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17383_RBCI 05 Corporate profile ENG 4/11/06 9:42 AM Page 2

R B C I N S U R A N C E 1

Two thousand and five was another excellent year for RBC Insurance®.

Revenues grew at 15 per cent over 2004 and expenses remained

flat creating significant operating leverage. The integration of the

Canadian operations of Provident Life and Accident Insurance

Company (“UnumProvident Canada”), a wholly owned subsidiary

of UnumProvident Corporation, acquired in May of 2004, continued

and is largely complete.

An important milestone for RBC was reached in June of 2005,

when RBC Insurance opened its first retail insurance branch.

Located next door to the RBC Royal Bank® branch in Scarborough,

Ontario, this new concept, multi-line insurance branch offers a

wide range of home, auto, life, health and travel insurance in a

manner that is consistent within the existing regulations (the

current Bank Act restricts the offer of most types of insurance in

bank branches). We are very encouraged with the results of these

new operations and plan to continue to expand this channel.

World events had a significant impact on the insurance industry

in 2005 and on the results of RBC Insurance. Our organization

felt the impact of hurricanes Katrina and Rita, specifically in our

property catastrophe reinsurance business. As a result of these

immense tragedies, in September 2005 we announced we would

take a charge of $203 million. Following careful analysis of this

area of our business, we have decided to reduce our overall

exposure to these risks going forward. I am pleased to report,

however, that our financial strength and ratings have been

unaffected despite these losses.

Our success and strong performance over the past year is the

result of several factors, including the hard work of our employees,

the continued growth and expansion of our operations, an

increased focus on maximizing distribution opportunities and

the introduction of new products and services.

In 2006, we will focus on four key priorities. First, we will continue

to drive revenue by leveraging the strengths of RBC Financial Group,

enhancing our product suite and expanding across all business

lines in North America and select international markets.

Next, we will also focus on becoming a North American leader in

key markets by building on our Canadian leadership positions

and continuing to grow our U.S. creditor, travel and life

insurance businesses.

Third, we will continue to leverage more efficient distribution

channels. By optimizing efficiencies in distribution with our third-

party relationships, and with particular emphasis on RBC channels

and delivering high-value products and services to clients at lower

costs, we can maximize reach to clients and provide multi-product

options within the current regulatory environment. We will also

continue to leverage opportunities to cross-sell insurance products

within existing RBC Insurance distribution channels.

Finally, we will continue to focus on providing a superior insurance

experience through our vision of “Always earning the right to be

our clients’ first choice.”

Going forward, we plan to continue to build our leading global

insurance organization by leveraging the strength of our existing

business to meet the evolving needs of consumers in North

America and throughout the world.

Neil Skelding

President & CEORBC Insurance

IFC A message from Jim Westlake 5 Executive committee 12 Fee and related activities

1 A message from Neil Skelding 6 Life and health 15 RBC overview

2 2005 highlights 9 Property and casualty 16 RBC Insurance locations

4 Corporate organization 11 Reinsurance IBC Directors

Our vision

“Always earning the rightto be our clients’ first choice”

A message from Neil SkeldingPresident & CEO, RBC Insurance

In the fall of 2004, RBC® began a major

transformation with a vision to becoming

a true “Client First” organization, able to

provide better, faster and more responsive

service to our clients. As a result of our

successful execution of the Client First

Initiative, RBC Financial Group® achieved record earnings in

2005. This is a tremendous accomplishment and reflects the

hard work and dedication of all employees.

Our Canadian Personal and Business (CPB) segment, which

includes our Global Insurance business, has made great progress

since its creation just over a year ago and it is making a significant

contribution to RBC’s overall enterprise results. In 2005, CPB

generated strong revenue growth across all of our business lines —

Business and Commercial Banking, Cards and Payment Solutions,

Global Insurance, Personal Banking, and Wealth Management —

by executing our growth strategy and by helping our employees

make it easier for clients to do business with us. In addition,

most of our businesses experienced gains in market share and

we have made very good progress with respect to client satisfaction.

These results reflect the strengths of our integrated retail financial

services organization and the continued focus of all CPB

employees on meeting the needs of every client we serve.

