Month in REVIEW - ca.rbcwealthmanagement.com

Month in

REVIEW What moved the markets

Portfolio Advisory Group | December 2016

All indices and figures priced in local currency as at December 30, 2016 (unless otherwise stated). For important disclosures, see page 10.

RBC Dominion Securities Inc.

At the final FOMC meeting, the Fed increased the overnight interest rate by 25bps to 0.75%. What came as a surprise was the insertion of another 25 basis points hike in the Fed committee members’ expectations for hikes in 2017, bringing its forecast for rate hikes to 75 basis points in 2017, which is a faster pace than previously expected. U.S. 2-year yields rallied to their highest level since Mid-2009 in response to this change. In Canada, the Bank of Canada kept overnight rates on hold at 0.50% as expected. The central bank stated that weakness in business investment and non-energy exports persists and the impact of federal infrastructure spending on GDP is not yet evident. The central bank also noted that a significant amount of economic slack remains in the Canadian economy, while the U.S.

economy is near full capacity and may be due for some fiscal expansion. The divergence in Fed policy from other major central banks led to a continued rally in the U.S. dollar index, which strengthened to its highest level in 14 years.

Equity markets in North America were positive in December. The S&P/TSX moved up 1.7%, with rallies in the Financial and Utilities sectors of 3.5% and 3.0%, respectively offset by declines in Healthcare and Information Technology sectors of 5.1% and 1.1%, respectively.

In the U.S., the S&P 500 closed up 2.0%, with all sectors ending the month in positive territory. Markets were led by the Telecom and Utilities sectors which gained 8.1% and 4.9%, respectively, while the Materials and Consumer Discretionary sectors closed nearly flat, moving up 0.1% each.

North American Equity markets sustained gains through December and closed the year near record highs. The Federal Reserve raised rates for the first time this year and the central bank signaled a faster pace of rate increases in 2017.

Davidson and Criswick WealthManagement of RBC DominionSecurities

Robert DavidsonVice President, Wealth Advisor & [email protected] 895 2324

Chris Criswick CFP, FMA, FCSIWealth [email protected] 895 2029

Eunice BatkinAssociate Wealth [email protected] 895 2305

Kathy [email protected] 895 2967

17120 Leslie StreetNewmarket, OntarioL3Y 8K7www.davidsoncriswick.com1 877 534 4217

[email protected]

[email protected]

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[email protected]

10-Year Government of Canada yields continued to move higher through the month and ended 2016 at the highest level in a year and a half.

2 | RBC Dominion Securities

Fixed Income-Specific DevelopmentsOverall, Canadian economic data releases were generally positive in December. Employment rose for a fourth consecutive month with the economy adding 10,700 jobs. Full time employment however fell by 8,700 jobs, bringing the full year figure to 20,900 job losses in 2016. Since the turn of the millennium, there have only been two other years (2008 and 2009) where the Canadian economy has not had a gain in full time employment. The trade deficit shrank in October to $1.13 billion, lower than the $1.7 billion expected by economists and the smallest deficit level recorded since January. This month saw the first release of the Bank of Canada’s three preferred measures of core inflation by Statistics Canada. The three measures: CPI-trim, CPI-median and CPI-common, advanced 1.3%, 1.9% and 1.6% respectively from a year earlier, remaining within the Bank of Canada’s 1% to 3% target range. Canada’s GDP shrank unexpectedly in October, declining 0.3%, lower than consensus of 0.0% as manufacturing output had its worst month in nearly three years. Retail sales were a bright spot rising for a third consecutive month, gaining 1.1% in October versus the consensus forecast of a 0.3% increase. The simulative effects of the family tax benefits payments, which began in July, were credited with driving this surprise gain. 10-Year Government of Canada yields continued to move higher through the month and ended 2016 at the highest level in a year and a half.

In the semi-annual Financial System Review (FSR), the Bank of Canada noted that household indebtedness and housing market imbalances are the biggest risks to the financial system and have risen since the June (FSR) update. This is in line with a report from Statistics Canada that showed that the headline household debt to personal disposable income reached a new record high of 166.9% in December.

