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E-FORM 02742QUE (10/2019)

RBC Direct Investing Inc. and Royal Bank of Canada are separate corporate entities which are affiliated. RBC Direct Investing Inc. is a wholly owned subsidiary of Royal Bank of Canada and is a Member of

the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund. Royal Bank of Canada and certain of its issuers are related to RBC Direct Investing Inc. RBC Direct

Investing Inc. does not provide investment advice or recommendations regarding the purchase or sale of any securities. Investors are responsible for their own investment decisions. RBC Direct Investing

is a business name used by RBC Direct Investing Inc. ® / ™ Trademark(s) of Royal Bank of Canada. RBC and Royal Bank are registered trademarks of Royal Bank of Canada. Used under licence. © Royal Bank

RBC Direct Investing Inc.

DISCLOSURE STATEMENT

FOR RECOGNIZED MARKET OPTIONS

QUÉBEC

This brief statement does not disclose all of the risks and other significant aspects of trading in futures and options. In light of the risks, you should undertake such transactions only if you understand the

nature of the contacts (and contractual relationships) into which you are entering and the extent of your exposure to risk. Trading in futures and options is not suitable for many members of the public.

You should carefully consider whether trading is appropriate for you in light of your experience, objectives, financial resources and other relevant circumstances.

Introduction

This Disclosure Statement sets forth general information relevant to the purchase and sale of Put and

Call Options traded on a recognized market and cleared through a clearing corporation. Information

concerning the underlying interests on which Options are traded the terms and conditions of these

Options, the recognized markets on which they trade and the applicable clearing corporations may

be obtained from your broker.

This Disclosure Statement refers only to Options and clearing corporations which have been

recognized or qualified for purposes of this Disclosure Statement by provincial securities

administrators where required. The Options discussed herein trade on markets which, for the

purposes of this Disclosure Statement only, are referred to as “recognized markets”.

Nature of an Option

An Option is a contract entered into on a recognized market between a seller (sometimes known as a

writer) and a purchaser where all terms and conditions of the contract (called the "specifications"),

other than the consideration (called the "premium") for the Option, are standardized and

predetermined by the recognized market. The premium, paid by the purchaser to the seller, is

determined in the market on the basis of supply and demand, reflecting such factors as the duration

of the Option, the difference between the exercise price of the Option and the market price of the

underlying interest, the price volatility and other characteristics of the underlying interest.

There are two types of Options: Calls and Puts. A Call gives the purchaser a right to buy and Put the

right to sell, a specific underlying interest at a stated exercise price and within a specified period of

time or on a specific date. An Option subjects the seller to an obligation to honour the right granted

to the purchaser if exercised by the purchaser. Underlying interests can be shares of a specific

corporation, bonds, notes, bills, certificates of deposit, commodities, foreign currency, the cash value

of an interest in a stock index or any other interest provided for in the specifications.

An Option transaction is entered into on a recognized market by a purchaser and a seller

represented by their respective brokers. When the transaction is concluded it is cleared by a clearing

corporation affiliated with the recognized market on which the Option is traded. When an Option

transaction is cleared by the clearing corporation it is divided into two contracts with the clearing

corporation becoming the seller to the purchaser in the transaction and the purchaser to the seller.

Thus, on every outstanding Option, the purchaser may exercise the Option against the clearing

corporation and the seller may be called upon to perform his/her obligation through exercise of the

Option by the clearing corporation.

Options may also be classified according to delivery requirements: actual delivery and cash delivery.

An actual delivery Option requires the physical delivery of the underlying interest if the Option is

exercised. A cash delivery Option requires a cash payment of the difference between the aggregate

exercise price and the value of the underlying interest at a specified time prior or subsequent to the

time the Option is exercised.

Options are issued in series designated by an expiration month, an exercise price an underlying

interest and a unit of trading. At the time trading is introduced in Options with a new expiration

month, the recognized market on which the Option is traded establishes exercise prices that reflect

the current spot prices of the underlying below and above the current spot price. When the spot

price of the underlying interest moves, additional Options may be added with different exercise

prices. Options having the same underlying interest and expiration month, but having different

exercise prices, may trade at the same time.