This past year we took additional steps to continue to bring our

organization, and our senior leaders, closer to our clients to help

foster clearer accountabilities, quicker decision making, less

duplication and, most importantly, an increased focus on our

clients. In this regard, CPB is concentrating on three strategic

priorities to help build on our progress. We will focus on the

following: optimizing our extensive distribution capabilities to

provide our clients with the right product through the right channel

at the right time; simplifying structures and streamlining processes

for everything from account openings to credit approvals in order

to reduce duplication and overlap; and expanding and focusing

on areas that offer above-average growth potential such as

insurance, wealth management, credit cards, brokerage, and

urban and high-value client markets to accelerate revenue growth.

Looking ahead, we are committed to making further progress

against these key priorities. I am confident that by working

together, and with the strong fundamentals in place, we will

continue to generate strong results across all of our businesses.

Jim Westlake

Group Head, RBC Canadian Personal and Business

A message from Jim WestlakeGroup Head, RBC Canadian Personal and Business

R B C I N S U R A N C E 3

Over the past year, RBC Insurance† focused on six strategic

priorities: revenue growth, efficient distribution, business

integration, North American leadership in key markets, risk

management and delivering a superior client experience.

In 2005, we made significant progress in all of these areas.

Business highlights

We launched several new products in 2005 to better meet the

needs of clients. The new Term 10 and Term 20 plans provide

Canadians with affordable life insurance choices that may be

renewed to provide coverage through to age 80, or may be

converted to a permanent life insurance plan at any time prior

to age 70. RBC Insurance, in partnership with The Edge

Benefits Inc., also launched The EdgeTM1 Critical Illness Plan,

which provides simplified and enhanced coverage alternatives

to protect Canadians against financial hardships should they

be diagnosed with a critical illness. From a travel insurance

perspective, RBC Insurance enhanced its travel insurance

options for seniors. These enhancements, which include an

improved medical questionnaire, special underwriting and

improved case management, will enable RBC Insurance to

provide travel insurance to a wider range of travellers.

In the U.S., we introduced a new version of RBC ExpressTERMTM,

our fully-automated term life insurance product, for in-branch

sale through licensed agents in U.S. financial institutions.

We continued to enhance our distribution network in response

to clients who said they wanted to meet face to face with an

insurance advisor for home, auto, travel and life insurance

products. In June 2005, RBC Insurance marked a significant

milestone with the opening of its first retail insurance branch.

The new branch provides a convenient retail option for

customers who are looking to meet face to face with an

insurance advisor for home, auto, travel and life insurance

products. Requests for more complex insurance products,

such as universal life insurance, are referred to specialized

sales representatives. RBC Insurance plans to open several

more offices near RBC Royal Bank branches over the next year.

Over the past year, we made significant strides to complete the

integration of the business acquired through UnumProvident

into our life and health insurance operations. Key achievements

included bringing together the management teams, brokerage

networks, group products and systems. We also continued to build

and maintain our leading positions in key insurance markets.

We improved our risk management processes and maintained

several important financial-strength ratings. RBC Life Insurance

Company, our Canadian life insurance operating entity, and

Liberty Life Insurance Company and Business Men’s Assurance

Company of America, our U.S. life insurance entities, renewed

their “A” (Excellent) financial strength ratings from A.M. Best.

Royal Bank of Canada Insurance Company Ltd., a primary

RBC reinsurance subsidiary located in Barbados, also

maintained its “A” (Excellent) financial strength rating from

A.M. Best and its AA– counterparty credit and financial

strength rating from Standard & Poor’s in 2005.

† RBC Insurance operates through a number of legal entities.Please refer to page 5 for a listing.

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Global Insurance

($ billions)

2003 2004 2005

4.0

3.0

2.0

1.0

0.0

Financial highlights

RBC Insurance total revenues for 2005 were $3.3 billion, representing

a 15 per cent increase over the previous year. Insurance premiums,

investment and fee income were also strong, reflecting growth across

all areas of its business.

2005 highlights

R B C I N S U R A N C E 54 2 0 0 5 C O R P O R AT E P R O F I L E

(L to R): Diane Churilla, Head, Finance; Karen Leggett, Head, Insurance Operations; Grant Hardy, Head, Actuarial & Insurance Risk Management;Neil Skelding, President & CEO, RBC Insurance; Stan Seggie, Head, Property & Casualty Insurance; Louise Mitchell, Head, Bank DistributedProducts; John Young, Head, Life & Health Insurance; Kathy Pryden, Head, Reinsurance & International Markets; Tom Dalinda, Head, Investments;David Black, Head, U.S. Insurance

RBC Insurance offers a wide range of life, health, creditor, travel,

home and auto insurance products and services to individual

and business clients in Canada and the U.S., as well as reinsurance

for clients around the world.

RBC Insurance, which operates as part of the Canadian

Personal and Business segment of RBC Financial Group, is

the largest Canadian bank-owned insurer, one of the top

10 Canadian life insurance producers and a leader in travel

insurance, creditor products and individual disability

insurance. We also have a fast growing home and auto

insurance business and a leading reinsurance operation.

Corporateorganization

RBC Insurance

Canadianoperations

U.S.operations

Internationaloperations

RBC InsuranceServices Inc.

RBC LifeInsuranceCompany 1

RBC TravelInsuranceCompany

RBC GeneralInsuranceCompany

AssuredAssistance Inc.

Liberty LifeInsuranceCompany1

The LibertyMarketing

Corporation

RBC Reinsurance(Ireland) Limited

Royal Bankof CanadaInsurance

Company Ltd.2

This chart does not represent the organization’s actual legal or divisional structure.

BusinessMen’s Assurance

Company ofAmerica1

1 “A” (Excellent) financial strength rating from A.M. Best.2 Royal Bank of Canada Insurance Company Ltd. has an “A” (Excellent) financial strength rating from A.M. Best and an AA– counterparty credit and financial strength rating from Standard & Poor’s.

RBC Insurance executive committee

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RBC Insurance offers life and health insurance, as well as

wealth accumulation solutions to individual and group

clients in Canada and the U.S. This includes term and

universal life, critical illness, disability and long term care

insurance, as well as group benefits. We also offer variable life

insurance, and fixed and variable annuities in the U.S. In

Canada, these products are distributed through more than

17,000 independent brokers affiliated with producer groups,

financial planning companies and stock brokerage firms, as

well as through direct sales and a network of more than 350

career sales representatives. Distribution in the U.S. is through

regional and independent broker-dealers, national marketing

organizations, RBC banking and investment channels, the

Internet, other direct marketing channels and a field force of

approximately 300 sales agents, operating primarily in the

southeastern United States.

In 2005, we launched a number of initiatives to further grow

and expand our life and health insurance business, including

introducing new products, further integrating our distribution

network and improving the overall efficiency of our operations.

From a product perspective, the new Term 10 and Term 20

plans provide Canadians with affordable term life insurance

choices. These plans may be renewed to provide coverage

through to age 80, or converted to a permanent life insurance

plan at any time prior to age 70. They also allow for simplified,

preferred underwriting classes, criteria and requirements

and provide the option for tele-application completion on

term plans of $100,000 or more.

RBC Insurance, in partnership with The Edge Benefits Inc.,

also launched The Edge Critical Illness Plan, which provides

simplified and enhanced coverage alternatives to protect

Canadians from financial hardships should they be diagnosed

with a critical illness.

We also completed the integration of our group insurance

products with those of the former UnumProvident Canada to

offer the most comprehensive and competitive group insurance

options to distributors and their clients. By bringing together

the management teams, brokerage networks, group products

and systems of both companies, we delivered outstanding

results in 2005 and continue to build and maintain our market

leading positions in key insurance markets.

As part of our ongoing effort to create operational efficiencies,

we announced the consolidation of our facilities in Calgary

and made changes to our western region organizational

structure. We appointed new regional vice-presidents for

the western and prairie regions and going forward, we will

continue to seek opportunities to align our third-party

distribution field resources more directly with our customers.

In addition, we introduced a number of initiatives to help

our distributors better meet their clients’ insurance needs.

