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RBC Capital Markets’ strength in the muni bond market

A leader in U.S. with public finance bankers with focused, allowing us to deliver a wide municipal finance municipal finance expertise and range of municipal products. Headquartered in New York, RBC knowledge of their specific market’s Capital Markets (RBC CM) employs economy, demographics and public Research and Strategies Group finance laws. 338 banking, sales, trading, RBC provides quality research. The underwriting and research municipal credit strategists in our professionals in 27 cities. We have one Trading and underwriting Fixed Income Strategies Group of the largest municipal finance RBC CM’s regional underwriting and provide in-depth access to credit practices in the U.S. For 80 years, the trading expertise coupled with a information, market conditions Municipal Finance Group has national focus gives us an advantage and product information for expanded in size, breadth and in gathering information on bonds investors. We publish commentaries expertise, providing municipal issued in the areas we serve. Through on the economy, fixed income financing assistance to thousands our five regional trading desks and markets and investment strategies. of clients, and underwriting tens of numerous underwriting groups, Plus, the Strategies Group thousands of bond issues. we have in-depth knowledge and professionals provide portfolio access to local markets. We maintain review services for our financial Royal of — extensive inventory positions and consistently high credit ratings1 advisors and their clients. participate in both the primary Moody's Standard Fitch and secondary markets, offering Municipal underwriting & Poor's our clients a wide range of investment RBC CM is the most active underwriter Aa22 AA-2 AA+2 opportunities. Tradeweb, a live and of municipal bonds by total number of executable trading platform, gives A23 A3 AA3 senior managed issues, underwriting our traders and financial advisors 4 4 4 hundreds of issues annually. Stable Stable Negative access to more than 150 commingled retail inventories, from primary We maintain two fundamental and regional dealers across the advantages: enduring client country. This allows us to provide relationships, and significant capital RBC CM’s banking offices provide competitive offerings and the largest to underwrite unsold balances in local clients with public finance selection of fixed income products the primary market and maintain professionals with first-hand in the marketplace. We can an active secondary market for knowledge of the communities provide our customers with more client issues. they serve. The bankers can sustain opportunities, achieving better In 2020, RBC Capital Markets’ Public a level of active involvement with pricing for their trades. Finance Department ranked as the the issuer by attending local meetings #4 lead manager on negotiated issues and establishing a direct relationship Market distribution with 625 issues for a 7.8% market free from geographic barriers. The Through RBC Wealth Management, share. Total par amount on these growth of RBC CM’s public finance we have a network of retail branch issues was $27,975,600,000. practice is built upon maintaining offices throughout the nation significant banking offices in select Please see the following tables serving individual investors. Our cities across the country. These core for RBC CM’s lead manager rankings. underwriting and trading capabilities market offices are staffed are broadly dispersed and client

Investment and insurance products offered through RBC Wealth Management are not insured by the FDIC or any other federal government agency, are not deposits or other obligations of, or guaranteed by, a bank or any bank affiliate, and are subject to investment risks, including possible loss of the principal amount invested. Page 2 of 5 RBC Capital Markets’ strength in the muni bond market, continued

Lead manager league table (01/01/2020–12/31/2020) Negotiated: True economics to book runner | Source: Reuters

Manager Par amount (US$ mil) Rank Market share (%) # of Issues BofA Securities Inc 46,564.4 1 13.0 327 Citi 37,653.7 2 10.5 274 J P Morgan Securities LLC 31,458.3 3 8.8 263 RBC Capital Markets 27,975.6 4 7.8 625 25,046.8 5 7.0 204 & Co 18,689.0 6 5.2 183 & Co LLC 18,006.5 7 5.0 112 Nicolaus & Co Inc 17,866.5 8 5.0 879 Piper Sandler & Co 17,482.1 9 4.9 645 Jefferies LLC 16,883.2 10 4.7 92 Barclays 16,203.8 11 4.5 120 Raymond James 15,325.5 12 4.3 515 Siebert Williams Shank & Co 10,903.0 13 3.0 74 Ramirez & Co Inc 6,181.1 14 1.7 45 Robert W & Co Inc 5,343.8 15 1.5 384 Top 25 311,583.3 - 86.9 4,742

