The Index provides exposure to either Large-Cap U.S. equities or cash (the Federal Funds rate). This allocation
determination is based on monthly observations of a pre-defined Tactical Trigger: the 200 daily moving average (200 DMA) of the SPDR S&P 500 ETF Trust (Bloomberg: SPY US Equity; the ETF). The Index obtains exposure to Large-Cap U.S.
equities by tracking the performance of the futures contract. On the specified monthly determination date, if the ETF is at or above its 200 DMA (a bullish trend), the Index will allocate to equity via the E-mini S&P 500 futures contract
plus the Federal Funds rate (to replicate the total return) or only to the Federal Funds rate if the ETF is below its relevant 200 DMA (a bearish trend). Index Objectives:The RBC Large Cap US Tactical Equity Total Return Index is designed to
meet or exceed risk-adjusted returns relative to the benchmark by optimizing asset allocation between Large-Cap U.S. equities and cash. This dynamic asset allocation is implemented by observing bullish or bearish trends in Large-Cap U.S.
equities, on a monthly basis, to determine the exposure until the next monthly observation.Index Ticker Symbols:Bloomberg: RBCELTUT IndexThomson Reuters: .RBCELTUTIndex Launch Date:February 18, 2019Index Base Date:October 31, 2007Asset Class:
EquityFixed Income (Cash)Allocations: E-mini S&P 500 Futures contractFederal Funds RateLast Rebalancing Date:December 19, 2018Benchmark:S&P 500 Total Return Index Bloomberg: SPXT Index Thomson Reuters: .SPXTLiquidity:The Index tracks
equity futures and cash. The tracked futures contract averages significantly in excess of $1bn in daily trading volume.Availability:The Index can be used as an underlying for various investment vehicles to provide exposure to investors. RBC
Large Cap US Tactical Equity Total Return IndexPerformance Factsheet Performance1, 2 – Total Return (USD) Index Description 1 1 Daily data from October 31, 2007 to April 30, 2019. Index re-based to 100 on October 31, 2007. Please see the
final page for important information about the presentation of the performance information set forth in this document. 2 Source: Solactive AG, Bloomberg, RBC Capital Markets3 Based on daily returns, annualized with a 252-day factor4 Based on
the average of daily excess returns against Fed Funds, annualized with a 252-day factor5 Duration Under Water; number of months taken by the Index and the Benchmark to increase back to their respective previous highest level after a market
decline Return (%) 2 Return p.a. (%) YoY Return (%) Index (USD) 1M 3M YTD 1Y 3Y 5Y Base ’14 ’15 ’16 ’17 ’18 Index (S) 4.1 5.2 5.4 13.3 14.4 8.4 9.3 2.2 -1.8 12.4 21.1 6.7 Benchmark
(B) 4.0 10.4 18.2 13.5 14.9 11.6 8.0 13.7 1.4 12.0 21.8 -4.4 Variation (S) - (B) 0.1 -5.2 -12.8 -0.2 -0.5 -3.2 1.3 -11.5 -3.1 0.4 -0.7 11.1 Volatility p.a. (%) 3 Sharpe Ratio4 12 Month Return Worst
Drawdown Beta Index (USD) 1Y 5Y Base 1Y 5Y Base Best Worst (%) DUW5 1Y 5Y Index (S) 8.0 10.7 11.8 1.27 0.77 0.79 35.8 -14.0 -17.9 22 0.28 0.63 Benchmark
(B) 14.9 13.3 20.0 0.76 0.89 0.47 72.3 -47.5 -54.8 53 1.00 1.00 Variation (S) - (B) -6.9 -2.5 -8.3 0.51 -0.12 0.32 -36.5 33.5 36.9 -30 - - April 30, 2019
Allocation History1 (over last 12 months) Allocation Snapshot (as of April 30, 2019) Characteristics
Snapshot Page 2 of 4 Determination Date Allocation Date E-mini S&P 500 Futures Cash Benchmark Performance * April 15, 2019 April 17, 2019 100% 0% 3.4% March 11, 2019 March 13, 2019 100% 0% 2.3% February 11, 2019 February
