2020 Economic Outlook

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. Readers are cautioned that key performance measures, such as ROE and non- GAAP measures, including amounts excluding Corporate Support, average loans and acceptances excluding certain items, and cash earnings excluding the after-tax effect of amortization of intangibles, 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 2019 Annual Report and Q1 2020 Report to Shareholders, as well as in our Q1 2020 Supplementary Financial Information. Definitions can be found under the "Glossary" sections in our Q1 2020 Supplementary Financial Information and our 2019 Annual Report. 46 46 Investor Relations Contacts Nadine Ahn, SVP Wholesale Finance and Investor Relations Asim Imran, Senior Director, Investor Relations Marco Giurleo, Senior Director, Investor Relations (416) 974-3355 (416) 955-7804 (416) 955-2546 www.rbc.com/investorrelations RBC

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