Economic Backdrop and Financial Performance Objectives

Note 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 regarding our financial condition and result of operations: Measures which exclude the amount of amortization of intangibles (excluding amortization of software), any goodwill impairment, and other significant items that may impact a given period enhances comparability as transaction specific intangible assets and/or goodwill can differ widely between organizations, and impairments and other significant items can give rise to volatility in a particular period. Measures which exclude the impact of amortization and write down of other intangibles (excluding software) and goodwill enhance comparability as these excluded items can lead to volatility that could obscure trends in underlying business performance and reduce comparability with prior periods. Pre-provision, pre-tax earnings is used to assess our ability to generate sustained earnings growth outside of credit losses, which are impacted by the cyclical nature of the credit cycle. Readers are cautioned that key performance measures, such as ROE and non-GAAP measures, including adjusted basis measures, pre-provision, pre-tax earnings, cash earnings and tangible book value per share, do not have any standardized meanings prescribed by GAAP, and therefore are unlikely to be comparable to similar measures disclosed by other financial institutions. Additional information about our ROE and non-GAAP measures can be found under the “Key performance and non-GAAP measures" sections of our 2023 Annual Report dated November 29, 2023 and Q1 2024 Report to Shareholders dated February 28, 2024, which sections are incorporated by reference herein and available on the Canadian Securities Administrators' website at sedar.com, as well as in our Q1 2024 Supplementary Financial Information. Definitions can be found under the "Glossary" sections in our Q1 2024 Supplementary Financial Information and our 2023 Annual Report. Investor Relations Contacts Asim Imran, Vice President, Head of Investor Relations Marco Giurleo, Senior Director, Investor Relations www.rbc.com/investorrelations Ⓡ/TM Trademark(s) of Royal Bank of Canada. + All other trademarks are the property of their respective owner(s) 61 (416) 955-7804 (437) 239-5374 RBC

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