November 2020

RBC TEAM RoC Yield Securities GLOBAL INVESTMENT SOLUTIONS

FOR THE INFORMATION OF INVESTORS IN OUTSTANDING RBC TEAM ROC YIELD SECURITIES ONLY Investment Objective: NOVEMBER 2020 EQUITY INVESTMENT The RBC Tactical Equity Allocation Model (TEAM) RoC Yield Dividend Securities are designed to provide investors with “long” Sector Symbol Company Weight Rank Yield (%) exposure to a notional portfolio of Canadian large-cap stocks Materials WFT Co. Ltd. 4.28% 1 1.29 selected using R’s proprietary 8-factor quantitative model (the “Model”) with the ability to allocate to fixed income FM First Quantum Minerals Ltd. 3.76% 5 0.07 investments based on the trend of the S&P/TSX Composite LUN Lundin Corp. 4.56% 7 1.99 Index (the “Index”, excluding income trusts and the ank). The goal of this strategy is to be exposed to the shares CG Centerra Gold Inc. 3.23% 8 1.72 selected by the Model when the trend is positive for the SJ Stella-Jones Inc. 3.88% 11 1.38 equity markets and to reduce or eliminate equity exposure as the trend for the equity markets becomes negative. BTO B2Gold Corp. 3.96% 26 2.49 Tax Deferred: KL Ltd. 3.78% 36 1.10 Quarterly Partial Principal Repayments equal to dividend yield K Corp. 3.68% 37 1.50 on portion allocated to Equity Investment. TECK.B Ltd. 3.84% 42 1.14 No taxable event until maturity or disposition. No tax as a result of Portfolio changes or rebalancing. YRI Yamana Gold Inc. 3.94% 43 1.83 Benchmark: Industrials CJT Cargojet Inc. 4.85% 2 0.43 S&P/TSX Composite Index TFII TFI International Inc. 4.30% 3 1.75 Asset Class: RBA Ritchie Bros Auctioneers Inc. 4.37% 10 1.44 Canadian equity Consumer Staples EMP.A Empire Co. Ltd. 3.83% 12 1.43 PORTFOLIO ALLOCATION ATD.B Alimentation Couche-Tard Inc. 3.74% 18 0.68 MRU Metro Inc./CN 3.95% 46 1.45 Financials GWO Great-West Lifeco Inc. 4.28% 4 6.45 CWB Canadian Western Bank 3.65% 9 4.73 CM Canadian Imperial Bank of Commerce 3.76% 13 5.88 SLF Inc. 4.02% 17 4.15 CIX CI Financial Corp. 3.68% 45 4.64 IFC Intact Financial Corp. 3.95% 49 2.41 Utilities ALA AltaGas Ltd. 4.33% 6 5.68 NPI Northland Power Inc. 4.28% 31 2.78 Materials 19.45% Real Estate FSV FirstService Corp. 4.11% 21 0.50 Industrials 6.76% Consumer Staples 5.76% Indicated dividend yield on the Underlying EquitySecurities as of October 30, 2020 was 2.36%. As of October 30, 2020, the Portfolio wasallocated equally between a Fixed Income Investment Financials 11.67% and an EquityInvestment . PartialPrincipal Repayments are only calculated duringthose months Utilities 4.30% that have an EquityInvestment allocation and only to the extent of the portion of the Portfolio Real Estate 2.05% allocated to the EquityInvestment. Fixed Income 50.00% Portfolio Deletions Portfolio Additions This fact sheet is qualified in its entirety by a pricing supplement (the “Pricing Supplement”), the base shelf prospectus dated January 30, 2018, ENGH Enghouse Systems Ltd. $68.04 FM First Quantum Minerals Ltd. $15.07 January 21, 2016 or December 20, 2013, the program prospectus ABX Corp. $36.84 CM Canadian Imperial Bank of $101.58 supplement dated January 30, 2018, January 22, 2016, as supplemented

August 31, 2017, or December 23, 2013, as amended and restated on Commerce

November 2, 2015, and the product prospectus supplement dated January 30, 2018, January 22, 2016, as supplemented August 31, 2017, or December 23, 2013 in respect of Equity, Unit and Debt Linked securities. A final base shelf prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each of the provinces and territories of . This document does not provide full disclosure of all material facts relating to the securities offered. Investors should read the final base shelf prospectus, any amendment and any applicable shelf prospectus supplement for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision.

