By accessing and using this web site (the "Site"), you accept and agree to be bound by and comply with these terms (the "Terms"). If you do not accept the Terms, do not use the Site or any pages thereof.

The Site is operated by RBC Dominion Securities Inc. The Site includes links to web sites operated by its affiliates, and to other web sites that it operates. The services offered through these RBC Financial Group web sites are offered by RBC Dominion Securities Inc. or its affiliates, as specifically disclosed on the relevant site.

GENERAL
All products and services of RBC Dominion Securities Inc. are subject to the terms and conditions of the applicable agreements governing their use. The Terms are to be read by you together with any terms, conditions or disclaimers provided in the pages of the Site. In the event of any conflict, the Terms provided in the pages of the Site will govern. The information, material and content provided in the pages of the Site (the "Information") may be changed at any time without notice. Changes may be made to the Terms at any time without notice by updating this posting. You agree to review the Terms regularly and your continued access or use of the Site will mean that you agree to any changes.

LEGAL DISCLOSURE RELATING TO STRUCTURED NOTES
The material on this website is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy notes. An investment in principal protected or non principal protected notes may not be suitable for all investors. Investors should read the applicable information statement or prospectus documents (including prospectus supplements and pricing supplement) for an issue of notes carefully before investing and should discuss the suitability of an investment in the Notes with their investment advisor before making an investment decision. The offering and sale of notes may be prohibited or restricted by laws in certain jurisdictions. Notes may only be purchased where they may be lawfully offered for sale and only through individuals qualified to sell them in such jurisdictions. The information statement or prospectus documents for a particular series of notes is available on the summary page for the applicable series of notes.

Unless a principal protected note expressly provides for a minimum guaranteed return, any payment beyond the principal amount invested depends on the performance of the underlying assets and it is possible that no return will be paid. The full principal amount invested is guaranteed to be repaid only for principal protected notes that are held to maturity. Non principal protected notes are not principal protected and repayment of the principal amount invested is not guaranteed at any time. Holders of non principal protected notes may not receive any amount upon maturity of the notes and could lose all of their investment.  Principal protected and non principal protected notes may also be subject to caps, participation rates and other factors that affect the return.

RBC Dominion Securities Inc. intends to maintain a secondary market for the notes, but reserves the right, in its sole discretion, not to do so in the future, without providing notice to noteholders.

DISCLAIMER
This material has been compiled by RBC Capital Markets (a business brand name under which Royal Bank of Canada (RBC) and its subsidiaries trade) from sources believed to be reliable, but no representation or warranty, express or implied, is made by Royal Bank of Canada, RBC Capital Markets, its affiliates or any other person as to its accuracy, completeness or correctness. Nothing in this material constitutes legal, accounting or tax advice or individually tailored investment advice. This material is prepared for general circulation to clients and prospective clients and has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Neither the information provided nor any opinion expressed constitute an offer to sell or a solicitation of an offer to buy any securities or to take any deposits or provide any financing. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Every province in Canada, every state in the U.S., and most countries throughout the world have their own laws regulating the types of securities and other investment products which may be offered to their residents, as well as the process for doing so. As a result, the products and services discussed in this material may not be eligible for sale or otherwise in some jurisdictions. This material is not, and under no circumstances should be construed as, a solicitation to act as securities broker or dealer or otherwise in any jurisdiction by any person or company that is not legally permitted to carry on the business of a securities broker or dealer or otherwise in that jurisdiction. To the full extent permitted by law neither RBC, RBC Capital Markets nor any of its affiliates, nor any other person, accepts any liability whatsoever for any direct or consequential loss arising from any use of this material or the information contained herein. No matter contained in this document may be reproduced or copied by any means without the prior consent of RBC Capital Markets.

