the future, that allows you to instruct your Investment Advisor to mark the instruct your Investment Advisor to mark the access your account, information or other second box in Part 1 of the Form. If you do this, third box in Part 2 of the Form. Even if you services we provide by regular or automated all materials to be delivered to you as a decline to receive the three types of materials telephone communications, interactive voice beneficial owner of securities will be delivered referred to above, a reporting issuer or other recognition, cellular, wireless or portable by us, provided that you consent to pay for the person or company is entitled to deliver these phone, interactive device, fax machine, delivery of the materials by us in circumstances materials to you, provided that the reporting personal computer, intelligent terminal where the reporting issuer or other persons issuer or other person or company pays all television, modem, Internet, online or other and companies for which the materials relate costs associated with the sending of these electronic communication system or other refuse to pay the cost of delivery. If you wish to materials. These materials would be delivered similar devices. Information refers to any pay for the delivery of delivery as provided to you through your intermediary if you have information you receive or provide through an herein, please instruct your Investment Advisor objected to the disclosure of your beneficial Automated Service, including quotations and to mark the first box in Part 3 of the Form. ownership information to reporting issuers. order requests you place. Quotation means any request made through our Automated Service You can change your instructions with respect You can change your instructions with respect for stock, option, index or other market to the disclosure of your beneficial ownership to the receiving securityholder materials at any quotation including bid/ask/last price/changes. information or with respect to the costs of time by contacting your Investment Advisor.

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Order request means any buy, sell or transfer 11.5 Accessing Your Services. You may not request for stocks, mutual funds, options, cash enter restricted areas of any of our computer or or other securities or financial instruments or telecommunications systems or of any of our means that is created and transmitted by you affiliates or perform any functions that are not and received by us through our Automated authorized under this Agreement. We may Services if and when an order request service is suspend or cancel your access to an provided by us. Order request also means a Automated Service without giving you notice if transfer request for any credit balances in your we believe that you are using it to gain account to another account for which you have unauthorized access to systems or access to Automated Services, subject to any information, are using it inappropriately or if restrictions or approvals established by us in there is unusual activity in or relating to your our sole discretion. The terms, conditions, account. We may restore your access after we procedures, fees and charges set out in any review the situation. written or computer-generated instructions, software, manuals, fee schedules or other 11.6 Order Requests (if available). You documents relating to our Automated Services authorize us to act on all instructions on order form part of this Agreement. requests placed for your account through any Your password is the Automated Service. This includes instructions password you have chosen 11.3 Passwords. Your password is the purporting to be from you. You are responsible password you have chosen or we have for making sure that we receive your order or we have provided to you. provided to you. Your password lets you request and that any instructions given for your Your password lets you access your account, enter order requests, get account or related to an Automated Service are quotations and receive information through accurate. You agree to accept responsibility for access your account, enter our Automated Services. You agree to keep any loss caused as a result of, or in connection your password confidential and separate from with, an order request transmitted through an order requests, get your account number and any other Automated Service by you. We will verify all quotations and receive information relating to your account. You are orders. We will process an order only if: (a) your responsible for any charges or losses resulting account is in good order; (b) you have enough information through our from the use of your password, maintaining funds to complete the order request, and (c) Automated Services. the security of your password and making sure the order request is appropriate for your stated that only you use it. We are not responsible for objectives and trading practices. We may any unauthorized use of an Automated Service require you to confirm the order request prior by any other person. to our processing it. We may maintain a database or use another method to keep a 11.4 Software (if provided). The software, record of all your instructions using the including the technology, information and Automated Services. related documents, we may provide for you to use the Automated Services belongs to us. You 11.7 Using Information. An information may use this software only for your own benefit provider is any company or person who directly and must take all reasonable measures to or indirectly provides us with information. This make sure that no unauthorized person has includes securities and market data from stock access to it. You will return it to us promptly if exchanges and other securities markets. The we ask you to including if we end this information we provide through our Automated agreement or our Automated Services. You Services: (a) has been independently obtained agree to the terms of any software licence from information providers through sources we Agreement provided to you with the software. believe are reliable; and (b) belongs to the You may not make any changes, reverse information providers. You may use the engineer, disclose, lease, loan, duplicate or information only for your own benefit. You may otherwise reproduce the software without the not reproduce, sell, distribute, circulate or consent, in writing, of an officer of ours. We commercially exploit it in any way or provide it to reserve the right to support only the most any other person without our consent in writing current release of any computer software or or the consent of the information providers, if related documents we provide to you relating needed. The information may include views, to the use of any of our Automated Services. If opinions and recommendations of individuals or you do not accept any software upgrades we organizations that may be of interest to investors provide to you, we may cancel any or all of generally. The information providers and we do your Automated Services without giving you not: (a) endorse any of these views or opinions; notice. We, or our affiliates are not responsible (b) give tax, accounting or legal advice; (c) for the use or performance of any software we recommend buying or selling any security; (d) may provide. guarantee that this information is accurate, complete, timely or in the correct order.

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11.8 Services Modifications and addition, by providing us with your Bank User ID, becomes aware that the account authorities Interruptions. We may modify our Automated you will be able to sign in once to access both or Members have suffered a relationship Services without giving notice to you. Any of your Bank account(s) and your account(s) in the breakdown which affects the maintenance or our Automated Services may periodically be same online session. This account aggregation operation of the account, RBC DS may require unavailable because of maintenance, updates and sign-in feature is provided to you by the all instructions given in respect of the account or other reasonable causes, including during Bank in accordance with the “Electronic Access to be given jointly in writing by all account periods of increased market activity. In no Agreement” that you entered into with the Bank. authorities or Members, as applicable. event will we, or our affiliates, be liable to you This account aggregation and sign-in feature is or others for any damages, direct, indirect, not mandatory and in the event that you do not 12.3 Termination. Except if your account is a consequential or special, including, without want to receive this feature in connection with Managed Account, we may terminate this limitation, losses, costs, expenses, loss of your accounts with us, you are not required to Agreement and close your account with or profits, loss of business revenues or failure to provide us with your Bank User ID. without notice to you and you may terminate realize expected savings arising from or out of this Agreement and close your account by the existence, furnishing, or functioning of Part 12 – General terms giving us thirty (30) day’s notice in writing. If Automated Services, or any act or omission in your account is a Managed Account, we may connection with your accessing Automated terminate this Agreement by giving you thirty Services. We are not liable by reason of acting This part contains (30) days written notice and you may terminate or failing to act due to an error in an order this Agreement and close your account by request actually received by us, or as a result important information giving us thirty (30) day’s notice in writing. At of an order request not being received by us. about the general terms the time of the termination of this Agreement or upon the closure of your account, all 11.9 Liability: Neither us or our affiliates are and conditions governing outstanding Administrative Fees and other responsible for any losses, damages or applicable fees, charges and commissions will personal injury that any person suffers as a this Agreement, including be immediately due and payable by you. If you result of: (a) your accessing Automated information about our have not provided us with proper instructions Services; and (b) the use or performance of with respect to the removal or transfer of all any software we provide. Neither us or our ability to amend or the securities and/or cash in your account information providers and we are not liable: (a) terminate this Agreement within thirty (30) days from receipt of notice by to you or any other person for the accuracy, you of the closure of your account, we will completeness, timeliness or correct order of and how we will deal with have the right but not the obligation to send to the information; (b) for any decision you make your account upon notice you at your last known address the cash or action you take by relying on any of the balance in your account and the securities or, information or our Automated Services; (c) for of death or incapacity, as at our discretion, to sell any or all securities any interruption of any data, information or and deliver to you the cash proceeds from the other aspect of the Automated Services as a well as other important sale of those securities, in each case less any result of any negligent act, omission including terms and conditions. outstanding Administrative Fees and any other without limitation communications or power applicable fees, charges and commissions. If failure, equipment or software malfunction or your account is a registered account and you other cause beyond the reasonable control of 12.1 Amendments. We may change any term have not provided us such instructions, then in the information provider or us. of this Agreement by giving you thirty (30) days addition to the foregoing we will have the right notice in writing or through an Automated but not the obligation to deregister or instruct 11.10 Ending Automated Services. You may Service. We will assume that you agree with the trustee to deregister any securities and cancel an Automated Service by giving us 30 the change if you continue to use your account cash, to withhold applicable Taxes and days notice in writing. We may cancel your or to hold funds or securities in your account outstanding Administrative Fees and other Automated Services without giving you notice. once the change is effective. You may not applicable fees, charges and commissions and change any of the terms of this Agreement you acknowledge that we will not be liable to 11.11 Survival of Certain Terms. When this without the approval in writing of an officer of you for any losses, Taxes or change in your tax Agreement ends, any Automated Services RBC DS. If any Regulations are enacted, status of that of any assets held by you or on provided to you will also end. Your obligations, amended or otherwise changed with the result your behalf as a result of our actions. representations and acknowledgements that any term of this Agreement is, in whole or concerning the following sections shall survive in part, invalid, then such term will be deemed 12.4 Valueless Securities. A valueless the termination of this Agreement: Passwords, to be varied or superseded to the extent security, for the purposes of this Agreement, is Accessing our services, Using Information necessary to give effect to the Regulations. a share or debt instrument of a company which and Software. 12.2 Relationship Breakdown. (i) has been delisted, provided one year has 11.12 Account Aggregation. If you are also a Notwithstanding anything to the contrary in this passed since delisting; Royal Bank of Canada (“Bank”) Online Banking Agreement, where the account is held in the client and you provide us with your Bank User ID name of a corporation, trust, estate or a (ii) is bankrupt, in receivership or in (please note that this is different from your non-corporate entity as described in Part 14 of liquidation and shares have no (or confidential Bank password), you will be this Agreement and in the event that any person nominal) value on any exchange, listing or provided with the Bank’s account aggregation with account authority or in the case of a unregulated exchange; feature that allows you to view your account non-corporate entity, any Member notifies RBC balance information regarding your accounts DS that the assets of the account are subject to (iii) has been wound up into a parent company with us in the Bank’s Online Banking service. In legal proceedings or RBC DS otherwise and shareholders of the wound up

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company have received neither payment husband must also sign this Agreement and nor shares in the parent company; any applicable RBC DS account forms.

(iv) exists but is no longer in business and 12.6 Death or Incapacity. Subject to the shares have no (or nominal) value on any terms governing a joint account, upon exchange, listing or unregulated exchange reviewing notice of your death or incapacity or otherwise cannot reasonably be we will cease to accept instructions provided demonstrated to have any value; or in accordance with this Agreement for your account and shall not dispose of any (v) has significant legal troubles which are securities in the account until we receive reasonably believed by RBC DS to render instructions from a representative of your the shares of the company to have no or estate or other court appointed or otherwise nominal value (a “valueless security”), recognized representative. We reserve the right to refuse to act upon any instructions of however, it will not include a security subject such a representative without being provided to one or more of the following: a cease trade, with letters of administration, letters probate, trade halt or trade suspension order. notarial will or any other document or evidence of, or in connection with, the Solely in respect of an account holding only a authorization or transmission as we may deem security which may be regarded as a valueless necessary. We may continue to debit your security, you acknowledge and agree that RBC DS account in respect of any applicable shall be entitled to deem, in its sole discretion, Administrative Fees or other applicable fees, such security to be a valueless security; such charges or commissions payable to us under discretion to be exercised in a reasonable this Agreement without prior notice to, or manner. In the foregoing circumstances RBC DS demand upon, your successors. may, without notice to you, remove the valueless security from your account at zero or nominal 12.7 Waiver. The terms of this Agreement can value and the removal will be treated as a only be waived by an officer of RBC DS in writing. disposition of the security to RBC DS for tax If this Agreement allows us to take alternative purposes. In accordance with the foregoing, you courses of action, we may choose to take any, agree that RBC DS will not be liable to you for any none or all of them. Any action we take or decide future value attributable to the valueless not to take will not be considered a waiver of any securities or for distributions in cash or in kind. terms and will not affect our rights, remedies or Upon the permanent removal of the valueless powers under this Agreement. security from the account, with no other assets, we may terminate this Agreement and close your 12.8 Assignment. You cannot assign this account in accordance with section 12.3 Agreement to any other party without our (Termination) of this Agreement. Where a security consent in writing. This Agreement binds you forms part of a portfolio of securities held in your as well as your heirs, executors, account and such security may be deemed to be administrators, successors and any party to valueless, you will have the right but not the whom this Agreement has been properly obligation to treat such security as a valueless assigned. If we merge or amalgamate with security and we will require your instructions prior another company or companies, or if another to its removal in accordance with this provision. company takes over our retail brokerage For more information on the process for treating a business, the new company will take over our security as a valueless security or its removal rights and duties under this Agreement. from your account, please speak to your investment advisor and for information on 12.9 Severability. If any term of this Agreement claiming a loss on such a valueless security, if is determined to be invalid or unenforceable in applicable, please speak to your independent tax whole or in part, such invalidity or advisor or accountant unenforceability shall attach only to such provisions and everything else in this Agreement 12.5 Capacity. If you are a corporation, trustee, shall continue in full force and effect. partnership investment club or other legal entity, you represent that you have the right and 12.10 Enurement. This Agreement shall enure ability to enter into this Agreement and to carry to the benefit of and shall be binding upon RBC out the transactions described herein and that DS and you and each of RBC DS and your the execution and delivery of this Agreement respective personal representatives, heirs, has been properly authorized. If you are a successors and assigns. This Agreement shall married woman, you represent that you are survive and remain in effect notwithstanding married under the regime of separation as to any incidental, temporary or intermittent closing property under the laws of Quebec. If you out, reopening or renumbering of the account. cannot make such a representation then your

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12.11 Language. You and we have expressly 13.3 Payments to Us. The Guarantor will, upon received from the Corporation or others or from requested that this Agreement and any other any demand thereof, pay to us the amount of all any security against the Liabilities in any document relating to it be in English. Vous et of the Liabilities, or such part thereof as may manner we see fit; (e) fail to exhaust our moi avons expressément demandé que ce have been demanded, together with interest, recourse against the Corporation or any other contrat et tout document y afférent, y compris calculated daily, and compounded monthly, guarantor or surety at any time prior to requiring tout avis, soient rédigés in langue anglaise. from the date of demand until payment. The or enforcing payment from the Guarantor under interest rate shall be the interest rate designated the Personal Guarantee; or (f) act, or fail to act, 12.12 Entire Agreement. The terms in this from time to time by us to its branches as being in any manner which might otherwise operate Agreement and in any of our account forms its effective rate for determining interest on as a discharge, whether partial or absolute, of constitute the entire agreement with respect to debit balances in accounts maintained with us. the Guarantor’s obligations under the Personal your account and supersede any other oral or Any amount which we state is owing by the Guarantee; and the Personal Guarantee shall written agreements. Corporation shall be accepted by the Guarantor remain in effect notwithstanding any of the as conclusive evidence that such amount is foregoing. The Guarantor hereby renounces all 12.13 Governing Law. This Agreement will be owing by the Corporation to us. We shall be benefits of division and discussion. governed and construed in accordance with the entitled to make more than one demand under laws of the province or territory of Canada in the Personal Guarantee and no demand shall in 13.7 Communications to the Guarantor. Any which you are resident. If you are resident outside any way terminate or extinguish the Personal notice or communication to the Guarantor may of Canada, this Agreement will be exclusively Guarantee. be given by prepaid mail, telegraph or telex to governed by the laws of the Province of Ontario. any address of record of the Guarantor with us, You and we agree that the courts of the province 13.4 Guarantor’s Waiver of Notice. The or may be delivered personally to the or territory described above will have jurisdiction Guarantor waives notice of, and any modifications Guarantor or to any such address of record over each of us for the determination of any to, the terms of any present or future agreement and shall be deemed to have been received, if matters arising out of this Agreement. between the Corporation and us, the types of mailed, on the second business day after securities traded by the Corporation and the mailing or, if sent by telegram or telex, on the 12.14 Independent Advice. You are advised to Corporation’s trading pattern. The Guarantor day sent or, if delivered. Nothing in this section seek independent advice with respect to all tax confirms that we may deal with and accept orders shall be interpreted as requiring us to give any and legal matters pertaining to your Account. for the Corporation’s accounts without notice to notice to the Guarantor which is not otherwise the Guarantor. The Guarantor also waives notice required to be given by us. Part 13 – Personal guarantee of corporate of the condition of the Corporation’s accounts at indebtedness any time and from time to time, including notice Part 14 – Additional terms applicable to of any failure by the Corporation to make timely non-corporate entities payments of the Liabilities, and Guarantor waives This part contains important any right to receive copies of any confirmations, statements or other communications sent by us This part contains information about the to the Corporation. terms and conditions of the important information 13.5 Termination of the Personal Guarantee. about the additional personal guarantee agreed The Guarantor may terminate the Personal to by the guarantor of Guarantee by sending a written notice to this terms and conditions effect to the Investment Advisor responsible for indebtedness of a the account. By giving such notice, the applicable to accounts of Guarantor shall not, except for any transactions non-corporate entities, corporate account referred executed by us within a reasonable time after to under the heading receipt of such notice for the purpose of closing including information about out positions existing at such time, be liable to the liability of the members “Personal Guarantee of us for any Liabilities arising on or after the Corporate Indebtedness” trading day immediately following the day on of the account holder, your which such notice is received. The Guarantor notification obligations on the Client Account Form shall continue to be liable to us for any for Non-Individuals. Liabilities arising from transactions executed in respect of the death, on or before the day of receipt of such notice. withdrawal or addition 13.1 Defined Terms. All terms not otherwise 13.6 Waiver of Defences. The Guarantor’s of members, our security defined in this part have the meaning ascribed liability to us will not be limited, reduced or thereto in the section entitled “Personal discharged by us in the event that we: (a) grant interest in your account Guarantee of Corporate Indebtedness” in our any extension or other indulgence or any and our communication account opening forms. release or discharge to the Corporation or any other guarantor or surety; with the account holder. 13.2 Continuing Guarantee. The Personal Guarantee is a continuing guarantee which (b) take, give up or abstain from perfecting any covers all present and future Liabilities and the security or taking advantage of, exercising or 14.1 Liability of Members. In the event that Personal Guarantee will survive any incidental, otherwise dealing with any security held by us; your account is opened in the name of a temporary or intermittent closing out, (c) accept any compositions from or otherwise partnership, investment club, association or reopening or renumbering of any of the deal with the Corporation or any other other similar organization (hereinafter referred Corporation’s accounts. guarantor or surety; (d) apply any monies to as the “Non-Corporate Entity”), each partner,

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member, associate or other authorized Part 15 – Additional terms for trading individuals in the case of a similar on margin organization, as the case may be (hereinafter referred to as a “Member”), is jointly and severally liable without the benefit of divisions This part contains or discussion, for the full and timely settlement of each transaction in your account, for any important information debit balance in your account and for any about the additional terms damages suffered by us as a result of any failure by the Members to give the notices and conditions applicable required under this part. to you if you are approved 14.2 Death or Withdrawal of a Member. You for an equity credit line to will forthwith notify us in writing of the death of any Member or the withdrawal of any Member trade securities on margin. from the Non-Corporate Entity. Such notice shall be sent by registered mail to your 15.1 Equity Credit Line. In the event that you Investment Advisor. Such Member of the are approved by us for an equity credit line to estate of such Member shall continue to be trade securities on margin (“Wealthline,” jointly and severally liable to us for any liability formerly known as “Equity Credit Line”), you arising from transactions initiated or executed will: (a) pay us on demand any money you owe on or before the day of receipt of such notice. us relating to your account; (b) maintain the margin we require; and (c) promptly declare a 14.3 New Members. You will notify us in sale whenever you request one. You also agree writing of the admission of any new Member to that we may: (a) reduce or cancel the margin; the Non-Corporate Entity. Such notice, which (b) refuse to increase the margin; (c) require shall include the name and address of such you to provide more margin than is required by new Member, shall be sent by registered mail any applicable regulatory or self-regulatory to your Investment Advisor. authority; (d) change our margin rates at any 14.4 Pledge of Securities. As continuing time without giving you notice; and (e) sell the collateral security for the payment of your securities in your account without notice to account, the Members hereby pledge to us all meet our margin requirements but are under of the securities which may now or hereafter no requirement to do so. be held by us, whether held in your account or 15.2 Credit Reports. You agree that we may at in any other account in which any of the any time in our discretion obtain a credit report Member has an interest and whether or not concerning you for the purposes of determining such amounts owing related to the securities whether you should be approved or continue to pledged. be approved for an Equity Credit Line. 14.5 Communications by Us. Any notice or 15.3 Leverage Risk Disclosure. You communication to the Non-Corporate Entity by acknowledge that you have received a copy of us may be delivered or sent by prepaid mail, the Leverage Risk Disclosure included in this telegraph or telex to any address of record Booklet. with us or any Signing Officer or Trading Officer (as set out in the resolution you completed 15.4 Termination of Margin. When your account within our account opening forms) and shall is closed or any Agreement applicable to your be deemed to be have been received, if account is terminated, the Equity Credit Line delivered, when delivered, if mailed, on the granted to you by us will immediately terminate. second business day after mailing or, if sent by telegram or telex, on the day sent, and upon 15.5 Managed Accounts. You will be such receipt, shall be binding and effective permitted to secure the indebtedness under an against all of the Members. Equity Credit Line with the market value of assets in your Managed Account up to such limit as we may determine from time to time.

15.6 Loan Acknowledgement. You acknowledge that securities held in your margin account that are not fully paid or are not excess margin securities may, to the extent permitted by applicable law, be loaned to us or loaned to others and we have no obligation to retain under our possession and control a like amount of securities.

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15.7 Shareholder Vote of Loaned Securities. Part 16 – Additional terms for options 16.5 Declaration of Short Sales. You will In connection with any loan of securities held trading declare all short sales to us at the time of in your margin account you acknowledge that ordering a short sale. we or others may receive and retain certain benefits to which you will not be entitled. You This part contains 16.6 Good Delivery of Securities. Except further acknowledge that in certain with respect to a declared short sale, you will circumstances, such loans may limit, in whole important information not order any sale or other disposition of any or in part, your ability to exercise voting rights about the additional terms securities not owned by you or of which you of such securities lent. will be unable to make delivery in acceptable and conditions applicable delivery form on or before the settlement date. 15.8 Non-Canadian Residents. If you are a non-Canadian resident and you have a to you if you are approved 16.7 Writing Covered Options. If you are Wealthline account, you agree as follows: for options trading. authorized to write (sell) covered call options, then you must have the underlying securities • Any and all payments made in connection covered by an option in your account, or an with your account shall be made in full, 16.1 Options Trading. We may from time to acceptable escrow receipt made available to without any deduction for or withholding time in our sole discretion: (a) reject any order us evidencing ownership of such securities from or on account of any tax (including any placed by you; (b) act through our market and their availability to us upon exercise of the penalty or interest payable in connection maker or options attorney as principal on the option, at the time of writing such options. You with any failure to pay or any delay in paying other side of any transaction executed for you; will not sell or withdraw from your account any tax), unless you are compelled by law to (c) require any transaction to be on a cash-only such securities of any securities accruing make the payment to us subject to the basis during the last ten (10) days prior to the thereto during the term of such options and deduction or withholding of any tax; expiry of an option; (d) limit or restrict short acknowledge that we may prohibit the positions of, or short sales by, the customer; withdrawal from your account of any cash • If a deduction or withholding of a tax (e) limit or restrict the time by which option dividends or other case distributions accruing payment is required, the amount of your orders or exercise instructions must be placed thereon during the term of such options. You Wealthline payment to us shall be increased with us; or (f) disclose your trading and acknowledge that you are not authorized to to the extent necessary to ensure that, after positions to any responsible stock exchange or sell uncovered options unless we have the amount of the tax is withheld or clearing corporation. You will: (a) whether approved you to do so. deducted, including any withholding or acting alone or in concert with others, comply deduction as a consequence of the increase with the position and exercise limits set by any 16.8 Writing Uncovered Options. If you are in the payment amount, RBC DS will receive relevant exchange or clearing corporation; and authorized to write uncovered (sell short) put and be able to retain a net sum equal to the (b) give us time instructions regarding the or call options, then prior to doing so, you will amount that it would have received, if the exercise or disposition of any option position. have in your account any margin required by deduction or withholding had not been us. You acknowledge that when writing an required; 16.2 Amendment to Rules. You acknowledge uncovered call option, your liability is that Regulations or the constitution, bylaws, unlimited. You acknowledge that when writing • If you deduct or withhold an amount in rules, regulations, customs and usages of an an uncovered put option, your liability is respect of taxes, you will remit that amount exchange or clearing corporation may be limited to the contract striking price of the to the appropriate tax authority or other enacted, amended or repealed which will underlying securities plus transaction costs agency within the time allowed for the affect the existing positions in your account or less the amount received from the put sold. payment under the applicable law; and any subsequent transaction in your account. 16.9 PIM Accounts. In the event that your • You will pay to us, on demand, the amount 16.3 Exercise Assignment Notices. You account is a PIM Account, it is not permitted to of any income, corporate, withholding or acknowledge that exercise assignment notices write uncovered put or call options. For the similar taxes (other than income tax are allocated by the relevant clearing corporation avoidance of doubt, put options which are imposed on us) that may be imposed upon at any time during the day. We will allocate such covered by short term cash or cash equivalents or in respect of the principal amount notices when received on an automated random will not be covered by this prohibition. outstanding under Wealthline or interest basis unless you are otherwise notified by us in thereon that we are required to pay, writing. We are not responsible for any delay 16.10 Risks. You acknowledge that you: (a) together with interest at the rate applicable with respect to the assignment by the clearing are aware of the risks involved in both the to Wealthline from the date on which we corporation or the receipt by us of such notices. purchase and writing of options, whether or pay any such amount in respect of taxes; You confirm that you will accept an allocation as not undertaken in combination with the and set out in this section. purchase or sale of other options or securities: (b) understand the rights and obligations • You will seek independent tax advice to 16.4 Absence of Instructions. If you fail to give associated with put and call option contracts; determine any taxes that must be withheld us timely instructions then we may, but are not (c) are financially able to assume such risks from Wealthline payments to us. That advice obligated to: (a) exercise or sell any valuable and to sustain any losses resulting from such should be sufficient to determine at what option on behalf of you, in which case you will trading; and (d) have received a copy of the time, and to which taxing authority or other pay any resulting transaction costs; and (b) Risk Disclosure Statement for Futures and agency, those taxes should be remitted. exercise for your account and at your risk or sell Options, or, in the event that your account is or close out any expiring valuable option. being opened in Quebec, the Disclosure Document for Recognized Market Options, included in this Booklet.

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Part 17 – Additional terms for advisor and Charges) under the sections entitled accounts “Additional Commissions” and “Third-Party Compensation”, and “Physical Precious Metals”, commissions, fees, taxes or charges applicable This section describes in connection with a trade on a non-Canadian stock exchange, fees required by a regulatory the additional terms and authority, and commissions applicable in the conditions applicable event that the number of trades in your Advisor Account exceeds the amount set out under the to you if you opened an section entitled “Transaction Allotment Guidelines”, whereby we reserve the right to Advisor Account. charge you a surcharge of $95.00 per trade. The securities of a mutual fund held in your Advisor 17.1 Natutre of Account. You acknowledge that Account in which we receive a trailer fee will not your Advisor Account is intended to operate as a be included in the calculation of your Advisor fee based long term portfolio account on a basis Account Fee. The Advisor Account Fee may be consistent with your investment objectives and reported on your account statements and/or risk tolerances as set out on our account forms annual charges and compensation reports as an and as an active trading account. Your Advisor “operating charge”, under the heading of Account is not a discretionary or Managed “investment management”. Account and your Investment Advisor is not a portfolio manager with discretionary authority You acknowledge that we have the right to over your Advisor Account. increase your Advisor Account Fee upon written notice to you if the assets in your Advisor 17.2 Account Restrictions. Securities of a Account fall below $50,000 or otherwise with mutual fund must be purchased on a front-end 60 days written notice to you. Upon the closure load basis in your Advisor Account. You are not of your Advisor Account, the Advisor Account permitted to trade or hold commodity futures Fee will be pro-rated to the date of closure. or commodity futures options in your Advisor Account. We reserve the right to prohibit or For DS TFSA, you will compensate us annually restrict other types of trading as we may for the services provided in connection with your determine, in our sole discretion, in your DS TFSA as set out in Part E of this Agreement. Advisor Account. Your Annual DS Fee will be calculated based on the average monthly value of the assets in your 17.3 Minimum Assets. For Advisor Accounts, DS TFSA as of the last business day of each other than DS TFSA, you will maintain month for the period November 1 to October 31 minimum assets of $50,000 in your DS and will be charged in CDN$ currency. Account denominated in the currency of your Additional Taxes may be applicable. Advisor Account. The Annual DS TFSA Fee does not include 17.4 Advisor Account Fee. For Advisor other fees or charges that you are responsible Accounts, other than DS TFSA, you will for including, without limitation Administrative compensate us monthly or quarterly for the Fees, Commissions contemplated in Part 4 of services provided in connection with your this Agreement (Fees, Commissions and Advisor Account at the annual rate set out in our Charges) under the sections entitled account forms that you executed (your “Advisor “Additional Commissions” and “Third-Party Account Fee”). Your Advisor Account Fee will be Compensation”, commissions, fees, taxes or calculated monthly by us based on the market charges applicable in connection with a trade value of the assets in your Advisor Account as of on a non-Canadian or non-US stock exchange. the last business day of the month or quarter, as applicable, and will be denominated in the 17.5 Early Termination. If you close your currency of your Advisor Account. Additional Advisor Account or DS TFSA within one year of Taxes may be applicable. You acknowledge that opening, we will be entitled to charge you an the Advisor Account Fee does not include fees early termination fee in amount equal to the that may be embedded in certain products, difference between (a) the total Advisor which are not paid to us (such fees may include, Account Fee or TFSA Annual Fee, as the case but are not limited to, fees embedded in may be, paid by you up to the date that your investment funds). You acknowledge that the Advisor Account or DS TFSA was closed; and Advisor Account Fee does not include other fees (b) the aggregate Advisor Account Fee or TFSA or charges that you are responsible for Annual Fee, as the case may be, that we including, without limitation Administrative determine in our sole discretion that would Fees, SEC Fees, commissions contemplated in have been payable by you to us as calculated Part 4 of this Agreement (Fees, Commissions by us for one (1) year from the date your Advisor Account was opened.

