You’re Pre-Approved¹ for an RRSP Loan at the Current Prime Rate of 4.45%²

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Personal lending products are provided by Royal Bank of Canada and are subject to its standard lending criteria.

Financial planning services and investment advice are provided by Royal Mutual Funds Inc. (RMFI). RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.

Using borrowed money to finance the purchase of securities involves greater risk than a purchase using cash resources only. If you borrow money to purchase securities, your responsibility to repay the loan and pay interest as required by its terms remains the same even if the value of the securities purchased declines.

RBC Direct Investing Inc. and Royal Bank of Canada are separate corporate entities which are affiliated. RBC Direct Investing Inc. is a wholly owned subsidiary of Royal Bank of Canada and is a Member of the Canadian Investment Regulatory Organization and the Canadian Investor Protection Fund. Royal Bank of Canada and certain of its issuers are related to RBC Direct Investing Inc. RBC Direct Investing Inc. does not provide investment advice or recommendations regarding the purchase or sale of any securities. Investors are responsible for their own investment decisions. RBC Direct Investing is a business name used by RBC Direct Investing Inc. ® / ™ Trademark(s) of Royal Bank of Canada. RBC and Royal Bank are registered trademarks of Royal Bank of Canada. Used under licence. © Royal Bank of Canada 2026

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).

*

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 an “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:
     1. 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
     2. 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:
  
  

  Eligible Investment Account(s)

  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 through:
     • 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.

This pre-approved offer is exclusive to you based on the credit and financial-related information we have about you as of the date of this communication. We reserve the right to withdraw this offer at any time, without notice. This is a pre-approval for the Registered Retirement Savings Plan loan amount indicated in your communication (the “RRSP Loan”) at an interest rate of 4.45% for a term of one year (12 months). The RRSP Loan at RBC Prime Rate may only be used for a Registered Retirement Savings Plan opened with Royal Bank of Canada. The first loan payment may be deferred for a period of 90 days in order to use any tax refund for repayment. If you defer a payment and your Loan is protected with Loan Protector Insurance, the premium (for the period of the deferred payment) will be collected from your next regular payment. This means less of the next payment will be used to reduce the principal amount of your Loan. If a payment is deferred for a fixed rate loan, interest will continue to accrue and will be collected when the next payment resumes. If a payment is deferred for a variable rate loan, the unpaid accrued interest as well as the interest on the part of the principal that went to payment of the missed Loan Protector premium will be added to the loan principal balance (“Combined Amount“) thus increasing the principal amount outstanding on your loan. Interest, at the interest rate of the loan, is charged on the Combined Amount until it is paid in full. You may repay the deferred payment at any time. The amortization of your loan may be extended to account for deferred payments.

Note: deferring a payment may significantly increase your interest costs over the life of your loan, so it’s important to carefully evaluate your financial situation and priorities before exercising this option.

Your rate is based on RBC Prime Rate + 0% as of January 12, 2026 and is subject to change. "RBC Prime Rate" means the annual rate of interest announced by Royal Bank of Canada from time to time as its reference rate then in effect for determining interest rates on Canadian dollar commercial loans made by the Bank in Canada. RBC Prime Rate is 4.45% as of January 12, 2026 and is subject to change at any time without notice. Financial planning services and investment advice are provided by Royal Mutual Funds Inc. (RMFI).

There are contribution limits on RRSPs, and you must have earned income in prior years to accumulate contribution room. Contribute (per year) the lower of 18% of your earned income from the prior year, the maximum limit for the current tax year, or the remaining limit after any contributions you’ve made to a company-sponsored pension plan. To find out your contribution limit for the current year, check your most recent Notice of Assessment from the CRA.

Interest rates used for examples are for illustration purposes only. Interest rates are subject to change at any time without notice.

Your savings would be offset by future taxes on the withdrawal of this $5,000. Also, the income on the $5,000 would eventually be taxable, but the $75.73 of interest expense is not tax-deductible.

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.

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.

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.

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.

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.

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.

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.