Legal Disclaimers

Investment advice is only provided by Royal Mutual Funds Inc. (RMFI) and RBC Dominion Securities Inc. (RBC DS) to their respective clients. RMFI is licensed as a financial services firm in the province of Quebec. RMFI, RBC DS, RBC Direct Investing Inc. (RBC DI) and Royal Bank of Canada are separate corporate entities which are affiliated. RBC DS and RBC DI are members of the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund. Royal Bank of Canada and certain of its issuers are related to RMFI, RBC DS and RBC DI.

RBC DI 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 DI.

This publication is for informational use only and is furnished on the basis and understanding that none of RMFI, RBC DS, RBC DI and Royal Bank of Canada, nor any of their respective employees, agents or information suppliers, are to be under any responsibility or liability whatsoever in respect hereof. The strategies, advice and technical content in this publication are provided for the general guidance and benefit of readers based on information believed to be accurate and complete, but we cannot guarantee the accuracy or completeness of such information. Interest rates, market conditions, tax and legal rules and other investment factors are subject to change. This publication is not intended as nor does it constitute tax or legal advice. Readers should consult their own professional advisors when planning to implement a strategy. This will ensure that individual circumstances have been considered properly and that action is taken based on the latest available information.

Mutual funds are distributed through RMFI, RBC DS and RBC DI. There may be commissions, trailing commissions, management fees and expenses associated with mutual fund investments. Please read the prospectus or Fund Facts before investing. Mutual funds are not guaranteed or covered by the Canada Deposit Insurance Corporation or by another government deposit insurer, their values change frequently, and past performance may not be repeated. For money market funds, there can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you.

* Based on market capitalization.

J.D. Power 2016 Canadian Retail Banking Customer Satisfaction Study and 2016 Global Finance respectively.

1) Available only to newcomers to Canada who arrived in Canada within the last year and who show proof of permanent resident status. Also available to newcomers to Canada who arrived between 1 and 3 years ago when they switch their account from another financial institution using CustomSwitch®. Other conditions apply. See branch for details. This offer may be withdrawn at any time and is subject to change without notice.

2) An RBC Royal Bank® credit card with no credit history required is available to permanent residents who arrived in Canada within the last 12 months, provided they meet all of the eligibility and credit criteria of Royal Bank of Canada. You may be eligible for a secured or unsecured RBC Royal Bank credit card even if you have no Canadian credit history. If you don’t qualify for an unsecured RBC Royal Bank credit card, you may still be eligible for a credit card provided you give us a security deposit and meet Royal Bank of Canada’s eligibility criteria. For secured cards a credit history may be required.

3) No annual fee is available with the following RBC Royal Bank credit cards: RBC® Cash Back MasterCard, RBC Rewards + Visa , RBC Visa Platinum, RBC Esso Visa.

4) You may be eligible for an RBC Royal Bank personal automotive car loan even if you have no Canadian credit history. Available to permanent residents and foreign workers who have been in Canada less than 3 years. Minimum of 25% down payment is required. Maximum financing term is 60 months with a maximum loan amount of $75,000. No credit history required on vehicles less than 4 years old, provided you meet all of the eligibility and credit criteria of Royal Bank of Canada.

5) You may be eligible for an RBC Royal Bank residential mortgage or mortgage within an RBC Homeline Plan®, even if you have no Canadian credit history, provided you meet all of the eligibility and credit criteria of Royal Bank of Canada. Available to permanent residents and foreign workers who have been in Canada less than 5 years. To take advantage of these offers, you must show proof of entry into Canada and provide supporting documents such as a passport, and landing papers or a permanent resident card.

6) We guarantee your interest rate for the selected mortgage type and term for up to 120 days from the application date. If the mortgage is not funded within the 120 day period, the interest rate guarantee expires.

7) Monthly fee will be waived for the first nine months upon account opening. Monthly fee is $10.95. Other account transaction fees may apply. Monthly fee waiver for the first nine months may be replaced with any in-market offer that applies to the RBC No Limit Banking account. Available only to newcomers; please see the eligibility requirements in note 1.

