As of January 4, 2022, DBRS Morningstar transferred the ongoing coverage of the ratings assigned to Royal Bank of Canada to DBRS Limited from DBRS, Inc. (see below for a full list of the affected issuers).

The lead analyst responsibilities for this transaction have been transferred to Carl De Souza.

DBRS Limited is registered as a Designated Rating Organization (DRO) with the Ontario Securities Commission and registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO).

The groups affected by the transfer are as follows:

Royal Bank of Canada

Royal Bank of Canada-New York Branch

Royal Bank Mortgage Corporation

Royal Trust Corporation of Canada & Royal Trust Company

RBC USA Holdco Corporation

City National Bank

This rating is endorsed by DBRS Ratings Limited and DBRS Ratings GmbH for use in the United Kingdom and the European Union.

Notes:

Ratings issued and monitored by DBRS Limited are noted as such on the DBRS Morningstar website; however, the language and related statements in previously published press releases in respect of the relevant rating(s) will not be changed retroactively and will remain as part of DBRS Morningstar's historical record. The ratings issued and monitored in Canada are marked as such in their respective rating tables. As part of this transfer, these markings will remain unchanged on all active ratings related to the above-mentioned issuer(s).

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

DBRS Limited

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Toronto, ON M5H 3M7 Canada

Tel. +1 416 593-5577

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