SECOND QUARTER 2024

EARNINGS RELEASEROYAL BANK OF CANADA REPORTS SECOND QUARTER 2024 RESULTS

All amounts are in Canadian dollars and are based on financial statements presented in compliance with International Accounting Standard 34 Interim Financial Reporting,unless otherwise noted. Effective November 1, 2023, we adopted IFRS 17 Insurance Contracts (IFRS 17). Comparative amounts have been restated from those previously
presented. Our Q2 2024 Report to Shareholders and Supplementary Financial Information are available at http://www.rbc.com/investorrelations and on
https://www.sedarplus.com/.

Net income

Diluted EPS1

Total PCL2

ROE5

CET1 ratio6$4.0 Billion$2.74$920 Million

14.5%

12.8%

Up 7% YoY

Up 5% YoYPCL on loans ratio3
up 4 bps4 QoQ

Down 40 bps YoY

Above regulatory
requirements

Adjusted net income7

Adjusted diluted EPS7

Total ACL8

Adjusted ROE7

LCR10

$4.2 Billion$2.92$6.1 Billion

Up 11% YoY

Up 9% YoYACL on loans ratio9
down 2 bps QoQ

15.5%
Up 20 bps YoY

128%

Down from 132% lastquarter

TORONTO, May 30, 2024 — Royal Bank of Canada11 (RY on TSX and NYSE) today reported net income of $4.0 billion for the quarter endedApril 30, 2024, up $270 million or 7% from the prior year. Diluted EPS was $2.74, up 5% over the same period. Record earnings in CapitalMarkets as well as higher results in Personal & Commercial Banking, Wealth Management and Insurance were partially offset by lower resultsin Corporate Support. Adjusted net income7 and adjusted diluted EPS7 of $4.2 billion and $2.92 were up 11% and 9%, respectively, from theprior year.
On March 28, 2024, we completed the acquisition of HSBC Bank Canada (HSBC Canada). The inclusion of HSBC Canada results12 decreased
net income by $51 million, reflecting $200 million ($145 million after-tax) of initial PCL on purchased performing financial assets.
1

Total PCL increased $320 million from a year ago. The PCL on loans ratio of 41 bps increased 11 bps from the prior year. The PCL on impairedloans ratio13 was 30 bps, up 9 bps from the prior year as provisions continue to trend upwards, reflecting the impact of higher interest rates andrising unemployment.
Results also reflected the impact of specified items relating to the acquisition of HSBC Canada (HSBC Canada transaction). Transaction andintegration costs ($358 million before-tax and $282 million after-tax) had an unfavourable impact, while management of closing capital volatility($155 million before-tax and $112 million after-tax) benefitted the results.
Pre-provision, pre-tax earnings7 of $5.8 billion were up $801 million or 16% from last year, mainly due to higher revenue in our Capital Markets
business, higher net interest income reflecting higher spreads and solid volume growth, and higher fee-based client assets reflecting market
appreciation and net sales. These factors were partially offset by higher expenses driven by higher variable compensation and continued
investments in our franchises.
Compared to last quarter, net income was up 10%, reflecting higher results in Wealth Management, Corporate Support and Capital Markets,partially offset by lower results in Insurance and Personal & Commercial Banking. The prior quarter included an unfavourable impact from thespecified item relating to the management of closing capital volatility ($286 million before-tax and $207 million after-tax) as well as the cost of
the Federal Deposit Insurance Corporation (FDIC) special assessment ($159 million before-tax and $115 million after-tax). Adjusted net
income7 was up 3% over the same period. Pre-provision, pre-tax earnings7 were up 13% on higher revenue and well-controlled expenses.
We maintained a strong capital position, with a CET1 ratio6 of 12.8%, down 210 bps from the prior quarter, largely reflecting the impact fromclosing the HSBC Canada transaction.
Today, we declared a quarterly dividend of $1.42 per share reflecting an increase of $0.04 or 3%.
“This quarter marked a pivotal milestone in RBC’s long-term growth story as we completed our acquisition of HSBC Bank Canada, welcoming
thousands of colleagues and clients from across the country. This historic acquisition, along with our solid results driven by our strong balance
sheet, expense control and volume growth across our premium franchises, shows that RBC has the right strategy in place to continue building
the bank of the future and our position as a global competitor. We’re confident in our ability to build on this momentum and keep delivering
sustainable, long-term value to our clients, communities and shareholders.”– Dave McKay, President and Chief Executive Officer of Royal Bank of Canada