The U.S. continued to report strong economic data through December. The nonfarm payroll report showed that the U.S. economy added 178,000 jobs, slightly below expectations of 180,000 jobs. ISM Manufacturing, reported at 53.2, exceeded expectations. Third quarter U.S. GDP was another bright spot rising 3.5%, better than the 3.3% forecast by economists. November U.S. CPI remained steady at 0.2%, in line with expectations. The U.S. trade deficit widened to a four month high in October and represented the largest increase since March 2015.

Equity indices* Month YTD*

S&P/TSX Composite Index TR 1.7% 21.1%

Dow Jones Industrial Average TR 3.4% 16.5%

S&P 500 Index TR 2.0% 12.0%

NASDAQ Composite Index TR 1.2% 8.9%

MSCI EAFE TR (USD) 3.4% 1.5%

MSCI World TR (USD) 2.4% 8.2%

S&P/TSX sector performance* Month YTD*

S&P/TSX Financials TR 3.5% 24.1%

S&P/TSX Energy TR 1.4% 35.5%

S&P/TSX Materials TR -0.6% 41.2%

S&P/TSX Industrials TR -0.6% 22.8%

S&P/TSX Consumer Discretionary TR 1.8% 10.7%

S&P/TSX Telecom Services TR 1.7% 14.7%

S&P/TSX Information Technology TR -1.1% 5.2%

S&P/TSX Consumer Staples TR -0.2% 7.5%

S&P/TSX Utilities TR 3.0% 17.7%

S&P/TSX Healthcare TR -5.1% -78.4%

* All returns are on a Total Return basis. All indices are in local currency unless otherwise noted. Source: Bloomberg

Number crunching

RBC Dominion Securities | 3

International DevelopmentsThe European Central Bank left its main refinancing rate and deposit facility rate unchanged at 0.0% and -0.4% respectively, while extending its asset purchasing program from March 2017 to December 2017. The central bank also reduced the pace of bond purchases to €60 billion permonth from €80 billion permonth, effective April 2017. The Bank of England kept its benchmark interest rate on hold at 0.25% as expected.

Economic data out of the Eurozone showed continued improvements in growth conditions in the region. Markit Manufacturing PMI was 53.7 in November, beating market expectations and higher than the 53.5 number in October. This was the highest reading since January 2014 and showed continued gradual improvement in economic conditions in the region. GDP in the region grew at 1.7% year on year, slightly better than analysts’ expectation of 1.6%.

Economic data out of China in November was mixed. Exports rose 0.1% year over year in November, beating expectations for a 5% decline and snapping a streak of 7 consecutive months of declining exports. Annual CPI increased 2.3% in November, better than the 2.2% consensus expectation. Currency reserves in the economy declined by $69.06 billion to $3.052 trillion in November, the lowest level since March 2011 and down almost $1 trillion since reaching a record $4 trillion in June 2014.

Optimism that OPEC and non-OPEC oil producers would stick to a deal to cut output by almost 1.8 million barrels per day from January , 2017 supported oil prices, which rallied to the highest level in 1.5 years and ended the year at ~$54 per barrel. Gold continued its downward trend, with ,the precious metal endingthe year 15.5% off its 2016 highs reached in mid-July.

Currencies (in Canadian dollars) Exchange Month YTD*

U.S. Dollar 1.3441 0.0% -2.9%

Euro 1.4134 -0.7% -6.0%

British Pound 1.6574 -1.4% -18.7%

Japanese Yen 0.0115 -2.1% -0.2%

Currencies (one Canadian dollar)

Exchange Month YTD*

U.S. Dollar 0.7441 0.0% 3.0%

Euro 0.7071 0.6% 6.3%

British Pound 0.6028 1.3% 22.9%

Japanese Yen 87.0130 2.1% 0.2%

Commodities (US$) Spot price Month YTD*

Crude Oil (WTI per barrel) $53.72 8.7% 45.0%

Natural Gas (per million btu) $3.72 11.1% 59.3%

Gold (per ounce) $1,152.27 -1.8% 8.6%

Silver (per ounce) $15.92 -3.7% 14.9%

Copper (per pound) $2.51 -5.0% 17.4%

Nickel (per pound) $4.52 -11.0% 13.5%

Aluminum (per pound) $0.77 -1.6% 13.6%

Zinc (per pound) $1.17 -4.7% 60.1%

* Source: Bloomberg

S&P/TSX Index - Target Overnight Rate, LTM

0.4 %

0.6 %

0.8 %

1.0 %

1.2 %

1.4 %

10,000

11,000

12,000

13,000

14,000

15,000

16,000

12/3

0/16

12/1

4/16

11/3

0/16

11/1

6/16

11/2

/16

10/1

9/16

10/4

/16

9/20

/16

9/6/

168/

22/1

68/

8/16

7/22

/16

7/8/

166/

23/1

66/

9/16

5/26

/16

5/11

/16

4/27

/16

4/13

/16

3/30

/16

3/15

/16

3/1/

162/

16/1

62/

1/16

1/18

/16

1/4/

16

SPTSX Index Target Overnight Rate

* All returns are on a Total Return basis All indices are in local currency unless otherwise noted.

