#1RBC BREWIN DOLPHIN Royal Bank of Canada to Acquire Brewin Dolphin Strategic Expansion of Global Wealth Management Footprint March 31, 2022 All amounts are in Canadian dollars unless otherwise indicated and are based on financial statements prepared in compliance with International Accounting Standard 34 Interim Financial Reporting, unless otherwise noted. RBC#2Caution Regarding Forward Looking Information This presentation contains forward-looking statements within the meaning of certain securities laws, including the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation, with respect to RBC's and Brewin Dolphin's financial performance, beliefs, plans, expectations, and estimates. Forward-looking statements in this presentation may include, but are not limited to, statements with respect to the expected closing of the proposed transaction, plans for the combined operations of RBC and Brewin Dolphin, the financing of the proposed transaction, the financial, operational and capital impacts of the proposed transaction, our strategies or future actions, and our objectives and commitments. The forward-looking information contained in this presentation is presented for the purpose of assisting shareholders and analysts in understanding the proposed transaction and may not be appropriate for other purposes. Forward looking statements are typically identified by words such as "believe", "expect", "foresee”, “forecast”, “anticipate", "intend", "estimate", "goal", "plan" and "project" and similar expressions of future or conditional verbs such as "will", "may", "should", "could" or "would". By their very nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, which give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that our assumptions may not be correct and that our actual results may differ materially from such predictions, forecasts, projections, expectations or conclusions. We caution readers not to place undue reliance on these statements as a number of risk factors could cause our actual results to differ materially from the expectations expressed in such forward-looking statements. These factors - many of which are beyond our control and the effects of which can be difficult to predict - include, but are not limited to: the possibility that the proposed transaction does not close when expected or at all because of the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the proposed transaction, including because required regulatory, shareholder or other approvals and/or other conditions to closing are not received or satisfied on a timely basis or at all or are received subject to adverse conditions or requirements; the possibility that the anticipated benefits from the proposed transaction, such as being accretive to adjusted earnings per share (EPS), creating synergy opportunities and growing our UK operations are not realized in the time frame anticipated or at all as a result of changes in general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations (including changes to capital requirements) and their enforcement, and the degree of competition in the geographic and business areas in which RBC and Brewin Dolphin currently operate; the risk that any announcements relating to the proposed combination could have adverse effects on the market price of the common stock of either or both parties to the transaction; the possibility that the business of RBC and Brewin Dolphin may not perform as expected or in a manner consistent with historical performance; the ability to promptly and effectively integrate Brewin Dolphin; the ability to fund the proposed transaction from existing excess capital; RBC's ability to achieve its capital targets; RBC's ability to cross-sell more products to customers; reputational risks and the reaction of Brewin Dolphin's customers and employees to the transaction; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management time on transaction-related issues; increased exposure to exchange rate fluctuations; material adverse changes in economic and industry conditions; general competitive, economic, political and market conditions; and those other factors discussed in the risks sections and Impact of COVID-19 pandemic section of RBC's 2021 Annual Report and the Risk management section of RBC's Q1 2022 Report to Shareholders, and the factors discussed in Brewin Dolphin's Annual Report and Accounts 