RBC Investments Winter Investment Season 2027 Offer

A. Definitions:

“Contribution Deadline” means the date of May 29, 2027, by which the Eligible Client must complete Qualifying Net Contributions to qualify for the Offer.

“Eligible Client(s)” means a personal client who:

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;
Is a New Investment Client or an Existing Investment Client, as defined below, of Royal Bank of Canada (“RBC”) or Royal Mutual Funds Inc. (“RMFI”) within the Qualifying Period.
- a. A New Investment Client is a person who has not held a personal investment account with RBC and/or RMFI by the first day of the Qualifying Period.
- b. An Existing Investment Client is a person who holds a personal investment account with RBC and/or RMFI, before the first day of the Qualifying Period.
And
Is an Avion Rewards member by May 29, 2027.

“Eligible Investment Account(s)”

i. for New Investment Clients, means any of the following personal investment accounts offered by RBC or RMFI:

Responsive Table Example
Tax Free Savings Account (TFSA), includes Group TFSA where available	Registered Education Savings Plan (RESP)
Registered Retirement Savings Plan (RRSP), includes Spousal RRSP and Group RRSP where available	Registered Retirement Income Fund (RRIF)
Non-Registered Investment Account	Investment Advantage Account
Locked in Retirement Account (LIRA)	Registered Disability Savings Plan (RDSP)
Life Income Fund (LIF) Account

ii. for Existing Investment Clients, means any of the following personal investment accounts offered by RBC or RMFI:

Responsive Table Example
Tax Free Savings Account (TFSA), includes Group TFSA where available	Registered Education Savings Plan (RESP)
Registered Retirement Savings Plan (RRSP), includes Spousal RRSP and Group RRSP where available	Registered Retirement Income Fund (RRIF)
Locked in Retirement Account (LIRA)	Registered Disability Savings Plan (RDSP)
Life Income Fund (LIF) Account

“Eligible Product(s)” means:

for Eligible Investment Account with RBC or RMFI: RBC Registered Savings Deposits, RMFI distributed Mutual Funds or RBC Non-Redeemable Guaranteed Investment Certificates (GICs) with terms of 1 year or longer. Redeemable GICs and Non-Redeemable GICs with a term of less than 1 year will not qualify as Eligible Products for the Offer.

If you contribute to multiple Eligible Products between November 10, 2026, and the Contribution Deadline, 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.

“Offer” as defined in Section B of these Terms.

“Offer Payment(s)” means four payments of Avion points that will be made in June 2027, September 2027, December 2027, and March 2028, respectively, provided the Eligible Client continues to meet the Qualifying Criteria at the time of each payment.

“PAC” means pre-authorized contributions to Eligible Investment Accounts on a weekly, bi-weekly, semi-monthly, monthly or quarterly basis (where available through RBC or RMFI).

“Promotional Period” means the period starting on November 10, 2026, and ending February 28, 2028.

“Qualifying Net Contributions”

i. For New Investment Clients, means:

The total of all lump sum contributions, transfers-in and PACs collectively deposited or transferred-in (in cash or in kind) into the Eligible Investment Accounts net of all withdrawals or transfer-outs between November 10, 2026 and the Contribution Deadline.
For PACs, the Qualifying Net Contributions will be the annualized amount of the PACs made between November 10, 2026 and the Contribution Deadline.

For New Investment Clients, lump sum contributions, transfers-in and PACs originating from a financial institution that is affiliated with RBC, except from RBC personal banking accounts, will not qualify under the Offer. Affiliated financial institutions that are excluded from this Offer are: Royal Mutual Funds Inc., RBC Direct Investing Inc., RBC InvestEase Inc., RBC Dominion Securities Inc., RBC Dominion Securities Global Inc., Philips, Hager & North Investment Funds Ltd., Philips, Hager & North Investment Services, RBC Philips, Hager & North Investment Counsel Inc., Royal Trust Corporation and the Royal Trust Company.

ii. For Existing Investment Clients, means:

The total of all transfers-in to the Eligible Investment Accounts net of all withdrawals or transfer-outs between November 10, 2026 and the Contribution Deadline.
For Existing Investment Clients, only transfers-in from non-RBC affiliated legal entities will qualify. Contributions or transfers-in from other RBC-affiliated legal entities do not qualify (including, RBC personal banking accounts, 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).

For the purposes of calculating Qualifying Net Contributions, any transactions in currencies other than Canadian Dollars will be converted into Canadian dollars based on the end of day valuation on the transaction date, as determined by RBC or RMFI, at our sole discretion.

“Qualifying Period” means the period starting on November 10, 2026, and ending on March 31, 2027. New Investment Clients must open an Eligible Investment Account during the Qualifying Period.