Source: RBC Wealth Management, Bloomberg

S&P/TSX Index – target overnight rate, LTM


2,190

2,200

2,210

2,220

2,230

2,240

2,250

2,260

2,270

2,280

15,000

15,050

15,100

15,150

15,200

15,250

15,300

15,350

15,400

15,450

15,500

15,550

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SPTSX Index SPX Index

December 19: Fairfax Financial Holdings (FFH) announced the acquisition of Allied World Assurance (AWH) in a cash-and-stock deal worth US$4.8 billion. Shares of AWH closed 13% higher.

December 1: Parker-Hannifin Corp (PH) announced a definitive agreement to acquire CLARCOR Inc. (CLC) for US$4.3 billion. Shares of CLC closed 17% higher.

December 20: Chiron Holdings GP Inc. announced the sale of Lifecell Corp (LIFC) to Allergan Plc (AGN) for US$2.9 billion in cash. AGN closed 0.6% down.

December 14:Athabasca Oil Corp (ATH) jumped 22.5% after Statoil ASA (STL) announced the sale of its Canadian Thermal Oil assets to ATH for $535 million.

December 12: Shares of Canadian Natural Resources (CNQ) closed flat after it sold Cold Lake Pipeline System to Inter Pipeline (IPL) for $527m.

December 19: Shares of Mitel Networks Corp (MITL) closed 5.6% lower after it announced the sale of its mobile division to Siris Capital Group LLC for US$385 million.

December 1:Mettrum Health Corp (MT) jumped 28% after Canopy Growth Corp (CGC) announced the acquisition ofthe firm for $342 million.

North American equity highlightsDecember 2016

1Bloomberg 2RBC Capital Markets Pricing Data Source: Bloomberg


World markets December month-over-month and year-to-date performance

Markets were led by developed economies in December. In the Americas, the S&P 500 and S&P/TSX rose by 2.0% and 1.7%, respectively, while Brazil’s Bovespa closed down 2.7%. In Europe, the U.K.’s FTSE and Germany’s DAX moved higher by 5.4% and 7.9%, respectively. In Asia, Japan’s Nikkei and Australia’s S&P/ASX 200 closed the month up 4.5% and 4.4%, respectively. China’s Shanghai Index, Hong Kong’s Hang Seng and India’s Sensex all closed lower by 4.5%, 3.4% and 0.1%, respectively. Overall, the MSCI World Index increased by 2.4% for the month and closed the year up 8.2%.

MSCI World Index: Global USDM/M: 2.4%YTD: 8.2%

CanadaS&P/TSXM/M: 1.7%YTD: 21.1%

U.S.S&P 500M/M: 2.0%YTD: 12.0%

U.K.FTSE 100M/M: 5.4%YTD: 19.2%

GermanyDAXM/M: 7.9%YTD: 6.9%

ChinaShanghai Index M/M: -4.5%YTD: -10.5% Japan

NikkeiM/M: 4.5%YTD: 2.3%

Hong KongHang SengM/M: -3.4%YTD: 4.3%

AustraliaS&P/ASX 200M/M: 4.4%YTD: 13.4%

IndiaSensexM/M: -0.1%YTD: 3.5%

Brazil**BovespaM/M: -2.7%YTD: 38.9%

All returns are on a total return basis unless otherwise noted. All returns calculated in local currency except for MSCI World** These indices are calcuated on a price return basis

