FOURTH QUARTER 2021 EARNINGS RELEASE

1 - 1 - FOURTH QUARTER 2021 EARNINGS RELEASE ROYAL BANK OF CANADA REPORTS FOURTH QUARTER AND 2021 RESULTS All amounts are in Canadian dollars and are based on our audited Annual and unaudited Interim Consolidated Financial Statements for the year and QUARTER ended October 31, 2021 and related notes prepared in accordance with International Financial Reporting Standards (IFRS). Our 2021 Annual Report (which includes our audited Annual Consolidated Financial Statements and accompanying Management s Discussion & Analysis), our 2021 Annual Information Form and our Supplementary Financial Information are available on our website at: TORONTO, December 1, 2021 Royal Bank of Canada (RY on TSX and NYSE) today reported net income of $ billion for the year ended October 31, 2021, up $ billion or 40% from the prior year.

2 Our results this year included releases of provisions on performing loans of $ billion, primarily driven by improvements in our macroeconomic and credit quality outlook. In comparison, the prior year reflected elevated provisions on performing loans of $ billion due to the impact of the COVID-19 pandemic. Diluted EPS6was $ , up 41% from the prior year. EARNINGS in Personal & Commercial Banking and Capital Markets were up from last year, largely due to the favourable impact of lower PCL. Higher results in Wealth Management and Insurance also contributed to the increase in net income.

3 These factors were partially offset by lower EARNINGS in Investor & Treasury Services. Pre-provision, pre-tax earnings6 of $ billion were up 6% from a year ago, mainly reflecting strong client-driven growth in volumes and fee-based assets, constructive markets, record investment banking revenue, and prudent management of discretionary spend. These factors were partially offset by lower spreads largely reflecting the impact of low interest rates, higher expenses driven by higher variable compensation and continued investments in our franchises, and lower trading revenue.

4 The PCL on loans ratio of (10) bps decreased by 73 bps from the prior year, due to lower provisions in Personal & Commercial Banking, Capital Markets and Wealth Management. The PCL on impaired loans ratio was 10 bps, down 14 bps from the prior year. Our capital position remained robust, with a Common Equity Tier 1 (CET1) ratio of , up 120 bps from the prior year. In addition, this year we returned $ billion to our shareholders through common dividends. And today, we declared a quarterly dividend of $ per share reflecting an increase of $ or 11%. Also, we announced our intention, subject to the approval of the Office of the Superintendent of Financial Institutions (OSFI) and the TSX, to commence a normal course issuer bid and to repurchase for cancellation up to 45 million common shares.

5 2021 Full-Year Business Segment Performance 54% EARNINGS growth in Personal & Commercial Banking, primarily attributable to lower PCL. EARNINGS growth also reflected strong average volume growth of 10% (+7% in loans and +13% in deposits) in Canadian Banking, including record levels of mortgage originations. Higher non-interest income including strong growth in mutual fund balances and significant client activity in our Direct Investing business, also contributed to the increase. These factors were partially offset by lower spreads, mainly due to lower interest rates and changes in product mix.

6 We continued to invest in digital solutions to further enhance the client experience and deliver differentiated advice, products and services. 22% EARNINGS growth in Wealth Management, mainly due to higher average fee-based client assets reflecting market appreciation from a strong rebound in equity markets, as well as net sales driven by the quality of our advice, the breadth of our investment and holistic wealth planning solutions and clients trust in our brand. Strong average volume growth of 10% in loans and 17% in deposits, largely in Wealth Management (including City National), also contributed to the increase.

7 These factors were 1 EARNINGS per share (EPS). 2 Provision for credit losses (PCL). 3 Basis points (bps). 4 Return on equity (ROE). For further information, refer to the Key performance and non-GAAP measures section on page 11 of this EARNINGS RELEASE . 5 This ratio is calculated by dividing Common Equity Tier 1 (CET1) by risk-weighted assets, in accordance with OSFI's Basel III Capital Adequacy Requirements guideline. 6 Pre-provision, pre-tax EARNINGS is calculated as income (2021: $16,050 million; 2020: $11,437 million) before income taxes (2021: $4,581 million; 2020: $2,952 million) and PCL (2021: -$753 million; 2020: $4,351 million).

8 This is a non-GAAP measure. For further information, refer to the Key performance and non-GAAP measures section on page 11 of this EARNINGS RELEASE . 2021 Net Income $ Billion Up 40% YoY 2021 Diluted EPS1 $ Up 41% YoY 2021 ROE4 Up from last year CET1 Ratio5 % Robust capital levels, up 120 bps YoY "In a year defined by the continued effects of the pandemic, RBC employees around the world demonstrated incredible resilience, and a commitment to helping our clients thrive and communities prosper. Across our businesses, we saw elevated growth in client activity and our teams responded with differentiated ideas and offerings to meet our clients' needs and create long-term value.

9 As a result, our overall performance in 2021 reflected strong EARNINGS , premium shareholder performance, and highlighted our ability to successfully navigate a complex operating environment while continuing to invest in talent and innovations to support future growth. We are pleased to increase our quarterly dividend by 11% and announced today our intention to repurchase up to 45 million common shares, in line with our commitment to driving long-term value for our shareholders." Dave McKay, RBC President and Chief Executive Officer 2021 PCL2 $(753) Million PCL on loans ratio down 73 bps3 YoY - 2 - partially offset by higher variable compensation and the impact of lower spreads, mainly due to lower interest rates and changes in average earning assets mix.

10 7% EARNINGS growth in Insurance, largely due to favourable annual actuarial assumption updates and lower claims costs. These factors were partially offset by lower favourable investment-related experience, including the impact of realized investment gains in the prior year, as well as a lower impact from reinsurance contract renegotiations. 18% lower EARNINGS in Investor & Treasury Services, primarily due to lower client deposit revenue largely driven by lower interest rates. Lower funding and liquidity revenue also contributed to the decrease, mainly reflecting net favourable impacts from market volatility and interest rate movements in the prior year, as well as the impact of lower interest rates and lower gains from the disposition of securities, partially offset by a greater impact in the prior year from elevated enterprise liquidity.