RBC CI Multi-Callable Deposit NotesSeries 1

Available from November 14 to December 23, 2005

For Advisors Only

RBC CI Multi-Callable Deposit NotesSeries 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 StripBond

$76 StripBond

$20 Option

Package

$20 Option

Package

$100StripBond

$100StripBond

$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 SellingCommission$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, 2007 107.00 October 4, 2007 – April 4, 2008 115.75 October 4, 2008 – April 4, 2009 122.75 October 4, 2009 – April 4, 2010 129.75

Equivalent to a 7.0% simple minimum annual return.

A closer look at the structure

800

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1800

0 1 2 3 4 5 6

Years

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Called during one of the four call periods at a price equivalent to 7.0% simple annual return

For illustrative purposes only.

Scenario 1: The Notes are Called

For illustrative purposes only.

Scenario 2: The Principal is Returned at Maturity

800

1000

1200

1400

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0 1 2 3 4 5 6

Years

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Initial Capital is paid at maturity.

800

1000

1200

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0 1 2 3 4 5 6

Years

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The Notes pay the full upside on the Fund Portfolio.

The Notes are not called.

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

Historical Fund Portfolio Returns Distribution

0% 0%

71%

25%

4%0%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Annualized 6.5 year Returns

% o

f O

cc

ure

nc

es

For illustrative purposes only. For 6.5-year periods starting December 31, 1996 to September 30, 2005. 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 2001. The historical performance of the Scotia Capital Universe All Corporate Bond Index was used as a proxy for the fund from January through December 1997. The S&P/TSX Total Return Index was used as a proxy for the Signature Select Canadian Fund from January 1997 through May 1998.

Strong Historical Performance

71% of the Fund 71% of the Fund Portfolio returnsPortfolio returns

are betweenare between 8% & 10%.8% & 10%.

Fund Portfolio vs S&P/TSX IndexGrowth of $10,000 Investment Since December 1996

S&P/TSX Index$21,445

Fund Portfolio$24,443

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

De

c-9

6

Jun

-97

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c-9

7

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-98

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Jun

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De

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9

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-00

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0

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Jun

-05

S&P/TSX

Fund Portfolio

Portfolio has outperformed the S&P/TSX since December 1996 ...

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 volatilityHistorical Volatility

Fund Portfolio vs S&P/TSX since December 1996

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

Dec

-96

Jun-

97

Dec

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Jun-

98

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Jun-

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Dec

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Dec

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Jun-

05

S&P/TSX

Fund Portfolio

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 shiftsInterest Rate Sensitivity

Fund Portfolio vs S&P/TSX (Growth of $10 Investment Since December 1996)

Fund Portfolio$24.44

S&P/TSX Index$21.44

Prime Rate 4.50%Sep 30, 2005

0.00

5.00

10.00

15.00

20.00

25.00

30.00

Dec

-96

Jun-

97

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03

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-03

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05

Fund Portfolio

S&P/TSX

Canada Prime Rate %

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*

LiquiditySecondary market provided by RBC Dominion SecuritiesNotes can be sold from the issuance dateEarly Trading Charge:

Starts at 4.50% Declines quarterly to 0.00% at the third anniversary

Advisor Compensation4.00% commission paid up-front

*See Information Statement for complete details.

Registered account accessibility:100% qualified for RRSPs, RRIFs, RESPs, DPSPsIf 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 marketsMedium to long term, risk-sensitive investors

Fixed Income Investors:Buyers of traditional fixed rate GICsHurt by low interest rates (risk of not reaching your investment objectives)Sensitive to taxation

Potential Buyers

• All FundSERV orders settle T+3.

• 1.75% 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 Only Deposit Note on the market on the market

to offer this feature!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: $1,000Call Period Call Level July 4, 2006 – January 4, 2007 107.00 October 4, 2007 – April 4, 2008 115.75 October 4, 2008 – April 4, 2009 122.75 October 4, 2009 – April 4, 2010 129.75

FundSERV Code: RBC 500

Summary (con’t)

Financial Advisors:GreensheetPowerpointAdvisor Flyer & additional marketing materialsFrequently Asked Questions documentConference calls, playbacks and CI Hotline

Investors:Client flyerInformation 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 www.ci.com/depositnotes. 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.