June 2018 RBC Global Large Cap Tactical Allocation RoC Securities GLOBAL INVESTMENT SOLUTIONS

FOR THE INFORMATION OF INVESTORS IN OUTSTANDING RBC GLOBAL LARGE CAP TACTICAL ALLOCATION ROC SECURITIES ONLY

Investment Objective: As of May 31, 2018, each of the Canadian Portfolio and U.S. Portfolio was allocated entirely to an Equity The RBC Global Large Cap Tactical Allocation RoC Securities Investment and the European Portfolio was allocated entirely to a Fixed Income Investment. Partial Principal ("Global Large Cap Securities") are designed to provide Repayments on the Securities will only be calculated when the U.S. Strategy allocates 100% of the U.S. investors with "long" exposure to RBC's proprietary 8-factor Portfolio to a U.S. Equity Investment. quantitative models, with the ability to allocate to fixed 1,2 HISTORICAL SECONDARY MARKET PRICE income investments based on the trend of (i) the S&P/TSX Composite Index, (ii) the S&P 500® Index and (iii) the S&P Europe 350 Index. The goal of the Strategies is to be exposed to the shares selected by the Models when the trend is positive for the equity markets and eliminate equity exposure as the trend for the equity markets becomes negative.

No Canadian Tax Events:  Until maturity or disposition  On changes or rebalancing to Portfolios  On quarterly return of capital payments

Benchmark: S&P Global 1200 Total Return Index

Strategy Inception: August 6, 2015

1 The secondary market price of the Securities at any time will generally depend on, among other things, (a) how much the prices of the underlying interests have Returns as of risen or fallen since the Issue Date of such Securities, and (b) a number of other 1 month 3 months YTD 1 year Since Inception interrelated factors, including, without limitation, volatility in the prices of the May 31, 2018 underlying interests, the level of interest rates in the applicable markets, dividend RBC Global Large Cap Tactical Allocation RoC -0.51% -3.16% -0.08% 3.49% 4.86% yields on any of the securities, if any, comprising the underlying interest, and the Securities (CAD), Series 1, F-Class Maturity Date. The relationship among these factors is complex and may also be influenced by various applicable political, economic and other factors that can S&P Global 1200 Total Return Index 0.38% -0.58% 0.53% 12.37% 9.68% affect the price of a Security. 2 Refer to footnote 2 on page 3. U.S. EQUITY INVESTMENT – JUNE 2018

Dividend Sector Symbol Company Weight Rank Yield (%) Energy NFX Newfield Exploration Co 2.17% 4 0.00 MRO Marathon Oil Corp 2.17% 9 0.93 NBL Noble Energy Inc 2.17% 10 1.23 Materials LYB LyondellBasell Industries NV 2.18% 8 3.57 Industrials GWW WW Grainger Inc 2.17% 7 1.76 CAT Caterpillar Inc 2.37% 21 2.05 URI United Rentals Inc 2.17% 71 0.00 Consumer Discretionary M Macy's Inc 2.89% 2 4.33

WYNN Wynn Resorts Ltd 2.20% 17 1.53 KSS Kohl's Corp 2.55% 19 3.66 U.S. PORTFOLIO ALLOCATION Health Care HCA HCA Healthcare Inc 2.41% 30 1.36 ESRX Express Scripts Holding Co 2.49% 121 0.00

Energy 11.20% Financials COF Capital One Financial Corp 2.26% 39 1.70 RF Regions Financial Corp 2.28% 49 1.97 MS Morgan Stanley 2.15% 84 1.99 Materials 3.75% Information Technology MU Micron Technology Inc 2.59% 1 0.00

STX Seagate Technology PLC 2.17% 5 4.47

Industrials 11.56% WDC Western Digital Corp 2.07% 6 2.39

LRCX Lam Research Corp 2.25% 14 2.22

Consumer Discretionary NVDA NVIDIA Corp 2.59% 26 0.24 13.18% INTC Intel Corp 2.54% 34 2.17 Health Care 8.44% NTAP NetApp Inc 2.69% 42 2.34

HPE Hewlett Packard Enterprise Co 2.06% 91 2.95 Financials 11.54% AMAT Applied Materials Inc 2.15% 110 1.58 Utilities AES AES Corp/VA 2.28% 3 4.08

Information Technology Indicated Dividend Yield on the U.S. Underlying Equity Securities as of May 31, 2018 was 1.95% (gross of any applicable 36.39% withholding tax).