Specifications of Options

Specifications of Options are fixed by the recognized market on which they are traded. These

specifications may include such items as trading units, exercise prices, expiration dates, last day of

trading, and the time for determining settlement values. An Option may be bought or sold only on

the recognized market on which the Option is traded. The recognized market and the clearing

corporation may each impose restrictions on certain types of transactions, and under certain

circumstances may modify the specifications of outstanding Options. In addition, a recognized

market or a clearing corporation may limit the number of Options which may be held by an investor,

and may limit the exercise of Options under prescribed circumstances.

Exercising Options

An Option may have either an American style exercise or European style exercise irrespective of

where the recognized market is located. An American style Option can be exercised by the purchaser

at any time before the expiration. To do this, the purchaser notifies the broker through whom the

Option was purchased. A purchaser should ascertain in advance from his broker the latest date on

which he/she may give such notice to his broker. A european style Option may only be exercised by

the purchaser on a specified date. Upon receiving an exercise notice from the purchaser's broker, the

clearing corporation assigns it to a member which may re-assign it to a client on a random or other

predetermined selection basis.

Upon assignment, the seller must make delivery of (in the case of a Call) or take delivery of and pay

for (in the case of a Put) the underlying interest. In the case of a cash delivery Option, the seller

must, in lieu of delivery, pay the positive difference between the aggregate exercise price and the

settlement value of the underling interest (in the case of both a Call and a Put). A purchaser of an

Option which expires loses the premium paid for the Option and his transaction costs. The seller of

an Option which expires will have as his/her gain the premium received for the Option less his/her

transaction costs.

Trading of Options

Each recognized market permits secondary market trading of its Options. This enables purchasers

and sellers of Options to close out their positions by offsetting sales and purchases. By selling an

Option with the same terms as the one purchased, or buying an Option with the same terms as the

one sold, an investor can liquidate his/her position (called an "offsetting transaction"). Offsetting

transactions must be made prior to expiration of an Option or by a specified date prior to

expiration. Offsetting transactions must be effected through the broker through whom the Option

was initially sold or purchased.

Price movements in the underlying interest of an Option will generally be reflected to some extent

in the secondary market value of the Option and the purchaser who wishes to realize a profit, will

have to sell or exercise his/her Option during the life of the Option or on the specified date for

exercise, as the case may be.

Costs of Options trading

Margin Requirements

Prior to trading Options, a seller must deposit with his/her broker cash or securities as collateral

(called "Margin") for the obligation to buy (in the case of a Put) or sell (in the case of a Call) the

underlying interest if the Option should be exercised. Minimum margin rates are set by the

recognized market on which the Option trades. Higher rates of margin may be required by the

seller's broker.

Margin requirements of various recognized markets may differ. In addition, they are subject to

change at any time and such changes may apply retroactively to Option positions previously

established.

Commission Charges

Commissions are charged by brokers on the purchase or sale of Options as well as on the exercise

of Options and the delivery of underlying interest.

Risks in Options Trading

Options can be employed to serve a number of investment strategies including those concerning

investments in or related underlying interests. SOME STRATEGIES FOR BUYING AND SELLING

OPTIONS INVOLVE GREATER RISK THAN OTHERS. The following is a brief summary of some of the

risks connected with trading in Options.

(i) Because an Option has a limited life, the purchaser runs the risk of losing his/her entire

investment in a relatively short period of time. If the price of the underlying interest does not

rise above (in the case of a Call) or fall below (in the case of a Put) the exercise price of the

Option plus premium and transaction costs during the life of the Option, or by the specified

date for exercise, as the case may be, the Option may be of little or no value and if allowed to

expire will be worthless.

(ii) The seller of a Call who does not own the underlying interest is subject to a risk of loss

should the price of the underlying interest increase. If the Call is exercised and the seller is

required to purchase the underlying interest at a market price above the exercise price in order

to make delivery, he/she will suffer a loss.

(iii) The seller of a Put who does not have a corresponding short position (that is anobligation

to deliver what he/she does not own) in the underlying interest will suffer a loss if the price of

the underling interest decreases below the exercise price, plus transaction costs minus the

premium received. Under such circumstances, the seller of the Put will be required to purchase

the underlying interest at a price above the market price, with the results that any immediate

sale will give rise to a loss.

