Go places with up to
$10,000
in travel value¹

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.

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

(Insert publisher name) (the ‘Publisher’) may receive compensation for referring you to RBC Direct Investing Inc. (RBC Direct Investing) under an agreement with RBC Direct Investing. If you open an account with RBC Direct Investing, the Publisher may receive a referral fee of up to C$130.00. The payment of the referral fee by RBC Direct Investing will not increase any fees you may pay to RBC Direct Investing for your account. The Publisher referring you to RBC Direct Investing may have a conflict of interest between its own financial interests and your interest in being referred to RBC Direct Investing for the type of investment services you require. RBC Direct Investing is a registered investment dealer in each province and territory of Canada and a member of the Canadian Investment Regulatory Organization. RBC Direct Investing provides order execution only services, and does not provide investment advice or recommendations regarding the purchase or sale of any securities. The Publisher does not have a registration and is not permitted to perform any registrable activity under Canadian securities laws. All activities requiring registration resulting from the referral arrangement will be performed by RBC Direct Investing.

Under the RBC Direct Investing Fall 2025 Avion Points Offer (the “Offer”), you could receive up to 500,000 Avion points (“Avion points”) if you are eligible to participate and satisfy certain qualifying criteria. To receive Avion points under this offer, you must be an Avion Rewards member by January 30, 2026. See more below.

To be eligible to participate in the Offer. You must –

• a) be a new RBC Direct Investing client. A new client is a client that has not had an RBC Direct Investing Account before August 18, 2025;
• b) open one or more eligible RBC Direct Investing account(s) (“Eligible Account(s)”) using a qualifying Offer code between August 18, 2025 and November 28, 2025, inclusive (the “Offer Period”); and
• c) be a Canadian resident and at least the age of majority in your province/territory at the time of opening the Eligible Account(s).

To qualify to receive up to 500,000 Avion points under the Offer:

• 1. Transfer a minimum of C$15,000 cash and/or securities into your new Eligible Account(s) by January 30, 2026 inclusive from another institution not affiliated with RBC (“Transferred Assets”). Multiple transfers may be initiated into your Eligible Account(s) to satisfy the minimum qualifying amount, which will be considered cumulatively across all Eligible Account(s). Assets originating from an account affiliated with RBC or received in your Eligible Account(s) after January 30, 2026 do not qualify.
• 2. You must maintain at least the minimum amount of Transferred Assets in your Eligible Account(s) from January 30, 2026 until June 30, 2026 inclusive to receive Avion points under the Offer.
• 3. You must be member of the Avion Rewards program before January 30, 2026 to receive Avion points under this Offer. Avion Rewards members must be part of the Avion Elite or Avion Premium membership level. For more information on eligibility visit https://www.avionrewards.com/eligibility.html
• 4. The number of Avion points you will receive under this Offer is based on the Transferred Assets received into your Eligible Account(s), less any withdrawals from any Eligible Account(s) between August 18, 2025 and June 30, 2026 (“Net Transferred Assets”).
• 5. You will receive 1 Avion Point for every 2 Canadian Dollars (or the equivalent thereof) of your Net Transferred Assets, as determined on June 30, 2026. The maximum number of Avion points that you can receive under this offer is 500,000 Avion points.
• 6. The Avion points will be distributed during August 2026.

This Offer cannot be combined with any other offer or promotion from RBC Direct Investing or an offer or promotion from Royal Bank of Canada, or one of its affiliates, in which RBC Direct Investing is a participant. The Offer is non-transferrable, and cannot be applied retroactively. Only the primary accountholder of a joint account may participate in this Offer, and Rewards available under the Offer will only be granted to a client once. This Offer may be modified, restricted, withdrawn or extended at any time without notice at the sole discretion of RBC Direct Investing and is subject to the full terms and conditions of the Offer.

The Travel 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).

The commission fee detailed in the Commission and Fee Schedule as applicable to Stocks and ETFs will be waived for ETFs listed as eligible for commission free trading at the time an order is placed. The list of ETFs eligible for commission-free trading is not guaranteed and may change from time to time. The standard commission fee may be applied to ETFs not listed as eligible for commission-free trading at the time an order is placed. The inclusion or exclusion of any ETF under commission-free trading does not constitute a recommendation by RBC Direct Investing to purchase or sell such securities. 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.

Mutual fund companies may assess additional fees — for example, deferred sales charges on back-end load funds, early redemption fees, setup fees and fees for insufficient funds on pre-authorized purchases.

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.

Up to C$200 in transfer fees will be covered when you transfer C$15,000 or more to RBC Direct Investing from an investment account held at a financial institution that is not affiliated with RBC. Clients must provide proof of transfer fee payment to RBC Direct Investing within six months of transfer to be eligible for reimbursement. Please contact an RBC Direct Investing representative for more details at 1 800-769-2560.