RBC Capital Markets – Research · Singapore by Royal Bank of Canada and RB C (Asia) Limited, registered entities grant ed offshore bank status by the Monetary Auth ority of Singapore

STRICTLY PRIVATE AND CONFIDENTIAL

RBC Capital Markets –Research:

Global Capabilities with aMulti-Asset Perspective

A Presentation for The Technical Analyst Awards 2019

December 2018

RBC Capital Markets1

Disclaimer

This material provides a description of our global research capabilities and is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument, investment product or service. The information contained herein has been compiled from sources believed to be reliable, but no representation or warranty, express or implied, is made by RBC Capital Markets or any of its businesses or representatives, as to its accuracy, completeness or correctness. This material is intended for sophisticated investors and may not be suitable for all individuals. Readers should conduct independent due diligence and not rely on any credit rating or other opinions contained within this document when making an investment decision. Canada, the U.S., and most countries throughout the world have their own laws regulating the types of securities and other investment products which may be offered to their residents, as well as the process for doing so. To the full extent permitted by law, neither RBC Capital Markets nor any of its businesses or representatives, accepts any liability whatsoever arising from the use of this brochure. This presentation is not, and under no circumstances should be construed as a solicitation to act as a securities broker or dealer in any jurisdiction by any person or company that is not legally permitted to carry on the business of securities broker or dealer in that jurisdiction. No matter contained in this brochure may be reproduced or copied by any means without the prior consent of RBC Capital Markets.

To U.S. Residents: This material has been approved by RBC Capital Markets, LLC, which is a U.S. registered broker-dealer and a member of NYSE, FINRA and SIPC; and accepts responsibility for this brochure and its dissemination in the U.S. To Canadian Residents: This material has been approved by RBC Dominion Securities Inc., which is a member of IIROC and CIPF. To U.K. Residents: This publication has been approved by RBC Europe Limited (‘RBCEL’) which is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority (‘FCA’) and the Prudential Regulation Authority, in connection with its distribution in the United Kingdom. This material is not for general distribution in the United Kingdom to retail clients, as defined under the rules of the FCA. RBCEL accepts responsibility for this brochure and its dissemination in the United Kingdom. To Australian Residents: This material has been distributed in Australia by Royal Bank of Canada (ARBN 076 940 880). If this material relates to the acquisition of a particular financial product, a recipient in Australia should obtain any relevant disclosure documents prepared in respect of that product and consider that document before making any decision about whether to acquire the product. This research report is not for retail investors as defined in section 761G of the Corporations Act. To Hong Kong Residents: This publication is distributed in Hong Kong by RBC Investment Services (Asia) Limited, RBC Investment Management (Asia) Limited and RBC Capital Markets (Hong Kong) Limited, licensed corporations under the Securities and Futures Ordinance. Hong Kong persons wishing to obtain further information or any of the securities mentioned in this publication should contact RBC Investment Services (Asia) Limited or Royal Bank of Canada, Hong Kong Branch at 17/Floor, Cheung Kong Center, 2 Queen’s Road Central, Hong Kong (telephone number is 2848-1388). To Japanese Residents: Securities business (as defined under the Financial Instruments and Exchange Law) in Japan will be carried out by RBC Capital Markets (Japan) Ltd. Tokyo Branch in compliance with all applicable laws and regulations. Banking business (as defined under the Banking Law) in Japan will be carried out by Royal Bank of Canada, Tokyo Branch in compliance with applicable laws and regulations. RBC Capital Markets (Japan) Ltd. Tokyo Branch is a member of the Japan Securities Dealer’s Association (JSDA). To Singapore Residents: This brochure is distributed in Singapore by Royal Bank of Canada and RBC (Asia) Limited, registered entities granted offshore bank status by the Monetary Authority of Singapore Act (Cap. 186).