(iv) The seller of a Call who owns the underlying interest is subject to the full risk of his/her

investment position should the market price of the underlying interest decline during the life

of the Call, or by the specified date for exercise, as the case may be but will not share in any

gain above the exercise price.

(v) The seller of a Put who has a corresponding short position in the underlying interest is

subject to the full risk of his/her investment position should the market price of the underlying

interest rise during the life of the Put, or by the specified date for exercise, as the case my be,

but will not share in any gain resulting from a decrease in price below the exercise price.

(vi) Transactions for certain Options may be carried out in foreign currency. Accordingly,

purchasers and sellers of these Options using Canadian dollars will be exposed to risks from

fluctuations in the foreign exchange market as well as to risks from fluctuations in the price of

the underlying interest.

READ AND KEEP FOR YOUR RECORDS

ORIGINAL SIGNATURE REQUIRED

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E-FORM 02742QUE (10/2019)

RBC Direct Investing Inc.

DISCLOSURE STATEMENT

FOR RECOGNIZED MARKET OPTIONS

QUÉBEC

(vii) There can be no assurance that a liquid market will exist for a particular Option to permit an

offsetting transaction. For example, there may be insufficient trading interest in the particular

Option; or trading halts, suspensions or other restrictions may be imposed on the Option or the

underlying interest; or some event may interrupt normal market operations; or a recognized

market could for regulatory or other reasons decide or be compelled to discontinue or restrict

trading in the Option. In such circumstances the purchaser of the Option would only have the

alternative of exercising his/her Option in order to realize any profit, and the seller would be

unable to terminate his/her obligation until the Option expired or until he/she performed his/

her obligation upon being assigned an exercise notice.

(viii) The seller of an American style Option has no control over when he/she might be assigned

an exercise notice. He/She should assume that an exercise notice will be assigned to him/her in

circumstances where the seller may incur a loss.

(ix) In unforeseen circumstances there may be a shortage of underlying interests available for

delivery upon exercise of actual delivery Options, which could increase the cost of or make

impossible the acquisition of the underlying interests and cause the clearing corporation to

impose special exercise settlement procedures.

(x) In addition to the risks described above which apply generally to the buying and selling of

Options, there are timing risks unique to Options that are settled by the payment of cash. The

exercise of Options settled in cash results in a cash payment form the seller to the purchaser

based on the difference between the exercise price of the Option and the settlement value. The

settlement value is based on the value of the underlying interest at a specified time determined

by the rules of the recognized market. This specified time could vary with the Option. For

example, the specified time could be the time for establishing the closing value of the

underlying interest on the day of exercise or in the case of some Options based on a stock index

the time for establishing the value of the underlying interest which is based on the opening

prices of constituent stocks on the day following the last day of trading. Options for which the

settlement value is based on opening prices may not, unless the applicable recognized market

announces a rule change to the contrary, trade on that day. The settlement value for Options,

futures contracts and futures options may not be calculated in the same manner even though

each may be based on the same underlying interest. Where the settlement value of a cash

delivery Option is determined after the exercise period, the purchaser who exercises such

Option will suffer from any unfavourable change in the value of the underlying interest from

the time of his/her decision to exercise to the time settlement value is determined. With actual

delivery Options, this risk can be covered by a complementary transaction in the actual market

for the underlying interest.

The seller of a cash delivery Option is not informed that he/she has been assigned an

exercise notice until the business day following exercise, at the earliest, and the seller will

suffer from any unfavourable change in the value of the underlying interest from the time

of determination of the settlement value to the time he/she learns that he/she has been

assigned. Unlike the seller of an actual delivery Option, the seller of a cash delivery Option

cannot satisfy his/her assignment obligations by delivery of the lower valued underlying

interest, but must pay cash in an amount determined by the settlement value. The type of

risk discussed above makes complex option strategies involving cash delivery Options

substantially more risky than similar strategies involving actual delivery Options.

