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, and they are billed in the same currency in which the security trades.

2) Quarterly trading activity and asset levels of clients will be reviewed on a monthly basis, and pricing will go into effect on the 22nd of every month. Clients must requalify on a monthly basis for the pricing to stay in effect. Clients will qualify based on one of the following:

• 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.
• Client asset levels at the end of the previous month (e.g. asset levels at November 30, with the pricing structure going into effect on December 22nd).

3) Household asset accounts are defined as RBC Direct Investing accounts for clients living in the same household, with the same address. You must advise RBC Direct Investing of multiple account relationships in order for these rates to be effective.

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

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

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

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 Royal Circle program. The client’s month-end balances for four consecutive months must be at least $250,000, or the client’s annual stock commissions must be greater than $5,000.

11) Clients with an RBC Student Banking package in the last five years must also have a current personal deposit account with RBC. In the case of joint account holders of 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) Includes certificates for estates, guardianship, corporate name change, general power of attorney, transfer, trust agreement, bankruptcy and committee.

14) Any out-of-pocket expenses (e.g. courier charges) will be charged in addition to the fee specified.

15) Service is offered on an exception-only basis.

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 assets are transferred within RBC.