Earnings per share (EPS).
Provision for credit losses (PCL).
PCL on loans ratio is calculated as PCL on loans as a percentage of average net loans and acceptances.
4 Basis points (bps).
5 Return on equity (ROE) is calculated as net income available to common shareholders divided by average common equity. For further information, refer to the Key performance and non-GAAP measures section on pages 4 to 5 of this Earnings
Release.
6 This ratio is calculated by dividing Common Equity Tier 1 (CET1) by risk-weighted assets (RWA), in accordance with Office of the Superintendent of Financial Institutions’ (OSFI) Basel III Capital Adequacy Requirements (CAR) guideline.
7 These are non-GAAP measures. For further information, including a reconciliation, refer to the Key performance and non-GAAP measures section on pages 4 to 5 of this Earnings Release.
8 Allowance for credit losses (ACL).
9 ACL on loans ratio is calculated as ACL on loans as a percentage of total loans and acceptances.
10 The liquidity coverage ratio (LCR) is calculated in accordance with OSFI’s Liquidity Adequacy Requirements (LAR) guideline. For further details, refer to the Liquidity and funding risk section of our Q2 2024 Report to Shareholders.
11 When we say “we”, “us”, “our”, “the bank” or “RBC”, we mean Royal Bank of Canada and its subsidiaries, as applicable.
12 HSBC Canada results reflect revenue, PCL, non-interest expenses and income taxes associated with the acquired operations and clients, which include the acquired assets, assumed liabilities and employees with the exception of assets andliabilities relating to treasury and liquidity management activities. For further details, refer to the Key corporate events section of our Q2 2024 Report to Shareholders.
13 PCL on impaired loans ratio is calculated as PCL on impaired loans as a percentage of average net loans and acceptances.
1
2
3

-1-

Q2 2024
Compared toQ2 2023

Q2 2024Compared to
Q1 2024

YTD 2024
Compared to
YTD 2023

Reported:• Net income of $3,950 million• Diluted EPS of $2.74• ROE of 14.5%• CET1 ratio14 of 12.8%

🡩🡩 7%
🡩🡩 5%

🡫🡫 40 bps
🡫🡫 90 bps

Net income of $3,950 million
Diluted EPS of $2.74• ROE of 14.5%• CET1 ratio14 of 12.8%