March 2015

GLOBAL INVESTMENT SOLUTIONS

THE TEAM MODEL METHODOLOGY On the last day of each month, the Strategy compares the Closing Level of the Index to its 200-day moving average (“200 DM!”) to determine the asset allocation for the following month. If the Index closes greater than 5% above its 200 DMA, the Strategy will allocate 100% exposure to the Equity Investment. If the Index closes more than 5% below its 200 DMA, the Strategy will allocate 100% to the Fixed Income Investment. Within a range of +/- 5% (inclusive) of the 200 DMA, the Strategy will allocate 50% to the Equity Investment and 50% to the Fixed Income Investment. ASSET ALLOCATION

On a monthly basis, an asset allocation decision is made based on the level of the Index relative to its 200 DMA.

THE UNIVERSE TAX DEFERRED THE EQUITY INVESTMENT METHODOLOGY Dividend yielding large-cap Canadian equities > No taxable event until maturity or The Equity Investment: Review Equity Investment on a monthly basisand S&P/TSX Composite Member disposition. adjust notional holdings andweights. Only Largest 100 Qualifiers are Eligible > No tax on Portfolio changes and > Only the largest 100 qualifiers by market cap are eligible to be included Must Pay a Dividend rebalancing.

> The Equity Investment is reviewed each month after ranks have been Excluding Trusts updated Excluding RY Pick Top 25 > Stocks are removed if they drop below the 50 th position in terms of their rank Rank stocks based on an equally weighted combination of 8 factors that fall into 4 THE MODEL > Stocks are removed if they are removed from the Index or suspend distinct investment themes their dividend ATTRACTIVE Low Price to Earnings x 1/8 VALUATIONS > Replacement stocks are the best-ranked stocks not already included in Low Price to Book Value x 1/8 the Equity Investment SUSTAINABLE High Quarterly Earnings Growth x 1/8 GROWTH High Return On Equity > At the end of each calendar quarter the Equity Investment is x 1/8 rebalanced to equal weights POSITIVE High Earnings Surprise x 1/8 SENTIMENT High Estimate Revisions x 1/8

MARKET High 3 -Month Price Change x 1/8 RECOGNITION High 6 -Month Price Change x 1/8 = Total Score

The S&P/TSX Composite Index isa product of S&P Dow JonesIndicesLLC or itsaffiliates("SPDJI") andTSX Inc., andhas been licensedfor useby the Bank. Standard &Poor's® and S&P® areregistered trademarksof Standard& Poor's Financial Services LLC ("S&P") andDow Jones® isa registeredtrademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). TSX is a registered trademark of TSX Inc. The trademarks havebeenlicensed to SPDJI and havebeen sublicensedfor usefor certain purposes by the Bank. TheDebt Securities arenot sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P,any of their respective affiliates or TSX Inc. and none of such parties make any r epresentation regardingthe advisability of investing insuch product(s) nor do theyhave any liability for any errors, omissions, or interruptions of the S&P/TSX CompositeIndex. The Debt Securities are not fixed income securities andare not designed tobe alternativestofixed income or moneymarket i nstruments. The Debt Securities are structured products that possess downside risk. An investment inthe Debt Securities involvesrisks. Aninvestment in the Debt Securitiesis not the same as a direct invest ment in the securities that comprise the Portfolio and investorshave norightswith respect to the securities in the Portfolio. The Debt Securities are considered to be "specified derivatives" under applicable Canadian securitieslaws. If you purchase Debt Securities, youwill be exposed tofluctuations ininterest 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. Since the Debt Securities are not principal protected and the Principal Amount will be at risk, you could lose substantially all of your investment. The initial estimated valueof the Debt Securities setforthon thecover pageof the applicable Pricing Supplement does not take into account the ongoing annual component of the Note ProgramAmount. The Debt Securities will not constitute deposits insured under the CanadaDeposit Insurance CorporationAct. ®Registered trademark of