EQUITY LINKED NOTE | RBC STRUCTURED NOTES GROUP

RBC Principal Protected Green Bond Canadian Large Cap Growth Notes, Series 2, F-Class

Participation in the positive 6.5 year term 100% Principal 115% Protection at Maturity price performance of the basket

INVESTMENT HIGHLIGHTS Offering Closes • Return linked to the price performance of a notional portfolio of 15 Canadian large cap shares, initially equally weighted. The Notes do not represent an interest in the Equity Portfolio. May 7, 2021 Holders have no right or entitlement to the dividends or other distributions paid (the indicative dividend yield on the Equity Portfolio as of April 13, 2021 was 3.82%, representing an aggregate dividend yield of approximately 27.59% compounded annually over the 6.5 year term, on the assumption that the dividend yield remains constant). FundSERV • Clients receive 115% participation in the upside price performance of the Equity Portfolio. RBC582 • 100% principal protection guaranteed by RBC at maturity. RBC is rated Aa2 by Moody’s, AA- by Standard and Poors and AA by DBRS. • The Notes are tradeable in a daily secondary market, subject to availability, which RBC Capital Markets will use reasonable efforts to provide as outlined in the Information Statement. Proceeds on sale may be less than the $100 Principal Amount. Issue Date • Registered Account Eligible: RRSPs, RDSPs, RESPs, TFSAs and DPSPs. May 11, 2021 • Due November 16, 2027 resulting in a term to maturity of approximately 6.5 years. • The proceeds of the issue of the Notes will be used to finance and/or refinance, in part or in full, relevant eligible assets as set out in the Royal ’s Sustainable Bond Framework Maturity Date (“Eligible Assets”).

November 16, 2027 EQUITY PORTFOLIO: An equally weighted portfolio of the TSX-listed common shares of the following companies (each a “Share”) Website

www.rbcnotes.com Company Name Symbol Company Name Symbol The Toronto-Dominion Bank TD George Weston Ltd WN The Bank of Nova Scotia BNS Loblaw Cos Ltd L Royal Bank of RY Bank of BMO BCE Inc. BCE of Canada NA The deposit notes are not insured under the Canada Deposit Insurance Corpora- Power Corporation of Canada POW Canadian Imperial Bank of Commerce CM tion Act. The Notes are not conventional notes or debt securities. For the various , Inc. SJR/B Financial Corporation MFC risks associated with such an investment, please see the Risk Factors section of the Corporation T Canadian Apartment Properties Reit CAR-U Information Statement. , Inc. RCI/B RBC PRINCIPAL PROTECTED GREEN BOND CANADIAN LARGE CAP GROWTH NOTES, SERIES 2, F-CLASS RBC STRUCTURED NOTES GROUP

SAMPLE CALCULATIONS OF THE PAYMENT AMOUNT The examples set out below are included for illustration purposes only. The prices of the Shares included in the Equity Portfolio used to illustrate the calculation of Variable Return are not estimates or forecasts of the Base Prices and Settlement Prices of the Shares on which the calculation of the Percentage Change, and in turn Variable Return, will depend. All examples assume that a Noteholder has purchased Notes with an aggregate Principal Amount of $10,000 and that no Extraordinary Event has occurred. Capitalized terms which are not otherwise defined herein are defined under “Definitions” in the Information Statement. Example #1 — Hypothetical calculation of the Payment Amount where Percentage Change is strongly positive. It is assumed that the Base Price and the Settlement Price for each Share are as illustrated below (hypothetical). The Payment Amount would be calculated as follows:

Weighted Base Settlement Share Price Component Component Sum of the Weighted Component Changes = Company Name Symbol Price Price Change % Weight Change 60.000% The Toronto-Dominion Bank TD 83.12 123.99 49.17% 6.667% 3.278% The Bank of Nova Scotia BNS 77.51 141.39 82.42% 6.667% 5.494% Percentage Change = 60.000% Royal RY 117.18 149.99 28.00% 6.667% 1.867% Variable Return = $10,000.00 × 60.000% × BCE Inc. BCE 58.12 66.53 14.48% 6.667% 0.965% 115.00% = $6,900.00 Power Corporation of Canada POW 34.29 65.51 91.04% 6.667% 6.070% Shaw Communications, Inc. SJR/B 33.62 54.47 62.02% 6.667% 4.134% Payment Amount = $10,000.00 + $6,900.00 = Telus Corporation T 25.68 37.97 47.87% 6.667% 3.192% $16,900.00 Rogers Communications, Inc. RCI/B 60.85 104.13 71.12% 6.667% 4.741% A sum of the Weighted Component Changes George Weston Ltd WN 112.21 203.69 81.53% 6.667% 5.435% of 60.000% results in a Percentage Change of Loblaw Cos Ltd L 69.58 114.16 64.07% 6.667% 4.271% BMO 113.86 171.48 50.61% 6.667% 3.374% 60.000% and a Payment Amount of $16,900.00, National Bank of Canada NA 86.64 150.93 74.20% 6.667% 4.947% which is equivalent to an annually compounded rate Canadian Imperial Bank of Comm. CM 124.05 208.14 67.79% 6.667% 4.519% of return of 8.41%. Manulife Financial Corporation MFC 27.00 41.14 52.36% 6.667% 3.491% Canadian Apartment Properties Reit CAR-U 56.28 91.92 63.33% 6.667% 4.222% Sum of the Weighted Component Changes 60.00% Percentage Change 60.00%