In June, we relaunched the Sales Resource Centre for insurance

representatives. The newly redesigned site, which is accessible

through the RBC Insurance website, provides more efficient

and user-friendly access to valuable life and health insurance

sales, marketing and product information.

Life and health

Our life and health business provides a wide range of individual and group life and

health insurance solutions to individual and business clients in Canada and the U.S.

We are one of the top 10 Canadian life insurance producers and a leader in

individual disability insurance.

R B C I N S U R A N C E 9

For career sales representatives, we enhanced the Business

Intelligence Centre web portal that provides contracted

representatives with quick access to a variety of sales support

tools, such as job aids, and production bulletins, as well as

training and development information. It also provides access

to other commonly used applications such as FASATWeb

for online personalized commission information and

RBC Insurance University, the career sales learning management

system. A system was also created to enable information

sharing and document collaboration internally between

career sales head office staff, branch managers and branch

administrators and to support key administration, recruitment,

and in-field training functions. Going forward, we will

continue to look for opportunities to leverage RBC Insurance

systems that support a more productive sales force, allowing

us to remain a leader in the distribution of insurance

solutions to Canadians.

Our U.S. life insurance operations enjoyed a successful year

in 2005, consistent with our strategic focus on differentiated

insurance protection and wealth accumulation solutions,

efficient delivery and a superior client experience. Sales of

RBC LevelTERM® life insurance, which offers highly competitive

pricing for tobacco users, increased 67 per cent over the prior

year through continued expansion of our sales distribution.

RBC LevelTERM life insurance is offered through online and

off-line term insurance marketers, financial institutions, and

marketing organizations supporting independent agents, as well

as an RBC U.S. field sales force of approximately 300 agents.

We also introduced a new version of RBC ExpressTERM life

insurance, our fully-automated term product for in-branch

sales through licensed agents in U.S. financial institutions.

Offered in face amounts up to $250,000, this product enables

customers to complete an application, be approved for

coverage and receive a policy in as little as 15 minutes.

Average agent productivity increased more than 25 per cent

following the successful reorganization of our agency sales

operation in the U.S. Annuity sales through RBC Insurance

agents increased 50 per cent over the prior year and we

continued to increase the number of agents and managers

holding securities licenses.

Over the past year, our U.S. wealth management business

introduced a number of value-added services intended to

enhance relationships with key selling partners, including

regional and independent broker-dealers and national

marketing organizations. In June, we addressed the growing

need for effective retirement income strategies with an

innovative structured asset allocation model. The Income

for Life Model™2

is a turnkey solution that enables financial

professionals to transform accumulated client wealth into a

lifetime retirement income stream. We also introduced a

client seminar on the Clarity Duo™2

product, an innovative

wealth management solution that facilitates tax-efficient

wealth accumulation, access and transfer.

In 2005, we also enhanced our variable product portfolio

with 23 new investment options, featuring a combination

of low-cost index funds and actively-managed funds from

respected brand names. When structured with index

investment options, RBC Insurance variable annuities are

among the lowest in cost on the market.

We also took steps to differentiate ourselves among key

selling partners by offering RBC LevelTERM insurance to

broker-dealers and national marketing organizations.

Over the next year, our focus will be on further expanding

our North American life and health insurance operations

by integrating and leveraging our systems and technology

infrastructure, enhancing our product portfolio and

increasing cross-enterprise activities. To sustain our strong

market position, we will also seek opportunities to strengthen

our independent and proprietary distribution channels.

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Our property and casualty products include home, auto and

travel insurance for individual and business clients in Canada,

the U.S. and select international markets.

Home and auto insurance

RBC Insurance offers Canadians a comprehensive range

of personal home and auto insurance products, including

coverage for houses, condominium units, apartments,

cottages, automobiles, motorcycles, recreational vehicles

and snowmobiles. RBC Insurance home and auto insurance

products are offered to clients through direct sales channels,

including over the phone and the Internet, as well as through

group insurance plans.

Our group insurance program is designed to give employers

and affinity groups the opportunity to offer employees and

members value-added insurance options without the cost of

maintaining an additional benefit program. Over the past

year, we added 14 new organizations to this rapidly growing

program. We now provide group home and auto insurance

benefits to more than 50 groups across Canada.