RBC Capital Markets is the global brand name for the capital markets business of Royal Bank of Canada and its affiliates, including RBC Capital Markets, LLC; RBC Dominion Securities


“Our daily focus is on creating valued partnerships with our clients to help achieve their business goals. We are able to do this by maintaining our longstanding record of financial strength and performance. It’s that straightforward.”

Doug McGregorChairman & CEO

RBC Capital Markets Today

Deep expertise in capital markets, banking, and finance

Recognized by significant corporations, institutional investors, asset managers, private equity firms, and governments around the globe as an innovative, trusted partner

Well-established in the largest, most mature capital markets

Our Presence

VancouverCalgary

San Francisco

Los Angeles

Denver

Houston

Chicago

TorontoMontreal

Atlanta

Boston

New York

Paris

Mumbai

Beijing

SingaporeSydney

Hong Kong

Frankfurt

Major Trading Hubs Coverage Offices

Madrid

Tokyo

London

... and 33 other cities around the world

An Innovative, Trusted Partner

Top-10Global

Investment Bank

Over

7,300professionals around

the globe

Footprint covers

80%of global investment

banking fee pool1

Serving

14,700clients in

115 countries

Operating from

70offices in

15 countries

By The Numbers

1) Thomson Reuters Global Investment Banking Review (H1 2018)


A Decade of Momentum and Growth

Moved up from 16th largest to the 9th largest global investment bank4

Ranked as one of the most trusted global investment banks by The Economist Doubled our annual revenue and increased our global team by 20% (now at more than 7,300 professionals)2

Grown our debt, equity, and loan origination businesses, while becoming a recognized corporate finance and M&A advisor

Over the last 10 years,RBC Capital Markets…

$0

$100

$200

$300

$400

$500

$600

Assets (Billions)$0$1$2$3$4$5$6$7$8$9

Revenue (Billions)

$0$10$20$30$40$50$60$70$80$90

Loans Outstanding (Billions) 5,4005,6005,8006,0006,2006,4006,6006,8007,0007,2007,400

Employees (#)

By The Numbers (2008 vs. 2017)2,3

340.3

494.4

3.9

8.1

38.3

83.4

6,090

7,300

+4%Annual

+8%Annual

+9%Annual

+20%Total

16th Largestin 20084

9th Largestin 20174

0%

1%

2%

3%

DCM, ECM, Loans, M&AMarket Share (%)

0

500

1,000

1,500

2,000

2,500

3,000

3,500

DCM, ECM, Loans, M&A Deals (#)

1.1

2.2

1,433

2,921

+8%Annual

+8%Annual

2) RBC Annual Reports (2008-2017)3) Dealogic Analytics (Criteria based on completion date between 1/1/2008 – 12/31/2017)

4) Dealogic Analytics (2008-2017)

2008 2017 2008 2017 2008 2017

2008 2017 2008 2017 2008 2017


Part of a Leading Financial Service Provider: Royal Bank of Canada (RBC)

Top 10One of the largest global banks by

market capitalization5

0 100 200 300 400

11.5%Common Equity Tier 1 Ratio 6

Aa2 & AA-Credit ratings from

Moody's and S&P, respectively7

$1.3 trillionTotal Assets6

16 millionClients served around the globe6

36Countries of operations6

Leading, diversified provider of financial services 10th largest bank globally, 5th largest bank in North America5

Universal structure with diversified business model

20-25% of earnings from RBC Capital Markets6

Consistently outperforms global peers:

17.6% Return on Equity in 20186

11% 5-Year Annualized Total Shareholder Return in 20186

By The Numbers

Strong Financial Performance Market Capitalization (US$ Billion)5

5) By Market Capitalization, Bloomberg (November 2018)6) RBC 2018 Annual Report (November 2018)

7) Based on long-term debt ratings, as at November 2018


RBC Capital Markets – Recent Awards and Recognitions

Euromoney Awards for Excellence

Best Investment Bank in Canada for the 11th consecutive year (2018)

