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RBC Capital Markets® |
Filed Pursuant to Rule 433
Registration Statement No. 333-171806
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The information in this preliminary terms supplement is not complete and may be changed.
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Preliminary Terms Supplement
Subject to Completion:
Dated December 19, 2012
Pricing Supplement Dated December , 2012 to the
Product Prospectus Supplement, Prospectus Supplement,
and Prospectus, Each Dated January 28, 2011
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$ __________
Reverse Convertible Notes
Each Linked to a Single Reference Stock
Royal Bank of Canada
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Royal Bank of Canada is offering fourteen (14) separate Reverse Convertible Notes (“RevCons”). Each RevCon offering is a separate offering of RevCons linked to one, and only one, Reference Stock named below. The RevCons offered are senior unsecured obligations of Royal Bank of Canada, will pay a coupon at the interest rate specified below, and will have the terms described in the documents described above, as supplemented or modified by this terms supplement, as set forth below.
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The RevCons do not guarantee any return of principal at maturity. Any payments on the RevCons are subject to our credit risk.
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Investing in the RevCons involves a number of risks. See “Risk Factors” beginning on page S-1 of the prospectus supplement dated January 28, 2011, “Additional Risk Factors Specific to Your Notes” beginning on page PS-3 of the product prospectus supplement dated January 28, 2011 and “Selected Risk Considerations” beginning on P7 of this preliminary terms supplement.
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The RevCons will not constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation (the “FDIC”) or any other Canadian or U.S. government agency or instrumentality.
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Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined that this terms supplement is truthful or complete. Any representation to the contrary is a criminal offense.
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Common Terms for All Fourteen RevCons:
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Issuer:
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Royal Bank of Canada
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Listing:
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None
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Pricing Date:
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December 27, 2012
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Principal Amount:
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$1,000 per RevCons
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Issuance Date:
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December 31, 2012
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Coupon Payment:
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Each coupon will be paid in equal monthly payments. (30/360)
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Initial Stock Price:
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The closing price of the Reference Stock on the Pricing Date.
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Final Stock Price:
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The closing price of the Reference Stock on the applicable Valuation Date.
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Payment at Maturity (if
held to maturity):
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For each $1,000 principal amount, $1,000 plus any accrued and unpaid interest at maturity unless:
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|||
| (i) | the Final Stock Price is less than the Initial Stock Price; and | |||
| (ii) | on any day during the Monitoring Period, the closing price of the Reference Stock is less than the Barrier Price. | |||
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If the conditions described in (i) and (ii) are both satisfied, then at maturity the investor will receive, instead of the principal amount, in addition to accrued and unpaid interest, the number of shares of the Reference Stock equal to the Physical Delivery Amount, or at our election, the cash value of those shares.
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Investors could lose some or all of their investment at maturity if there has been a decline in the trading price of the applicable Reference Stock.
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Monitoring Period:
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From and excluding the Pricing Date to and including the applicable Valuation Date.
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Physical Delivery
Amount:
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For each $1,000 principal amount, a number of shares of the Reference Stock equal to the principal amount divided by the Initial Stock Price, subject to adjustment as described in the product prospectus supplement
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Specific Terms for Each RevCon:
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No.
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Reference Stock
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Coupon
Rate
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Barrier
Price
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Term
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Cusip
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Principal
Amount
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Price to
Public
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Agent’s
Commission(1)
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Proceeds to Royal
Bank of Canada(1)
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3787
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Abercrombie & Fitch Co. (ANF)
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10.00%
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75%
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3 Months
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78008STL0
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$[ ]
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100%
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$[ ]
[ ]%
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$[ ]
[ ]%
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3788
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Peabody Energy Corporation (BTU)
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11.00%
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75%
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3 Months
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78008STM8
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$[ ]
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100%
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$[ ]
[ ]%
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$[ ]
[ ]%
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3789
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J.C. Penney Company, Inc. (JCP)
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20.00%
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75%
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3 Months
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78008STN6
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$[ ]
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100%
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$[ ]
[ ]%
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$[ ]
[ ]%
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3790
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Joy Global Inc. (JOY)
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11.75%
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80%
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3 Months
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78008STP1
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$[ ]
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100%
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$[ ]
[ ]%
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$[ ]
[ ]%
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(continued on the next page)
RBC Capital Markets, LLC
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Reverse Convertible Notes
Each Linked to a Single Reference
Stock
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No.
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Reference Stock
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Coupon
Rate
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Barrier
Price
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Term
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Cusip
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Principal
Amount
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Price to
Public
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Agent’s
Commission(1)
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Proceeds to Royal
Bank of Canada(1)
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3791
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Seagate Technology PLC (STX)
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11.00%
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80%
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3 Months
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78008STQ9
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$[ ]
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100%
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$[ ]
[ ]%
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$[ ]
[ ]%
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3792
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Apple Inc. (AAPL)
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9.50%
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80%
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6 Months
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78008STR7
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$[ ]
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100%
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$[ ]
[ ]%
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$[ ]
[ ]%
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3793
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Delta Air Lines, Inc. (DAL)
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13.75%
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75%
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6 Months
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78008STS5
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$[ ]
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100%
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$[ ]
[ ]%
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$[ ]
[ ]%
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3794
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Dean Foods Company (DF)
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13.00%
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80%
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6 Months
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78008STT3
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$[ ]
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100%
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$[ ]
[ ]%
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$[ ]
[ ]%
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3795
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D.R. Horton, Inc. (DHI)
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9.00%
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75%
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6 Months
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78008STU0
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$[ ]
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100%
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$[ ]
[ ]%
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$[ ]
[ ]%
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3796
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Freeport-McMoRan Copper & Gold Inc. (FCX)
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10.50%
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80%
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6 Months
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78008STV8
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$[ ]
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100%
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$[ ]
[ ]%
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$[ ]
[ ]%
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3797
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Morgan Stanley (MS)
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9.75%
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80%
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6 Months
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78008STW6
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$[ ]
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100%
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$[ ]
[ ]%
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$[ ]
[ ]%
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3798
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Silver Wheaton Corporation (SLW)
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12.00%
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80%
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6 Months
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78008STX4
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$[ ]
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100%
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$[ ]
[ ]%
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$[ ]
[ ]%
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3799
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Toll Brothers, Inc. (TOL)
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11.00%
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80%
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6 Months
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78008STY2
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$[ ]
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100%
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$[ ]
[ ]%
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$[ ]
[ ]%
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3800
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Valero Energy Corporation (VLO)
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10.00%
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80%
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6 Months
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78008STZ9
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$[ ]
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100%
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$[ ]
[ ]%
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$[ ]
[ ]%
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(1) The price to public for RevCons sold to certain advisory accounts will be 98.75% for the 3 month RevCons and 98.50% for the 6 month RevCons. RBC Capital Markets, LLC will not receive an agent’s commission in connection with these sales.
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The price at which you purchase the RevCons includes hedging costs and profits that Royal Bank of Canada or its affiliates expect to incur or realize. These costs and profits will reduce the secondary market price, if any secondary market develops, for the RevCons. As a result, you may experience an immediate and substantial decline in the market value of your RevCons on the Issue Date.
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We may use this terms supplement in the initial sale of the RevCons. In addition, RBC Capital Markets, LLC or another of our affiliates may use this terms supplement in a market-making transaction in the RevCons after their initial sale. Unless we or our agent informs the purchaser otherwise in the confirmation of sale, this terms supplement is being used in a market-making transaction.
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RBC Capital Markets, LLC
P2
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Reverse Convertible Notes
Each Linked to a Single Reference
Stock
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SUMMARY
The information in this “Summary” section is qualified by the more detailed information set forth in this terms supplement, the product prospectus supplement, the prospectus supplement, and the prospectus.
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General:
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This terms supplement relates to fourteen (14) separate Reverse Convertible Notes (“RevCons”) offerings. Each RevCon offering is a separate offering of Notes linked to one, and only one, Reference Stock. Five (5) of the Notes have a term of three months (“Three Month Notes”), and nine (9) have a term of six months (“Six Month Notes”). The term of each Note is indicated above. If you wish to participate in more than one RevCon offering, you must separately purchase the applicable Notes. The Notes offered by this terms supplement do not represent Notes linked to a basket of two or more of the Reference Stocks.
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Issuer:
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Royal Bank of Canada (“Royal Bank”)
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Issue:
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Senior Medium-Term Notes, Series E
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Pricing Date:
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December 27, 2012
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Issuance Date:
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December 31, 2012
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Denominations:
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Minimum denomination of $1,000, and integral multiples of $1,000 thereafter.
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Designated Currency:
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U.S. Dollars
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Coupon Payment:
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Each coupon will be paid in equal monthly payments. (30/360)
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Coupon Payment
Date(s):
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The coupon will be paid on the last business day of each month during the term of the Note, except for the final coupon, which will be paid on the applicable Maturity Date.
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Three Month Notes:
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Valuation Date:
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March 26, 2013
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Maturity Date:
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March 28, 2013
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Six Month Notes:
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Valuation Date:
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June 26, 2013
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Maturity Date:
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June 28, 2013
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Reference Stocks:
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As set forth on the cover page.
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Term:
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As set forth on the cover page.
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Initial Stock Price:
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The closing price of the Reference Stock on the Pricing Date.
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Final Stock Price:
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The closing price of the Reference Stock on the applicable Valuation Date.
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RBC Capital Markets, LLC
P3
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Reverse Convertible Notes
Each Linked to a Single Reference
Stock
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Payment at Maturity (if
held to maturity):
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For each $1,000 principal amount of the Notes, the investor will receive $1,000 plus any accrued and unpaid interest at maturity unless:
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| (i) | the Final Stock Price is less than the Initial Stock Price; and | |
| (ii) | on any day during the Monitoring Period, the closing price of the Reference Stock is less than the Barrier Price. | |
| If the conditions described in (i) and (ii) are both satisfied, then at maturity the investor will receive, instead of the principal amount of the Notes, in addition to any accrued and unpaid interest, the number of shares of the Reference Stock equal to the Physical Delivery Amount, or at our election, the cash value of those shares. If we elect to deliver shares of the Reference Stock, fractional shares will be paid in cash. | ||
| Investors in the Notes could lose some or all of their investment at maturity if there has been a decline in the trading price of the applicable Reference Stock. | ||
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Monitoring Period:
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From and excluding the Pricing Date to and including the applicable Valuation Date.
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Monitoring Method:
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Close of Trading Day
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Physical Delivery
Amount:
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For each $1,000 principal amount, a number of shares of the Reference Stock equal to the principal amount divided by the Initial Stock Price, subject to adjustment as described in the product prospectus supplement. If this number is not a round number, then the number of shares of the Reference Stock to be delivered will be rounded down and the fractional part shall be paid in cash.
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Calculation Agent:
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RBC Capital Markets, LLC
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Secondary Market:
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RBC Capital Markets, LLC (or one of its affiliates), though not obligated to do so, plans to maintain a secondary market in the Notes after the Issuance Date. The amount that an investor may receive upon sale of the Notes prior to maturity may be less than the principal amount of those Notes.
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Listing:
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None
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Settlement:
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DTC global notes
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Terms Incorporated in
the Master Note:
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All of the terms appearing above the item captioned “Secondary Market” on the cover page and pages P2, P3 and P4 of this terms supplement and the terms appearing under the caption “General Terms of the Notes” in the product prospectus supplement.
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RBC Capital Markets, LLC
P4
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Reverse Convertible Notes
Each Linked to a Single Reference
Stock
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ADDITIONAL TERMS OF YOUR NOTES
You should read this terms supplement together with the prospectus dated January 28, 2011, as supplemented by the prospectus supplement dated January 28, 2011 and the product prospectus supplement dated January 28, 2011, relating to our Senior Global Medium-Term Notes, Series E, of which these Notes are a part. Capitalized terms used but not defined in this terms supplement will have the meanings given to them in the product prospectus supplement. In the event of any conflict, this terms supplement will control. The Notes vary from the terms described in the product prospectus supplement in several important ways. You should read this terms supplement carefully.
This terms supplement, together with the documents listed below, contains the terms of the Notes and supersedes all prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, brochures or other educational materials of ours. You should carefully consider, among other things, the matters set forth in “Risk Factors” in the prospectus supplement dated January 28, 2011 and “Additional Risk Factors Specific to the Notes” in the product prospectus supplement dated January 28, 2011, as the Notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisors before you invest in the Notes. You may access these documents on the SEC website at www.sec.gov as follows (or if that address has changed, by reviewing our filings for the relevant date on the SEC website):
Prospectus dated January 28, 2011:
Prospectus Supplement dated January 28, 2011:
Product Prospectus Supplement dated January 28, 2011:
Our Central Index Key, or CIK, on the SEC Website is 1000275. As used in this terms supplement, the “Company,” “we,” “us,” or “our” refers to Royal Bank of Canada.
Royal Bank of Canada has filed a registration statement (including a product supplement, and prospectus supplement and a prospectus) with the Securities and Exchange Commission (the “SEC”) for the offering to which this document relates. Before you invest, you should read those documents and the other documents relating to this offering that Royal Bank of Canada has filed with the SEC for more complete information about Royal Bank of Canada and this offering. You may obtain these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Royal Bank of Canada, any agent or any dealer participating in this offering will arrange to send you the product prospectus, the prospectus supplement and the prospectus if you so request by calling toll-free 866-609-6009.
RBC Capital Markets, LLC
P5
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Reverse Convertible Notes
Each Linked to a Single Reference
Stock
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HYPOTHETICAL EXAMPLES OF AMOUNTS PAYABLE AT MATURITY
The examples set forth below are provided for illustration purposes only. The assumptions in each of the examples are purely hypothetical and do not relate to the actual performance of any Reference Stock. The hypothetical terms do not represent the terms of an actual Note and do not purport to be representative of every possible scenario concerning increases or decreases in the price of the Reference Stock on the Valuation Date relative to its price on the Pricing Date. We cannot predict the actual performance of any Reference Stock.
The table below illustrates the Payment at Maturity of the Notes (excluding the final Coupon), assuming an Initial Stock Price of $100, a Barrier Price of $80.00 and an initial investment of $1,000. Hypothetical Final Stock Prices are shown in the first column on the left. For this purpose, we have assumed that there will be no anti-dilution adjustments to the Final Stock Price and no market disruption events. The second column shows the Payment at Maturity (as a percentage of the principal amount) in a case where the market price of the Reference Stock does not fall below the Barrier Price at any time during the Monitoring Period. The third column shows the Payment at Maturity (as a percentage of the principal amount) in a case where the market price of the Reference Stock does fall below the Barrier Price during the Monitoring Period. The fourth column shows the Physical Delivery Amount as a number of shares of the Reference Stock. The fifth column shows the Cash Delivery Amount, should we elect to deliver the Cash Delivery Amount instead of the Physical Delivery Amount.
