Presentation to Analysts & Institutional Investors Leveraged distribution strength focusing on sales force productivity, supply chain and distribution channel optimization, and adding

Jim WestlakeGroup Head, RBC Canadian Personal & Business

RBC Canadian Personal & BusinessSustaining Out Performance in the Canadian Market

Presentation to Analysts & Institutional InvestorsToronto, April 25, 2006

2

Capitalizing on our integrated platform to outperform the competitionCapitalizing on our integrated platform to Capitalizing on our integrated platform to outperform the competitionoutperform the competition

1. Optimize DistributionRBC has greater breadth and depth of distribution than any of our competitors. We will leverage the economics of our distribution by aligning employees and clients to deliver the right product through the right channel at the right time.

2. Simplify Processes and StructuresCanadian Personal and Business will focus on simplifying structures and streamlining processes for everything from account opening to credit decisioning - making it easier for clients to do business with us and improving our efficiency.

3. Focus on High Return Products, Markets and ClientsExpand and focus on operations that have above average growth potential such as insurance, asset management, credit cards, brokerage, urban markets and high value client markets.

Strategic Priorities

Canadian Personal

& Business

Business & Commercial

Banking

Wealth Management

Global Insurance

Personal Banking

Cards & Payment Solutions

3

Experienced and focused team accountable for outperforming the competitionExperienced and focused team accountable for Experienced and focused team accountable for outperforming the competitionoutperforming the competition

Jim WestlakeGroup Head

David McKayPersonal Banking

Anne LockieSales

George LewisWealth Management

Ann Louise VehovecStrategy & Marketing

Neil SkeldingGlobal Insurance

Cathy HonorCards & Payment Solutions

Shauneen BruderBusiness and Commercial

4

Generating strong revenue and earnings growthGenerating strong revenue and earnings growth

570597

669

Q1/04 Q1/05 Q1/06

Net IncomeTotal revenue

Business Line revenue (%) Q1/06

Global Insurance

Wealth Management

Business and

Commercial Banking

Personal Banking

Cards and Payment Solutions

26% 26%

16%12% 20%

C$ millions

12%

2,672

2,986

3,298

Q1/04 Q1/05 Q1/06

10%

5

0%

4%

8%

12%

1H04 2H04 1H05 2H05

Revenue growth NIE growth

Ope

ratin

g Le

vera

ge

Operating leverage consistent with profitable revenue growthOperating leverage consistent with profitable revenue growth

Q1 2006Rev. Growth 10%

NIE Growth 6%

6

Other Examples:

Wal-Mart™• 13% average annual revenue growth over the last five years – outpacing other retailers. Increased U.S. market share from 9% in 1987 to 27% in 1995 3• Leveraged distribution strength focusing on sales force productivity, supply chain and distribution channel optimization, and adding new product lines to existing channels

Whole Foods™• 20.7% average annual sales growth versus traditional supermarkets single digit growth driven by new store growth, small acquisitions and same store sales growth 4• Differentiated itself by becoming a unique, upscale supermarket catering to young urban professionals and baby boomers

Accelerated growth is possible in a mature market Accelerated growth is possible in a mature market

0%2%4%6%8%

10%12%14%16%18%20%

Premium Growth

1 Source: Industry data - A.M. Best (2001 - 2006); 2 Source: Company reports 2001-2005; 3/4 Source – Company reports

0%

2%

4%

6%

8%

10%

12%

14%

Revenue Growth

Progressive

Industry

Honda

Industry

Progressive ™ relative to U.S. Domestic P&C Industry 1 Honda™ relative to U.S. Domestic Auto Manufacturers 2

7

Continued investment in client facing roles Continued investment in client facing roles Continued investment in client facing roles

CPB Client Facing Roles(Full Time & Part Time)

25,000

25,500

26,000

26,500

27,000

Q1/05 Q1/06 2006 Forecast

8

We plan to continue to grow our #1 or #2 position in high value marketsWe plan to continue to grow our #1 or #2 position We plan to continue to grow our #1 or #2 position in high value marketsin high value markets

Notes: Source – OSFI. Total Personal Loans include Personal Loans, Cards & Residential Mortgages. TD’s mortgage market share is understated due to classification of HELOC as Loans. All data for November 2005, except Creditor Insurance (October 2005). Business Loans and Deposits include CPB, US&I and Global Capital Markets. Credit Cards market shares are not available.