8) Debit transaction means a withdrawal of funds from an account and includes an assisted transaction and an electronic self-serve transaction.

9) Personal clients: Enjoy a preferred foreign exchange rate on all transactions made for the first 12 consecutive months with the use of your RBC Signature No Limit Banking account or RBC VIP Banking® account. Available only to newcomers; please see the eligibility requirements in note 1. For Business clients: Enjoy a preferred foreign exchange rate on all transactions made during the first 12 consecutive months with the use of any RBC business banking account. Available only to newcomer business clients who arrived in Canada within the last 5 years. Regular foreign exchange rates apply on all other deposit accounts. The preferred rate only applies to foreign exchange transactions made at an RBC branch within Canada. See branch for details. This offer may be withdrawn at any time without notice; foreign exchange rates are subject to change without notice.

10) Enjoy preferred interest rates on the first term of non-redeemable, redeemable and one-year cashable GICs with a minimum term of one year and a balance of $1,000 or more. Regular interest rates apply upon renewal. This offer may be withdrawn at any time without notice; interest rates are subject to change without notice. Available only to newcomers; please see the eligibility requirements in note 1.

11) Up to two year’s rental of a small safe deposit box with annual fees waived, where boxes are available. Safe deposit box fees are collected in advance in January for each calendar year. If you open, switch or are converted to an account that is eligible for a safe deposit box discount, your fees for the box will be waived in full or in part for the current year, depending on the time the box is opened, and in full for the following year. Only available with the RBC Signature No Limit Banking account or RBC VIP Banking account. Available only to newcomers; please see the eligibility requirements in note 1.

12) Funds may not be sent to Canada and to restricted countries. International Money Transfer is available for a $13.50 CAD per transaction fee. Additional service fees by any intermediary and receiving bank may apply. Maximum of $2,500 Canadian dollars or Canadian dollar equivalent per client per day allowed. You cannot send an International Money Transfer from a U.S. dollar account or the RBC High Interest eSavings account.

13) A $50 credit is available when you open any RBC Royal Bank business banking account (except the RBC Royal Bank Small Business eAccount).

14) RBC Online Banking and RBC Telephone Banking are provided by Royal Bank of Canada. RBC Mobile is operated by Royal Bank of Canada, RBC Direct Investing Inc. and RBC Dominion Securities Inc.

15) Each account cash withdrawal at an ATM outside Canada displaying the PLUS‡ System symbol and any fees that may be imposed by any third party for using the ATM are converted to Canadian dollars at an exchange rate that is 2.5% above the benchmark rate set by the payment card company when the transaction is posted. Exchange rates fluctuate and, as such, the rate applied will usually differ from the posted exchange rate at the time of the transaction.

16) RBC will refund the Interac network access fee for RBC Signature No Limit Banking account holders, up to a maximum of 3 refunds per Monthly Cycle, if used. RBC will refund the Interac network access fee for RBC VIP Banking account holders, if used. ATM operator surcharge (also called convenience fee) charged by other ATM operators may apply. The convenience fee is not a Royal Bank fee. It is added directly to the amount of your cash withdrawal. All clients who use non-RBC ATMs may be charged a convenience fee regardless of the type of account they hold.

17) Totals are not cumulative, and if not used, they cannot be carried over into the next Monthly Cycle or calendar year, as applicable. Excess debit transaction fee may also apply depending on the account.

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

19) The interest rate is an annual interest rate and a simple interest calculation. Interest is calculated daily on the closing credit balance. Deposit interest is paid monthly to the account on the second business day of the following calendar month, backdated to the previous business day.

20) Free online transfers including ATM and unassisted telephone fund transfers from this account to other RBC Royal Bank accounts in your name.