Utilities 3.94% U.S. Portfolio Additions U.S. Portfolio Deletions GWW WW Grainger Inc US$311.71 DXC DXC Technology Co US$83.93 LYB LyondellBasell Industries NV US$115.43 FCX Freeport-McMoRan Inc US$17.60 MRO Marathon Oil Corp US$21.05 FLR Fluor Corp US$49.13

NBL Noble Energy Inc US$34.91 KORS Michael Kors Holdings Ltd US$61.73 This fact sheet is qualified in its entirety by a term sheet. NFX Newfield Exploration Co US$28.79 TROW T Rowe Price Group Inc US$123.84

CANADIAN EQUITY INVESTMENT – JUNE 2018 CANADIAN PORTFOLIO Dividend ALLOCATION – JUNE 2018 Sector Symbol Company Weight Rank Yield (%) Energy TOU Tourmaline Oil Corp 1.68% 3 1.39 IMO Ltd 1.68% 8 1.79 ERF Enerplus Corp 1.68% 13 0.76 SU Inc 1.68% 22 2.77 HSE Husky Energy Inc 1.68% 28 1.60 Materials WFT West Fraser Timber Co Ltd 1.68% 2 0.64 MX Methanex Corp 1.68% 4 1.95 PAAS Pan American Silver Corp 1.68% 9 0.79 TECK.B Ltd 1.68% 10 0.57 KL Ltd 1.68% 19 0.50 Industrials TFII TFI International Inc 1.68% 5 2.13 MAXR Maxar Technologies Ltd 1.68% 14 2.39 Consumer Discretionary MG Inc 1.68% 7 2.05 LNR Linamar Corp 1.68% 50 0.74 Consumer Staples FFH Fairfax Financial Holdings Ltd 1.68% 1 1.70 Financials POW Power Corp of 1.68% 6 5.06 BAM.A Brookfield Asset Management Inc 1.68% 11 1.49 SLF Inc 1.68% 12 3.55 TD The -Dominion Bank 1.68% 15 3.54 BMO 1.68% 30 3.82 CM Canadian Imperial Bank of Commerce 1.68% 33 4.70 Energy 20.00% NA 1.68% 35 4.00 BNS The Bank of Nova Scotia 1.68% 36 4.19 Materials 20.00% CSU Inc/Canada 1.68% 27 0.51 Industrials 8.00% Real Estate CIGI Colliers International Group Inc 1.68% 16 0.14 Indicated Dividend Yield on the Canadian Underlying Equity Securities as of May 31, 2018 was 2.11%. Consumer Discretionary 8.00% Financials 36.00% Canadian Portfolio Additions Canadian Portfolio Deletions Information Technology 4.00% BAM.A Brookfield Asset Management Inc $52.48 CCL.B CCL Industries Inc $64.84 Real Estate 4.00% IMO Imperial Oil Ltd $41.96 CTC.A Corp Ltd $166.46 Fixed Income Investment 0.00% MAXR Maxar Technologies Ltd $63.23 FTT Finning International Inc $33.94 PAAS Pan American Silver Corp $23.06 NFI NFI Group Inc $52.83 TOU Tourmaline Oil Corp $24.63 OTEX Open Text Corp $45.94

European Portfolio Deletions Denmark ORSTED Orsted A/S 380.3 DKK EUROPEAN PORTFOLIO Netherlands DSM NA Koninklijke DSM NV 88.024 EUR ALLOCATION – JUNE 2018 United Kingdom SGRO LN Segro PLC 667.28 GBp Sweden SCAB SS Svenska Cellulosa AB SCA 100.29 SEK Sweden KINVB SS Kinnevik AB 307.62 SEK United Kingdom TSCO LN Tesco PLC 247.02 GBp France RNO FP Renault SA 83.886 EUR Italy ISP IM Intesa Sanpaolo SpA 2.5263 EUR United Kingdom AAL LN Anglo American PLC 1869.56 GBp Finland STERV FH Stora Enso OYJ 17.88 EUR Italy UCG IM UniCredit SpA 14.2864 EUR United Kingdom LGEN LN Legal & General Group PLC 271.86 GBp United Kingdom III LN 3i Group PLC 946.1364 GBp Germany BMW3 GY Bayerische Motoren Werke AG 75.47 EUR Luxembourg MT NA ArcelorMittal 28.638 EUR United Kingdom FCA IM Fiat Chrysler Automobiles NV 18.114 EUR Norway EQNR NO Statoil ASA 215.04 NOK United Kingdom PSN LN Persimmon PLC 2855.4 GBp United Kingdom IAG LN International Consolidated Airlines Group 691.28 GBp Finland FORTUM Fortum OYJ 20.334 EUR Sweden SAND SS Sandvik AB 155.01 SEK Germany 1COV GY Covestro AG 78.856 EUR Netherlands AGN NA Aegon NV 5.398 EUR Fixed Income Investment 100.00% Germany PAH3 GY Porsche Automobil Holding SE 63.156 EUR Netherlands ABN NA ABN AMRO Group NV 22.812 EUR

March 2015

GLOBAL INVESTMENT SOLUTIONS

THE GLOBAL LARGE CAP TACTICAL ALLOCATION MODELS METHODOLOGY On the last Exchange Day of each month, the Strategies compare the daily official closing levels of the S&P/TSX Composite Index, the S&P 500® Index, and the S&P Europe 350 Index to the average daily closing levels of each Index for the 200-day moving averages ("200 DMA") to determine the asset allocations for the following month. If the applicable Index closes at or greater than its 200 DMA, the Strategies will allocate 100% exposure to the Equity Investment for the applicable Portfolio. If the applicable Index closes below its 200 DMA, the Strategies will allocate 100% to the Fixed Income Investment for the applicable Portfolio. ASSET ALLOCATION

On a monthly basis, an asset allocation decision is made based on the closing levels of the S&P/TSX Composite Index, the S&P 500® Index, and the S&P Europe 350 Index relative to their respective 200 DMAs.