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17.6 Related Advisor Accounts. If you Part 18 – Additional terms for managed held in your account and to take any action on maintain minimum assets of $50,000 in your accounts your behalf in connection with any take-over Advisor Account, we may, at our discretion, bid, tender offer or reorganization of any issuer allow you to open additional Advisor Accounts of securities in your Managed Account in such (collectively, “Related Advisor Accounts”). We This section describes manner as we deem a corporate action, may adjust your Advisor Account Fee based on including without limitation, any take-over bid, the total assets in the Related Advisor the additional terms and tender offer or corporate reorganization, Accounts. conditions applicable involving the securities and/or the issuers of the securities held in your account, all in the manner 17.7 Transaction Allotment Guidelines. to you if you opened a in which we/they consider appropriate in our For Advisor Accounts, other than DS TFSA, the sole discretion and in relation to which we may number of transactions set out in the following Managed Account, as receive proxy solicitation fees; (b) receive table are allocated on a calendar year basis. well as specific terms and securityholder materials on your behalf, which If you have unused transactions at the end of includes, without limitation, proxy circulars, the calendar year, they will not be carried over conditions applicable if annual reports and other shareholder materials into the next calendar year. The number of your Managed Account is a and you will not receive any such materials; and transactions permitted under the section shall (c) claim on your behalf, proceeds in the be increased by 50% for the first calendar PIM Account or an Access/ settlement of any class action in which we year that your Advisor Account is opened. A+ Account. become aware of involving the securities and/or Transactions can be moved across Related the issuer of the securities held or formerly held Advisor Accounts. Related Advisor Accounts with in your account (a “Claim”). In connection with a assets less than $100,000 will be allotted two 18.1 Discretionary Investment Authority. Claim, you hereby acknowledge that: (a) we may (2) transactions per $10,000. The purchase of a Except as otherwise provided herein, you be required to release the defendant of any such newly issued security in the primary market will authorize us to take any action as we in our class action from any claim by you and from not be considered a transaction for the purpose sole discretion consider appropriate for the additional matters relating thereto; (b) you are of the Transaction Allotment Guidelines. operation of your Managed Account, responsible for all reasonable expenses incurred including, without limitation, investing, by us in making a Claim and all such expenses Advisor Account Number of reinvesting and holding the funds in your may be deducted from your account; (c) we are Assets Transactions Managed Account in securities, cash or cash under no obligation to make a Claim and, in $100,000 - $199,999 40 equivalents. In addition, you agree that, in most instances, we will not make a Claim when accordance with sections 6.3 and 6.4 of this we determine, in our sole discretion, that the $200,000 - $499,999 65 Agreement, from time to time your Managed expenses of making a Claim is not reasonable $500,000 - $999,999 100 Account may invest in: (a) securities of an where the settlement proceeds are not issuer that is related or connected to us or, if significant; (d) we may disclose your personal $1,000,000 - $1,999,999 140 applicable, any Investment Manager; (b) information to the claim administrator, including $2,000,000 - $4,999,999 190 proprietary products managed by one of our your social insurance number; and (e) we will affiliates; (c) new or secondary issues $5,000,000 plus 265 not make a Claim in the event that your account underwritten by us or, if applicable, any has been closed at the time of the Claim. For DS TFSA, you are allotted eight (8) trades Investment Manager; (d) securities of an per calendar year in your TFSA. We reserve the issuer of which a Responsible Person (as 18.3 Trade Confirmations. Unless otherwise right to charge you a surcharge commission of defined below) is an officer or director, instructed by you in writing, we will not deliver $95.00, plus applicable Taxes per trade should provided that such officership or directorship trade confirmations to you in connection with you exceed your annual allotment. is disclosed to you in advance; or (e) securities trades in your account. In certain limited purchased from, or sold to, the account of a circumstances an issuer may choose to issue a Responsible Person or an associate thereof. trade confirmation directly to you.

For the purpose of this Agreement, 18.4 Account Restrictions. We may at our “Responsible Person” means any individual sole discretion refuse your request to change who is a partner, director, officer, employee or the asset allocation or to hold or dispose of a agent of us or, if applicable, any Investment particular security with respect to your Manager, that exercises discretionary authority Managed Account. You acknowledge that any over your Managed Account, approves restrictions imposed by you on our account discretionary orders for your Managed Account forms on the management of the assets in or participates in the formulation of, or has your Managed Account, including security access prior to implementation of, investment selection restrictions, may cause us or, if decisions made on behalf of or advice given to applicable, the Investment Manager (as your Managed Account. defined in this part), to deviate from investment decisions that would otherwise be 18.2 Additional Authorizations. Unless made in managing your Managed Account. otherwise instructed by you in writing, we are authorized to, but are under no obligation to: (a) 18.5 Minimum Assets: You are required to vote matters on your behalf relating to the maintain a minimum of assets in your securities and/or the issuers of the securities Managed Account, denominated in the currency of your Managed Account, as follows:

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(a) $100,000 in the case of your PIM Account limited to, fees embedded in investment funds). or $250,000 in the aggregate across all of your You acknowledge that your PIM Account Fee PIM Accounts; or (b) $50,000, $100,000, does not include any fees or commissions for $150,000 or $250,000 in the case of your A+/ trades executed outside of RBC DS or for trades Access Account, depending on the Investment executed by us with respect to securities Manager. transferred into your PIM Account at your request. You acknowledge that your PIM 18.6 Use of Brokerage Commissions. In the Account Fee does not include other fees and event that your account is an Access/ A+ charges that you are responsible for including, Account, your Investment Manager and/or without limitation Administrative Fees, as Selected Sub-Advisor, as the case may be, or contemplated in Part 4 of this Agreement (Fee, in the event of a PIM Account, your Investment Commissions and Charges) under the sections Advisor, may direct transactions in your entitled “Additional Commissions” and “Physical Managed Account involving brokerage Precious Metals,” commissions, fees, taxes or commissions to a dealer in return for the charges applicable in connection with a trade provision of goods or services by the dealer, on a non-Canadian stock exchange, or such fees other than order execution. Should this be the required by a regulatory authority. You case, your Investment Manager, Selected acknowledge that we have the right to increase Sub-Advisor or Investment Advisor, as your PIM Account Fee upon 60 days written applicable, will provide you with additional notice to you. Upon the closure of your PIM disclosure on this arrangement as required by Account, the PIM Account Fee will be pro-rated Regulations. to the date of closure. The PIM Account Fee may be reported on your account statements and/or Terms Applicable to PIM Accounts Only annual charges and compensation reports as an “operating charge”, under the heading of 18.7 Investment Policy Statement. In the “investment management”. event that your account is a PIM Account, we will assist you in completing our account 18.9 Early Termination. If you close your PIM opening forms and an “investment policy Account within one year of opening, we will be statement” (your “IPS”) which will be relied entitled to charge you an early termination fee upon by us with respect to the trading of in an amount equal to the difference between securities in your PIM Account. You will inform (a) the total PIM Account Fee paid by you up to us of any material change in your circumstances the date that your PIM Account was closed; which may affect the accuracy or relevancy of and (b) the aggregate PIM Account Fee that we your IPS. You will provide us with any determine in our sole discretion that would information we may reasonably request of you. have been payable by you to us as calculated We are not liable for any losses in your PIM by us for one (1) year from the date your PIM Account resulting from any misstatements or Account was opened. omissions by you in your IPS. You acknowledge that there can be no assurances that your 18.10 Fair Allocation of Investment Investment Objectives as stated in your IPS can Opportunities Among PIM Accounts. The be achieved and we do not guarantee the principal determination used by us in allocating investment performance of your PIM Account. investment opportunities among PIM Accounts is the suitability of purchase and sale 18.8 PIM Account Fee. In the event that your transactions as determined by the unique account is a PIM Account, you will compensate circumstances and needs of a client as set out us monthly or quarterly in consideration for us in the client’s Investment Policy Statement or providing discretionary investment management other similar document established for that services to you in connection with your PIM client’s Managed Account as revised from time Account at the annual rate set out in our to time. For purposes of the Program, we will account forms (your “PIM Account Fee”). Your rely on your Client Investment Profile, and other PIM Account Fee will be calculated monthly by applicable provisions of this Agreement. Our us based on the market value of the assets in policy is that no single account or type of your PIM Account as of the last business day of account will receive preference in the allocation the month or quarter, as applicable, and will be of investment opportunities. When orders for denominated in the currency of your PIM more than one account are entered as a Account. Additional Taxes may be applicable. combined order and the transactions are all The securities of a mutual fund held in your PIM executed at the same price, each client account Account in which we receive a trailer fee will not will be given the same execution price. When be included in the calculation of your PIM orders for more than one account are entered Account Fee. You acknowledge that your PIM as a combined order and transactions are Account Fee does not include fees that may be executed at varying prices, we will endeavour to embedded in certain products, which are not treat all clients on a basis that is fair and paid to us (such fees may include, but are not

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reasonable in the context of the nature of the in investment funds). You acknowledge that investment style, strategy or philosophies. particular transaction and the transaction costs. your Access/A+ Account Fee does not include RBC DS does not represent or warrant any This may include calculating a weighted any fees or commissions payable to third information which was not prepared by RBC average execution price to be attributed to all parties for trades executed outside of RBC DS. DS. You acknowledge that you have received accounts having orders included in the You acknowledge that your Access/ A+ and read each Selected Sub-Advisor’s Profile combined order. When orders for more than Account Fee does not include other fees and and that the information set out in the Profile one account are entered as a combined order charges that you are responsible for including, is consistent with your Investment Objectives. and less than the total order is executed as a without limitation Administrative Fees. You We are responsible for the investment block, we will generally attempt to make acknowledge that we have the right to increase decisions made in your Access Account by allocations pro-rata on the basis of order size. your Access/A+ Fee upon 60 days written an Investment Manager to the same extent We may also take into consideration the notice to you. Your Access/A+ Account Fee as if the advice had been provided directly proportion of the portfolio that the security may be reported on your account statements by us. In the event an Investment Manager represents, the weight of the industry or and/or annual charges and compensation is not registered in Canada we agree to be security type in the portfolio and the cash reports as an “operating charge”, under the responsible for any loss that arises out of reserve position in the portfolio. We will heading of “investment management”. the failure of the Investment Manager to: endeavour to ensure that orders and (i) exercise the powers and discharge the modifications or cancellations of orders are 18.12 Investment Managers and Sub- duties of its office honestly, in good faith recorded in electronic form or in writing and are Advisors. In the event that your account is an and in the best interests of both us and you, or time-stamped. Subject to market conditions Access Account, we may at our discretion (ii) to exercise the degree of care, diligence and stock exchange procedures, we will use its appoint such agents or service providers to and skill that a reasonably prudent person best efforts to ensure that orders are processed carry out our obligations under this Agreement, would exercise in the circumstances. You will and executed on a first-in, first-out basis. These including, without limitation, investment inform us and any applicable Investment procedures will be revised from time to time in managers in the United States, Canada or Manager in writing, or orally, of any material keeping with changes in regulatory elsewhere (each individually, an “Investment change in your circumstances which may affect requirements and industry practices. The latest Manager”). RBC DS and you will select an the accuracy or relevancy of your investment version is available on request from your Investment Manager for your Access Account objectives. You also agree to provide us with Investment Advisor. based upon the investment objectives and risk any information we may reasonably request of tolerance provided in our account forms. You you. Neither RBC DS, any Investment Manager Terms Applicable to Access/A+ (each a acknowledge that the Investment Manager or any agent of either of the foregoing are “Program”) Accounts Only may be an affiliate of ours and if your account liable for any losses in your Access Account is an A+ Account, the Investment Manager will resulting from any misstatements or omissions 18.11 Access/A+ Account Fee. In the event be an RBC DS portfolio manager approved to by you on our account forms. You acknowledge that your account is an Access/A+ Account, provide overlay portfolio management and that there can be no assurances that your you will compensate us quarterly in related investment advisory services for investment objectives as stated on our consideration for us providing discretionary Managed Accounts. RBC DS and the applicable account forms can be achieved and we do not investment management services to you in Investment Manager will provide continuous guarantee the investment performance of your connection with your Access/A+ Account at the discretionary investment management services Access Account. You acknowledge that past annual rate set out in our account forms (your to you with respect to the assets in your performance of an Investment Manager does “Access/A+ Account Fee”). Your Management Managed Account, separate and distinct from not predict future performance with respect to Fee will be calculated based on the market the assets in your other accounts, in your Access Account. You acknowledge that an value of the assets in your Managed Account accordance with your investment objectives as Investment Manager may, from time to time in as of the last business day of the month set out in our account forms. If your account is the ordinary course of business, direct trades preceding the quarter for which your Access/ an A+ Account, RBC DS and you will select one to us for other clients of the Investment A+ Account Fee is applicable and will be or more funds or other investment instruments, Manager that do not have an Access Account denominated in the currency of your Access/ and/or sub-advisors from a group of sub- and in purchasing and selling securities for A+ Account. Your Access/A+ Account Fee will advisors (the “A+ Sub-advisors”) participating your Access Account, Investment Managers be deducted from your Access/A+ Account, in in the RBC DS A+ Program (the A+ Sub- may direct trades to us. When reviewing the advance, on a quarterly basis and will appear advisors selected by you are hereinafter performance data of your Selected Sub- as a debit on your monthly or quarterly referred to as the “Selected Sub-Advisors”) Advisor or Investment Manager you account statement. Your Access/A+ Account based upon the investment objectives and risk acknowledge that it may differ from the Fee is non-refundable once it has been tolerance provided in our account forms. You performance of your account because of such deducted from your Access/A+ Account even acknowledge that a Selected Sub-Advisor may factors as account size, the timing of upon the termination of this Agreement and be an affiliate of ours. transactions and market conditions prevailing the closure of your Access/A+ Account. Your at the time of investment, each of which could Access/A+ Account Fee includes, without RBC DS will recommend to you an Investment lead to different performance results between limitation, fees for trade execution services Manager and, if your account is an A+ Account, accounts. The Selected Sub-Advisor or and, if applicable, compensation to an one or more of the A+ Sub-Advisors to provide Investment Manager has made a number of Investment Manager. Additional Taxes may be advisory services for your Access Account. RBC assumptions when presenting its data (which applicable. You acknowledge that your DS, on behalf of the participating A+ Sub- may include but is not limited to the timing Access/A+ Account Fee does not include fees Advisors, has provided you or will provide you and diligence with which the portfolio is that may be embedded in certain products, upon request with a profile or other written rebalanced, execution price of transactions which are not paid to us (such fees may information (collectively, the “Profile”) plus any trading or account related costs, fees include, but are not limited to, fees embedded describing each Selected Sub-Advisor and its or commissions) which may be difficult or

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impossible for an investor to replicate exactly. and risk tolerances you provided in our account For that reason you acknowledge that there is forms. The investment recommendations of no expectation that model returns will perfectly your Selected Sub-Advisor will be based upon replicate your actual portfolio performance that selected strategy rather than your personal while following the selected strategy, circumstances.

As permitted under applicable laws, you 18.14 Availability of Program Offering. authorize RBC DS, at its sole discretion, to We reserve the right to terminate, substitute or deliver to you electronically via an Automated amend any of the Programs as we reasonably Service any disclosure documents, including deem appropriate or necessary from time to but not limited to Part II of Form ADV under the time and we will make reasonable attempts to Investment Advisors Act of 1940, that must be contact you to notify you of such changes. provided to you by an Investment Manager or Where a Program is no longer available you Sub-Advisor in respect of your Access/A+ retain the right to select any other Program or to account as applicable. terminate this Agreement in accordance with section 12.2. We reserve the right, upon notice 18.13 Changing Investment Managers/ to you, to select another Program on your behalf Selected Sub-Advisors. In the event that your where a strategy of a Manager or Sub-Advisor of account is an Access Account and the that selected substitute Program is substantially Investment Manager applicable to your Access consistent with the strategy of that applied to Account is no longer available, we will make a your account under the terminated Program. If reasonable attempt to contact you and obtain the foregoing is not applicable, in the event that your written acknowledge of such and to we are unable to contact you in order to confirm appoint a replacement Investment Manager. In a switch to another Program, within a connection with the foregoing, if we are unable reasonable time period we may at our sole to contact you or obtain your written discretion cease to provide discretionary acknowledgment within a reasonable time investment management services in respect of period we may, at our sole discretion, appoint a your account. In accordance with the cessation replacement Investment Manger without of discretionary investment management contacting you or obtaining your written services in respect of your account, your Access acknowledgment in advance of such or A+ Fee, as applicable, will cease to be appointment but you will be required to payable in respect of your account and instead provide us with a written acknowledgment of your account will become subject to fees as set such appointment after the appointment. You out in Part E in the same manner as if the may instruct us to change the Investment account were a commission based account. You Manager for your Access account and we will agree that, in relation to the foregoing, we will act on your instructions as soon as reasonably not be liable to you for any losses, including but practicable but shall bear no responsibility for not limited to any decrease in value of securities market fluctuations pending the execution of in the account, costs or applicable taxes, such instructions. We will consider your assessments, interest and penalties as a result Investment Objectives when determining the of any cessation by us of discretionary investment decisions to be made with respect investment management services in respect of to your Access Account. In the event your your account. account is an A+ Account, we may, from time to time, make further suggestions or 18.15 Fair Allocation of Investment recommendations to you with respect to the Opportunities Among Access Accounts. Selected Sub-Advisor(s), including, without The Investment Managers each have policies limitation, suggestions to change the Selected and procedures in place with respect to the fair Sub-Advisor(s). We retain the discretion to and equitable allocation of investment replace any of the funds, investment opportunities (“Allocation Procedures”). We instruments or Selected Sub-Advisor(s) that we have reviewed the Allocation Procedures of each believe to be appropriate given your Investment Manager and determined that they Investment Objectives and we will make a are fair, equitable and consistent with generally reasonable attempt to contact you to notify you accepted industry standards. In addition to the of such change. You retain the right to select foregoing, we and/ or, if applicable, a third party any other fund, other investment instrument or service provider, regularly review the allocation A+ Sub-Advisor at that time in the A+ Program. of investments among Access Accounts to A+ Sub- Advisors who replace a Selected ensure compliance with the applicable Sub-Advisor shall be deemed to be the Allocation Procedures. A copy of the Allocation Selected Sub-Advisor under this Agreement. Procedures applicable to any Investment You understand that the selected strategy of Manager is available upon request. your Selected Sub-Advisor has been selected by you based upon your investment objectives

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Part 19 – Additional terms for futures 19.3 Margin Requirements. Margin funds such sale RBC DS may be the purchaser for our accounts required from you will be determined by us. own account and on any such purchase RBC Notwithstanding any previous dealings or DS may be the seller for our own account. course of conduct between you and us, we shall As used in the General have the right to demand wire transfer of funds 19.7 Foreign Currency Transactions. In the for margin and, without notice, to close out any event that we enter into any transaction in Account Agreement and or all contracts entered into by us for your futures contracts or options on futures contracts any other agreement that account when margin on deposit with us (i) is on your behalf on an exchange or marketplace exhausted, (ii) is inadequate in our judgment to on which such transactions are effected in a governs the operation of protect us against price fluctuations, or (iii) is foreign currency (i) any profit or loss arising as below the minimum margin requirements a result of a fluctuation in the exchange rate your account, “securities” established by the rules and regulations of the affecting such currency will be entirely for the includes without limitation exchanges or marketplaces whereupon the account risk of you, and (ii) you authorize us to trades are made. Any such transaction may be convert funds in the your account into and from cash, futures contracts made upon any exchange or marketplace or by such currency at a rate of exchange determined and options on futures public or private sale and upon such terms and by us in our sole discretion on the basis of then in such manner as we in our sole discretion may prevailing money markets. contracts. deem advisable. 19.8 Errors and Omissions. We shall have no 19.4 Exercise Assignment Notices. You liability to you for errors or omissions in any 19.1 Futures Contracts and Options on acknowledge that exercise assignment notices transactions for your account including, Futures Contracts Trading. We may from are allocated by the applicable clearing without limitation, qualification of the time time to time in our sole discretion: (a) reject or corporation at any time during the day. We will periods during which orders will be accepted place trading limits upon any order placed by allocate such notices on an automated basis for execution, except those resulting from our you; (b) set maximum limits on short positions unless you are notified otherwise by prior gross negligence and willful misconduct. of, or short sales by, you and that during the written notice. We will not be responsible for last ten days prior to the Expiration Date of an any delay with respect to the assignment by 19.9 Risks. You acknowledge that the option on futures contracts cash only terms the clearing corporation or the receipt by us of purchase and sale of futures contracts or may be applied; (c) execute orders that may be such notices. You confirm that allocations will options on futures contracts may involve a executed on more than one exchange or be accepted by you on this basis. high degree of risk, and confirm that you marketplace on the exchange or marketplace we select; (d) to provide regulatory authorities 19.5 Options on Futures Contracts. You (i) have received and read the Risk Disclosure information and/or reports related to reporting agree to instruct us to exercise or close out any Statement relating to trading futures limits and position limits; or (e) in respect of option on futures contracts held by you prior to contracts or options on futures contracts Canadian transactions, take the other side of the expiration date of such option and and are aware of the natures of such risks, any transaction from time to time, either in acknowledge and agree that, notwithstanding RBC DS’ own account, or in an account in the exchange cut-off time for exercising (ii) understand the rights and obligations which RBC DS has a direct or indirect interest options on futures contracts, we may from time under contracts for the purchase and sale and that accordingly, and that RBC DS may to time set an earlier exercise cut-off time, of futures contracts or options on futures indirectly and without prior knowledge be details of which will be communicated to you contracts, and acting as principal on the other side of the from time to time. transaction, provided that such transaction on (iii) are able financially to undertake such risks the other side of the client transaction shall be 19.6 Indebtedness, Inadequate Margin or and to sustain the financial losses which executed in accordance with the by-laws of the Absence of Instructions. Whenever you have may be incurred by engaging in such exchange on which the transaction is made. failed to make any payment to us when due, to trading. deliver any commodity sold through us, to 19.10 Documents to be Delivered 19.2 Trading and Clearing Rules. You maintain your accounts with us fully margined, Electronically. The following documents acknowledge that the exchange or marketplace to take possession of any commodity relating to transactions in futures contracts or on which any transactions in futures contracts purchased, to give us appropriate and timely options on futures contracts (collectively, the or options on futures contracts are effected or instructions as to the close out of futures “Documents”) with respect to your account(s) the applicable clearing corporation may enact contracts or options on futures contracts prior are covered by this Addendum: (a) Daily by-laws, rules and regulations affecting existing to expiry date or at such other times as we Confirmations (which include purchase and or subsequent transactions. You further deem it necessary or advisable for our sale statements); (b) Monthly Commodity acknowledge and agree that all transactions in protection, we shall be entitled, but not Statements; and (c) Account Equity Detail futures contracts or options on futures obliged, for the account at your risk to cover (where applicable). contracts entered into by us on your behalf will any short position or liquidate any long be subject to the by-laws, rules and position you may have with us through 19.11 Explanation of Electronic Delivery regulations, any other requirements and purchase or sale on any exchange or market, prevailing customs of any exchange, Process. You expressly acknowledge and agree to close out any and all outstanding contracts, that the e-mailing (or faxing) of Documents marketplace or clearing corporation, including to sell any commodities held by us for you, to without limitation position and reporting limits from time to time by RBC DS to your specified purchase any commodities which you have e-mail address or addresses along with the established by any exchange, marketplace or sold short through us, to sell any collateral clearing corporation. provision of a password to a user on your deposited by you with us and to take such behalf to access the attached PDF files (or other steps as we deem appropriate. On any

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faxing to a fax number provided to RBC DS) 19.16 Revocation of Consent or Change of shall constitute “delivery” to you of any and all E-Mail Address. You acknowledge and such Documents for all purposes, even if you do understand that you are not required to not actually view, access, download, or review consent to electronic delivery of the the Documents. No separate notice will be Documents You may revoke your consent to provided to you with regard to when the electronic delivery of the Documents, or Documents will be e-mailed to you. change any e-mail or address to which Documents are to be delivered, at any time by 19.12 Technical/Software Requirements notifying the above-noted RBC DS for Electronic Retrieval of Documents. representative referred to above, of such The Documents e-mailed using the E-Route revocation or change by telephone, regular delivery system will be delivered, at your mail or e-mail. option, as a compressed password protected PDF file or straight PDF file. You acknowledge 19.17 Risk Limit. When you open a Futures that in order to access, download, or view any Account with us, you will be required to advise Documents that we e-mail to you, you must us of your annual risk limit for futures trading, have Internet access, e-mail capability and in Canadian dollars, which indicates the Adobe Acrobat Reader software, version 4.0 or maximum amount of cumulative loss you can higher, loaded on your computer. If you elect afford to sustain in a given calendar year. You to have the PDF file compressed and with will have the opportunity to revise your annual password protection, you must also have risk limit each calendar year. In or around year decompression software such as PKUnzip in end, we will ask whether you want to update order to access the file. If you have a firewall your annual risk limit for the following year. If or similar e-mail security protection, you may you do not advise us of any change to your not be able to retrieve or access the risk limit, the risk limit from the previous year compressed password protected files due to will be applied to your futures account. the makeup of this file. If this is the case, you should elect to have straight PDF files Part 20 – Additional terms for foreign delivered to your indicated e-mail address. exchange (FX) forwards and swaps 19.13 Paper Versions of Electronic Documents. You may request from us a paper version of any Documents emailed to you at This part defines FX no cost by contacting the following by forwards and swaps and telephone, regular mail or e-mail: Futures Administration, RBC Dominion Securities Inc., provides information about 180 Wellington St. W, 11th floor, the risks and costs. Toronto, ON M5V 2X4, (416) 313-6837, e-mail ([email protected]) Nature of the Contracts Requesting a paper version of any Document will not be construed as a revocation by you of 20.1 When you trade in FX Forwards you are your consent to the electronic delivery of entering contracts to exchange two designated Documents, unless otherwise expressly currencies at a specific time in the future. indicated by you to RBC DS. 20.2 When you trade in FX Swaps you are 19.14 Electronic Document Availability. entering contracts to simultaneously purchase Once you receive the Documents by e-mail, and sell one currency for another. In theory, at a you may view them so long as you do not later date the sale and purchase will be delete the e-mail or so long as the Documents reversed. The first transaction is conducted at are saved by you to a disk. one price, and the second transaction is conducted at another – a futures price. As the 19.15 Failure to Deliver Electronic two transactions are agreed to at the same time, Documents. In the event of a technical failure they are often designed to offset each other. FX in the E-Route electronic delivery system, Swaps can be offsided, meaning the near and paper versions of any Document which cannot far side do not always need to be identical. be delivered via E-Route electronically will be faxed to you using the most current fax 20.3 FX Forwards and FX Swaps are number we have on file or will be delivered to considered over-the-counter (OTC) because you or sent to you by regular mail. In the event there is no centralized trading location and of a technical failure in the E-Route electronic transactions are conducted directly between delivery system during transmission of any you and RBC Dominion Securities (“RBC DS” or Documents to you, the Documents will be the “Firm”). automatically resent to you.