21) No credit history required for a credit card, home mortgage or car loan. For an RBC Royal Bank credit card, newcomer must have arrived in Canada within the last 12 months. For an RBC Royal Bank car loan, newcomer must have arrived in Canada within the last 3 years. For an RBC Royal Bank residential mortgage or mortgage within an RBC Homeline Plan, newcomer must have arrived in Canada within the last 5 years. Must show proof of entry into Canada and provide supporting documents such as a passport, and landing papers or a permanent resident card. Some conditions apply.

22) You will earn i) $2.00 back for every $100.00 (2% Cash Back Credit) in Grocery Store Purchases you make up to a maximum of $6 000 per Annual Period; ii) $1.00 back for every $100.00 (1% Cash Back Credit) in Grocery Store Purchases you make in excess of $6,000 during an Annual Period, unlimited; iii) $0.50 back for every $100.00 (0.5% Cash Back Credit) in Net Purchases you make (including pre-authorized bill payments), other than Grocery Store Purchases, up to a maximum of $6 000 per Annual Period, and iv) $1.00 back for every $100.00 (1% Cash Back Credit) in Net Purchases you make (including pre-authorized bill payments), other than Grocery Store Purchases, in excess of $6,000 during an Annual Period, unlimited. Grocery Store Purchases are purchases made at merchants classified by MasterCard’s “Merchant Category Code” as “grocery stores and supermarkets” (MCC 5411). Royal Bank of Canada (“Royal Bank”) cannot guarantee that any merchant, operating in whole or in part as a grocery store, is classified by MCC 5411 and in no event will Royal Bank be liable or responsible for any claims with respect to a grocery store purchase made at a merchant that is not classified by MCC 5411. To consult the list of participating merchants, please visit www.rbc.com/nofeecashback (opens new window). For complete details, please refer to the RBC Cash Back Program Terms and Conditions at www.rbc.com/nofeecashback (opens new window).

23) You will earn i) 1 RBC Rewards point for every $1.00 in Gas, Grocery, and Drug Store Purchases you make; and ii) 1 RBC Rewards point for every $2.00 on all other purchases (including pre-authorized bill payments) you make on your card. Purchases made at merchants classified by Visa's “Merchant Category Code” (MCC) as: (i) “service stations” (MCC 5541) or “automated fuel dispensers” (MCC5542) are “Gas Purchases”; (ii) “grocery stores” (MCC 5411) are “Grocery Purchases”; and (iii) “drug stores & pharmacies” (MCC 5912) are “Drug Store Purchases” (“Eligible MCCs”). Even though some merchants may sell gas, grocery, and drug store merchandise, purchases made at these locations may not necessarily qualify as Eligible MCCs if the merchant is not classified as such by Visa. Also, you may make a purchase at a merchant that is not classified as an Eligible MCC but is located on the premises of a merchant that is classified as an Eligible MCC, in which case your purchase would not qualify as an Eligible MCC. We cannot guarantee that any merchant, operating in whole or in part as a gas, grocery or drug store, is classified as an Eligible MCC and in no event will we be liable or responsible for any claims with respect to a grocery store purchase made at a merchant that is not classified as an Eligible MCC. RBC Rewards points are earned on net purchases only; they are not earned on cash advances, balance transfers, cash-like transactions and bill payments that are not pre-authorized charges that you set up with a merchant), interest charges or fees, and credits for returns and adjustments will reduce or cancel the points earned by the amounts originally charged.

24) Available for Conventional Newcomer Equity and Standard Programs. Default insured programs are limited to 25 years.

25) This is provided for informational purposes only and is not intended as legal or other professional advice.

26) The interest rate(s) is subject to change at any time without notice.

27) Two Royal Credit Line® cheques may be written during each monthly cycle without charge. A $2.00 Royal Credit Line Cheque Fee applies to each cheque thereafter.

28) LoanProtector® is a creditor’s group insurance program underwritten by The Canada Life Assurance Company and is subject to terms, conditions, exclusions and eligibility restrictions.

