RBC CI Multi-Callable Deposit Notes Series 1 Available from November 14 to December 23, 2005 For Advisors Only RBC CI Multi-Callable Deposit Notes Series 1 Available from November 14 to December 23, 2005 For Advisors Only

 A New Channel & A New Partner  A New Structure for CI Deposit Notes Agenda

 Full upside if held to maturity or 7.0%* minimum return if called during one of four Call Periods  Linked to portfolio of four top CI funds managed by Signature Advisors  100% Principal-protected notes if held to maturity of 6.5-year term  Tax-effective structure with potential capital gains treatment  4.0% up-front commission, with 3-year declining early trading charge  Eligible for all registered plans RBC CI Multi-Callable Deposit Notes, Series 1 Highlights *Simple annual rate of return

$76 Strip Bond $76 Strip Bond $20 Option Package $20 Option Package $100 Strip Bond $100 Strip Bond $50 Return on Asset $50 Return on Asset Today $100 Maturity $150 For illustration only. Assumes that the Notes are not called and return at maturity = 50% $4 Selling Commission $4 Selling Commission RBC CI Multi-Callable Deposit Notes, Series 1 Structure

RBC has the one-time right to call the Notes on the following schedule: Call Period Call Level July 4, 2006 – January 4, October 4, 2007 – April 4, October 4, 2008 – April 4, October 4, 2009 – April 4, Equivalent to a 7.0% simple minimum annual return. A closer look at the structure

For illustrative purposes only. Scenario 1: The Notes are Called

For illustrative purposes only. Scenario 2: The Principal is Returned at Maturity

For illustrative purposes only. Scenario 3: The Notes Offer Full Upside at Maturity

Portfolio of funds No rebalancing means investors get the full benefit of each fund’s growth.

Signature’s Full Capital Structure Analysis

For illustrative purposes only. For 6.5-year periods starting December 31, 1996 to September 30, Past performance of the Fund Portfolio is not an indication of its future performance. This information is not intended to be, nor should it be construed to be, an indication as to future returns or volatility of the Fund Portfolio or to the potential return, if any on the Notes. The historical performance of a blended index of 75% Scotia Capital Universe All Corporate Bond Index and 25% Merrill Lynch Global High Yield Canadian Issuers Index was used as a proxy for the Signature Corporate Bond Fund from January 1998 through December The historical performance of the Scotia Capital Universe All Corporate Bond Index was used as a proxy for the fund from January through December The S&P/TSX Total Return Index was used as a proxy for the Signature Select Canadian Fund from January 1997 through May Strong Historical Performance 71% of the Fund Portfolio returns are between 8% & 10%. 8% & 10%.

Portfolio has outperformed the S&P/TSX since December Past performance of the Fund Portfolio is not an indication of its future performance. This information is not intended to be, nor should it be construed to be, an indication as to future returns or volatility of the Fund Portfolio or to the potential return, if any on the Notes.

... with less volatility Past performance of the Fund Portfolio is not an indication of its future performance. This information is not intended to be, nor should it be construed to be, an indication as to future returns or volatility of the Fund Portfolio or to the potential return, if any on the Notes.

Portfolio has continued to perform during interest rate shifts Past performance of the Fund Portfolio is not an indication of its future performance. This information is not intended to be, nor should it be construed to be, an indication as to future returns or volatility of the Fund Portfolio or to the potential return, if any on the Notes.

Additional features*  Liquidity  Secondary market provided by RBC Dominion Securities  Notes can be sold from the issuance date  Early Trading Charge:  Starts at 4.50%  Declines quarterly to 0.00% at the third anniversary  Advisor Compensation  4.00% commission paid up-front *See Information Statement for complete details.

 Registered account accessibility:  100% qualified for RRSPs, RRIFs, RESPs, DPSPs  If bought through FundSERV, in-name registered accounts (generally less than 5% of sales) must be self-directed  2.95% Note MER – same as previous Callable Notes despite:  interest rate differential  higher market volatility Additional features (con’t)

RBC CI Multi-Callable Notes are ideal for investors looking for alternatives to low- paying GICs or volatile income trust structures. Conservative investors:  Currently holding high levels of cash  Hurt in the past and hesitant to re-enter the equity markets  Medium to long term, risk-sensitive investors Fixed Income Investors:  Buyers of traditional fixed rate GICs  Hurt by low interest rates (risk of not reaching your investment objectives)  Sensitive to taxation Potential Buyers

All FundSERV orders settle T % interest, in the form of additional Notes will be paid on FundSERV proceeds received in advance of the issuance of the Notes. Settlement of orders Only Deposit Note on the market to offer this feature!

Full return of capital if held to maturity or if called Full participation in the underlying Fund Portfolio of CI mutual funds at maturity if not called Attractive 7.0% simple minimum annual return if called 2.95% MER Secondary market liquidity - provided by RBC Dominion Securities Favorable tax treatment if sold prior to maturity RBC CI Multi-Callable Deposit Notes, Series 1 Summary

Term : 6.5 years (matures on July 9, 2012) Issue Price : $100 per note Minimum Initial Purchase : $1,000 Call Period Call Level July 4, 2006 – January 4, October 4, 2007 – April 4, October 4, 2008 – April 4, October 4, 2009 – April 4, FundSERV Code: RBC 500 Summary (con’t)

 Financial Advisors:  Greensheet  Powerpoint  Advisor Flyer & additional marketing materials  Frequently Asked Questions document  Conference calls, playbacks and CI Hotline  Investors:  Client flyer  Information statement Advisor Sales Support

Details regarding the calculation and payment of interest, repayment of principal and certain risk factors are contained in the Information Statement dated November 14, 2005 relating to RBC CI Multi-Callable Deposit Notes, Series 1, which is available from your CI Investments wholesaler or at the “What’s New” section at The indicated rates of return of the funds are the historical annual compounded total returns, including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. CI Investments, Signature Advisors and CI Investments design are trademarks of CI Investments Inc. The Notes are not insured deposits under the Canada Deposit Insurance Corporation Act (Canada). This is intended for information purposes only and is not, and under no circumstances is to be construed as, an offering of the Notes described herein, or as investment advice. This presentation is intended to be read in conjunction with the Information Statement. The Notes described in the Information Statement are being offered in Canada only to those jurisdictions and to those persons where and to whom they may lawfully be offered for sale, and therein only by persons permitted to sell such Notes. No securities commission or similar authority in Canada has reviewed or in any way passed upon this presentation or the Information Statement or the merits of the Notes described herein or therein, and any representation to the contrary is an offence.