🡩🡩 10%Net income of $7,532 million• Diluted EPS of $5.25• ROE of 13.8%

🡩🡩 11%•••

Adjusted15:• Net income of $4,198 million• Diluted EPS of $2.92• ROE of 15.5%

🡩🡩 10%

🡩🡩 140 bps

🡫🡫 210 bps
🡩🡩 9%

🡩🡩 10 bps

🡩🡩 11%
🡩🡩 9%

🡩🡩 20 bps

Net income of $4,198 million
Diluted EPS of $2.92• ROE of 15.5%

🡩🡩 3%

Net income of $8,264 million
Diluted EPS of $5.77• ROE of 15.2%

🡩🡩 3%

•
•

•
•

🡩🡩 2%

🡩🡩 60 bps
🡩🡩 1%

🡫🡫 110 bps

14

Personal & Commercial Banking
Net income of $2,051 million increased $136 million or 7% from a year ago. The inclusion of HSBC Canada results decreased net
income by $61 million, primarily attributable to $131 million (after-tax) of initial PCL on the performing loans purchased in the HSBC
Canada transaction. Excluding HSBC Canada results, net income increased $197 million or 10%, primarily driven by higher net interest
income reflecting higher spreads and average volume growth of 9% in deposits and 6% in loans in Canadian Banking, partially offset byhigher PCL.
Compared to last quarter, net income decreased $10 million. The inclusion of HSBC Canada results decreased net income by $61
million, as noted above. Excluding HSBC Canada results, net income increased $51 million or 2%, primarily driven by lower PCL
reflecting favourable changes to our macroeconomic forecast. In net interest income, higher spreads in Canadian Banking were largely
offset by the impact of two less days in the current quarter.
Wealth Management
Net income of $769 million increased $50 million or 7% from a year ago, primarily due to higher fee-based client assets reflecting
market appreciation and net sales, which also drove higher variable compensation.
Compared to last quarter, net income increased $163 million or 27%, as the prior quarter included $115 million ($159 million before-tax)
relating to the cost of the FDIC special assessment. Higher fee-based client assets, reflecting market appreciation and net sales, also
contributed to the increase.
Insurance
Net income of $177 million increased $7 million or 4% from a year ago, largely due to higher insurance investment result fromfavourable investment-related experience. The results in the prior period are not fully comparable as we were not managing our asset
and liability portfolios under IFRS 17.
Compared to last quarter, net income decreased $43 million or 20%, primarily due to lower insurance investment result as the priorquarter benefitted from the repositioning of our portfolio for the transition to IFRS 17. This factor was partially offset by higher insurance
service result from improved claims experience in disability and life retrocession products.
Capital Markets
Net income of $1,262 million increased $300 million or 31% from a year ago, primarily driven by higher revenue in Corporate &Investment Banking, mainly due to higher M&A activity, loan syndication activity, as well as equity and debt origination across mostregions. Higher Global Markets revenue, largely due to higher debt and equity origination across all regions and higher fixed income
trading revenue in North America, also contributed to the increase. These factors were partially offset by higher compensation on
increased results.
Compared to last quarter, net income increased $108 million or 9%, mainly due to higher equity and debt origination, as well as higher
M&A activity across all regions. The impact of fair value changes in our legacy U.S. portfolios and higher loan syndication activity
across most regions also contributed to the increase. These factors were partially offset by lower fixed income trading revenue acrossmost regions and higher taxes.

14
15This ratio is calculated by dividing CET1 by RWA, in accordance with OSFI's Basel III CAR guideline.
These are non-GAAP measures. For further information, including a reconciliation, refer to the Key performance and non-GAAP measures section on pages 4 to 5 of this Earnings Release.

-2-

Corporate Support
Net loss was $309 million for the current quarter, primarily due to the after-tax impact of the HSBC Canada transaction and integration
costs of $282 million, partially offset by the after-tax impact of management of closing capital volatility related to the HSBC Canadatransaction of $112 million, both of which are treated as specified items. Unallocated costs also contributed to the net loss.
Net loss was $459 million in the prior quarter, primarily due to the after-tax impact of the HSBC Canada transaction and integration
costs of $218 million and the after-tax impact of management of closing capital volatility related to the HSBC Canada transaction of$207 million, both of which are treated as specified items.
Net loss was $86 million in the prior year, primarily due to residual unallocated items, as well as the after-tax impact of the HSBC
Canada transaction and integration costs of $43 million, which is treated as a specified item.
Capital, Liquidity and Credit Quality
Capital – As at April 30, 2024, our CET1 ratio16 was 12.8%, down 210 bps from last quarter, primarily reflecting the impact of the HSBC
Canada transaction and RWA growth (excluding FX), partially offset by net internal capital generation and share issuances under the
Dividend reinvestment plan (DRIP).
16