Market Share by Product - November 2005

Residential Mortgages

Creditor Insurance

Personal Core AccountsPersonal Investment(GIC+ Mutual Funds)

Business Financing

Business Deposits Total Personal Loans

0.0%

5.0%

10.0%

15.0%

RBC Other Bank

9

Attracting and retaining high value/high potential clients is key to driving profitable growthAttracting and retaining high value/high potential Attracting and retaining high value/high potential clients is key to driving profitable growthclients is key to driving profitable growth

0

15,000

30,000

45,000

60,000

75,000

Q1/04 Q3/04 Q1/05 Q3/05 Q1/06

High Potential Personal Client Acquisition(Cumulative)

0

100,000

200,000

300,000

400,000

500,000

Q1/04 Q3/04 Q1/05 Q3/05 Q1/06

Credit Card Client Acquisition(Cumulative)

0

50,000

100,000

150,000

200,000

Q1/04 Q3/04 Q1/05 Q3/05 Q1/06

Business & Commercial Client Acquisition(Cumulative)

10

Simplifying processes and structures continues to be a strategic prioritySimplifying processes and structures continues to be a strategic priority

� Reduced time required to open a core account by more than 50% through process re-engineering and automation

� Increased the origination limit for Small Business and simplified the documentation making it a faster, more client friendly experience

� Enhanced our online capabilities - allowing clients to get online insurance quotes 24/7

� Systematic identification and elimination of our top client irritants to further improve the Client Experience

Business Reviews

12

#1 market share in total Personal Loans, Cards & Residential Mortgages combined#1 market share in total Personal Loans, Cards & #1 market share in total Personal Loans, Cards & Residential Mortgages combinedResidential Mortgages combined

15.00%

9.23%

13.89%

11.43%

14.99%

11.57%

8.00%

9.00%

10.00%

11.00%

12.00%

13.00%

14.00%

15.00%

16.00%

Sep-03 Dec-03 Mar-04 Jun-04 Sep-04 Dec-04 Mar-05 Jun-05 Sept-05 Dec-05

% o

f Mar

ket

RBC BMO CIBC BNS TD/CT Credit Unions

CUs

Source: OSFI

TD/CT

CIBC

BNS

BMO

13

Increasing leadership in Residential MortgagesIncreasing leadership in Residential MortgagesIncreasing leadership in Residential Mortgages

9.50%

10.50%

11.50%

12.50%

13.50%

14.50%

15.50%

Sep-03 Dec-03 Mar-04 Jun-04 Sep-04 Dec-04 Mar-05 Jun-05 Sep-05 Dec-05

% o

f Can

adia

n R

esid

entia

l Mor

tgag

es

RBC BMO CIBC BNS TD/CT Credit Unions

CUs

TD/CT

CIBC

BNS

BMO

Notes: Source – OSFI. Total Personal Loans include Personal Loans, Cards & Residential Mortgages. TD’s mortgage market share is understated due to classification of HELOC as Loans. All data for November 2005.