Existing Investment Clients of RBC and/or RMFI must initiate a transfer-in to their existing account(s) from a non-RBC affiliated entity within the Qualifying Period.

“Terms” mean these terms and conditions that govern this Offer.

“we”, “us”, “our” and “RBC Royal Bank” mean Royal Bank of Canada or Royal Mutual Funds Inc.

"you" and “your” mean the Eligible Client.

B. Offer:

Eligible Clients who open one or more Eligible Investment Account(s) or make a transfer-in to one or more existing Eligible Investment Account using the RBC Mobile app or online or with an RBC advisor from November 10, 2026 to the Contribution Deadline and satisfy the Qualifying Criteria (as defined below) and these Terms will receive 1 Avion point for every $2 of Qualifying Net Contributions up to a maximum of 500,000 Avion points deposited into their Avion Rewards Account in four quarterly Offer Payments.

See examples below:

Responsive Table Example
Example 1	Example 2	Example 3
Scenario: A New Investment Client sets up a PAC of $500 per month	Scenario: An Existing Investment Client makes a transfer-in of $5,000	Scenario: A New Investment Client makes a lump sum contribution of $4,000 and sets up a PAC of $100 per month
Total Annualized Contribution: $6,000	Total Annualized Contribution: $5,000	Total Annualized Contribution: $4,000 + 1,200 = $5,200
Avion Points Offered: 3,000 points paid in four quarterly payments	Avion Points Offered: 2,500 points paid in four quarterly payments	Avion Points Offered: 2,600 points paid in four quarterly payments
Points Paid Per Quarter: 750	Points Paid Per Quarter: 625	Points Paid Per Quarter: 650

C. Qualifying Criteria

To qualify to receive this Offer you must satisfy each of the following criteria:

Be an Eligible Client.
If you are a New Investment Client, open an Eligible Investment Account(s) between November 10, 2026, and March 31, 2027 inclusive, and make a Qualifying Net Contribution of $5,000 or more between November 10, 2026 and the Contribution Deadline.

If you are an Existing Investment Client of RBC and/or RMFI, you must initiate a transfer-in of $5,000 or more from a non-RBC affiliated legal entity to your Eligible Investment Account(s) using the RBC Mobile app, online or with an RBC advisor between November 10, 2026 and March 31, 2027, inclusive.

Funds must be received by May 29, 2027, for eligibility.
Maintain the Qualifying Net Contributions in the Eligible Investment Account(s) for the duration of Promotional Period. If you withdraw, deregister, transfer-out or remove contributed/transferred assets from your Eligible Investment Account(s) at any time during the Promotional Period, these amounts will be subtracted from your Qualifying Net Contributions.
Market-driven changes in your account balance will not impact your qualification for the Offer. However, changes to your account balance due to withdrawals (and/or transfers-out) or PAC cancellation during the Promotional Period will be taken into account (Contributions net of withdrawals will be used) to assess qualification for the Offer.