Over the past year we made several changes to enhance client

experience and convenience by making greater use of online

tools and services.

In May, RBC Insurance launched online discounts on some

of its home and auto insurance products. Through this

program, residents of Ontario and Quebec who visit

www.rbcinsurance.com for an online, no-obligation quote

for their home or auto insurance are eligible to receive a

discount. The online discount applies to private passenger

automobiles, homes, condominiums and tenant properties.

Once clients have completed their online quote, they will

receive a reference number as well as the RBC Insurance

toll-free number, which they can call to speak with a licensed

insurance advisor and finalize their coverage. RBC Insurance

also expanded its online quoting and underwriting

capabilities for home and auto insurance. In June, we added

several new features, including the ability for customers to

view their policy and billing status, change billing information,

view policy documents and access our policy wordings library.

Additional functionality is currently being developed and is

expected to be launched in early 2006.

The August flooding in the Greater Toronto Area gave

RBC Insurance an opportunity to truly demonstrate to

customers that we are “First For You.” More than 400 property

and auto claims were reported and inspected within days of

the flood event. In the vast majority of cases, claims adjusters

were on the scene of the loss within 24 hours of receiving a

call from our clients.

Going forward, we will continue to focus on opportunities

for revenue growth and improve our position in key markets

by leveraging distribution economics and processes to create

a superior insurance experience for customers and distributors.

Property andcasualty

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Travel insurance

RBC Insurance is the leading provider of travel insurance

in Canada and the 2005 Travel Agents’ Choice for favourite

travel insurance provider in Canada. Our travel insurance

business provides a wide range of products and services,

including trip cancellation, interruption and emergency

assistance services, to clients in Canada and the U.S. These

products are distributed through a network of travel agencies,

as well as over the Internet and in Canada, through bank

channels and insurance brokers.

Over the past year, we continued to grow our Canadian

business and develop our U.S. operation by enhancing

product and service options to better meet the needs of

travellers, launching new technology solutions and expanding

our distribution capabilities.

From a product perspective, we introduced enhancements

to our line of TravelCare® products, which improve the

coverage we can provide to senior and snowbird clients.

These changes, which took effect in August 2005, allow more

individuals to protect themselves with affordable travel

insurance. New features of our TravelCare line of products

include: an enhanced medical questionnaire that provides

more travellers with increased protection through less restrictive

exclusions and conditions; a special underwriting process for

clients with pre-existing conditions; and enhanced case

management allowing us to extend coverage to more clients.

We will also increase our bank branch focus on Travel

HealthProtector®, a comprehensive health insurance

offering, by delivering branch sales tools and actively

promoting our new online application to clients. We will

also be promoting and supporting the launch of new travel

solutions for bank business clients.

Building our U.S. market presence was also a focus for 2005.

Early in the year, we signed preferred supplier agreements

with TRAVELSAVERS®1 and Vacation.com®2. As part of our

commitment to ensuring agents have the knowledge and

information they need to make insurance a key revenue source,

member agencies enjoy numerous benefits, including enhanced

technology processes and superior training and support.

Going forward, educating consumers and distributors about

the value of travel insurance coverage for a range of situations

will continue to be a priority. We also plan to continue to

grow our travel insurance business by exploring additional

distribution channels, growing and retaining existing accounts,

acquiring new strategic business and building our market

share in the U.S.

RBC Insurance reinsures risks to other insurance and reinsurance

companies in order to provide greater diversification, limit loss

exposure to large risks and provide additional capacity for future

growth. Our reinsurance business includes life retrocession, as

well as property, title, credit and financial products reinsurance.

Life retrocession

RBC Insurance continues to grow its life retrocession business.

We participate in the quota-share reinsurance deals and

excess reinsurance pools of most major North American and

European reinsurers by accepting a portion of reinsurance

risk on life insurance policies.

In 2005, our life retrocession business experienced significant

premium income growth as a result of our participation in large

quota-share deals. In addition, we improved our infrastructure

to better manage our operations and monitor the business

we assumed from our customers. These enhancements resulted

in improved accuracy of the assumed business and more

accurate retention management.