Tax Consequences

The income tax consequences of trading in Options are dependent upon the nature of the

business activities of the investor and the transaction in question. Investors are urged to

consult their own professional advisers to determine the consequences applicable to their

particular circumstances. RBC Direct Investing® does not provide tax advice.

Additional Information

Before buying or selling an Option an investor should be aware of and take into consideration

the following:

• His/her investment needs and objectives

• The risks he/she is prepared to take

• The specifications of Options he/she may wish to take

• Commission rates

• Margin requirements

• Any other matter of possible concern

Specifications for each Option are available on request from your broker and from the

recognized market on which the Option is traded. Should there be any difference in

interpretation between this document and the specifications for a given Option, the

specifications shall prevail.

READ AND KEEP FOR YOUR RECORDS

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E-FORM 02742QUE (10/2019)

RBC Direct Investing Inc.

OPTIONS TRADING AND MARGIN AGREEMENT

QUÉBEC

To: RBC Direct Investing Inc. (“RBC Direct Investing”)

In consideration of RBC Direct Investing opening or maintaining one or more accounts for the

customer executing this Agreement (the “Customer”). The Customer agrees to the following terms

and conditions for the operation of each Account.

1. APPLICABLE BY LAWS, CUSTOMS, ETC.

Each transaction executed for the Account will be subject to, and the customer will abide by

the prevailing by-laws, rules, regulations, policies and customs of the Regulatory Authorities.

2. SETTLEMENT, COMMISSIONS AND INTEREST.

Full and timely settlement will be made of each transaction. The Customer will pay to RBC

Direct Investing commissions and other transaction charges in respect of each transaction or

option exercised (including any transaction pursuant to section 8) and interest, calculated

daily and compounded monthly, on outstanding indebtedness. Such commissions and other

charges shall be at RBC Direct Investing's customary rates in the circumstances or as

negotiated from time to time. The interest rate shall be the interest rate designed from time

to time by RBC Direct Investing to its branches as being its effective rate for determining

interest on debit balances. The Customer waives notices of all changes in such rates.

3. OPERATION OF THE ACCOUNT.

(a) RBC Direct Investing will credit to the Account any interest, dividends or other monies

received in respect of Securities held in the Account and any monies (net of all charges)

received as proceeds from the sale or other disposition of Securities from the Account, and

will debit to the Account any amounts owing, including interest, by the Customer to RBC

Direct Investing pursuant to this Agreement. RBC Direct Investing will maintain a record of

receipts and deliveries of Securities and the Customer's resulting positions in the Account.

(b) For the purpose of this Agreement "indebtedness" at any time means the indebtedness of

the Customer to RBC Direct Investing represented by the debit balance, if any, of the Account

at the time.

4. PAYMENT OF INDEBTEDNESS.

The Customer will promptly pay indebtedness when due except to the extent covered by a

margin facility.

5. MARGIN.

RBC Direct Investing will open or maintain the Account and grant a margin facility to the

Customer provided that RBC Direct Investing may, without notice, at any time and from time

to time;

(a) reduce or cancel any margin facility made available to the Customer or refuse to grant any

additional margin facility to the Customer; or

(b) require the Customer to provide margin in addition to the margin requirement of the

Regulatory Authorities.

The Customer acknowledges that for certain option strategies producing a credit, the

Regulatory Authorities may require significant additional margin. The customer will provide

RBC Direct Investing with any margin which is requested by RBC Direct Investing and will

promptly pay any Indebtedness due as a result of any reduction or cancellation of any margin

facility.

6. PLEDGE OF SECURITIES.

As continuing collateral security for the payment of any Indebtedness, the customer hereby

pledges to RBC Direct Investing all of the Customer's Securities which may now or hereafter

be held by RBC Direct Investing, whether or not such Indebtedness relates to the Securities

pledged.

7. USE OF COLLATERAL BY RBC DIRECT INVESTING.

So long as any indebtedness remains unpaid, RBC Direct Investing is hereby authorized to the

extent permitted by law, without notice, to use at any time and from time to time the

Customer's Securities in the conduct of RBC Direct Investing's business, including the right to:

(a) combine any of the Customer's Securities with the property of RBC Direct Investing or

other customers or both;

(b) pledge any of the Customer's Securities which are held in RBC Direct Investing's possession

as security for its own indebtedness;

(d) use any of the Customer's Securities for making delivery against a sale, whether a short

sale or otherwise and whether such sale is for the Account or the account of any other RBC

Direct Investing's customers.