Liquidity – For the quarter ended April 30, 2024, the average LCR17 was 128%, which translates into a surplus of approximately $83
billion, compared to 132% and a surplus of approximately $94 billion in the prior quarter. Average LCR17 decreased from the priorquarter due to the HSBC Canada transaction and a change in securities mix, relating to both on-balance sheet securities and securities
financing transactions. Loan growth also contributed to the decrease. These factors were partially offset by retail deposit growth.
Average LCR for the current quarter reflects outflows associated with the HSBC Canada transaction 30 days prior to close.
The Net Stable Funding Ratio18 (NSFR) as at April 30, 2024 was 111%, which translates into a surplus of approximately $105 billion,
compared to 113% and a surplus of approximately $112 billion in the prior quarter. NSFR decreased compared to the previous quarter
primarily due to higher funding requirements on loans.
Credit Quality
Q2 2024 vs. Q2 2023
Total PCL of $920 million increased $320 million or 53% from a year ago, mainly reflecting higher provisions in Personal & Commercial
Banking. The PCL on loans ratio of 41 bps increased 11 bps. The PCL on impaired loans ratio of 30 bps increased 9 bps.
PCL on performing loans of $244 million increased $71 million or 41%, mainly reflecting $193 million of initial PCL on the performing
loans purchased in the HSBC Canada transaction. This was partially offset by favourable changes to our macroeconomic forecast in
Personal & Commercial Banking, as well as lower provisions in Capital Markets and releases of provisions in Wealth Management.
PCL on impaired loans of $672 million increased $231 million or 52%, primarily due to higher provisions in our Canadian Banking retailand commercial portfolios.
Q2 2024 vs. Q1 2024
Total PCL increased $107 million or 13% from last quarter, mainly reflecting higher provisions in Personal & Commercial Banking,partially offset by lower provisions in Capital Markets. The PCL on loans ratio increased 4 bps. The PCL on impaired loans ratio
decreased 1 bp.
PCL on performing loans increased $111 million or 83%, mainly reflecting $193 million of initial PCL on the performing loans purchasedin the HSBC Canada transaction. This was partially offset by favourable changes to our macroeconomic forecast in Personal &Commercial Banking.
PCL on impaired loans decreased $13 million or 2%, mainly due to lower provisions in Capital Markets, partially offset by higher
provisions in Personal & Commercial Banking and Wealth Management.

16
17
18

This ratio is calculated by dividing CET1 by RWA, in accordance with OSFI's Basel III CAR guideline.
The LCR is calculated in accordance with OSFI’s LAR guideline. For further details, refer to the Liquidity and funding risk section of our Q2 2024 Report to Shareholders.
The NSFR is calculated in accordance with OSFI’s LAR guideline. For further details, refer to the Liquidity and funding risk section of our Q2 2024 Report to Shareholders.

-3-Key Performance and Non-GAAP Measures
Performance measures
We measure and evaluate the performance of our consolidated operations and each business segment using a number of financial
metrics, such as net income and ROE. Certain financial metrics, including ROE, do not have a standardized meaning under generally
accepted accounting principles (GAAP) and may not be comparable to similar measures disclosed by other financial institutions.
Non-GAAP measures
We believe that certain non-GAAP measures (including non-GAAP ratios) are more reflective of our ongoing operating results andprovide readers with a better understanding of management’s perspective on our performance. These measures enhance thecomparability of our financial performance for the three and six months ended April 30, 2024 with the corresponding periods in the prioryear and the three months ended January 31, 2024. Non-GAAP measures do not have a standardized meaning under GAAP and may
not be comparable to similar measures disclosed by other financial institutions.
The following discussion describes the non-GAAP measures we use in evaluating our operating results.
Pre-provision, pre-tax earnings 19
Pre-provision, pre-tax earnings is calculated as income (Q2 2024: $3,950 million; Q1 2024: $3,582 million; Q2 2023: $3,680 million;
YTD 2024: $7,532 million; YTD 2023: $6,813 million) before income taxes (Q2 2024: $976 million; Q1 2024: $766 million; Q2 2023:$765 million; YTD 2024: $1,742 million; YTD 2023: $2,868 million) and PCL (Q2 2024: $920 million; Q1 2024: $813 million; Q2 2023:$600 million; YTD 2024: $1,733 million; YTD 2023: $1,132 million). We use pre-provision, pre-tax earnings to assess our ability togenerate sustained earnings growth outside of credit losses, which are impacted by the cyclical nature of the credit cycle.
Adjusted results
We believe that providing adjusted results as well as certain measures and ratios excluding the impact of the specified items discussed
below and amortization of acquisition-related intangibles enhances comparability with prior periods and enables readers to better
assess trends in the underlying businesses.
Our results for all reported periods were adjusted for the following specified item:•
HSBC Canada transaction and integration costs.
Our results for the three and six months ended April 30, 2024 and the three months ended January 31, 2024 were adjusted for thefollowing specified item:•
Management of closing capital volatility related to the HSBC Canada transaction. For further details, refer to the Key corporate
events section of our Q2 2024 Report to Shareholders.
Our results for the six months ended April 30, 2023 were adjusted for the following specified item:•
Canada Recovery Dividend (CRD) and other tax related adjustments: reflects the impact of the CRD and the 1.5% increase in the
Canadian corporate tax rate applicable to fiscal 2022, net of deferred tax adjustments, which were announced in the Governmentof Canada's 2022 budget and enacted in the first quarter of 2023.

19

Prior period amounts have been restated from those previously presented as part of the adoption of IFRS 17, effective November 1, 2023. Refer to Note 2 of our Condensed Financial Statements for further details on these changes.

-4-The following table provides a reconciliation of our reported results to our adjusted results and illustrates the calculation of adjusted
measures presented. The adjusted results and measures presented below are non-GAAP measures or ratios.
Consolidated results, reported and adjusted

As at or for the three months endedApril 30

(Millions of Canadian dollars, except per share, number ofand percentage amounts)

2024$
14,154
920
8,308
4,926
976
$
3,950
$
3,881
1,412,651$
2.75
1,414,166
$
2.74
14.5%
19.8%
$
309
358

Total revenue
PCL
Non-interest expense
Income before income taxes
Income taxes
Net income
Net income available to common shareholders
Average number of common shares (thousands)
Basic earnings per share (in dollars)
Average number of diluted common shares (thousands)
Diluted earnings per share (in dollars)
ROE (2)
Effective income tax rate
Total adjusting items impacting net income (before-tax)
Specified item: HSBC Canada transaction and integration costs (3), (4)Specified item: Management of closing capital volatility related to the
HSBC Canada transaction (3), (5)Amortization of acquisition-related intangibles (6)Total income taxes for adjusting items impacting net income
Specified item: HSBC Canada transaction and integration costs (3)Specified item: Management of closing capital volatility related to the
HSBC Canada transaction (3), (5)Specified item: CRD and other tax related adjustments (3), (7)Amortization of acquisition-related intangibles (6)Adjusted results (8)Income before income taxes - adjusted
Income taxes - adjusted
Net income - adjusted (8)Net income available to common shareholders - adjusted (8)Average number of common shares (thousands)
Basic earnings per share (in dollars) - adjusted (8)Average number of diluted common shares (thousands)
Diluted earnings per share (in dollars) - adjusted (8)ROE - adjusted (8)Adjusted effective income tax rate (8)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)

$

$

January 31

2024$
13,485
813
8,324
4,348
766
$
3,582
$
3,522
1,406,324$
2.50
1,407,641
$
2.50
13.1%
17.6%
$
631
265

(155)
106
61 $
76

286
80
147
47

(43)
28

79
21

5,235
1,037
$
4,198
$
4,129
1,412,651$
2.92
1,414,166
$
2.92
15.5%
19.8%

$

4,979
913
$
4,066
$
4,006
1,406,324$
2.85
1,407,641
$
2.85
14.9%
18.3%

As at or for the six months endedApril 302023 (1)April 30

April 30

12,445
600
7,400
4,445
765
$
3,680
$
3,612
1,388,388$
2.60
1,390,149
$
2.60
14.9%
17.2%
$
138
56

2024
$
27,639
1,733
16,632
9,274
1,742
$
7,532
$
7,403
1,409,452$
5.25
1,410,842
$
5.25
13.8%
18.8%
$
940
623

2023 (1)$25,802
1,132
14,989
9,681
2,868
$
6,813
$
6,699
1,385,525$
4.83
1,387,295
$
4.83
13.7%
29.6%
$
235
67