2021 all of which outline certain key factors and risks that may affect our future results and our ability to anticipate and effectively manage risks arising from all of the foregoing factors. We caution that the foregoing list of risk factors is not exhaustive and other factors could also adversely affect our results. When relying on our forward-looking statements to make decisions with respect to us, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Material economic assumptions underlying the forward looking-statements contained in this presentation are set out in the Economic, market and regulatory review and outlook section and for each business segment under the Strategic priorities and Outlook headings in RBC's 2021 Annual Report, as updated by the Economic, market and regulatory review and outlook section of RBC' Q1 2022 Report to Shareholders. Assumptions about RBC and Brewin Dolphin's current and expected financial performance (including balance sheet, income statement and regulatory capital figures), expected financing for the proposed transaction, expected closing date of the proposed transaction, expected synergies (and timing to achieve), integration and restructuring costs, assumed purchase price accounting (including fair value marks), costs of financing, foreign exchange rates, and future regulatory capital requirements, including the Office of the Superintendent of Financial Institutions' announced Basel III reforms effective in the second quarter of fiscal 2023, were considered in making the forward-looking statements in this presentation including estimating the adjusted EPS accretion and the expected capital impact to RBC. Any forward-looking statements contained in this document represent the views of RBC and Brewin Dolphin only as of the date hereof. Except as required by law, neither RBC nor Brewin Dolphin undertakes to update any forward-looking statement, whether written or oral, that may be made from time to time by us or on our behalf. 1 Royal Bank of Canada#3Strategic expansion of global Wealth Management footprint 2 RBC BREWIN DOLPHIN 1 Transaction results in scale in three of the world's largest asset pools 2 The transaction will create a Top 3 wealth manager in the UK & Ireland that will serve as platform for future growth in an attractive and consolidating market 3 Complementary businesses that fit together strategically to offer a breadth of wealth and banking offerings to clients through multiple distribution channels A values-based approach to Wealth 4 Leveraging technology strengths and digital investments of RBC and Brewin Dolphin to provide tailored solutions and an improved client experience Management 5 Combining two premier wealth management brands with a strong cultural and operational fit 6 Accretive deployment of excess capital to add another sustainable growth vector to our diversified business model Royal Bank of Canada#4Transaction results in scale in three of the world's largest asset pools Canadian Wealth Management #1 HNW market share(1) #1 Ultra HNW market share(1) C$3.9BN 2021 Revenue C$175BN Q1/22 AUM C$534BN Q1/22 AUA U.S. Wealth Management (including City National) 6th largest U.S. wealth advisory firm, ranked by AUA(2) High quality growth franchise at City National US$5.0BN 2021 Revenue US$181BN Q1/22 AUM US$561BN Q1/22 AUA Wealth Management UK & Ireland Top 3 UK & Ireland wealth manager, ranked by AUM(3) Pro forma as realized through this transaction ~£0.5BN 2021 Revenue ~£64BN December, 2021 AUM RBC Global Asset Management (includes the largest retail mutual fund company in Canada) 2021 Revenue: C$2.7BN; Q1/22 AUM: C$599BN Expanding RBC's opportunity into the large UK & Ireland wealth management asset pool Canada C$3 trillion (4) United States US$60 trillion(4) United Kingdom £3 trillion(4) 3 (1) HNW: High Net Worth. Market share as measured by AUA, Investor Economics, October 2021. (2) Assets under administration (AUA): Assets administered by us, which are beneficially owned by clients. Services provided in respect of assets under administration are of an administrative nature, including safekeeping, collecting investment income, settling purchase and sale transactions, and record keeping. (3) Assets under management (AUM): Assets managed by us, which are beneficially owned by clients. Services provided in respect of assets under management include the selection of investments