29) Income earned in a TFSA is tax-free in Canada. There are penalties if excess contributions are made. If a Canadian resident is subject to taxation on their world income in another country (e.g. based on citizenship), the TFSA income may not be tax-free in that country. U.S. taxpayers who hold TFSAs need to comply with U.S. tax requirements such as the annual filing on a timely basis of IRS Forms 3520 and 3520-A.

30) Depends on what you have invested in.

31) The Canada Education Savings Grant will add 20% of the first $2,500 contributed annually for each eligible child/beneficiary, up to a lifetime maximum grant of $7,200.

32) Income earned in an RESP is tax-deferred in Canada. There are penalties if excess contributions are made. If a Canadian resident is subject to taxation on their world income in another country (e.g. based on citizenship), the RESP income may not be tax-free in that country. U.S. taxpayers who contribute to RESPs need to comply with U.S. tax requirements such as the annual filing on a timely basis of IRS Forms 3520 and 3520-A.

33) All RBC Direct Investing clients pay $9.95 flat CDN or US per equity trade with no minimum account balance or trading activity required. $6.95 flat CDN or US per equity trade when you trade 150 times or more per quarter. This pricing only applies to trades placed through an available Automated Service, including the online investing site and mobile application. Additional terms and conditions apply. Visit www.rbcdirectinvesting.com/lowtrades (opens new window) or call 1-800-769-2560 for complete details.

34) Specific terms and conditions apply to membership in the RBC Direct Investing Community. For details please sign in to the RBC Direct Investing online investing site, click the link to the Legal Terms of Use and read the RBC Direct Investing Community – Terms of Service.

35) $10.95 per month charged per Monthly Cycle, which is the monthly period assigned to your account based on the last two letters of your last name.

36) When you use Virtual Visa Debit to make a payment: i) The merchant performs an authorization on your account at the time of the purchase and the charge is immediately debited from that account. In some cases, merchants may need to adjust the authorization amount. Should this occur, a credit adjustment in the amount of the original authorization will be credited to your account, followed immediately by a debit adjustment that reflects the final transaction amount. ii) The funds will be debited from your account. This is the account you access with your Client Card when you select the "Chequing" option on a merchant payment terminal or at an ATM. For full details on Virtual Visa Debit, please visit http://www.rbcroyalbank.com/products/deposits/virtual-visa-debit.html (opens new window).

37) Payments made using your Virtual Visa Debit Number do not count against the monthly transaction limits applicable to your account. Service fees applicable to transactions made using your RBC Virtual Visa Debit Number are set out in your Client Agreement – Personal Deposit Account or other applicable Account Agreement.

38) To learn more about how we protect you, please visit http://www.rbc.com/privacysecurity/ca/how-we-protect-you.html (opens new window).

39) Additional fees and charges will apply for services and transactions exceeding $6 per month. Certain limitations apply.

40) To receive the 15,000 bonus RBC Rewards points, your application form must be received by December 31, 2015 and approved by us. Upon enrolment, 15,000 bonus RBC Rewards points will appear on your first credit card statement. Bonus points offer is only offered to the first Primary Business Cardholder on the account; Secondary Business Cardholder as well as existing Visa Business Platinum cardholders as of the offer eligibility period are not eligible for this offer. This offer may not be combined or used in conjunction with any other offer.

