2011 and Fourth Quarter Results

Capital Markets revenue by product RBC $ millions Q4 2011 Q3 2011 Q4 2010 FY 2011 FY 2010 Fixed income, currencies and $ 264 $ 195 $ 396 $ 1,708 $2,077 commodities (FICC) Global Equities 224 228 229 1,033 968 Treasury services and funding 139 148 200 707 757 Global Markets (teb) 627 571 825 3,448 3,802 Investment banking and lending 534 594 488 2,273 1,838 Commercial and correspondent banking 61 64 70 261 270 Corporate and Investment Banking 595 658 558 2,534 2,108 Other 2 (66) 110 (51) (23) Capital Markets total revenue (teb) $ 1,224 $ 1,163 $ 1,493 $ 5,931 $5,887 Corporate and Investment Banking Revenue 7% ($ millions) 20% 2,534 558 595 2,108 Q4 2010 Q4 2011 RBC 2011 AND FOURTH QUARTER RESULTS 2010 2011 Capital Markets trading revenue •Strong growth in 2011 was driven by higher origination, increased lending activity and loan syndication as well as strong M&A activity. 23 RBC $ millions Q4 2011 Q3 2011 Q4 2010 FY 2011 FY 2010 Capital Markets total revenue (teb) $1,224 $ 1,163 $ 1,493 $ 5,931 $ 5,887 Capital Markets non-trading revenue (1) 900 861 754 3,503 2,750 Capital Markets trading revenue (teb) 324 302 739 2,428 3,137 Excluding certain items (Add) / Deduct: CVA - MBIA 99 102 137 BOLI (36) (66) 66 (115) 75 CVA - other 47 (34) (49) 50 (133) Fair value adjustment on RBC debt 50 50 (3) (36) 63 18 Capital Markets trading revenue excl. certain items (teb) (2) $263 $ 405 $659 $2,328 $3,040 • Trading revenue excluding certain items was lower in Q4 reflecting significantly lower client volumes and reduced market liquidity, particularly in fixed income trading in the U.S. and Europe due to uncertainty over the weakening global economy and heightened European sovereign debt concerns. (1) Non-trading revenue primarily includes Corporate and Investment Banking and Global Markets origination and cash equities businesses. (2) Non-GAAP measure, which we believe better reflects our trading revenue. See slide 28 for discussion of non-GAAP measures. RBC 2011 AND FOURTH QUARTER RESULTS 24 24

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