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This has been provided by RBC Global Asset Management (RBC GAM) for informational purposes only and may not be
reproduced, distributed or published without the written consent of RBC Global Asset Management Inc. (RBC GAM Inc.). In
Canada, this report is provided by RBC GAM Inc. (including Phillips, Hager & North Investment Management). In the United
States, this report is provided by RBC Global Asset Management (U.S.) Inc., a federally registered investment adviser. In
Europe, this report is provided by RBC Global Asset Management (UK) Limited, which is authorised and regulated by the UK
Financial Conduct Authority. In Asia, this document is provided by RBC Global Asset Management (Asia) Limited, to professional,
institutional investors and wholesale clients only and not to the retail public. RBC Global Asset Management (Asia) Limited. is
registered with the Securities and Futures Commission (SFC) in Hong Kong. Any funds/ strategies referenced in this document are
not registered in, nor may be sold, issued or offered in Hong Kong, China, Singapore, Korea or Taiwan and this document does not
contemplate the marketing, offer, issue or sale of any funds/strategies in these jurisdictions.
RBC GAM is the asset management division of Royal Bank of Canada (RBC) which includes RBC GAM Inc., RBC Global Asset
Management (U.S.) Inc., RBC Global Asset Management (UK) Limited, RBC Global Asset Management (Asia) Limited, and BlueBay
Asset Management LLP, which are separate, but affiliated subsidiaries of RBC.
This report has not been reviewed by, and is not registered with any securities or other regulatory authority, and may, where
appropriate, be distributed by the above-listed entities in their respective jurisdictions. Additional information about RBC GAM
may be found at www.rbcgam.com.
This report is not intended to provide legal, accounting, tax, investment, financial or other advice and such information should
not be relied upon for providing such advice. The investment process as described in this report may change over time. The
characteristics set forth in this report are intended as a general illustration of some of the criteria considered in selecting
securities for client portfolios. Not all investments in a client portfolio will meet such criteria. RBC GAM takes reasonable steps to
provide up-to-date, accurate and reliable information, and believes the information to be so when printed. RBC GAM reserves the
right at any time and without notice to change, amend or cease publication of the information.
Any investment and economic outlook information contained in this report has been compiled by RBC GAM from various sources.
Information obtained from third parties is believed to be reliable, but no representation or warranty, express or implied, is made
by RBC GAM, its affiliates or any other person as to its accuracy, completeness or correctness. RBC GAM and its affiliates assume
no responsibility for any errors or omissions.
All opinions and estimates contained in this report constitute RBC GAM’s judgment as of the indicated date of the information,
are subject to change without notice and are provided in good faith but without legal responsibility. Interest rates and market
conditions are subject to change.
Return estimates are for illustrative purposes only and are not a prediction of returns. Actual returns may be higher or lower than
those shown and may vary substantially over shorter time periods. It is not possible to invest directly in an unmanaged index.
A note on forward-looking statements
This report may contain forward-looking statements about future performance, strategies or prospects, and possible future
action. The words “may,” “could,” “should,” “would,” “suspect,” “outlook,” “believe,” “plan,” “anticipate,” “estimate,” “expect,”
“intend,” “forecast,” “objective” and similar expressions are intended to identify forward-looking statements. Forward-looking
statements are not guarantees of future performance. Forward-looking statements involve inherent risks and uncertainties about
general economic factors, so it is possible that predictions, forecasts, projections and other forward-looking statements will
not be achieved. We caution you not to place undue reliance on these statements as a number of important factors could cause
actual events or results to differ materially from those expressed or implied in any forward-looking statement. These factors
include, but are not limited to, general economic, political and market factors in Canada, the United States and internationally,
interest and foreign exchange rates, global equity and capital markets, business competition, technological changes, changes in
laws and regulations, judicial or regulatory judgments, legal proceedings and catastrophic events. The above list of important
factors that may affect future results is not exhaustive. Before making any investment decisions, we encourage you to consider
these and other factors carefully. All opinions contained in forward-looking statements are subject to change without notice and
are provided in good faith but without legal responsibility.