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 notification letter you will receive from RBC Direct Investing (the "Offer Period”);

2) By transferring net new assets in the form of cash and/or securities (the "Transferred Assets") into an RBC Direct Investing account (the "Eligible Account") you will, subject to these terms and conditions, receive a rebate of commission fees in 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 notification letter you received by RBC Direct Investing;

3) In order to receive the Free Trades:

1. the Transferred Assets must originate from an account that is not held at any of the RBC group of companies, including but not limited to RBC Royal Bank, RBC Dominion Securities, RBC PH&N Investment Counsel, RBC Global Asset Management, Royal Trust Corporation of Canada, The Royal Trust Company, or such other Royal Bank subsidiary or affiliated company from time to time; and
2. you must maintain the amount of Transferred Assets as at the date of your notification letter (the “Minimum Balance”) until the end of the Offer Period, excepting where any decrease below the Minimum Balance is due solely to fluctuations in market or currency values and not due to withdrawals or transfers by you or on your behalf, in which case you will remain eligible to receive the Free Trades;

4) In the event that you cease to qualify for Free Trades during the Offer Period, RBC Direct Investing reserves the right to require you to repay any rebates previously received in connection with the Offer in which case you agree that such repayments may be applied against the respective Eligible Account;

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 Transferred 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) Securities that are not listed on a marketplace recognized by RBC Direct Investing, in its sole and absolute discretion, will not qualify as Transferred Assets and will not be taken into consideration when determining whether the conditions of the Offer are met;

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

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

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

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

12) 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;

13) 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 – 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.
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