Univest Principal Protected Hedge Fund Linked Deposit Notes, Series 1

Date: Wednesday, January 28, 2004

Royal Bank of Canada and Norshield Financial Group, one of Canada’s leading hedge fund managers, are proud to bring you the:

Univest Principal Protected Hedge Fund Linked Deposit Notes, Series 1

Key Features:

■ The Notes are managed by one of Canada’s most successful and established Fund of Hedge Funds managers:
■ Provides access to a manager who has produced consistent superior risk-adjusted returns with a low correlation to traditional market indices:
■ Actively managed portfolio coupled with dynamic risk management:
■ Repayment of principal at maturity by Royal Bank of Canada:
■ Tax efficient:
■ The manager of the Notes is subject to the risk management guidelines of the Royal Bank of Canada:
■ 100% Canadian content for RRSPs:
■ Low minimum investment of $3,000: