All-inclusive Banking – Great Savings, Great Features, Great Rewards.

Royal Bank of Canada

RBC Rewards^® in Banking National Fall 2009 Campaign

Terms & Conditions

What the Words Mean

“you” and “your” mean any New Personal Client or Existing Personal Client; “we”, “us” and “our” mean Royal Bank of Canada (the “Bank”), if your Personal Deposit Account is with the Bank, Royal Bank Mortgage Corporation (“RBMC”), if your Personal Deposit Account is with RBMC, Royal Trust Corporation of Canada or, in Quebec, The Royal Trust Company (“Royal Trust”), if your Personal Deposit Account is with the Royal Trust;

“Avion Redemption Schedule” means the current RBC Avion Air Travel Redemption Schedule issued by the Bank from time to time, which may be found at www.rbcrewards.com and which is available exclusively to Avion cardholders under its RBC Rewards program and to you for redemption of Points for airline tickets;

“Eligible Investment” means any of the following registered and non-registered investment products we offer and sell directly (and not through RBC Dominion Securities Inc. and RBC Direct Investing Inc.): Guaranteed Investment Certificate (GIC), Registered Retirement Savings Plan (RRSP), Registered Retirement Income Fund (RRIF), Registered Education Savings Plan (RESP); Registered Home Ownership Savings Plan (RHOSP) and Tax-Free Savings Account (TFSA). It does not include the RBC Investment Savings Account;

“Eligible RBC Rewards Credit Card” means any of the following RBC Royal Bank Visa credit cards that makes you earn RBC Rewards points, and such other credit cards the Bank may choose to designate from time to time: Visa Infinite^* Avion, Visa Platinum Avion, Visa Gold Preferred, Visa Platinum Preferred, Visa Classic II, RBC Rewards Visa Gold, RBC Rewards Visa Classic, Visa Classic II Student, and U.S. Dollar Visa Gold cards;

“Eligible Specialty Rewards Credit Card” means any of the following RBC Royal Bank credit cards that makes you earn RBC Rewards points or partner rewards depending on the credit card, and such other credit cards the Bank may choose to designate from time to time: RBC Mike Weir Visa Card, British Airways^* Visa Platinum, Cathay Pacific^* Visa Platinum, Esso^{^} Visa and Starbucks Duetto^** Visa cards;

“Existing Personal Client” means a client who has an existing Personal Deposit Account with us at the beginning of the Promotional Period;

“Good Standing” means, when related to a credit card account, an account that is not more than two (2) account statement periods past due and is not closed, charged off or in credit revoked status, in accordance with our credit risk policies in effect from time to time;

“New Personal Client” means a client who does not have an existing Personal Deposit Account with us at the beginning of the Promotional Period;

“Personal Deposit Account” means any of the following accounts: RBC Day to Day Banking^®, RBC No Limit Banking^®, RBC Student Banking^®, RBC Leo’s Young Savers Account^®, RateLink Preference^®, RateLink Essential^®, RateLink Essential - Sixty Plus^®, Sixty Plus - Signature Plus^®, Sixty Plus - Royal Money Maker^®, and Sixty Plus - Calculator Plus^®, RBC Signature No Limit Banking^®, RBC VIP Banking^®, RBC No Limit Banking for Students^® account;

“Primary Personal Owner” means the person we designate as the primary owner of a joint Personal Deposit Account;

“Points” means the RBC Rewards points you may earn in connection with the Promotional Offers and credited to a Points Account;

“Points Account” means the nominal account opened and maintained for RBC Royal Bank Personal Deposit Account clients for the crediting and debiting of Points in connection with these Promotional Offers and any previous promotional offers;

“Points Program” means the program that allows you to earn and redeem Points for rewards related to the Promotional Offers;

“Promotional Offers” mean the Personal Base Offer, Additional Personal Offer Credit Card Base Offer and Additional Credit Card Offer, described in these Terms;

“Promotional Period” means the period starting on October 1, 2009 and ending on December 31, 2009;

“RBC Employees” mean all our employees and pensioners;

“Terms” mean the present Terms and Conditions.

“RBC Rewards Account” means the nominal account opened and maintained for the crediting and debiting of RBC Rewards points earned by RBC Royal Bank clients when they use their Eligible RBC Rewards Credit Card and/or RBC Mike Weir Visa Card to pay for purchases;

1. Personal Base Offer

Providing you fulfill the conditions set out in sections 1.1 and 1.2 below, the following Points may be earned during the Promotional Period:

15,000 RBC Rewards points if you open an RBC VIP Banking account or upgrade from a Personal Deposit Account to the RBC VIP Banking account.

