Final Terms dated 15 July, 2015. ROYAL BANK OF CANADA (a Canadian chartered bank)

Final Terms dated 15 July, 2015 ROYAL BANK OF CANADA (a Canadian chartered bank) Issue of EUR TBC Snowball Autocallable Equity Linked Redemption Notes Linked to a Basket of Equities due July 2018 under the Programme for the Issuance of Securities Any person making or intending to make an offer of the Notes may only do so: (i) (ii) in those Non-Exempt Jurisdictions mentioned in Paragraph 13 (f) of Part B below, provided such person is a Dealer or Authorised Offeror (as such term is defined in the Base Prospectus) and that such offer is made during the Offer Period specified in that paragraph and that any conditions relevant to the use of the Base Prospectus are complied with; or otherwise circumstances in which no obligation arises for the Issuer or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Directive, in each case, in relation to such offer. Neither the Issuer nor any Dealer has authorised, nor do they authorise, the making of any offer of Notes in any other circumstances. PART A CONTRACTUAL TERMS Terms used herein shall be deemed to be defined as such for the purposes of the Conditions (the Conditions ) set forth in the Structured Securities Base Prospectus dated 29 July, 2014 and the supplemental Prospectuses dated 23 September, 2014, 26 November, 2014, 6 January, 2015, 3 February, 2015 and 31 March, 2015 which together constitute a base prospectus (the "Base Prospectus"). This document constitutes the Final Terms of the Notes described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with the Base Prospectus. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Base Prospectus. A summary of the Notes (which comprises the summary in the Base Prospectus as completed to reflect the provisions of these Final Terms) is annexed to these Final Terms. The Base Prospectus has been published -1-

on the website of the Irish Stock Exchange (www.ise.ie), the Central Bank of Ireland (http://www.centralbank.ie) and the Issuer (rbccm.com/privatebanksolutions) and copies may be obtained from the offices of the Issuer, Royal Bank Plaza, 200 Bay Street, 8th Floor, South Tower, Toronto, Ontario, Canada and the offices of the Issuing and Paying Agent, One Canada Square, London E14 5AL, England. By investing in the Notes each investor represents that: (a) Non-Reliance. It is acting for its own account, and it has made its own independent decisions to invest in the Notes and as to whether the investment in the Notes is appropriate or proper for it based upon its own judgement and upon advice from such advisers as it has deemed necessary. It is not relying on any communication (written or oral) of the Issuer or any Dealer as investment advice or as a recommendation to invest in the Notes, it being understood that information and explanations related to the Conditions of the Notes shall not be considered to be investment advice or a recommendation to invest in the Notes. No communication (written or oral) received from the Issuer or any Dealer shall be deemed to be an assurance or guarantee as to the expected results of the investment in the Notes. (b) Assessment and Understanding. It is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts the terms and conditions and the risks of the investment in the Notes. It is also capable of assuming, and assumes, the risks of the investment in the Notes. (c) Status of Parties. Neither the Issuer nor any Dealer is acting as fiduciary for or adviser to it in respect of the investment in the Notes. 1. Issuer: Royal Bank of Canada Branch of Account / Branch: London Branch 2. (i) Series Number: TBC (ii) Tranche Number: 1 3. Specified Currency or Currencies: (Condition 1.12) EUR 4. Aggregate Principal Amount: EUR TBC (i) Series: EUR TBC (ii) Tranche: EUR TBC 5. Issue Price: 100% of the Aggregate Principal Amount 6. (a) Specified Denominations: (Condition 1.10, 1.11 or 1.11a) EUR 1,000 (b) Calculation Amount: EUR 1,000-2-

(c) Minimum Trading Size: 7. (i) Issue Date: 15 July, 2015 (ii) Interest Commencement Date Issue Date 8. Maturity Date: 16 July, 2018 9. Interest Basis: Non-Interest Bearing 10. (a) Redemption Basis: Subject to any purchase and cancellation or early redemption, the Notes will be redeemed on the Maturity Date at their Final Redemption Amount specified in item 24 below Non-Exempt Reference Item Linked Redemption Notes Equity Linked Redemption (b) Protection Amount: 11. Change of Interest Basis: 12. Put Option/ Call Option/ Trigger Early Redemption: Trigger Early Redemption 13. Date Board approval for issuance of Notes 14. Method of distribution: Non-syndicated PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE 15. Fixed Rate Note Provisions (Condition 4.02/4.02a) 16. Floating Rate Note Provisions (Condition 4.03) 17. Zero Coupon Note Provisions 18. Reference Item Linked Interest Notes PROVISIONS RELATING TO REDEMPTION 19. Call Option (Condition 5.03) 20. Put Option (Condition 5.06) -3-