Source: Bloomberg, RBC Wealth Management, 12/30/16


Source: Bloomberg

Canadian & U.S. equities December 2016

S&P/TSX composite sector movementCanadian Equities – December 2016

* Source: Bloomberg

S&P/TSX Composite Sector Movement

Financials

Utilities

Consumer Discretionary

Telecom Services

Energy

Consumer Staples

Industrials

Materials

Information Technology

Healthcare

-6% -5% -4% -3% -2% -1% 0% 1% 2% 3% 4% 5% 6%

Top 10 S&P/TSX Contributors / Decliners by Index Points

Royal Bank of Canada

Bank of Montreal

Toronto-Dominion Bank/The

Suncor Energy Inc

Barrick Gold Corp

Magna International Inc

National Bank of Canada

Canadian Imperial Bank of Commerce

Manulife Financial Corp

Pembina Pipeline Corp

Alimentation Couche-Tard Inc

BlackBerry Ltd

Valeant Pharmaceuticals International Inc

Gildan Activewear Inc

Ritchie Bros Auctioneers Inc

Encana Corp

First Quantum Minerals Ltd

Canadian Pacific Railway Ltd

Canadian Natural Resources Ltd

Teck Resources Ltd

-40 -30 -20 -10 0 10 20 30 40 50 60

S&P 500 sector movementU.S. Equities – December 2016

* Source: Bloomberg

S&P 500 Sector Movement

Telecom Services

Utilities

Financials

Consumer Staples

Energy


Healthcare

Industrials

Materials


-9% -7% -5% -3% -1% 1% 3% 5% 7% 9%

Top 10 S&P 500 Contributors / Decliners by Index Points

Wells Fargo & Co

JPMorgan Chase & Co

General Electric Co

Berkshire Hathaway Inc

Bank of America Corp

Chevron Corp

Goldman Sachs Group Inc/The

General Motors Co

Citigroup Inc

UnitedHealth Group Inc

Alphabet Inc

Texas Instruments Inc

Visa Inc

Pfizer Inc

Intel Corp

Oracle Corp

Apple Inc

QUALCOMM Inc

Facebook Inc

Microsoft Corp

-1.00 -0.75 -0.50 -0.25 0.00 0.25 0.50 0.75 1.00

Top 10 S&P/TSX contributors/decliners by index points

Canadian Equities – December 2016

* Source: Bloomberg

S&P/TSX Composite Sector Movement

Financials

Utilities


Telecom Services

Energy

Consumer Staples

Industrials

Materials


Healthcare

-6% -5% -4% -3% -2% -1% 0% 1% 2% 3% 4% 5% 6%

Top 10 S&P/TSX Contributors / Decliners by Index Points

Royal Bank of Canada

Bank of Montreal

Toronto-Dominion Bank/The

Suncor Energy Inc

Barrick Gold Corp

Magna International Inc

National Bank of Canada

Canadian Imperial Bank of Commerce

Manulife Financial Corp

Pembina Pipeline Corp

Alimentation Couche-Tard Inc

BlackBerry Ltd

Valeant Pharmaceuticals International Inc

Gildan Activewear Inc

Ritchie Bros Auctioneers Inc

Encana Corp

First Quantum Minerals Ltd

Canadian Pacific Railway Ltd

Canadian Natural Resources Ltd

Teck Resources Ltd

-40 -30 -20 -10 0 10 20 30 40 50 60

Top 10 S&P 500 contributors/decliners by index points

U.S. Equities – December 2016

* Source: Bloomberg

S&P 500 Sector Movement

Telecom Services

Utilities

Financials

Consumer Staples

Energy


Healthcare

Industrials

Materials


-9% -7% -5% -3% -1% 1% 3% 5% 7% 9%

Top 10 S&P 500 Contributors / Decliners by Index Points

Wells Fargo & Co

JPMorgan Chase & Co

General Electric Co

Berkshire Hathaway Inc

Bank of America Corp

Chevron Corp

Goldman Sachs Group Inc/The

General Motors Co

Citigroup Inc

UnitedHealth Group Inc

Alphabet Inc

Texas Instruments Inc

Visa Inc

Pfizer Inc

Intel Corp

Oracle Corp

Apple Inc

QUALCOMM Inc

Facebook Inc

Microsoft Corp

-1.00 -0.75 -0.50 -0.25 0.00 0.25 0.50 0.75 1.00


Canadian and U.S. economic dataDecember 2016

Release Date Economic Indicators: Canada Period Consensus Actual Prior

12/23/2016 Gross Domestic Product (m-o-m, SA) Oct 0.00% -0.30% 0.40%