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20.4 Contracts for both FX Forwards and FX a margin requirement. If such action is taken Part 21 – Additional terms for pre- Swaps cannot be transferred and may not be by the Firm, it may result in an opportunity authorized mutual fund purchase plans able to be redeemed prior to maturity. loss to you. 20.5 For the purposes of trading in FX Please refer to Part B – Risk Disclosure This part sets out when Forwards and FX Swaps with RBC DS, the Statement for Futures Contracts, Options or parties agree that FX Forwards and FX Swaps Other Derivatives, of this agreement for further you will receive disclosure are to be treated as financial assets under the information regarding risks associated with applicable provincial Securities Transfer derivatives. documents in connection legislation. with the purchase of Margin Settlement of Contracts mutual funds securities 20.8 RBC DS requires from its customers, who 20.6 Full and timely settlement will be made wish to trade in FX Forwards or FX Swaps, a made pursuant to a pre- of each FX Forward and FX Swap on the value margin account. RBC DS, in its sole discretion, authorized purchase plan date. prescribes the minimum amounts that must remain in such an account. When variation Risk Disclosure Statement margin is required from the customer the 21.1 In the event that you have instructed us to amount deposited must restore margin on establish a pre-authorized mutual fund 20.7 FX Forwards and FX Swaps are typically deposit to the original deposit required by purchase plan (a “PAC Plan”), you will receive a used for hedging purposes. You should carefully the Firm. Fund Facts document (“Fund Facts”) following consider whether such trading is suitable for the first purchase under the PAC Plan. you in light of your financial condition, 20.9 The terms of the RBC DS WealthLine investment objectives, investment time horizon Agreement or any successor agreement apply 21.2 You will not receive a Fund Facts in and risk tolerance. In considering whether to to FX Forwards and FX Swaps with necessary connection with subsequent purchases of trade, you should be aware of the following: modification. FX Forwards and FX Swaps are securities of a mutual fund made pursuant to a considered to be “Securities”, as that term is PAC Plan, unless you make a specific request A. Liquidity: FX Forwards and FX Swaps, as defined in the RBC DS WealthLine Agreement with your Investment Advisor to receive a copy. over-the-counter transactions, will normally or any successor agreement. You may, at any time, request to receive Funds lack the liquidity of an exchange traded Facts with each PAC Plan purchase or a copy of instrument. FX Forwards and FX Swaps Commissions and Other Transaction Costs the most recently filed Fund Facts, at no cost to cannot be offset or terminated automatically you, by contacting your Investment Advisor or by one party to the transaction. To terminate 20.10 The foreign currency conversion rate by writing to RBC DS head office with your a FX Forward or FX Swap, you will need the that appears on your trade confirmation and/ account number and contact information .The consent of RBC DS. The Firm has the legal or account statement in connection with a FX most recently filed Fund Facts may also be right to decline to consent to a termination Forward or FX Swap includes the Firm’s spread- found by visiting either www.sedar.com or the of the FX Forward or FX Swap. As a result, it based revenue (“spread”). Spread is the website of the applicable mutual fund. may be difficult or impossible to liquidate a difference between the rate RBC DS obtains FX Forward or FX Swap prior to its scheduled and the rate you receive. Any commissions or 21.3 You will receive a notice advising you how termination date. fees related to a FX Forward trade or a FX Swap you can request the most recently filed Fund trade is embedded in the spread. Facts in respect of securities of mutual funds B. Credit Risk: FX Forwards and FX Swaps and purchased pursuant to your PAC Plan. are not supported by the credit of any General organized exchange or clearing 21.4 You will not have the right to withdraw organization. The primary credit risk to you 20.11 As a result of RBC DS acting as principal from a purchase of securities of any mutual is that of the counterparty and participants in a FX Forward trade and/or FX Swap trade, fund made pursuant to your PAC Plan, but you in FX Forwards and FX Swaps are entirely RBC DS may have a conflict of interest between will have the right of action for damages or dependent for performance of all payment its own financial interests and your interests. rescission in the event any Fund Facts or obligations on your counterparty. RBC DS, RBC DS has policies and procedures that help document incorporated by reference into any acting as principal in respect of FX Forward identify and manage potential conflicts of renewal prospectus contains a and FX Swap trading with you, will be your interest arising from it acting as principal. misrepresentation, whether or not you request counterparty for these types of transactions. Please speak with your Investment Advisor if the Fund Facts. you would like more information about these C. Opportunity Loss: A FX Forward and FX Swap policies and procedures. 21.5 You have the right to terminate your PAC will be marked-to-market daily during the Plan at any time before a scheduled course of its term. If the market moves 20.12 You represent and confirm that you are investment date. against your position, you may be required not resident in, or a person located in, the to deposit an amount of additional margin United States or a U.S. person (as defined in funds, on short notice, in order to maintain Regulation S under the United States Securities your position. If you are unable to deposit Act of 1933, as amended). additional margin funds, the Firm may, in its sole discretion, transfer free funds from other accounts you hold at the Firm if such transfer is necessary to reduce or eliminate

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Retirement Savings Plans – Declaration of Trust – Part B

1. Definitions. will, representation grant, or other documents of like import issued by any court in Canada as may be required by the Trustee in its sole This part contains discretion in connection with the transmission of the Property on the Annuitant’s death; important information “Estate Representative” means an executor, an about the terms and administrator, an administrator with the will conditions of the annexed, a liquidator, or an estate trustee with a will or without a will, whether one or more Declaration of Trust agreed than one is so appointed; to by the annuitant under “Expenses” means all (i) costs, (ii) charges, (iii) the heading “Annuitant commissions, (iv) investment management fees, brokerage fees and other fees, (v) legal expenses Signature” on the and (vi) out-of- pocket expenses incurred from Application for Registered time to time in relation to the Plan;

Account for Individuals. “Former Spouse” means the individual who is considered by Applicable Laws to be the Whenever used in this declaration of trust or Annuitant’s former spouse or common-law on the Application, any capitalized terms shall partner; have the meanings given to them below: “Maturity Date” means the date the Annuitant “Agent” means RBC Dominion Securities Inc. selects for the start of a Retirement Income, and its successors and assigns; “Annuitant” which must not be after the end of the year in means the individual who has executed the which the Annuitant attains the maximum age for application to be plan the commencement of a retirement income as prescribed by Applicable Laws from time to time; owner for the Plan within the meaning Applicable Laws give to that word; “Plan” means the retirement savings plan the Annuitant and the Trustee have opened in the “Applicable Laws” means the Tax Act, relevant Annuitant’s name pursuant to his or her pension legislation and such other laws of Application; Canada and of the provinces and territories applicable hereto; “Plan Proceeds” means the Property, less any Expenses and Taxes which may be required “Application” means the Annuitant’s under Applicable Laws; application to the Agent for the Plan; “Contribution” means a contribution of cash, in “Prohibited Investment” means Property (other whatever currency held within the Plan or any than prescribed excluded Property as that term Qualified Investment under the Plan; is defined in the Tax Act) that is:

“Estate Documents” means proof of the (a) a debt of the Annuitant; Annuitant’s death and such other documents (b) a share of the capital stock of, an interest including letters probate of the Annuitant’s in or a debt of: Will, letters of administration, certificate of appointment of estate trustee with or without a

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(i) a corporation, partnership or trust in 5. Contributions. The Annuitant or the The Annuitant acknowledges that, to the extent which the Annuitant has a significant Annuitant’s Spouse may make Contributions to the Trustee delegates any such duties; the interest; the Plan in such amounts as are permitted Trustee shall thereby be discharged from under Applicable Laws, in cash or such other performing such duties. (ii) a person or partnership that does not property as may be permitted in the sole deal at arm’s length with the Annuitant discretion of the Trustee. It shall be the sole 9. Investment of the Property. The Property or with a person or partnership responsibility of the Annuitant or the shall be invested and reinvested on the described in subparagraph (i); Annuitant’s Spouse, as the case may be, to directions of the Annuitant without being ensure that the amounts of Contributions limited to investments authorized by law for (c) an interest in, or right to acquire, a share, made to the Plan are within the limits trustees. The Trustee, in its sole discretion, interest or debt described in paragraph permitted under Applicable Laws. may require the Annuitant to provide such documentation in respect of any investment or (a) or (b); or 6. Refund of Contributions. The Trustee shall proposed investment, as the Trustee deems on application by the Annuitant or, where necessary in the circumstances. The Trustee (d) prescribed property (as that term is applicable, the Annuitant’s Spouse, in a form reserves the right to decline to make any defined in the Tax Act); satisfactory to the Trustee, pay an amount to particular investment if the proposed the taxpayer, in a currency agreed upon by the investment and related documentation do not “Property” means any property, including the Trustee and Annuitant, and failing such comply with the Trustee’s requirements at that income thereon the proceeds thereof and agreement, in Canadian currency, in order to time. cash, in whatever currency held within the reduce the amount of tax payable under Part Plan, held under the Plan from time to time; X.1 of the Tax Act and other Applicable Laws. 10. Segregated Funds. Segregated fund Property will be held in nominee name. The “Qualified Investment” means any investment, 7. Tax Information. The Trustee shall provide Annuitant agrees to designate the Trustee as which is a qualified investment for a registered the Annuitant and, where applicable, the the beneficiary under any segregated fund retirement savings plan according to Annuitant’s Spouse, with appropriate held under the Plan. Upon the death of the Applicable Laws; information slips for income tax purposes for Annuitant, the proceeds of the segregated “Retirement Income” means a retirement all Contributions made to the Plan and such funds paid shall form part of the Property to be income within the meaning of Applicable Laws; other information regarding the Plan as may dealt with according to the terms of this be required under Applicable Laws. Declaration of Trust. For greater certainty, upon “Spouse” means the individual who is the death of the Annuitant, the Trustee shall considered by Applicable Laws to be the 8. Delegation by Trustee. The Annuitant hold the segregated funds as Plan Proceeds Annuitant’s spouse or common-law partner; expressly authorizes the Trustee to delegate to for any beneficiary designated by the the Agent the performance of the following Annuitant under the Plan, in accordance with “Tax Act” means the Income Tax Act (Canada); duties of the Trustee under the Plan: this Declaration of Trust.

“Taxes” means any and all applicable taxes (a) receiving Contributions to the Plan from 11. Choice of Investments for the Plan. The and assessments, including any penalties and the Annuitant and/or the Annuitant’s Annuitant shall be responsible for selecting the interest, as may be required under Applicable Spouse, as the case may be; investments of the Plan, ensuring that an Laws; investment is and continues to be a Qualified (b) receiving transfers of property to the Plan; Investment and determining whether any such and (c) investing and reinvesting the Property as investment is not and continues not to be a directed by the Annuitant; Prohibited Investment. The Trustee shall “Trustee” means The Royal Trust Company in exercise the care, diligence and skill of a its capacity as trustee and issuer of the Plan, (d) registering and holding the Property in the reasonably prudent person to minimize the and its successors and assigns. Trustee’s name, the Agent’s name, in the possibility that the Plan holds a non Qualified name of their respective nominees or in Investment. The Annuitant shall have the right 2. Declaration of Trust. The Trustee agrees to bearer form as determined by the Agent to appoint the Agent as his or her agent for the act as trustee of a Retirement Savings Plan for from time to time; purpose of giving investment directions as the Annuitant named in the Application and to provided in this paragraph 11. administer the Property according to this (e) maintaining the records of the Plan, Declaration of Trust. including designation of beneficiaries, 12. Uninvested Cash. Uninvested cash, in where applicable; whatever currency held within the Plan, will be 3. Appointment of Agent. The Trustee has placed on deposit with the Trustee or an (f) providing to the Annuitant statements of appointed RBC Dominion Securities Inc. (the affiliate of the Trustee and held in the same account for the Plan at least annually; “Agent”) as its agent to perform certain duties currency as received from the Agent, provided relating to the operation of the Plan. The (g) preparing all government filings and forms; that such currency is a currency that has been Trustee acknowledges and confirms that agreed from time to time by the Trustee and ultimate responsibility for the administration of (h) making payments out of the Plan pursuant Agent, and repaid in the same currency. The the Plan remains with the Trustee. to the provisions hereof; and interest on such cash balances payable to the Plan will be determined by the Agent from time 4. Registration. The Trustee will apply for (i) such other duties and obligations of the to time in their sole discretion with no registration of the Plan as a retirement savings Trustee under the Plan as the Trustee in its obligation to pay a minimum amount or rate. plan pursuant to the Applicable Laws. sole discretion may from time to time The Trustee will pay interest to the Agent, in determine. the same currency as the uninvested cash was

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received, as referred to above, for distribution Spouse). The Plan shall mature on the Maturity to the Plan and the Agent shall credit the Plan Date. Except as otherwise permitted under with appropriate interest. The Trustee shall Applicable Laws from time to time, any annuity have no liability for such payment of interest purchased as a Retirement Income by the once it is paid to the Agent for distribution. Annuitant must:

13. Right of Offset. The Trustee and the Agent (a) be payable in equal annual or more shall have no right of offset with respect to the frequent periodic payments during its term Property in connection with any obligation or until such time as there is a payment in full debt owed by the Annuitant to the Trustee or or partial commutation of the Retirement the Agent, other than the Expenses payable by Income and, where such commutation is the terms of this Declaration of Trust. partial, equal, annual or more frequent periodic payments thereafter; 14. Cash Deficits. If the Plan has a cash deficit in one or more currencies held within (b) not be capable of assignment in whole or the Plan, the Annuitant authorizes the Trustee in part; or the Agent, to determine which Property to select and to sell such Property to cover the (c) require the commutation of each annuity cash deficit within the Plan. payable under the arrangement that would otherwise become payable to a person 15. Interest Charged. Interest charges, owing other than the Annuitant or the Annuitant’s on any cash deficit in one or more currencies Spouse under that arrangement; held within the Plan, are calculated and payable monthly, in the same currency or currencies that (d) if the Annuitant selects an annuity with a is or are in deficit, based on an annual interest guaranteed term, the term cannot exceed rate (divided by 365, or 366 in a leap year) and a term of years equal to 90 minus the the average daily cash deficit or deficits during Annuitant’s age in whole years at the the calculation period. Any unpaid interest will Maturity Date or if the Annuitant so elects be included in the calculation of the daily and the Annuitant’s Spouse is younger than average cash deficit for the applicable currency. the Annuitant, the age in whole years of the The rate of interest payable on a cash deficit will Annuitant’s Spouse at the Maturity Date; and be determined by the Agent from time to time in its sole discretion. The rate of interest and (e) not provide for the aggregate of the method of calculation is available upon request periodic payments made in a year after the to the Agent and will be the rate shown on the death of the first Annuitant to exceed the Annuitant’s statement in respect of the Plan. aggregate of the payments made in a year before that Annuitant’s death. 16. Withdrawals. Before the purchase of a Retirement Income, the Annuitant may, upon 60 18. Annuitant’s Failure To Give Instructions days’ notice to the Agent, or upon such shorter Regarding Maturity Date. If the Annuitant period of notice as the Agent may in its sole fails to instruct the Agent in writing at least 90 discretion permit, request that the Agent days (or within such shorter period as the liquidate part or all of the Property and pay to Trustee may permit in its sole discretion) prior the Annuitant an amount , in a currency agreed to December 31 of the year in which the upon by the Trustee and Annuitant, and failing Annuitant attains the maximum age for the such agreement, in Canadian currency, from the commencement of a retirement income under Property, not exceeding the value of the Plan the Applicable Laws with respect to the form of immediately before the time of payment, subject Retirement Income to be provided, the Trustee to the deduction of all compensation, Expenses and Agent may in their sole discretion and on and Taxes as provided in paragraph 26. reasonable notice to the Annuitant either:

17. Retirement Income. The Annuitant shall, (a) transfer the Property to a RBC Dominion upon at least 90 days’ notice to the Agent on Securities Inc. Retirement Income Fund behalf of the Trustee, or upon such shorter (“RIF”) opened and registered for such period of notice as the Trustee may in its sole purpose in the name of the Annuitant. discretion permit, specify the form of Upon the transfer of all such Property to Retirement Income to be provided under the RIF, the Annuitant shall be: Applicable Laws. Upon receiving such instructions, the Agent shall purchase such (i) deemed to have elected to use his Retirement Income for the Annuitant and, or her age (and not the age of the where the Annuitant so elects in writing, for the Annuitant’s Spouse, if any) to Annuitant’s Spouse after the death of the determine the minimum amount Annuitant (whereupon references to the under Applicable Laws; Annuitant herein shall include the Annuitant’s

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(ii) deemed to have not elected to non-compliant. If there is any inconsistency receipt of the Plan Proceeds on death of designate his or her Spouse to between the provisions of this Declaration of the Annuitant; become the annuitant on the Trust and any additional terms which may Annuitant’s death and to have not apply as a result of the irrevocable the Trustee and the Agent are entitled to either designated any beneficiary upon designation, the additional terms shall govern apply to the court for directions or pay the Plan death of the Annuitant; the Plan provided that no such additional term Proceeds into court, which payment shall be in shall result in the Plan not being acceptable as Canadian dollars, and, in either case, fully (iii) bound by all the terms and conditions a retirement savings plan under the Tax Act. recover any legal costs it incurs in this regard of the RIF as stated in the documents as Expenses from the Plan. pertaining thereto as if the Annuitant 20. Death of Annuitant. If the Annuitant dies had signed the appropriate documents before the purchase of a Retirement Income, 23. Account. The Agent shall maintain an to effect such transfer, and had made upon the receipt of Estate Documents by the account for the Annuitant which will record or refrained from making the elections Agent, which are satisfactory to the Trustee: particulars of all Contributions, investments, and designations as referred to herein; and transactions in the Plan, in the currency in and deemed to have instructed the (a) if the Annuitant has a designated which such Contributions, investments and Agent to make any payments of a beneficiary, the Plan Proceeds will be paid transactions occurred, and shall provide to the Retirement Income as required by or transferred to the designated Annuitant, at least annually, a statement of Applicable Laws in Canadian currency; beneficiary, subject to the Applicable Laws. account. The Trustee and the Agent will be fully Or discharged by such payment or transfer, 24. Limitation of Liability. The Trustee shall even though any beneficiary designation not be liable for any loss suffered by the Plan, (b) on or after December 1 but before made by the Annuitant may be invalid as a by the Annuitant or by any beneficiary under December 31 of that year, the Agent shall testamentary instrument or under the laws the Plan as a result of the purchase, sale or liquidate the Property and close the Plan of the jurisdiction where the Annuitant is retention of any investment including any loss and pay the Plan Proceeds to the domiciled at death; resulting from the Trustee acting on the Annuitant in Canadian currency. direction of the agent appointed by the (b) if a trustee has been designated as Annuitant to provide investment direction. 19. Designation of Beneficiary. Subject to beneficiary for the Plan, the Agent and Applicable Laws the Annuitant (or if permitted Trustee will be fully discharged by payment 25. Indemnity. The Annuitant agrees to by Applicable Laws his or her representative) to the trustee without any obligation to see indemnify the Trustee for compensation, all may designate one or more beneficiaries to to the due execution of any trust imposed Expenses and Taxes, other than those Taxes for receive the Plan Proceeds on the Annuitant’s upon such trustee; which the Trustee is liable and that cannot be death prior to the purchase of a Retirement charged against or deducted from the Property Income and, at any time, change or revoke such (c) if the Annuitant’s designated beneficiary in accordance with the Tax Act, incurred or a designation. A beneficiary designation may has died before the Annuitant, if the owing in connection with the Plan to the extent only be made, changed or revoked: a) in writing, Annuitant has not designated a that such compensation, Expenses and Taxes signed under the Plan by the Annuitant in a beneficiary, or the Annuitant has cannot be paid out of the Property. format acceptable to the Agent, or b) by Will, designated his or her “estate”, the Trustee and in either case, delivered to the Agent prior will pay the Plan proceeds to the 26. Self-Dealing. The Trustee’s services are to the Proceeds being paid from the Plan. If the Annuitant’s estate upon receipt of the not exclusive and, subject to the limitations designation is made by Will, the Agent only will instructions from the Estate Representative otherwise provided in this Declaration of Trust accept such designation to be recorded in the and in accordance with Applicable Laws. on the powers of the Trustee, the Trustee may, records of the Plan as part of the Estate for any purpose, and is hereby expressly Documents to be provided after the death of the 21. Release of Information. The Trustee and authorized from time to time in its sole Annuitant and not earlier as required by the the Agent each are authorized to release any discretion to, appoint, employ, invest in, Agent for this purpose. Such designation must information about the Plan and the Plan contract or deal with any individual, firm, adequately identify the Plan and be delivered to Proceeds, after the Annuitant’s death, to either partnership, association, trust or body the Agent prior to any payment by the Agent. the Annuitant’s Estate Representative or the corporate, with which it may be directly or The Annuitant acknowledges that it is his or her designated beneficiary, or both, as the Trustee indirectly interested or affiliated with, whether sole responsibility to ensure the designation or deems advisable. on its own account or on the account of revocation is valid under the laws of Canada, its another (in a fiduciary capacity or otherwise), provinces or territories and that the Plan records 22. Payment into Court. If there is a dispute and to profit therefrom, without being liable to of the Agent do not conflict with any designation about who is legally authorized: account therefore and without being in breach made by the Annuitant under the Plan. of this Declaration of Trust. (a) a payout from the Plan or equalization of If under Applicable Laws expressly pertaining Property or other dispute arising from a 27. Compensation, Expenses and Taxes. The to the designation of beneficiaries, the breakdown of the Annuitant’s marriage or Trustee and Agent will be entitled to such Annuitant wishes to make an irrevocable common law partnership; reasonable fees as each may establish from designation of beneficiary under the Plan, it time to time for services rendered in must be filed in accordance with Notice (b) the validity or enforceability of any legal connection with the Plan. All such fees will, provisions below. Acceptance of such demand or claim against the Property; or unless first paid directly to the Agent, be designation by the Trustee and the Agent will charged against and deducted from the (c) the authority of a person or personal be subject to the policies and procedures of Property in such manner as the Agent or representative to apply for and accept the Trustee and Agent and may be refused if Trustee determines.

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All Expenses incurred shall be paid from the Spouse or Former Spouse in settlement of rights successor. Failing the nomination of a Plan including Expenses with respect to the arising out of, or on the breakdown of their replacement by the Agent within 30 days execution of third party demands or claims marriage or common law partnership. after receipt by it of a notice of resignation, against the Plan and all such payments made the Trustee shall be entitled to appoint a under this Paragraph shall be in Canadian Such transfer shall take effect in accordance person as its own replacement. dollars, with the conversion to occur on the with Applicable Laws after all forms required by date of payment law and by the Trustee to be completed in (d) Upon any such appointment and respect of such transfer have been completed resignation of the Trustee, the person so All Taxes, other than those Taxes for which the and forwarded to the Agent. Upon such transfer, appointed as replacement trustee shall, Trustee is liable and that cannot be the Trustee shall be subject to no further liability without further act or formality, be and or duty with respect to the Plan, or the portion become the Trustee hereunder. Such charged against or deducted from the thereof, so transferred, as the case may be. replacement trustee shall, without any Property in accordance with the Tax Act, will be conveyance or transfer, be vested with the charged against and deducted from the 31. Changes to Declaration of Trust. The same power, rights, duties and Property in such manner as the Agent Trustee may change this Declaration of Trust responsibilities as the Trustee and with the determines. periodically. The Annuitant will be notified on assets of the Plan as if the replacement how to obtain an amended copy of the trustee had been the original Trustee. The 28. Sale of Property. The Trustee and Agent Declaration of Trust reflecting any such change Trustee shall execute and deliver to the may sell Property, in their respective sole and will be deemed to have accepted such replacement trustee all such conveyances, discretion, for the purposes of paying changes. No change to this Declaration of transfers and further assurances as may be compensation, Expenses, and Taxes, other Trust (including a change calling for the necessary or advisable to give effect to the than those Taxes for which the Trustee is liable Trustee’s resignation as trustee or the appointment of the replacement trustee. in accordance with the Tax Act and that cannot termination of the trust created by this be charged against or deducted from the Declaration of Trust) will be retroactive or (e) Any person appointed as a replacement Property in accordance with the Tax Act. result in the Plan not being acceptable as a trustee shall be a corporation resident in registered retirement savings plan under Canada that is licensed or otherwise 29. Transfers into the Plan. Amounts may be Applicable Laws. authorized under the laws of Canada or a transferred to the Plan from registered pension province or territory to carry on in Canada plans, other registered retirement savings 32. Replacement of Trustee. the business of offering to the public its plans and such other sources as may be services as trustee. permitted from time to time under Applicable (a) The Trustee may resign by giving such Laws. In the case of such transfers, the Plan written notice to the Agent as may be Any trust company resulting from the merger may be subject to additional terms and required from time to time under the terms or amalgamation of the Trustee with one or conditions, including the “locking-in” of of an agreement entered into between the more trust companies and any trust company amounts transferred from registered pension Agent and the Trustee. The Annuitant will that succeeds to substantially all of the trust plans in order to complete the transfer in be given at least 30 days prior notice of business of the Trustee shall thereupon accordance with Applicable Laws. If there is such resignation. On the effective date of become the successor to the Trustee without any inconsistency between the terms and such resignation, the Trustee will be further act or formality. In all such cases, conditions of the Plan and any such additional discharged from all further duties, Canada Revenue Agency or its successor shall terms and conditions which may apply as a responsibilities, and liabilities under this be notified. result of transfer to the Plan of amounts from Declaration of Trust, except those incurred another source, the additional terms and before the effective date. 33. Assignment by Agent. The Agent may conditions shall govern the manner in which assign its rights and obligations hereunder to funds so transferred are dealt with. The Trustee will transfer all Property, together any other corporation resident in Canada with all information required to continue the authorized to assume and discharge the 30. Transfers out of the Plan. Upon delivery to administration of the Property as a registered obligations of the Agent under the Plan and the Agent of a direction from the Annuitant in a retirement savings plan under the Applicable under Applicable Laws. form satisfactory to the Trustee, the Agent shall Laws, to a successor trustee. transfer, in the form and manner prescribed by 34. Notice. Any notice given by the Annuitant Applicable Laws, to another registered (b) The Trustee has agreed to resign upon it to the Agent shall be sufficiently given if retirement income fund, registered retirement being provided with notice in writing by delivered electronically to the Agent upon the savings plan or registered pension plan of the the Agent if the Trustee is satisfied that the Annuitant’s receipt of an acknowledgement and Annuitant, all or such portion of the Property as successor nominated by the Agent will response to same or personally to the office of is specified in the direction, together with all properly assume and fulfill the Trustee’s the Agent where the Plan is administered, or if necessary information for the continuance of the duties and liabilities hereunder in respect mailed, postage prepaid and addressed to the Plan to the trustee designated by the Annuitant of the administration of the Plan. Agent at such office, and shall be considered to in such direction except such transfer may be to have been given on the day that the notice is a registered retirement savings plan or (c) In either event, the Agent shall forthwith actually delivered or received by the Agent. registered retirement income fund of the nominate a person to replace the Trustee Annuitant’s Spouse or Former Spouse, if under a and the resignation of the Trustee shall not Any notice, statement, receipt or other decree, order or judgement of a competent take effect until its replacement has been communication given by the Trustee or the tribunal or under a written separation so nominated by the Agent and appointed Agent to the Annuitant shall be sufficiently agreement, relating to a division of property as successor by the Trustee and approved given if delivered electronically or personally to between the Annuitant and the Annuitant’s by Canada Revenue Agency or its the Annuitant, or if mailed, postage prepaid

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and addressed to the Annuitant at the address 39. Governing Law. This Declaration of Trust administration of the Plan including, without shown on the Application or at the Annuitant’s and the Plan shall be governed by and limiting the generality of the foregoing, receiving last address given to the Trustee or the Agent, construed in accordance with the laws of the information on the Plan from time to time, and any such notice, statement, receipt or Province of Ontario and the laws of Canada delivering the Application and the Annuitant’s other communication shall be considered to applicable therein. directions to the Agent, as the case may be, and have been given at the time of delivery to the submitting Contributions to the Agent. Annuitant electronically or personally or, if The Annuitant expressly agrees that any action mailed, on the fifth day after mailing to the arising out of or relating to this Declaration of 43. Contributions. Notwithstanding Annuitant. Trust or the Plan shall be filed only in a court paragraph 5. Contributions, in addition to located in Canada and the Annuitant Contributions made by the Annuitant or the 35. Date of Birth. The Annuitant’s statement irrevocably consents and submits to the Annuitant’s Spouse, the Agent may accept any of his or her date of birth in the Annuitant’s personal jurisdiction of such court for the Contribution made on behalf of the Annuitant Application shall be deemed to be a purposes of litigating of any such action. by the Plan Sponsor. certification as to the Annuitant’s age and an undertaking to provide any further evidence of 40. If this is a Group Retirement Savings 44. Withdrawals. Further to paragraph 15, the proof of age as may be required by the Agent. Plan. The Royal Trust Company (“Royal Trust”) Annuitant acknowledges that where the Plan is the trustee of the RBC Dominion Securities Sponsor makes regular Contribution to the 36. Address of Annuitant. The Trustee shall Inc. Group Retirement Savings Plan and the Plan on behalf of the Annuitant, those be entitled to rely upon the Agent’s records as Agent has been appointed to perform certain Contributions may be suspended if the to the current address of the Annuitant as administrative and other duties under the Plan. Annuitant makes a withdrawal from the Plan. establishing his or her residency and domicile For this reason, the Annuitant is required to for the operation of the Plan and its devolution And “Plan Sponsor” means a corporation, provide the Plan Sponsor with a withdrawal on the death of the Annuitant, subject to any partnership or an association that: request prior to any withdrawal from the Plan notice to the contrary respecting the being effected. Annuitant’s domicile on death. • is the Annuitant’s employer or the Annuitant’s Spouse’s employer, or to which the Annuitant 45. Termination. Upon termination of the 37. Heirs, Representatives and Assigns. The or the Annuitant’s Spouse may otherwise Annuitant’s relationship with the Plan Sponsor terms of this Declaration of Trust shall be have a membership or affiliation; and or discontinuance of the Group Savings Plan binding upon the heirs, Estate Representatives, by the Plan Sponsor, the Plan will no longer be attorneys, committees, guardians of property, • has adopted a Group Savings Plan with the a part of the Group Savings Plan and the Plan other legal and personal representatives, and Agent, of which the Annuitant is a member will continue as an individual plan with the assigns of the Annuitant and upon the or a former member entitled to benefits Agent, subject to the rights of the Annuitant respective successors and assigns of the under the Group Savings Plan. with respect to withdrawals and permitted Trustee and the Agent and their directors, transfers as set out in this Declaration of Trust. officers, employees, and agents, as well as 41. Plan Part of Group Savings Plan. The their respective estates, Estate Annuitant acknowledges that the Plan 46. Liability. The limitation of liability Representatives, heirs, attorneys, committees, Sponsor’s arrangement with the Agent and the provided in paragraph 23 above, any guardians of property, other legal and personal Annuitant, or the Annuitant’s Spouse, imposes indemnity hereunder and any authority representatives, and assigns. certain additional terms and conditions on the granted hereby for reimbursement out of the Plan referred to in this Declaration of Trust, as Plan will extend to and save harmless the Plan 38. Language. The Annuitant has expressly set out below. Sponsor. requested that this Declaration of Trust and all related documents, including notices, be in the 42. Plan Sponsor as Agent. The Annuitant RSP Declaration of Trust – CRA approved English language. Le rentier a expressément acknowledges that the Agent has appointed the April 10, 2014 demandé que cette Déclaration de fiducie et Plan Sponsor as agent for certain limited tous documents y afférents, y compris tout purposes with respect to submitting avis, soient rédigés en langue anglaise. Contributions and delivering instructions to the (Québec only/Québec seulement) Agent. The Annuitant further appoints the Plan Sponsor to act as the agent for the purpose of