Greenwich Associates Excellence Awards 2018

#1 Overall Canadian Fixed-Income Market Share

Canadian Fixed-Income Overall Quality Leader

Canadian Fixed-Income Research Quality Leader

Canadian Fixed-Income Trading Quality Leader

#1 Canadian Equity Trading Market Share

#1 Canadian Equity Research/Advisory Market Share

#2 Canadian Equity Electronic Trading Penetration

Quality Leader in Canadian Equity Sales Trading & Execution Service

Quality Leader in Canadian Equity Research Product & Analyst Service

2017 Brendan Wood International Study of Institutional Investors

#1 Canadian Equity Research (8th consecutive year)

#1 for Penetration of Analysts (Most Citations)

#1 (tied) for Knowledge of Sector

#1 ‘TopGun’ Analysts Across 12 Sectors

2017 Thomson Reuters Rankings

#1 Ranked Earnings’ Estimators/Stock Pickers 2017

Institutional Investor

Among America's Top Corporate Access Providers (2018)

Top 10 All-American Research Team (4th consecutive year (2018)

#2 in All-American “Rising Stars” Category -9 Analysts Ranked Across 12 Sectors (2018)

#3 for US Generalist Sales Team (2018)

Global Finance Magazine

Best Foreign Exchange Provider in Canada (2019)

Best Investment Bank in Canada (2018)

The Technical Analyst Awards 2018

Best Bank for FX Research Winner: George Davis

Best Bank for Fixed Income Research Winner: George Davis

Technical Analyst of the YearWinner: George Davis

Best Bank for Multi-Asset ResearchFinalist

Best Bank for Emerging Markets ResearchFinalist

Best Bank for Commodities ResearchFinalist


Global Foreign Exchange Strategy

Tania Escobedo, Emerging Markets StrategistDaria Parkhomenko, Associate

Elsa Lignos, Global Head of FX StrategyAdam Cole, Chief Currency Strategist

George Davis, Chief Technical Strategist

Sue Trinh, Head of Asia FX Strategy

TorontoNew York

London

Hong Kong

Best Bank for FX Research - Winner: George Davis

Best Bank for Fixed Income Research - Winner: George Davis

Technical Analyst of the Year - Winner: George Davis

Best Bank for Multi-Asset Research - Finalist

Best Bank for Emerging Markets Research - Finalist

Best Bank for Commodities Research - Finalist

Detailed short and medium-term coverage of all G10 currencies through forecasts and trade recommendations on both spot and options space: USD, CAD, JPY, AUD, NZD, GBP, EUR, CHF, SEK, and NOK.

Market leading coverage of commodity-based currencies: CAD, AUD, and NZD.

Comprehensive short and medium-term coverage of Latin American, Asian and EMEA emerging market currencies.

Our currency strategists provide comprehensive technical, macro and quantitative analysis of global currencies in all of the major developed and emerging market economies.

Global Presence

Awards & Recognition

Global Foreign Exchange Strategy TeamCoverage Highlights


Global Macro Strategy and Rates Research

Our Economics team delivers in-depth analysis of macro-economic topics through daily insights, thematic publications and actionable investment ideas.

Our Commodity Strategy team delivers timely analysis of global commodity markets, grounded in an expert view on geopolitical issues and economic trends.

Our Equity Strategists provide equity market forecasts, earnings estimates, and sector recommendations to help guide clients’ investment decisions

Our Rates Strategists provide technical, macro and quantitative analysis of global rates in all the major developed economies.