and the provision of investment advice. We have assets under management that are also administered by us and included in assets under administration. (4) GlobalData Royal Bank of Canada#5Brewin Dolphin: A premium franchise with scale in a growing UK & Ireland Wealth Management market Overview ■ Founded in 1762, Brewin Dolphin is one of the largest discretionary wealth managers in the UK & Ireland Strong market presence and distribution. - 30+ offices across the UK, Ireland and Jersey - Just under 1,300 members who are directly focused on client service - >1,700 relationships with firms of independent financial advisors (IFAs) ■ Broad client offering to maximise flows. Offers services to over 80,000 clients across the wealth spectrum from mass affluent to bespoke and complex solutions for High Net Worth (HNW) · Average client AUM of ~£700k - Strong net flows in a secular growth market Significant technology investments expected to increase advisor capacity, improve client experience and onboarding, and help drive operational efficiencies Strong brand with Brewin Dolphin reporting that 97% of clients would recommend them (1), and a 96% client AUM retention rate Broad range of client value propositions and investment solutions (2) Complexity of Client Advice Needs 1762 30 WealthPilot Complex financial advice service HNW & UHNW solutions ■ Face-to-face delivery ■ Advice across all areas of complex clients' financial needs - focus on financial planning ■ Broad range of investment solutions Complex needs ■ Headline fee: 115-150 bps ☐ Strong culture. Employee engagement score was 88% in 2021, 10 pts above the financial services benchmark ■ Launched two new ESG investment solutions for clients, through 1762 from Brewin Dolphin and a responsible Managed Portfolio Service (MPS) solution for intermediaries' clients Wealth Core Brewin Portfolio Service Wealth advice service Mass Affluent to HNW solutions Largely advised & complex needs Simplified financial advice service Largely Affluent solutions Largely advised Non-advised self select investment service Largely Mass- Market solutions Non-advised ■ Face-to-face delivery Advice across all areas of clients' financial needs ■ Broad range of investment solutions Headline fee: 130 bps (IM only), 150 bps integrated Face-to-face in office & digital delivery ■ Pensions, investment & protection ■ Active & passive investment solutions Fee: 100 bps Fully automated delivery Risk rated passive portfolios ■ Fee: 70 bps (1) Survey of Brewin Dolphin clients, April 2021; (2) Sourced from Brewin Dolphin's 2021 annual report. Market definitions as follows: Mass Market <£100k; Mass affluent: £100k-£250k; Affluent: £250k-£1M; HNW: £1M-£5M; and UHNW: >£5M 4 Royal Bank of Canada#6Brewin Dolphin: Strong track record of profitable growth and client activity AUM growth (£BN) +10% Revenue growth (£MM) Discretionary funds per advisor (£MM)(1) +7% 5-YR CAGR 5-YR CAGR +8% 5-YR CAGR 57 406 n.m. 48 7 1% 361 42 339 45 329 3 19% 40 40 43 305 3 3 33 6 282 25 28 80 4% 35 5 5 18 19% 14 21 78 6 68 69 7 10 133 14 15 18 62 66 8 27 21 23 25 25 26 26 27 227 32 281 9% 75 32 8% 234 239 247 208 64 180 89 808 80 80 81 77 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 Commission Financial Planning Fees ■ Other Income Adjusted PBT (£MM) and margins(3) FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 Net Promoter Score(4) +7% 5-YR CAGR 91 78 78 75 1.9 70 55 51 51 48 49 46 45 44 42 61 38 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 Discretionary (Intermediaries and MPS) Discretionary (Direct) Advisory and Execution Only Discretionary net flows (£BN) 2.3 2.3 1.4 1.6 1.1 2.1 1.4 0.9 1.1 64 69 73 63 58 62 1.1 0.8 0.7 0.5 0.2 0.3 0.1 29 4.4% 8.0% 6.8% 3.7% 2.2% 4.6% FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 21.6% 23.0% 23.6% 22.1% 21.6% 22.4% Benchmark NPS FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 ■ Brewin Dolphin NPS Organic Discretionary (Intermediaries and MPS) Growth(2) ■ Discretionary (Direct) Adjusted PBT and PBT Margin FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 ■Statutory PBT Note: Data sourced from Brewin Dolphin company reports. Fiscal year end September 30th. (1) Year end total value of client funds in discretionary service divided by year end number of client-facing professional investment managers and financial planning staff; (2) Organic growth is discretionary net flows