41) You will earn i) $1.00 back for every $100.00 (1% Cash Back Credit) in Net Purchases you make (including pre-authorized bill payments); and ii) for the first 3 full monthly statement periods (approximately 3 months from the date your Account is opened), an additional $1.00 back for every $100.00 (1% Cash Back Credit, for a total of 2%) in Net Purchases you make (including pre-authorized bill payments), up to a maximum Cash Back Credit of $500.00 per Annual Period, when you use your RBC Business Cash Back MasterCard to pay. Provided your New Cash Back Balance is $25.00 or greater, Cash Back Credits earned during the year will i) automatically be credited to your January Account balance and appear on your February Account Statement; and/or ii) be credited to your account at any other time, upon request. Cash Back Credits are not earned on cash advances (including RBC Royal Bank credit card cheques, balance transfers, cash-like transactions and certain bill payments that are not pre-authorized charges that you set up with a merchant), interest charges or fees; and credits for returns and adjustments will reduce or cancel the cash back credits earned by the amounts originally charged. The additional 1% Cash Back Credit welcome bonus is only applicable to Accounts opened before December 31, 2015; all Accounts opened after that date will earn 1% Cash Back Credit on all purchases. For complete details, please refer to the RBC Cash Back Program Terms and Conditions at: www.rbcroyalbank.com/cards/documentation (opens new window).

42) Fees will be waived until the account is activated upon arrival in Canada. This account will then automatically convert to the RBC Day to Day Banking® account unless otherwise directed.

43) UMonthly fee will be waived for the first 3 months upon account opening. Monthly fee is $30. Other account transaction fees may apply. Applies to RBC VIP Banking account only. Available only to newcomers to Canada who have arrived in Canada within the last year and who show proof of permanent resident status. Also available to newcomers to Canada who have arrived between 1-3 years when clients switch their account from another financial institution using CustomSwitch®. Other conditions apply. See branch for details. This offer may be withdrawn at any time and is subject to change without notice.

44) If for any reason you do not come to Canada, we will reimburse you the principal and any accumulated interest at any time. You agree to pay the wire transfer fees that apply to the return of the funds to you.

45) This is provided for informational purposes only and is not intended as legal or other professional advice. For full program requirements visit www.cic.gc.ca/english/pdf/kits/forms/IMM5843E.pdf (opens PDF in new window).

46) Zero Liability provides protection against unauthorized use of your Virtual Visa Debit Number, provided you have taken reasonable precautions to protect your Reference Card and your Virtual Visa Debit Number, as set out in the RBC Royal Bank Virtual Visa Debit Agreement (opens PDF in new window).

47) The minimum payment is the accrued interest, service fees and any other charges that apply for that period, including your LoanProtector insurance premium and taxes, if applicable.

48) The annual contribution limit is $5,500. This limit will rise along with inflation in future years, in $500 increments. In addition, you can carry forward unused contribution room indefinitely. Previous contribution limits were $10,000 for 2015, $5,500 for 2013 and 2014, and $5,000 for the years 2009 to 2012. Your TFSA contribution limit is tracked by the Canada Revenue Agency (CRA); if you are unsure of your limit, please check with the CRA.

49) Subject to credit approval

51) An RBC Royal Bank® credit card with no credit history required is available to international students who arrived in Canada within the last 12 months, provided they meet all of the eligibility and credit criteria of Royal Bank of Canada. You may be eligible for a secured or unsecured RBC Royal Bank credit card even if you have no Canadian credit history. If you don't qualify for an unsecured RBC Royal Bank credit card, you may still be eligible for a credit card provided you give us a security deposit and meet Royal Bank of Canada's eligibility criteria. For secured cards, a credit history may be required.

52) An RBC Royal Bank® credit card with a maximum credit limit of $500 and no security deposit required is available to permanent residents who arrived in Canada within the last 12 months provided they: have refugee status as a permanent resident; have no credit history in Canada (except utility trades); and have an RBC Royal Bank deposit account. If you don’t qualify for an unsecured RBC Royal Bank credit card, you may still be eligible for a credit card provided you give us a security deposit and meet Royal Bank of Canada’s eligibility criteria. For secured cards a credit history may be required. See branch for details.

All residential mortgages and personal lending products are provided by Royal Bank of Canada are subject to its standard lending criteria.

® / Trademark(s) of Royal Bank of Canada. RBC and Royal Bank are registered trademarks of Royal Bank of Canada. Used under license.

All other trademarks are the property of their respective owner(s).

© Royal Bank of Canada 2015. All rights reserved.