Economics Team Geopolitical and Commodity Strategy Team

Equities Strategy Team Rates Strategy Team

Craig Wright, Chief EconomistDawn Desjardins, Deputy Chief Economist

Tom Porcelli, Chief US EconomistJacob Oubina, Senior US Economist

Peter Schaffrik, Global Macro StrategistCathal Kennedy, UK/European Economist

Helima Croft, Head of Commodity StrategyMichael Tran, Energy StrategyChristopher Louney, Commodity Strategy

Lori Calvasina, Head of US Equity StrategySara Mahaffy, Associate StrategistCarlos Torres, Associate

Michael Cloherty, Head of U.S. Rates Strategy

Peter Schaffrik, Global Macro StrategistVatsala Datta, GBP Rates Strategist

Mark Chandler, Head of Canadian FIC StrategySimon Deeley, Fixed Income StrategistGeorge Davis, Chief Technical Strategist

Su-Lin Ong, Head of AU/NZ Economics & Fixed Income StrategyRobert Thompson, Fixed Income Strategist

Our global team of economists and investment strategists highlight broader trends influencing markets by providing detailed economic analysis and forecasts for regions around the world. Those insights are complemented with forward-thinking ideas and clear recommendations to help clients create value across their portfolios and different asset classes.


Global Credit Research

Jason Mandel, Head of U.S. Credit Research

Roger Appleyard, Head of European Credit Research

Matthew Kolodzie, Credit Research AnalystVivek Selot, Credit Research Analyst

TorontoNew York

London

Ranked #8: High Yield Research Team2015 All–American Fixed Income Research Team

Ranked #6: Investment Grade Research Team2015 All–American Fixed Income Research Team

Ranked #3 Roger Appleyard Investment Grade – Technology, Media & Telecommunications2014 All–Europe Fixed Income Research Team

Investment Grade Commentary on credit market trends, analyses and

recommendations on relative value opportunities in cash markets. Coverage of CAD, EUR and U.S. corporates, including Financial

Institutions, Infrastructure, Metals and Mining, Energy and Utilities, and Telecommunications, Media and Technology.

High Yield Actionable recommendations in concert with execution provided by

the RBC High Yield Sales & Trading platform create an attractive value proposition for both long-only and hedge fund credit investors looking for an edge.

Coverage of North American high yield issuers in Energy, Technology, Media, Telecom, Consumer, Healthcare, and Industrials.

Our credit analysts provide comprehensive coverage for Investment Grade and High Yield credit in the US, UK and Canada.

Coverage Highlights

Global Presence

Investment Grade & High Yield Research Team

Awards & Recognition


Global Equity Research Our research team has made great strides in the past few years to increase its coverage of corporations globally.

(1) Includes full time analysts and associates as of 6/30/2017. Equity – 126 Analysts, 118 Associates

124

61 49

10

244 Number of Equity analysts and associates (1)

1,614 Number of stocks under coverage. #3 coverage count in North America: 1,126companies.

United States

Canada Europe

Australia

1,2001,3001,4001,5001,6001,7001,8001,9002,000

2010 2011 2012 2013 2014 2015 2016 2017

# of

Sto

cks

Year

1,614

1,295

CAGR = 3.20%

Number of Equity Research Professionals by Region

Number of Stocks Under Coverage Globally


Global Equity Sector CoverageOur global product teams deliver macro insight, sector-based investment drivers and fundamental stock-specific ideas to help guide our clients’ investment decisions. In addition, our specialists in technical, quantitative and investment strategy provide critical insights into macro, sector and stock-specific strategies impacting markets and our clients’ portfolios.