82
29
13

131
186
208
123

168
(1,003)
16

$

$

$

36
49

16
$

4,583
794
$
3,789
$
3,721
1,388,388$
2.68
1,390,149
$
2.68
15.3%
17.3%

$

$

10,214
1,950
$
8,264
$
8,135
1,409,452$
5.77
1,410,842
$
5.77
15.2%
19.1%

(1,050)
31
$

9,916
1,865
$
8,051
$
7,937
1,385,525$
5.73
1,387,295
$
5.72
16.3%
18.8%

Amounts have been restated from those previously presented as part of the adoption of IFRS 17, effective November 1, 2023. Refer to Note 2 of our Condensed Financial
Statements for further details on these changes.
ROE is calculated as net income available to common shareholders divided by average common equity. ROE is based on actual balances of average common equity before
rounding.
These amounts have been recognized in Corporate Support.
Beginning the first quarter of 2024, we included management of closing capital volatility related to the HSBC Canada transaction as a specified item for non-GAAP measures andnon-GAAP ratios. For further details, refer to the Key corporate events section of our Q2 2024 Report to Shareholders.
Represents the impact of amortization of acquisition-related intangibles (excluding amortization of software), and any goodwill impairment.
The impact of the CRD and other tax related adjustments does not include $0.2 billion recognized in other comprehensive income.
As at April 30, 2024, the cumulative HSBC Canada transaction and integration costs (before-tax) incurred were $1 billion and it is currently estimated that an additional $0.5 billion
will be incurred, for a total of approximately $1.5 billion.
See the Glossary section of our interim Management’s Discussion and Analysis dated May 29, 2024, for the three and six month periods ended April 30, 2024, available athttps://www.sedarplus.com/, for an explanation of the composition of these measures. Such explanation is incorporated by reference hereto.

Additional information about ROE and other key performance and non-GAAP measures and ratios can be found under the Key
performance and non-GAAP measures section of our Q2 2024 Report to Shareholders.