21. Notice periods for Early Redemption for Taxation Reasons: (i) Minimum period: (ii) Maximum period: 30 days 60 days 22. Notice periods for Redemption for Illegality: (i) Minimum period: (ii) Maximum period: 23. Trigger Early Redemption (Condition 5.08 and Condition 30.02) 30 days 60 days (i) Trigger Early Redemption Event: Trigger Early Redemption Event 1 (ii) Trigger Barrier Level: N Observation Date Payment Date Autocall Trigger Price 2 30 June, 2016 14 July, 2016 Initial Price x 100.00% 3 30 December, 2016 16 January, 2017 Initial Price x 95.00% 4 30 June, 2017 14 July, 2017 Initial Price x 90.00% 5 29 December, 2017 15 January, 2018 Initial Price x 85.00% 6 Valuation Date Maturity Date Initial Price x 80.00% (iii) Lower Trigger Barrier: Applicable (A) (B) Equal to or Greater than: Greater than: Applicable (iv) Upper Trigger Barrier: (v) Monitoring Date(s): The Observation Dates (vi) Relevant Monitoring Date(s): Each Monitoring Date (vii) Initial Monitoring Date(s): -4-

(viii) Relevant Initial Monitoring Date(s): (ix) Initial Valuation: (x) Relevant Valuation: Relevant Valuation 1 (xi) Relevant Reference Performance: Worst-of Basket Relevant Reference Performance (xii) Benchmark Rate: (xiii) Benchmark Rate Business Day: (xiv) Floor: (xv) First Number of Hours: (xvi) Second Number of Hours: (xvii) Trigger Event Period: (xviii) Trigger FX Currency: (xix) Trigger FX Price Source: (xx) Trigger FX Valuation Time: (xxi) Trigger Early Redemption Date(s): (xxii) (a) Trigger Early Redemption Amount: The Specified Interest Payment Date immediately following the relevant Observation Date in respect of which a Trigger Early Redemption Event shall be deemed to have occurred. Calculation Amount plus the Bonus Amount Where: Bonus Amount means (3.5%-4.5% x N) (b) Trigger Early Redemption Amount includes amount in respect of Accrued Interest: Yes: no additional amount in respect of accrued interest to be paid 24. Final Redemption Amount As per item 27 below 25. Early Redemption Amount (i) Early Redemption Amount(s) payable on redemption for taxation reasons, illegality or on event of default or other early redemption (including, in the case of Index Linked Notes, following an Index Adjustment Event in accordance As per Condition 5.09-5-

with Condition 7, or in the case of Equity Linked Notes, following a Potential Adjustment Event and/or De-listing and/or Merger Event and/or Nationalisation and/or Insolvency and/or Tender Offer in accordance with Condition 8, or in the case of Equity Linked Notes, Index Linked Notes or Fund Linked Notes (involving ETFs), following an Additional Disruption Event (if applicable) (if required): (ii) Early Redemption Amount includes amount in respect of accrued interest: Yes: no additional amount in respect of accrued interest to be paid PROVISIONS RELATING TO REFERENCE ITEM LINKED NOTES 26. Settlement Method Whether redemption of the Notes will be by (a) Cash Settlement or (b) Physical Delivery: 27. Final Redemption Amount for Reference Item Linked Notes Cash Settlement See this item 27 and Condition 30.01, as completed by item 31 below (i) Capital Barrier Event: Applicable Capital Barrier Event 1 If a Capital Barrier Event has not occurred: Final Redemption Amount 7 If a Capital Barrier Event has occurred: Final Redemption Amount 1 Final - Initial Level: Final Redemption Amount 7: Final Redemption Amount 1: Applicable (ii) (iii) (iv) (v) Put Strike Event: Mini-Future Short Redemption Notes: IndiCap Redemption Notes: Himalayan Redemption Notes: -6-