Consumer EnergyFinancial

Institutions Healthcare Industrials Materials REITs TMT Utilities

# of Companies Under Coverage

248 237 252 142 213 184 111 202 79

Sub-sectors • Advertising• Apparel• Auto Parts &

Equipment• Automotive

Retail• Beverages• Broadcasting• Cable &

Satellite• Food Retail• Homebuilding• Household

Products• Internet Retail• Leisure

Products• Movies &

Entertainment• Packaged

Foods & Meats• Publishing• Restaurants• Specialty

Stores

• Drilling• Equipment &

Services• Exploration &

Production• Integrated Oil

& Gas• Refining &

Marketing• Storage &

Transportation

• Asset Management & Custody Banks

• Diversified Banks

• Diversified REITs

• Health Care REITs

• Hotel & Resort REITs

• Life & Health Insurance

• Multi-line Insurance

• Office REITs• Property &

Casualty Insurance

• Regional Banks• Residential

REITs• Retail REITs• Specialized

REITs• Thrifts &

Mortgage Finance

• Biotechnology• Health Care

Distributors• Health Care

Equipment• Health Care

Facilities• Health Care

Services• Health Care

Technology• Managed

Health Care• Pharmaceutical

s

• Aerospace & Defense

• Air Freight & Logistics

• Airlines• Building

Products• Homebuilders• Construction &

Engineering• Diversified

Support Services

• Human Resource & Employment Services

• Industrial Conglomerates

• Machinery & Heavy Trucks

• Railroads• Research &

Consulting Services

• Trading Companies & Distributors

• Trucking

• Aluminum• Commodity

Chemicals• Construction

Materials• Diversified

Chemicals• Diversified Metals

& Mining• Fertilizers &

Agricultural Chemicals

• Forest Products• Gold• Metal & Glass

Containers• Paper Packaging• Paper Products• Precious Metals

& Minerals• Silver• Specialty

Chemicals• Steel

• Diversified• Health Care• Hotel and Resort• Industrial• Mortgage• Office• Real Estate

Operating Companies

• Real Estate Services

• Residential• Retail• Specialized

• Application Software

• Communications Equipment

• Data Processing & Outsourced Services

• Electronic Manufacturing Services

• Integrated Telecom Services

• Internet Software & Services

• IT Consulting & Other Services

• Semiconductors• Systems Software• Technology

Hardware, Storage & Peripherals

• Wireless Telecom Services

• Electric Utilities

• Gas Utilities• Independent

Power Producers

• Multi Utilities• Renewable

Electricity• Water Utilities

There are 23 Multi-Industry companies under coverage for an aggregated total of 1691 companies covered across all sectors.


Equity Research Coverage by Region

Large Cap: > $5 Billion USD; Mid Cap: Between $1 Billion and $5 Billion USD; Small Cap: < $1 Billion USDSource: Starmine Thomson Reuters Competitor Coverage – Global. As of 6/30/2017.

U.S. Equity Research Canadian Equity Research European Equity Research

776 stocks covered 350 stocks covered 416 stocks coveredBy Market Cap By Market Cap By Market Cap

By Sector By Sector By Sector

Large Cap

57.0%

Mid Cap

32.1%

Small Cap

11.0%Large Cap

20.6%

Mid Cap

36.3%

Small Cap

42.0%

Consumer Discretion

ary8.6% Consumer

Staples4.0%

Energy21.7%

Financials8.9%Health

Care3.4%

Industrials9.1%

Info Tech5.4%

Materials21.7%

Telecom0.9%

Utilities4.9%

Real Estate10.6%

Large Cap

55.8%

Mid Cap

29.1%

Small Cap 9.6%

Consumer14.4%

Energy8.2%

Financials21.6%

Industrials19.2%

Info Tech3.8%

Materials7.0%

Telecom8.9%

Utilities6.0%

Multi-Industry10.8 %

Consumer Discretion

ary13.5%

Consumer Staples5.7%

Energy15.1%

Financials11.7%Health

Care8.1%

Industrials10.7%

Info Tech15.3%

Materials5.4%

Telecom1.3%

Utilities4.3%

Real Estate8.9%


Corporate Access Capabilities

Our corporate access team partners with corporate management to provide leading perspectives and industry expertise to design the right strategy for our clients’ investor relations goals.

Our Expertise

Global Presence

We have Corporate Access professionals with desks located in New York, Toronto, London, and Sydney providing regional expertise and service.

46%

27%

25%

2%

US

Europe

Canada

Asia-Pacific

By Region

46%

35%

19%Large Cap

Mid Cap

Small Cap

By Market Cap1

✓ Reaching Your Target Audience

Our Corporate Access team partners with corporate clients to select existing and prospective investors by evaluating qualitative and quantitative factors that may impact the investor relations strategy, such as: • Market trends and liquidity/volatility issues• Sector and industry activity• Institutional ownership and targeting• Short and long-term objectives

20,000 connections annually through non-deal road shows, sector conferences, and site visits.