(hereinafter, the “Personal Base Offer”)

1. 1.1 How to qualify for the Personal Base Offer
   
   
   1. Qualifying conditions for New Personal Clients:
      
      To qualify for this Personal Base Offer as a New Personal Client, you must:
      
      
      1. open an RBC VIP Banking account during the Promotional Period; and
         
         
      2. complete each of the following steps by January 31, 2010:
         
         STEP 1: Enrol in RBC Royal Bank Online Banking by going to our website at http://www.rbcroyalbank.com/personal.html ; and
         
         STEP 2: Do one of the following:
         
         
         • Transfer your automated payroll direct deposit or monthly pension direct deposit to your new RBC VIP Banking account; or
         • If you do not have an automated payroll or monthly pension direct deposit, 1) apply and qualify for an Eligible RBC Rewards Credit Card or Eligible Specialty Rewards Credit Card, and 2) purchase an Eligible Investment with a minimum of $2,500. If you already have an active Eligible RBC Rewards Credit Card or Eligible Specialty Rewards Credit Card in Good Standing and an Eligible Investment with a book value of at least $2,500, you may also qualify; and
         STEP 3: Complete at least two (2) online bill payments through RBC Royal Bank Online Banking from your new RBC VIP Banking account; and
         
         STEP 4: Select the paperless e-statement option for your new RBC VIP Banking account through RBC Royal Bank Online Banking.
         
         
   2. Qualifying conditions for Existing Personal Clients:
      
      To qualify for this Personal Base Offer as an Existing Personal Client, you must:
      
      
      1. open an RBC VIP Banking account or upgrade from your existing Personal Deposit Account to an RBC VIP Banking account during the Promotional Period; and
      2. complete each of the steps described in section 1.1(a)(ii) above by January 31, 2010.
2. 1.2 Additional Conditions that apply to the Personal Base Offer
   
   The following conditions also apply to this Personal Base Offer:
   
   
   1. Only one set of Points for the opening of or upgrading to an RBC VIP Banking account may be earned by each Existing Personal Client or New Personal Client in the Personal Base Offer, no matter how many RBC VIP Banking accounts they open or upgrade to during the Promotional Period.
      
      
   2. The Points earned in the Personal Base Offer will be credited to one Points Account within one hundred (100) calendar days after all the qualifying conditions of the Personal Base Offer have been fulfilled;
      
      
   3. If you already had a Points Account opened before the start of the Promotional Period, then any Points earned for opening an RBC VIP Banking account will be credited to the existing Points Account. If this existing Points Account was related to a joint Personal Deposit Account and you were not the Primary Personal Owner on that joint Personal Deposit Account, then a new Points Account will be opened for these Promotional Offers;
      
      
   4. The Eligible RBC Rewards Credit Card or the Eligible Specialty Rewards Credit Card and the Eligible Investment must be held in the same name as the RBC VIP Banking account for Points to be earned in the Personal Base Offer. An Eligible RBC Rewards Credit Card or Eligible Specialty Rewards Credit Card and an Eligible Investment may only be used once during the Promotional Period to earn Points in any Personal Base Offer, even if these products are held in the name of more than one client;
      
      
   5. RBC Employees are not eligible to participate in the Personal Base Offer. However, if an RBC Employee is a co-owner on a joint RBC VIP Banking account, Points related to the Personal Base Offer may still be earned, provided the remaining conditions are fulfilled by the other co-owner(s);
      
      
   6. The time to complete the steps described in sub-sections 1.1 (a)(ii) and 1.1(b)(ii) above, has been extended beyond the Promotional Period to January 31, 2010. This means that for an automated payroll or a monthly pension direct deposit, the first deposit to the RBC VIP Banking account must be made by January 31, 2010;
      
      
   7. No Points may be earned by an Existing Personal Client for upgrading from a personal savings account, such as the RBC High Interest eSavings, the RBC Enhanced Savings or the RBC Day to Day Savings account, to an RBC VIP Banking account. An Existing Personal Client with these accounts must open a new RBC VIP Banking account to earn Points;
      
      
   8. If you were an owner of an RBC VIP Banking account ninety (90) days prior to or during the Promotional Period but downgraded it to another type of account and then upgraded it back to an RBC VIP Banking account during the Promotional Period, you are not eligible to earn points in the Personal Base Offer;
      
      
   9. If you were an owner of an RBC VIP Banking account ninety (90) days prior to or during the Promotional Period but closed it and then opened a new RBC VIP Banking account during the Promotional Period, you are not eligible to earn points in the Personal Base Offer.
      
      

2. Additional Personal Offer for New Personal Clients and Existing Personal Clients

Providing you fulfill the conditions set out in sections 2.1 and 2.2 below, the following Points may also be earned:

5,000 RBC Rewards points if you use our CustomSwitch^® service to close your Canadian dollar personal bank account with another Canadian financial institution and transfer the balance of such account to your new RBC VIP Banking account by January 31, 2010

(hereinafter, the “Additional Personal Offer”)

1. 2.1 How to qualify for the Additional Personal Offer
   
   To qualify for this Additional Personal Offer, you must have satisfied and completed the conditions for the Personal Base Offer as a New Personal Client or Existing Personal Client during the Promotional Period.
   
   
2. 2.2 Additional conditions that apply to the Additional Personal Offer
   
   To earn Points in this Additional Personal Offer, the following conditions apply:
   
   
   1. Only one set of Points for using our CustomSwitch service (described in section 2 above) may be earned by you, no matter how many times you use the CustomSwitch service during the Promotional Period;
      
      
   2. The Points earned in the Additional Personal Offer may not be divided and will be credited to same Points Account used to credit the Points from the Personal Base Offer within one hundred (100) calendar days after the conditions of the Additional Personal Offer have been fulfilled;
      
      
   3. RBC Employees are not eligible to participate in the Additional Promotional Personal Offer. However, if an RBC Employee is a co-owner on a joint RBC VIP Banking account, Points from the Additional Personal Offer may still be earned, provided the remaining conditions are fulfilled by the other co-owner(s);
      
      
   4. The time to complete the CustomSwitch^® process described in section 2 above, has been extended beyond the Promotional Period to January 31, 2010. This means the CustomSwitch process must be initiated by December 31, 2009 in order for the balance to be transferred and deposited into the RBC VIP Banking account by January 31, 2010.
      
      

3. Credit Card Base Offer

The following Points may be earned for acquiring a new Visa Infinite Avion or Visa Platinum Avion card during the Promotional Period, providing the conditions set out in sections 3.1 below are fulfilled:

15,000 RBC Rewards points

(hereinafter, the “Credit Card Base Offer”).

1. 3.1 How to qualify for the Credit Card Base Offer
   
   To qualify for this Credit Card Base Offer, the applicant must not only have applied but also been approved as a primary cardholder for a new Visa Infinite Avion or Visa Platinum Avion card during the Promotional Period.
   
   
2. 3.2 Additional conditions that apply to the Credit Card Base Offer
   
   The following conditions also apply to this Credit Card Base Offer:
   
   
   1. Owners of a Visa Platinum Avion card are not eligible to earn Points in this Credit Card Base Offer by upgrading their credit card to a Visa Infinite Avion card or by switching from a Visa Infinite Avion card to a Visa Platinum Avion card;
      
      
   2. Owners of a Visa Gold Preferred, Visa Platinum Preferred, RBC Rewards Visa Gold, U.S. Dollar Visa Gold, British Airways Visa Platinum and Cathay Pacific Visa Platinum cards are not eligible to earn Points in this Credit Card Base Offer by changing their card to a Visa Infinite Avion or Visa Platinum Avion card;
      
      
   3. If the applicant was an owner of a Visa Infinite Avion or Visa Platinum Avion card ninety (90) days prior to or during the Promotional Period but downgraded it to another type of card and then upgraded it back to an Visa Infinite Avion or Visa Platinum Avion card during the Promotional Period, they are not eligible to earn Points in the Credit Card Base Offer;
      
      
   4. If the applicant was an owner of a Visa Infinite Avion or Visa Platinum Avion card ninety (90) days prior to or during the Promotional Period but cancelled it and then applied for a new Visa Infinite Avion or Visa Platinum Avion card during the Promotional Period, they are not eligible to earn Points in the Credit Card Base Offer; and
      
      
   5. The Points earned in this Credit Card Base Offer will be credited to the RBC Rewards Account and will appear on the first credit card account statement.
      
      

4. Additional Credit Card Offer

Providing the conditions set out in sections 3.1 and 3.2 below are fulfilled, the following Points may also be earned:

1,000 RBC Rewards points, for electing or switching to paperless eStatements, as the record keeping option for the credit card account by January 31, 2010.

(hereinafter, the “Additional Credit Card Offer”)

1. 4.1 How to qualify for the Additional Credit Card Offer
   
   To qualify for this Additional Credit Card Offer, the conditions for the Credit Card Base Offer during the Promotional Period must have been satisfied and completed.
   
   
2. 4.2 Additional conditions that apply to the Additional Personal Offer
   
   To earn Points in this Additional Credit Card Offer, the following conditions apply:
   
   
   1. The applicant must have enrolled in RBC Royal Bank Online Banking by going to http://www.rbcroyalbank.com/personal.html ;
      
      
   2. The Points earned in the Additional Credit Card Offer will be credited to same RBC Rewards Account used to credit the Points from the Credit Card Base Offer.
      
      
   3. The time to complete the switch to eStatements, has been extended beyond the Promotional Period to January 31, 2010. This means the applicant must have been approved for the credit card by December 31, 2009 and the election of or switch to eStatements completed by January 31, 2010.

5. Additional Conditions that apply to all Promotional Offers

1. The Points Program and these Terms do not, in any way, affect any of the service fees related to the operation of any of our personal deposit accounts and credit cards, which continue to apply;
   
   
2. Points earned in this Points Program have no cash value and do not constitute your property for any purpose;
   
   
3. We will keep a record of your Point earnings related to the Promotional Offers, which you may consult from time to time by going online or by calling us at 1-800-769-2512. If you do not notify us in writing of any errors in or objections to the entries made or balances shown with respect to these Promotional Offers by April 30, 2010, our records shall be final, conclusive and binding upon you;
   
   
4. If this is a joint Points Account, any co-holder has the right to view, access, transfer, consolidate and redeem the Points at any time and the other co-holders deem the acting co-holder as their agent with full authority to act on their behalf, even if the Points are not acted upon for their benefit. Nevertheless, if a Points Account is tied to a joint RBC VIP Banking account, only the initial Primary Personal Owner (the Primary Personal Owner at the start of the Promotional Period) will be able to view, access, redeem, convert and otherwise transact with the Points online. Similarly, only the initial Primary Personal Owner of the joint RBC VIP Banking account will be able to redeem the Points for airline tickets under the Avion Redemption Schedule;
   
   
5. Points awarded in these Promotional Offers may be redeemed for airline tickets from the Avion Redemption Schedule and for all other forms of travel, including hotels, car rentals, cruises, Via Rail tickets, tours and travel packages. Points may also be redeemed for gift certificates/cards redeemable for merchandise or services at select merchants Visa gift cards issued by Royal Bank, merchandise, RBC Financial Rewards^® vouchers and charity rewards. The RBC Rewards Avion terms and conditions apply to redemptions insofar as they do not conflict with the present Terms;
   
   
6. Points may be redeemed for merchandise and gift certificates/cards through RBC Royal Bank Online Banking, our secure website, and by calling 1-800-769-2512. Redemption for travel must be made through the RBC Rewards Travel Redemption Centre 1-877-636-2870 or directly at a Carlson Wagonlit Travel location. For a copy of the complete terms and conditions applicable to the RBC Rewards program, including information on how to place an order and redeem your Points, please visit
   www.rbcrewards.com or contact us, by calling toll-free at 1-800-769-2512;
   
   
7. Points earned through the Promotional Offers may not be consolidated, converted, exchanged, combined or transferred to any other RBC Rewards account, except as permitted in these Terms and as we may impose from time to time in our absolute discretion;
   
   
8. Notwithstanding section 6(g) above, you may transfer Points in the Points Account related to the RBC VIP Banking account to any single RBC Rewards Account held for an Eligible RBC Rewards Credit Card, provided the Eligible RBC Rewards Credit Card is in the same name as the RBC VIP Banking account. Once transferred to the RBC Rewards Account, they may not be reversed, returned or converted back to Points under these Terms. Once the Points have been transferred to the RBC Rewards Account, they are subject to the full terms and conditions of the RBC Rewards program including, but not limited to, those pertaining to flight booking, seat availability and blackout periods;
   
   
9. If you transfer Points earned during these Promotional Offers to an RBC Rewards Account tied to an Eligible RBC Rewards Credit Card other than Credit Infinite Avion or Visa Platinum Avion, you will no longer have access to the Avion Redemption Schedule although you will still have the right to redeem your Points for all other forms of travel at a value of 1% value (100 RBC Rewards points = CAD$1.00);
   
   
10. Notwithstanding section 6(g) above, you may convert Points to Asia Miles. Once Points are converted to Asia Miles, they must remain in the Asia Miles program and they may not be reversed, returned or converted back to Points. A minimum of 10,000 Points must be converted, and the Asia Miles account must be in the same name as the Points Account. Once the Points have been converted to Asia Miles, they are subject to the full terms and conditions of the Cathay Pacific Asia Miles program including, but not limited to, those pertaining to flight booking, seat availability and blackout periods. You will refer to www.asiamiles.com for full program terms and conditions;
    
    
11. Notwithstanding section 6(g) above, you may convert Points to BA Miles. Once Points are converted to BA Miles, they must remain in the British Airways Executive Club program and they may not be reversed, returned or converted back to Points. A minimum of 10,000 Points must be converted, and the BA Miles account must be in the same name as the Points Account. Once the Points have been converted to BA Miles, they are subject to the full terms and conditions of the British Airways Executive Club program including, but not limited to, those pertaining to flight booking, seat availability and blackout periods. You will refer to www.ba.com for full program terms and conditions;
    
    
12. If we improperly deny you a reward you select, our liability will be limited to the cash equivalent of that reward. We will not be liable for and you release us from any claims for loss or damage suffered by you or others related to your reward, including but not limited to errors in our catalogue, the suspension of our Points Program, the redemption of Points by a co-holder, the performance or action of a travel or rewards supplier and the loss or theft of a reward. By redeeming your Points you release us from any and all liability and claims regarding the redemption or use of such reward;
    
    
13. The Promotional Offers shall not be combined with any other offer or promotion. Participants must be permanent residents of Canada and have reached the age of majority in the province or territory in which they reside on or before the start of the Promotional Period;
    
    
14. The VIP Banking account, Eligible Investments, Eligible RBC Rewards Credit Cards and/or Eligible Specialty Rewards Credit Card opened or used in these Promotional Offers must remain open and in Good Standing as of April 30, 2010. If the VIP Banking account or any Eligible Investment, Eligible RBC Rewards Credit Card and/or Eligible Specialty Rewards Credit Card is closed or loses its Good Standing status at any time prior to this date, any Points in a Points Account will be immediately cancelled and the Points Account closed.
    
    
15. If an RBC VIP Banking account is closed at any time after April 30, 2010, you have ninety (90) days to redeem your Points, transfer them to an RBC Rewards account held for an Eligible RBC Rewards Credit Card or convert them to Asia or BA Miles, as more fully described above. If you fail to do so, your Points will be cancelled and the Points Account closed.
    
    
16. Upon the death of the holder of a Points Account, the Points must be redeemed by their estate within 90 days of the date of death and the Points Account will be closed. If this is a joint Points Account, the death of any co-holder will require the redemption of all Points by the estate of the deceased co-holder or by any surviving co-holder(s) within 90 days of the death. If the Points are not redeemed within this time, they shall be cancelled and the Points Account closed.
    
    
17. We may change the Points Program and these Terms at any time without giving you notice. Changes in the Points Program may include, but are not limited to changes to the rights of Points Account holders, to the way Points may be redeemed, to any rewards, to the Points required for any rewards or to the formula upon which Points are earned. The posting of the current version the Terms at www.rbc.com/simple/terms shall be deemed sufficient notice to you of such Terms, if required.
    
    

6. Limitations that apply to all Promotional Offers

1. Should the Promotional Offers not be capable of running as planned for any reason, they may be cancelled without notice and the Points may not subsequently be redeemed, consolidated, converted, exchanged, combined or transferred.
   
   
2. In the event of a conflict between these Terms and the content of any document, brochure or promotional material advertising this Promotional Offer, these Terms shall prevail. You may always view the current Terms by visiting www.rbc.com/simple/terms or you may call 1-800-769-2512 to request a current copy.
   
   
3. We reserve the right, in our sole discretion, to suspend, disqualify, limit or revoke these Promotional Offers to any person or account holder we find or believe to be manipulating or otherwise abusing the process, fairness, integrity or operation of the Promotional Offers.
   
   

^® Registered trademarks of Royal Bank of Canada. RBC and Royal Bank are registered trademarks of Royal Bank of Canada.
^™ Trademarks of Royal Bank of Canada.
^* Registered trademarks of Visa International Service Association. Used under licence. All other trademarks are the properties of their respective owners and are used under licence, if applicable.
^{^} Registered trademark of Imperial Oil Limited. Used under licence.Imperial Oil is a partnership of Imperial Oil Limited and McColl-Frontenac Petroleum Inc.
^** Registered trademark of Starbucks Coffee Company. Used under licence.