14

Number of Online Quotes (Webquotes)Home and Auto Only (OLB)s

0

3,500

7,000

10,500

14,000

Jan-05 Apr-05 Jul-05 Oct-05 Jan-06

Growing Home & Auto InsuranceGrowing Home & Auto InsuranceGrowing Home & Auto Insurance

� Significant Growth in Home and Auto Insurance sales

� Growing direct mass market presence in Home & Auto

� Adjacent Insurance Office provides additional opportunity to attract clients

Home and Auto Sales Growth (Premiums)

0%

5%

10%

15%

20%

2005

RBC Growth Market Growth

0

15,000

30,000

45,000

60,000

75,000

Q1/04 Q3/04 Q1/05 Q3/05 Q1/06

Home & Auto Insurance Client Acquisition(Cumulative)

15

#1 market share in business loans and deposits*#1 market share in business loans and deposits*#1 market share in business loans and deposits*

* Based of OSFI reported balances as of November 2005** Business Loans and Deposits Q1/06, Auto Dealer, Business Leasing and ABF Q4/05

0

5

10

15

20

25

30

35

40

45

Ann

ual G

row

th -

%(V

olum

e)

• Business • Loans

• Business • Deposits

• Auto • Dealer

• Finance

• Leasing

• Asset • Based

• Finance

Above Market Growth inCore Products

Accelerated Growth inHigh Return Products

Business Loans

BusinessDeposits

AutoDealer

Finance

BusinessLeasing

AssetBased

Finance

YoY Volume Growth**

Optimize Distribution

Anne LockieHead – Sales

17

FULL SERVICE BROKERAGE• 81 Branch offices• 1,313 Investment Advisors

THIRD PARTY DISTRIBUTION• Third Party Distribution for Life & Health -

17,000 Broker Relationships• Travel - 4,000 3rd Party Distributors• 4,000 Indirect Lending Dealers

SPECIALIZED SALES• 77 Business & Commercial

Specialized Financing • 69 Cash Management• 54 Foreign Exchange• 22 Global Trade• 26 Sales Managers – Indirect Lending

CAREER SALES FORCES• 376 Career Sales Insurance Representatives• 996 Mortgage Specialists• 456 Investment Retirement Planners• 10 Investment & Insurance Specialists

13 Million Clients

ENTERPRISE DISTRIBUTIONBranch Network• 1,105 branches• 95 Business Banking

Centres (definition change Q1 2006)

• 19 Career Sales Force Insurance Offices

• 4 Retail Insurance Offices

Automated Teller Machines• 2,242 on-site ATMs• 1,676 off-site ATMs

On-Line Banking and Telephone• 3.6MM On-line clients• 4 Contact Centres• 1,765 Contact Centre

Representatives• 466 VISA Representatives• 144 Action Direct

Representatives

Private Client Group• 11 Private Trust Offices• 12 Private Counsel Offices• 25 Private Banking Offices• 93 Professionals

Our full product and service capabilities are offered through Canada’s largest distribution network*Our full product and service capabilities are offered Our full product and service capabilities are offered through Canadathrough Canada’’s largest distribution network*s largest distribution network*

* As of Q1 2006

18

Continued investment in client facing roles Continued investment in client facing roles Continued investment in client facing roles

Client Facing – Full Time Employees*

6231

(8)139

~15,500

14,728

Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 2006 Fcst

* Excludes commissioned sales force, RBC DS, part-time sales force, National Office, call centres

19

Enabling local market leadership through performance managementEnabling local market leadership through Enabling local market leadership through performance managementperformance management

Activities

• Removed one layer of sales management - only one role between Regional President and branches

• Focus on bottom line accountabilities and decision making

• Streamline measures of success…provide direct lines of sight

• Peer grouping and benchmarking

• Pay for performance…differentiatepay for top performers

Objectives

Create a winning sales environment and franchise for the long term

Identify and share key drivers of performance

Enable our Leaders to attract, retain and motivate employees

EnabledThrough

20

Q1 2006 results versus Q4 2005 are positiveQ1 2006 results versus Q4 2005 are positive

� Client Profitability up 4%

� Most Branches tracking to +2% growth in number of clients dealing with multiple RBC businesses

� Increased focus on Customer Loyalty with top performing branches achieving 40-80% in client loyalty top box rating

Optimize Distribution

Jennifer ToryRegional President – Greater Toronto

22

Expansion of footprint in high growth areasExpansion of footprint in high growth areasExpansion of footprint in high growth areas

