2011 and Fourth Quarter Results

Q4 2011 earnings review Results from Continuing Operations (1) Q4 2011 Q3 2011 Q4 2010 Net income millions) $ 1,631 $ 1,564 $ 1,372 Diluted earnings per share (EPS) $ 1.09 $ 1.04 $ 0.91 Return on common equity (ROE) 17.1% 16.7% 15.2% • Net income of $1.6 billion driven by record earnings in both Canadian Banking and Insurance and strong results in our corporate and investment banking businesses. ⚫ In Q4/11, challenging market conditions negatively impacted our fixed income trading businesses and led to lower transaction volumes in Wealth Management. • Q4/11 benefitted from lower PCL, primarily in Canadian Banking. (1) Results from continuing operations do not include results related to our U.S. regional retail banking operations and Liberty Life Insurance Company, which are now classified as discontinued operations. Refer to our 2011 Annual Report to Shareholders for additional information. RBC 2011 AND FOURTH QUARTER RESULTS Q4 2011 business segment highlights Q4 2011 net income of $1.6 billion, up 19% YoY and 4% QoQ Canadian Banking 904 855 765 Wealth Management Net Income (1) ($ millions) Insurance International Banking Capital Markets 196 175 179 189 142 124 373 278 277 RBC 13 RBC 31 12 (7) Q4/10 Q3/11 Q4/11 Q4/10 Q3/11 Q4/11 Q4/10 Q3/11 Q4/11 Q4/10 Q3/11 Q4/11 Q4/10 Q3/11 Q4/11 RBC 2011 AND FOURTH QUARTER RESULTS (1) Corporate Support not included 14

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