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Retirement Income Funds – Declaration of Trust – Part C

1. Definitions. “Estate Representative” means an executor, an administrator, an administrator with the will annexed, a liquidator, or an estate trustee with This part contains a will or without a will, whether one or more than one is so appointed; important information “Expenses” means all (i) costs, (ii) charges, (iii) about the terms and commissions, (iv) investment management fees, conditions of the brokerage fees and other fees, (v) legal expenses and (vi) out-of- pocket expenses incurred from Declaration of Trust agreed time to time in relation to the Fund; to by the annuitant under “Former Spouse” means the individual who is the heading “Annuitant considered by Applicable Laws to be the Annuitant’s former spouse or common-law Signature” on the partner; Application for Registered “Fund” means the retirement income fund the Account for Individuals. Annuitant and the Trustee have opened in the Annuitant’s name pursuant to his or her Whenever used in this declaration of trust or Application; on the Application, any capitalized terms shall “Fund Proceeds” means the Property, less any have the meanings given to them below Expenses and Taxes which may be required “Agent” means RBC Dominion Securities Inc. under Applicable Laws; and its successors and assigns; “Annuitant” means the individual who has executed the “Minimum Amount” means the minimum Application to be the fund owner of the Fund amount that, according to subsection 146.3(1) within the meaning of Applicable Laws given to of the Tax Act must be paid from the Fund in that word; each year, subsequent to the year in which the Fund was opened; “Applicable Laws” means the Tax Act, relevant pension legislation and such other laws of “Prohibited Investment” means Property (other Canada and of the provinces and territories than prescribed excluded Property as that term applicable hereto; is defined in the Tax Act) that is:

“Application” means the Annuitant’s (a) a debt of the Annuitant; application to the Agent for the Fund; (b) a share of the capital stock of, an interest “Estate Documents” means proof of the in or a debt of: Annuitant’s death and such other documents including letters probate of the Annuitant’s (i) a corporation, partnership or trust in Will, letters of administration, certificate of which the Annuitant has a significant appointment of estate trustee with or without a interest; will, representation grant, or other documents of like import issued by any court in Canada as (ii) a person or partnership that does not may be required by the Trustee in its sole deal at arm’s length with the Annuitant discretion in connection with the transmission or with a person or partnership of the Property on the Annuitant’s death; described in subparagraph (i);

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(c) an interest in, or right to acquire, a share, (a) receiving transfers of property to the Fund; investments of the Fund, ensuring that an interest or debt described in paragraph investment is and continues to be a Qualified (b) investing and reinvesting the Property as Investment, and determining whether any such (a) or (b); or directed by the Annuitant; investment is not and continues not to be a Prohibited Investment. The Trustee shall (d) prescribed property (as that term is (c) registering and holding the Property in the exercise the care, diligence and skill of a defined in the Tax Act); Trustee’s name, the Agent’s name, in the reasonably prudent person to minimize the name of their respective nominees or in possibility that the Fund holds a non Qualified “Property” means any property, including the bearer form as determined by the Agent Investment. The Annuitant shall have the right income thereon the proceeds thereof and from time to time; to appoint the Agent as his or her agent for the cash, in whatever currency held within the purpose of giving investment directions as Fund, held under the Fund from time to time; (d) maintaining the records of the Fund, provided in this paragraph 9. including designation of beneficiaries, “Qualified Investment” means any investment, where applicable; 10. Uninvested Cash. Uninvested cash, in which is a qualified investment for a registered whatever currency held within the Fund, will be retirement income fund according to (e) providing to the Annuitant statements of placed on deposit with the Trustee or an Applicable Laws; account for the Fund at least annually; affiliate of the Trustee and held in the same currency as received from the Agent, provided “Spouse” means the individual who is (f) preparing all government filings and forms; that such currency is a currency that has been considered by Applicable Laws to be the agreed from time to time by the Trustee and Annuitant’s spouse or common-law partner; (g) paying all amounts to be paid out of the Fund in accordance with the terms hereof; Agent, and repaid in the same currency. The “Tax Act” means the Income Tax Act (Canada); and interest on such cash balances payable to the Fund will be determined by the Agent from “Taxes” means any and all applicable taxes and (h) such other duties and obligations of the time to time in their sole discretion with no assessments, including any penalties and interest, Trustee under the Fund as the Trustee in its obligation to pay a minimum amount or rate. as may be required under Applicable Laws; absolute discretion may from time to time The Trustee will pay interest to the Agent, in determine. the same currency as the uninvested cash was and received, as referred to above, for distribution The Annuitant acknowledges that, to the extent to the Fund and the Agent shall credit the Fund “Trustee” means The Royal Trust Company in the Trustee delegates any such duties; the with appropriate interest. The Trustee shall its capacity as trustee and carrier of the Fund, Trustee shall thereby be discharged from have no liability for such payment of interest and its successors and assigns. performing such duties. once it is paid to the Agent for distribution.

2. Declaration of Trust. The Trustee agrees to 7. Investment of the Property. The Property 11. Right of Offset. The Trustee and the Agent act as trustee of a Retirement Income Fund for shall be invested and reinvested on the shall have no right of offset with respect to the the Annuitant named in the Application and to directions of the Annuitant without being limited Property in connection with any obligation or administer the Property according to this to investments authorized by law for trustees. debt owed by the Annuitant to the Trustee or Declaration of Trust. The Trustee, in its sole discretion, may require the Agent, other than the Expenses payable by the Annuitant to provide such documentation in the terms of this Declaration of Trust. 3. Appointment of Agent. The Trustee has respect of any investment or proposed appointed RBC Dominion Securities Inc. (the investment, as the Trustee deems necessary in 12. Cash Deficits. If the Fund has a cash “Agent”) as its agent to perform certain duties the circumstances. The Trustee reserves the deficit in one or more currencies held within relating to the operation of the Fund. The right to decline to make any particular the fund, the Annuitant authorizes the Trustee Trustee acknowledges and confirms that investment if the proposed investment and or the Agent, to determine which Property to ultimate responsibility for the administration of related documentation do not comply with the select and to sell such Property to cover the the Fund remains with the Trustee. Trustee’s requirements at that time. cash deficit within the Fund.

4. Registration. The Trustee will apply for 8. Segregated Funds. Segregated fund 13. Interest Charged. Interest charges, owing registration of the Fund as a retirement income Property will be held in nominee name. The on any cash deficit in one or more currencies fund pursuant to the Applicable Laws. Annuitant agrees to designate the Trustee as held within the Fund, are calculated and the beneficiary under any segregated fund payable monthly, in the same currency or 5. Tax Information. The Trustee shall provide held under the Fund. Upon the death of the currencies that is or are in deficit, based on an the Annuitant with appropriate information Annuitant, the proceeds of the segregated annual interest rate (divided by 365, or 366 in slips for income tax purposes each year funds paid shall form part of the Property to be a leap year) and the average daily cash deficit showing the total of the payments made from dealt with according to the terms of this or deficits during the calculation period. Any the Fund during the preceding calendar year Declaration of Trust. For greater certainty, upon unpaid interest will be included in the and such other information regarding the Fund the death of the Annuitant, the Trustee shall calculation of the daily average cash deficit for as may be required under Applicable Laws. hold the segregated funds as Fund Proceeds the applicable currency. The rate of interest for any beneficiary designated by the payable on a cash deficit will be determined by 6. Delegation by Trustee. The Annuitant Annuitant under the Fund, in accordance with the Agent from time to time in its sole expressly authorizes the Trustee to delegate to this Declaration of Trust. discretion. The rate of interest and method of the Agent the performance of the following calculation is available upon request to the duties and obligations of the Trustee under 9. Choice of Investments for the Fund. The Agent and will be the rate shown on the the Fund: Annuitant shall be responsible for selecting the Annuitant’s statement in respect of the Fund.

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14. Payments from the Fund. The Agent shall Annuitant Spouse’s age on the Application make the following payments to the Annuitant form before any payment from the Fund has and, where the Annuitant has so elected as been made), and will be calculated as required provided in paragraph 17, to the Annuitant’s by subsection 146.3(1) of the Tax Act. Spouse after the death of the Annuitant, each year, commencing not later than the first An election made by the Annuitant to base the calendar year after the year in which the Fund Minimum Amount on the age of the Annuitant’s is established, one or more payments the Spouse as provided above is thereafter binding aggregate of which is not less than the and cannot be changed, revoked or amended Minimum Amount for the year, but not after the first payment has been made from the exceeding the value of the Fund immediately Fund even if the Spouse dies or if the Annuitant before the time of payment. The Annuitant and the Spouse cease to be married. shall instruct the Agent which investments of the Fund should be sold to provide any 16. No Assignment. No payment under this required cash and in which currency payments Declaration of Trust may be assigned either in shall be made, provided that is a currency that whole or in part. has been agreed from time to time by the Trustee and Annuitant, and failing such 17. Valuation of the Fund. For the purposes agreement, in Canadian currency. of calculating the Minimum Amount for a year, the value of the Fund at the beginning of a year The amount, currency, and frequency of the will be equal to the value of the Fund as at the payment or payments referred to in this close of business on the last business day of paragraph in respect of any year shall be as the Trustee in the immediately preceding year. specified in writing by the Annuitant on the Application Form or on such other form as the 18. Election of Successor Annuitant. Subject Agent may provide for this purpose. The to Applicable Laws, and notwithstanding Annuitant may change the amount, currency, payments that started to be made from the and frequency of the said payment or Fund, the Annuitant may elect that the payments or request additional payments by Annuitant’s Spouse become the Annuitant instructing the Agent in writing on such form as under the Fund after the Annuitant’s death if may be provided for this purpose, such change the Spouse survives the Annuitant. to be effective in the next calendar year. 19. Designation of Beneficiary. Subject to If the Annuitant does not specify the payment Applicable Laws, and notwithstanding or payments to be made in a year or if the payments that started to be made from the payment or payments specified are less than Fund the Annuitant (or if permitted by the Minimum Amount for a year, the Agent Applicable Laws his or her representative) and shall make such payment or payments out of if the Annuitant has not elected a successor the Property as it deems necessary so that the annuitant or the successor annuitant has Minimum Amount for that year is paid to the predeceased the Annuitant, the may designate Annuitant. In the event that the Property does one or more beneficiaries to receive the Fund not contain sufficient cash to make such Proceeds on the Annuitant’s death and, at any payment or payments, the Annuitant time, change of revoke such a designation. A authorizes the Trustee or Agent to determine beneficiary designation may only be made, which Property shall be sold in order to effect changed or revoked: a) in writing, signed under such payment or payments. the Fund by the Annuitant in a format acceptable to the Agent, or b) by Will, and in The Agent shall withhold from any payment either case, delivered to the Agent prior to the any income tax or other amount required to be Proceeds being paid from the Fund. If the withheld by Applicable Laws. Payments to the designation is made by Will, the Agent only will Annuitant shall be made pursuant to the accept such designation to be recorded in the Annuitant’s direction. Where no such direction records of the Fund as part of the Estate is provided, the Agent shall make payment by Documents to be provided after the death of cheque to the Annuitant at the Annuitant’s last the Annuitant and not earlier as required by address on file. the Agent for this purpose. Such designation must adequately identify the Fund and be 15. Calculation of Minimum Amount. The delivered to the Agent prior to any payment by Minimum Amount under the Fund for the year the Agent. The Annuitant acknowledges that it in which the Fund is established is nil. The is his or her sole responsibility to ensure the Minimum Amount for a year after the year in designation or revocation is valid under the which the Fund was opened will vary, laws of Canada, its provinces, or territories and depending on the year in which the Fund was that the Fund records of the Agent do not opened and the Annuitant’s age (or the age of conflict with any designation made by the the Annuitant’s Spouse if elected to use the Annuitant under the Fund.

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If under Applicable Laws expressly pertaining will pay the Fund proceeds to the owing in connection with the Fund to the extent to the designation of beneficiaries, the Annuitant’s estate upon receipt of the that such compensation, Expenses and Taxes Annuitant wishes to make an irrevocable instructions from the Estate Representative cannot be paid out of the Property. designation of beneficiary under the Fund, it and in accordance with Applicable Laws. must be filed in accordance with Notice 27. Self-Dealing. The Trustee’s services are provisions below. Acceptance of such 22. Release of Information. The Trustee and not exclusive and, subject to the limitations designation by the Trustee and the Agent will the Agent each are authorized to release any otherwise provided in this Declaration of Trust be subject to the policies and procedures of information about the Fund and the Fund on the powers of the Trustee, the Trustee may, the Trustee and Agent and may be refused if Proceeds, after the Annuitant’s death, to either for any purpose, and is hereby expressly non-compliant. If there is any inconsistency the Annuitant’s Estate Representative or the authorized from time to time in its sole between the provisions of this Declaration of designated beneficiary, or both, as the Trustee discretion to, appoint, employ, invest in, Trust and any additional terms which may deems advisable. contract or deal with any individual, firm, apply as a result of the irrevocable partnership, association, trust or body designation, the additional terms shall govern 23. Payment into Court. If there is a dispute corporate, with which it may be directly or the Fund provided that no such additional about: indirectly interested or affiliated with, whether term shall result in the Fund not being on its own account or on the account of acceptable as a retirement income fund under (a) a payout from the Fund or equalization of another (in a fiduciary capacity or otherwise), the Tax Act. Property or other dispute arising from a and to profit therefrom, without being liable to breakdown of the Annuitant’s marriage or account therefore and without being in breach 20. Death of Annuitant (Where Spouse common law partnership; of this Declaration of Trust. Becomes the Annuitant). On the death of the Annuitant, where there has been an election of (b) the validity or enforceability of any legal 28. Compensation, Taxes and Expenses. the Annuitant’s Spouse as successor annuitant demand or claim against the Property; or The Trustee and Agent will be entitled to such under the Fund, the Agent, upon receipt of Estate reasonable fees as each may establish from (c) the authority of a person or personal Documents, shall continue to make the time to time for services rendered in representative to apply for and accept payments, in accordance with this Declaration of connection with the Fund. All such fees will, receipt of the Fund Proceeds on the death Trust, to the Annuitant’s Spouse after the death unless first paid directly to the Agent, be of the Annuitant; of the Annuitant. The Trustee and Agent shall be charged against and deducted from the Property in such manner as the Agent fully discharged upon making those payments to the Trustee and the Agent are entitled to either determines. the Annuitant’s Spouse, even though any apply to the court for directions or pay the election or designation made by the Annuitant Fund Proceeds into court which payments may be invalid as a testamentary instrument. All Expenses incurred shall be paid from the shall be in Canadian dollars and, in either Fund, including Expenses with respect to the case, fully recover any legal costs they incur in 21. Death of Annuitant (all other cases). If execution of third party demands or claims this regard as Expenses from the Fund. the Annuitant dies and the Annuitant’s Spouse against the Fund and all such payments made does not become the successor annuitant of under this Paragraph shall be in Canadian 24. Account. The Agent shall maintain an dollars, with the conversion to occur on the the Fund, upon the receipt of Estate account for the Annuitant which will record date of payment. Documents by the Agent, which are particulars of all investments, and transactions satisfactory to the Trustee: in the Fund, in the currency in which such, All Taxes, other than those Taxes for which the investments and transactions occurred, and (a) if the Annuitant has a designated Trustee is liable and that cannot be charged shall provide to the Annuitant, at least beneficiary, the Fund Proceeds will be paid against or deducted from the Property in annually, a statement of account. The Agent or transferred to the designated accordance with the Tax Act, will be charged shall also provide to the Annuitant, at least beneficiary, subject to the Applicable Laws. against and deducted from the Property in annually, a statement of the value of the Fund The Trustee and the Agent will be fully such manner as the Agent determines. as at December 31 in each year and the discharged by such payment or transfer, Minimum Amount of the payments to be made even though any beneficiary designation 29. Sale of Property. The Trustee and Agent to the Annuitant during the next calendar year. made by the Annuitant may be invalid as a may sell Property in their respective sole testamentary instrument or under the laws discretion, for the purposes of paying 25. Limitation on Liability. The Trustee shall compensation, Expenses and Taxes, other than of the jurisdiction where the Annuitant is not be liable for any loss suffered by the Fund, domiciled at death; those Taxes for which the Trustee is liable in by the Annuitant or by any beneficiary under accordance with the Tax Act and that cannot the Fund as a result of the purchase, sale or (b) if a trustee has been designated as be charged against or deducted from the retention of any investment including any loss beneficiary for the Fund, the Agent and Property in accordance with the Tax Act. resulting from the Trustee acting on the Trustee will be fully discharged by payment direction of the agent appointed by the to the trustee without any obligation to see 30. Transfers into the Fund. Amounts may be Annuitant to provide investment direction. to the due execution of any trust imposed transferred to the Fund from registered upon such trustee; pension plans, other registered retirement 26. Indemnity. The Annuitant agrees to income funds or registered retirement savings indemnify the Trustee for all compensation, (c) if the Annuitant’s designated beneficiary plans and such other sources as may be Expenses and Taxes, other than those Taxes for has died before the Annuitant, if the permitted from time to time under the Tax Act. which the Trustee is liable and that cannot be Annuitant has not designated a In the case of such transfers, the Fund may be charged against or deducted from the Property beneficiary, or the Annuitant has subject to additional terms and conditions, in accordance with the Tax Act, incurred or designated his or her “estate”, the Trustee including the “locking-in” of any amounts

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transferred from registered pension plans in or duty with respect to the Fund, or the portion order to complete the transfer in accordance thereof so transferred, as the case may be. with Applicable Laws. If there is any inconsistency between the terms and 32. Changes to Declaration of Trust. The conditions of the Fund and any such additional Trustee may change this Declaration of Trust terms and conditions which may apply as a periodically. The Annuitant will be notified on result of transfer to the Fund of any amounts how to obtain an amended copy of the from another source, the additional terms and Declaration of Trust reflecting any such change conditions shall govern the manner in which and will be deemed to have accepted such funds so transferred are dealt with. The changes. No change to this Declaration of Trust Annuitant acknowledges and expressly agrees (including a change calling for the Trustee’s to be bound by any such additional terms and resignation as trustee or the termination of the conditions to which the Fund may be subject trust created by this Declaration of Trust) will be from time to time. retroactive or result in the Fund not being acceptable as a registered retirement income 31. Transfers out of the Fund. Upon delivery to fund under Applicable Laws. the Agent of a direction from the Annuitant in a form satisfactory to the Trustee, the Agent shall 33. Replacement of Trustee. transfer, in the form and manner prescribed by Applicable Laws, to another registered (a) The Trustee may resign by giving such retirement income fund, registered retirement written notice to the Agent as may be savings plan or registered pension plan of the required from time to time under the terms Annuitant, all or such portion of the Property as of an agreement entered into between the is specified in the directions, together with all Agent and the Trustee. The Annuitant will necessary information for the continuance of the be given at least 30 days prior notice of Fund to the trustee designated by the Annuitant such resignation. On the effective date of in such direction except such transfer may be to such resignation, the Trustee will be a registered retirement savings plan or discharged from all further duties, registered retirement income fund of the responsibilities, and liabilities under this Annuitant’s Spouse or Former Spouse, if under a Declaration of Trust, except those incurred decree, order or judgement of a competent before the effective date. tribunal or under a written separation agreement, relating to a division of property The Trustee will transfer all Property, between the Annuitant and the Annuitant’s together with all information required to Spouse or Former Spouse in settlement of rights continue the administration of the arising out of, or on the breakdown of their Property as a registered retirement income marriage or common law partnership. fund under the Applicable Laws, to a successor trustee. For greater certainty, the Agent shall retain sufficient Property in order that the Minimum (b) The Trustee has agreed to resign upon it Amount for the year, as per paragraph 146.3(2) being provided with notice in writing by (e.1) or (e.2) of the Tax Act, may be retained the Agent if the Trustee is satisfied that the and paid to the Annuitant. The Agent may, in successor nominated by the Agent will its sole discretion, deduct applicable properly assume and fulfill the Trustee’s Expenses, including any transfer fee from the duties and liabilities hereunder in respect Property or the portion thereof being of the administration of the Fund. transferred. If only a portion of the property or (c) In either event, the Agent shall forthwith value of the nominate a person to replace the Trustee Fund is transferred, the Annuitant may instruct and the resignation of the Trustee shall not the Agent in the said notice as to which take effect until its replacement has been investments he or she wishes to be sold or so nominated by the Agent and appointed transferred for the purpose of affecting the as successor by the Trustee and approved said transfer. If the Annuitant fails to so by Canada Revenue Agency or its instruct the Agent, the Agent shall sell or successor. Failing the nomination of a transfer such investments as it in its sole replacement by the Agent within 30 days discretion deems appropriate. after receipt by it of a notice of resignation, the Trustee shall be entitled to appoint a Such transfer shall take effect in accordance person as its own replacement. with Applicable Laws after all forms required by law and by the Trustee to be completed in (d) Upon any such appointment and resignation respect of such transfer have been completed of the Trustee, the person so appointed as and forwarded to the Agent. Upon such transfer, replacement trustee shall, without further the Trustee shall be subject to no further liability act or formality, be and become the Trustee

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hereunder. Such replacement trustee shall, 35. Notice. Any notice given by the Annuitant 38. Heirs, Representatives and Assigns. without any conveyance or transfer, be to the Agent shall be sufficiently given if The terms of this Declaration of Trust shall be vested with the same power, rights, duties delivered electronically to the Agent upon the binding upon the heirs, Estate Representatives, and responsibilities as the Trustee and with Annuitant’s receipt of an acknowledgement attorneys, committees, guardians of property, the Property as if the replacement trustee and response to same or personally to the other legal and personal representatives and had been the original Trustee. The Trustee office of the Agent where the Fund is assigns of the Annuitant and upon the shall execute and deliver to the replacement administered, or if mailed, postage prepaid respective successors and assigns of the trustee all such conveyances, transfers and and addressed to the Agent at such office, and Trustee and the Agent and their directors, further assurances as may be necessary or shall be considered to have been given on the officers, employees and agents, as well as their advisable to give effect to the appointment day that the notice is actually delivered or respective estates, Estate Representatives, of the replacement trustee. received by the Agent. heirs, attorneys, committees, guardians of property, other legal and personal (e) Any person appointed as a replacement Any notice, statement, receipt or other representatives and assigns. trustee shall be a corporation resident in communication given by the Trustee or the Canada that is licensed or otherwise Agent to the Annuitant shall be sufficiently 39. Language. The Annuitant has expressly authorized under the laws of Canada or a given if delivered electronically or personally to requested that this Declaration of Trust and all province or territory to carry on in Canada the Annuitant, or if mailed, postage prepaid related documents, including notices, be in the the business of offering to the public its and addressed to the Annuitant at the address English language. Le rentier a expressément services as trustee. shown on the Application or at the Annuitant’s demandé que cette Déclaration de fiducie et last address given to the Trustee or the Agent, tous documents y afférents, y compris tout Any trust company resulting from the merger and any such notice, statement, receipt or avis, soient rédigés en langue anglaise. or amalgamation of the Trustee with one or other communication shall be considered to (Quebec only/ Québec seulement) more trust companies and any trust company have been given at the time of delivery to the that succeeds to substantially all of the trust Annuitant electronically or personally or, if 40. Governing Law. This Declaration of Trust business of the Trustee shall thereupon mailed, on the fifth day after mailing to the and the Fund shall be governed by and become the successor to the Trustee without Annuitant. construed in accordance with the laws of the further act or formality. In all such cases, Province of Ontario and the laws of Canada Canada Revenue Agency or its successor shall 36. Date of Birth. The Annuitant’s statement applicable therein. be notified. of his or her date of birth in the Annuitant’s application and, where applicable, that of his The Annuitant expressly agrees that any action 34. Assignment by Agent. The Agent may or her Spouse, shall be deemed to be a arising out of or relating to this Declaration of assign its rights and obligation hereunder to certification as to the Annuitant’s age and his Trust or the Fund shall be filed only in a court any other corporation resident in Canada or her Spouse’s age and an undertaking to located in Canada and the Annuitant authorized to assume and discharge the provide any further evidence of proof of age as irrevocably consents and submits to the obligations of the Agent under the Fund and may be required by the Trustee. personal jurisdiction of such court for the Applicable Laws. purposes of litigating any such action. 37. Address of Annuitant. The Trustee shall be entitled to rely upon the Agent’s records as RIF Declaration of Trust – CRA approved to the current address of the Annuitant as April 10, 2014 establishing his or her residency and domicile for the operation of the Fund and its devolution on the death of the Annuitant subject to any notice to the contrary respecting the Annuitant’s domicile on death.