� Expanding physical presence in high growth, urban areas:• Greater Toronto Area

o 50 Branches over 3 yrs

• National expansion in urban centreso Additional 62 Branches over 5 yrs

• Adjacent Insurance locations in select marketso Evaluating opportunities nationally

o Portfolio to reach 10-15 locations by the end of 2006

� Refreshing and redesigning the existing network to improve client experience, productivity and community awareness

23

� Sales roles being redesigned to:• Enhance the client experience

• Improve employee engagement and capability

• Reduce turn-over

� Client Service Representatives role redesign recently completed:• Increased training and skill development opportunities

• Refreshed recruitment strategy

• Enhanced total rewards package

• Modified work arrangements

Extensive review of client facing roles Extensive review of client facing roles Extensive review of client facing roles

24

Focus on winning on every street cornerFocus on winning on every street cornerFocus on winning on every street corner

� As a result of all these great initiatives there is a focus on clients like never before• Sales leadership is now closer to local market leaders with

high visibility and offering a collaborative approach• Local market leaders are empowered and engaged to win in

their market – ownership of their unit and accountable for the performance

• Client facing staff are focussed on servicing clients needs and looking for opportunities to deepen clients’ relationship with RBC

Focus on High Return Businesses

Cathy HonorHead – Cards and Payment Solutions

26

Taking an enterprise view of paymentsTaking an enterprise view of paymentsTaking an enterprise view of payments

�Unique enterprise wide payments strategy – debit, credit, acquiring, plus comprehensive view of all business and personal payment products

�RBC has over 5MM credit card accounts & 7MM debit cardholders in Canada

�Moneris Acquiring Business Services has 275M active Canadian merchant locations, representing 170M business clients

27

Cards and Payment Solutions is a significant contributor to the success of Canadian P&BCards and Payment Solutions is a significant contributor to the success of Canadian P&B

Total Canadian P&B Q1 2006 Revenue

$3,298MM

Cards and Payment Solutions12%

28

Implementing key strategies to grow our Cards BusinessImplementing key strategies to grow our Implementing key strategies to grow our Cards BusinessCards Business

RBC Rewards – Key Driver of Growth� Comprehensive suite of aspirational (travel), functional (merchandise & retail gift

certificates), and pragmatic (RBC RRSP/RESP & charity)� Utilize co-brand partnerships to access 3rd party distribution channels, and to enhance the

RBC Rewards value propositionProprietary Credit Analysis Tools� Analysis tools and industry leading CRM and client segmentation capabilities permit us to

more aggressively optimize pricing and credit line strategies – driving growth and ensuring strong credit quality.

Account Usage and Growth Strategy� Leveraging a multi-channel approach to drive response and usage - DM, Statement, Call

Centre and Branch � drives higher response, increased spend, high usage, balance growth of existing cardholders and product upsell.

Acquisition Strategy� Dedicated Acquisition team focused on acquisition strategies covering multi channel

distribution: Direct Marketing, monthly Visa statements, call centres, branches, activation IVR, partner channels.

Product Innovation� Continuously striving to innovate - products, services and partnerships - to create industry

leading products and services

29

Direct Mail, 42%

Internet & Call Centre, 16%

Other, 4%

Branch, 38%

Integrated distribution driving new account acquisitionIntegrated distribution driving new account acquisitionIntegrated distribution driving new account acquisition

Credit Card Acquisition by Channel

30

A leader in innovationA leader in innovation

� RBC Rewards – Huge growth since launch in March 2003 – world class rewards program. Innovative awards and point transfer and redemption partners.

� Launched Canada’s 1st VISA powered by chip technology – AVION (>400M cards) (2003).

� Leading edge statement marketing functionality (via Symcor™).� Most experienced Canadian card issuer - leverage Total Systems™ for credit card

processing & product development efficiency.� Moneris -Real-time Loyalty hosting provided by Ernex Marketing Technologies ™.