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Hypothetical
Final Stock
Price
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If the closing market price of the
Reference Stock does not fall below
the Barrier Price on any day during
the Monitoring Period:
Payment at Maturity as Percentage of
Principal Amount
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If the closing market price of the
Reference Stock falls below the
Barrier Price on any day during the
Monitoring Period:
Payment at Maturity as Percentage
of Principal Amount
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Physical Delivery
Amount as
Number of Shares
of the Reference
Stock
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Cash
Delivery
Amount
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$200.00
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100.00%
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100.00%
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n/a
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n/a
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$175.00
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100.00%
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100.00%
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n/a
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n/a
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$150.00
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100.00%
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100.00%
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n/a
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n/a
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$125.00
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100.00%
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100.00%
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n/a
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n/a
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$100.00
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100.00%
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100.00%
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n/a
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n/a
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$90.00
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100.00%
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Physical or Cash Delivery Amount
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10
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$900
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$80.00
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100.00%
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Physical or Cash Delivery Amount
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10
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$800
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$79.90
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n/a
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Physical or Cash Delivery Amount
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10
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$799
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$70.00
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n/a
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Physical or Cash Delivery Amount
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10
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$700
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$60.00
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n/a
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Physical or Cash Delivery Amount
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10
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$600
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$50.00
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n/a
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Physical or Cash Delivery Amount
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10
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$500
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$25.00
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n/a
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Physical or Cash Delivery Amount
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10
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$250
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$0.00
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n/a
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Physical or Cash Delivery Amount
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10
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$0.00
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The Payments at Maturity shown above are entirely hypothetical; they are based on market prices for the Reference Stock that may not be achieved on the Valuation Date and on assumptions that may prove to be erroneous. The actual market value of your Notes on the Maturity Date or at any other time, including any time you may wish to sell your Notes, may bear little relation to the hypothetical Payments at Maturity shown above, and those amounts should not be viewed as an indication of the financial return on an investment in the Notes or on an investment in the Reference Stock. Please read “Additional Risk Factors Specific to Your Notes” and “Hypothetical Returns on Your Notes” in the accompanying product prospectus supplement.
RBC Capital Markets, LLC
P6
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Reverse Convertible Notes
Each Linked to a Single Reference
Stock
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Payments on your Notes are economically equivalent to the amounts that would be paid on a combination of other instruments. For example, payments on your Notes are economically equivalent to the amounts that would be paid on a combination of an interest-bearing bond purchased, and an option sold, by the investor (with an implicit option premium paid over time to the investor). The discussion in this paragraph does not modify or affect the terms of the offered Notes or the United States or Canadian income tax treatment of the offered Notes as described under “Supplemental Discussion of Canadian Tax Consequences” and “Supplemental Discussion of U.S. Federal Income Tax Consequences” in the accompanying product prospectus supplement.
SELECTED RISK CONSIDERATIONS
An investment in the Notes involves significant risks. Investing in the Notes is not equivalent to investing directly in the applicable Reference Stock. These risks are explained in more detail in the section “Additional Risk Factors Specific to Your Notes” in the product prospectus supplement. In addition to the risks described in the prospectus supplement and the product prospectus supplement, you should consider the following:
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·
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Principal at Risk — Investors in the Notes could lose some or a substantial value of their principal amount if there is a decline in the trading price of the Reference Stock between the pricing date and the valuation date. The rate of interest payable on the Notes, which will be payable for less than one year, may not be sufficient to compensate for any such loss.
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·
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Market Disruption Events and Adjustments —The payment at maturity and the valuation date are subject to adjustment as described in the product prospectus supplement. For a description of what constitutes a market disruption event as well as the consequences of that market disruption event, see “General Terms of the Notes—Consequences of Market Disruption Events” in the product prospectus supplement.
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·
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The Inclusion in the Purchase Price of the Notes of a Selling Concession and of Royal Bank’s Cost of Hedging its Market Risk under the Notes Will Adversely Affect the Value of the Notes Prior to Maturity — The price at which you purchase of the Notes includes a selling concession (including a broker’s commission), as well as the costs that Royal Bank (or one of its affiliates) expects to incur in the hedging of its market risk under the Notes. Such hedging costs include the expected cost of undertaking this hedge, as well as the profit that Royal Bank (or its affiliates) expects to realize in consideration for assuming the risks inherent in providing such hedge. As a result, assuming no change in market conditions or any other relevant factors, the price, if any, at which you may be able to sell your Notes prior to maturity may be less than your original purchase price. The Notes are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your Notes to maturity.
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RBC Capital Markets, LLC
P7
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|
|
Reverse Convertible Notes
Each Linked to a Single Reference
Stock
|
||
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·
|
RevCon 78008STL0 (ANF): [ ]% of each stated interest payment (10.00% in total) will be treated as an interest payment and [ ]% of each stated interest payment will be treated as payment for the Put Option for U.S. federal income tax purposes.
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·
|
RevCon 78008STM8 (BTU): [ ]% of each stated interest payment (11.00% in total) will be treated as an interest payment and [ ]% of each stated interest payment will be treated as payment for the Put Option for U.S. federal income tax purposes.
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·
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RevCon 78008STN6 (JCP): [ ]% of each stated interest payment (20.00% in total) will be treated as an interest payment and [ ]% of each stated interest payment will be treated as payment for the Put Option for U.S. federal income tax purposes.
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·
|
RevCon 78008STP1 (JOY): [ ]% of each stated interest payment (11.75% in total) will be treated as an interest payment and [ ]% of each stated interest payment will be treated as payment for the Put Option for U.S. federal income tax purposes.
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|
|
·
|
RevCon 78008STQ9 (STX): [ ]% of each stated interest payment (11.00% in total) will be treated as an interest payment and [ ]% of each stated interest payment will be treated as payment for the Put Option for U.S. federal income tax purposes.
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·
|
RevCon 78008STR7 (AAPL): [ ]% of each stated interest payment (9.50% in total) will be treated as an interest payment and [ ]% of each stated interest payment will be treated as payment for the Put Option for U.S. federal income tax purposes.
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·
|
RevCon 78008STS5 (DAL): [ ]% of each stated interest payment (13.75% in total) will be treated as an interest payment and [ ]% of each stated interest payment will be treated as payment for the Put Option for U.S. federal income tax purposes.
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·
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RevCon 78008STT3 (DF): [ ]% of each stated interest payment (13.00% in total) will be treated as an interest payment and [ ]% of each stated interest payment will be treated as payment for the Put Option for U.S. federal income tax purposes.
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·
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RevCon 78008STU0 (DHI): [ ]% of each stated interest payment (9.00% in total) will be treated as an interest payment and [ ]% of each stated interest payment will be treated as payment for the Put Option for U.S. federal income tax purposes.
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·
|
RevCon 78008STV8 (FCX): [ ]% of each stated interest payment (10.50% in total) will be treated as an interest payment and [ ]% of each stated interest payment will be treated as payment for the Put Option for U.S. federal income tax purposes.