THE UNIVERSE NO CANADIAN TAX EVENTS THE EQUITY INVESTMENT METHODOLOGY The equity Portfolios: Review equity Portfolios on a monthly S&P/TSX Composite Index > Until maturity or disposition basis and adjust holdings and weights. S&P 500® Index > On changes or rebalancing > All S&P 500® Index members are eligible to be included in the S&P Europe 350 Index to Portfolios U.S. Portfolio, subject to a limitation on REITs > High Risk Country Stocks in the U.S. Index and the European > On quarterly RoC payments Index will be excluded from the U.S. Portfolio and European

Portfolio > Stocks are removed if they drop below the top 50 rankings for the Canadian Equity Investment, the top 125 rankings for the Rank stocks based on an equally weighted combination of 8 THE MODEL U.S. Equity Investment and the top 100 rankings for the factors that fall into 4 distinct investment themes European Equity Investment ATTRACTIVE Low Price to Earnings x 1/8 > Stocks are removed if they are removed from the Indices VALUATIONS Low Price to Book Value x 1/8 > Replacement stocks are the best-ranked stocks not already x 1/8 included in the applicable Equity Investment SUSTAINABLE High Quarterly Earnings Growth GROWTH > At the end of each calendar quarter the Equity Investments High Return On Equity x 1/8 are 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 500® Index and the S&P Europe 350 Index (together, the “Indices”) are products of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and the S&P/TSX Composite Index is a product of SPDJI or its affiliates and TSX Inc., and each of the Indices and the S&P/TSX Composite Index have been licensed for use by the Bank. Standard & Poor's®, S&P® and S&P 500® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P") and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). TSX is a registered trademark of TSX Inc. The trademarks have been licensed to SPDJI and have been sublicensed for use for certain purposes by the Bank. The Securities are not 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 representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Indices or S&P/TSX Composite Index. 2This Historical Secondary Market Price chart reflects the historical closing secondary market price of RBC Global Large Cap Tactical Allocation RoC Securities (CAD), Series 1, F-Class (the “Series 1”) for each day such secondary market was open for trading and the percentage change of the level of the S&P Global 1200 Total Return Index since the Issue Date of Series 1 on August 6, 2015, the date of the initial implementation of the investment strategy for the Global Large Cap Securities. The closing secondary market price of Series 1 on its Issue Date was $100.00. For Series 1, on its Issue Date, an amount equal to $33.33 per Security was notionally invested in each of the U.S. Portfolio and the Canadian Portfolio and $33.34 was notionally invested in the European Portfolio. The secondary market price at any particular time is the price at which a holder of Global Large Cap 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 Security. The NAV per Security between different series of Global Large Cap Securities may differ for various reasons including as a result of different levels of Note Program Amounts, applicable early trading charges, the currency in which the series is denominated, any currency hedging and the issue date for a particular series. The difference in NAV per Security between the Securities for different series of Global Large Cap Securities could result in different secondary market prices for Securities of different series of Global Large Cap Securities. The historical secondary market price for Global Large Cap Securities which are not Series 1 may differ from the historical secondary market price for Series 1 Securities because the different Note Program Amounts for the different series of Global Large Cap Securities may affect the secondary market price of such Securities. A series of Global Large Cap Securities with a Note Program Amount which is higher than the Note Program Amount for Series 1 would likely have a lower secondary market price than the secondary market price for Series 1. Prior historical secondary market prices of Series 1 are not necessarily indicative of any future secondary market price for Series 1 or other Global Large Cap Securities. There is no assurance that a secondary market for the Securities will develop or be sustained. Capitalized terms used but not defined herein have the meanings ascribed to such terms in the applicable term sheet under which you purchased your Global Large Cap Securities. An investment in the Securities involves risks. An investment in the Securities is not the same as a direct investment in the securities that comprise the Portfolios and investors have no rights with respect to the securities in the Portfolios. The Securities are considered to be "specified derivatives" under applicable Canadian securities laws. If you purchase Securities, you will be exposed to fluctuations in interest rates and changes in the Value of the Portfolios, among other factors. Price changes may be volatile and an investment in the Securities may be considered to be speculative. Since the Securities are not principal protected and the Principal Amount will be at risk, you could lose substantially all of your investment. ®Registered trademark of