as a % of beginning of period AUM (3) This is a non-GAAP measure. Adjusted PBT is the statutory profit before tax adjusted for the following items; amortisation of client relationships and brand; defined benefit pension scheme past service costs; acquisition costs; incentivisation awards; onerous contracts and other gains and losses. Adjusted PBT margin is calculated by taking the adjusted PBT over the total income. For reconciliation and more information, see slides 9 and 10. (4) An indication of how likely clients are to recommend Brewin Dolphin. Scored from -100% to +100%, measured by a client survey conducted by an independent third party 5 Royal Bank of Canada#7Brewin Dolphin will enhance and expand RBC's UK & Ireland Wealth Management value proposition Assets Under Management (£BN)(1) 154 68 I Pro forma as realized through this transaction 64 59 58 Peer 1 Peer 2 RBC + Brewin Dolphin Peer 3 Peer 4 UK, Channel Islands & Ireland i Discretionary 88% Value proposition Enhanced scale o Acquisition achieves scale in an attractive and consolidating market 。 Combines complementary client-centric cultures ■ Provide more choice for more clients ☐ 。 Broad spectrum of client value propositions to capture a wider demographic of clients and intergenerational wealth transfers 。 Strong opportunity to provide additional investment and leverage RBC's global capabilities and banking expertise to extend the range of products and services available to meet clients' needs, including tailored banking capabilities Expanding distribution channels for the combined business o Enhanced growth by widening distribution channels through business-to-business and strategic partnerships 。 Services offered through Brewin Dolphin's intermediary network include bespoke discretionary management services, a range of managed portfolio strategies and multi asset funds 。 Opportunity to expand Brewin Dolphin's distribution channels through leveraging RBC's global presence ■ Investments to drive efficiencies and accelerate growth 。 New technology infrastructure to manage and protect customer data following the implementation of new custody and settlement system 。 New front-end to Brewin Portfolio Service (BPS) offering has dramatically improved user experience 。 Accelerates Brewin Dolphin's digital agenda through access to RBC's broader systems, capabilities and network Assets Under Management and Administration RBC Wealth Management UK & Channel Islands Brewin Dolphin 88 Trust & Other 76% £44BN AUM&A Wealth 11% (£5BN) + Deposits 13% £59BN AUM Non-discretionary 12% (1) All Wealth Management AUM figures are as at December 31, 2021 with the exception of Peer 4 which is at December 31, 2020. 6 Royal Bank of Canada#8Pathway to success Initiative + BREWIN DOLPHIN RBC Increase Brewin Dolphin FY2021(1) Discretionary funds advisor capacity per advisor £89MM Broad range of client value propositions and investment solutions Foremost asset gatherers Discretionary funds inflows + 4.6% Diverse distribution footprint to support clients Operational efficiencies Adjusted PBT margin(2) 22.4% + Trend Medium-term UK, Channel Islands & Ireland i Combined Revenue CAGR -9% Revenue Investment to modernize synergies Expanded distribution and banking capabilities its technology platform + UK Wealth sector Secular growth, structural changes, and a consolidating market + Record of delivering superior client service Expense synergies Overlapping functional and administrative Combined areas Adjusted PBT(2) ~C$0.5bn FY2021 (1) Brewin Dolphin Benchmark Client AUM retention 96% 93%(3) Client satisfaction Net promotor score (1) 2021 financial metrics and benchmark figures sourced from Brewin Dolphin company reports. Fiscal year end September 30th. (2) This is a non-GAAP measure. Adjusted PBT is the statutory profit before tax adjusted for the following items: amortisation of intangibles including client relationships and brand; defined benefit pension scheme past service costs; acquisition costs; incentivisation awards; onerous contracts and other gains and losses. Adjusted PBT margin is calculated by taking the adjusted PBT over the total income. For reconciliation and more information, see slides 9 and 10. (3) Benchmark client AUM retention rate includes Rathbones PLC and Quilter PLC 7 Royal Bank of Canada 8.8/10 > 8.6/10 55% 49%#9Transaction overview: Long-term financial benefits Key Financial Terms and