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|
·
|
RevCon 78008STW6 (MS): [ ]% of each stated interest payment (9.75% in total) will be treated as an interest payment and [ ]% of each stated interest payment will be treated as payment for the Put Option for U.S. federal income tax purposes.
|
|
|
·
|
RevCon 78008STX4 (SLW): [ ]% of each stated interest payment (12.00% in total) will be treated as an interest payment and [ ]% of each stated interest payment will be treated as payment for the Put Option for U.S. federal income tax purposes.
|
RBC Capital Markets, LLC
P8
|
|
|
|
|
|
|
Reverse Convertible Notes
Each Linked to a Single Reference
Stock
|
||
|
|
|
|
|
·
|
RevCon 78008STY2 (TOL): [ ]% of each stated interest payment (11.00% in total) will be treated as an interest payment and [ ]% of each stated interest payment will be treated as payment for the Put Option for U.S. federal income tax purposes.
|
|
|
·
|
RevCon 78008STZ9 (VLO): [ ]% of each stated interest payment (10.00% in total) will be treated as an interest payment and [ ]% of each stated interest payment will be treated as payment for the Put Option for U.S. federal income tax purposes.
|
Please see the discussion (including the opinion of our counsel Morrison & Foerster LLP) in the product prospectus supplement dated January 28, 2011 under “Supplemental Discussion of U.S. Federal Income Tax Consequences,” which applies to your Notes.
RBC Capital Markets, LLC
P9
|
|
|
|
|
|
|
Reverse Convertible Notes
Each Linked to a Single Reference
Stock
|
||
|
|
|
INFORMATION REGARDING THE ISSUERS OF THE REFERENCE STOCKS
Each Reference Stock is registered under the Securities Exchange Act of 1934 (the “Exchange Act”). Companies with securities registered under that Act are required to file periodically certain financial and other information specified by the Securities and Exchange Commission (the “SEC”). Information provided to or filed with the SEC can be inspected and copied at the public reference facilities maintained by the SEC or through the SEC’s website at www.sec.gov. In addition, information regarding each Reference Stock may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.
The following information regarding each issuer of the Reference Stocks is derived from publicly available information.
We have not independently verified the accuracy or completeness of reports filed by each issuer with the SEC, information published by it on its respective website or in any other format, information about it obtained from any other source or the information provided below.
|
|
Abercrombie & Fitch Co. a specialty retailer that operates stores and direct-to-consumer operations. Through these channels, the company sells casual sportswear apparel. Its Class A common stock trades on the New York Stock Exchange under the symbol “ANF.”
|
|
|
·
|
Peabody Energy Corporation mines and markets predominantly low sulfur coal, primarily for use by electric utilities. The company also trades coal and emission allowances. The company owns and operates mines in Arizona, Colorado, New Mexico and Wyoming, Illinois, Indiana, and Australia. The company also a minority interest in a Venezuelan mine through a joint venture. Its common stock trades on the New York Stock Exchange under the symbol “BTU.”
|
|
|
·
|
J.C. Penney Company, Inc., through a subsidiary, operates department stores in the United States and Puerto Rico. The company provides merchandise and services to consumers through department stores, catalog departments, and the Internet. The company markets primarily family apparel, jewelry, shoes, accessories, and home furnishings. Its common stock trades on the New York Stock Exchange under the symbol “JCP.”
|
|
|
·
|
Joy Global Inc. manufactures and markets underground mining equipment and surface mining equipment. The company's equipment is used for the extraction of ores and minerals. Prior to December 6, 2011, its common stock traded on the NASDAQ OMX under the symbol “JOYG.” Its common stock trades on the New York Stock Exchange under the symbol “JOY.”
|
|
|
·
|
Seagate Technology PLC designs, manufactures, and markets hard disk drives for enterprise applications, client compute applications, client non-compute applications, personal data backup systems, portable external storage systems and digital media systems. The company also provides data storage services for businesses, including online backup, data protection and recovery solutions. Its ordinary shares trade on the Nasdaq Global Select Market under the symbol “STX.”
|
|
|
·
|
Apple Inc. designs, manufactures, and markets personal computers and related personal computing and mobile communication devices along with a variety of related software, services, peripherals, and networking solutions. The company sells its products worldwide through its online stores, its retail stores, its direct sales force, third-party wholesalers, and resellers. Its common stock trades on the Nasdaq Global Select Market under the symbol “AAPL.”
|
RBC Capital Markets, LLC
P10
|
|
|
|
|
|
|
Reverse Convertible Notes
Each Linked to a Single Reference
Stock
|
||
|
|
|
|
|
·
|
Delta Air Lines, Inc. provides scheduled air transportation for passengers, freight, and mail over a network of routes throughout the United States and internationally. Its common stock trades on the New York Stock Exchange under the symbol “DAL.”
|
|
|
·
|
Dean Foods Company is a food and beverage company that produces a full line of company-branded and private label dairy and dairy-related products. The company provides products such as milk and milk-based beverages, ice cream, half and half, whipping cream, sour cream, cottage cheese, yogurt, dips, and soy milk. The company also supplies pickles, juice, juice drinks, and water. Its common stock trades on the New York Stock Exchange under the symbol “DF.”
|
|
|
·
|
D.R. Horton, Inc. constructs and sells single-family homes designed primarily for the entry-level and move-up markets. The company operates in the Midwest, Mid-Atlantic, Southeast, Southwest, and Western regions of the United States. The company also, through its financial services operations, provide mortgage financing and title agency services to homebuyers. Its common stock trades on the New York Stock Exchange under the symbol “DHI.”
|
|
|
·
|
Freeport-McMoRan Copper & Gold Inc., through its subsidiary, is a copper, gold and molybdenum mining company. The company primarily mines for copper and owns mining interests in Chile and Indonesia. The company, through a subsidiary, is also involved in smelting and refining of copper concentrates. Its common stock trades on the New York Stock Exchange under the symbol “FCX.”
|
|
|
·
|
Morgan Stanley, a bank holding company, provides diversified financial services on a worldwide basis. The company operates a global securities business which serves individual and institutional investors and investment banking clients. Morgan Stanley also operates a global asset management business. Its common stock trades on the New York Stock Exchange under the symbol “MS.”
|
|
|
·
|
Silver Wheaton Corporation purchases and sells by-product silver from operating mines. The company has long term contracts to purchase all or a portion of the silver production from mines in Mexico, Sweden, Peru, Greece and the United States. Its common stock trades on the New York Stock Exchange under the symbol “SLW.”
|
|
|
·
|
Toll Brothers, Inc. builds luxury homes, serving both move-up and empty nester buyers in several regions of the United States. The company builds customized single and attached homes, primarily on land that it develops and improves. The company also operates its own architectural, engineering, mortgage, title, security, landscape, insurance brokerage, and manufacturing operations. Its common stock trades on the New York Stock Exchange under the symbol “TOL.”
|
|
|
·
|
Valero Energy Corporation is an independent petroleum refining and marketing company that owns and operates refineries in the United States, Canada, and Aruba. The company produces conventional gasolines, distillates, jet fuel, asphalt, petrochemicals, lubricants, and other refined products as well as diesel fuel, low-sulfur and ultra-low-sulfur diesel fuel, and oxygenates. Its common stock trades on the New York Stock Exchange under the symbol “VLO.”
|
RBC Capital Markets, LLC
P11
|
|
|
|
|
|
|
Reverse Convertible Notes
Each Linked to a Single Reference
Stock
|
||
|
|
|
HISTORICAL INFORMATION
The following graphs set forth the recent historical performances of each of the Reference Stocks. In addition, below each graph is a table setting forth the intra-day high, intra-day low and period-end closing prices of each Reference Stock. The information provided in each table is for the four calendar quarters of 2009, 2010, and 2011, the first, second and third calendar quarters of 2012, and the period from October 1, 2012 to December 18, 2012.
We obtained the information regarding the historical performance of the Reference Stocks in the charts below from Bloomberg Financial Markets.