Lead and co-manager league table (01/01/2020–12/31/2020) Negotiated: Full credit to each manager | Source: Reuters

Manager Par amount (US$ mil) Rank Market share (%) # of Issues BofA Securities Inc 150,305.9 1 41.9 728 J P Morgan Securities LLC 135,681.9 2 37.9 657 Citi 130,009.6 3 36.3 636 Morgan Stanley 110,698.5 4 30.9 479 Wells Fargo & Co 110,334.6 5 30.8 587 RBC Capital Markets 101,046.2 6 28.2 1007 Goldman Sachs & Co LLC 98,672.0 7 27.5 290 Siebert Williams Shank & Co 96,320.4 8 26.9 362 Raymond James 94,866.4 9 26.5 934 Barclays 91,281.9 10 25.5 337 Ramirez & Co Inc 89,002.6 11 24.8 336 Loop Capital Markets 88,189.0 12 24.6 276 Stifel Nicolaus & Co Inc 86,982.3 13 24.3 1159 Jefferies LLC 81,171.9 14 22.7 280 UBS Inc 62,506.8 15 17.4 235 Top 15 1,527,070.0 - 426.2 8,303 Page 3 of 5 RBC Capital Markets’ strength in the muni bond market, continued

Healthcare lead manager league table (01/01/2020–12/31/2020) Negotiated: True economics to book runner | Source: Reuters

Manager Par amount (US$ mil) Rank Market share (%) # of Issues BofA Securities Inc 6,156.4 1 24.3 52 J P Morgan Securities LLC 5,894.4 2 23.2 62 Citi 3,209.8 3 12.7 35 Barclays 2,159.0 4 8.5 22 Morgan Stanley 1,593.6 5 6.3 16 RBC Capital Markets 1,299.5 6 5.1 20 Goldman Sachs & Co LLC 864.9 7 3.4 9 Piper Sandler & Co 847.8 8 3.3 24 Raymond James 531.1 9 2.1 6 Wells Fargo & Co 425.9 10 1.7 9 Top 10 22,982.4 - 90.6 255

Single family housing lead manager league table (01/01/2020–12/31/2020) Negotiated: True economics to book runner | Source: Reuters

Manager Par amount (US$ mil) Rank Market share (%) # of Issues RBC Capital Markets 3,894.2 1 28.5 62 Barclays 1,421.7 2 10.4 24 Citi 1,371.8 3 10.1 20 J P Morgan Securities LLC 1,180.3 4 8.7 17 Morgan Stanley 1,090.7 5 8.0 19 Wells Fargo & Co 1,021.6 6 7.5 12 BofA Securities Inc 1,001.1 7 7.3 19 Stifel Nicolaus & Co Inc 767.1 8 5.6 20 Raymond James 606.9 9 4.5 10 Jefferies LLC 401.4 10 2.9 4 Top 10 12,756.8 - 93.5 207.0

Airports lead manager league table (01/01/2020–12/31/2020) Negotiated: True economics to book runner | Source: Reuters

Manager Par amount (US$ mil) Rank Market share (%) # of Issues Morgan Stanley 3,057.2 1 23.0 17 Citi 2,758.5 2 20.7 9 J P Morgan Securities LLC 1,684.8 3 12.7 9 Barclays 1,344.3 4 10.1 11 Siebert Williams Shank & Co 1,031.0 5 7.7 11 Goldman Sachs & Co LLC 1,003.4 6 7.5 6 Loop Capital Markets 609.6 7* 4.6 2 Jefferies LLC 609.6 7* 4.6 2 BofA Securities Inc 499.1 9 3.8 9 Ramirez & Co Inc 470.4 10 3.5 5 Top 10 13,067.9 - 98.2 81

(*): tie Page 4 of 5 RBC Capital Markets’ strength in the muni bond market, continued

Higher education lead manager league table (01/01/2020–12/31/2020) Negotiated: True economics to book runner | Source: Reuters

