March 2016

RBC SPARQS™ RoC Securities

Global Investment Solutions

FOR THE INFORMATION OF INVESTORS IN OUTSTANDING RBC SPARQS™ ROC SECURITIES ONLY Investment Objective: PORTFOLIO HOLDINGS – MARCH 2016 The RBC Stock PARticipating Quantitative Dividend model Securities (SPARQs)™ RoC are Sector Symbol Company Weight Rank Yield designed for investors seeking long term Energy IPL Inter Pipeline Ltd 3.70% 2 6.04 growth of capital by holding a portfolio of FM Ltd 3.70% 6 0.56 CCL.B CCL Industries Inc 4.12% 15 0.88 large-cap Canadian equities in the S&P/TSX Materials SJ Stella-Jones Inc 3.98% 40 0.65 Composite Index (the "Index") that are Industrials CAE CAE Inc 3.74% 22 2.00 selected and transacted based on a CTC.A Corp Ltd 4.73% 5 1.70 proprietary 8-Factor quantitative model. QBR.B Quebecor Inc 3.66% 37 0.42 Consumer Discretionary Tax Deferred: LNR Linamar Corp 4.26% 39 0.64 DOL Inc 4.04% 44 0.46 Quarterly Partial Principal Repayments equal SAP Saputo Inc 3.80% 4 1.34 Consumer Staples to the Portfolio dividend yield. No taxable MRU Metro Inc 4.10% 10 1.29 event until maturity or disposition. No tax as POW Power Corp of Canada 4.18% 1 4.18 a result of portfolio changes or rebalancing. BNS Bank of Nova Scotia/The 4.49% 9 4.62

CM Canadian Imperial Bank of Commerce/Canada 4.32% 11 4.84 Strategy Inception: SLF Inc 4.07% 12 3.77 July 21, 2014 Financials BMO 4.13% 14 4.28

TD Toronto-Dominion Bank/The 4.18% 20 3.97 Holdings: GWO Great-West Lifeco Inc 4.08% 21 3.91 25 stocks IAG Industrial Alliance Insurance & Financial Services Inc 3.64% 28 3.12

Strategy: PWF Power Financial Corp 4.09% 29 4.62 DH DH Corp 3.71% 7 3.61 Quantitative: a rules based, systematic Information Technology OTC Open Text Corp 3.72% 18 1.66 approach to investing in large cap, dividend CSU Inc/Canada 3.86% 45 1.05 paying stocks. Utilities EMA Inc 3.65% 3 4.03

Asset Class: FTS Fortis Inc/Canada 4.04% 19 3.83 *The indicated annual dividend yield of the Portfolio as of March 16, 2016 was 2.699%

Canadian equity

INDUSTRY ALLOCATION Minimum Purchase: Energy 3.70% Portfolio Additions $5,000.00 Materials 11.81% DH DH Corp $37.70 RRSP & TFSA eligible Industrials 3.74% FM First Quantum Minerals Ltd $8.35 Consumer Discretionary 16.69% IPL Inter Pipeline Ltd $25.79 Quantitative Analyst: Consumer Staples 7.90% Chad McAlpine, CFA Financials 37.19% Portfolio Deletions RBC Dominion Securities Inc. Information Technology 11.28% AQN Algonquin Power & Utilities Corp $10.82 Utilities 7.69% ATD.B Alimentation Couche-Tard Inc $57.73 1 This Historical Secondary Market Price chart reflects the WSP WSP Global Inc $37.01 historical closing secondary market price of RBC 1, 2 SPARQS™ RoC, Series 21 (the "Series 21") for each day HISTORICAL SECONDARY MARKET PRICE such secondary market was open for trading and the percentage change of the level of the Index since the Issue Date of Series 21 on July 21, 2014. The Series 21 is the initial implementation of the RBC SPARQS™ RoC strategy. The closing secondary market price of Series 21 on its Issue Date was $100.00. For Series 21, an amount equal to $96.03 per Debt Security was notionally invested in the Portfolio on the Issue Date. The secondary market price at any particular time is the price at which a holder of RBC SPARQS™ RoC Debt Securities could dispose of such securities resold using the FundSERV network, excluding any applicable early trading charge. The

secondary market price may not be the same as, and may

be substantially different from the NAV per Debt Returns as of February 29, 2016 1 month 3 months YTD 1 year Since Inception Security. Prior historical secondary market prices of -0.37% -8.42% -5.17% -11.01% -6.34% Series 21 are not necessarily indicative of any future RBC SPARQS RoC Yield Securities, Series 21 secondary market price for Series 21. There is no assurance that a secondary market for the Debt S&P/TSX Composite Index 0.30% -4.52% -1.15% -15.58% -10.05% Securities will develop or be sustained.

Tor#: 3317506.2 This fact sheet is qualified in its entirety by a pricing supplement, the base shelf prospectus dated December 20, 2013, the program prospectus supplement dated December 23, 2013, as amended and restated on November 2, 2015, and the product prospectus supplement dated December 23, 2013 in respect of Equity, Unit and Debt Linked securities.

March 2015

Global Investment Solutions

RBC SPARQS™ ROC METHODOLOGY The Portfolio: Review Portfolio on a monthly basis and adjust holdings and weights. > Only the largest 100 qualifiers by market cap are eligible to be bought > The Portfolio is reviewed each month after ranks have been updated > Stocks are sold if they drop below the 50th position in terms of their rank > Stocks are sold if they are removed from the Index or suspend their dividend > Replacement buys are the best-ranked stocks not already held in the Portfolio > At the end of each quarter the Portfolio is rebalanced to equal weights

THE UNIVERSE Dividend yielding large-cap Canadian equities TAX DEFERRED

> No taxable event until maturity or disposition.

> No tax on Portfolio changes and rebalancing.

Rank stocks based on an equally weighted combination of 8 THE MODEL factors that fall into 4 distinct investment themes ATTRACTIVE Low Price to Earnings x 1/8 VALUATIONS Low Price to Book Value SUSTAINABLE High Quarterly Earnings Growth x 1/8 GROWTH High Return On Equity POSITIVE High Earnings Surprise x 1/8 SENTIMENT High Estimate Revisions MARKET High 3-Month Price Change x 1/8 RECOGNITION High 6-Month Price Change = Total

Score

2The secondary market price of the Debt Securities at any time will generally depend on, among other things, (a) how much the prices of the underlying interests have risen or fallen since the Issue Date of such Debt Securities, (b) the principal amount of the Debt Security, if any, that is guaranteed to be payable on the Maturity Date, (c) a number of other interrelated factors, including, without limitation, volatility in the prices of the underlying interests, the level of interest rates in the applicable markets, dividend yields on any of the securities, if any, comprising the underlying interest, and the Maturity Date. The relationship among these factors is complex and may also be influenced by various applicable political, economic and other factors that can affect the price of a Debt Security.

Capitalized terms used but not defined herein have the meanings ascribed to such terms in the applicable pricing supplement under which you purchased your RBC SPARQS™ RoC Securities.

An investment in the Debt Securities involves risks. An investment in the Debt Securities is not the same as a direct investment in the securities that comprise the Portfolio and investors have no rights with respect to the securities in the Portfolio. The Debt Securities are considered to be "specified derivatives" under applicable Canadian securities laws. If you purchase Debt Securities, you will be exposed to fluctuations in interest rates and changes in the Value of the Portfolio, among other factors. Price changes may be volatile and an investment in the Debt Securities may be considered to be speculative. Tor#: 3317506.2 Since the Debt Securities are not principal protected and the Principal amount will be at risk, you could lose substantially all of your investment. ® Registered trademark of