We have not independently verified the accuracy or completeness of the information obtained from Bloomberg Financial Markets. The historical performance of the Reference Stocks should not be taken as an indication of future performance, and no assurance can be given as to the market prices of any Reference Stock on the applicable Valuation Date. We cannot give you assurance that the performance of any Reference Stock will not result in the loss of all or part of your investment.
RBC Capital Markets, LLC
P12
|
|
|
|
|
|
|
Reverse Convertible Notes
Each Linked to a Single Reference
Stock
|
||
|
|
|
|
Period-Start
Date
|
Period-End
Date
|
High Intra-Day
Price of the
Reference Stock in ($)
|
Low Intra-Day
Price of the
Reference Stock in ($)
|
Period-End Closing
Price of the Reference
Stock in ($)
|
||||
|
1/1/2009
|
3/31/2009
|
25.96
|
16.95
|
23.80
|
||||
|
4/1/2009
|
6/30/2009
|
32.81
|
22.20
|
25.39
|
||||
|
7/1/2009
|
9/30/2009
|
34.95
|
22.71
|
32.88
|
||||
|
10/1/2009
|
12/31/2009
|
42.30
|
30.02
|
34.85
|
||||
|
1/1/2010
|
3/31/2010
|
45.98
|
29.88
|
45.64
|
||||
|
4/1/2010
|
6/30/2010
|
51.11
|
30.12
|
30.69
|
||||
|
7/1/2010
|
9/30/2010
|
40.31
|
29.94
|
39.32
|
||||
|
10/1/2010
|
12/31/2010
|
58.49
|
37.31
|
57.63
|
||||
|
1/1/2011
|
3/31/2011
|
59.88
|
48.21
|
58.70
|
||||
|
4/1/2011
|
6/30/2011
|
77.65
|
58.13
|
66.92
|
||||
|
7/1/2011
|
9/30/2011
|
78.23
|
55.77
|
61.56
|
||||
|
10/1/2011
|
12/30/2011
|
77.47
|
44.24
|
48.84
|
||||
|
1/1/2012
|
3/30/2012
|
54.10
|
40.25
|
49.61
|
||||
|
4/1/2012
|
6/29/2012
|
54.01
|
29.52
|
34.14
|
||||
|
7/1/2012
|
9/28/2012
|
39.64
|
28.65
|
33.92
|
||||
|
10/1/2012
|
12/18/2012
|
49.09
|
30.06
|
48.99
|
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
RBC Capital Markets, LLC
P13
|
|
|
|
|
|
|
Reverse Convertible Notes
Each Linked to a Single Reference
Stock
|
||
|
|
|
|
Period-Start
Date
|
Period-End
Date
|
High Intra-Day
Price of the
Reference Stock in ($)
|
Low Intra-Day
Price of the
Reference Stock in ($)
|
Period-End Closing
Price of the Reference
Stock in ($)
|
||||
|
1/1/2009
|
3/31/2009
|
30.95
|
20.17
|
25.04
|
||||
|
4/1/2009
|
6/30/2009
|
37.44
|
23.64
|
30.16
|
||||
|
7/1/2009
|
9/30/2009
|
41.54
|
27.20
|
37.22
|
||||
|
10/1/2009
|
12/31/2009
|
48.14
|
34.54
|
45.21
|
||||
|
1/1/2010
|
3/31/2010
|
51.94
|
39.90
|
45.70
|
||||
|
4/1/2010
|
6/30/2010
|
50.25
|
34.91
|
39.13
|
||||
|
7/1/2010
|
9/30/2010
|
49.94
|
38.08
|
49.01
|
||||
|
10/1/2010
|
12/31/2010
|
64.58
|
48.77
|
63.98
|
||||
|
1/1/2011
|
3/31/2011
|
73.73
|
57.52
|
71.96
|
||||
|
4/1/2011
|
6/30/2011
|
73.87
|
52.45
|
58.91
|
||||
|
7/1/2011
|
9/30/2011
|
61.85
|
33.85
|
33.88
|
||||
|
10/1/2011
|
12/30/2011
|
47.80
|
30.61
|
33.11
|
||||
|
1/1/2012
|
3/30/2012
|
38.96
|
28.18
|
28.96
|
||||
|
4/1/2012
|
6/29/2012
|
31.96
|
20.67
|
24.52
|
||||
|
7/1/2012
|
9/28/2012
|
26.60
|
18.78
|
22.29
|
||||
|
10/1/2012
|
12/18/2012
|
29.84
|
21.64
|
27.37
|
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
RBC Capital Markets, LLC
P14
|
|
|
|
|
|
|
Reverse Convertible Notes
Each Linked to a Single Reference
Stock
|
||
|
|
|
|
Period-Start
Date
|
Period-End
Date
|
High Intra-Day
Price of the
Reference Stock in ($)
|
Low Intra-Day
Price of the
Reference Stock in ($)
|
Period-End Closing
Price of the Reference
Stock in ($)
|
||||
|
1/1/2009
|
3/31/2009
|
22.90
|
13.72
|
20.07
|
||||
|
4/1/2009
|
6/30/2009
|
32.85
|
19.49
|
28.71
|
||||
|
7/1/2009
|
9/30/2009
|
34.54
|
25.67
|
33.75
|
||||
|
10/1/2009
|
12/31/2009
|
37.21
|
26.47
|
26.61
|
||||
|
1/1/2010
|
3/31/2010
|
33.75
|
23.93
|
32.17
|
||||
|
4/1/2010
|
6/30/2010
|
33.75
|
21.41
|
21.48
|
||||
|
7/1/2010
|
9/30/2010
|
27.30
|
19.44
|
27.18
|
||||
|
10/1/2010
|
12/31/2010
|
35.10
|
26.79
|
32.31
|
||||
|
1/1/2011
|
3/31/2011
|
38.61
|
28.71
|
35.91
|
||||
|
4/1/2011
|
6/30/2011
|
41.00
|
29.82
|
34.54
|
||||
|
7/1/2011
|
9/30/2011
|
35.16
|
23.45
|
26.78
|
||||
|
10/1/2011
|
12/30/2011
|
35.88
|
25.44
|
35.15
|
||||
|
1/1/2012
|
3/30/2012
|
43.18
|
32.46
|
35.43
|
||||
|
4/1/2012
|
6/29/2012
|
36.89
|
21.34
|
23.31
|
||||
|
7/1/2012
|
9/28/2012
|
32.52
|
19.06
|
24.29
|
||||
|
10/1/2012
|
12/18/2012
|
26.97
|
15.70
|
20.17
|
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
RBC Capital Markets, LLC
P15
|
|
|
|
|
|
|
Reverse Convertible Notes
Each Linked to a Single Reference
Stock
|
||
|
|
|
|
Period-Start
Date
|
Period-End
Date
|
High Intra-Day
Price of the
Reference Stock in ($)
|
Low Intra-Day
Price of the
Reference Stock in ($)
|
Period-End Closing
Price of the Reference
Stock in ($)
|
||||
|
1/1/2009
|
3/31/2009
|
28.06
|
15.38
|
21.30
|
||||
|
4/1/2009
|
6/30/2009
|
42.25
|
20.29
