Strategic Expansion of Global Wealth Management Footprint

Transaction 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

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