Trade With Points^TM

1

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 DI to: (1) pay for trade commissions on your eligible RBC Direct Investing accounts; or (2) transfer points for cash contributions 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 contributions to your registered accounts and/or when you use your Avion points to pay for trade commissions on a registered account. The Canada Revenue Agency may apply tax penalties for over-contributions. RBC Direct Investing is not responsible for any such penalties.

2

To participate in the Program as an Eligible Avion Rewards Core Product Account Client, you must have at least one Avion Rewards Core Product Account and either i) have at least one Rewards Account or ii) enroll in the Program through either www.avionrewards.com or the Avion Rewards app. Where the Avion Rewards Core Product Account is jointly owned, each joint owner must enroll separately. The following products are eligible for Avion Rewards membership:

Elite Tier

• RBC Avion Visa Platinum
• RBC Avion Visa Infinite
• RBC Avion Visa Infinite Privilege
• RBC Avion Visa Infinite Privilege for Private Banking
• RBC Avion Visa Business
• RBC Avion Visa Infinite Business

Premium

Credit Cards

• RBC Rewards+ Visa
• RBC Rewards Visa Gold
• Signature RBC Rewards Visa
• RBC Rewards Visa Preferred
• Rewards Visa Preferred
• RBC U.S Dollar Visa Gold
• ION Visa
• ION+ Visa
• RBC Visa CreditLine for Small Business

Value Program Eligible Banking accounts:

• RBC Day to Day Banking®
• RBC Advantage Banking
• RBC Signature No Limit Banking®
• RBC VIP Banking®
• RBC Day to Day Savings®
• RBC Enhanced Savings®
• RBC High Interest eSavings®
• RBC No Limit Banking® (discontinued)
• RBC Student Banking® (discontinued)
• RBC No Limit Banking for Students® (discontinued)
• RBC Staff Banking

RBC Personal Deposit Accounts

• RBC Day to Day Banking®
• RBC Advantage Banking
• RBC Signature No Limit Banking®
• RBC VIP Banking®
• RBC Day to Day Savings®
• RBC Enhanced Savings®
• RBC High Interest eSavings®
• RBC No Limit Banking® (discontinued)
• RBC Student Banking® (discontinued)
• RBC No Limit Banking for Students® (discontinued)
• RBC Staff Banking

RBC Personal Credit Cards

• RBC Cash Back Mastercard, RBC Visa Cash Back, RBC Cash Back Preferred World Elite Mastercard, RBC Visa Classic Low Rate Option, RBC RateAdvantage Visa, RBC Visa Platinum

Personal RBC investment products

• Life Income Fund (LIF), Registered Disability Savings Plan (RDSP), Registered Education Savings Plan (RESP), Registered Retirement Income Fund (RRIF), Registered Retirement Savings Plan (RSP), Canadian Market-Linked GIC, Income Builder GIC, Non-Redeemable GIC, One-Year Cashable GIC, Prime-Linked Cashable GIC, RateAdvantage GIC, RBC Canadian Banking MarketSmart GIC, RBC Canadian Utilities MarketSmart GIC, RBC ESG Market-Linked GIC, RBC North American MarketSmart GIC, RBC US MarketSmart GIC, Redeemable GIC, US Dollar Term Deposit, where the personal RBC investment product is not the client’s sole Avion Rewards eligible product.

RBC installment loans, lines of credit and home equity financing

• Government Sponsored Student Loan, Personal Instalment Loans, RBC Employee Student Loan, RBC Energy Saver Loan, RSP Loan, Royal Credit Line, Royal Credit Line for General Program, Royal Credit line for Professional in Medical & Dental Studies, Royal Credit Line for Professional Studies (i.e. MBA/EMA, Law, Masters of Accounting, Master of Finance, Master of Science in Business Mgmt), Royal Credit Line for Special Programs, Royal Credit Line for Students – Students Studying Abroad, Adjustable Rate Mortgage (ARM), Construction Mortgage, Fixed Rate Mortgage, Investment Properties Mortgage, Low Down Payment Mortgage, Manufactured Home Construction Mortgages, Ratecapper Mortgage, RBC Homeline Plan, Reverse Mortgage, Variable Rate Mortgage, products that are not tied to a business banking profile.

3

When you enrol your eligible RBC personal bank account into the RBC Value Program, you will be eligible to earn Avion points within the Avion Rewards Program as an Eligible Personal Banking Client, and any such points earned will be deposited into the Avion Rewards account tied to your enrolled account. Purchases from your account refers to using your RBC Client Card to pay for items at a merchant or service provider with the amount electronically debited directly from your enrolled account or using your RBC Virtual Visa Debit for purchases online. Avion points are governed by the Avion Rewards Terms & Conditions available on our website, or a copy may be provided to you by contacting us. For complete details on the Value Program, please see the Value Program Terms & Conditions.

4

RBC Mobile is operated by Royal Bank of Canada, RBC Direct Investing Inc. and RBC Dominion Securities Inc.

5

All RBC Direct Investing clients pay $9.95 flat CDN or U.S. per equity trade with no minimum account balance or trading activity required. $6.95 flat CDN or U.S. per equity trade when you trade 150 times or more per quarter. This pricing only applies to trades placed through an available Automated Service (as such term is defined in RBC Direct Investing's Operation of Account Agreement), including the online investing site and mobile application. Additional terms and conditions apply. Visit Pricing or call 1-800-769-2560 for complete details.