TAILIEUCHUNG - Royal Bank of Canada 2011 Annual Report

Thus was created a perfectly uniform currency for the transactions of commerce, and bank money rose at once to an agio, or premium above the current coin. This premium varied from time to time. It may be looked upon as nearly equal to, and generally as representing the average depreciation of the current coin below its nominal value. The Bank of Amsterdam, after its first establishment, admitted no new subscribers; but it sold bank money to all who wished to purchase, at a premium varying with the market price. It also sold current coin, when it was needed for exportation, upon receiving an equivalent trans- fer of bank money | IRBCJ. Royal Bank of Canada 2011 Annual Report RBC ABOUT RBC Royal Bank of Canada RY on TSX and NYSE and its subsidiaries operate under the master brand name RBC. We are one of Canada s largest banks as measured by assets and market capitalization and are among the largest banks in the world based on market capitalization. We are one of North America s leading diversified financial services companies and provide personal and commercial banking wealth management services insurance corporate and investment banking and transaction processing services on a global basis. We employ approximately 74 000 full- and part-time employees who serve close to 15 million personal business public sector and institutional clients through offices in Canada the . and 56 other countries. For more information please visit . VISION Always earning the right to be our clients first choice. VALUES Service Excellent service to clients and each other Teamwork Working together to succeed Responsibility Personal responsibility for high performance Diversity Diversity for growth and innovation Integrity Trust through integrity in everything we do STRATEGIC GOALS In Canada to be the undisputed leader in financial services Globally to be a leading provider of capital markets and wealth management solutions In targeted markets to be a leading provider of select financial services complementary to our core strengths. VISIT OUR ONLINE ANNUAL REPORT View our online report at ar2011 also available for mobile devices . CONTENTS Chief executive officer s message 2 Chairman s message 6 Management s Discussion and Analysis 7 - Overview and outlook 8 - Key corporate events of 2011 10 - Financial performance 11 - Business segment results 14 - Quarterly financial information 34 - Results by geographic segment 36 - Financial condition 37 - Risk management 41 - Overview of other risks 55 - Capital management 57 - Additional financial information 62 - Accounting and control matters 63 - Related

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