(vi) Monitoring Date(s): (vii) Relevant Monitoring Date(s): (viii) Initial Monitoring Date(s): (ix) Initial Relevant Monitoring Date(s): The Observation Dates The Monitoring Dates (x) Capital Barrier Level: Equity 1: EUR TBC Equity 2: GBP TBC (A) Equal to or Less than: (B) Less than: (xi) Put Strike Level: Applicable (xii) Initial Valuation: Initial Valuation 1 (xiii) Relevant Valuation: Relevant Valuation 1 (xiv) Relevant Reference Performance: (xv) Floor: (xvi) F: (xvii) K: (xviii) LC: (xix) LF: (xx) Cap: (xxi) P%: (xxii) X%: (xxiii) Y%: (xxiv) Y2% (xxv) X1%: (xxvi) X2%: (xxvii) K1%: Worst-of Basket Relevant Reference Performance -7-

(xxviii) K2%: (xxiv) Preference Share Linked Notes: 28. Multi-Reference Item Linked Notes 29. Currency Linked Note Provisions 30. Commodity Linked Note Provisions 31. Index Linked Note Provisions (Equity Indices only) 32. Equity Linked Note Provisions Applicable (i) Whether the Notes relate to a Basket of Equities or a single Equity and the identity of the Equity Issuer(s): Basket of Equities (a) Equity/Equities: Existing ordinary shares of the Equity Issuer (b) Equity Issuer: Equity 1: Aegon NV (Bloomberg code: AGN NA) Equity 2: Aviva Plc. (Bloomberg code: AV/LN) (c) ISIN/Common Code: Equity 1: NL0000303709 Equity 2: GB0002162385 (ii) Observation Period(s): (iii) Observation Date(s): 30 June, 2016 30 December, 2016 30 June, 2017 29 December, 2017 Valuation Date (iv) Averaging Date(s): (v) Valuation Date(s): 29 June, 2018 (vi) Valuation Time: (vii) Specified Price: (viii) Common Disrupted Days: Condition 8.05 applies Closing Price Applicable -8-

(ix) Initial Price: Equity 1: EUR TBC Equity 2: GBP TBC (x) Trade Date: 30 June, 2015 (xi) Potential Adjustment Events: (xii) De-listing: (xiii) Merger Event: (xiv) Nationalisation: (xv) Insolvency: (xvi) Tender Offer: (xvii) Additional Disruption Events: Applicable Applicable Applicable Applicable Applicable Applicable Applicable Change in Law Hedging Disruption Increased Cost of Hedging Insolvency Filing (xviii) Equity Substitution: (xix) Exchange(s): Applicable Equity 1: Euronext Amsterdam Equity 2: London Stock Exchange (xx) Related Exchange(s): (xxi) Exchange Rate: (xxii) Partial Lookthrough Depositary Receipt Provisions: (xxiii) Full Lookthrough Depositary Receipt Provisions: (xxiv) Hedging Entity: (xxv) Weighting or w: All Exchanges 33. Fund Linked Note Provisions (ETF) 34. Non-Exempt Physical Delivery Notes -9-

GENERAL PROVISIONS APPLICABLE TO THE NOTES 35. (i) New Global Note: No (ii) Form of Notes: Bearer Notes Temporary Global Note exchangeable for a Permanent Global Note which is exchangeable for Definitive Notes in the limited circumstances specified in the Permanent Global Note 36. Financial Centre(s) or other special provisions relating to payment dates: London and TARGET 37. Relevant Renminbi Financial Centre 38. Talons for future Coupons to be attached to Definitive Notes: (Condition 1.06) No 39. Name and address of Calculation Agent: RBC Capital Markets, LLC One Liberty Plaza 165 Broadway New York, NY 10006-1404 USA 40. Name and address of RMB Rate Calculation Agent 41. Issuer access to the register of creditors (Sw. skuldboken) in respect of Swedish Notes: 42. Exchange Date: On or after 40 calendar days following the Issue Date 43. The Aggregate Principal Amount of the Notes issued has been translated into U.S. dollars at the rate of U.S.$1.00 = [ ], producing a sum of: 44. Governing law of Notes (if other than the laws of the Province of Ontario and the federal laws of Canada applicable therein): English Law -10-