|
35.72
|
||||
|
7/1/2009
|
9/30/2009
|
50.56
|
30.21
|
48.94
|
||||
|
10/1/2009
|
12/31/2009
|
59.27
|
43.81
|
51.59
|
||||
|
1/1/2010
|
3/31/2010
|
61.28
|
42.47
|
56.60
|
||||
|
4/1/2010
|
6/30/2010
|
65.93
|
44.25
|
50.09
|
||||
|
7/1/2010
|
9/30/2010
|
72.00
|
48.05
|
70.32
|
||||
|
10/1/2010
|
12/31/2010
|
88.20
|
67.72
|
86.75
|
||||
|
1/1/2011
|
3/31/2011
|
100.57
|
83.80
|
98.81
|
||||
|
4/1/2011
|
6/30/2011
|
103.44
|
82.61
|
95.24
|
||||
|
7/1/2011
|
9/30/2011
|
101.42
|
62.22
|
62.38
|
||||
|
10/1/2011
|
12/31/2011
|
90.93
|
72.61
|
74.97
|
||||
|
1/1/2012
|
3/30/2012
|
95.99
|
70.17
|
73.50
|
||||
|
4/1/2012
|
6/29/2012
|
77.61
|
50.90
|
56.73
|
||||
|
7/1/2012
|
9/28/2012
|
63.68
|
47.69
|
56.06
|
||||
|
10/1/2012
|
12/18/2012
|
67.00
|
53.84
|
62.37
|
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
RBC Capital Markets, LLC
P16
|
|
|
|
|
|
|
Reverse Convertible Notes
Each Linked to a Single Reference
Stock
|
||
|
|
|
|
Period-Start
Date
|
Period-End
Date
|
High Intra-Day
Price of the
Reference Stock in ($)
|
Low Intra-Day
Price of the
Reference Stock in ($)
|
Period-End Closing
Price of the Reference
Stock in ($)
|
||||
|
1/1/2009
|
3/31/2009
|
6.56
|
2.98
|
6.01
|
||||
|
4/1/2009
|
6/30/2009
|
10.63
|
5.51
|
10.46
|
||||
|
7/1/2009
|
9/30/2009
|
16.16
|
9.26
|
15.21
|
||||
|
10/1/2009
|
12/31/2009
|
18.59
|
13.79
|
18.19
|
||||
|
1/1/2010
|
3/31/2010
|
21.58
|
16.48
|
18.26
|
||||
|
4/1/2010
|
6/30/2010
|
20.89
|
13.00
|
13.04
|
||||
|
7/1/2010
|
9/30/2010
|
15.28
|
9.84
|
11.78
|
||||
|
10/1/2010
|
12/31/2010
|
16.33
|
11.30
|
15.03
|
||||
|
1/1/2011
|
3/31/2011
|
15.33
|
12.26
|
14.40
|
||||
|
4/1/2011
|
6/30/2011
|
18.32
|
14.14
|
16.16
|
||||
|
7/1/2011
|
9/30/2011
|
17.16
|
9.96
|
10.28
|
||||
|
10/1/2011
|
12/30/2011
|
18.60
|
9.05
|
16.40
|
||||
|
1/1/2012
|
3/30/2012
|
28.62
|
16.21
|
26.95
|
||||
|
4/1/2012
|
6/29/2012
|
32.54
|
21.62
|
24.73
|
||||
|
7/1/2012
|
9/28/2012
|
35.70
|
23.86
|
31.00
|
||||
|
10/1/2012
|
12/18/2012
|
31.49
|
24.90
|
29.36
|
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
RBC Capital Markets, LLC
P17
|
|
|
|
|
|
|
Reverse Convertible Notes
Each Linked to a Single Reference
Stock
|
||
|
|
|
|
Period-Start
Date
|
Period-End
Date
|
High Intra-Day
Price of the
Reference Stock in ($)
|
Low Intra-Day
Price of the
Reference Stock in ($)
|
Period-End Closing
Price of the Reference
Stock in ($)
|
||||
|
1/1/2009
|
3/31/2009
|
109.90
|
78.20
|
105.12
|
||||
|
4/1/2009
|
6/30/2009
|
146.40
|
103.90
|
142.43
|
||||
|
7/1/2009
|
9/30/2009
|
188.89
|
134.42
|
185.37
|
||||
|
10/1/2009
|
12/31/2009
|
213.94
|
180.76
|
210.86
|
||||
|
1/1/2010
|
3/31/2010
|
237.48
|
190.26
|
234.93
|
||||
|
4/1/2010
|
6/30/2010
|
279.00
|
199.35
|
251.53
|
||||
|
7/1/2010
|
9/30/2010
|
294.73
|
235.56
|
283.75
|
||||
|
10/1/2010
|
12/31/2010
|
326.65
|
277.77
|
322.56
|
||||
|
1/1/2011
|
3/31/2011
|
364.90
|
324.88
|
348.45
|
||||
|
4/1/2011
|
6/30/2011
|
355.00
|
310.65
|
335.67
|
||||
|
7/1/2011
|
9/30/2011
|
422.85
|
334.22
|
381.18
|
||||
|
10/1/2011
|
12/30/2011
|
426.69
|
354.27
|
405.00
|
||||
|
1/1/2012
|
3/30/2012
|
621.42
|
409.00
|
599.47
|
||||
|
4/1/2012
|
6/29/2012
|
644.00
|
528.69
|
584.00
|
||||
|
7/1/2012
|
9/28/2012
|
705.07
|
570.00
|
667.26
|
||||
|
10/1/2012
|
12/18/2012
|
676.74
|
501.25
|
534.00
|
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
RBC Capital Markets, LLC
P18
|
|
|
|
|
|
|
Reverse Convertible Notes
Each Linked to a Single Reference
Stock
|
||
|
|
|
|
Period-Start
Date
|
Period-End
Date
|
High Intra-Day
Price of the
Reference Stock in ($)
|
Low Intra-Day
Price of the
Reference Stock in ($)
|
Period-End Closing
Price of the Reference
Stock in ($)
|
||||
|
1/1/2009
|
3/31/2009
|
12.65
|
3.52
|
5.63
|
||||
|
4/1/2009
|
6/30/2009
|
8.27
|
5.31
|
5.79
|
||||
|
7/1/2009
|
9/30/2009
|
9.88
|
5.56
|
8.96
|
||||
|
10/1/2009
|
12/31/2009
|
12.08
|
6.78
|
11.38
|
||||
|
1/1/2010
|
3/31/2010
|
14.90
|
10.93
|
14.59
|
||||
|
4/1/2010
|
6/30/2010
|
14.94
|
10.90
|
11.75
|
||||
|
7/1/2010
|
9/30/2010
|
12.80
|
9.60
|
11.64
|
||||
|
10/1/2010
|
12/31/2010
|
14.54
|
10.96
|
12.60
|
||||
|
1/1/2011
|
3/31/2011
|
13.21
|
9.71
|
9.80
|
||||
|
4/1/2011
|
6/30/2011
|
11.60
|
8.92
|
9.17
|
||||
|
7/1/2011
|
9/30/2011
|
9.41
|
6.46
|
7.50
|
||||
|
10/1/2011
|
12/30/2011
|
9.12
|
6.65
|
8.09
|
||||
|
1/1/2012
|
3/30/2012
|
11.57
|
7.84
|
9.91
|
||||
|
4/1/2012
|
6/29/2012
|
12.25
|
9.78
|
10.95
|
||||
|
7/1/2012
|
9/28/2012
|
11.25
|
8.42
|
9.16
|
||||
|
10/1/2012
|
12/18/2012
|
11.75
|
9.11
|
11.53
|
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
RBC Capital Markets, LLC
P19
|
|
|
|
|
|
|
Reverse Convertible Notes
