MUV2: ...Ask Questions Later

Research evidence excerpt

MUV2: ...Ask Questions Later

Munich Reinsurance Co.

capital may occur. RBC Capital Markets research analyst compensation is based in part on the overall profitability of RBC Capital Markets, which includes profits

attributable to investment banking revenues. Every province in Canada, state in 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. As a result, the securities

discussed in this report may not be eligible for sale in some jurisdictions. RBC Capital Markets may be restricted from publishing research reports, from time to

time, due to regulatory restrictions and/ or internal compliance policies. If this is the case, the latest published research reports available to clients may not reflect

recent material changes in the applicable industry and/or applicable subject companies. RBC Capital Markets research reports are current only as of the date set

forth on the research reports. This report is not, and under no circumstances should be construed as, a solicitation to act as securities broker or dealer in any

jurisdiction by any person or company that is not legally permitted to carry on the business of a securities broker or dealer in that jurisdiction. To the full extent

permitted by law neither RBC Capital Markets nor any of its affiliates, nor any other person, accepts any liability whatsoever for any direct, indirect or consequential

loss arising from, or in connection with, any use of this report or the information contained herein. No matter contained in this document may be reproduced or

copied by any means without the prior written consent of RBC Capital Markets in each instance.