Profile: Royal Bank of Canada (RY)

Royal Bank of Canada (RBC) is a diversified financial services company. It provides personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services on a global basis. The Company operates through five business segments: Canadian Banking, Wealth Management, Insurance, International Banking and Capital Markets. In August 2008, the Company completed the acquisition of Richardson Barr & Co., an energy advisory firm specializing in acquisitions and divestitures in the exploration and production sector. In June 2008, RBC completed the acquisition of the RBTT Financial Group and Baker Watts, Incorporated (FBW). FBW is a full-service, broker-dealer with 42 branch offices in eight states and the District of Columbia. In May 2008, the Company completed the acquisition of Phillips, Hager & North Investment Management Ltd. In February 2008, RBC Bancorporation, a wholly owned subsidiary of RBC, completed the acquisition of Alabama National BanCorporation, which is the parent of 10 subsidiary banks and other affiliated businesses in Alabama, Florida and Georgia.

Canadian Banking

Canadian Banking consists of its domestic personal and business banking operations and certain retail investment businesses and is operated through three business lines: Personal Financial Services, Business Financial Services, and Cards and Payment Solutions. Canadian Banking provides a suite of financial products and services to over 10 million individual and business clients through its branch, automated teller machines (ATMs), online and telephone banking networks, as well as through a large number of sales professionals. Personal Financial Services focuses on meeting the needs of the Company’s individual clients at every stage of their lives through a range of financing and investment products and services, including home equity financing, personal lending, deposit accounts, mutual funds and self-directed brokerage accounts, guaranteed investment certificates (GICs) and Canadian private banking. It has a retail banking network comprising 1,197 branches and 4,214 ATMs. Business Financial Services offers a range of lending, leasing, deposit, investment, foreign exchange, cash management, and trade products and services to small and medium-sized businesses and commercial, agriculture and agribusiness clients across Canada. RBC’s business banking network includes approximately 100 business banking centers and over 2,000 business account managers. Cards and Payment Solutions provides an array of credit cards and related payment products and solutions. In addition, this business line includes the Company’s 50% interest in Moneris Solutions, Inc., the merchant card processing joint venture with the Bank of Montreal.

Wealth Management

Wealth Management comprises three business lines: Canadian Wealth Management, U.S. & International Wealth Management and Global Asset Management. The Company serves affluent and high net worth clients in Canada, the United States, Latin America, Europe and Asia with a suite of investment, trust and other wealth management solutions. It also provides asset management products and services directly, through other RBC distribution channels and through third-party distributors to institutional and individual clients.

Canadian Wealth Management includes full-service retail brokerage in Canada, with over 1,430 investment advisors, providing advise-based financial solutions to affluent and high-net-worth clients. In addition, the Company provides discretionary investment management and estate and trust services to its domestic clients through more than 70 investment counselors and more than 120 trust professionals in locations across the country. U.S. & International Wealth Management consists of the Company’s retail brokerage business, which is a full-service firm in the United States with over 2,300 financial consultants. It also has a clearing and execution services business that serves small to mid-sized independent broker-dealers and institutions. Internationally, RBC provides customized banking, credit, investment and trust solutions to high-net-worth private clients across a network of 31 offices located in 21 countries worldwide.

Global Asset Management is responsible for the Company’s asset management business. In Canada, it provides a range of investment management services through mutual funds, pooled funds and separately managed portfolios. The Company distributes its investment solutions through a network of its bank branches, its discount and full-service brokers, independent advisors and direct to consumers. It also provides investment solutions directly to institutional clients, including defined benefit and defined contribution pension plans, as well as endowments and foundations.

Insurance

Insurance consists of Canadian Insurance, U.S. Insurance, and International & Other. In Canada, the Company offers its products and services through its channels, including retail insurance branches, call centers, and its career sales force, as well as through independent insurance advisors and travel agencies. In the U.S., the Company offers products through independent marketing organizations, call centers, financial institutions, and its career sales force. Outside North America, the Company operates in reinsurance markets globally.

Canadian Insurance offers life and health, home and auto and travel insurance products, as well as wealth accumulation solutions, to individual and group clients across Canada. Its life and health portfolio includes universal life, critical illness, disability, long-term care insurance, segregated funds, and group benefits. The Company offers personal home and auto insurance, and commercial insurance through its partnership with Aon Reed Stenhouse Inc. Its travel products include out of province medical coverage, trip cancellation and interruption insurance. .S. Insurance offers life insurance, annuities and travel insurance to clients across the United States. Life and health products include term, indexed universal life, whole life, accidental death and critical illness protection. It also offers traditional fixed and fixed-indexed annuities. Travel insurance products include trip cancellation, interruption insurance and emergency medical coverage. International & Other Insurance is primarily consists of its Reinsurance businesses, which insure risks of other insurance and reinsurance companies. The Company offers life and health, accident, and credit and financial reinsurance products.

International Banking

International Banking consists of Banking and its joint venture, RBC Dexia Investor Services (RBC Dexia IS). Banking includes its banking businesses in the United States and Caribbean, which offer a range of financial products and services to individuals, business clients and public institutions. RBC Dexia IS offers an integrated suite of products to institutional investors worldwide. RBC’s banking businesses in the United States and Caribbean. Its U.S. banking business provides a line of banking products and services through 438 banking centers, approximately 500 ATMs and online banking. Its Caribbean banking business offers a suite of banking products and services, as well as international financing and trade promotion services through a branch and ATM network, and online banking. RBC Dexia IS, of which the Company has a 50% ownership interest, offers global custody, fund and pension administration, securities lending, shareholder services, analytics and other related services to institutional investors.

Capital Markets

Capital Markets Sales and Trading consists of its trading and distribution operations largely related to fixed income, foreign exchange, equities and derivative products for institutional and corporate clients and its trading operations. Corporate and Investment Banking consists of its investment banking, debt and equity origination, advisory services, corporate lending, private equity, and client securitization businesses. It also includes its global credit business, which oversees the management of its lending portfolios and global financial institutions business. The Company’s Research group offers economic and securities research to institutional and retail clients globally.