RESPONSIBILITY The Issuer accepts responsibility for the information contained in these Final Terms. [(Specify third party information) has been extracted from (specify source)]. [The Issuer confirms that such information has been accurately reproduced and that, so far as it is aware, and is able to ascertain [from information published by (specify source)], no facts have been omitted which would render the reproduced information inaccurate or misleading.] Signed on behalf of the Issuer: By:... Duly authorised By:... Duly authorised -11-

PART B OTHER INFORMATION 1. LISTING AND ADMISSION TO TRADING Listing/Admission trading: 2. RATINGS Ratings: 3. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE The Issue Price may include a fee or commission payable to a distributor or third party. Such fee or commission will be determined by reference to a number of factors including but not limited to the maturity date of the Notes, hedging costs and legal fees. Further details in respect of the fee or commission are available upon request. 4. OPERATIONAL INFORMATION (i) ISIN: XS1227283667 (ii) Common Code: 122728366 (iii) Any clearing system(s) other than Euroclear and Clearstream Luxembourg Banking, their addresses and the relevant identification number(s): (iv) Delivery: (v) Name(s) and address(es) of Initial Paying Agents, Registrar and Transfer Agents: (vi) Names and addresses of additional Paying Agent(s), [Registrar and Transfer Agents] (if any): (vii) Intended to be held in a manner which would allow Eurosystem eligibility:. Delivery against payment The Bank of New York Mellon, London Branch One Canada Square London E14 5AL England No. Whilst the designation is specified as "no" at the date of these Final Terms, should the Eurosystem eligibility criteria be amended in the future such that the Notes are capable of meeting them the Notes may then be deposited with one of the ICSDs as common safe-keeper. Note that this does not necessarily mean that the Notes will then -12-

be recognised as eligible collateral for Eurosystem monetary policy and intra day credit operations by the Eurosystem at any time during their life. Such recognition will depend upon the ECB being satisfied that Eurosystem eligibility criteria have been met. 5. DISTRIBUTION (a) If syndicated, names and addresses of Managers and underwriting commitments/ quotas (material features)]: (b) If non-syndicated, name and address of Dealer: (c) Total commission and concession: (d) U.S. Selling Restrictions: (e) Canadian Sales: (f) Non-Exempt Offer: (g) Non-exempt Offer Jurisdictions RBC Europe Limited Riverbank House 2 Swan Lane London, EC4R 3BF TEFRA D rules apply Canadian Sales Not Permitted Applicable Hungary (h) Offer period 1 June, 2015 30 June, 2015 (i) Financial intermediaries granted specific consent to use the Base Prospectus in accordance with the Conditions in it: Citibank Europe Plc, Hungarian Branch Office 2 Huba Street River Estate Budapest 1134 Hungary (j) General Consent: (k) Other Authorised Offeror Terms -13-

6. TERMS AND CONDITIONS OF THE OFFER Offer Price: Conditions to which the offer is subject: Description of the application process: Issue Price Offers of the Notes are conditional upon their issue Description of possibility to reduce subscriptions and manner for refunding excess amount paid by applicants: Details of the minimum and/or maximum amount of application: Details of the method and time limits for paying up and delivering the Notes: Manner and date in which results of the offer are to be made public: Procedure for exercise of any right of preemption, negotiability of subscription rights and treatment of subscription rights not exercised: Whether tranche(s) have been reserved for certain countries: Process for notification to applicants of the amount allotted and the indication whether dealing may begin before notification is made: Amount of any expenses and taxes specifically charged to the subscriber or purchaser: Applicants should notify RBC Europe Limited directly by email to ukfp@rbc.com The minimum initial investment (initial subscription) per investor will be 1 Notes. Prospective Noteholders will be notified by RBC Europe Limited of their allocations of Notes and the settlement arrangements in respect thereof. The Notes will be issued on the Issue Date against payment to the Issuer of the net subscription moneys The final issue size will be displayed on Bloomberg under the relevant ISIN code within 48 hours of the Issue Date. This tranche of Note has been reserved for issuance with respect to Hungarian investor(s) only. Plan Manager, administration and intermediary fees of up to 6.00 per cent. may be paid in connection with the Notes. -14-

Name(s) and address(es), to the extent known to the Issuer, of the placers in the various countries where the offer takes place: Citibank Europe Plc, Hungarian Branch Office 2 Huba Street River Estate Budapest 1134 Hungary Name and address of the entities which have a firm commitment to act as intermediaries in secondary trading, providing liquidity through bid and offer rates and description of the main terms of their commitment None -15-