First credit card chip readers in Canada in 2006.� Innovative Co-Brand Products – Excellent track record of co-brand partnerships

– British Airways™, Cathay Pacific™, Starbucks™, Esso™, Mike Weir.� Launched I Debit 2005 / Debit Speedpass™ 2006.� Launched Canada’s 1st duel function Visa and Stored Value Card with Starbucks™

– 2005.

31

Growing faster than the marketGrowing faster than the market

Visa Canada Credit Card Market

Canadian Credit Card MarketRBC VISA

RBC Market Share (Jan 06)

17%

11%

Annual Growth Rate as of January 31 2006

12%

9%

11%

9%

20%Purchase Volume

16%Outstanding Balances

Growing faster than the market in terms of outstanding balances

and purchase volume

32

Outperforming the market in growth of outstanding balances...Outperforming the market in growth of Outperforming the market in growth of outstanding balances...outstanding balances...

Outstanding Balances

0.0%

5.0%

10.0%

15.0%

20.0%

Jan-02

Apr-02

Jul-0

2Oct-

02Ja

n-03Apr-

03Ju

l-03

Oct-03

Jan-04

Apr-04

Jul-0

4Oct-

04Ja

n-05Apr-

05Ju

l-05

Oct-05

Jan-06

Perc

ent C

hang

e Ye

ar O

ver Y

ear

RBC Visa Mastercard & Visa (w/o RBC)

Bank of Canada, CBA, OSFI, Visa Canada – January 2006

33

...and in sales volume...and in sales volume...and in sales volume

Total Sales Volume

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Jan-02

Apr-02

Jul-0

2Oct-

02Ja

n-03Apr-

03Ju

l-03

Oct-03

Jan-04

Apr-04

Jul-0

4Oct-

04Ja

n-05Apr-

05Ju

l-05

Oct-05

Jan-06

Perc

ent C

hang

e Ye

ar O

ver

Year

RBC Visa Mastercard & Visa (w/o RBC)

Three Month Rolling Average

Bank of Canada, CBA, OSFI, Visa Canada – January 2006

34

� Moneris is a 50/50 Joint Venture between RBC and BMO, formed in December 2000

• Credit and Debit card transaction processing (Visa, MasterCard, Interac, Amex, Diners) and settlement services to merchants

• Point of Sale activation solutions (stand-alone terminals, integrated solutions, e-commerce, commercial card, private IP network)

• Customized merchant reporting• Gift Card and Loyalty programs

� Number One Marketshare in Canada� 13% penetration of RBC total business client base, the majority of which

are RBC Small Business and Business clients� Moneris Clients are more profitable, maintain higher current account

balances, have more products and services and longer tenure.

Moneris has #1 market share in CanadaMoneris has #1 market share in CanadaMoneris has #1 market share in Canada

Strategic ObjectiveMaintain leading market share through aligned issuing and acquiring strategies. Continued penetration of RBC business client base

35

Focusing on key priorities for 2006Focusing on key priorities for 2006Focusing on key priorities for 2006

1. Continued Focus on Client Acquisition and Usage• Aggressive advertising, direct marketing, new product launches, RBC

Reward enhancements and new co-brand partners

2. Grow Client Share of Wallet / Cross Sell• Increase Business Client penetration now at 20%. Leverage credit at

account opening• Dynamic customer based pricing and credit line strategies• Increase Moneris client penetration now at 13%

3. Payments Innovation • Chip – Credit and debit infrastructure build. 2007 launch

36

Well positioned for continued strong growthWell positioned for continued strong growthWell positioned for continued strong growth

� Superior multi-channel distribution power of RBC

� Un-matched strength of the RBC and VISA brands

� Power of RBC Rewards: Since introducing RBC Rewards in March 2003, client surveys reveal year over year gains on Likelihood to Recommend, Card Use & Increase Spend

