ROYAL BANK OF CANADA

Three Year History Our business strategies and actions are guided by our vision, To be among the world’s most trusted and successful financial institutions. Our three strategic goals are: In Canada, to be the undisputed leader in financial services; In the U.S., to be the preferred partner to institutional, corporate, commercial and high-net-worth clients and their businesses; and In select global financial centres, to be a leading financial services partner valued for our expertise. In 2023, GDP growth slowed across most advanced economies as headwinds from higher interest rates continued to have a lagged impact. Canadian output in early calendar 2023 was supported by strength in consumer spending and an unexpectedly strong rebound in housing market activity in the spring. The U.S. economy remained resilient with strong consumer spending despite rising interest rates, and employment continued to increase. Bond yields increased substantially as markets demanded higher term premiums and expected central banks to hold policy interest rates higher for longer. Effective the first quarter of 2023, we simplified our reporting structure by eliminating the Investor & Treasury Services segment and moving our Investor Services business to our Wealth Management segment and our Treasury Services and Transaction Banking businesses to our Capital Markets segment. Effective the fourth quarter of 2023, we moved the Investor Services lending business from our Wealth Management segment to our Capital Markets segment.