SUMMARY Summaries are made up of disclosure requirements known as "Elements". These elements are numbered in Sections A E (A.1 E.7). This Summary contains all the Elements required to be included in a summary for this type of securities and Issuer. Because some Elements are not required to be addressed, there may be gaps in the numbering sequence of the Elements. Even though an Element may be required to be inserted in the summary because of the type of Securities and Issuer, it is possible that no relevant information can be given regarding the Element. In this case a short description of the Element is included in the summary with the mention of "not applicable". Section A - Introduction and warnings Eleme nt Title A.1 Warning that the summary should be read as an introduction and provision as to claims A.2 Consent as to use the Base Prospectus, period of This summary should be read as an introduction to the Base Prospectus. Any decision to invest in the Securities should be based on a consideration of this Base Prospectus as a whole by the investor. Where a claim relating to information contained in the Base Prospectus is brought before a court, the plaintiff investor might, under the national legislation of the Member States, have to bear the costs of translating the Base Prospectus before the legal proceedings are initiated. Civil liability attaches only to those persons who have tabled the summary, including any translation of it, but only if the summary is misleading, inaccurate or inconsistent when read together with the other parts of this Base Prospectus or it does not provide, when read together with the other parts of this Base Prospectus, key information in order to aid investors when considering whether to invest in such Securities. Certain Tranches of Securities with a denomination of less than EUR 100,000 (or its equivalent in any other currency) may be offered in circumstances where there is no exemption from the obligation under the Prospectus Directive to publish a prospectus. Any such -16-

Eleme nt Title validity and other conditions attached offer is referred to as a "Non-exempt Offer". A Non-Exempt Offer applies Consent: Subject to the conditions set out below, the Issuer consents to the use of this Base Prospectus in connection with a Non-exempt Offer of Securities by Citibank Europe Plc, Hungarian Branch (an "Authorised Offeror") whose name is published on the website of the Regulatory News Service operated by the London Stock Exchange at http:www.londonstockexchange.com/exchange/news/m arket-news/market-news-home.html under the name of the Bank and the headline Further re Public Offer and identified as an Authorised Offeror in respect of the relevant Non-exempt Offer and any financial intermediary which is authorised to make such offers under applicable legislation implementing the Markets in Financial Instruments Directive (Directive 2004/39/EC) and publishes on its website the following statement (with the information in square brackets being completed with the relevant information): "We, RBC Europe Limited, refer to the offer of EUR TBC Snowball Autocallable Equity Linked Redemption Notes Linked to a Basket of Equities due July 2018 (the "Securities") described in the Final Terms dated 15 July, 2015 (the "Final Terms") published by the Royal Bank of Canada (the "Issuer").In consideration of the Issuer offering to grant its consent to our use of the Base Prospectus (as defined in the Final Terms) in connection with the offer of the Securities in Hungary during the Offer Period and subject to the other conditions to such consent, each as specified in the -17-

Eleme nt Title Base Prospectus, hereby accept the offer by the Issuer in accordance with the Authorised Offeror Terms (as specified in the Base Prospectus) and confirm that we are using the Base Prospectus Offer period: The Issuer's consent referred to above is given for Non-exempt Offers of Securities during 1 June, 2015 30 June, 2015 (the "Offer Period"). Conditions to consent: The conditions to the Issuer's consent (in addition to the conditions referred to above) are that such consent (a) is only valid during the Offer Period; (b) only extends to the use of this Base Prospectus to make Non-exempt Offers of the relevant Tranche of Securities in Hungary AN INVESTOR INTENDING TO PURCHASE OR PURCHASING ANY SECURITIES IN A NON-EXEMPT OFFER FROM AN AUTHORISED OFFEROR WILL DO SO, AND OFFERS AND SALES OF SUCH SECURITIES TO AN INVESTOR BY SUCH AUTHORISED OFFEROR WILL BE MADE, IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THE OFFER IN PLACE BETWEEN SUCH AUTHORISED OFFEROR AND SUCH INVESTOR INCLUDING ARRANGEMENTS IN RELATION TO PRICE, ALLOCATIONS, EXPENSES AND SETTLEMENT THE RELEVANT INFORMATION WILL BE PROVIDED BY THE AUTHORISED OFFEROR AT THE TIME OF SUCH OFFER Section B - Issuer Elemen t Titl B.1 Legal and commercial name of Royal Bank of Canada, London Branch (the "Bank" or the "Issuer"). -18-