Example #2 — Hypothetical calculation of the Payment Amount where Percentage Change is deemed to be zero. It is assumed that the Base Price and the Settlement Price for each Share are as illustrated below (hypothetical). The Payment Amount would be calculated as follows:

Weighted Base Settlement Share Price Component Component Company Name Symbol Price Price Change % Weight Change Sum of the Weighted Component Changes = The Toronto-Dominion Bank TD 83.12 41.32 -50.29% 6.667% -3.353% -60.000% The Bank of Nova Scotia BNS 77.51 44.38 -42.75% 6.667% -2.850% RY 117.18 68.30 -41.71% 6.667% -2.781% Percentage Change = 0.000% BCE Inc. BCE 58.12 23.86 -58.94% 6.667% -3.929% Variable Return = $10,000.00 × 0.000% × 115.00% Power Corporation of Canada POW 34.29 13.54 -60.50% 6.667% -4.034% = $0.00 Shaw Communications, Inc. SJR/B 33.62 11.12 -66.92% 6.667% -4.461% Telus Corporation T 25.68 7.08 -72.44% 6.667% -4.829% Payment Amount = $10,000.00 + $0.00 = Rogers Communications, Inc. RCI/B 60.85 29.45 -51.61% 6.667% -3.441% $10,000.00 George Weston Ltd WN 112.21 49.93 -55.50% 6.667% -3.700% A sum of the Weighted Component Changes of Loblaw Cos Ltd L 69.58 19.79 -71.56% 6.667% -4.770% -60.000% results in a Percentage Change of 0.000%, Bank of Montreal BMO 113.86 42.91 -62.32% 6.667% -4.154% National Bank of Canada NA 86.64 18.74 -78.37% 6.667% -5.225% and a Payment Amount of $10,000.00, which is Canadian Imperial Bank of Comm. CM 124.05 49.37 -60.20% 6.667% -4.013% equivalent to an annually compounded rate of return Manulife Financial Corporation MFC 27.00 9.39 -65.23% 6.667% -4.348% of 0.00%. Canadian Apartment Properties Reit CAR-U 56.28 21.57 -61.67% 6.667% -4.111% Sum of the Weighted Component Changes -60.00% Percentage Change 0.00%

An investment in the Deposit Notes provides opportunities for investment but may pose risks. See further details under “Risk Factors” in the Information Statement. Specific risks include: • Interest Payable at Maturity – The Principal Amount plus Variable Return (if any) is payable only at maturity. The future performance of the Equity Portfolio is unknown and could result in no interest being paid should the sum of the Weighted Component Changes be negative. Noteholders do not have ownership in the Shares and therefore are not entitled to receive dividends or other distributions paid thereon. The indicative dividend yield of the Equity Portfolio was 3.82% as of April 13, 2021 which would equate to 27.59% over the term of the notes assuming dividends remain constant. • Secondary Market Price – The price for the Note in any secondary market will be based on market conditions and could be above or below the $100 Principal Amount. RBC reserves the right not to make a secondary market. • Extraordinary Events – The payment of Variable Return could be accelerated or delayed due to the occurrence of certain Extraordinary Events. The Information Statement in respect of the RBC Principal Protected Green Bond Canadian Large Cap Growth Notes, Series 2, F-Class (the “Information Statement”) and this highlight document do not constitute an offer or invitation by anyone in any jurisdiction in which such offer is not authorized or to any person to whom it is unlawful to make such offer or invitation. The offering and sale of the Notes, described in the Information Statement, may be subject to restrictions within any particular province or territory. Royal Bank and the selling agents require persons into whose possession the Information Statement comes to inform themselves of and observe any and all such restrictions. No securities commission or similar authority has in any way passed upon the merits of the Notes and any representation to the contrary may be an offence. This highlight document must be read in conjunction with the Information Statement, which provides additional important disclosures and risk factors in respect of the Notes.

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