2020 Economic Outlook

Capital Markets Capital Markets Total Assets, Average ($ billions) 11% YoY Growth Geographic Diversification Across Loan Book Average Loans Outstanding by Region ($ billions) (1) 140 56 25 78 79 677 696 716 87 84 86 83 83 644 649 13 14 14 14 16 44 45 45 42 41 27 28 27 27 26 Q1/2019 Q2/2019 Q3/2019 Q4/2019 Q1/2020 Q1/2019 Q2/2019 Q3/2019 Q4/2019 Q1/2020 ■ Canada ■U.S. Other International Provision for Credit Risk-Weighted Assets, Spot ($ billions) (1%) YoY Growth Losses ($ millions) Earnings Volatility vs. Canadian and U.S. Peers (Standard Deviation / Avg Earnings Trailing 12 Quarters) (2) 208 208 205 204 202 8.7% 16.7% 16.1% Q1/2019 Q2/2019 Q3/2019 Q4/2019 Q1/2020 RBC CDA Peers US Peers (1) Average loans outstanding includes wholesale loans, acceptances, and off balance sheet letters of credit and guarantees for our Capital Markets portfolio, on single name basis. Excludes mortgage investments, securitized mortgages and other non-core items. This chart has been restated to exclude certain intergroup exposures that are not part of the corporate lending business. This is a non-GAAP measure. For more information see slide 46. (2) Canadian peers include BMO, TD, CIBC, BNS and NBC, US peers include JPM, GS, BAC and MS. 22 BUSINESS SEGMENTS RBC

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