valuation 515GBp per common share or ~£1.6BN ■ 100% cash consideration ■ P/AUM of 2.8% (1) Synergies Expected financial impact ☐ Cost synergies have been identified in overlapping functional and administrative areas and those related to Brewin Dolphin being a publicly listed company ■ Compelling opportunities for revenue synergies in the medium term by leveraging the broader network and capabilities of RBC including the provision of tailored banking capabilities ☐ CET1 ratio (2) reduction of ~40 bps at the Effective Date(3) Adjusted EPS (4) accretion of ~1% in the first year following the Effective Date, excluding the benefit of future revenue synergies Double-digit IRR(5) excluding the benefit of future revenue synergies Regulatory approvals and timing ■ Transaction requiring Brewin Dolphin shareholder, and customary regulatory and antitrust approvals Anticipated closing by end of third calendar quarter of 2022 Leadership Immediately post-acquisition, Brewin Dolphin will operate as a stand-alone subsidiary of RBC, and will continue to be led by the current Brewin Dolphin leadership team ■ RBC expects Brewin Dolphin's senior management, investment professionals and financial planners to continue taking a leadership role in the combined business (1) Price-to-AUM based on AUM of £55BN AUM as at February 28th, 2022; (2) CET1 is calculated using OSFI's Capital Adequacy Requirements (CAR) guideline; (3) Based on RBC's and Brewin Dolphin's estimated balance sheets on the day on which the Acquisition becomes Effective, including transaction related impacts; (4) This is a non-GAAP measure. Adjusted EPS excludes impact of intangibles amortization, dilutive impact of exchangeable shares and certain deal, transaction, integration costs; (5) Internal rate of return 8 Royal Bank of Canada#10Reconciliation for non-GAAP financial measures Calculation of Brewin Dolphin adjusted profit before tax (PBT)(1) £ millions (unless otherwise stated) Profit before tax (PBT) and adjusted items Adjusted items FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 61.0 70.0 77.5 75.0 78.2 90.9 Acquisition costs (1.7) (2.3) (3.6) (1.5) Other gains and losses 0.0 0.3 Defined benefit pension scheme past service costs (1.9) 0.0 (0.4) Onerous contracts (0.3) (2.0) (0.2) (1.0) (0.2) (3.6) Incentivisation awards (1.3) (1.3) (0.3) (1.2) (2.0) Amortisation of intangible assets - client relationships and brand (6.3) (6.7) (7.6) (6.9) (11.1) (11.2) FSCS levy refund 0.3 Impairment of available-for-sale assets (0.2) Redundancy costs (2.7) (0.7) One-off migration costs (1.6) Total adjusted items (10.9) (12.4) (9.0) (12.4) (16.1) (18.4) Statutory profit before tax of discontinued operations 14.0 Statutory profit before tax (PBT) 64.1 57.6 68.5 62.6 62.1 72.5 Note: Brewin Dolphin fiscal year end September 30th. Calculation of Brewin Dolphin adjusted profit before tax (PBT) margin(1) £ millions (unless otherwise stated) FY2016 Revenue Profit before tax (PBT) and adjusted items Adjusted profit before tax (PBT) margin 282.4 61.0 21.6% FY2017 304.5 70.0 23.0% FY2018 329.0 77.5 23.6% FY2019 339.1 75.0 22.1% FY2020 361.4 78.2 21.6% FY2021 405.9 90.9 22.4% (1) Source: Brewin Dolphin annual reports. 9 Royal Bank of Canada#11Note to users We use a variety of financial measures to evaluate our performance. In addition to generally accepted accounting principles (GAAP) prescribed measures, we use certain key performance and non-GAAP measures we believe provide useful information to investors: • EPS excluding the impact of intangibles amortization, dilutive impact of exchangeable shares and certain deal, transaction and integration costs enhances comparability as some institutions do not utilize such structures Profit before tax and adjusted items ('adjusted PBT') and adjusted PBT margin ('adjusted measures') are used to measure and report on the underlying financial performance of Brewin Dolphin, aiding comparability between reporting periods. Readers are cautioned that key performance measures and non-GAAP measures, do not have any standardized meanings prescribed by GAAP, and therefore are unlikely to be comparable to similar measures disclosed by other financial institutions. 10 Investor Relations Contacts Asim Imran, Vice President, Head of Investor Relations Marco Giurleo, Senior Director, Investor Relations www.rbc.com/investorrelations (416) 955-7804 (437) 239-5374 Royal Bank of Canada