RBC Business Segments Overview

Attractive economic fundamentals RBC ■ Energy price weakness expected through 2015; Core inflation likely to remain stable around mid-point of 1-3% target range Unemployment rates are trending favourably and are indicative of underlying conditions. remaining firm ■ Labour force participation trend predominantly reflects an aging population rather than worker's voluntary exit of the labour market 5 4 3 2 1 0 -1 -2 Inflation (YoY %) (1) མེད་ཀྱི་ནད་ཤ་ར་མ་ར་ 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Headline Core BoC Target Unemployment (%) (2) 68 Labour Force Participation Rate (%) (2) 13 12 67 11 10 66 66 9 65 55 8 7 64 6 5 63 4 62 3 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 1990 1992 1994 Canada U.S. Investor Relations (1) Statistics Canada, RBC Economics Research. (2) Statistics Canada, Bureau of Labor Statistics, RBC Economics Research. 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 Canada U.S. 222 22

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