2020 Economic Outlook

Strong financial profile Consistent earnings growth and leading ROE while maintaining a strong capital position with a disciplined approach to risk Consistent Earnings Growth Strong Return on Equity (1) Net income ($ billions) 11.5 2017 12.9 12.4 2018 Strong Capital Position 3.5 3.2 17.6% 17.0% 16.8% 16.7% 17.6% 2019 Q1/19 Q1/20 2017 2018 2019 Strong Leverage and Liquidity Ratios Q1/19 Q1/20 Leverage Ratio 14.8% 15.0% 15.2% 14.9% 14.5% Liquidity Coverage Ratio 4.2% 129% 11.8% 11.9% 12.1% 12.0% 11.4% Credit Ratings Amongst the Highest Globally Moody's S&P DBRS Fitch Legacy senior long-term debt (2) Senior long-term debt(3) Aa2 AA- AA (high) AA A2 A AA AA Q1/19 Q2/19 ■Total Capital Q3/19 Q1/20 Outlook Stable Stable Stable Stable Q4/19 ■Common Equity Tier 1 (CET1) (1) Return on Equity (ROE). This measure does not have a standardized meaning under GAAP. For further information, refer to the Key performance and non-GAAP measures section of Q1 2020 Report to Shareholders. (2) Ratings (as at February 20, 2020) for senior long-term debt issued prior to September 23, 2018 and senior long-term debt issued on or after September 23, 2018, which is excluded from the Canadian Bank Recapitalization (Bail-in) regime. (3) Ratings (as at February 20, 2020) for senior long-term debt issued on or after September 23, 2018 which is subject to conversion under the Bail-in regime. 6 | ABOUT RBC RBC

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