� Unique and expanding Co-branding Partnerships

� Proven acquisition and usage capabilities leveraging proprietary credit analysis tools

� Double digit growth in total spend and purchases in each of the past 3 years – exceeding the marketplace. - Focus on rewards and loyalty

Focus on High Return Businesses

George LewisHead – Wealth Management

38

Total Canadian P&B Q1 2006 Revenue

$3,298MM

Wealth Management consists of diverse businesses and is a significant contributor to Canadian P&BWealth Management consists of diverse businesses and is a significant contributor to Canadian P&B

Wealth Management19%

Wealth Management Q1 2006 Revenue

$641MM

Asset Mgmt15%

Full Service Brkg45%

Self Directed Brkg8%

Branch Inv. Advice29%

Private Counsel2%

Trust Services2%

39

Investor Economics, Household Balance Sheet Report 2005

Canadian Wealth Management sector growth expected to exceed the financial services market as a wholeCanadian Wealth Management sector growth expected Canadian Wealth Management sector growth expected to exceed the financial services market as a wholeto exceed the financial services market as a whole

2004-2014Mkt Share(%)

($B)($B)

-

9475

19

-

17447

-

113

14

268

2004 RBC

-58Directly Held

4.33.5

7.9

1.3

1314

16

-

699548

121

30

Direct ChannelsBranch Direct

Online/Discount Brokers

Direct Sellers of funds

9.611.9

2.5

10.8

13.4

1523

-

22

12

1,165201

329

512

123

Advice ChannelsBranch Advice

Financial Advisors

Full-Service Brokerage

Private Client Management

7.7141,922Wealth Market

Industry CAGRTotal Market

40

� RBC has strength and/or focus in fastest growing channels of wealth management distribution (Advice – Branch (FP/IRP), Full-Service Brokers (DS) and Private Client Management (PC/DS))

� Opportunity to take share from MFDA* firms (Financial Advisors) is expected by industry observers ���� Invest in Branch Advice / Full-Service

� Branch Direct balance growth is expected to slow except for independent MFDA firms but this is due to large share of lower-growth GIC business � still a revenue vs. balance growth opportunity for RBC by increasing mix of mutual funds

Well positioned in the Canadian Wealth Management market to grow faster than our competitorsWell positioned in the Canadian Wealth Management Well positioned in the Canadian Wealth Management market to grow faster than our competitorsmarket to grow faster than our competitors

* Mutual Fund Dealers Association

41

Key priorities for 2006 – Client and advisor acquisition orientation to force momentumKey priorities for 2006 Key priorities for 2006 –– Client and advisor Client and advisor acquisition orientation to force momentumacquisition orientation to force momentum

1. New Personal Investment Clients (Branch/RBC Asset Management)• Continue: Maximizing Retirement Income, Portfolio Products• New: RBC Managed Portfolios � affluent market opportunity• Leverage: Investment & Retirement Planners and Financial Planners

2. Acquisition and Retention of Advisors (Dominion Securities/Counsel)• RBC DS increasingly perceived internally and externally as attractive model

(best products/services, management team, culture, positioning within larger enterprise)

• Execution/stability of High Net Worth strategy will allow for recruitment into Private Counsel

3. Acquisition and Retention of Active Investing Clients (Self-Directed)

4. Acquisition of Agent-for-Executor Clients (Trust)• Raising awareness and number of executions to 300/annum

42

Growing Asset Management – a high return businessGrowing Asset Management Growing Asset Management –– a high return businessa high return business

� RBC Asset Management is largest single fund company in Canada in terms of AUM� Growing market share in both total and long-term assets with more than $60 billion in

AUM • Industry leading $6 billion of long-term fund net sales in 2005

� Driven by:• Robust multi-channel distribution

o Approximately 25% of net long term sales from outside branch network / outselling “traditional” leaders in brokerage/independent channel

• High-value to clients (98% of Management Expense Ratios below average) and advisors