Each Linked to a Single Reference
Stock
|
||
|
|
|
|
Period-Start
Date
|
Period-End
Date
|
High Intra-Day
Price of the
Reference Stock in ($)
|
Low Intra-Day
Price of the
Reference Stock in ($)
|
Period-End Closing
Price of the Reference
Stock in ($)
|
||||
|
1/1/2009
|
3/31/2009
|
21.53
|
17.26
|
18.08
|
||||
|
4/1/2009
|
6/30/2009
|
20.79
|
17.41
|
19.19
|
||||
|
7/1/2009
|
9/30/2009
|
22.09
|
17.45
|
17.79
|
||||
|
10/1/2009
|
12/31/2009
|
19.75
|
15.74
|
18.04
|
||||
|
1/1/2010
|
3/31/2010
|
18.79
|
14.27
|
15.69
|
||||
|
4/1/2010
|
6/30/2010
|
17.00
|
9.39
|
10.07
|
||||
|
7/1/2010
|
9/30/2010
|
12.08
|
9.47
|
10.21
|
||||
|
10/1/2010
|
12/31/2010
|
10.86
|
7.13
|
8.84
|
||||
|
1/1/2011
|
3/31/2011
|
10.78
|
8.75
|
10.00
|
||||
|
4/1/2011
|
6/30/2011
|
13.90
|
9.65
|
12.27
|
||||
|
7/1/2011
|
9/30/2011
|
12.54
|
7.83
|
8.87
|
||||
|
10/1/2011
|
12/30/2011
|
11.29
|
8.04
|
11.20
|
||||
|
1/1/2012
|
3/30/2012
|
12.58
|
10.50
|
12.11
|
||||
|
4/1/2012
|
6/29/2012
|
17.07
|
11.45
|
17.03
|
||||
|
7/1/2012
|
9/28/2012
|
17.49
|
11.67
|
16.35
|
||||
|
10/1/2012
|
12/18/2012
|
19.17
|
14.28
|
16.49
|
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
RBC Capital Markets, LLC
P20
|
|
|
|
|
|
|
Reverse Convertible Notes
Each Linked to a Single Reference
Stock
|
||
|
|
|
|
Period-Start
Date
|
Period-End
Date
|
High Intra-Day
Price of the
Reference Stock in ($)
|
Low Intra-Day
Price of the
Reference Stock in ($)
|
Period-End Closing
Price of the Reference
Stock in ($)
|
||||
|
1/1/2009
|
3/31/2009
|
11.35
|
5.72
|
9.70
|
||||
|
4/1/2009
|
6/30/2009
|
13.74
|
8.54
|
9.36
|
||||
|
7/1/2009
|
9/30/2009
|
13.90
|
8.27
|
11.41
|
||||
|
10/1/2009
|
12/31/2009
|
13.00
|
9.69
|
10.87
|
||||
|
1/1/2010
|
3/31/2010
|
13.50
|
10.87
|
12.60
|
||||
|
4/1/2010
|
6/30/2010
|
15.44
|
9.82
|
9.83
|
||||
|
7/1/2010
|
9/30/2010
|
11.38
|
9.42
|
11.12
|
||||
|
10/1/2010
|
12/31/2010
|
12.30
|
9.77
|
11.93
|
||||
|
1/1/2011
|
3/31/2011
|
13.50
|
11.19
|
11.65
|
||||
|
4/1/2011
|
6/30/2011
|
12.67
|
10.63
|
11.52
|
||||
|
7/1/2011
|
9/30/2011
|
12.54
|
8.82
|
9.04
|
||||
|
10/1/2011
|
12/30/2011
|
12.89
|
8.03
|
12.61
|
||||
|
1/1/2012
|
3/30/2012
|
16.45
|
12.75
|
15.17
|
||||
|
4/1/2012
|
6/29/2012
|
18.44
|
13.80
|
18.38
|
||||
|
7/1/2012
|
9/28/2012
|
22.78
|
16.94
|
20.64
|
||||
|
10/1/2012
|
12/18/2012
|
22.31
|
17.71
|
20.08
|
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
RBC Capital Markets, LLC
P21
|
|
|
|
|
|
|
Reverse Convertible Notes
Each Linked to a Single Reference
Stock
|
||
|
|
|
|
Period-Start
Date
|
Period-End
Date
|
High Intra-Day
Price of the
Reference Stock in ($)
|
Low Intra-Day
Price of the
Reference Stock in ($)
|
Period-End Closing
Price of the Reference
Stock in ($)
|
||||
|
1/1/2009
|
3/31/2009
|
21.73
|
10.59
|
19.06
|
||||
|
4/1/2009
|
6/30/2009
|
30.78
|
18.30
|
25.06
|
||||
|
7/1/2009
|
9/30/2009
|
36.72
|
21.60
|
34.31
|
||||
|
10/1/2009
|
12/31/2009
|
43.68
|
31.51
|
40.15
|
||||
|
1/1/2010
|
3/31/2010
|
45.28
|
33.02
|
41.77
|
||||
|
4/1/2010
|
6/30/2010
|
44.15
|
29.12
|
29.57
|
||||
|
7/1/2010
|
9/30/2010
|
43.96
|
28.36
|
42.70
|
||||
|
10/1/2010
|
12/31/2010
|
60.39
|
43.19
|
60.05
|
||||
|
1/1/2011
|
3/31/2011
|
61.35
|
46.25
|
55.55
|
||||
|
4/1/2011
|
6/30/2011
|
58.75
|
46.06
|
52.90
|
||||
|
7/1/2011
|
9/30/2011
|
56.78
|
30.37
|
30.45
|
||||
|
10/1/2011
|
12/30/2011
|
43.50
|
28.85
|
36.79
|
||||
|
1/1/2012
|
3/30/2012
|
48.96
|
36.76
|
38.04
|
||||
|
4/1/2012
|
6/29/2012
|
39.43
|
31.16
|
34.07
|
||||
|
7/1/2012
|
9/28/2012
|
43.65
|
31.08
|
39.58
|
||||
|
10/1/2012
|
12/18/2012
|
42.89
|
30.55
|
33.99
|
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
RBC Capital Markets, LLC
P22
|
|
|
|
|
|
|
Reverse Convertible Notes
Each Linked to a Single Reference
Stock
|
||
|
|
|
|
Period-Start
Date
|
Period-End
Date
|
High Intra-Day
Price of the
Reference Stock in ($)
|
Low Intra-Day
Price of the
Reference Stock in ($)
|
Period-End Closing
Price of the Reference
Stock in ($)
|
||||
|
1/1/2009
|
3/31/2009
|
27.27
|
13.10
|
22.77
|
||||
|
4/1/2009
|
6/30/2009
|
31.98
|
20.70
|
28.51
|
||||
|
7/1/2009
|
9/30/2009
|
33.32
|
24.85
|
30.88
|
||||
|
10/1/2009
|
12/31/2009
|
35.78
|
28.75
|
29.60
|
||||
|
1/1/2010
|
3/31/2010
|
33.26
|
26.16
|
29.29
|
||||
|
4/1/2010
|
6/30/2010
|
32.28
|
23.14
|
23.21
|
||||
|
7/1/2010
|
9/30/2010
|
28.05
|
22.40
|
24.68
|
||||
|
10/1/2010
|
12/31/2010
|
27.76
|
23.95
|
27.21
|
||||
|
1/1/2011
|
3/31/2011
|
31.04
|
26.70
|
27.32
|
||||
|
4/1/2011
|
6/30/2011
|
28.24
|
21.77
|
23.01
|
||||
|
7/1/2011
|
9/30/2011
|
24.46
|
12.49
|
13.50
|
||||
|
10/1/2011
|
12/30/2011
|
19.66
|
11.59
|
15.13
|
||||
|
