Royal Bank of Canada and Norshield Financial Group, one of Canada’s leading hedge fund managers

Date: Friday, January 12, 2001

Key Features: --The Notes are managed by one of Canada’s most successful and established Fund of Hedge Funds managers.--They provide access to a manager who has produced consistent superior risk-adjusted returns with a low correlation to traditional market indices.-- An 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. If you have any questions or would like to arrange a meeting, please call the Clearview sales team: Ian Miller and Adam Maaytah, Clearview Investment Solutions Inc., 510 - 65 Queen St. W., PO Box 90, Toronto, ON M5H 2M5, (T) 416-366-0010