2020 Economic Outlook

Track-record of delivering value to our shareholders Financial performance objectives measure our performance against our goal of maximizing total shareholder returns Medium-Term Financial Performance Objectives (3-5 years) Diluted EPS Growth (1) Return on Equity(2) Capital Ratios (CET1) Dividend Payout Ratio Achieved Solid TSR (3) Performance Strong Dividend Growth (4) 7%+ 16%+ Strong 40% - 50% RBC Peer Average 3 Year 8% 6% CAGR 17% $4.07 $3.77 $3.48 $3.24 $3.08 $2.84 5 Year 12% 10% $2.53 $2.28 $2.00 $2.00 $2.08 10 Year 11% 11% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 (1) Compound annual growth rate. (2) Average. (3) Annualized TSR is calculated based on the TSX common share price appreciation plus reinvested dividend income. Source: Bloomberg, as at January 31, 2020. RBC is compared to our global peer group. The peer group average excludes RBC for the list of peers, please refer to our 2019 Annual Report. (4) Dividends declared per common share. Our current quarterly dividend is $1.08. 8 | ABOUT RBC RBC

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