2020 Economic Outlook

Capital Markets Strategic Priorities To be among the world's most successful investment banks by serving clients in the most attractive markets Deepen client relationships as an innovative, trusted partner Drive collaboration, simplify our business and optimize capital use to earn high risk- adjusted returns on assets and equity Recent Awards ■ Maintain our leadership position in Canada ■ A leader in the U.S., our largest market with the best opportunity for growth ■ A leader in the U.K., Europe and Asia-Pacific in targeted areas aligned with our global expertise Support our clients by partnering with them to understand their strategic objectives and delivering solutions to achieve their goals ■ Continue to grow and strengthen our senior coverage teams ■ Focus on long-term client relationships aligned with our global capabilities Continue to drive technology innovations through our data strategy, electronification and artificial intelligence initiatives Collaborate to deliver clients our full suite of global products and services ■ Continue to focus on deepening client relationships by driving cross business collaboration with U.S. Wealth Management (incl. City National) ■ Continue disciplined approach to managing costs and risk, maintain a balance between investment banking and trading revenue, and align our resources around top client opportunities Recent Big Deals BROADCOM® KL EUROMONEY AWARDS FOR EXCELLENCE 2019 Best Investment Bank in Canada - 12th consecutive year(1) GREENWICH ASSOCIATES Share and Quality Leader in Canadian Equities and Fixed Income (2) Institutional Investor (1) Euromoney, 2019. (2) Greenwich Associates, 2019. (3) Institutional Investor, 2019. 21 BUSINESS SEGMENTS Top 10 in the All- American Research Survey (3) Symantec RBC Capital Markets acts as Lead M&A Advisor & Joint Lead Arranger to Broadcom on its US$10.7 billion acquisition of Symantec's Enterprise Security assets DETOUR GOLD RBC Capital Markets acts as Exclusive Financial Advisor to Kirkland Lake Gold on its C$4.9 billion acquisition of Detour Gold RBC

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