1) All commissions are charged in the currency in which the security trades. Trade orders entered will be charged the applicable commission rate on a per order basis. Partially filled orders: Partial fills executed on more than one day will be charged applicable commissions for each day. Note: Commissions are in addition to fees charged by the local securities commission as applicable.

2) Quarterly trading activity of clients will be reviewed on a monthly basis, and pricing will go into effect on the 22nd of every month. Clients will qualify based on the eligible trading activity from the previous three calendar months (e.g. total trades count from September 1 to November 30, with the pricing structure going into effect on December 22). A trade is defined as a stock, exchange-traded fund or option order for which a commission has been charged.

3) “Stocks” or “stock” as used in this Commissions and Fees Schedule includes any type of security traded on an exchange or in another marketplace.

4) Mutual fund companies may assess additional fees — for example, deferred sales charges on back-end load funds, early redemption fees, setup fees and fees for insufficient funds on pre-authorized purchases.

5) Switch orders are only permitted within the same family of funds and load types.

6) All commissions are charged in the currency in which the security trades. Commission for listed debentures is charged according to the Stocks Commission Schedule.

7) For clients with multiple positive balance accounts with RBC Direct Investing, the maintenance fee will be pro-rated such that the total maintenance fee on all accounts will add up to $25/quarter. For example, clients with two accounts will pay $12.50 per quarter per account, and clients with three accounts will pay $8.33 per quarter per account and so on. Clients can open a maximum of 10 accounts for a combined maintenance fee of $25/quarter. Additional maintenance fees will apply if a client opens more than 10 accounts. This fee will be assessed on client information as at the end of each quarter (March 31, June 30, September 30, December 31) and will be charged in April, July, October and January of every year.

8) Clients with a Pre-Authorized Contribution (PAC) must have a net contribution of $300 or more for the quarter to qualify for the maintenance fee waiver.

9) A commission-paid trade is defined as a stock, exchange-traded fund or options order for which a commission has been charged.

10) There are two ways to qualify for the RBC Direct Investing Royal Circle program. The average of the month-end balances from the past four months must be at least $250,000 per client, or a client’s equity commissions must be greater than $5,000 annually. Membership in Royal Circle is reviewed annually to ensure the qualification criteria are met. RBC Direct Investing reserves the right to alter the benefits at anytime and to remove clients who no longer qualify for the program, without prior notification.

11) Clients who had an RBC Student Banking package within the last five years that is no longer active must also have a current personal deposit account with RBC to be eligible for the fee waiver. In the case of joint accounts with RBC Student Banking packages, the fee waiver will be allowed for the younger of the joint account holders only.

12) Fees will be charged in the currency of the transaction.

13) Any out-of-pocket expenses (e.g. courier charges) incurred by RBC Direct Investing will be charged in addition to the fee specified.

14) Clients may hold restricted/ private shares on an exception-only basis and only as permitted by RBC Direct Investing, in its sole discretion.

15) Includes certificates for estates, guardianship, corporate name change, general power of attorney, transfer, trust agreement, bankruptcy and committee.

16) Debit interest on exercise cost accrues from the day the funds are sent to the company to the day the shares are received. Regular commission fees on the sale of shares will apply, plus any applicable out-of-pocket expenses charged by the company or its transfer agent.

17) The estate account processing fee is waived if it is a Joint with Rights of Survivorship (JWROS) account.