2020 Economic Outlook

Wealth Management - Global Asset Management Building a high-performing global asset management business Driving top-tier profitability in our largest Wealth Management business $486.4BN in client assets - Investor asset mix of 53% Retail / 47% Institutional client assets Extending our lead in Canada Largest retail fund company in Canada, ranked #1 in market share capturing 32.2% amongst banks and 15.8% all-in (1) Strategic alliance between RBC Global Asset Management and BlackRock Canada connects clients to the largest and broadest ETF lineup in Canada 3rd largest institutional pension asset manager in Canada(2) Delivering strong investment capabilities to support growth - Top performing investment firm with ~82% of AUM outperforming the benchmark on a 3-year basis (3) Continued growth of investment capabilities and innovative solutions for both institutional clients and retail investors Canadian Retail AUM ($ billions) Diversified Asset Mix 15.1% 15.1% 15.1% 15.4% 15.5% 15.6% 15.8% 15.8% Q1/2020 AUM by Client Segment ($ billions) (4) 250.3 258.1 244.2 237.1 223.9 228.8 230.6 218.8 16% Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Canadian Mutual Fund Balance (1) All-In Market Share(1) ■Canadian Retail 10% ■Canadian Institutional $486.4BN 53% ■U.S. Institutional 21% ■International Institutional (1) Investment Funds Institute of Canada (IFIC) as at December 2019 and RBC reporting. Comprised of long-term funds and money market funds. (2) Benefits Canada as at May 2019. (3) As at December 2019, gross of fees. (4) RBC GAM, based on period-end spot balances. 16 | BUSINESS SEGMENTS RBC

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