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Tax-Free Savings Account – Trust Agreement – Part D

1. Definitions. “Estate Representative” means an executor, an administrator, an administrator with the will annexed, a liquidator, or an estate trustee with This part contains a will or without a will, whether one or more than one is so appointed; important information “Expenses” means all (i) costs, (ii) charges, (iii) about your Tax-Free commissions, (iv) investment management Savings Account. fees, brokerage fees, and other fees,(v) legal expenses and (vi) out-of- pocket expenses incurred from time to time in relation to the Whenever used in this Trust Agreement or the Account; Application, any capitalized terms shall have the meanings given to them below: “Former Spouse” means the individual who is considered by the Applicable Laws to be the “Account” means the tax free savings account Holder’s former Spouse or common-law partner; established for the Holder; “Agent” means RBC Dominion Securities Inc. and its “Holder” means the individual of a “qualifying successors and assigns; arrangement” to be in accordance with “Applicable Laws” means the Tax Act and such subsection 146.2(1) of the Tax Act; other laws of Canada and of the provinces and “Proceeds” means the Property, less any territories applicable hereto; applicable Expenses and Taxes; “Application” means the Holder’s application to the Agent to establish the Account; “Prohibited Investment” means Property (other “Contribution” means a contribution of cash, in than prescribed excluded Property as that term whatever currency held within the is defined in the Tax Act) that is:

Account or any Qualified Investment; (a) a debt of the Holder;

“Distribution” means a payment out of or (b) a share of the capital stock of, an interest under the Account in satisfaction of all or in or a debt of:

part of the Holder’s interest therein in a (i) a corporation, partnership or trust in currency agreed upon between the Trustee and which the Holder has a significant the Holder; failing which agreement, the interest; currency of which shall be Canadian dollars; (ii) a person or partnership that does not “Estate Documents” means proof of the deal at arm’s length with the Holder or Holder’s death and such other documents with a person or partnership described including letters probate of the Holder’s will, in subparagraph (i); letters of administration, certificate of appointment of estate trustee with or without a (c) an interest in, or right to acquire, a share, will, representation grant, or other documents interest or debt described in paragraph (a) of like import issued by any court in Canada as or (b); or may be required by the Trustee in its sole discretion in connection with the transmission of the Property on the Holder’s death;

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(d) prescribed property (as that term is as that term is defined in subsection 146.2(1) (g) preparing all government filings and forms; defined in the Tax Act); of the Tax Act, susceptible of being registered as a tax free savings account. (h) making Distributions pursuant to the “Property” means any property, including the provisions hereof; and income on it, the proceeds from it and any 5. Account. The Agent shall maintain an cash, in whatever currency held within the account for the Holder which will record (i) such other duties and obligations of the Account, held in the Account from time to time; particulars of all Contributions, investments, Trustee as the Trustee in its sole discretion Distributions and transactions under the may from time to time determine. “Qualified Investment” means any investment Account in the currency in which such which is a qualified investment for a TFSA Contributions, investments, Distributions and The Holder acknowledges that, to the extent according to the Tax Act; transactions occurred, and shall mail to the the Trustee delegates any such duties, the Holder, at least annually, a statement of Trustee shall thereby be discharged from “Spouse” means an individual who is account. performing such duties, subject to paragraph 3. considered by the Tax Act to be the Holder’s spouse or common-law partner; 6. Contributions. Only the Holder may make 10. Investment of the Property. The Property Contributions to the Account, in such amounts shall be invested and reinvested on the “Survivor” of the Holder means an individual as are permitted under the Tax Act, in such directions of the Holder (or the Holder’s agent) who is, immediately before the Holder’s death, property as may be permitted in the sole without being limited to investments a Spouse of the Holder; discretion of the Trustee. It shall be the sole authorized by law for trustees. The Trustee, in responsibility of the Holder to ensure that the its sole discretion, may require the Holder to “Tax Act” means the Income Tax Act (Canada); amount of Contributions are within the limits provide such documentation in respect of any permitted under Tax Act. investment or proposed investment as the “Taxes” means any and all applicable taxes Trustee deems necessary in the circumstances. and assessments, including any penalties and 7. Distributions to Reduce Tax. The Trustee reserves the right to decline to interest, as may be required under Applicable Notwithstanding any limit on the frequency of make any particular investment if the Laws; Distributions or any minimum Distribution proposed investment and related requirement identified in the Application or documentation do not comply with the “TFSA” means a tax free savings account, other notice given under the terms of this Trustee’s requirements at that time. Subject to which is a “qualifying arrangement” (as that Trust Agreement, any Distributions may be the appointment of an agent as contemplated term is defined in the Tax Act) the issuer of made at any time to reduce the amount of in paragraph 12, no one other than the Holder which has elected, in the form and manner Taxes otherwise payable by the Holder as a and the Trustee shall have rights under the prescribed by the Tax Act, to register as a TFSA; result of excess Contributions made contrary Account relating to the investment and reinvestment of the Property. and to the Tax Act. 11. Segregated Funds. Segregated funds “Trustee” means The Royal Trust Company in 8. Tax Information. The Trustee shall provide forming part of the Property will be held in its capacity as trustee and issuer of the the Holder with appropriate information slips nominee name. The Holder agrees to arrangement governed by this Trust for income tax purposes and such other designate the Trustee as the beneficiary under Agreement, and its successors and assigns. information as may be required under the Applicable Laws. any segregated fund held in the Account. Upon the death of the Holder, the proceeds of the 2. Acceptance of Trust. The Trustee agrees to act as trustee of the Account, which is to be 9. Delegation by Trustee. The Holder segregated funds paid shall form part of the maintained for the exclusive benefit of the expressly authorizes the Trustee to delegate to Property to be dealt with according to the Holder, and to administer the Property in the Agent the performance of the following terms of this Trust Agreement. accordance with the terms of this Trust duties of the Trustee: 12. Choice of Investments. The Holder shall Agreement. (a) receiving Contributions; be responsible for selecting the investments of the Account, ensuring that an investment is 3. Appointment of Agent. The Trustee has (b) receiving transfers of Property; appointed RBC Dominion Securities Inc. (the and continues to be a Qualified Investment, “Agent”) as its agent to perform certain duties and determining whether any such investment (c) investing and reinvesting the Property as is not and continues not to be a Prohibited relating to the operation of the Account. The directed by the Holder; Trustee acknowledges and confirms that Investment. The Trustee shall exercise the care, diligence and skill of a reasonably prudent ultimate responsibility for the administration of (d) registering and holding the Property in the the Account remains with the Trustee. person to minimize the possibility that the Trustee’s name, the Agent’s name, in the Account holds a non Qualified Investment. The name of their respective nominees or in 4. Registration. Subject to the Holder having Holder shall have the right to appoint the bearer form as determined by the Agent Agent as his or her agent, for the purpose of attained at least 18 years of age, the Trustee from time to time; agrees to elect, in the manner and form giving investment directions as provided in this paragraph and paragraph 10. prescribed by the Tax Act, to register the (e) maintaining records, including information arrangement governed by this Trust Agreement concerning the Survivor and the designation 13. Uninvested Cash. Uninvested cash, in as a TFSA under the social insurance number of beneficiaries, where applicable; of the Holder. For greater certainty, unless the whatever currency held within the Account, will be placed on deposit with the Trustee or an Holder has attained at least 18 years of age at (f) providing to the Holder statements of affiliate of the Trustee and held in the same the time that this arrangement is entered into, account at least annually; it shall not constitute a qualifying arrangement, currency as received from the Agent, provided

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that such currency is a currency that has been 17. Interest Charged. Interest charges, owing agreed from time to time by the Trustee and on any cash deficit in one or more currencies Agent, and repaid in the same currency. The held within the Account, are calculated and interest on such cash balances payable to the payable monthly, in the same currency or Account will be determined by the Agent from currencies that is or are in deficit, based on an time to time in its sole discretion with no annual interest rate (divided by 365, or 366 in obligation to pay a minimum amount or rate. a leap year) and the average daily cash deficit The Trustee will pay interest to the Agent, in or deficits during the calculation period. Any the same currency as the uninvested cash was unpaid interest will be included in the received, as referred to above, for distribution calculation of the daily average cash deficit to the Account and the Agent shall credit the for the applicable currency. The rate of Account with appropriate interest. The Trustee interest payable on a cash deficit will be shall have no liability for such payment of determined by the Agent from time to time in interest once it is paid to the Agent for its sole discretion. The rate of interest and distribution. method of calculation is available upon request to the Agent and will be the rate 14. Right of Offset. The Trustee and the Agent shown on the Annuitant’s statement in shall have no right of offset with respect to the respect of the Account. Property in connection with any obligation or debt owed by the Holder to the Trustee or the 18. Distributions. Subject to any limit on the Agent, other than the Expenses payable by the frequency of Distributions or to any minimum terms of this Trust Agreement. Distribution requirement identified in the Application or other notice given under the 15. Pledging. Where the Holder wishes to use terms of this Trust Agreement, and to the his or her interest or right in the Account as deduction of all Expenses and Taxes, the security for a loan or other indebtedness, he or Holder may, at any time and upon 60 days’ she must first advise the Trustee. Where the notice or such shorter period as the Agent in Holder uses his or her interest or right in the its sole discretion permits, request that the Account as security for a loan or indebtedness, Agent liquidate part or all of the Property and it shall be the sole responsibility of the Holder pay to the Holder an amount, in a currency to ensure: agreed upon between the Trustee and the Holder, failing which agreement, the currency (a) that the terms and conditions of the loan of which shall be Canadian dollars, from the or other indebtedness are terms and Property not exceeding the value held under conditions that persons dealing at arm’s the Account immediately before the time of length with each other would have entered payment. No one other than the Holder and into; and the Trustee shall have rights under the Account relating to the amount and timing of (b) that it can be reasonably be concluded Distributions. that none of the main purposes for that use is to enable a person (other than the 19. Election of Successor Holder. Subject to Holder) or a partnership to benefit from the Applicable Laws, the Holder may elect that the exemption from Taxes of any amount of Holder’s Spouse become the Holder under the the Account. Account after the Holder’s death of the Spouse survives the Holder. The Trustee shall be entitled to rely on the information provided by the Holder, liquidate 20. Designation of Beneficiary. Subject to Property as it deems appropriate with respect Applicable Laws, the Holder (or if permitted by to the pledge, and fully recover any legal costs Applicable Laws, his or her representative) and it incurs in this regard as Expenses, and shall if the Holder has not elected a successor holder be fully discharged with respect to any such or the successor holder has predeceased the liquidation and payment to the creditor of the Holder, the Holder may designate one or more loan or other indebtedness. beneficiaries to receive the Account Proceeds on the Holder’s death and, at any time, change 16. Debit Balances. If the Account has a cash or revoke such a designation. A beneficiary deficit in one or more currencies held within designation may only be made, changed or the Account, the Holder authorizes the Trustee revoked: a) in writing, signed under the Account or the Agent to determine which Property to by the Holder in a format acceptable to the select and to sell such Property to cover such Agent, or b) by the Will, and in either case, cash deficit. The Trustee is prohibited from delivered to the Agent prior to the Proceeds borrowing money or other property for the being paid from the Account. If the designation purposes of the Account. is made by Will, the Agent only will accept such designation to be recorded in the records of the Account as part of the Estate Documents to be

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provided after the death of the Holder and not (b) if a trustee has been designated as 26. Indemnity. The Holder agrees to earlier as required by the Agent for this beneficiary for the Account, the Agent and indemnify the Trustee for all Expenses, Taxes purpose. Such a designation must adequately Trustee will be fully discharged by and compensation other than those Taxes for identify the Account and be delivered to the payment to the trustee without any which the Trustee is liable in accordance with Agent prior to any payment by the Agent. The obligation to see to the due execution of the Tax Act and that cannot be charged against Holder acknowledges that it is his or her sole any trust imposed upon such trustee; or deducted from the Property in accordance responsibility to ensure the designation or with the Tax Act, incurred or owing in revocation is valid under the laws of Canada, its (c) if the Holder’s designated beneficiary has connection with the Account to the extent that provinces or territories and that the Account died before the Holder, or the Holder has such Expenses, Taxes or compensation cannot records of the Agent do not conflict with any not designated a beneficiary, or the Holder be paid out of the Property. designation made by the Holder under the has designated his or her “estate”, the Account. Trustee will pay the Account proceeds to 27. Self-Dealing. The Trustee’s services are the Holder’s estate upon receipt of the not exclusive and, subject to the limitations If under Applicable Laws expressly pertaining instructions from the Estate Representative otherwise provided in this Trust Agreement on to the designation of beneficiaries, the Holder and in accordance with Applicable Laws. the powers of the Trustee, the Trustee may, for wishes to make an irrevocable designation of any purpose, and is hereby expressly beneficiary under the Account, it must be filed 23. Release of Information. The Trustee and authorized from time to time in its sole in accordance with Notice provisions below. the Agent each are authorized to release any discretion to, appoint, employ, invest in, Acceptance of such designation by the Trustee information about the Account and the contract or deal with any individual, firm, and the Agent will be subject to the policies Proceeds, after the Holder’s death, if the partnership, association, trust or body and procedures of the Trustee and Agent and Holder has pledged his or her interest or right corporate, with which it may be directly or may be refused if non-compliant. If there is any in the Account as security for a loan or other indirectly interested or affiliated with, whether inconsistency between the provisions of this indebtedness or where there is to be a transfer on its own account or on the account of Trust Agreement and any additional terms to the Spouse’s TFSA pursuant to paragraph another (in a fiduciary capacity or otherwise), which may apply as a result of the irrevocable 29, to either the Holder’s Estate and to profit therefrom, without being liable to designation, the additional terms shall govern Representative, the creditor or the Spouse, as account therefore and without being in breach the Account provided that no such additional the Trustee deems advisable. of this Trust Agreement. term shall result in the Account not being acceptable as a tax-free savings account under 24. Payment into Court. If there is a dispute 28. Compensation, Expenses and Taxes. the Tax Act. about: The Trustee and Agent will be entitled to such reasonable fees as each may establish from 21. Death of Holder (Where There Is (a) a payout from the Account or equalization time to time for services rendered in a Survivor). Subject to Applicable Laws, upon of Property or other dispute arising from a connection with the Account. All such fees will, the death of the Holder where there is a breakdown of the Holder’s marriage or unless first paid directly to the Agent, be Survivor, and where the Survivor has been common law partnership; charged against and deducted from the designated as successor holder for purposes Property in such manner as the Agent or of the Account, and upon the receipt of Estate (b) the validity or enforceability of any legal Trustee determines. Documents by the Agent which are satisfactory demand or claim against the Property; or to the Trustee, the Survivor shall become the All Expenses incurred shall be paid from the (c) the authority of a person or personal Holder, subject to any pledging under Account, including Expenses with respect to representative to apply for and accept paragraph 15. the execution of third party demands or claims receipt of the Proceeds on death of the against the Account and all such payments 22. Death of Holder (All Other Cases). Upon Holder; made under this Paragraph shall be in the death of the Holder, where there is no Canadian dollars, with the conversion to occur the Trustee and the Agent are entitled to either Survivor or the Survivor has not been on the date of payment. apply to the court for directions or pay the designated as successor holder for purposes Proceeds into court, which payment shall be in of the Account, and upon the receipt of Estate All Taxes, other than those Taxes for which the Canadian dollars, and, in either case, fully Documents by the Agent which are satisfactory Trustee is liable and that cannot be charged recover any legal costs it incurs in this regard to the Trustee, and subject to paragraph 15: against or deducted from the Property in as Expenses from the Account. accordance with the Tax Act, will be charged (a) if the Holder has designated a beneficiary against and deducted from the Property in 25. Limitation of Liability. The Trustee shall in accordance with paragraph 18, the such manner as the Agent determines. not be liable for any loss suffered by the Proceeds will be paid to the designated Account, by the Holder or by any Survivor or beneficiary, subject to the Applicable Laws. 29. Sale of Property. The Trustee and Agent beneficiary designated for purposes of the The Trustee and the Agent will be fully may sell Property in their respective sole Account as a result of the purchase, sale or discharged by such payment, even though discretion for the purposes of paying retention of any investment including any loss any beneficiary designation made by the compensation, Expenses and Taxes, other than resulting from the Trustee acting on the Holder may be invalid as a testamentary those Taxes for which the Trustee is liable in direction of the agent appointed by the Holder instrument or under the laws of the accordance with the Tax Act and that cannot to provide investment direction. jurisdiction where the Annuitant is be charged against or deducted from the domiciled at death; Property in accordance with the Tax Act.

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30. Transfers to the Account. Amounts may from all further duties, responsibilities, and be transferred to the Account from another liabilities under this Trust Agreement, TFSA of the Holder, or of the Spouse or Former except those incurred before the effective Spouse where: date. The Trustee will transfer all Property, together with all information required to (a) the Holder and the Spouse or Former continue the administration of the Property Spouse are living separate and apart and as a tax free savings account under the the transfer is made under a decree, order Applicable Laws, to a successor trustee. or judgment of a competent tribunal or under a written separation agreement, (b) The Trustee has agreed to resign upon it relating to the division of property between being provided with notice in writing by the the Holder and the Spouse or Former Agent if the Trustee is satisfied that the Spouse in settlement of rights, arising out successor trustee nominated by the Agent of, or on the breakdown of, their marriage will properly assume and fulfill the Trustee’s or common-law partnership; or duties and liabilities hereunder in respect of the administration of the Account. (b) the Holder is the Spouse’s survivor and the transfer occurs as a result of an exempt (c) In either event, the Agent shall forthwith contribution (as that term is defined in the nominate a person to replace the Trustee Tax Act). and the resignation of the Trustee shall not take effect until its replacement has been 31. Transfers out of the Account. Upon so nominated by the Agent and appointed delivery to the Agent of a direction from the as successor by the Trustee and approved Holder in a form satisfactory to the Trustee, the by Canada Revenue Agency or its Trustee shall transfer all or a portion of the successor. Failing the nomination of a Property as is specified in the direction: replacement by the Agent within 30 days after receipt by it of a notice of resignation, (a) to another TFSA of the Holder; or the Trustee shall be entitled to appoint a person as its own replacement. (b) to a TFSA of the Spouse or Former Spouse where the Holder and the Spouse or Former (d) Upon any such appointment and Spouse are living separate and apart and resignation of the Trustee, the person so the transfer is made under a decree, order appointed as replacement trustee shall, or judgment of a competent tribunal or without further act or formality, be and under a written separation agreement, become the Trustee hereunder. Such relating to the division of property between replacement trustee shall, without any the Holder and the Spouse or Former conveyance or transfer, be vested with the Spouse in settlement of rights, arising out same power, rights, duties and of, or on the breakdown of, their marriage responsibilities as the Trustee and with the or common-law partnership. assets of the Account as if the replacement trustee had been the original Trustee. The 32. Changes to Trust Agreement. The Trustee shall execute and deliver to the Trustee may change this Trust Agreement replacement trustee all such conveyances, periodically. The Holder will be notified on how transfers and further assurances as may be to obtain an amended copy of the Trust necessary or advisable to give effect to the Agreement reflecting any such change and will appointment of the replacement trustee. be deemed to have accepted such changes. No change to this Trust Agreement (including a (e) Any person appointed as a replacement change calling for the Trustee’s resignation as trustee shall be a corporation resident in trustee or the termination of the trust created Canada that is licensed or otherwise by this Trust Agreement) will be retroactive or authorized under the laws of Canada or a result in the Account not being acceptable as a province to carry on in Canada the TFSA under the Applicable Laws. business of offering to the public its services as trustee. 33. Replacement of Trustee. Any trust company resulting from the merger (a) The Trustee may resign by giving such or amalgamation of the Trustee with one or written notice to the Agent as may be more trust companies and any trust company required from time to time under the terms that succeeds to substantially all of the trust of an agreement entered into between the business of the Trustee shall thereupon Agent and the Trustee. The Holder will be become the successor to the Trustee without given at least 30 days prior notice of such further act or formality. In all such cases, resignation. On the effective date of such Canada Revenue Agency or its successor resignation, the Trustee will be discharged shall be notified.

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34. Assignment by Agent. The Agent may 37. Contribution While Holder is a Minor. 41. Interpretation. Unless the context assign its rights and obligations hereunder to Where the Holder makes a Contribution to the requires otherwise, any terms or provisions any other corporation resident in Canada Account prior to the Holder having attained importing the plural shall include the singular authorized to assume and discharge the the age of majority in accordance with the and vice versa. obligations of the Agent hereunder and under Applicable Laws, the Holder will execute a the Applicable Laws. ratification of the Application and all 42. Governing Law. This Trust Agreement and transactions made by the Holder in respect the Account shall be governed by and 35. Notice. Any notice given by the Holder to of the Account prior to reaching the age of construed in accordance with the laws of the the Agent shall be sufficiently given if delivered majority. Province of Ontario and the laws of Canada electronically to the Agent upon the Holder’s applicable therein. receipt of an acknowledgement and response 38. SIN and Address of Holder. The Trustee to same or personally to the office of the Agent shall be entitled to rely upon the Agent’s The Holder expressly agrees that any action where the Account is administered, or if records as to the social insurance number, and arising out of or relating to this Trust mailed, postage prepaid and addressed to the to the current address of the Holder as Agreement or the Account shall be filed only in Agent at such office, and shall be considered establishing his or her residency and domicile a court located in Canada and the Holder to have been given on the day that the notice for the operation of the Account and its irrevocably consents and submits to the is actually delivered or received by the Agent. devolution on the death of the Holder subject personal jurisdiction of such court for the to any notice to the contrary respecting the purposes of litigating of any such action. Any notice, statement, receipt or other Holder’s domicile on death. communication given by the Trustee or the TFSA Trust Agreement – CRA approved Agent to the Holder shall be sufficiently given if 39. Heirs, Representatives and Assigns. April 10, 2014 delivered electronically or personally to the The terms of this Trust Agreement shall be Holder, or if mailed, postage prepaid and binding upon the heirs, Estate Representatives, addressed to the Holder at the address shown attorneys, committees, guardians of property, on the Application or at the Holder’s last other legal and personal representatives, and address given to the Trustee or the Agent, and assigns of the Holder and upon the respective any such notice, statement, receipt or other successors and assigns of the Trustee and the communication shall be considered to have Agent and their directors, officers, employees, been given at the time of delivery to the Holder and agents, as well as their respective estates, electronically or personally or, if mailed, on the Estate Representatives, heirs, attorneys, fifth day after mailing to the Holder. committees, guardians of property, other legal and personal representatives, and assigns. 36. Date of Birth. The Holder’s statement of his or her date of birth in the Application shall 40. Language. The Holder has expressly be deemed to be a certification as to the requested that this Trust Agreement and all Holder’s age, on which the Trustee and the related documents, including notices, be in the Agent may rely, and an undertaking to provide English language. Le titulaire a expressément any further evidence of proof of age as may be demandé que cette Convention de fiducie et required by the Agent. tous documents y afférents, y compris tout avis, soient rédigés en langue anglaise. (Quebec only/ Québec seulement) RBC DOMINION SECURITIES | 45

Education Savings Plan – Plan Text (Family Plan) – Part E

1. Defined Terms. (f) Beneficiary means an individual, and Beneficiaries means the individuals, designated by the Subscriber in This part contains accordance with section 3, to whom or on whose behalf an Educational Assistance information about your Payment will be paid if the individual Education Savings Plan. qualifies under the Plan. (g) Designated Educational Institution in (a) Accumulated Income Payment means Canada means an educational institution any amount paid out of the Plan, other than in Canada that is a university, college or a payment described in any of sections other educational institution designated by 17(a) and 17(c) to 17(f), to the extent that the Lieutenant Governor in Council of a the amount so paid exceeds the fair market province as a specified educational value of any consideration given to the institution under the Canada Student Plan for the payment of the amount. Loans Act, designated by an appropriate authority under the Canada Student (b) Applicable Grant Legislation means the Financial Assistance Act, or designated by Canada Education Savings Act (Canada), the Minister of Education of the Province of the Taxation Act (Quebec) with respect to Quebec for the purpose of An Act the Quebec Education Savings Incentive, respecting financial assistance for and any regulations under either of these education expenses, R.S.Q., c. A-13.3. Acts, as may be amended from time to time. (h) Designated Provincial Program means a (c) Applicable Tax Legislation means the program administered pursuant to an Income Tax Act (Canada), the regulations agreement entered into under section 12 of thereunder and any applicable provincial the Canada Education Savings Act income tax legislation relating to (Canada), or a program established under education savings plans, all as may be the laws of a province to encourage the amended from time to time. financing of children’s post-secondary education through savings in registered (d) Application means the Subscriber’s education savings plans. application for a RBC Dominion Securities Inc. Education Savings Plan. (i) Educational Assistance Payment means any amount, other than a Refund of (e) Assets of the Plan means all amounts Payments, paid out of the Plan in contributed to the Plan (including transfers accordance with section 13(a) to or for a to the Plan from another RESP), all Beneficiary to assist that Beneficiary to Government Grants received by the Plan further his or her education at a Post- and all earnings and gains derived from Secondary School Level. investments, net of any losses and fees, charges and disbursements payable (j) Estate Representative means an pursuant to section 16 and any other executor, an administrator, an payments from the Plan, and includes all administrator with the will annexed, a investments and uninvested cash held liquidator or an estate trustee with a will or from time to time by the Trustee in without a will, whether one or more than accordance with the Plan. one is appointed.

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(k) Final Contribution Date means the last (iii) an educational institution outside (w) RESP Lifetime Limit means the “RESP day of the 31st year following the Plan Canada that provides courses at a lifetime limit” as defined in the Applicable Commencement Year. Post- Secondary School Level and that Tax Legislation. is a university, college or other (l) Final Termination Date means the last educational institution which: (x) RRSP means a registered retirement day of the 35th year following the Plan savings plan as defined in the Applicable Commencement Year. A. a Beneficiary was enrolled in a Tax Legislation. course of not less than 13 (m) Government Grants mean: consecutive weeks; or (y) Specified Educational Program means a program at a Post-Secondary School Level (i) the Canada Education Savings grant B. a university at which a beneficiary of not less than three consecutive week’s paid or payable under section 5 of the was enrolled on a full-time basis in duration that requires each student taking Canada Education Savings Act a course of not less than three the program to spend not less than 12 (Canada) consecutive weeks. hours per month on courses in the program. (ii) the Canada Learning Bond paid or (q) Post-Secondary School Level includes a payable under section 6 of the Canada program of courses at an educational (z) Subscriber, at any time, means: Education Savings Act (Canada), institution in Canada that is certified by the Minister of Employment and Social (i) each individual (other than a trust) (iii) the Quebec Education Savings Incentive Development to be an educational identified as a Subscriber in the paid or payable under the Taxation Act institution providing courses, other than Application, (ii)an individual who has (Quebec) in respect of contributions courses designed for university credit, of a before that time acquired a made after February 20, 2007 technical or vocational nature designed to Subscriber’s rights under the Plan furnish a person with skills for, or improve pursuant to a decree, order or (iv) any grant payable under any other a person’s skills in, an occupation. judgment of a competent tribunal, or provincial education savings plan under a written agreement, relating to legislation which may be enacted and (r) Promoter means RBC Dominion a division of property between the come into force from time to time, and Securities Inc. or any successor Promoter individual and a Subscriber under the any regulations thereunder, as may be under section 19. Plan in settlement of rights arising out amended from time to time. of, or on the breakdown of, their (s) Public Primary Caregiver of a beneficiary marriage or common-law partnership, (n) Plan means the education savings plan under an education savings plan in respect or established by the Application and this of whom a special allowance is payable Plan Text. under the Children’s Special Allowances (iii) after the death of an individual Act, means the department, agency or described in any of (i) and (ii) above, (o) Plan Commencement Year means: institution that maintains the beneficiary or any other person (including the estate the public trustee or public curator of the of the deceased individual) who (i) the year in which the Plan was province in which the beneficiary resides. acquires the individual’s right as a originally entered into, or subscriber under the Plan or who (t) Qualifying Educational Program means a (ii) where an amount has been transferred makes contributions into the Plan in program at a Post-Secondary School Level of to the Plan from another RESP, the respect of a Beneficiary, not less than 3 consecutive week’s duration earlier of the year in which the Plan that requires that each student taking the but does not include an individual whose rights was originally entered into and the program spend not less than 10 hours per as a Subscriber under the Plan had, before that year in which the other RESP was week on courses or work in the program. time, been acquired by an individual in the established. circumstances described in (ii) above. (u) Refund of Payments means (p) Post-Secondary Educational Institution Where 2 individuals are identified as means (i) a refund of a contribution, if the Subscribers in the Application, each individual contribution was made otherwise than (i) a Designated Educational Institution in must be a spouse or common-law partner of by way of a transfer from another Canada, the other. When the context requires or RESP, or permits, the singular “Subscriber” shall be read (ii) an educational institution in Canada as if the plural “Subscribers” was used. (ii)a refund of an amount that was paid that is certified by the Minister of into the Plan by way of a transfer from Employment and Social Development (aa)Trustee means The Royal Trust Company another RESP, where the amount to be an educational institution or any replacement Trustee appointed would have been a refund of payments providing courses, other than courses pursuant to section 19. under the other RESP if it had been designed for university credit, that paid directly to a subscriber under the 2. Agreement. The application of the furnish a person with skills for, or other RESP. Subscriber for a RBC Dominion Securities improve a person’s skills in, an Inc. Education Savings Plan and this Plan Text occupation, or (v) RESP means a “registered education constitute an agreement between the savings plan” as defined in the Applicable Promoter, the Trustee and the Subscriber for Tax Legislation. an education savings plan.

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3. Beneficiary. The Subscriber can designate 5. Contributions. Contributions into the Plan one or more individuals as Beneficiaries of the do not include amounts paid into the Plan Plan provided that each such individual is under or because of the Applicable Grant connected to each living Subscriber, or was Legislation or, pursuant to the Income Tax Act, connected to a deceased original Subscriber, amounts paid into the Plan under or because by blood relationship or adoption (as defined of a Designated Provincial Program, or any in the Applicable Tax Legislation) and provided other program that has a similar purpose to a that a designation in respect of a particular Designated Provincial Program and that is individual can only be made if: funded, directly or indirectly, by a province (other than an amount paid into the plan by a (a) the individual is under 21 years of age at Public Primary Caregiver in its capacity as the time of designation, or Subscriber under the plan).

(b) the individual was, immediately before the No contribution may be made to the Plan other time of designation, a beneficiary under than a contribution made by or on behalf of another RESP that allows more than one the Subscriber in respect of a Beneficiary or a beneficiary at any one time. contribution made by way of transfer from another RESP, provided that: In addition, a designation made after 2003 of a particular individual can only be made if: (a) the Beneficiary is resident in Canada when the contribution is made and, unless the (c) the individual’s social insurance number is Plan was entered into before 1999, the provided to the Promoter before the Beneficiary’s social insurance number is designation and the individual is resident provided to the Promoter before the in Canada at the time of the designation, contribution is made, or (b) the contribution is made by way of transfer (d) the designation is made in conjunction from another RESP under which the with a transfer of property into the Plan Beneficiary was a beneficiary immediately from another RESP under which the before the transfer, or individual was a beneficiary immediately before the transfer and, except where the (c) The contribution is made by way of transfer individual is not a resident of Canada and from another RESP, and the parent (as that was not assigned a social insurance term is defined at paragraph 252(2) (a) of the number before the designation is made, Income Tax Act (Canada)) of the Beneficiary the individual’s social insurance number is was the parent of an individual who was a provided to the Promoter before the beneficiary under the other RESP, and the designation. Beneficiary is resident in Canada when the contribution by way of transfer is made and, At any time, subject to the conditions above, unless the Plan was entered into before the Subscriber may designate another 1999, the Beneficiary’s social insurance individual to replace a Beneficiary by number is provided to the Promoter before delivering to the Promoter notice of such the contribution by way of transfer is made. designation in a form satisfactory to, and containing the information required by, the Notwithstanding the foregoing: Promoter. If more than one such replacement designation has been delivered to the (d) a contribution in respect of a Beneficiary, Promoter, the one bearing the latest date will other than a contribution made by way of govern. transfer from another family plan, can only be made if the Beneficiary is under 31 4. Notice of Beneficiary Designation. Within years of age at the time of the contribution, 90 days after a Beneficiary has been designated by the Subscriber, the Promoter (e) no contribution shall be less than the shall notify the Beneficiary (or, where the minimum contribution amount, if any, Beneficiary is under 19 years of age at the time established by the Promoter from time of designation and either ordinarily resides to time, with a parent or legal guardian of the Beneficiary or is maintained by a public (f) no contribution may be made to the Plan primary caregiver (as defined in the Applicable by or on behalf of the Subscriber after the Tax Legislation) of the Beneficiary, that parent, Final Contribution Date, and legal guardian or public primary caregiver) of the existence of the Plan and the name and (g) a contribution by way of transfer from address of the Subscriber. another RESP will not be permitted if the other RESP has made an accumulated income payment.