-5-CAUTION REGARDING FORWARD-LOOKING STATEMENTS

From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including the “safe harbour”
provisions of the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. We may makeforward-looking statements in this document, in other filings with Canadian regulators or the SEC, in reports to shareholders, and in othercommunications. In addition, our representatives may communicate forward-looking statements orally to analysts, investors, the media and others.
Forward-looking statements in this document include, but are not limited to, statements relating to our financial performance objectives, vision andstrategic goals and the expected impacts of the HSBC Canada transaction, including transaction and integration costs, and includes statements madeby our President and Chief Executive Officer. The forward-looking statements contained in this document represent the views of management and arepresented for the purpose of assisting the holders of our securities and financial analysts in understanding our financial position and results of operationsas at and for the periods ended on the dates presented, as well as our financial performance objectives, vision, strategic goals and priorities andanticipated financial performance, and may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as“believe”, “expect”, “suggest”, “seek”, “foresee”, “forecast”, “schedule”, “anticipate”, “intend”, “estimate”, “goal”, “commit”, “target”, “objective”, “plan”,“outlook”, “timeline” and “project” and similar expressions of future or conditional verbs such as “will”, “may”, “might”, “should”, “could”, “can” or “would” ornegative or grammatical variations thereof.
By their very nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, both generaland specific in nature, which give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to beaccurate, that our assumptions may not be correct, that our financial performance, environmental & social or other objectives, vision and strategic goals
will not be achieved, and that our actual results may differ materially from such predictions, forecasts, projections, expectations or conclusions.
We caution readers not to place undue reliance on our forward-looking statements as a number of risk factors could cause our actual results todiffer materially from the expectations expressed in such forward-looking statements. These factors – many of which are beyond our control and theeffects of which can be difficult to predict – include, but are not limited to: credit, market, liquidity and funding, insurance, operational, regulatorycompliance (which could lead to us being subject to various legal and regulatory proceedings, the potential outcome of which could include regulatory
restrictions, penalties and fines), strategic, reputation, legal and regulatory environment, competitive, model, systemic risks and other risks discussed in
the risk sections of our annual report for the fiscal year ended October 31, 2023 (the 2023 Annual Report) and the Risk management section of our Q22024 Report to Shareholders, including business and economic conditions in the geographic regions in which we operate, Canadian housing andhousehold indebtedness, information technology, cyber and third-party risks, geopolitical uncertainty, environmental and social risk (including climatechange), digital disruption and innovation, privacy and data related risks, regulatory changes, culture and conduct risks, the effects of changes ingovernment fiscal, monetary and other policies, tax risk and transparency, and our ability to anticipate and successfully manage risks arising from all of
the foregoing factors. Additional factors that could cause actual results to differ materially from the expectations in such forward-looking statements canbe found in the risk sections of our 2023 Annual Report and the Risk management section of our Q2 2024 Report to Shareholders, as may be updated
by subsequent quarterly reports.
We caution that the foregoing list of risk factors is not exhaustive and other factors could also adversely affect our results. When relying on ourforward-looking statements to make decisions with respect to us, investors and others should carefully consider the foregoing factors and otheruncertainties and potential events, as well as the inherent uncertainty of forward-looking statements. Material economic assumptions underlying theforward-looking statements contained in this document are set out in the Economic, market and regulatory review and outlook section and for eachbusiness segment under the Strategic priorities and Outlook sections in our 2023 Annual Report, as updated by the Economic, market and regulatory
review and outlook section of our Q2 2024 Report to Shareholders. Such sections may be updated by subsequent quarterly reports. Assumptions about
the duration and complexity of technological builds, and estimates of costs required for post-close synergy impacts were considered in the estimation oftransaction and integration costs. Except as required by law, we do not undertake to update any forward-looking statement, whether written or oral, that
may be made from time to time by us or on our behalf.
Additional information about these and other factors can be found in the risk sections of our 2023 Annual Report and the Risk management sectionof our Q2 2024 Report to Shareholders, as may be updated by subsequent quarterly reports. Information contained in or otherwise accessible throughthe websites mentioned does not form part of this document. All references in this document to websites are inactive textual references and are for yourinformation only.

ACCESS TO QUARTERLY RESULTS MATERIALSInterested investors, the media and others may review this quarterly Earnings Release, quarterly results slides, supplementary financial information and
our Q2 2024 Report to Shareholders at rbc.com/investorrelations.
Quarterly conference call and webcast presentation
Our quarterly conference call is scheduled for May 30, 2024 at 8:30 a.m. (EDT) and will feature a presentation about our second quarter results by RBC
executives. It will be followed by a question and answer period with analysts. Interested parties can access the call live on a listen-only basis atrbc.com/investorrelations/quarterly-financial-statements.html or by telephone (416-340-2217 or 866-696-5910, passcode 4255087#). Please callbetween 8:20 a.m. and 8:25 a.m. (EDT).
Management’s comments on results will be posted on our website shortly following the call. A recording will be available by 5:00 p.m. (EDT) fromMay 30, 2024 until August 27, 2024 at rbc.com/investorrelations/quarterly-financial-statements.html or by telephone (905-694-9451 or 800-408-3053,
passcode 7294886#).
Media Relations Contacts
Gillian McArdle, Senior Director, Corporate Communications, gillian.mcardle@rbccm.com, 416-842-4231
Fiona McLean, Director, Financial Communications, fiona.mclean@rbc.com, 437-778-3506
Investor Relations Contacts
Asim Imran, Vice President, Head of Investor Relations, asim.imran@rbc.com, 416-955-7804
Marco Giurleo, Senior Director, Investor Relations, marco.giurleo@rbc.com, 437-239-5374

ABOUT RBC

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our successcomes from the 98,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help ourclients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have adiversified business model with a focus on innovation and providing exceptional experiences to our more than 18 million clients in Canada, the U.S. and27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See
how at rbc.com/community-social-impact.
® Registered Trademarks of Royal Bank of Canada.

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