Get Up to $10,000 in Value¹— That's Up to 500,000 Avion points!^*

Under the RBC Investments New Client Winter Investment Season 2026 Offer (you could receive 12,500 Avion points, plus 1 Avion point for every $2 of Qualifying Net Contributions up to 500,000 Avion points (“the Offer”) if you satisfy the following qualifying criteria:

• You must be "Eligible Client", who:

  1. Is a resident of Canada and of the age of majority in the province or territory in which they reside as of the date the Eligible Investment Account is opened; and

  2. Is a new investment client for:

     • Royal Bank of Canada (‘RBC’) or Royal Mutual Funds Inc. (‘RMFI’) and opens a new Eligible Investment Account with either RBC or RMFI within the Qualifying Period. A new investment client to RBC or RMFI is a person who does not hold a personal investment account with RBC or RMFI before the first day of the Qualifying Period.

       AND/OR

     • RBC Direct Investing Inc. (RBC Direct Investing) and opens a new Eligible Investment Account with RBC Direct Investing within the Qualifying Period. A new investment client to RBC Direct Investing is a person who does not hold a personal investment account with RBC Direct Investing before the first day of the Qualifying Period; and

  3. is an Avion Rewards member before May 29, 2026. For more information on eligibility visit https://www.avionrewards.com/eligibility.html

• Open one or more new "Eligible Investment Account(s)" with RBC, RMFI or RBC Direct Investing between December 1, 2025, and March 31, 2026, inclusive (the “Qualifying Period”). Eligible Investment Accounts means any one of the following personal investment accounts:

  For RBC & RMFI Inc.	For RBC Direct Investing Inc.
  Tax Free Savings Account (TFSA) Registered Retirement Savings Plan (RRSP) Non-Registered Investment Account Locked in Retirement Account (LIRA) Life Income Fund (LIF) Account Registered Education Savings Plan (RESP) Retirement Income Fund (RIF) Registered Disability Savings Plan (RDSP)	Tax Free Savings Account (TFSA) Registered Retirement Savings Plan (RRSP) First Home Savings Account (FHSA) Non-Registered Investment Account/Margin Account Locked in Retirement Account (LIRA) Life Income Fund (LIF) Account Registered Education Savings Plan (RESP) Retirement Income Fund (RIF)

  1. Any GoSmart account opened as a TFSA, RRSP or FHSA with RBC Direct Investing is excluded, and does not qualify as an 'Eligible Investment Account' under the Offer.

• You must meet the "Qualifying Criteria":

  1. You must transfer or deposit at least $5,000 in Net Qualifying Contributions (defined below) to your new Eligible Investment Account(s) considered collectively across RBC, RMFI and RBC Direct Investing though:

     • One or more lump-sum contribution(s) before May 29, 2026 (inclusive) (the 'Contribution Deadline'); or
     • A Pre-authorized Contribution (PAC) of at least $500 per month, with the first payment being processed before the Contribution Deadline, until February 28, 2027; or
     • A combination of lump-sum contributions and PAC that amounts to at least $5,000 in Qualifying Net Contributions by February 28, 2027.

     Qualifying Net Contributions means the total of all lump sum contributions collectively deposited or transferred into your Eligible Investment Account(s) by the Contribution Deadline, less any withdrawals from any Eligible Investment Account(s) on or before February 28, 2027. For PACs, the Qualifying Net Contributions will be the annualized amount of the PAC as of the Contribution Deadline. Contributions or transfers from non-RBC affiliated legal entities and RBC Personal Banking Accounts will qualify but contributions or transfers-in from other RBC-affiliated legal entities do not qualify (including but not limited to Royal Mutual Funds Inc., RBC Direct Investing Inc., RBC InvestEase Inc., RBC Dominion Securities Inc., RBC Dominion Securities Global Inc., Phillips, Hager & North Investment Services, RBC Phillips, Hager & North Investment Counsel Inc, Royal Trust Corporation of Canada and the Royal Trust Company). If your Qualifying Net Contributions fall below the minimum required under the Offer at any time on or before February 28, 2027, you will cease to qualify to receive Avion Points under the Offer.

  2. For new Eligible Investment Accounts held at RBC and RMFI, your Qualifying Net Contributions may only be held in “Eligible Product(s)”. Eligible Product(s) means RBC Registered Savings Deposit, RMFI distributed Mutual Funds or RBC Non-Redeemable Guaranteed Investment Certificate (GICs) with terms of 1 year or longer. Canadian and US dollar Mutual Funds and GICs that are transferred to RBC and RMFI will qualify as Qualifying Net Contributions where allowed. If you contribute to multiple Eligible Products during the Qualifying Period, all the contributions and/or transfers-in (net of withdrawals and/or transfers-out) will be added together to assess the qualification for the Offer

  3. Securities transferred in-kind to new Eligible Investment Accounts to RBC Direct Investing, will only count towards 'Qualifying Net Contributions' if the securities are listed on a US or Canadian exchange. Options and securities not listed on a Canadian or U.S marketplace will not qualify towards Qualifying Net Contributions.

• Clients will receive four payments of Avion points. One Avion points payment will be made within eight weeks after May 31, 2026, August 31, 2026, November 30, 2026, and February 28, 2027, respectively, provided the Eligible Client continues to meet the Qualifying Criteria at the time of the payment.

