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Japan

Italy

Germany

France

U.K.

U.S.

Canada

2008

2009

Strong fiscal and trade performance

#1 for soundness of banks (World Economic Forum Global Competitiveness Report 2008-2009)

#1 for economic strength (GDP) over past decade among G7 nations

(1)

Nine consecutive years of current account surplus Ten consecutive years of fiscal surpluses Net foreign indebtedness lowest since 1945

G7 Real GDP Growth (%) 1998-2007

(1)

2.9

2.9

1.2

1.5

1.5

2.3

3.3

Canada GDP Forecast (2)

0.9

1.5

Canadian Federal Government Budget Balance (C$ billion)

(3)

General Government Net Debt (% of nominal GDP, 2007)

(4)

5.0

3.2

14.1

21.2

6.7 7.1

8.9

13.2 14.2

1.5

12.9

3.8

3.0

85.9

90.6

43.8

44.5

  • -

    7.9

Federal Budget Projection

23.3

30.4

34.0

  • -

    30.0

'95-96 '96-97 '97-98 '98-99 '99-00 '00-01 '01-02 '02-03 '03-04 '04-05 '05-06 '06-07 '07-08 '08-09 '09-10

RBC | INVESTOR PRESENTATION

Canada

UK

France

US

Germany

Japan

Italy

  • (1)

    Source: International Monetary Fund

  • (2)

    Source: RBC Economics, October 2008

  • (3)

    Source: Dept. of Finance, Canada

  • (4)

    Source: OECD 2008 Economic Outlook

9

Strong domestic economy and solid fundamentals

250

200

150

100

50

0

Canadian Housing Starts (thousands)

(1)

5.0% 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0%

(2) Inflation Rates

(Year over year change)

2002

2003

2004

2005

2006

2007

Jan-Jul/08 (annualized)

2001

2002

2003

2004 Canada

2005

2006 U.S.

2007

Q2/08

15% 13% 11% 9% 7% 5% 3%

Unemployment Rate

(3)

1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008

Canada

U.S.

RBC | INVESTOR PRESENTATION

1.0%

0.36%

0.68%

0.71%

0.75%

0.78%

0.0%

Japan

Germany

France

United Kingdom

United States

Italy

Canada

2007 Jan-Aug/08 (annualized)

3.0%

2.0%

  • -

    0.2%

  • -

    1.0%

Recent Canadian employment gains

  • (1)

    Source: RBC Economics Research

  • (2)

    Source: RBC Economics Research

  • (3)

    Source: Statistics Canada, U.S. Bureau of Labor Statistics; Canadian data

has been adjusted to approximate U.S. measurement concepts. (4) Source: OECD, RBC Economics Research

10

2.20%

(4) Employment Gains

(average yearly % gain, 2000-2006)

    • 1.85

      %

    • 1.34

      %

5

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