33 conferences & investor days globally

1,000 non-deal roadshows

US Coverage Highlights

(1) Based on US coverage only

✓ Delivering Superior Execution

Our sales and equity marketing professionalswill provide full support throughout the duration of non-deal roadshow, including: • Detailed investment approach for specific

institutions• Meeting intelligence and logistics• Dedicated resources for execution needs

✓ Measuring the Impact

Following the non-deal roadshow, RBC Capital markets will provide value-added information and insights to our clients: • Comprehensive investor feedback• Insightful perspective from trading

professionals• Planning points for future initiatives

Select Non-Deal Roadshows

Toronto

New York

London

Hong Kong

Sydney


Research in the Media

Tom PorcelliBloomberg TV – Fed Special

Elsa LignosBloomberg TV – Bloomberg Surveillance

Helima CroftCNBC – Power Lunch

Mark MahaneyCNBC – Closing Bell

Appearances in the MediaSelect Media Channels

Our analysts, strategists, and economists’ insights are frequently sought out by industry participants and they appear regularly in various prominent media channels and publications.


Global Research Publications

Equity Research

Canada weekly Portfolio Manager's Summary

Cdn Research at a Glance Energy Infrastructure – Weekly Stats Global Equity Coverage Universe International E&P Daily Investment Strategy - Earnings Flash Investment Strategy Playbook Mortgage REIT Monitor RBC Medtech - "The Month Ahead" Trend & Cycle - U.S. Trend & Cycle - Canada U.S. weekly Portfolio Manager's

Summary US Research at a Glance

Global

Top 30 Global Ideas Global Mining Best Ideas Portfolio Global Energy Best Ideas List

US US Equity Small Cap Focus List US Equity Top Picks List

Canada Canadian Small Cap Conviction

List Strategy Focus List Fundamental Equity Weighting

Portfolio (FEW)

Europe Pan European Large-Cap Best

Ideas Pan European Mid Small-Cap Best

Ideas

FICC Research

North American Morning Comment European Rates Strategy Macro Musings Daily Deck AU Fixed Income Directions Commodity Comment Currency Report Card FX Focus Total FX Lines in the Sand

Regularly Featured Publications Best Ideas List


Disclaimer

IMPORTANT DISCLOSURE: THIS COMMUNICATION HAS BEEN GENERATED BY AN EMPLOYEE OF RBCCM AND IS BEINGCONVEYED TO YOU AS A SOLICITATION (FOR PURPOSES OF 17 CFR §§1.71(a)‐(c) AND 23.605) FOR ENTERING INTO ADERIVATIVES TRANSACTION.

This communication has been prepared by RBC Capital Markets (“RBCCM”) FX trading/sales personnel for institutional clients and your informationonly and is not a research report prepared by the RBCCM Research Department. Unless otherwise specified, the views expressed herein are theauthor’s and may differ from the views of RBCCM’s Research Department and from the views of others within RBCCM. The information in the bodyof this communication is intended to provide general FX and/or market commentary, is not intended to provide a sufficient basis for an investmentdecision and should not be considered a research report. This material may include references to recently published research notes and reports byRBCCM’s Research Department. Complete research notes and reports, including important conflicts disclosures, are available atwww.rbcinsight.com. You should assume that trading desks at RBCCM or its affiliates makes markets and/or hold positions, and may haveconducted underwriting or other investment banking work in any of the securities referenced herein. Information contained herein has beencompiled by RBCCM from sources believed to be reliable, but no representation or warranty, express or implied, is made as to its accuracy,completeness or correctness. Every province in Canada, state in the U.S., and most countries throughout the world have their own laws regulatingthe types of securities and other investment products which may be offered to their residents, as well as the process for doing so. As a result, thesecurities discussed in this communication may not be eligible for sale in some jurisdictions. To the full extent permitted by law neither RBCCM norany of its affiliates or any other person accepts any liability whatsoever for any direct, or indirect or consequential loss or damage arising from anyuse of the information contained herein. No matter contained in this communication may be reproduced or copied by any means without the priorconsent of RBCCM.