1/1/2012
|
3/30/2012
|
21.19
|
15.44
|
19.64
|
||||
|
4/1/2012
|
6/29/2012
|
20.04
|
12.26
|
14.59
|
||||
|
7/1/2012
|
9/28/2012
|
18.50
|
12.29
|
16.74
|
||||
|
10/1/2012
|
12/18/2012
|
19.22
|
15.95
|
19.12
|
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
RBC Capital Markets, LLC
P23
|
|
|
|
|
|
|
Reverse Convertible Notes
Each Linked to a Single Reference
Stock
|
||
|
|
|
|
Period-Start
Date
|
Period-End
Date
|
High Intra-Day
Price of the
Reference Stock in ($)
|
Low Intra-Day
Price of the
Reference Stock in ($)
|
Period-End Closing
Price of the Reference
Stock in ($)
|
||||
|
1/1/2009
|
3/31/2009
|
8.81
|
4.88
|
8.23
|
||||
|
4/1/2009
|
6/30/2009
|
10.97
|
7.07
|
8.24
|
||||
|
7/1/2009
|
9/30/2009
|
13.33
|
7.12
|
12.59
|
||||
|
10/1/2009
|
12/31/2009
|
17.44
|
11.67
|
15.02
|
||||
|
1/1/2010
|
3/31/2010
|
17.80
|
13.04
|
15.68
|
||||
|
4/1/2010
|
6/30/2010
|
21.89
|
15.96
|
20.10
|
||||
|
7/1/2010
|
9/30/2010
|
27.10
|
17.64
|
26.65
|
||||
|
10/1/2010
|
12/31/2010
|
42.34
|
25.35
|
39.04
|
||||
|
1/1/2011
|
3/31/2011
|
46.38
|
28.86
|
43.36
|
||||
|
4/1/2011
|
6/30/2011
|
47.59
|
29.79
|
33.00
|
||||
|
7/1/2011
|
9/30/2011
|
42.50
|
29.31
|
29.45
|
||||
|
10/1/2011
|
12/30/2011
|
37.37
|
25.84
|
28.96
|
||||
|
1/1/2012
|
3/30/2012
|
40.35
|
29.75
|
33.20
|
||||
|
4/1/2012
|
6/29/2012
|
34.19
|
23.00
|
26.84
|
||||
|
7/1/2012
|
9/28/2012
|
40.28
|
25.00
|
39.71
|
||||
|
10/1/2012
|
12/18/2012
|
41.30
|
34.78
|
36.02
|
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
RBC Capital Markets, LLC
P24
|
|
|
|
|
|
|
Reverse Convertible Notes
Each Linked to a Single Reference
Stock
|
||
|
|
|
|
Period-Start
Date
|
Period-End
Date
|
High Intra-Day
Price of the
Reference Stock in ($)
|
Low Intra-Day
Price of the
Reference Stock in ($)
|
Period-End Closing
Price of the Reference
Stock in ($)
|
||||
|
1/1/2009
|
3/31/2009
|
22.79
|
13.72
|
18.16
|
||||
|
4/1/2009
|
6/30/2009
|
21.45
|
16.13
|
16.97
|
||||
|
7/1/2009
|
9/30/2009
|
23.62
|
15.19
|
19.54
|
||||
|
10/1/2009
|
12/31/2009
|
21.80
|
16.82
|
18.81
|
||||
|
1/1/2010
|
3/31/2010
|
21.39
|
17.64
|
20.80
|
||||
|
4/1/2010
|
6/30/2010
|
23.66
|
16.34
|
16.36
|
||||
|
7/1/2010
|
9/30/2010
|
19.31
|
15.57
|
19.02
|
||||
|
10/1/2010
|
12/31/2010
|
20.06
|
17.36
|
19.00
|
||||
|
1/1/2011
|
3/31/2011
|
22.42
|
19.17
|
19.77
|
||||
|
4/1/2011
|
6/30/2011
|
21.93
|
19.08
|
20.74
|
||||
|
7/1/2011
|
9/30/2011
|
21.58
|
14.05
|
14.43
|
||||
|
10/1/2011
|
12/30/2011
|
21.44
|
13.16
|
20.42
|
||||
|
1/1/2012
|
3/30/2012
|
25.29
|
20.63
|
23.99
|
||||
|
4/1/2012
|
6/29/2012
|
29.75
|
21.78
|
29.73
|
||||
|
7/1/2012
|
9/28/2012
|
37.07
|
28.37
|
33.23
|
||||
|
10/1/2012
|
12/18/2012
|
35.99
|
28.50
|
32.51
|
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
RBC Capital Markets, LLC
P25
|
|
|
|
|
|
|
Reverse Convertible Notes
Each Linked to a Single Reference
Stock
|
||
|
|
|
|
Period-Start
Date
|
Period-End
Date
|
High Intra-Day
Price of the
Reference Stock in ($)
|
Low Intra-Day
Price of the
Reference Stock in ($)
|
Period-End Closing
Price of the Reference
Stock in ($)
|
||||
|
1/1/2009
|
3/31/2009
|
26.20
|
15.71
|
17.90
|
||||
|
4/1/2009
|
6/30/2009
|
23.61
|
15.89
|
16.89
|
||||
|
7/1/2009
|
9/30/2009
|
21.10
|
15.29
|
19.39
|
||||
|
10/1/2009
|
12/31/2009
|
21.47
|
15.76
|
16.75
|
||||
|
1/1/2010
|
3/31/2010
|
20.98
|
17.12
|
19.70
|
||||
|
4/1/2010
|
6/30/2010
|
21.49
|
16.25
|
17.98
|
||||
|
7/1/2010
|
9/30/2010
|
18.38
|
15.50
|
17.51
|
||||
|
10/1/2010
|
12/31/2010
|
23.70
|
17.17
|
23.12
|
||||
|
1/1/2011
|
3/31/2011
|
30.96
|
23.01
|
29.82
|
||||
|
4/1/2011
|
6/30/2011
|
31.12
|
22.96
|
25.57
|
||||
|
7/1/2011
|
9/30/2011
|
27.09
|
17.77
|
17.78
|
||||
|
10/1/2011
|
12/30/2011
|
26.78
|
16.40
|
21.05
|
||||
|
1/1/2012
|
3/30/2012
|
28.68
|
19.12
|
25.77
|
||||
|
4/1/2012
|
6/29/2012
|
26.54
|
20.00
|
24.15
|
||||
|
7/1/2012
|
9/28/2012
|
34.35
|
23.47
|
31.68
|
||||
|
10/1/2012
|
12/18/2012
|
34.26
|
27.89
|
34.24
|
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
RBC Capital Markets, LLC
P26
|
|
|
|
|
|
|
Reverse Convertible Notes
Each Linked to a Single Reference
Stock
|
||
|
|
|
SUPPLEMENTAL PLAN OF DISTRIBUTION
We expect that delivery of the Notes will be made against payment for the Notes on or about December 31, 2012, which is the second (2nd) business day following the Pricing Date (this settlement cycle being referred to as “T+2”). See “Plan of Distribution” in the prospectus supplement.
For additional information as to the relationship between us and RBC Capital Markets, LLC, please see the section “Plan of Distribution—Conflicts of Interest” in the prospectus.
RBC Capital Markets, LLC
P27
-