2011 and Fourth Quarter Results

Exposure to Europe RBC (C$ millions) Loans Outstanding (2) Securities Other Gross drawn exposure to Europe (1) $ 6,880 $ 18,167 $ 1,736 Repo-style transactions $ 892 OTC Derivatives Total Exposure Less: Collateral held against derivatives $9,213 $ (5,461) $ 36,888 $ (5,461) Add: Trading securities $ 11,826 $ 11,826 (3) Net exposure to Europe $ 6,880 $ 29,993 $ 1,736 $ 892 $ 3,752 $ 43,253 • • Majority of exposure is to large and well-rated European countries, including the U.K. and Germany - Minimal exposure to peripheral Europe As a global investment bank and wealth manager, we have exposures related to our client-driven businesses - Loans to strong corporate and individual credits - Trading securities related to client market-making activities - Derivatives which are well-collateralized and marked to market Certain securities are also related to our funding and liquidity management Exposures to Europe are manageable and we remain committed to serving our global clients in these markets (1) Gross drawn exposure is calculated on a more comparable basis to the gross funded exposures reported by a number of U.S. banks. (2) (3) Securities include $9.5 billion of AFS securities, $11.8 billion of trading-related securities and $8.7 billion of deposits. Net exposure incorporates collateral held against OTC derivatives (primarily cash and cash equivalents) and adds trading securities which are captured under market risk measures. RBC 2011 AND FOURTH QUARTER RESULTS Financial Review Janice Fukakusa Chief Administrative Officer and Chief Financial Officer ส RBC 11

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