TECHNOLOGY @ RBC

RBC Covered Bond Program Globally Active ■ Active program in six different currencies: EUR, CAD, USD, CHF, AUD and GBP - C$70BN currently outstanding Strong Issuer Largest Canadian bank by market capitalization Strong credit ratings ■ Well capitalized and consistent historical profitability ■ Well diversified business mix Canadian Legislative Changes Canadian legislation protects claims of covered bond investors and overrides any other conflicting law related to bankruptcy and insolvency Extensive regulatory oversight and pool audit requirements Mandatory property value indexation U.S. Market ■ Active U.S. dollar covered bond issuer Several benchmark bonds outstanding Broad U.S. investor base Issued US$18.7BN across eleven deals since September 2012 61 APPENDIX - Trace eligible RBC

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