• Superior product offering focussed on client needs and advice• Excellent investment performance (89% of funds in top two quartiles – 3 yrs.), process

and people• Long-time commitment to fund governance, including strong internal RBC support for

asset management business• New Product Development, 60% of 2005 net sales attributable to products launched

within 5 yearso Maximizing Retirement Income � RBC Managed Portfolios

43

RBC AM vs. FI's - LT MF Asset Growth

26.56

19.37

17.02

13.13

3.79

(5)

0

5

10

15

20

25

30

Oct-02

Nov-02

Dec-02

Jan-03Feb-03M

ar-03A

pr-03M

ay-03Jun-03Jul-03A

ug-03Sep-03O

ct-03N

ov-03D

ec-03Jan-04Feb-04M

ar-04A

pr-04M

ay-04Jun-04Jul-04A

ug-04Sep-04O

ct-04N

ov-04D

ec-04Jan-05Feb-05M

ar-05A

pr-05M

ay-05Jun-05Jul-05A

ug-05Sep-05O

ct-05N

ov-05D

ec-05Jan-06Feb-06

Ass

et G

row

th ($

Bill

ion)

RBC AM TD CIBC BMO Scotia

Growing long-term mutual fund assets faster than other banks….Growing longGrowing long--term mutual fund assets faster term mutual fund assets faster than other banksthan other banks……..

CIBC

TD/CT

BMO

BNS

44

RBC AM vs. Major Fund Co's - LT MF Asset Growth

26.56

15.87

19.84

8.08

1.32

10.19

13.1712.83

(3.13)(5)

0

5

10

15

20

25

30

Oct-02

Nov-02

Dec-02

Jan-03Feb-03M

ar-03A

pr-03M

ay-03Jun-03Jul-03A

ug-03Sep-03O

ct-03N

ov-03D

ec-03Jan-04Feb-04M

ar-04A

pr-04M

ay-04Jun-04Jul-04A

ug-04Sep-04O

ct-04N

ov-04D

ec-04Jan-05Feb-05M

ar-05A

pr-05M

ay-05Jun-05Jul-05A

ug-05Sep-05O

ct-05N

ov-05D

ec-05Jan-06Feb-06

Ass

et G

row

th ($

Bill

ion)

RBC AM Investors Mackenzie CI AIM Fidelity AGF Dynamic AIC

…and faster than the major fund companies……and faster than the major fund companiesand faster than the major fund companies

CI Funds

Investor’s GroupMackenzieAIM

Dynamic

Fidelity

AGF

AIC

45

Successfully growing RBC DS – another high return businessSuccessfully growing RBC DS Successfully growing RBC DS –– another high another high return businessreturn business

• Canada’s largest full-service retail brokerage business

– Q1/06 �$135B in AUA; 1,372 IA’s

• 40% of revenues in 2005 from fee-based products and services

• Growing proportion of recurring revenue, positive client experience, higher ROE

• Six elements of strategy:

• RBC reorganization reinforces RBC DS Strategy

4. Money Management � Synergies with RBC AM

5. RBC DS Culture

6. Portfolio Management

1. Client Experience

2. IA Experience

3. Wealth Management

46

Significant growth in fee-based revenue at RBC DSSignificant growth in feeSignificant growth in fee--based revenue at RBC DSbased revenue at RBC DS

Fee-Based Revenue Increased from 4% in 1995 to 40% in 2005

1995 20052000

Transactional83%

Transactional71%

Transactional48%

Spread & Other13%

Fee-Based 17%

Fee-Based40%

Fee-Based4%

Spread & Other12%

Spread & Other12%

Jim WestlakeGroup Head – RBC Canadian Personal and Business

48

RBC Canadian Personal & Business SegmentRBC Canadian Personal & Business SegmentRBC Canadian Personal & Business Segment

Summary:

1. Strong performance through 2005

2. Significant growth opportunities in 2006 and beyond

3. Ignited by leveraging our leading distribution capabilities and focus on high return/high potential businesses

Question & Answer Period