13, 2019 0% 100% 5.4% January 14, 2019 January 16, 2019 0% 100% 4.5% December 17, 2018 December 19, 2018 0% 100% -7.0% November 12, 2018 November 14, 2018 0% 100% -3.7% October 15, 2018 October 17,
2018 0% 100% -3.3% September 17, 2018 September 19, 2018 100% 0% 3.4% August 13, 2018 August 15, 2018 100% 0% 0.3% July 16, 2018 July 18, 2018 100% 0% 1.6% June 11, 2018 June 13, 2018 100% 0% 2.1% May 14, 2018 May 16,
2018 100% 0% - April 30, 2019 Monthly Returns (%, as of April 30,
2019) Index Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2019 0.2% 0.2% 0.8% 4.1% 5.4% 2018 5.7% -3.8% -2.7% 0.3% 2.4% 0.6% 3.7% 3.2% 0.6% -3.3% 0.2% 0.2% 6.7% 2017 1.8% 3.9% 0.1% 1.0% 1.4% 0.6% 2.0% 0.2% 2.0% 2.4% 3.0% 1.1% 21.1% 2016 0.0% 0.0% 1.7% 0.4% 1.8% 0.2% 3.8% 0.1% -0.1% -1.8% 3.7% 2.0% 12.4% 2015 -3.1% 5.8% -1.6% 0.9% 1.3% -2.0% 2.2% -6.1% 1.5% 0.0% 0.0% 0.0% -1.8% 2014 -3.5% 4.6% 0.8% 0.7% 2.3% 2.0% -1.4% 4.0% -1.4% -6.0% 0.9% -0.4% 2.2% 2013 5.2% 1.4% 3.7% 1.9% 2.3% -1.5% 5.1% -2.9% 3.0% 4.6% 3.0% 2.4% 31.7% As
of Last Determination Date (April 15, 2019) Indicator Closing Level Tactical Trigger Large-Cap U.S. (SPY) 289.97 5.0% ABOVE 200
DMA Benchmark Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2019 8.0% 3.2% 1.9% 4.0% 18.2% 2018 5.7% -3.7% -2.5% 0.4% 2.4% 0.6% 3.7% 3.3% 0.6% -6.8% 2.0% -9.0% -4.4% 2017 1.9% 4.0% 0.1% 1.0% 1.4% 0.6% 2.1% 0.3% 2.1% 2.3% 3.1% 1.1% 21.8% 2016 -5.0% -0.1% 6.8% 0.4% 1.8% 0.3% 3.7% 0.1% 0.0% -1.8% 3.7% 2.0% 12.0% 2015 -3.0% 5.7% -1.6% 1.0% 1.3% -1.9% 2.1% -6.0% -2.5% 8.4% 0.3% -1.6% 1.4% 2014 -3.5% 4.6% 0.8% 0.7% 2.3% 2.1% -1.4% 4.0% -1.4% 2.4% 2.7% -0.3% 13.7% 2013 5.2% 1.4% 3.8% 1.9% 2.3% -1.3% 5.1% -2.9% 3.1% 4.6% 3.0% 2.5% 32.4% As
of Month End (April 30, 2019) Indicator Closing Level Distance from DMA Large-Cap U.S. (SPY) 294.02 6.2% Date Last Next Determination April 15, 2019 May 13, 2019 Allocation April 17, 2019 May 15, 2019 SPDR S&P 500 ETF
Trust (SPY) Current Allocation100% Equity 1 Determination Date was two business days prior to Allocation Date. Target Allocations shown; Current allocations may vary* Benchmark performance between previous and current Allocation Date
Summary of Index Methodology: April 30, 2019 Page 3 of 4 RBC Large Cap US Tactical Equity Total Return
Index 200-day Moving AverageSPDR S&P 500 ETF Trust (SPY) Tactical Trigger – Determined 2 Trading Days Before Allocation Monthly Allocation – Is Tactical Trigger Bullish or Bearish? E-mini S&P 500 Future+Federal Funds
Rate Federal Funds Rate Bullish Tactical TriggerSPDR S&P 500 ETF Spot above the Tactical Trigger Bearish Tactical TriggerSPDR S&P 500 ETF Spot below the Tactical Trigger OR
Page 4 of 4 April 30, 2019 This communication has been generated by employees of RBC Capital Markets’ Global
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the Historical Performance of the IndexThe Index was launched on February 18, 2019. Accordingly, all of the information about the performance of the Index prior to that date is based on hypothetical back-tested information. The hypothetical
performance of the Index is based on criteria that have been applied retroactively with the benefit of hindsight; these criteria cannot account for all financial risk that may affect the actual performance of the Index in the future. The
future performance of the Index may vary significantly from the hypothetical performance data in this document. In addition, please note that the back-tested performance of the Index set forth in this document does not reflect the deduction
of any fees and charges that would be applicable to a financial instrument that references the Index.For the full Index methodology, please visit the following link: www.solactive.com