8. ELIMINATION OR REDUCTION OF INDEBTEDNESS BY RBC DIRECT INVESTING IF:

(a) the Customer fails to pay any Indebtedness when due;

(b) RBC Direct Investing deems the margin held by it to be insufficient for its protection;

Investing any required Securities or certificates in acceptable delivery form; or

(d) The Customer fails to comply with any other requirement contained in this

Agreement; then, in addition to any other right or remedy to which RBC Direct

Investing is entitled, RBC Direct Investing may at any time and from time to time without

notice or demand to the Customer;

(e) Apply monies held to the credit of the Customer in any other account with RBC Direct

Investing to eliminate or reduce Indebtedness;

(f) Sell, contract to sell or otherwise dispose of any or all of the Securities held by RBC Direct

Investing for the Customer and apply the net proceeds therefrom to eliminate or reduce

Indebtedness;

(g) Purchase or borrow any Securities necessary to cover short sales or any other sales made

on the Customer's behalf in respect of which delivery or certificates in an acceptable delivery

form has not been made; or

(h) Cancel any outstanding orders.

9. OPTION TRADING.

With respect to any trading for the Account in options:

(a) Rights of RBC Direct Investing – RBC Direct Investing may from time to time:

(i) reject any order placed by the Customer

(ii) act through its market maker or options attorney as principal on the other side of any

transaction executed for the Customer;

(iii) require any transaction to be on a cash-only basis, particularly during the last 10 days

prior to expiry of an option;

(iv) limit or restrict short positions of, or short sales by, the Customer;

(v) limit or restrict the timing by which options orders or exercise instructions must be

placed; or

(vi) disclose the Customer's trading and positions to any responsible exchange or

clearing corporation.

(b) Customer Obligations. The Customer will:

(i) whether acting alone or in concert with others, comply with the position and exercise

limits set by any relevant exchange or clearing corporation; and

(ii) give RBC Direct Investing timely instructions regarding the exercise or disposition of

any position.

or repealed by any relevant exchange or clearing corporation which will affect existing

positions or subsequent transactions.

(d) Exercise Assignment Notices. The Customer acknowledges that exercise assignment

notices are allocated by the relevant clearing corporation at any time during the day. RBC

Direct Investing will allocate such notices when received on a "first in, first out" basis unless

the customer is notified otherwise by prior written notice. RBC Direct Investing is not

responsible for any delay with respect to the assignment by the clearing corporation or the

receipt by RBC Direct Investing of such notices. The Customer confirms that the Customer will

accept an allocation on this basis.

(e) Liability of RBC Direct Investing. Errors or omissions with respect to any transaction for

the Account which are caused by RBC Direct Investing will be adjusted by RBC Direct

Investing. RBC Direct Investing will not be liable to the Customer in any way for errors or

omissions caused by persons, or by conditions, over which RBC Direct Investing has no

control.

(f) Instructions and Absence of Instructions. The accountholder will instruct RBC Direct

Investing regarding any option transaction by no later than 3:30 p.m. Eastern time on the last

trading day of the option. If the last day of trading of the option occurs on a day where the

market closes early, the accountholder will instruct RBC Direct Investing by no later than

thirty (30) minutes before the market closes.

If the accountholder fails to give RBC Direct Investing timely instruction, then RBC Direct

Investing may take any action with respect to an option that it in its sole discretion

determines should be taken, including but not limited to: (i) exercising, buying or selling any

valuable option on behalf of the accountholder in which case the accountholder will pay any

resulting transaction costs; and (ii) exercising for the account and risk of the accountholder,

buying, selling or closing out any expiring valuable option.

