2020 Economic Outlook

Well-diversified wholesale funding platform ■ Well-diversified across products, currencies, investor segments, and geographic regions ■ Raise majority of funding in international markets, preserving significant domestic capacity which can be more readily tapped in stressed market conditions Regular issuance in all major markets to promote investor engagement and secondary market liquidity Canada Canadian Shelf (C$25BN) Securitizations (Canadian mortgage bonds, NHA MBS(1) and credit cards) Well Diversified by Product (2) European U.S. SEC Registered Shelf (US$40BN) Medium Golden Credit Card Trust 5% Term Note CMB 12% 8% Canadian Deposit Note 16% U.S. Medium Term Note 20% Covered Bond 31% Yankee CD & 3a2 8%- Diversified by Geography (2) Europe 37% Canada 27% U.S. 36% Europe and Asia European Debt Issuance Program (US$40BN) Covered Bond Program (EUR 32BN) Japanese Issuance Programs (JPY 1 trillion) Recent Deals ■ CAD $2.25 Billion 7-year unsecured at LIBOR + 64bps ■ USD $1.85 Billion 3-year unsecured at LIBOR + 36bps GBP £0.35 Billion 6-year unsecured at LIBOR +56bps EUR €1.5 Billion 7-year covered bond at LIBOR +33bps GBP £1.25 Billion 5-year covered bond at LIBOR +31bps (1) National Housing Act Mortgage Backed Securities. (2) As at January 31, 2020. 44 | APPENDIX RBC

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