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The Subscriber is solely responsible for fund shall be paid to the Plan and form part of Plan, except in accordance with a direction ensuring that the total amount of contributions the Assets of the Plan to be dealt with from the Subscriber. made in respect of each Beneficiary under the according to the terms of this Plan Text. Plan and any other RESPs does not exceed the 12. Refund of Payments. At any time, the RESP Lifetime Limit. It is the sole responsibility of the Subscriber to Subscriber may, in a form satisfactory to the select investments of the Plan and to Promoter, request a Refund of Payments, such 6. Government Grants. Where a Beneficiary determine whether any investment should be amount not to exceed the value of the Assets is eligible for Government Grants under the purchased, sold or retained by the Plan. In the of the Plan less the total amount of all Applicable Grant Legislation, at the request of absence of any instructions from the Government Grants held in the Plan. the Subscriber and upon completion and Subscriber, the Promoter may, in its sole delivery of all forms required under the discretion, cause the realization of sufficient Within 30 days of receipt of the request by the Applicable Grant Legislation and by the investments to permit the payment of any Promoter (or such shorter period as the Promoter Promoter, the Promoter will apply for amounts required to be paid under the Plan. may determine in its sole discretion), the Refund Government Grants in respect of the of Payments will be paid to the Subscriber or to a Beneficiary. The Promoter and the Trustee are The investment of the assets of the Plan shall Beneficiary if so directed by the Subscriber in a not responsible for determining whether the not be limited in any way to investments form satisfactory to the Promoter. Beneficiary is eligible for Government Grants. authorized for trustees under, or to the criteria in planning or the requirements for diversifying Where there is more than one Subscriber at The Promoter will cause the Trustee to pay out the investment of the assets of the Plan as may the time a Refund of Payments is requested, of the Assets of the Plan any refund of be prescribed for trustees by, any applicable the Refund of Payments is deemed to be owed Government Grants required under the federal, provincial or territorial legislation. to both Subscribers jointly and may be paid to Applicable Grant Legislation and Applicable either both Subscribers or to either one of Tax Legislation. It is the sole responsibility of the Subscriber to them, as directed by the Subscribers. Absent ensure that investments of the Plan are and such direction, the Refund of Payments will be 7. Investing. The Assets of the Plan will be remain “qualified investments” for RESPs paid to both Subscribers jointly. Any Refund of invested in accordance with the Subscriber’s within the meaning of the Applicable Tax Payments made to one or both Subscribers, as instructions, in a form satisfactory to the Legislation. the case may be, shall constitute a valid Promoter, provided that any proposed discharge to the Promoter and Trustee for the investment complies with the Promoter’s 8. Right of Offset. The Trustee and the Agent Refund of Payments paid. investment requirements, if any, shall have no right of offset with respect to the communicated to the Subscriber from time to Property in connection with any obligation or 13. Educational Assistance and Other time. The Promoter may, in its sole discretion, debt owed by the Subscriber to the Trustee or Payments. Upon receipt of instructions from retain a portion of the Assets of the Plan in the Agent, other than the Expenses payable by the Subscriber in a form satisfactory to the cash for the administration of the Plan. If the the terms of this Plan Text. Promoter, the Promoter shall cause the Trustee Plan has a cash deficit, as determined by the to pay out of the Assets of the Plan, including Promoter in its sole discretion, the Promoter 9. Cash Deficits. If the Plan has a cash deficit, any Government Grants held in the Plan may cause the realization of investments in the the Subscriber authorizes the Trustee or the subject to the provisions of the Applicable Plan, at the Promoter’s choosing, to cover such Agent, to determine which Property to select Grant Legislation, such amount or amounts as cash deficit including for the purposes of and to sell such Property to cover the cash the Subscriber directs: paying expenses, taxes, fees and other deficit within the Plan. amounts including for greater certainty, fees (a) to or for a Beneficiary as an Educational and other amounts payable under section 16. 10. Interest Charged. Interest charges owing Assistance Payment on any cash deficit in the Plan are calculated Any uninvested cash will be placed on deposit and payable monthly, based on an annual (i) provided either that the Beneficiary with the Trustee or an affiliate of the Trustee. interest rate (divided by 365) and the average The interest payable to the Plan in respect of daily cash deficit during the calculation period. A. is enrolled at a Post-Secondary such cash balances will be determined by the Any unpaid interest will be included in the Educational Institution as a Promoter from time to time in its sole calculation of the daily cash deficit. The rate of student in a Qualifying Educational discretion with no obligation to pay a minimum interest payable on the cash deficit will be Program, or amount or rate. The Trustee will pay interest to determined by the Agent from time to time in B. has attained the age of 16 years the Promoter for inclusion in the Plan and the its sole discretion. The rate of interest and and is enrolled as a student in a Promoter shall credit the Assets of the Plan method of calculation is available upon Specified Education Program; and with appropriate interest. The Trustee shall request to the Agent and will be the rate have no responsibility to ensure the interest is shown on the Subscriber’s statement in respect of the Plan. (ii) further provided either that the included in the Assets of the Plan by the Beneficiary Promoter and will not be liable if such inclusion is not made. 11. Corporate Actions. The Promoter and the Trustee will not have any duty or responsibility A. has satisfied the condition set out in section 13(a)(i)A., and Any segregated fund investments will be held to vote, subscribe, convert or tender the Assets of the Plan in respect of any merger, in nominee name. The Promoter and a) has done so throughout at least 13 consolidation, reorganization, receivership, Subscriber shall designate the Trustee as the consecutive weeks in the 12-month period bankruptcy, insolvency proceedings, take-over beneficiary under any segregated fund held that ends at that time, or under the Plan. Upon the death of the bids, issuer bids, rights offerings or similar Subscriber, the proceeds of the segregated events with respect to the investments of the

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b) the total of the Educational Assistance (ii) the payment is not made jointly to, or Payment and all other education assistance on behalf of, more than one payments made under this Plan and any Subscriber, and other RESP of the Promoter to or for the Beneficiary in the 12-month period that (iii) any of ends at that time does not exceed $5,000 or any greater amount that the Minister A. the payment is made after the 9th designated for the purposes of the Canada year that follows the year of the Plan Education Savings Act (Canada) approves Commencement Year and each with respect to the Beneficiary, or individual (other than a deceased individual) who is or was a B. satisfies the condition set out in section Beneficiary has attained 21 years of 13(a)(i) B. and the total of the payment age before the payment is made and and all other educational assistance is not, when the payment is made, payments made under a RESP of the eligible under the Plan to receive an Promoter to or for the Beneficiary in the Educational Assistance Payment, 13-week period that ends at that time does not exceed $2,500 or any greater B. the payment is made in the 35th amount that the Minister designated for year following the Plan the purpose of the Canada Education Commencement Year, or Savings Act (Canada) approves with respect to the Beneficiary. C. each individual who was a Beneficiary is deceased when the Notwithstanding the above, an Educational payment is made. At the Assistance Payment may be paid at any time in Subscriber’s request and on the six-month period immediately following receipt of the requisite supporting the time at which the Beneficiary ceases to be documentation, enrolled as a student in the Qualifying Educational Program or the Specified where a Beneficiary suffers from a severe and Educational Program if the Educational prolonged mental impairment that Assistance Payment would have complied with prevents, or can reasonably be expected to the above requirements had it been made prevent, the Beneficiary from enrolling in a immediately before that time. Qualifying Educational Program at a Post- The Trustee will cause all or a portion of each Secondary Educational Institution, the Educational Assistance Payment to be paid Promoter will apply to the Minister of National from any Government Grants held in the Plan Revenue for permission to waive the condition as permitted by and pursuant to the terms of in section 13(d)(iii)(A) for making Accumulated the Applicable Grant Legislation. Income Payments.

The Promoter will determine whether the Where there is more than one Subscriber at conditions for paying an Educational the time an Accumulated Income Payment is Assistance Payment have been satisfied and requested, the payment shall be made to the such determination shall be final and binding Subscriber who requested it. Any such on the Subscriber and Beneficiary. If the payment made to either one of the Subscriber directs the Educational Assistance Subscribers, as requested, shall constitute a Payment to be made to the Subscriber, it shall valid discharge to the Promoter and Trustee for be deemed to be made for the Beneficiary the payment made. under Paragraph 13(a) above; 14. Termination. The Plan will be terminated (b) to, or to a trust in favour of, a Designated on the earliest of the following dates: Educational Institution in Canada; (a) the date indicated by the Subscriber in the (c) to another RESP so long as no Application or such other date designated Accumulated Income Payment has been by the Subscriber in a form satisfactory to paid under section 13(d); or the Promoter. (If more than one such instrument has been delivered to the (d) as an Accumulated Income Payment Promoter, the one bearing the latest date provided that: will govern.),

(i) the payment is made to, or on behalf (b) the last day of February in the year of, a Subscriber who is resident in following the year in which the first Canada for tax purposes when the Accumulated Income Payment is made payment is made, from the Plan,

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(c) the date the registration of the Plan as a realization of investments held in the Plan, at 19. Replacing the Trustee. The Trustee may RESP is revoked by the Minister of National the Promoter’s choosing, for the purpose of resign as trustee of the Plan by providing Revenue, and paying such fees and other amounts. written notice of such resignation within the notice period agreed upon by the Promoter (d) the Final Termination Date. The Subscriber authorizes both the Promoter and the Trustee in writing. The Trustee will and the Trustee, together or separately, to resign upon receiving 90 days’ written notice Where any Assets of the Plan remain on or appoint and employ agents to who both may from the Promoter so long as it is satisfied that immediately before the termination of the Plan, delegate, respectively any of the Promoter’s the proposed replacement Trustee will the Promoter shall cause the Trustee to pay and the Trustee’s powers, duties and properly assume and fulfill the Trustee’s duties from the Assets of the Plan: responsibilities under the Plan. and liabilities hereunder.

(e) any fees or charges that remain unpaid, 17. Appointment and Responsibilities of Upon receiving notice of resignation from the Trustee. The Trustee agrees to act as trustee Trustee, or upon providing notice to the (f) a Refund of Payments to the Subscriber in of the Assets of the Plan and shall, subject to Trustee to resign, the Promoter shall forthwith the amount that would be permitted under the payment of fees and charges pursuant to select a replacement Trustee. If the Promoter section 12, section 16, irrevocably hold, invest and fails to nominate a replacement Trustee within reinvest the Assets of the Plan for the following 30 days after receipt of the notice of (g) a repayment of any Government Grants as purposes: resignation or providing the notice to the required under the Applicable Grant Trustee to resign, the Trustee shall be entitled Legislation, and (a) the payment of Educational Assistance to appoint a replacement Trustee. The Payments, (h) any amount remaining in the Plan after the resignation of the Trustee will not be effective payments described in (e), (f) and until the replacement Trustee has been (b) the payment of Accumulated Income appointed and until notice of the replacement Payments, (g) above, to the Designated Educational has been provided by the Promoter to the Minister of Employment and Social Institution in Canada designated by the (c) the Refund of Payments, Subscriber or, where such designation has Development and any other governmental not been made, chosen by the Promoter. (d) the repayment of amounts (and the authority which may require such notice. payment of amounts related to that Upon the appointment of a replacement 15. Designated Educational Institution in repayment) under the Canada Education Trustee, the replacement Trustee shall, without Canada. The Subscriber shall designate a Savings Act (Canada) or under a further act or formality, be and become the Designated Educational Institution in Canada Designated Provincial Program, in the Application or otherwise in a form Trustee hereunder and, without any satisfactory to the Promoter. At any time, the (e) the payment to, or to a trust in favour of, conveyance or transfer, be vested with the Subscriber may change the Designated Designated Educational Institutions in same power, rights, duties and responsibilities Educational Institution in Canada by delivering Canada, or as the Trustee and with the Assets of the Plan to the Promoter notice of such change in a form as if the replacement Trustee had been the satisfactory to, and containing the information (f) the payment to a trust that irrevocably original Trustee. The Trustee shall execute and required by, the Promoter. If more than one holds property pursuant to a registered deliver to the replacement Trustee all such such notice has been delivered to the Promoter, education savings plan for any of the conveyances, transfers and further assurances the one bearing the latest date will govern. purposes set out in (a) to (e) above. as may be necessary or advisable to give effect to the appointment of the replacement Trustee. 16. Fees and Charges. Subject to any The Trustee shall file all information returns limitations in the Applicable Grant Legislation, and other documents in respect of the Plan Any replacement Trustee must be a corporation the Promoter and the Trustee shall be entitled as required under the Applicable Tax resident in Canada that is licensed or otherwise to such reasonable fees and charges as may be Legislation and the Applicable Grant authorized under the laws of Canada or a established from time to time for their services Legislation. province to carry on in Canada the business of under the Plan and to reimbursement for all offering to the public its services as a trustee. costs and disbursements (including all taxes) 18. Self-Dealing. The Trustee’s services are reasonably incurred in the performance of their not exclusive and, subject to the limitations Any trust company resulting from the merger or duties hereunder including brokerage fees, otherwise provided in these terms and amalgamation of the Trustee with one or more commissions and other expenses incurred in conditions on the powers of the Trustee, the trust companies and any trust company that the making of any investment. The Promoter Trustee may, for any purpose, and is hereby succeeds to substantially all of the trust and the Trustee are entitled to change the expressly authorized from time to time in its business of the Trustee will become the amount of such fees or charges in the future, sole discretion to, appoint, employ, invest in, replacement Trustee without further act or upon reasonable notice to the Subscriber. contract or deal with any individual, firm, formality, subject to prior notice being provided Unless paid directly to the Promoter and partnership, association, trust or body to the Minister of Employment and Social Trustee, all amounts payable pursuant to this corporate, with which it may be directly or Development and any other governmental section (together with any applicable taxes) indirectly interested or affiliated with, whether authority which may require such prior notice. shall be charged against, and deducted from, on its own account or on the account of The Promoter shall give notice of the the Assets of the Plan (excluding any another (in a fiduciary capacity or otherwise), replacement of the Trustee to the Subscriber, Government Grants) in such manner as the and to profit therefrom, without being liable to the Minister of National Revenue, and any Promoter and the Trustee determine and the account therefor and without being in breach other governmental authority which may Promoter may, in its sole discretion, cause the of these terms and conditions. require such notice.

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20. Responsibilities of the Promoter. The 22. Replacing the Promoter. Provided the Promoter has ultimate responsibility for the written consent of the Trustee has been Plan, including the administration of the Plan obtained, such consent not to be unreasonably in accordance with these terms and conditions. withheld, at any time, the Promoter may assign The Promoter will apply for the registration of its rights and obligations under the Plan to any the Plan as a RESP in accordance with the other corporation resident in Canada that is Applicable Tax Legislation. authorized to assume and discharge the obligations of the Promoter under the Plan so The Subscriber acknowledges that any long as prior notice has been provided by the information provided by the Subscriber to the Promoter to the Minister of Employment and Promoter may be shared with the Trustee, the Social Development any other governmental government of Canada and the applicable authority which may require such prior notice. province or territory as required for the Any such assignee shall execute any administration of the Plan in accordance with agreements and other documents that are these terms and conditions, Applicable Grant necessary for the purpose of assuming such Legislation, Applicable Tax Legislation and rights and obligations. otherwise in accordance with applicable laws. The successor Promoter shall give notice of the The Promoter shall file all information returns replacement of the Promoter to the Subscriber, and other documents in respect of the Plan as the Minister of National Revenue, and any required under the Applicable Tax Legislation other governmental authority which may and the Applicable Grant Legislation. require such notice.

21. Statements and Records. The Promoter 23. Limitation of Liability of Trustee and will maintain an account for the Plan in which Promoter. The Promoter and the Trustee shall will be recorded: not be liable for any loss or damage suffered or incurred by the Plan, a Subscriber or a (a) contributions to the Plan by or on behalf of Beneficiary as a result of the purchase, sale or the Subscriber, retention of any investment including any loss resulting from the Promoter or the Trustee (b) investments, investment transactions and acting on the direction of an agent appointed investment income, gains and losses, by a Subscriber to provide investment direction.

(c) amounts and recipients of Educational The Promoter and the Trustee shall not be Assistance Payments, liable in their personal capacity for any tax, interest or penalty which may be imposed on (d) amounts transferred to another RESP, the Trustee in respect of the Plan under (e) Government Grants repayments, Applicable Tax Laws, as a result of payments out of the Plan or the purchase, sale or (f) amounts paid to Designated Educational retention of any investment (including any Institutions in Canada, investment that is not a “qualified investment” within the meaning of the Applicable Tax (g) the Refund of Payments available to be Legislation). made to the Subscriber and the Refunds of Payments already made, The Subscriber will at all times indemnify the Promoter and the Trustee and save the (h) the amount of fees and other charges Promoter and the Trustee harmless in respect payable by the Plan, of any Government Grant repayments required to be made or taxes which may be imposed on (i) Accumulated Income Payments, and the Promoter or the Trustee as a result of the acquisition, retention or transfer of any (j) the balance of any Government Grants investments or as a result of payments or held in the Plan and any other information distributions out of the Plan made in required under an agreement between the accordance with these terms and conditions or Promoter and the Minister of Employment as a result of the Promoter or the Trustee and Social Development and any other acting or declining to act upon any instructions governmental authority respecting given to the Promoter or the Trustee, whether Government Grants. by the Subscriber or any agent appointed by the Subscriber to provide investment direction. An annual (or more frequent at the sole discretion of the Promoter) statement will be 24. Amendments to the Plan. The Trustee or sent to the Subscriber showing the Promoter may change the terms of this Plan transactions affecting the Plan for the Text periodically. The Subscriber will be preceding year. provided with notice of any such changes. No

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change to these terms and conditions shall 28. Date of Birth and Residency. The this regard as a cost or disbursement in have the effect of disqualifying the Plan as a Subscriber’s statement of a Beneficiary’s date of respect of the Plan. The Promoter and the RESP or disqualifying a Beneficiary as a birth on the Application or a designation shall be Trustee will not be liable for any penalty, or any recipient of Government Grants under the deemed to be a certification of the Beneficiary’s loss or damage resulting from the repayment Applicable Grant Legislation and any change age and an undertaking by the Subscriber to of Government Grants as required under the may be retroactive. provide any further evidence of proof of age as Applicable Grant Legislation, that may occur as may be required by the Promoter. a result of any such payment of Assets of the 25. Notice. Any notice given by the Subscriber Plan into court. to the Promoter or Trustee shall be sufficiently The Trustee and Promoter shall be entitled to given if delivered to the office of the Promoter rely upon the Promoter’s records as to the 31. Heirs, Representatives and Assigns. where the Plan is administered or, if mailed, current address of the Beneficiary and the These terms and conditions shall be binding postage prepaid, addressed to the Promoter at Subscriber as establishing his or her respective upon the heirs, Estate Representatives, such office and shall be deemed to have been residency and domicile for the operation of the attorneys, committees, guardians of property, given on the date such notice is delivered or Plan and any payments from it, subject to the other legal and personal representatives and received by the Promoter. receipt of any notice to the contrary respecting assigns of the Subscriber and upon the a change in residency or domicile prior to such respective successors and assigns of the Any notice, statement, receipt or other payment being made. Trustee and the Promoter and their directors, communication to be given by the Promoter to officers, employees and agents, as well as their the Subscriber shall be sufficiently given if 29. Subscriber Death. The Promoter and the respective estates, Estate Representatives, delivered electronically or personally to the Trustee are each authorized as each determines heirs, attorneys, committees, guardians of Subscriber or, if mailed, postage prepaid, advisable in its sole discretion to release any property, other legal and personal addressed to the Subscriber at the address set information about the Plan after the Subscriber’s representatives and assigns. out in the Application unless the Subscriber or, death to either the Subscriber’s Estate where applicable, the Subscriber’s Estate Representative or a Beneficiary, or both. If the 32. Language. The parties hereto have Representative or personal representative has Beneficiary is a minor at the time of his or her requested that all documents relating to the notified the Promoter of a new address. Any such death, such information may be released to his Plan be in English. Les parties ont demandé notice, statement or receipt shall be deemed to or her custodial parent, legal guardian or Public que tout document se rapportant au régime have been given at the time of delivery Primary Caregiver. soit en anglais. electronically or personally to the Subscriber or, if mailed, on the fifth day after mailing. Where a Subscriber dies at a time when there 33. Governing Law. The Plan shall be are two Subscribers: governed by and construed in accordance with 26. Subscriber Instructions. All directions, the laws of the Province of Ontario and the instructions, designations and other (a) if the Plan was opened outside of the laws of Canada applicable therein. information to be provided under the Plan by Province of Quebec, the survivor shall the Subscriber must be in a form acceptable to assume all rights, privileges and The Subscriber expressly agrees that any the Promoter and the Trustee. obligations of the deceased Subscriber action arising out of or relating to the Plan and the heirs, successors, assigns and shall be filed only in a court located in Canada 27. Privacy. The Subscriber agrees that any legal representatives of the deceased and the Subscriber irrevocably consents and information provided by the Subscriber to the Subscriber shall have no rights under the submits to the jurisdiction of such court for the Promoter may be used by and shared between Plan; or purposes of litigating any such action. the Trustee, the Government of Canada and the applicable province or territory as required (b) if the Plan was opened in the Province of Educations Savings Plan Text – CRA for the administration of the Plan in Quebec, the Civil Code of Quebec and approved August 14, 2014 accordance with these terms and conditions, other applicable laws will apply. Applicable Grant Legislation, Applicable Tax Legislation and otherwise in accordance with 30. Payment Into Court. If there is a dispute applicable laws. A Beneficiary of the age of about who is legally authorized to direct and majority may request of the Promoter and be receive payments from the Plan after the death entitled to receive information about any of the Subscriber, the Promoter and the Education Assistance Payments made to or for Trustee are entitled to either apply to the court him or her, without the Promoter requiring the for directions or to pay all or a portion of the consent of the Subscriber. Assets of the Plan into court and, in either case, fully recover any legal costs incurred in

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Disclosure Documents

Part A – Leverage Risk Disclosure substantial additional funds on short notice to maintain your position. If you fail to comply with Use of Leverage: Using borrowed money to a request for additional funds within the time finance the purchase of securities involves a prescribed, your position may be liquidated greater risk than using cash resources only. If at a loss and you will be liable for any you borrow money to purchase securities, your resulting deficit. responsibility to repay the loan and pay interest as required by its terms remains the 2. Risk-Reducing Orders or Strategies. The same even if the value of the securities placing of certain orders (e.g. “stop-loss” purchased declines. order, where permitted under local law, or “stop-limit” orders) which are intended to Part B – Risk disclosure statement limit losses to certain amounts may not be for futures contracts, options or effective because market conditions may other derivatives make it impossible to execute such orders. Strategies using combinations of positions, For futures and options such as “spread” and “straddle” positions may be as risky as taking simple “long” or This brief statement does not disclose all of “short” positions. the risks and other significant aspects of trading in futures contracts, options or other Options derivatives. In light of the risks, you should undertake such transactions only if you 3. Variable Degree of Risk. Transactions in understand the nature of the contracts (and options carry a high degree of risk. Purchasers contractual relationships) into which you are and sellers of options should familiarize entering and the extent of your exposure to themselves with the type of option (i.e. put or risk. Trading in derivatives is not suitable for call) which they contemplate trading and the many members of the public. You should associated risks. You should calculate the carefully consider whether trading is extent to which the value of the options must appropriate for you in light of your experience, increase for your position to become objectives, financial resources and other profitable, taking into account the premium relevant circumstances. and all transaction costs.

Futures contracts The purchaser of options may offset or exercise the options or allow the options to 1. Effect of “Leverage” or “Gearing”. expire. The exercise of an option results either Transactions in futures contracts carry a high in a cash settlement or in the purchaser degree of risk. The amount of initial margin is acquiring or delivering the underlying interest. small relative to the value of the futures contract If the option is on a futures contract, the so that transactions are “leveraged” or “geared”. purchaser will acquire a futures position with A relatively small market movement will have a associated liabilities for margin (see the proportionately larger impact on the funds you section on Futures Contracts above). If the have deposited or will have to deposit: this may purchased options expire worthless, you will work against you as well as for you. You may suffer a total loss of your investment which will sustain a total loss of initial margin funds and consist of the option premium plus transaction any additional funds deposited with the firm to costs. If you are contemplating purchasing maintain your position. If the market moves deep- out-of-the-money options, you should against your position or margin levels are be aware that the chance of such options increased, you may be called upon to pay becoming profitable ordinarily is remote.

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Selling (“writing” or “granting”) an option subject to price limits while the option is not. 11. Electronic Trading. Trading on an generally entails considerably greater risk than The absence of an underlying reference price electronic trading system may differ not only purchasing options. Although the premium may make it difficult to judge “fair” value. from trading in an open-outcry market but also received by the seller is fixed, the seller may from trading on other electronic trading sustain a loss well in excess of that amount. 6. Deposited Cash and Property. You should systems. If you undertake transactions on an The seller will be liable for additional margin to familiarize yourself with the protections electronic trading system, you will be exposed maintain the position if the market moves accorded money or other property you deposit to risks associated with the system including unfavourably. The seller will also be exposed to for domestic and foreign transactions, the failure of hardware and software. The result the risk of the purchaser exercising the option particularly in the event of a firm insolvency or of any system failure may be that your order is and the seller will be obligated to either settle bankruptcy. The extent to which you may either not executed according to your the option in cash or to acquire or deliver the recover your money or property may be instructions or is not executed at all. Your ability underlying interest. If the option is on a futures governed by specific legislation or local rules. to recover certain losses which are particularly contract, the seller will acquire a position in a In some jurisdictions, property which had been attributable to trading on a market using an future with associated liabilities for margin (see specifically identifiable as your own will be electronic trading system may be limited to less the section on Futures Contracts above). If the prorated in the same manner as cash for than the amount of your total loss. option is “covered” by the seller holding a purposes of distribution in the event of a corresponding position in the underlying shortfall. 12. Off-Exchange Transactions. In some interest or a futures contract or another option, jurisdictions, and only then in restricted the risk may be reduced. If the option is not 7. Commission and Other Charges. Before circumstances, firms are permitted to effect covered, the risk of loss can be unlimited. you begin to trade, you should obtain a clear off-exchange transactions. The firm with which explanation of all commission, fees and other you deal may be acting as your counterparty to Certain exchanges in some jurisdictions permit charges for which you will be liable. These the transaction. It may be difficult or deferred payment of the option premium, charges will affect your net profit (if any) or impossible to liquidate an existing position, to exposing the purchaser to liability for margin increase your loss. assess the value, to determine a fair price or to payments not exceeding the amount of the assess the exposure to risk. For these reasons, premium. The purchaser is still subject to the 8. Transactions in Other Jurisdictions. these transactions may involve increased risks. risk of losing the premium and transaction Transactions on markets in other jurisdictions, costs. When the option is exercised or expires, including markets formally linked to a Off-exchange transactions may be less the purchaser is responsible for any unpaid domestic market, may expose you to regulated or subject to a separate regulatory premium outstanding at that time. additional risk. Such markets may be subject regime. Before you undertake such to regulation which may offer different or transactions, you should familiarize yourself Additional risks common to derivatives diminished investor protection. Before you with applicable rules. trade you should enquire about any rules 4. Terms and Conditions of Contracts. You relevant to your particular transactions. Your Additional risk disclosure statement for should ask the firm with which you deal about local regulatory authority will be unable to commodity futures the terms and conditions of the specific futures compel the enforcement of the rules of contracts, options or other derivatives which regulatory authorities or markets in other For the speculator, futures trading is a high risk you are trading and associated obligations jurisdictions where your transactions have activity in which it may not be possible to limit (e.g., the circumstances under which you may been affected. You should ask the firm with the extent of potential liability. Before you buy become obligated to make or take delivery of which you deal for details about the types of or sell a contract you should be certain you the underlying interest and, in respect of redress available in both your home can afford to lose not only the money you put options, expiration dates and restrictions on jurisdiction and other relevant jurisdictions up initially but additional money as well. the time for exercise). Under certain before you start to trade. circumstances the specifications of The following are among the points that you outstanding contracts (including the exercise 9. Currency Risks. The profit or loss in should consider in reviewing this risk price of an option) may be modified by the transactions in foreign currency-denominated disclosure: exchange or clearing house to reflect changes contracts (whether they are traded in your own in the underlying interest. or another jurisdiction) will be affected by 1. Financial Exposure. You should fully fluctuations in currency rates where there is understand the description of margin 5. Suspension or Restriction of Trading and need to convert from the currency denomination arrangements and of how you can be required Pricing Relationships. Market conditions of the derivative to another currency. to put up additional money even after your (e.g. illiquidity) and/or the operation of the initial trade. See the section headed “Risk”. rules of certain markets (e.g. the suspension of 10. Trading Facilities. Most open-outcry and trading in any contract or contract month electronic trading facilities are supported by 2. Settlement Procedures. Once you have because of price limits or “circuit breakers”) computer-based component systems for the made a trade, you cannot sit back and treat it may increase the risk of loss by making it order-routing, execution, matching, registration as a long-term investment. You must arrange difficult or impossible to effect transactions or or clearing of trades. As with all facilities and to meet margin calls. Before the end of the liquidate/offset positions. If you have sold systems, they are vulnerable to temporary contract term you must arrange an offsetting options, this may increase the risk of loss. disruption or failure. Your ability to recover transaction, if you want to avoid having to certain losses may be subject to limits on liability settle by making or taking physical delivery. Further, normal pricing relationships between imposed by the system provider, the market, the See the section headed “Settlement of the underlying interest and the derivative may clearing house and/or member firms. Such limits Contracts”. not exist. This can occur when, for example, may vary; you should ask the firm with which you the futures contract underlying the option is deal for details in this respect.