LOCAL LAWS; EXPORT CONTROL
It is important to note that not all of the products, services and Information are available in all provinces or in jurisdictions outside Canada. The Information does not constitute an offer or solicitation to buy or sell any security, currency, investment fund or other product, service or information to anyone in any jurisdiction in which an offer or solicitation is not authorized or cannot legally be made or to any person to whom it is unlawful to make an offer or solicitation. For information specific to any specific provincial jurisdiction, please contact your sales representative. The terms and conditions applicable to any product, service or information will be those determined at the time of provision of the product, service or information. Please be aware of the laws of your jurisdiction or that otherwise apply to you in relation to any of the matters described in these pages. If you choose to access the Site from outside of Canada, you do so on your own initiative and are responsible for compliance with applicable local, national or international laws. You may not use or export or re-export the Information or any copy or adaptation in violation of any applicable laws or regulations, including export laws and regulations of Canada in force from time to time. THE SERVICES OF RBC DOMINION SECURITIES INC. ARE NOT AVAILABLE TO U.S. RESIDENTS.

NOT OFFERING ANY ADVICE
The Information is for informational purposes only and is not intended to provide specific financial, investment, tax, legal or accounting advice for you, and should not be relied upon in that regard. You should not act or rely on the Information without seeking the advice of a professional.

NO WARRANTIES
RBC, RBC Dominion Securities Inc. and its affiliates, officers, directors, employees or agents ("RBC Capital Markets") provide the Site and the Information on an "as is, where is" basis and do not make any express or implied warranties, representations, endorsements or conditions with respect to the Site or the Information, including without limitation, warranties as to merchantability, operation, non-infringement, usefulness, completeness, accuracy, currentness, reliability and fitness for a particular purpose. Further, RBC Capital Markets does not represent or warrant that the Site will be available and meet your requirements, that access will be uninterrupted, that there will be no delays, failures, errors or omissions or loss of transmitted information, that no viruses or other contaminating or destructive properties will be transmitted or that no damage will occur to your computer system. You have sole responsibility for adequate protection and backup of data and/or equipment and to take reasonable and appropriate precautions to scan for computer viruses or other destructive properties.

INTERNET E-MAIL
Any unprotected E-Mail communication over the Internet is, as with communication via any other medium (e.g. cellular phones, post office mail), not confidential, subject to possible interception or loss, and is also subject to possible alteration. RBC Capital Markets is not responsible for and will not be liable to you or any one else for any damages in connection with an E-Mail sent by you to RBC Capital Markets or an E-Mail sent by RBC Capital Markets to you at your request.

NO ENDORSEMENTS
No endorsement or approval of any third parties or their advice, opinions, information, products or services is expressed or implied by any Information.

NO LIABILITY
RBC Capital Markets is not responsible for and will not be liable to you or anyone else for any damages whatsoever (including direct, indirect, incidental, special, consequential, exemplary or punitive damages) arising out of or in connection with your use of or inability to use the Site or the Information, or any action or decision made by you in reliance on the Site or the Information, or any unauthorized use or reproduction of the Site or the Information, even if RBC Capital Markets has been advised of the possibility of these damages.

LINKS/SOFTWARE
Links from or to web sites outside the Site are meant for convenience only. RBC Capital Markets does not review, endorse, approve or control, and is not responsible for any sites linked from or to the Site, the content of those sites, the third parties named therein, or their products and services. Linking to any other site is at your sole risk and RBC Capital Markets will not be responsible or liable for any damages in connection with such linking. Links to downloadable software sites are for convenience only and RBC Capital Markets is not responsible or liable for any difficulties or consequences associated with downloading the software. Use of any downloaded software is governed by the terms of the license agreement, if any, which accompanies or is provided with the software.

JURISDICTION
The Site is administered by RBC Dominion Securities Inc. from its offices in Canada. The Site will be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein, without giving effect to any principles of conflicts of laws. All disputes, controversies or claims arising out of or in connection with the Site shall be submitted to and be subject to the jurisdiction of the courts of the Province of Ontario. You submit and attorn to the exclusive jurisdiction of the courts of the Province of Ontario to finally adjudicate or determine any suit, action or proceeding arising out of or in connection with the Site.