Manager Par amount (US$ mil) Rank Market share (%) # of Issues BofA Securities Inc 6,242 1 15.7 56 J P Morgan Securities LLC 4,241 2 10.6 31 Barclays 4,196 3 10.5 25 Morgan Stanley 4,025 4 10.1 47 Goldman Sachs & Co LLC 3,931 5 9.9 36 Citi 3,386 6 8.5 24 Wells Fargo & Co 3,207 7 8.0 34 RBC Capital Markets 2,769 8 6.9 31 Piper Sandler & Co 1,648 9 4.1 30 Raymond James 1,019 10 2.6 16 Top 10 34,663.8 - 86.9 330

Bank qualified lead manager league table(01/01/2020–12/31/2020) Negotiated: True economics to book runner | Source: Reuters

Manager Par amount (US$ mil) Rank Market share (%) # of Issues Robert W Baird & Co Inc 2,199.7 1 13.7 487 Piper Sandler & Co 1,547.0 2 9.7 344 Raymond James 1,087.2 3 6.8 242 D A Davidson & Co 1,087.0 4 6.8 301 Stifel Nicolaus & Co Inc 946.2 5 5.9 201 RBC Capital Markets 814.5 6 5.1 139 Samco Capital Markets 789.5 7 4.9 185 FHNC Financial Capital Markets 660.5 8 4.1 120 Northland Securities 565.2 9 3.5 164 Roosevelt & Cross Inc 537.8 10 3.4 164 Hilltop Securities 447.9 11 2.8 106 LJ Hart & Company 444.9 12 2.8 116 PNC Financial Services Group Inc 351.5 13 2.2 57 BOK Financial Securities Inc 327.3 14 2.0 109 UMB Bank NA 281.8 15 1.8 78 Top 15 12,088.0 - 75.5 2,813 Page 5 of 5 RBC Capital Markets’ strength in the muni bond market, continued

Investing in municipal bonds involves risks such as interest rate risk, credit risk and market risk, including the possible loss of principal. Clients should contact their tax advisor regarding the suitability of tax-exempt investments in their portfolio. If sold prior to maturity, municipal securities are subject to gain/losses based on the level of interest rates, market conditions and the credit quality of the issuer. Income may be subject to the alternative minimum tax (AMT) and/or state and local taxes, based on state of residence. Income from municipal bonds could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer. 1 RBC Capital Markets, LLC, is a wholly owned subsidiary of, and separate legal entity from, . Royal Bank of Canada does not guarantee any debts or obligations of RBC Capital Markets, LLC. Credit ratings are not recommendations to purchase, sell or hold a financial position in as much as they do not comment on market price or suitability for a particular investor. Ratings are subject to revision or withdrawal at any time by a rating agency. 2 Ratings (as of February 23, 2021) for legacy senior long-term debt issued prior to September 23, 2018 and senior long-term debt issued on or after September 23, 2018, which is excluded from the Canadian Bank Recapitalization (Bail-in) regime. 3 Ratings (as of February 23, 2021) for senior long-term debt issued on or after September 23, 2018 which is subject to conversion under the Bail-in regime. 4 Ratings outlook. RBC Capital Markets is a trade name of Royal Bank of Canada and its affiliates, including RBC Capital Markets, LLC and the fixed income businesses of RBC Wealth Management in the U.S. (members NYSE/SIPC), RBC Dominion Securities Inc. in Canada (member CIPF), and Royal Bank of Canada (Europe) Ltd. The fixed income investment banking, sales, trading and underwriting activities of Royal Bank of Canada throughout the world are carried out under the name RBC Capital Markets. The municipal securities underwriting and financial advisory services of RBC Capital Markets in the United States are provided by RBC Wealth Management, a full-service broker-dealer (including retail brokerage). Balance sheet products, such as interest rate swaps and letters of credit, are provided by Royal Bank of Canada. The terms “RBC,” “we” or “our” in this proposal refer to one or more of these entities as indicated by the context. © 2021 RBC Wealth Management, a division of RBC Capital Markets, LLC, Member NYSE/FINRA/SIPC. All rights reserved. 21-36-00402_3689 (03/21)