D. Limitations

This Offer is available only once for each Eligible Client, no matter how many Eligible Investment Accounts you may open or transfers-in you may make during the Qualifying Period.
This offer cannot be combined with other investment offers by RBC and/or RMFI.
Only the primary account holder of a joint account may participate in this Offer.
Qualifying Net Contributions may be combined across Eligible Investment Accounts with RBC and RMFI to meet the Offer’s qualifying criteria. For example, an Eligible New Investment Client who contributes $3,000 into an RRSP and $2,000 into a TFSA will qualify for the Offer.
Qualifying Net Contributions may be combined across Eligible Products to meet the Qualifying Criteria. For example, an Eligible Client who contributes $3,000 into RMFI distributed Mutual Funds, $500 into a Registered Savings Deposit (RBC) and $1,500 in a 2-year term GIC in a TFSA (RBC) will qualify for the Offer as the total of all qualifying investments meets the minimum investment of $5,000.
Multiple transfers-in or contributions may be initiated into your Eligible Investing Account(s) to meet the minimum amount of Net Qualifying Contributions required in your Eligible Investment Accounts. All transfers-in and contributions received across your Eligible Investment Account(s) before the Contribution Deadline will be considered cumulatively.
The value of any assets transferred into your Eligible Investment Account(s) as well as any withdrawals, will be determined in Canadian dollars based on the end of day valuation on the date the assets are transferred out or received in the Eligible Investment Account by RBC or RMFI at its respective discretion. Foreign currencies will be converted to Canadian dollars at RBC’s prevailing prescribed rate on the date any Qualifying Net Contributions are received.
Lump sum contributions or transfers-in or PACs into your Eligible Investment Account(s) after the Contribution Deadline are not eligible under the Offer and do not form part of the Qualifying Net Contributions. Transfers-in have to be completed by the Contribution Deadline, for example a transfer-in initiated within the Contribution Deadline but completed after the Contribution Deadline will not be counted.
If your Qualifying Net Contributions fall below the minimum $5,000 Canadian dollars required under the Offer at any time during the Promotional Period, you will cease to qualify to receive Avion points under the Offer.
If you have an RBC Avion Visa or another Avion points-earning RBC credit card where points are earned on net purchases, your Avion points will be deposited to your respective credit card points account. If you do not have an Avion points-earning credit card, your Avion points will be deposited into your Banking Rewards Account. If you do not have either an RBC credit card where points are earned on net purchases or a Banking Rewards Account, your points will be deposited to the Avion Rewards Core Account. If you have more than one Avion Rewards points account, RBC will determine which account to deposit the points, which could include both joint or solely owned credit card accounts. Once deposited, you may move your points to another account of your choice. For complete terms and conditions that apply to the Avion Rewards Program, please visit http://www.avionrewards.com/terms-and-conditions or call 1-800-769-2512.
Any client who closes all of their Avion Rewards Accounts prior to the deposit of the Offer, will forfeit this Offer.
This Offer is distributed by Royal Bank of Canada (RBC). Royal Bank of Canada and Royal Mutual Funds Inc. (RMFI) are separate corporate entities which are affiliated. RMFI is a wholly owned subsidiary of RBC. Other products and services may be offered by one or more separate corporate entities that are affiliated with RBC, including without limitation: RBC Direct Investing Inc., RBC InvestEase Inc., RMFI, RBC Dominion Securities Inc., RBC Global Asset Management Inc., Royal Trust Corporation of Canada and The Royal Trust Company.
We may change this Offer and/or these Terms at any time without notice. The posting of the current Terms at https://www.rbcroyalbank.com/dms/campaign/wis2027/bi-conditions/index.html shall be deemed sufficient notice to you of any such changes, if required.
In the event of a conflict between these Terms and the content of any document, brochure or promotional material advertising the Offer, these Terms shall prevail. You may always view the current Terms by visiting https://www.rbcroyalbank.com/dms/campaign/wis2027/bi-conditions/index.html or you may call 1-800-769-2511 to request a current copy.
We reserve the right, in our sole discretion, to suspend, disqualify, limit or revoke the Offer to any person or account holder we find or believe to be manipulating or otherwise abusing the process, fairness, integrity or operation of the Offer, without further explanation or advance notice to such person or account holder. By participating in the Offer, you acknowledge and agree that we will not be held liable for any direct or indirect losses, damages, or opportunity costs suffered or incurred by you or any third party as a result of us suspending, disqualifying, limiting or revoking your participation in this Offer in the event that we find or believe you to be manipulating or otherwise abusing the process, fairness, integrity or operation of the Offer.
If we are unable to execute the Offer as planned for any reason, including but not limited to infection of our computers/systems by virus, bugs, tampering, unauthorized intervention, fraud, technical failures, force majeure, pandemic, or any other cause beyond our reasonable control which corrupts, interferes with, or otherwise impacts the administration, security or proper conduct of this Offer, we reserve the right at our sole discretion to, without advance notice, terminate or suspend the Offer, in whole or in part, or modify it as we deem necessary.
You have ninety (90) days from June 30, 2027, to notify us if you believe you have completed all qualifying criteria but have not received the Offer due under these Terms. Any notice received after this date will not be accepted even if you had completed the applicable qualifying criteria during the Qualifying Period required to earn the Offer.

E. Other Terms and Conditions

You are solely responsible for reviewing your personal contribution room available in registered plan accounts you hold before effecting any transfer, contribution or PAC into your Eligible Investment Account(s). You are solely responsible for any excess contribution penalty or other tax consequence that may arise from a contribution or transfer of assets into your Eligible Investment Account(s). Please consult your personal tax advisor for advice.
There may be tax implications associated with this Offer. You will be solely responsible for any tax consequences associated with the Offer and/or the transfer of any assets into the Eligible Investment Account(s). Please consult your personal tax advisor for more information.
Investment advice is provided, and mutual funds are sold by RMFI. There may be commissions, trailing commissions, management fees and expenses associated with mutual fund investments. Please read the fund facts/prospectus before investing. Mutual fund securities are not insured by the Canada Deposit Insurance Corporation. For funds other than money market funds, unit values change frequently. For money market funds, there can be no assurances that a fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in a fund will be returned to you. Past performance may not be repeated. RMFI is licensed as a financial services firm in the province of Quebec.
All investments in RMFI accounts listed above are subject to standard suitability assessments.
Account terms and conditions for RBC and RMFI, are applicable.

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