Principal subsidiaries - RBC

1 Principal subsidiariesPrincipal subsidiaries (1)Principaloffice address (2)Carrying value ofvoting shares ownedby the bank (3)Royal Bank Mortgage Corporation(4)Toronto, Ontario, Canada$1,060 RBC Capital TrustToronto, Ontario, Canada1,500 RBC Dominion Securities Limited(4)Toronto, Ontario, Canada3,679 RBC Dominion Securities , Ontario, CanadaRBC DS Financial Services , Ontario, CanadaRBC Investment Services (Asia) LimitedHong Kong, ChinaRoyal Trust Corporation of CanadaToronto, Ontario, Canada509 The Royal Trust CompanyMontreal, Quebec, Canada365 Royal Bank Holding , Ontario, Canada24,537 Royal Mutual Funds , Ontario, CanadaRBC Insurance Holdings , Ontario, CanadaRBC General Insurance CompanyMississauga, Ontario, CanadaRBC Insurance Company of CanadaMississauga, Ontario, CanadaRBC Life Insurance CompanyMississauga, Ontario, CanadaRBC Direct Investing , Ontario, CanadaRBC Asset Management , Ontario, CanadaRBC Phillips, Hager & North Investment Counsel , Ontario, Holdings (Bahamas) LimitedNassau, BahamasRBC Caribbean Investments LimitedGeorge Town, Grand CaymanRoyal Bank of Canada Insurance Company LimitedSt.

2 Michael, BarbadosFinance Corporation of Bahamas LimitedNassau, BahamasRoyal Bank of Canada Trust Company (Bahamas) LimitedNassau, BahamasInvestment Holdings (Cayman) LimitedGeorge Town, Grand CaymanRBC (Barbados) Funding Michael, BarbadosRoyal Bank of Canada (Caribbean) CorporationSt. Michael, BarbadosRoyal Bank of Canada Trust Company (Cayman) LimitedGeorge Town, Grand CaymanRBC Alternative Asset Management Inc. (2)New York, New York, Holdings (USA) Inc. (2)New York, New York, USA Holdco Corporation (2), (5)New York, New York, Capital Markets Holdings (USA) Inc. (2)Minneapolis, Minnesota, Capital Markets Corporation (2)New York, New York, Financial Corporation (5)Wilmington, Delaware, Trust Company (Delaware) LimitedWilmington, Delaware, Insurance Holdings (USA) , Delaware, Life Insurance CompanyGreenville, South Carolina, Capital Markets Arbitrage , LuxembourgRoyal Bank of Canada (Asia) LimitedSingapore, SingaporeCapital Funding Alberta LimitedCalgary, Alberta, CanadaRBC PH&N Holdings Inc.

3 (6)Toronto, Ontario, CanadaRBC Bancorporation (USA)(5)Raleigh, North Carolina, ,359 RBC Bank (USA)Raleigh, North Carolina, (2)Wilmington, Delaware, Bank of Canada Financial CorporationSt. Michael, Barbados4 RBC Finance , Netherlands3,609 Royal Bank of Canada Holdings ( ) LimitedLondon, EnglandRoyal Bank of Canada Europe LimitedLondon, EnglandRoyal Bank of Canada Investment Management ( ) LimitedLondon, EnglandRoyal Bank of Canada Trust Corporation LimitedLondon, EnglandRBC Asset Management UK LimitedLondon, EnglandRBC Holdings (Channel Islands) LimitedGuernsey, Channel IslandsRoyal Bank of Canada (Channel Islands) LimitedGuernsey, Channel IslandsRBC Treasury Services (CI) LimitedJersey, Channel IslandsRBC Offshore Fund Managers LimitedGuernsey, Channel IslandsRBC Fund Services (Jersey) LimitedJersey, Channel IslandsRBC Investment Solutions (CI) LimitedGuernsey, Channel IslandsRBC Investment Services LimitedJersey, Channel IslandsRBC Regent Fund Managers LimitedJersey, Channel IslandsRBC Trust Company (International)

4 LimitedJersey, Channel IslandsRegent Capital Trust Corporation LimitedJersey, Channel IslandsRBC Trust Company (Jersey) LimitedJersey, Channel IslandsRBC Trustees (Guernsey) LimitedGuernsey, Channel IslandsRBC Regent Tax Consultants LimitedJersey, Channel IslandsRBC Wealth Planning International LimitedJersey, Channel IslandsRBC cees LimitedJersey, Channel IslandsRBC cees International LimitedJersey, Channel IslandsRBC cees Fund Managers (Jersey) LimitedJersey, Channel IslandsRoyal Bank of Canada Trust Company (Asia) LimitedHong Kong, ChinaRBC Reinsurance (Ireland) LimitedDublin, IrelandRoyal Bank of Canada (Suisse)Geneva, SwitzerlandRoycan Trust Company , SwitzerlandRBC Investment Management (Asia) LimitedHong Kong, China15 RBC Capital Markets (Japan) Michael, Barbados43 RBC Holdings (Barbados) Michael, Barbados2,659 RBC Financial (Caribbean) LimitedPort of Spain, Trinidad and Tobago(1)The bank directly or indirectly owns 100% of the voting shares of each subsidiary except Finance Corporation of Bahamas Limited (75%).

5 (2)Each subsidiary is incorporated or organized under the laws of the state or country in which the Principal office is situated, except for RBC Holdings (USA) Inc., RBC USA Holdco Corporation,RBC Capital Markets Holdings (USA) Inc. and RBC Alternative Asset Management Inc., which are incorporated under the laws of the State of Delaware, , RBC Capital Markets Corporation,which is incorporated under the laws of the State of Minnesota and RBCF , which is organized under the laws of the State of Nevada.(3)The carrying value (in millions of dollars) of voting shares is stated as the bank s equity in such investments.(4)The subsidiaries have outstanding non-voting shares of which the bank, directly or indirectly, owns 100%.(5)RBC USA Holdco Corporation owns and Prism Financial Corporation owns of RBC Bancorporation (USA).(6)RBC PH&N Holdings Inc. has exchangeable shares outstanding that were issued as part of the consideration to acquire PH&N and which will be exchanged on a one-for-one basis for RBCcommon shares three years after closing in accordance with the purchase subsidiariesRoyal Bank of Canada: Annual Report 2009151