RBC Direct Investing™ Free Trades Offer – Terms and Conditions

The free trades offer (the “Offer”) is subject to the following terms and conditions:

1) If you qualify, the Offer begins and ends on the dates set out in the confirmation letter you will receive from RBC Direct Investing (the "Offer Period”);

2) By opening a new RBC Direct Investing account between September 1, 2014 and December 31, 2014 (the "Eligible Account") you will, subject to these terms and conditions, receive a rebate of commission fees ("Qualifying Commissions") in up to 20 trades of exchange-listed securities (i.e. equities and/or ETFs) that you enter online or via the mobile application during the Offer Period (the “Free Trades”) as set out in the confirmation letter you will receive from RBC Direct Investing;

3) Rebates will be limited to actual Qualifying Commissions charged to your Eligible Account during the Offer Period;

4) The Offer is only applicable to a maximum of one (1) Eligible Account for each client. In the event that a client opens multiple Eligible Accounts, the OFFER will only be applied to the first Eligible Account approved by RBC Direct Investing;

5) You will be solely responsible for the payment of any fees, penalties, charges or other amounts associated with or connected to the Offer or with the transfer of any assets to Eligible Account(s);

6) The Offer is non-transferable, will not be valid in conjunction with any other offer or promotion, and Free Trades may not be applied against any account other than the respective Eligible Account;

7) The rebates for Free Trades will be paid in Canadian dollars only;

8) You will be solely responsible for any tax consequences associated with the Offer and/or the transfer of any assets into Eligible Accounts;

9) Terms and conditions applicable to the Offer are subject to change without notice at the sole and absolute discretion of RBC Direct Investing;

10) You will be permitted to opt out of the Offer at any time by notifying RBC Direct Investing at 1-800-769-2560;

11) RBC Direct Investing reserves the right, in its sole and absolute discretion, to withdraw the Offer or to disqualify, limit or revoke the Offer in respect of any RBC Direct Investing client who it determines or believes is abusing or manipulating the Offer;

12) Additional terms and conditions may apply to opening an account with RBC Direct Investing and the transfer-in and operation of accounts at RBC Direct Investing, including without limitation, RBC Direct Investing’s Operation of Account Agreement – details are available upon request.

RBC Direct Investing Inc.* and Royal Bank of Canada are separate corporate entities which are affiliated. 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. *Member-Canadian Investor Protection Fund.

® / ™ 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 2014. All rights reserved.