Elemen t Titl the Issuer B.2 Domicile/ legal form/ legislation/ country of incorporatio n The Issuer is incorporated and domiciled in Canada and is a Schedule 1 bank under the Bank Act (Canada) which constitutes its charter. B.4b Trend information The Banking environment and markets in which the Issuer conducts its businesses will continue to be strongly influenced by developments in the Canadian, U.S. and European economies and global capital markets. As with other financial services providers, the Issuer continues to face increased supervision and regulation in most of the jurisdictions in which it operates, particularly in the areas of funding, liquidity, capital adequacy and prudential regulation. B.5 Description of the Group B.9 Profit forecast or estimate B.10 Audit report qualificatio ns Royal Bank of Canada and its subsidiaries (the "RBC Group"). Royal Bank of Canada is the ultimate parent. Not applicable No profit forecasts or estimates have been made in the Base Prospectus. Not applicable - The audit reports on historical financial information are not qualified. B.12 Selected historical key financial information: With the exception of the figures for return on common equity, information in the tables below for the years ended October 31, 2013 and 2012 and for the quarters ended April 30, 2014 and 2013 have been extracted from the Issuer s 2013 Audited Consolidated Financial Statements (as defined below), the Issuer s Second Quarter 2014 Unaudited Interim Condensed Consolidated Financial Statements (as defined below) or calculated internally, all of which have been prepared -19-

Elemen t Titl in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and are incorporated by reference in this Base Prospectus. The amounts under return on common equity have been extracted from the Issuer's Second Quarter 2014 Report to Shareholders, 2013 Annual Report or calculated internally: Selected Consolidated Balance Sheet Information As at April 30, 2014 As at April 30, 2013 (restated) As at October 31, 2013 (restated) As at October 31, 2012 (restated) As at October 31, 2012 (published) (in millions of Canadian dollars) Loans, net of allowance for loan losses 421,436 396,602 408,850 378,241 378,244 Total assets 895,893 866,440 859,745 823,954 826,100 Deposits 587,122 532,125 559,350 509,101 508,219 Other liabilities 249,719 278,667 242,979 261,934 261,955 Subordinated debentures 6,486 8,503 7,443 7,615 7,615 Trust capital securities 0 0 0 0 0 Preferred share liabilities 490 0 0 0 0 Non-controlling interest in subsidiaries 1,793 1,772 1,795 1,761 1,761 Equity attributable to shareholders 49,690 44,935 47,665 43,160 44,267-20-

Elemen t Titl Condensed Consolidated Statement of Income Quarter ended April 30, 2014 Quarter ended April 30, 2013 (restated) Year ended October 31, 2013 (restated) Year ended October 31, 2013 (published) Year ended October 31, 2012 (restated) Year ended October 31, 2012 (published) Net interest income Non-interest income 3,449 3,222 13,249 13,251 12,439 12,498 4,821 4,495 17,413 17,616 16,540 17,274 Total revenue 8,270 7,717 30,662 30,867 28,979 29,772 Provision for credit losses 244 287 1,237 1,239 1,299 1,301 Insurance policyholder benefits, claims and acquisition expense Non-interest expense Net income from continuing operations 830 938 2,784 2,784 3,621 3.621 4,326 4,009 16,194 16,227 14,473 15,160 2,201 1,909 8,342 8,429 7,558 7,590 Net loss from discontinued operations 0 0 0 0 (51) (51) Net Income 2,201 1,909 8,342 8,429 7,507 7,539 Earnings per share basic $1.47 $1.26 $5.53 5.60 $4.96 4.98 diluted $1.47 $1.25 $5.49 5.54 $4.91 4.93 Earnings per share from continuing operations basic $1.47 $1.26 $5.53 $5.60 $4.99 $5.01 diluted $1.47 $1.25 $5.49 $5.54 $4.94 $4.96 Return on common equity 19.1% 18.7% 19.7% 19.4% 19.6% 19.3% -21-