12/23/2016 Gross Domestic Product (y-o-y, SA) Oct 1.80% 1.50% 1.90%

Labour market

12/02/2016 Net Change in Employment (000, SA) Nov -15.0 10.7 43.9

12/02/2016 Participation Rate (SA) Nov -- 65.60% 65.80%

12/02/2016 Unemployment Rate (SA) Nov 7.00% 6.80% 7.00%

Housing market

12/08/2016 Housing Starts (000, SAAR) Nov 191 184.0 192.3

12/08/2016 New Housing Price Index (y-o-y) Oct 2.80% 3.00% 2.80%

12/15/2016 Existing Home Sales (m-o-m) Nov -- -5.30% 2.40%

12/14/2016 Teranet/National Bank HPI (m-o-m) Nov -- 0.20% 0.30%

Consumer & manufacturing

12/22/2016 Retail Sales (m-o-m, SA) Oct 0.30% 1.10% 0.80%

12/22/2016 Retail Sales Less Autos (m-o-m, SA) Oct 0.70% 1.40% 0.30%

12/15/2016 Manufacturing Sales (m-o-m, SA) Oct 0.40% -0.80% 0.30%

Trade

12/06/2016 Merchandise Trade (billion, SA) Oct -1.70 -1.13 -4.38

Prices

12/22/2016 Consumer Price Index (m-o-m) Nov -0.20% -0.40% 0.20%

12/22/2016 Consumer Price Index (y-o-y) Nov 1.40% 1.20% 1.50%

Other indicators

12/20/2016 Wholesale Sales (m-o-m, SA) Oct 0.50% 1.10% -1.50%

12/06/2016 Ivey Purchasing Managers Index (SA) Nov 60.0 56.8 59.7

12/08/2016 Building Permits (m-o-m, SA) Oct 2% 9% -5%


Release date Economic indicators: U.S. Period Consensus Actual Prior

12/22/2016 GDP (q-o-q, SAAR) 3Q T 3.30% 3.50% 3.20%

12/22/2016 GDP Price Index (q-o-q, SAAR) 3Q T 1.40% 1.40% 1.40%

12/22/2016 Core PCE (q-o-q, SAAR) 3Q T 1.70% 1.70% 1.70%

Labour market

12/02/2016 Change in Nonfarm Payrolls (000, SA) Nov 180.0 178.0 142.0

12/02/2016 Unemployment Rate (SA) Nov 4.90% 4.60% 4.90%

Housing market

12/16/2016 Building Permits (000, SAAR) Nov 1240.00 1201.00 1260.00

12/16/2016 Housing Starts (000, SAAR) Nov 1230.00 1090.00 1340.00

12/23/2016 New Home Sales (000, SAAR) Nov 575.00 592.00 563.00

12/21/2016 Existing Home Sales (million, SAAR) Nov 5.50 5.61 5.57

12/15/2016 NAHB Housing Market Index (SA) Dec 63 70 63

12/01/2016 Construction Spending (m-o-m, SA) Oct 0.60% 0.50% -0.20%

Consumer & manufacturing

12/14/2016 Advance Retail Sales (m-o-m, SA) Nov 0.30% 0.10% 0.60%

12/14/2016 Retail Sales Less Autos (m-o-m, SA) Nov 0.40% 0.20% 0.60%

12/27/2016 Consumer Confidence (SA) Dec 109.0 113.7 109.4

12/23/2016 U. of Michigan Confidence Dec F 98.0 98.2 98.0

12/22/2016 Personal Consumption (q-o-q, SAAR) 3Q T 2.80% 3.00% 2.80%

12/22/2016 Durable Goods Orders (m-o-m, SA) Nov P -4.80% -4.60% 4.80%

12/06/2016 Factory Orders (m-o-m, SA) Oct 2.60% 2.70% 0.60%

Trade

12/13/2016 Import Price Index (m-o-m) Nov -0.40% -0.30% 0.40%

12/13/2016 Import Price Index (y-o-y) Nov 0.00% -0.10% -0.30%

12/06/2016 Trade Balance (billion, SA) Oct -42.0 -42.6 -36.2

Prices

12/15/2016 Consumer Price Index (m-o-m, SA) Nov 0.20% 0.20% 0.40%

12/15/2016 Consumer Price Index (y-o-y) Nov 1.70% 1.70% 1.60%

12/15/2016 CPI Core Index (SA) Nov 249.40 249.36 248.98

12/22/2016 PCE Deflator (y-o-y, SA) Nov 1.50% 1.40% 1.40%

Other indicators

12/01/2016 ISM Manufacturing Index (SA) Nov 52.5 53.2 51.9

12/30/2016 Chicago Purchasing Manager Index Dec 56.8 54.6 57.6

12/15/2016 Philadelphia Fed Index Dec 9.1 21.5 7.6

12/22/2016 Leading Indicators (m-o-m) Nov 0.10% 0.00% 0.10%

12/14/2016 Business Inventories (m-o-m, SA) Oct -0.10% -0.20% 0.00%

Source: BloombergSA = Seasonally Adjusted; SAAR = Seasonally Adjusted Annual Rate; m-o-m = Month-over-month % change;q-o-q = Quarter-over-quarter % change; y-o-y = Year-over-year % change.


Notable Canadian dividend activity – December 2016

Source: Bloomberg

Increases

Company $ Change Ex-Date % Change

Granite Real Estate Investment Trust Prior: $0.2030 New: $0.2170 December 28, 2016 6.9%

