2020 Economic Outlook

Capital Markets ■ A premier global investment bank with core operations across Canada, the U.S., the U.K./Europe, and APAC - 9th largest global investment bank by fees (1) ■ Strategically positioned in the largest financial centres, focused on the world's largest and most mature capital markets encompassing ~80% of the global investment banking fee pool(1) ■ RBC Capital Markets is recognized by the most significant corporations, institutional investors, asset managers, private equity firms, and governments around the globe as an innovative, trusted partner with an in-depth expertise in capital markets, banking, and finance Revenue by Business ($ millions) (2) Revenue by Geography (3) Net Income ($ millions) 2,777 2,666 2,525 312 28% 15% 295 378 399 238 233 312 5% 323 338 374 542 533 535 520 533 599 436 427 882 653 407 401 52% 760 628 490 545 488 ■U.S. ■Canada U.K. & Europe Australia, Asia & Other Q1/2019 Q2/2019 Q3/2019 Q4/2019 Q1/2020 2017 2018 2019 Q1/19 Q1/20 ■ FICC ■Investment Banking Lending & Other ■Global Equities ■Repo & Secured Financing (1) Dealogic-Fiscal 2020 Q1. (2) Global Markets segment revenue has been restated to align select portfolios previously disclosed in Repo and Secured Financing to FICC and Global Equities. Revenue by business only includes Corporate & Investment Banking and Global Markets, excluding CM Other. (3) For three months ended January 31, 2020. 20 BUSINESS SEGMENTS RBC

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