(g) Writing Covered Options. If the Customer is authorized to write (sell) covered Call

options, then the Customer must have the underlying Securities covered by any such option

in the Account, or an acceptable escrow receipt made available to RBC Direct Investing

evidencing ownership of such Securities and their availability to RBC Direct Investing upon

exercise of the option, at the time of writing such options. The Customer will not sell or

withdraw from the Account such Securities or any Securities accruing thereto during the term

of such options and acknowledges that RBC Direct Investing may prohibit the withdrawal

from the Account of any cash dividends or other cash distributions accruing thereon during

the term of such options.

10. HOLDING AND RETURN OF SECURITIES.

RBC Direct Investing may hold the Customer's Securities at its head office or any of its

branches or at any other location where it is customary for RBC Direct Investing to keep its

Securities and RBC Direct Investing's responsibilities to the Customer for so holding the

Customer's Securities shall be limited to the same degree of care exercised by RBC Direct

Investing in the custody of its own Securities. Certificates for Securities for the same issue and

for the same aggregate amounts may be delivered to the Customer in lieu of those originally

deposited by the Customer.

11. FREE CREDIT BALANCES

Any monies held by RBC Direct Investing from time to time to the Customer's credit are

payable on demand. Except to the extent required by law, such monies need not be

segregated may be used by RBC Direct Investing in the ordinary conduct of its business. The

Customer acknowledges that the relationship of the Customer and RBC Direct Investing with

respect to such monies is one of debtor and creditor only.

12. TRANSFER TO OTHER ACCOUNTS

RBC Direct Investing may at any time and from time to time take any monies or securities in

the Account and any proceeds from the sale or other disposition of such Securities to pay or

cover any obligations of the Customer to RBC Direct Investing including obligations of the

Customer in respect of any other account with RBC Direct Investing whether such account is

a joint account or is an account guaranteed by the Customer.

READ AND KEEP FOR YOUR RECORDS

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E-FORM 02742QUE (10/2019)

RBC Direct Investing Inc.

OPTIONS TRADING AND MARGIN AGREEMENT

QUÉBEC

13. DECLARATION OF SHORT SALES

Whenever the Customer orders a short sale, the Customer will declare it as a short

sale.

14. GOOD DELIVERY OF SECURITIES

Except for any declared short sale, the Customer will not order any sale or other

disposition of any Securities not owned by the Customer or of which the Customer will be

unable to make delivery in acceptable delivery form on or before the settlement date.

15. CUSTOMER INFORMATION

The Customer will from time to time advise RBC Direct Investing if the Customer

acquires a controlling interest in or otherwise becomes an insider of any reporting

issuer.

16. ACCOUNT STATEMENTS

Every confirmation, statement or other communication sent by RBC Direct Investing

to the Customer shall be deemed to have been acknowledged as correct, approved

and consented to by the Customer unless RBC Direct Investing shall have received

written notice to the contrary within fifteen days after it is sent to the Customer.

17. COMMUNICATION TO THE CUSTOMER

Any notice or communication to the Customer may be given by prepaid mail, facsimile,

telegraph or telex to any address of record of the Customer with RBC Direct Investing, or

may be delivered personally to the Customer or to any such address of record and shall

be deemed to have been received, if mailed, on the second business day after mailing or, if

sent by facsimile, telegram or telex, on the day sent or, if delivered, when delivered. Nothing in

this section shall be interpreted as requiring RBC Direct Investing to give any notice to the

Customer which is not otherwise required to be given by RBC Direct Investing.

18. ACKNOWLEDGEMENT

The Customer acknowledges receipt of a copy of, and agrees to the terms and conditions

of, the Account Opening Application and the Operation of Account Agreement. The terms

of this Agreement shall prevail in case of inconsistency with such terms and conditions.

19. CAPACITY

The Customer, if a married woman, represents that she is not a "married woman

not separate as to property" under the laws of Quebec (if she is, her husband must

also sign this Agreement). The Customer, if a corporation, represents that it has the

power and capacity to enter into this Agreement and to effect the transactions

contemplated herein and that the execution and delivery of this Agreement have been

duly authorized.