Canadian Imperial Bank Of Commerce Prior: $1.2100 New: $1.2400 December 22, 2016 2.5%

Bank of Montreal Prior: $0.8600 New: $0.8800 January 30, 2017 2.3%

Allied Properties Prior: $0.1250 New: $0.1275 December 28, 2016 2.0%

National Bank of Canada Prior: $0.5500 New: $0.5600 December 28, 2016 1.8%

Laurentian Bank Of Canada Prior: $0.6000 New: $0.6100 December 29, 2016 1.7%


This document has been prepared for use by the RBC Wealth Management member companies, RBC Dominion Securities Inc. (RBC DS)*, RBC Phillips, Hager & North Investment Counsel Inc. (RBC PH&N IC), RBC Global Asset Management Inc. (RBC GAM), Royal Trust Corporation of Canada and The Royal Trust Company (collectively, the “Companies”) and their affiliates, RBC Direct Investing Inc. (RBC DI) *, RBC Wealth Management Financial Services Inc. (RBC WM FS) and Royal Mutual Funds Inc. (RMFI). Each of the Companies, their affiliates and the Royal Bank of Canada are separate corporate entities which are affiliated. *Members-Canadian Investor Protection Fund. “RBC advisor” refers to Private Bankers who are employees of Royal Bank of Canada and mutual fund representatives of RMFI, Investment Counsellors who are employees of RBC PH&N IC and the private client division of RBC GAM, Senior Trust Advisors and Trust Officers who are employees of The Royal Trust Company or Royal Trust Corporation of Canada, or Investment Advisors who are employees of RBC DS. In Quebec, financial planning services are provided by RMFI or RBC WM FS and each is licensed as a financial services firm in that province. In the rest of Canada, financial planning services are available through RMFI, Royal Trust Corporation of Canada, The Royal Trust Company, or RBC DS. Estate & Trust Services are provided by Royal Trust Corporation of Canada and The Royal Trust Company. If specific products or services are not offered by one of the Companies or RMFI, clients may request a referral to another RBC partner. Insurance products are offered through RBC WM FS, a subsidiary of RBC DS. When providing life insurance products in all provinces except Quebec, Investment Advisors are acting as Insurance Representatives of RBC WM FS. In Quebec, Investment Advisors are acting as Financial Security Advisors of RBC WM FS. The strategies, advice and technical content in this publication are provided for the general guidance and benefit of our clients, based on information believed to be accurate and complete, but we cannot guarantee its accuracy or completeness. This publication is not intended as nor does it constitute tax or legal advice. Readers should consult a qualified legal, tax or other professional advisor when planning to implement a strategy. This will ensure that their individual circumstances have been considered properly and that action is taken on the latest available information. Interest rates, market conditions, tax rules, and other investment factors are subject to change. This information is not investment advice and should only be used in conjunction with a discussion with your RBC advisor. None of the Companies, RMFI, RBC WM FS, RBC DI, Royal Bank of Canada or any of its affiliates or any other person accepts any liability whatsoever for any direct or consequential loss arising from any use of this report or the information contained herein. ®Registered trademarks of Royal Bank of Canada. Used under license. ©2017 Royal Bank of Canada. All rights reserved. 17_90087_001_DSBBN

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