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3. Use of Funds. Money you deposit with a maintenance level. Under both systems margin dealer as margin may earn interest or be used is calculated at the end of each day and more by the firm in its business and you should be frequently during active markets. When aware of the firm’s policy as to whether it will variation margin is required it must be pay you interest on this money. Also, if the furnished immediately. value of the contract moves in your favour, money will be credited by the clearing house 13.3. Daily Price Limits. Commodity futures and you should be aware of your dealer’s exchanges also impose maximum daily policy as to whether it will permit you to permissible price changes in each commodity withdraw any amounts credited to it when the – “daily price limits”– certain amounts above or contract moves in your favour. These policies, below the previous day’s closing price beyond discussed under “Interest on Customer’s which limits, no trades may be affected. Balance” and “Disbursement of Funds During Life of Contract” can have a significant impact The reason for such limits is to prevent sudden on the economic results of your trading. price movements. However, the result can be days elapsing before a trading level is found. You should study this information carefully, The loss to a trader on the wrong side of the and ask any questions about it that may occur market and seeking to offset the trader’s to you, before you enter your first transaction. contract can be substantial.

No securities commission or similar authority 14. Settlement of Contracts. Only a very small in Canada has in any way passed upon the proportion of commodity futures contracts are, merits of the Commodity Futures offered in fact, settled through actual delivery of a hereunder and any representation to the commodity. Instead, they are usually settled by contrary is an offence. Additional information entering an opposite or offsetting contract. To may be obtained from your dealer. settle a contract in which a certain amount of a particular commodity for a given delivery month 13. Summary Description of Commodity was bought, the buyer subsequently contracts Futures Trading to sell a like amount of that commodity for the same delivery month. To settle a contract in 13.1. Nature of the Contracts. When you which a commodity was sold, the seller buys an trade in commodity futures contracts you are equal amount. Any difference between the price entering contracts to make or take delivery of a at the time the original contract was made and specified quantity or quality, grade or size of a the price at the time the liquidating or offsetting commodity during a designated futures month contract is entered into is settled in cash. at a price agreed upon when the contract is entered into on your behalf on a commodity 15.Risk. The risk of loss in commodity futures futures exchange. trading is substantial. In addition to the risks outlined in the earlier subtitle “Futures 13.2. Margin. Each commodity futures Contracts”, you should be aware of the exchange requires its members to obtain following risks: mandatory minimum margin from customers for whom the exchange members act. Many (1) Under certain market conditions, you may commodity futures exchanges set minimum find it difficult or impossible to liquidate a margin requirements on the basis of a two tier position. This can occur, for example, when system which is comprised of an “initial the market makes a “limit move”. margin” requirement and a “maintenance margin” level. “Initial margin” is the original (2) The high degree of leverage that is often deposit required, the earnest money when the obtainable in futures trading because of the contract is entered into. If the market price small margin requirements can work against moves against the customer’s position causing you as well as for you. The use of leverage the margin on deposit to fall to, or under, the can lead to large losses as well as gains. prescribed level called “maintenance”, the customer will be required to furnish “variation (3) In the event of the bankruptcy of a dealer it margin” or additional funds to restore margin is probable that you would merely have, as on deposit to initial margin levels. Other to your claim against funds deposited as commodity futures exchanges set minimum margin, the status of an unsecured creditor margin requirements on the basis of a single whether or not such funds were rate which must be deposited when the segregated under the Commodity Futures contract is entered into and which must be Act. You would then participate in maintained at all times while the contract available assets on a proportionate basis position remains open. The minimum initial with other unsecured creditors. margin is thus in practice equal to the

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16. Margin. RBC Dominion Securities Inc. This information statement relates to strip This means the holder is entitled to receive the (“RBC DS”) generally requires from its securities that are based on bonds of the full face value at maturity. Strips do not pay customers more margin than the Minimum Government of Canada, a Canadian province, interest, but rather, the yield at the time of Amounts prescribed by a commodity or certain foreign governments or political purchase is compounded semi-annually and exchange. When variation margin is required subdivisions thereof. Provincial securities paid at maturity. Since the return on a strip is from the customer the amount deposited must regulations create an exemption from dealer fixed at the time of purchase, strips may be a restore margin on deposit to the original registration and prospectus requirements for suitable investment where the holder requires a deposit required by the firm. these types of securities. Strip securities may fixed amount of funds at a specific future date. also be based on Canadian corporate bonds. Margin requirements generally must be met by While some of the information in this A strip is created when a conventional debt deposit of cash. In special circumstances, with Information Statement may also be relevant to instrument, such as a government or corporate prior concurrence of RBC DS, Treasury Bills corporate bond- based strips, corporate bond, discount note or asset-backed security issued by the Government of Canada or by the bond-based strips are outside the scope of (i.e., the “underlying bond”), is separated into Government of the United States may be used. this Information Statement. If you are planning its “interest” and “principal” component parts Since a Treasury Bill is sold at a discount to to purchase a strip or strip package based on a for resale. Components are fungible and may mature at par, interest will accrue to the corporate Canadian bond, please note that be pooled together where they share the same bearer. such securities are not governed by the issuer, payment date and currency and have regulations referred to above, but rather, may no other distinguishing features. The two types 17. Transfer of Funds Between Customer’s be subject to certain decisions issued by of components may be referred to as follows: Accounts. RBC DS shall, unless you provide Canada’s securities regulatory authorities alternate methods of payment, transfer free exempting certain Canadian corporate • The “coupon”: the interest-paying portion of funds between security and commodity futures bond-based strip securities from various the bond; and accounts if such transfer is necessary to regulatory requirements, including Section 2.1 reduce or eliminate a margin requirement. of National Instrument 44-102 – Shelf • The “residual”: the principal portion. Distributions and Section 2.1 of National A strip bond package is a security comprised 18. Interest on Customer’s Balance. Funds Instrument 44-101 – Short Form Prospectus of two or more strip components. Strip bond deposited in commodity futures accounts to Distributions. See e.g. RBC Dominion Securities packages can be created to provide holders meet margin requirements and customers’ Inc. et al., (2013) 36 OSCB 3867 (Apr. 8), online: with a regular income stream, similar to an funds in excess of margin requirements, www.osc.gov.on.ca/en/SecuritiesLaw_ annuity, and with or without a lump sum including funds representing equity gains on ord_20130411_2110_rbc-dominion.htm. payment at maturity.3 By laddering strips with contracts entered into on behalf of customers Pursuant to each such decision, Canadian staggered maturities or other payment which have been paid to RBC DS while the securities dealers file with the applicable characteristics, holders can strategically contract is still open may be used by RBC DS in Canadian securities regulatory authorities a manage their cash flow to meet their future its business. RBC DS does not pay interest to short form base shelf prospectus and certain obligations and specific needs. the customer on these funds. supplements thereto, pursuant to which certain Canadian corporate-bond based strip RBC DS pays interest on free credit balances in Strips vs. Conventional bonds securities may be distributed on an on-going securities accounts. 1 basis without a full prospectus (the “CARs and Strips are offered on a variety of terms and in PARs2 Programme”). For each decision, the 19. Disbursement of Funds During Life of respect of a variety of underlying bonds, applicable shelf prospectus and its Contract. RBC DS will permit a customer to including government bonds issued by the withdraw equity gains on contracts entered supplements may be found on the System for Government of Canada or provincial, municipal into on the customer’s behalf and paid out to Electronic Document Analysis and Retrieval or and other government agencies, or a foreign RBC DS while the contract is still open. “SEDAR” at www.sedar.com. government. CARs and PARs are examples of strips derived from high-quality corporate Part C – Strip bond disclosure – Risk and other disclosures relating to bonds. Some differences between strips and Strip bonds and strip bond packages securities issued as part of the CARs and conventional bonds that you may wish to information statement PARs Programme are set forth in the shelf consider include the following: prospectus and supplements published on We are required by provincial securities SEDAR, and investors considering • Strips are sold at a discount to face value regulations to provide you with this purchasing such securities are advised to and mature at par, similar to T-bills. Unlike Information Statement before you can trade consult these documents, since conventional interest-bearing debt in strip bonds or strip bond packages based considerations unique to securities issued securities, strips do not pay interest on bonds of the Government of Canada, a as part of the CARs and PARs Programme throughout the term to maturity; rather, the Canadian province, or certain foreign are not addressed herein. holder is entitled to receive a fixed amount governments or political subdivisions at maturity. The yield or interest earned is thereof. Please review it carefully. Strip bonds and strip bond packages the difference between the discounted (“strips”) purchase price and the maturity value; thus, Preliminary note regarding the scope of for a given par value, the purchase price for A strip bond—commonly referred to as a this information statement a strip will typically be lower the longer the “strip”—is a fixed-income product that is sold at term to maturity; a discount to face value and matures at par.

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• A strip with a longer term to maturity will dealer or financial institution, since such generally be subject to greater price commissions will reduce the effective yield (if fluctuations than a strip of the same issuer buying) or the net proceeds (if selling). and yield but with a shorter term to Investment dealers must make reasonable maturity; efforts to ensure the aggregate price, inclusive of any mark-up or mark-down, is fair and • Strips typically offer higher yields over reasonable taking into consideration all T-Bills, GICs and term deposits, and over reasonable factors. Commissions quoted by investment dealers generally range between • Conventional bonds of the same issuer, $0.25 to $1.50 per $100 of maturity amount of term and credit rating; the strip, with commissions typically at the higher end of this range for small transaction • The higher yield offered by strips reflects amounts, reflecting the higher relative costs their greater price volatility. Like conventional associated with processing small trades. bonds, the price of a strip is inversely related to its yield. Thus, when prevailing interest The table below illustrates the after- rates rise, strip prices fall, and vice versa. commission yield to a strip holder with different However, the rise or fall of strip prices is terms to maturity and assuming a before- typically more extreme than with commission yield of 5.5%. All of the yield conventional bonds of the same issuer, term numbers are semiannual. For example, a strip and credit rating. The primary reason for this bond with a term to maturity of one year and a greater volatility is that no interest is paid in commission of 25 cents per $100 of maturity respect of a strip bond prior to its maturity; amount has an after- commission yield of 5.229%. The before commission cost of this • Unlike conventional bonds that trade in particular strip bond will be $94.72 per $100 of $1,000 increments, strips may be purchased maturity amount while the after-commission in $1 multiples above the minimum cost will be $94.97 per $100 of maturity investment amount, thereby enabling a amount. In contrast, a strip bond with a term to holder to purchase a strip for any desired maturity of 25 years and a commission of $1.50 face value amount above the minimum per $100 of maturity amount has an after- investment amount; and commission yield of 5.267%. The before- commission cost of this particular strip bond • Strips are less liquid than conventional bonds will be $25.76 per $100 of maturity amount of the same issuer, term and credit rating: while the after-commission cost will be $27.26 there may not be a secondary market for per $100 of maturity amount.4 certain strips and strip bond packages, and there is no requirement or obligation for Prospective purchasers or sellers of strips investment dealers or financial institutions to should ask their investment dealer or maintain a secondary market for strips sold financial institution about the bid and ask by or through them; as a result, purchasers prices for strips and may wish to compare should generally be prepared to hold a strip the yield to maturity of the strip, calculated to maturity, since they may be unable to sell after giving effect to any applicable mark-up it—or only able to sell it at a significant or commission, against the similarly loss—prior to maturity. calculated yield to maturity of a conventional interest-bearing debt security. 1 CARs are corporate strip bonds comprised of coupon Dealer mark-ups and commissions and residual securities. Secondary market and liquidity 2 PARs are a form of strip bond package where the When purchasing or selling a strip bond or a coupon rate is reduced to current yields, thus allowing strip bond package, the prospective purchaser Strips may be purchased or sold through the package to be sold at par. or seller should inquire about applicable investment dealers and financial institutions commissions (mark-ups or mark-downs) when on the “over-the-counter” market rather than 3 A bond-like strip bond package has payment executing the trade through an investment characteristics resembling a conventional bond, on an exchange. including regular fixed payments and a lump-sum payment at maturity. In contrast, an annuity-like strip Term to maturity in years and yield a¨er commission or dealer mark- Commission or dealer mark-up bond package provides regular fixed payments but no up (assuming a yield before commission of 5.5%) lump-sum payment at maturity. amount (per $100 of maturity amount) 1 2 5 10 15 25 4 The purchase price of a strip bond may be calculated as follows: Purchase Price = Maturity (Par) Value / (1 $0.25 5.229% 5.357% 5.433% 5.456% 5.462% 5.460%

+ y/2)2n where “y” is the applicable yield (before or after $0.75 4.691% 5.073% 5.299% 5.368% 5.385% 5.382% commission) and “n” is the number of years until maturity. For example, the purchase price (per $100 of $1.50 3.892% 4.650% 5.100% 5.238% 5.272% 5.267% maturity value) for a strip bond that has a yield of 5.5% and 25 years until maturity is: 100/(1+0.0275)50 = $25.76.

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Where there is an active secondary market, a Market and liquidity risk – strips are not Custodial arrangements strip may be sold by a holder prior to maturity immune to market or liquidity risks and may at the prevailing market price in order to have specific terms and conditions that apply Due to the high risk of forgery, money realize a capital gain or to access funds. in the event of a market disruption or liquidity laundering and similar illegal activities— and However, liquidity may be limited for certain event. If liquidity is low, it may be difficult to the costs associated with such risks—with strip bonds and strip bond packages, and, as sell a strip prior to maturity and there may be physical strips and bearer noted above, investment dealers and financial large spreads between the bid and ask prices. institutions are not obligated to maintain a There can be no assurance that a market for instruments, most investment dealers and secondary market for strips sold by or through particular strip bonds or strip bond packages financial institutions will only trade or accept them. As a result, there can be no will be available at any given time. transfer of book-based strips. CDS Clearing and assurance that a market for particular strip Depository Services Inc. (“CDS”) provides strip bonds or strip bond packages will be Currency risk – strips may pay out in a currency bond services, including book-based custodial available at any given time, and investors other than Canadian dollars. Currency services for strips and underlying bonds. should generally be prepared to hold strips fluctuations may enhance, nullify or exacerbate Custodian banks or trust companies may also to maturity or run the risk of taking a loss. your investment gains or losses. create and take custody of strips that are receipt securities, and may permit holders to obtain a Other risk considerations Component risk – you should ensure that you registered certificate or take physical delivery of understand and are comfortable with the the underlying coupon(s) or residue(s). However, Potential purchasers of strips should conduct underlying components, terms, risks and if the holder decides to take physical delivery, he their own research into the term, yield, features of a strip bond or strip bond package or she should be aware of the risks, including the payment obligations and particular features of prior to purchase. For example, strips may be risk of lost ownership, associated with holding a a strip prior to purchase. While not an derived from asset- backed securities or bearer security which cannot be replaced. In exhaustive list, you may wish to consider some callable or retractable bonds, and may have addition, the holder should be aware that the of the following potential risks: features such as inflation indexation or secondary market for physical strips may be more structured payments. limited than for book-based strips due to the risks Credit risk of the issuer – strips represent a involved. Investors in strip components held by direct payment obligation of the government or Price volatility – strips are generally subject to and at CDS are not entitled to a physical corporate issuer, thus any change to an issuer’s greater price volatility than conventional bonds certificate if the strips are Book Entry Only. credit rating or perceived credit worthiness may of the same issuer, term and credit rating, and affect the market price of a strip, and the will typically be subject to greater price Canadian income tax summary impact may be more severe than the impact on fluctuations in response to changes to interest conventional bonds of the same issuer. rates, credit ratings and liquidity and market The Canadian income tax consequences of events. The table below shows the impact that purchasing strip bonds and strip bond Interest rate risk – if interest rates rise, the prevailing interest rates can have on the price packages are complex. Purchasers of strip market value of a strip will go down, and this of a strip. For example, as indicated in the bonds and strip bond packages should refer drop in market value will typically be more table below, an increase in interest rates from questions to the Canada Revenue Agency severe than the drop in market value for the 6% to 7% will cause the price of a 5 year strip (http://www.cra-arc. gc.ca/) or consult their corresponding conventional bond from the bond with a maturity value of $100 to fall by own tax advisors for advice relating to their same issuer for the same term and yield. If 4.73%—a larger percentage drop than for a particular circumstances. interest rates rise above the yield of the strip $100 5 year traditional bond, whose price at the time of purchase, the market value of would fall only 4.16%, assuming the same The following is only a general summary the strip may fall below the original price of increase in interest rates. regarding the taxation of strip bonds and strip the strip. bond packages under the Income Tax Act (Canada) (the “Tax Act”) for purchasers who are residents of Canada and hold their strip Market Price Volatility bonds and strip bond packages as capital property for purposes of the Tax Act. The Price Price Bond following does not constitute legal advice. Market Market with rate Price with rate Price Type Price Yield drop to Change increase Change contributed Qualified Investments. Strip bonds and strip 5% to 7% bond packages that are issued or guaranteed by the Government of Canada or issued by a 6% 5 Year Bond $100.00 6.00% $104.38 +4.38% $95.84 -4.16% province or territory of Canada are “qualified investments” under the Tax Act and are 5 Year Strip Bond $74.41 6.00% $78.12 +4.99% $70.89 -4.73% therefore eligible for purchase by trusts governed by registered retirement savings plans, registered retirement income funds, 6% 20 Year Bond $100.00 6.00% $112.55 +12.55% $89.32 -10.68% registered education savings plans, deferred profit sharing plans, registered disability 20 Year Strip Bond $30.66 6.00% $37.24 +21.49% $25.26 -17.61% savings plans and tax-free savings accounts contribution penalty* (“Registered Plans”). Depending on the

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circumstances, strip bonds issued by interest accrued and included in income, the Please mark the corresponding box to show corporations may also be “qualified excess will be treated as a capital gain. whether you DO NOT OBJECT or OBJECT to us investments” for Registered Plans. disclosing your name, address, electronic mail If the amount received on disposition is less address, securities holdings and preferred Annual Taxation of Strip Bonds. The Canada than the total of the purchase price and the language of communication to issuers of Revenue Agency takes the position that strip amount of all notional interest accrued and securities you hold with us and to other persons bonds are a “prescribed debt obligation” within included in income, the difference will be or companies in accordance with securities law. the meaning of the Tax Act. Consequently, a treated as a capital loss. purchaser will be required to include in income  I do not object to you disclosing the in each year a notional amount of interest, Strip Bond Packages. For tax purposes, a strip information described above. notwithstanding that no interest will be paid or bond package is considered a series of separate received in the year. Strips may therefore be strip bonds with the income tax consequences  I object to you disclosing the information more attractive when purchased and held in as described above applicable to each such described above. non-taxable accounts, such as self-directed component of the strip package. Thus a Registered Plans, pension funds and charities. purchaser of a strip bond package will normally Part 2 – Receiving security holder materials be required to make a calculation in respect of In general terms, the amount of notional each component of the strip bond package and Please mark the corresponding box to show interest deemed to accrue each year will be then aggregate such amounts to determine the what materials you want to receive. Security determined by using the interest rate which, notional interest accrued on the strip bond holder materials sent to beneficial owners of when applied to the total purchase price package. As an alternative, in cases where the securities consist of the following materials: (a) (including any dealer mark-up or commission) strip bond package is issued at or near par and proxy-related materials for annual and special and compounded at least annually, will result in is kept intact, the Canada Revenue Agency will meetings; (b) annual reports and financial a cumulative accrual of notional interest from accept tax reporting that is consistent with statements that are not part of proxy-related the date of purchase to the date of maturity reporting for ordinary bonds (i.e., reported on a materials, and (c) materials sent to security equal to the amount of the discount from face T5 tax slip as accrued interest where it is holders that are not required by corporate or value at which the strip bond was purchased. matched by cash flow), including no obligation securities law to be sent. to report premium or discount amortization For individuals and certain trusts, the required where the strip bond package is subsequently  I want to receive ALL security holder accrual of notional interest in each year is traded on the secondary market. materials sent to beneficial owners of generally only up to the anniversary date of the securities. issuance of the underlying bond. For example, if Part D – Shareholder communications  a strip bond is purchased on February 1 of a year instruction form I decline to receive ALL security holder and the anniversary date of the issuance of the materials sent to beneficial owners of underlying bond is June 30, only five months of To: RBC Dominion Securities Inc. securities. (Even if I decline to receive notional interest accrual will be required in the these types of materials, I understand that year of purchase. However, in each subsequent I have read and understand the “Shareholder a reporting issuer or other person or year, notional interest will be required to be Communication Disclosure” as outlined in the company is entitled to send these accrued from July 1 of that year to June 30 of the part of the General Account Agreement entitled materials to me at its expense). subsequent year (provided that the strip bond is “Shareholder Communications” and the choices  I want to receive ONLY proxy related still held on June 30 of the subsequent year). indicated below will apply to the securities held in my account in accordance with the terms thereof. materials that are sent in connection with In some circumstances the anniversary date of a special meeting. the issuance of the underlying bond may not be Part 1 – Disclosure of Beneficial Ownership Part 3 – Consent to mailing cost readily determinable. In these circumstances information individual investors may wish to consider This section must be completed only if you have accruing notional interest each year to the end Read this if you objected in Part 1 marked the “I OBJECT” box in PART 1 of this of the year instead of to the anniversary date. of this form form. If this section is not completed you will be DEFAULTED to “I DO NOT WISH TO PAY.” If you A corporation, partnership, unit trust or any If you OBJECT to the disclosure of your have marked the “I DO NOT OBJECT” box in PART trust of which a corporation or partnership is a beneficial ownership information, Canadian 1 of this form, you are NOT subject to any beneficiary is required for each taxation year to reporting issuers and other parties initiating mailing costs and are not required to complete accrue notional interest to the end of the a securityholder mailing may, but are not this section. taxation year and not just to an earlier required to, bear the costs associated with anniversary date in the taxation year. the sending of securityholder materials. This  I wish to pay for the delivery to me of any is applicable even if you DECLINE to receive securityholder materials that I may be entitled Disposition of Strip Bonds Prior To Maturity. the materials described in PART 2 of this to receive under securities legislation IF the A purchaser who disposes of a strip bond prior form. If you do not indicate in PART 3 of this issuer or other persons or companies to, or at, maturity, is required to include in the form that you WISH to pay for the delivery of initiating the mailing has refused to pay the purchaser’s income for the year of disposition securityholder materials to you, you will NOT cost of delivery. notional interest accrued to the date of receive any materials for which the disposition that was not previously included in Canadian reporting issuer or other party  I do not wish to pay for the delivery to me the purchaser’s income as interest. If the amount initiating the mailing has refused to pay the of any securityholder materials that I may received on a disposition exceeds the total of the cost of delivery. be entitled to receive under securities purchase price and the amount of all notional legislation IF the issuer or other party

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initiating the mailing refuses to pay the rates as are available to our retail customers for Partial deregistration of a plan cost of delivery. I understand that I will not currency conversions of a similar amount, date (withdrawals) (excluding TFSA) $25 receive mailings for which the issuer or and type. In performing foreign currency (Cdn and/or US dollars as applicable) other persons or companies initiating the transactions, we may act as agent or principal. mailing has refused to pay the cost of We may, at our discretion, reject a foreign Partial distribution of a TFSA (withdrawals) delivery. This could include non- routine currency transaction request. We convert and significant corporate action related foreign currencies on the day we carry out your • First two per year No Fee materials. (DEFAULT CHOICE) Foreign Trade. We may use a different day for: (a) mutual fund transactions; (b) transactions • Each subsequent in a year $25 Important note: These instructions do not that you and we agree on; and (c) other Full deregistration of a plan (excluding TFSA) apply to any specific request you give or may transactions we deem necessary. have given to a reporting issuer concerning Plus annual administration fee sending the interim financial statements to the Registered plans (pro-rated except for RESP) $100 reporting issuer. In addition, in some (excluding Tax-Free Savings Accounts) circumstances, the instructions you give in this Full deregistration of a TFSA client response form will not apply to annual The annual administration fee for your registered reports or financial statements of an investment plan is automatically deducted from your Plus annual investment management fee $100 fund that are not part of proxy-related materials. account in June for the current calendar year. An investment fund is also entitled to obtain SME Growth Savings Plan/Stock Savings specific instructions from you on whether you Annual Administration Fees Plan II (SSPII) wish to receive its annual report or financial statements, and where you provide specific RRSP / RRIF / Locked-In Plans $125 Annual fee (Quebec residents only) $75 instructions, the instructions in this form with respect to financial statements will not apply. • Any second or subsequent plan for the Mutual Funds same annuitant No Fee Preferred Language of Communication Redemption of no-load fund $25 • Advisor, Access, A+or PIM Accounts No Fee You will receive materials in your preferred Does not apply to RBC Funds language of communication (English or Group RSP French), that you chose at the time your Certificate Custody & Registration account was opened, if the materials are • If balance is over $50,000 No Fee available in that language. Private, mortgage investment corp. or small • If balance is under $50,000 $125 business investment shares Part E – Administrative account services fees Education Savings Plan (RESP) $50 • Upon receipt into plan (set-up charge) $250

Notification of our foreign exchange • Annual $200 conversion The Annual DS Tax-Free Saving Account Fee (DS TFSA) Plus annual administration fee for registered For non-Managed Accounts, we perform foreign plans currency transactions based on a direct or A 1% annual investment management fee for indirect request by you. An indirect request is your DS TFSA is automatically deducted from Safekeeping – registered in client name where you have requested a trade in securities your account in November for the current • Per account per month denominated in a currency other than the calendar year. (excludes securities required currency of your account or have received Other fees to be held in client name) $50 certain corporate entitlements (including dividends, interest, etc.) from an issuer of Certificate Registration/Transfer of Ownership securities denominated in a currency other than Applicable to all account types, unless the currency in your account (“Foreign Trade”). otherwise stated • Same-day rush $200 For discretionary or Managed Accounts, foreign currency transactions are performed on your RBC DS Family Trust • Next-day rush $150 behalf when we make a Foreign Trade. The foreign currency conversion rate that appears • Annual fee $250 • Regular $75 on your trade confirmation and/ or account Non-arm’s length mortgage on principal statement includes our spread-based revenue Cheques & Payments residence (“spread”) for performing this function, in Cheques returned NSF $25 addition to any commissions or fees related to • Upon receipt into plan (set-up charge) $300 the Foreign Trade or your account. Spread is the Stop payment request $20 difference between the rate we obtain and the Substitution (swap) of cash and securities rate you receive. The foreign currency Each cheque requested in excess conversion rate and our spread will depend on • First two per year No Fee of three per month $5 market fluctuations as well as the amount, date (excludes cheques issued for and type of foreign currency transaction. • Each subsequent in a year $25 the cash proceeds of a sale) Foreign currency conversions take place at such (Cdn and/or US dollars as applicable)

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Wire Transfers Account Transfers – Registered and Non-registered Account pre-coded with proper information No Fee Within RBC® Account not pre-coded • Partial or full transfer out No Fee Does not apply to funds transferred Outside RBC® to RBC Royal Bank • Partial or full transfer out $135 • Canadian funds $25 Plus annual administration fee for full transfer • U.S. funds $30 of registered plans (pro-rated except for RESP) • Other foreign funds $50 Physical Precious Metals Storage Fees Other Administrative Services In addition to Administrative fees and Search per record Investment Management fees, storage and other fees are applicable to holding physical • Within previous 12 months $10 precious metals in your account, as follows: • Prior to previous 12 months $20 • Gold and Platinum at a rate of $0.12 (USD) per ounce per month. Address Unknown Accounts and Accounts Containing Unclaimed Property • Silver at a rate of is $0.0035/ounce/month

Where you have changed your address but Waiver of Probate Request have not notified RBC DS of the address change and, as a result, mail sent by RBC DS pertaining to the account is returned, and/or Administrative processing fee $500 where we have deemed your account to be unclaimed in accordance with applicable legislation, except where the imposition of a Minimum Account Fees fee is expressly prohibited by provincial law in RBC Dominion Securities reserves the right to Canada, the account will be charged an annual charge a minimum account fee. The account $125 fee unless you have provided DS with the holder will be notified of the minimum asset correct address prior to the time at which the level and the fee amount, no less than 60 days annual fee is to be charged. prior to the charging of the fee. Taxes, where Special Security Transfers applicable, will be added to all fees. For fees on additional services not covered in this schedule, please contact your Investment Advisor. Estate and legal securities transfer (per security $100 You will be notified in advance of any service or product fee changes. Restricted securities transfer (per security) $200 This fee document constitutes notice from the Trustee, Royal Trust, and Agent, RBC Dominion Securities Inc., pursuant to the Declaration of Trust or Trust Agreement governing your registered plan.