Elemen t Titl Return on common equity from continuing operations 19.1% 18.7% 19.7% 19.4% 19.7% 19.5% Statements of no significant or material adverse change Since October 31, 2013 there has been no material adverse change in the prospects of the Issuer and its subsidiaries taken as a whole. Since April 30, 2014, there has been no significant change in the financial or trading position of the Issuer and its subsidiaries taken as a whole. B.13 Events impacting the Issuer's solvency B.14 Dependenc e upon other group entities B.15 Principal activities Not applicable There are no recent events particular to the Issuer which are to a material extent relevant to the evaluation of the Issuer's solvency. Not applicable. The Issuer is not dependent on other entities within the RBC Group. All references to the Bank in this section refer to the Bank and its subsidiaries, unless the context otherwise requires. The Bank is Canada s largest bank and one of the largest banks in the world, based on market capitalization. The Bank is one of North America s leading diversified financial services companies, and provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. The Bank employs approximately 79,000 full and part-time employees who serve more than 16 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 42 other countries. The Bank's principal activities are Personal & Commercial Banking, Wealth Management, Insurance, Investor & Treasury Services and Capital Markets. Personal & Commercial Banking comprises personal and business -22-

Elemen t Titl banking operations, as well as certain investment businesses in Canada, the Caribbean and the U.S. Wealth Management serves affluent, high net worth and ultra high net worth clients from the Bank s offices in key financial centres mainly in Canada, the U.S., the U.K., continental Europe and Asia with a comprehensive suite of investment, trust, banking, credit and other wealth management solutions. The Bank also provides asset management products and services directly to institutional and individual clients as well as through the Bank's distribution channels and third-party distributors. Insurance offers insurance products and services through the Bank's proprietary distribution channels, comprised of the field sales force which includes retail insurance branches, field sales representatives, call centers and online, as well as through independent insurance advisors and affinity relationships in Canada. Outside North America, the Bank operates in reinsurance markets globally. Investor & Treasury Services serves the needs of institutional investing clients by providing custodial asset servicing, advisory, financing and other services to safeguard assets, maximize liquidity and manage risk in multiple jurisdictions around the world. This business also provide funding and liquidity management for the enterprise. Capital Markets provides public and private companies, institutional investors, governments and central banks with a wide range of products and services. In North America, the Bank offers a full suite of products and services which include corporate and investment banking, equity and debt organization and distribution, and structuring and trading. Outside North America, the Bank offers a diversified set of capabilities in the Bank's key sectors of expertise, such as energy, mining and infrastructure. -23-

Elemen t Titl B.16 Controlling shareholde rs B.17 Assigned credit ratings Not applicable To the extent known to the Issuer, the Issuer is not directly or indirectly controlled by any person. The credit ratings assigned to the Issuer are (i) Aa3 (long term senior debt) with a negative outlook and A3 (subordinated debt), P-1 (short-term debt) and Baa2 (hyp) (preferred share), each with a stable outlook, by Moody s Investors Services, Inc. ( Moody s USA ); (ii) AA- (long term senior debt), A (subordinated debt), A-1+ (short-term debt) and A- (preferred shares)1, each with a stable outlook, by Standard & Poor s Financial Services LLC ( S&P USA ); (iii) AA (long term senior debt), AA- (subordinated debt) and F1+ (short-term debt), each with a stable outlook, by Fitch Inc.; and (iv) AA (long term senior debt), AA (low) (subordinated debt), R-1 (high) (short-term debt) and Pfd-1 (low) (preferred shares)1, each with a stable outlook, by DBRS Limited ( DBRS ). On October 23, 2013, Kroll Bond Rating Agency ( KBRA ), a registered National Recognized Statistical Rating Organization with the SEC, assigned the Issuer s senior long-term and short-term debt and deposit ratings of AA and K1+, respectively, with a stable outlook. KBRA was requested to rate a commercial MBS multi-borrower transaction where the Issuer was one of four third party interest rate cap providers. Given KBRA s policy to rate all parties to a transaction, it was required to issue a rating on the Issuer. These ratings were unsolicited and the Issuer did not participate in the rating process. Securities issued under the Programme may be rated or unrated by any one or more of the rating agencies referred to above or their affiliates. Where a Tranche of Securities is rated, such rating will not necessarily be the same as the rating assigned to the Issuer referred to above or any other Securities already issued under the Programme. A security rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time by the assigning rating agency. - No ratings have been assigned to the Securities at the request of or with the co-operation of the Issuer in the rating process. -24-