DisclaimerRBC Capital Markets is the global brand name for the capital markets business of Royal Bank of Canada and its affiliates. United States: Thiscommunication has been approved by RBC Capital Markets, LLC (member FINRA, NYSE, SIPC), which is a U.S. registered broker‐dealer and whichaccepts responsibility for this communication and its dissemination in the United States. Any U.S. recipient of this communication that is not aregistered broker‐dealer or a bank acting in a broker or dealer capacity and that wishes further information regarding, or to effect any transaction in,any of the securities discussed in this communication, should contact and place orders with RBC Capital Markets, LLC. This communication is not aresearch report or a product of RBCCM's Research Department. Canada: This document may be distributed in Canada by RBC Dominion SecuritiesInc. (Member‐Canadian Investor Protection Fund and a member of the Investment Industry Regulatory Organization of Canada (IIROC)) and RBCPhillips, Hager & North Investment Counsel Inc. United Kingdom: This publication has been approved by RBC Europe Limited, which is authorised bythe Prudential Regulation Authority (“PRA”) and regulated by the Financial Conduct Authority and PRA. Hong Kong: This publication is distributed inHong Kong by Royal Bank of Canada, Hong Kong Branch which is regulated by the Hong Kong Monetary Authority and the Securities and FuturesCommission ('SFC'), RBC Investment Services (Asia) Limited and RBC Investment Management (Asia) Limited, both entities are regulated by theSFC. Financial Services provided to Australia: Financial services may be provided in Australia in accordance with applicable law. Financial servicesprovided by the Royal Bank of Canada, Hong Kong Branch are provided pursuant to the Royal Bank of Canada's Australian Financial Services Licence('AFSL') (No. 246521). Australia: Royal Bank of Canada, Sydney Branch (regulated by the Australian Securities & Investments Commission and theAustralian Prudential Regulation Authority; AFSL 246521; ABN 86 076 940 880). This document is distributed only to persons who satisfy thedefinition of wholesale client for the purposes of the Corporations Act 2001 and not intended for distribution to retail clients. Japan: Unlessotherwise exempted by Japanese law, this document is distributed in Japan by or through RBC Capital Markets (Japan) Ltd. Tokyo Branch, aregistered type one financial instruments firm and/or Royal Bank of Canada, Tokyo Branch, a licensed foreign bank, as the case may be.

For non‐institutional investors in the U.S., Canada, nothing in this report constitutes legal, accounting or tax advice or individually tailoredinvestment advice. This material is prepared for general circulation to clients and has been prepared without regard to the individual financialcircumstances and objectives of persons who receive it. Past performance is not a guide to future performance, future returns are not guaranteed,and a loss of original capital may occur. Interest rates, market conditions, special offers, tax ruling and other investment factors are subject tochange. You are advised to seek independent advice from your financial adviser before purchasing any product or if you are in doubt about any ofthe contents of this document. If you do not obtain independent advice, you should consider whether the product is suitable for you.

This content relies on tracking technologies to monitor, understand and improve our electronic communication and your online experience, tocustomize marketing, and to track your usage of RBC content, websites and services. Tracking technology may identify when you visit specific RBCcontent and may be shared with third parties involved in customizing RBC marketing on RBC or digital channels. RBC does not sell your informationto third parties, nor do we track your interaction with a third party website. For more information, see our privacy policy athttp://www.rbc.com/privacysecurity/ca/index.html.

® Registered trademark of Royal Bank of Canada. Used under license.

© 2018. All rights reserved.

Documents

RBC Capital Markets – Research · Singapore by Royal Bank of Canada and RB C (Asia) Limited, registered entities grant ed offshore bank status by the Monetary Auth ority of Singapore