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Part F – Relationship Disclosure Document Depending on your investment needs, we offer a and will communicate investment decisions vast array of services in addition to investment in respect of your account to RBC DS. The RBC Dominion Securities Inc. (“RBC DS”) has advice and money management, including but RIC, and not RBC DS, is responsible for prepared this relationship disclosure in order not limited to Retirement Planning, Business ensuring the suitability of any and all to provide you with a description of our Planning, Financial Planning, Estate Planning, transactions in your account. products and services, the nature of your Charitable Planning and other value-added account(s) and the manner in which it will services (“Value-added Services”). In addition, the General Account Agreement operate, and our responsibilities to you. This set out the specific limitations that may exist document is to be read in conjunction with For current and comprehensive list of products for your account. RBC DS “Client Account Agreements and and services, please visit our web site at www. Disclosure Documents”, as references are rbcds.com or contact your Investment Advisor. “Know Your Client” Information being made to Part A “General Account Agreement” of the Client Account Agreements Account Relationship In order to conduct suitability assessments for as well as the Disclosure Documents. If you your account(s) where applicable, the have any questions about this disclosure, If you opened one of the following: securities laws require RBC DS to fully please contact your Investment Advisor. understand, among other things, your financial • Investment or Advisor Account, except as situation, investment needs, objectives, Types of Products and Services otherwise provided under the General investing experience and tolerance for risk. Available to You Account Agreement, you are responsible for These can only be assessed by collecting from investment decisions but may rely on advice you accurate information about your personal RBC DS is an investment dealer engaged in given by your Investment Advisor. Your and financial circumstances, including but not securities trading and brokerage activities and Investment Advisor is responsible for the limited to, your marital status, age, occupation, providing investment management, financial advice given. In providing this advice, s/he income and net worth, number of dependents, and financial advisory services. We offer a must meet an appropriate standard of care, risk tolerance, investment objectives, time wide range of products and services to provide suitable investment horizon, and investment knowledge and individuals, corporations, non-corporate recommendations and provide unbiased experience. This requirement, being part of the entities, trusts, as well as to foundations and investment advice. Your account is not a “know your client” rule, is one of the not-for-profit organizations. discretionary or Managed Account and your cornerstones of securities regulation. If your Investment Advisor will not have account is a Registered Investment Counsellor As a client of RBC DS, you have access to a discretionary authority over your account. Account, then this information may be variety of investment products: collected and maintained by the RIC and • Managed Account, except as otherwise provided to RBC DS; please consult your • Equities, including but not limited to provided under the General Account Investment Advisor for more information. Canadian, U.S. and international common Agreement, you authorize us to take any and preferred shares; equity derivatives; action as we in our sole discretion consider You have provided us with your accurate and income trusts; index participation units; appropriate for the operation of your current personal and financial information as structured products such as equity-linked account, including and without limitation, part of your account opening process and have notes; and stock options. investing, reinvesting and holding the funds agreed to notify us immediately of any change in your account in securities, cash or cash to such information (see Section 3.4 “Your • Fixed-income investments, including but equivalents. Part 18 “Additional Terms for Information” and Part 9 “Protecting Your not limited to international, corporate and Managed Accounts” of the General Account Privacy” of the General Account Agreement). A government bonds; Canada and provincial Agreement outlines additional terms and document setting out your personal and savings bonds; structured and floating rate conditions specific to your account. financial information which you have provided notes; money market securities; guaranteed to us will be available to you under certain investment certificates (GICs); annuities; • Employee Stock Option Account, you are circumstances, including at the time of account and treasury bills (T-bills). responsible for investment decisions and opening and when a material change in your transactions in your account. The Employee “know your client” information has come to the • Investment funds, including but not Stock Option Account is a non-advisory attention of RBC DS. limited to Canadian and global equity funds; account used exclusively to exercise fixed-income funds; balanced funds; money employee stock options and to sell the Investment Suitability Assessment market funds; index funds; specialty funds, underlying securities of Canadian issuers. exchange-traded funds and alternative RBC DS will not provide you with any advice If you opened one of the following: investment funds. or recommendations with respect to any trades or other transactions in your Investment or Advisor Account, RBC DS will • Commodity/financial futures including account, including, without limitation, use due diligence to ensure that the suitability futures and options relating to energy; whether you should exercise any options or of the positions in your account(s) is reviewed precious metals; base metals; currencies; sell any securities. when: financials; stock indexes and single stock futures; agriculture; soft commodities; and • Registered Investment Counsellor • an order from you is accepted, fibre. Account, your account is managed by a person that is not affiliated with RBC DS and • a recommendation is made by us, • Other assets including but not limited to is registered under securities laws as an physical forms of precious metals such as advisor (the “RIC”). The RIC is responsible • securities are transferred or deposited into gold, platinum and silver. for providing you with investment advice your account,

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• there is a change in the Investment Advisor • Managed Account, unless otherwise or Portfolio Manager responsible for your instructed by you in writing, we will not account, or deliver trade confirmations to you in connection with trades in your account. For • there is a material change in your life applicable terms and conditions, please circumstances or objectives that resulted in refer to Section 18.3 “Trade Confirmations” revisions to your “know your client” of the General Account Agreement. information as maintained by us. Conflicts of Interest The investment suitability assessment will evaluate factors, including but not limited to, To ensure fairness to clients and to maintain your current financial situation, investment public confidence, RBC® and RBC DS have knowledge, investment objectives and time adopted policies and procedures to help horizon, risk tolerance and your account’s identify and manage conflicts of interest that current investment portfolio composition and may exist between you and RBC DS and/or risk level, using the information that you have your Investment Advisor. In general, we deal provided to us upon account opening and with and manage relevant conflicts as follows: updated with us as required. In the case where an order from you is accepted and/or a Avoidance: This includes avoiding conflicts recommendation is made by us, we will also which are prohibited by law as well as conflicts assess whether a specific investment product, which cannot effectively be managed. order type, trading strategy and method of financing the trade adopted and/or Control: We manage acceptable conflicts recommended is suitable for you. When an through means such as physical separation of assessment is made, you would receive different business functions and restricting the appropriate advice in response to the internal exchange of information. suitability review that has been conducted. Disclosure: By providing you with information RBC DS does not necessarily assess the about conflicts, you are able to assess suitability of the investments in your account independently their significance when in the absence of the triggering events noted evaluating our recommendations and any above. For example, the occurrence of a actions we take. significant market fluctuation would not generally trigger a suitability assessment. Material conflicts of interest situations may include the following: • Managed Account, ongoing suitability assessment is provided as part of the 1. Related and Connected Issuers managed account services. RBC DS may trade in or advise clients with • Employee Stock Option Account, RBC DS respect to securities of certain issuers that are will not assess the appropriateness or related or connected to RBC DS. For an suitability of any order that you place for explanation of what comprises a related and/ your account or the positions in your or connected issuer, as well as to view a account. current list of all related and connected issuers of RBC DS, please refer to the following • Registered Investment Counsellor website: www.rbc.com/issuers-disclosures or Account, the RIC is responsible for all contact your Investment Advisor. suitability assessments in respect of your account. If you opened one of the following:

Statements and Confirmations • Investment or Advisor Account, you consent to the purchase or sale of securities If you opened one of the following: of issuers that are related or connected to RBC DS. For applicable terms and • Investment, Advisor, Employee Stock conditions, please refer to Section 6.4 Option or Registered Investment “Related and Connected Issuers” of the Counsellor Account, you will receive General Account Agreement. account statements and trade confirmations as described in the General Account • Managed Account, you consent to the Agreement. For applicable terms and exercise of discretionary authority by RBC conditions, please refer to Section 3.8 DS in respect of the purchase or sale of “Statements, Confirmations and Notices”, securities of issuers that are related or Section 8.6 “Instructions” and Section 13.4 connected to RBC DS. For applicable terms “Guarantor’s Waiver of Notice” of the and conditions, please refer to Section 6.4 General Account Agreement. “Related and Connected Issuers” and

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Section 18.1 “Discretionary Investment and policies. For applicable terms and Disclosure Documents. These fees and charges Authority” of the General Account conditions, please refer to Section 18.10 “Fair may include Administrative Fees, interest Agreement. Allocation of Investment Opportunities Among charges, any fees or commissions related to PIM Accounts” and Section 18.15 “Fair trades executed outside of RBC DS and foreign 2. Other Services, Dual Registration and Allocation of Investment Opportunities Among exchange transactions. As disclosed in Section Outside Business Activities Access Accounts” of the General Account 4.3 “Additional Commissions” of the General Agreement. Account Agreement, we may receive RBC DS may also obtain from or provide to RBC commissions in connection with trading in and its subsidiaries, other management, Proxy Voting Policy fixed income securities in your account that administrative, referral or other services in may be included in the purchase or sale price connection with its ongoing business. RBC DS has adopted a proxy voting policy of such securities. Per Section 4.4 “Third Party Individuals registered with RBC DS may also be designed to ensure that proxies are voted in Compensation” of the General Account registered with another related registered the best interests of our clients. For applicable Agreement, we may receive commissions or company and provide services to clients of terms and conditions, please refer to Part 10 other compensation from third parties with that company. These relationships are subject “Shareholder Communication” and Section respect to the sale of certain securities. to legislative and industry regulatory 18.2 “Additional Authorizations” of the General requirements that impose restrictions on Account Agreement. A copy of the If you opened one of the following: dealings between related registered “Shareholder Communications Instruction companies and/or individuals that are dually Form” is attached as Part D of the Disclosure • Investment Account, RBC DS will deduct registered with related registered companies Documents. all commissions and transaction charges and such restrictions are intended to minimize that you will or may incur in making, the potential for conflicts of interest resulting In addition, for PIM and A+ Accounts, RBC DS disposing and holding any and all types of from these relationships. has retained an independent external service investments. Commissions will be charged provider to vote client proxies for securities at our customary rates in place from time to Further, industry regulatory requirements according to pre-determined guidelines, time. Additional taxes may be applicable. generally do not permit individuals registered subject to our ability to override For applicable terms and conditions, please with RBC DS to be employed by, participate recommendations in appropriate cases. refer to Section 4.2 “Commissions” of the General Account Agreement. in, or accept compensation from any other Referral Arrangement Disclosure person, outside the scope of his/her • Advisor Account, you will compensate us relationship with RBC DS unless he/she has If you have been referred to RBC DS by Royal for the services provided in connection with the prior approval of RBC DS. We have adopted Bank of Canada (“RBC”), please refer to your account at the annual rate set out in internal policies and procedures that Section 5.4 “Referral Arrangement Disclosure” our account forms that you executed (your supplement the regulatory requirements, of the General Account Agreement for “Advisor Account Fee”). Your Advisor including our policies on privacy and applicable disclosures. Under a referral Account Fee will be calculated based on the confidentiality of information. agreement between RBC DS and RBC, if you value of the assets in your Advisor Account purchase securities products or services from as of the last business day of the relevant 3. Securities Related Activities RBC DS, a referral fee will be paid by RBC DS to time period. Commissions are generally not RBC for referring you. The payment of any applicable to Advisor Accounts, except as RBC DS and its affiliates may provide a broad referral fee will not increase the fees you pay to otherwise provided in Part 17. Additional range of normal course financial products and RBC DS for your account. RBC has policies and taxes may be applicable. For applicable services to its customers (including, but not procedures that help identify and manage terms and conditions, please refer to Section limited to banking, credit derivative, hedging potential conflicts of interest arising from its 17.4 “Advisor Account Fee” of the General and foreign exchange products and services). participation in referral arrangements. Account Agreement. RBC DS complies with applicable securities laws as they relate to the trading of securities For current and comprehensive information • Managed Account, you will compensate us while in possession of material non-public relating to the material conflicts of interest for the discretionary investment information and further acknowledges that it that may exist between you and RBC DS and/ management services provided in has in place information barriers to protect the or your Investment Advisor, please visit our connection with your account at the annual unauthorized transmission of this information website at www.rbc.com/issuers-disclosures rate set out in our account forms that you to employees of RBC and its affiliates who do or contact your Investment Advisor. Any executed. Your account fee will be not have a legitimate need to know this future material conflicts of interest situations, calculated based on the value of the assets information. where not avoided, will be disclosed to you in your account as of the last business day as they arise. of the relevant time period. Commissions 4. Disclosure applicable to RBC DS are generally not applicable to Managed Managed Accounts Fees and Charges Accounts, except as otherwise provided in Part 18. Additional taxes may be applicable. Fair Allocation of Investment Opportunities A description of the fees and charges that you For applicable terms and conditions, please will or may incur relating to the general refer to Section 18.8 “PIM Account Fee” or The allocation of investment opportunities operation of the account is set out under Part 4 Section 18.11 “Access/A+ Account Fee” of among Managed Accounts is to be determined “Fees, Commissions and Charges” of the the General Account Agreement. on a basis that is fair and equitable to all General Account Agreement as well as Part E clients based on their investment objectives “Administrative Account Services Fees” of the

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You may incur additional fees at the agreed- Vice-President Title process, these concerns should be directed upon rate for the Value-added Services that to the Designated Complaints Officer c/o RBC may be provided to you. RBCDS awards the title of Vice-President to DS Compliance, 155 Wellington Street West, those Investment Advisors who meet P.O. Box 150, Toronto, Ontario M5V 3K7. Account Documents standards for seniority, business metrics, community involvement and a satisfactory • Complaints are responded to as soon as The following account opening documents are compliance record. possible with minimal delay, however this used to open most types of accounts: process may take up to 90 days depending Adherence to these standards is reviewed on the subject matter involved, in which • New Account Application Form (or a Client annually by RBCDS management. The case complainants are advised of the status Account Form, if the account is opened prior Vice-President title does not indicate that an of the investigation. A written status update to March 26, 2013), a legally binding Investment Advisor is a corporate officer of will be provided to the complainant if the contract between you and RBC DS. RBCDS. review and response are not going to be completed within the 90 day period. • General Account Agreements and Client Complaint Information Disclosure Documents, a document that • Clients can escalate their complaint contains the terms and conditions defining The members of RBC believe that all of us – internally to the RBC Office of the the relationship between you, your our clients and ourselves – stand to gain by Ombudsman upon receipt of the RBC DS Investment Advisor and us. It incorporates being in contact, whether it is to answer a formal response. Alternatively, clients can legal and regulatory disclosures that you question, solve a problem or share a success escalate externally to the Ombudsman for must receive including disclosures relating story. While we welcome any positive Banking Services and Investments (OBSI) to leverage risk, futures and options, comments you have, it is equally important for after 90 days following the submission of strip bond and the Canadian Investor us to know when you have a problem so that the complaint to RBC. Protection Fund. we can resolve it and retain your confidence. At the same time, we use your feedback to Being a member firm of the Investment Depending on the account type (e.g. PIM continuously improve the quality of the Industry Regulatory Organization of Canada account), account features (e.g. cash, margin, products and services we provide to you and (“IIROC”), the national self-regulatory options) and your instructions, you may other RBC clients. Implementing policies that organization which overseas all investment receive or be required to complete additional will treat all clients in an equitable and fair dealers in Canada, we have also attached a stand-alone document(s). manner is integral to the way we do business. copy of IIROC’s brochure entitled “An Investor’s Guide to Making a Complaint” as part of the Investment Performance Benchmark The following is an overview the RBC DS Client Disclosure Documents. This brochure outlines Complaint Review and Resolution process: avenues of dispute resolution that are An investment performance benchmark is a available as well as the various statutes of standard for measuring and evaluating the • Written client complaints can be submitted limitations you should be aware of. performance of investments compared to by mail, fax or email directly to your RBC DS markets in general. You may assess the Branch Manager whose contact information performance of your investments by evaluating is included on your account statement or to them against one or more performance the attention of the Designated Complaints benchmark(s) that is comparable to the Officer at 155 Wellington Street West, P.O. holdings of your portfolio for the reporting Box 150, Toronto, Ontario M5V 3K7. Verbal period. Benchmarks show the performance complaints will also be reviewed internally over time of a select group of securities. There to determine their merit and appropriate are many different types of benchmarks. When course of resolution. selecting a benchmark, care must be taken to choose a benchmark that reflects your • Within five business days, an investments. For example, while the S&P/TSX acknowledgement letter, including the RBC Composite Index may be a comparable DS Client Complaint Review and Resolution benchmark for assessing the performance of a Policy Overview and Investment Industry portfolio that consists of Canadian equities, it Regulatory Organization of Canada’s (IIROC) may not be as relevant for a portfolio or an brochure “An Investor’s Guide to Making a allocation of a portfolio that is diversified in Complaint” are sent to the complainant. other products, sectors or geographic areas. • The primary contact for the complainant will If you opened an Access or A+ Account, RBCDS be the Branch Manager. It will be the may provide benchmarks that are selected by responsibility of the National Compliance the applicable investment manager(s) in Department to investigate and formally account reporting. Otherwise, RBCDS does not respond in writing to the complainant. The generally provide benchmarks in account RBC DS Chief Compliance Officer is the reporting. Please contact your Investment Designated Complaints Officer who has Advisor if you have questions. ultimate responsibility for managing the client complaint process. Should the complainant have any concerns with the handling of their complaint during this

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Attachments

Members must also display the CIPF logo at their premises.

Are there limits on my coverage?

The limit is $1,000,000 CDN for any combination of cash and securities. Most Canadian Investor Protection Fund investors will have two accounts—a general account and a retirement account—that are What is the Canadian Investor Protection each eligible for $1,000,000 coverage. Fund? If an investor has several general accounts, CIPF was established by the investment such as cash, margin and $US, they are industry to ensure that client assets are combined into one account for coverage protected—within defined limits—if an purposes. Similarly, retirement accounts, such investment dealer that is a CIPF Member as your registered retirement savings plan becomes insolvent. Assets include cash, (RRSP), registered retirement income fund securities and certain other property such as (RRIF), life income fund (LIF) and locked-in retirement account (LIRA), are combined into segregated insurance funds. CIPF is not a one account for coverage purposes. government organization. Payments to clients are determined independently by CIPF, not by If you have other types of accounts, you’ll want the investment dealers. For more detail, please to review the information on our website as it visit our website at www.cipf.ca. will help you to determine which of your accounts would be combined. Who pays for this coverage and how do I get it? CIPF doesn’t cover losses from market fluctuations, or from the bankruptcy of an You, the investor, pay no fees for CIPF issuer of a security or deposit instrument held protection. Coverage is automatic when you in your account, no matter how drastic or open an account with an investment dealer unfortunate. that’s a member of the Investment Industry Regulatory Organization of Canada (IIROC). If the value of my account is more than $1 million, will I have a loss? Each investment dealer contributes to a substantial fund which CIPF maintains. CIPF The $1,000,000 limit applies to your shortfall, determines the size of the fund and the amount which in most cases will be substantially less that each investment dealer has to contribute. than the value of your account. For an example, please visit our website. Who are the CIPF members? All my assets are segregated. Do I still Approximately 200 investment dealers across need CIPF protection? Canada are Members of CIPF as a result of being a Dealer Member of IIROC. All Members Yes. Even if all your assets are segregated at a are listed on our website. All CIPF Members Member, you may be allocated a loss under must include either the words “Member– Part XII of the Bankruptcy and Insolvency Act of Canadian Investor Protection Fund” or the CIPF Canada, the legislation applicable to logo on your contracts and statements. investment dealer bankruptcy, which would

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then be eligible for up to $1,000,000 in CIPF An investor’s guide to making a complaint • Provide their final decision within 90 protection as outlined in our coverage policy. calendar days, along with: For a more detailed explanation, please refer to the FAQ section of our website. – A summary of your complaint;

What do I need to do if my investment – The results of their investigation; dealer becomes insolvent? – An explanation of their final decision, and Generally, investors don’t have to file individual claims as your monthly statement is – Options for seeking compensation considered your claim. Any additional The Investment Industry Regulatory Organization available to you, if you are not satisfied information you’ll need will be available on our of Canada (IIROC) regulates all investment with the firm’s response. website or you can contact CIPF directly. dealers in Canada. We set high quality regulatory and investment industry standards to protect If a firm cannot provide a response within 90 In most cases, your account will be moved to investors and strengthen market integrity. days, you must be informed of the delay, the another investment dealer where you can access reason for the delay and the expected new it. Alternatively, CIPF may deliver the contents or IIROC sets and enforces rules regarding: response time. value of your account to you. To the extent there • the business and financial conduct of dealer is an eligible loss, each claim is considered Making your complaint to IIROC firms and their registered employees; and according to the coverage policy adopted. You don’t need to wait until the firm • trading activity on all of Canada’s equity It’s important to remember that you’re only responds to your complaint before filing marketplaces. covered if your losses result from the your complaint with IIROC. You can do so simultaneously or at any time. insolvency of a CIPF Member. To view the We also set proficiency standards. IIROC can coverage policy, please visit our website. bring disciplinary proceedings which may IIROC encourages clients to inform us of your result in penalties including fines, suspensions With the Canadian Investor Protection complaints. It’s important so we can take and permanent bans or terminations for Fund, you’re protected if your investment regulatory action where rule infractions have individuals and firms. dealer becomes insolvent occurred. This brochure provides information on: Check the Member Directory on CIPF’s website We can take disciplinary action to address undesirable behaviour by individuals or firms. to confirm you are dealing with a Member of • How to Make a Complaint to an IIROC- the Canadian Investor Protection Fund. Actions range from issuing a warning to regulated firm; launching an investigation and bringing a formal proceeding and hearing. For more information on CIPF, • How to Make a Complaint to IIROC; and please visit www.cipf.ca or call toll-free at 1 866 243 6981 • Compensationoptionsforinvestors. There are two ways to file a complaint or 416 866 8366 or e-mail: [email protected]. with IIROC. This information and more is also available at Canadian Investor Protection Fund www.iiroc.ca. 1. Call our Info/Complaint Line, 100 King Street West, Suite 2610, Box 481 1-877-442-4322, for inquiries or to Toronto, Ontario, Canada M5X 1E5 have a Customer Complaint Form Don’t delay mailed to you When making a complaint to IIROC or a 2. Complete a Customer Online firm, do so as quickly as possible after Complaint Form at www.iiroc.ca the event.

Generally, IIROC will notify you to acknowledge Making your complaint to the firm receipt of your complaint and will update you after an initial assessment or when a decision IIROC-regulated firms must comply with has been made whether to proceed with an IIROC standards for handling client investigation of a complaint involving a dealer complaints. or its registered staff. (In some cases, the entire For service complaints, IIROC rules require investigation process must remain confidential firms to respond in writing to all written until it becomes a matter of public record.) complaints. You may be contacted by an IIROC staff For complaints that involve possible rule member to provide additional information. If infractions regarding a client’s account, IIROC we do not pursue an investigation we may rules require firms to: suggest, where possible, other ways of resolving the issue and will keep the • Acknowledge your complaint within 5 information on file for reference. business days

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Have your details ready the case presented by each party, and arrives Once the applicable limitation period expires, at a binding decision. you may lose rights to pursue some claims. IIROC can help you best if we receive accurate and complete information, including: Parties are permitted to retain legal counsel. Keep a file • Your name and contact information; The arbitrators for this program are empowered to award up to $500,000, plus interest and As with all financial matters, it’s important • The name and contact information of any legal costs. to keep a file. Retain documents such as individual or firm mentioned in your account application forms, agreements complaint; At the outset in a proceeding, an investor has and statements. Document the steps you the option to leave the discretion on awarding take to resolve your complaint. Keep • Specific details of how, why and when you legal costs to the arbitrator or to choose to copies of letters, faxes, emails and notes encountered problems; and have the two parties pay their own legal costs of conversations. and not be liable to a ruling that they would • All the relevant documentation, including have to cover some or all of the other party’s any notes of meetings and/or discussions. Manitoba, New Brunswick and legal costs. It is still possible for the arbitrator Saskatchewan: to overrule that option and retain the right to Investor options for seeking compensation award costs if he or she determines that one Securities regulatory authorities in these party has acted in bad faith or in an unfair, You can: provinces have the power to, in appropriate vexatious or improper manner, or has cases, order that a person or company that has unnecessarily prolonged proceedings. • Consider the free mediation service contravened securities laws in their provinces offered by the Autorité des marchés pay compensation to a claimant. The claimant is Arbitration fees (administrative fees, financiers (AMF) for Québec residents then able to enforce such an order as if it were a disbursements of the arbitration organization judgement of the superior court in that province. and the arbitrator’s fees) are divided equally • Go to Arbitration between the parties unless the arbitrator Manitoba Securities Commission: • Take your case to the Ombudsman for chooses to reallocate those amounts. www.msc.gov.mb.ca Banking Services and Investments (OBSI) Please contact: New Brunswick Securities Commission: • Pursue legal action ADR Chambers 1-800-856-5154 www.nbsc-cvmnb.ca www.adrchambers.com AMF Mediation Service Saskatchewan Financial Services Arbitration for clients resident in Québec Commission: www.sfsc.gov.sk.ca Québec residents may also consider free Please contact: mediation services offered by the Autorité des Canadian Commercial Arbitration Centre marchés financiers (AMF), Québec’s financial 1-877-909-3794 www.iiroc.ca sector regulator. After having dealt with your www.ccac-adr.org Tel. 1.877.442.4322 firm, you can ask that a copy of your complaint file be transferred to the AMF, who may offer a Ombudsman for Banking Services and free mediation service. Participation is Investments (OBSI) Investment Industry Regulatory voluntary and requires the consent of both the Organization of Canada firm and client. OBSI is a free, independent service for resolving investment disputes impartially. You have up to Organisme canadien de réglementation du For more information on mediation 180 days after receiving your firm’s response to commerce des valeurs mobilières services: 1-877-525-0337 submit your complaint to OBSI. OBSI can recommend compensation of up to $350,000. Montréal www.lautorite.qc.ca renseignements 5 Place Ville Marie, Suite 1550 Montréal, [email protected] 1-888-451-4519 [email protected] Quebec H3B 2G2 www.obsi.ca It’s up to you … Toronto If you decide not to accept OBSI’s IIROC rules require firms to participate in recommendation, you can still seek redress Suite 2000, 121 King Street West Toronto, arbitration or OBSI when the client through the IIROC arbitration program or Ontario M5H 3T9 chooses either of those options. the courts. Calgary Legal Action Arbitration Suite 800, Bow Valley Square 3 Calgary, You also have the option of going to court. Alberta T2P 3G6 IIROC has designated two independent arbitration organizations for resolution of Statute of Limitations Vancouver disputes between Dealer Members and clients. You should be aware that there are legal time Suite 2800, Royal Centre Arbitrations are conducted by a sole arbitrator. limits for taking legal action. A lawyer can 1055 West Georgia Street, P.O. Box 11164 The arbitrator guides the proceedings, reviews advise you of your options and recourses. Vancouver, British Columbia V6E 3R5

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Aequitas Disclosure

On November 17, 2014 the Ontario Securities Commission (“OSC”) published its recognition order in which it recognized each of Aequitas Innovations Inc. (“Aequitas”) and Aequitas Neo Exchange Inc. (“Aequitas Neo Exchange”) as a stock exchange in Ontario. The recognition order became effective on March 1, 2015.

The Royal Bank of Canada (“RBC”) through its wholly owned subsidiary RBC Dominion Securities Inc. (“RBCDS”), along with various “buy-side” organizations and other market participants, is a founding shareholder in Aequitas, the parent company of Aequitas Neo Exchange. As a founding shareholder of Aequitas, a private company, RBCDS will have representation on the Aequitas Board of Directors.

As a member (participant) of Aequitas Neo Exchange RBCDS may, consistent with “best execution” and applicable regulatory requirements, route your orders to the Aequitas Neo Exchange in the normal course. As a Canadian registered investment dealer, RBCDS is bound by both internal and regulatory requirements respecting the handling of client orders in a manner that provides each client order with the most advantageous executions terms available. With this in mind, RBCDS will, consistent with its best execution obligation, consider as part of its order routing protocol, execution opportunities on the Aequitas Neo Exchange.

RBCDS will also act as a designated market maker on Aequitas Neo Exchange. In that role, RBCDS will make a commitment to maintain a two-sided market for specific securities, as assigned by Aequitas Neo Exchange. At launch, these market making commitments will be limited primarily to various Exchange Traded Funds, preferred shares and various public companies. While these obligations are new with respect to Aequitas Neo Exchange, our role as a market maker in Canada is not – RBCDS already holds various market making assignments on many Toronto Stock Exchange listed securities.

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RBC Dominion Securities Inc.* and Royal Bank of Canada are separate corporate entities which are affiliated. *Member-Canadian Investor Protection Fund. RBC Dominion Securities Inc. is a member company of RBC Wealth Management, a business segment of Royal Bank of Canada. ®Registered trademarks of Royal Bank of Canada. Used under licence. ©2016 RBC Dominion Securities Inc. All rights reserved. 94042 (03/2016)