20. GENERAL

(a) This Agreement expresses the complete understanding between the Customer and RBC

Direct Investing and none of the terms and conditions of this Agreement may be waived or

changed without the approval in writing of the Customer and a duly authorized officer of RBC

Direct Investing. If any statute or any statutory regulation or any by-law, rule, regulation, policy

or custom of the Regulatory Authorities is enacted, made, amended or otherwise changed with

the result that any term or condition of this Agreement is, in whole or in part, invalid, then such

term or condition will be deemed to be varied or superseded to the extent necessary to give

effect to such statute, regulation, by-law, rule, policy or custom. Any term or condition of this

Agreement which notwithstanding any such variation is invalid shall not invalidate the

remaining terms and conditions hereof.

(b) This Agreement shall enure to the benefit of and shall be binding upon RBC

Direct Investing and the Customer and their respective personal representatives,

heirs, successors and assigns. This Agreement shall survive and remain in effect

notwithstanding any incidental, temporary or intermittent closing out, reopening or

renumbering of any Account.

(d) It is the express wish of the parties that this agreement and all documents,notices and

other communication relating to the operation of the Account be in

English. Il est de la volonté expresse des parties que ce contrat et tous les documents,

avis et autres communications qui concernent l'opération du Compte

soient rédigés en langue anglaise.

(e) The headings used in this Agreement are for convenience of reference only and

shall not in any way affect the interpretation of this Agreement.

(f) This Agreement shall be construed in accordance with the laws of the jurisdiction in which

the Customer's Account is maintained or, where the Customer has more than one Account,

this Agreement shall be construed separately for each Account in accordance with the laws

of the jurisdiction on which the Account is maintained.

(g) Whenever this Agreement entitles RBC Direct Investing to alternative courses of action,

RBC Direct Investing shall be entitled to choose any, none or all such alternatives in its sole

and unfettered discretion.

21. EFFECTIVE TIME

This Agreement will be effective and binding upon the Customer and RBC Direct

Investing for option trading only after approval by RBC Direct Investing as been

given for the granting of any margin facility from the time at which RBC Direct

Investing first acts upon the instructions of the Customer.

22. DEFINED TERMS

For the purpose of this Agreement:

(a) "Securities" includes shares, share certificates, scrip certificates, deposit receipts, warrants,

rights, bonds, debentures, notes and any other securities of any kind whatsoever,

commodities and futures contracts, options on securities and options on commodities and

futures contracts.

(b) "Regulatory Authorities" means any relevant securities commission, exchange,

market, clearing corporation or association of brokers or dealers; and

(c)"RBC Direct Investing Approval" means the approval in writing given on behalf of RBC

Direct Investing by any one of the following persons: RBC Direct Investing's qualified local

Branch Manager, the Designated Registered Options Principal of RBC Direct Investing or any

of his or her alternates, or any designated director of RBC Direct Investing.

23. CERTIFICATION BY CUSTOMER

The Customer hereby certifies that:

(a) the Customer has read and understood this Agreement and acknowledges receipt of a

copy of this Agreement and the Risk Disclosure Statement for Futures and Options; and

(b) the Customer is aware of the nature of the risks involved in both the purchase

and the writing of options, whether or not undertaken in combination with the

purchase or sale of other options or securities, understands the rights and obligations

associated with put and call option contracts and is financially able to assume such risks

and to sustain any losses resulting from such trading.

ADDITIONAL INFORMATION (Please print clearly in large block letters)

1. Do you have past experience trading options? Yes No

2. Do you plan to trade options with other brokers?

Yes No

RBC DIRECT INVESTING ACCOUNT NUMBER

(An options position established with one Member firm may not be closed out through another Member firm)

CUSTOMER NAME

NO. AND STREET

CUSTOMER CITY

PROVINCE POSTAL CODE

TELEPHONE NUMBER (DAY)

DATE

24. ACCOUNT APPROVAL. The Customer is approved to buy or sell (closing sales only) options and write covered call options, The Customer may NOT write uncovered options or covered put options;

engage in spreads combinations or straddles; write options against convertible securities; nor buy or sell futures.

Complete and Return to RBC Direct Investing.

RBC DIRECT INVESTING USE.

CUSTOMER SIGNATURE

DATE (DD/MM/YYYY)RBC DIRECT INVESTING AUTHORIZED SIGNATURERBC DIRECT INVESTING AUTHORIZED NAME

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