• This offer is only available to the primary account holder of a joint account, and is only available once per Eligible Client.

• This Offer may be modified, restricted, withdrawn or extended at any time without notice at the sole discretion of RBC Direct Investing, RBC & RMFI and is subject to the full terms and conditions of the Offer.

1)

The Value of $10,000 is based on an Air Travel Redemption from the Air Travel Redemption Schedule that is only available to Avion Elite Members. Air Travel Reward redemptions from the Air Travel Redemption Schedule start at 15,000 Avion points for a round trip short-haul flight within or to an adjacent province/territory or within or to an adjacent U.S. State with a maximum ticket price of $350. All applicable taxes, service fees and surcharges are the responsibility of the traveller.

All Avion Rewards members with the exception of Personal ION Accounts, Avion Rewards Core Product Accounts and Avion Select members may redeem Points for an RBC Travel Reward at the rate of 100 Points per $1.00 CAD to pay for all or part of your booking, including associated taxes and fees. A minimum of 1,000 Points must be redeemed. A service charge and other conditions may apply.

If you have a Personal ION Account or an Avion Rewards Core Product Account, you may redeem your Points for an RBC Travel Reward at the rate of 100 Points per $0.58 CAD to pay for all or part of your booking, including associated taxes and fees. A minimum of 2,500 Points must be redeemed. A service charge and other conditions may apply. Please refer to the Avion Rewards Terms and Conditions for a list of eligible products and respective travel redemption rates.

Redemption rates vary depending on redemption category. For general redemption terms, conditions and restrictions that apply to the Avion Rewards program, please visit avionrewards.com or call 1-800 ROYAL 1-2 (1-800-769-2512).

2)

The Avion Rewards program is offered by Royal Bank of Canada and is subject to the Avion Rewards Terms & Conditions. You may only use your Avion points through RBC Direct Investing to: (1) pay for commissions on trades placed online or through the RBC Mobile app in Canadian or U.S. stocks, ETFs and options in your eligible RBC Direct Investing accounts; or (2) transfer points to deposit or make cash contributions in CAD to your eligible RBC Direct Investing accounts. It is your responsibility to make sure you have sufficient contribution room within your registered plan when redeeming points for cash in CAD to contribute to your registered accounts and/or when you use your Avion points to pay for commissions on trades placed in Canadian or U.S. stocks, ETFs and options in a registered account. The Canada Revenue Agency may apply tax penalties for over-contributions. RBC Direct Investing is not responsible for any such penalties.

3)

Assets in a TFSA must be Qualified Investments under the Income Tax Act. If the TFSA holds non-Qualified Investments, it could be subject to tax.

4)

Provided you make Contributions in such amounts as are permitted under the Tax Act, excess contributions are taxable. It is your sole responsibility to ensure that the amount of Contributions is within the limits permitted under the Tax Act.

5)

Your contribution room determines the maximum amount that you can contribute to your TFSA. You can find your most up-to-date contribution room through CRA online services such as My Account and the MyCRA mobile app.

6)

While you can take money out of a TFSA for any reason, your timing does depend on the investments you hold in it. For example, non-redeemable GICs must be held until maturity.

7)

Assets in an RRSP must be Qualified Investments under the Income Tax Act. If the RRSP holds non-Qualified Investments, it could be subject to tax.

8)

Your contribution room determines the maximum amount that you can contribute to your RRSP. You can find your most up-to-date contribution room through CRA online services such as My Account and the MyCRA mobile app.

9)

Under the Lifelong Learning Plan, you can withdraw up to $10,000 per calendar year for your own or your spouse's full–time training or post–secondary education. The total amount that can be withdrawn is $20,000 each with withdrawals over a maximum of four consecutive years. At least 10% of the amount borrowed must be repaid each year, over a maximum period of 10 years.

10)

You can withdraw up to $60,000 from your RRSP to buy your first home under the Home Buyer’ Plan. To be eligible, you must be a Canadian resident and considered a first-time homebuyer. The funds must have been on deposit at least 90 days before you withdrew them, and a signed written agreement to buy or build a qualifying home is required. Funds withdrawn under the HBP must be repaid to their RRSP over a 15-year period. At least 1/15 of your withdrawal must be repaid to the RRSP each year. The repayment period begins as of the second year after the first withdrawal was made under the Home Buyers Plan (HBP). For withdrawals between January 1, 2022 and December 31, 2025, the repayment period begins as of the fifth year after the withdrawal was made. For details see Canada Revenue Agency Home Buyers’ Plan.

11)

While you can take money out of a non-registered account for any reason, your timing does depend on the investments you hold in it.

12)

With the Canada Education Savings Grant (CESG), for an eligible beneficiary until the end of the calendar year they turn 17, the government matches 20% on the first $2,500 contributed annually to an RESP. The maximum total CESG the government will give, up to age 18, is $7,200 per beneficiary. With the Canada Learning Bond (CLB) for an eligible beneficiary, the government pays an initial $500 contribution in an RESP and a beneficiary may also be entitled to receive an additional $100 a year up until the age of 15. The maximum total CLB payable is $2,000. A contribution is not required to an RESP to receive the CLB. The total maximum CLB payable per child is $2,000.