Going forward, we plan to expand our business by being

more proactive at sourcing life retrocession opportunities in

the European market. We will also continue researching new

product lines and identifying new growth opportunities in

other international markets.

Property reinsurance

RBC Insurance has a diverse property reinsurance portfolio,

which is based on reinsured risks for property policies issued

by insurers around the world. Our portfolio covers losses arising

from events such as earthquakes, hurricanes and industrial

fires, and is generated through brokers and reinsurers in the

U.K., Bermuda, Europe and the U.S.

The past year of devastating hurricanes have had a significant

impact on the industry. Going forward, we plan to reduce

our overall exposures to a level within our reduced risk limits.

Credit and financial products reinsurance

Our credit and financial products business underwrites non-

traditional credit, surety, and financial-based risk, primarily

in the European credit markets.

In 2005, RBC Insurance developed a title reinsurance portfolio

based on reinsured risks for title insurance policies issued in

the U.S. and U.K.

We will continue to research new product lines based on

conveyancing from title to real estate and other property.

We will also enhance our risk analysis models and

infrastructure in order to identify, grow and develop

opportunities internationally.

Over the past year, we have also spent considerable time

reviewing some of the key risk parameters in our business.

On the infrastructure side, in 2005, we added two staff members

in Ireland to better serve our European clients. In addition,

we continued to enhance our risk analysis models and we

are developing major enhancements to our capital model

that will significantly reduce its run time.

Looking ahead, we plan to take on selective business that fits

within our credit limits and return on capital requirements.

Reinsurance

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Creditor

RBC Insurance supports the creditor insurance products and

services for individual and business clients of RBC Royal Bank.

This includes life and disability insurance for mortgages,

loans and Visa* cards.

In 2005, we strengthened our leadership position in this

market. Key initiatives included enhancing existing creditor

insurance products to meet the needs of our home equity

financing clients, and improving distribution processes

through the expansion of our call centre staff. In 2006, we

will focus on increasing creditor awareness and sales

penetration through the addition of new performance

measurements and reporting, the introduction of product

innovations and enhancements, and simplifying processes

that make it easier for both customers and sales forces.

Travel assistance services

RBC Insurance, through Assured Assistance Inc. (AAI), is one

of North America’s leading providers of emergency travel and

medical assistance services. AAI provides 24/7 multilingual

travel assistance, medical case management, cost containment

and access to contracted medical providers around the world

for more than three million travellers annually.

In 2005, we continued to expand our medical case management

team as well as worldwide medical and transportation

provider network. We also refined and redesigned advanced

quality tracking and client outcome measurement tools,

and expanded our expertise and resources in claims cost

containment focusing on our U.S. and Caribbean claims.

Going forward, we will continue to grow our worldwide

medical provider and travel resource network, as well as our

medical case management tools and resources. We also plan

to enhance our claims applications to achieve and exceed

our claims cost management objectives and to facilitate our

clients’ access to quality medical providers.

Fee and relatedactivities

RBC Insurance is involved in a number of key insurance and related activities

that generate fee income for the organization, including creditor and travel

assistance services.

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Royal Bank of Canada (TSX, NYSE: RY) uses the initials RBC

as a prefix for its businesses and operating subsidiaries, which

operate under the master brand name of RBC Financial Group.

We are Canada’s largest bank as measured by assets† and

market capitalization†, and one of North America’s leading

diversified financial services companies. We provide personal

and commercial banking, wealth management services,

insurance, corporate and investment banking and transaction

processing services on a global basis. Our corporate support

team enables business growth with expert professional

advice and state-of-the-art processes.

In Canada, we have strong market positions in all of our

businesses. In personal and business banking, we rank first

or second in most retail products. In wealth management,

we have the leading full-service brokerage operation (by

assets), the top mutual fund provider among Canadian banks

and the second-largest self-directed broker (by assets). We

are the largest Canadian bank-owned insurer, one of the top

10 Canadian life insurance producers, and a leader in travel

insurance, creditor products and individual disability insurance.

In corporate and investment banking, we continue to be the

top-ranked securities underwriter and the leading mergers and

acquisitions advisor. We also have by far the largest Canadian

custody operations (by assets under administration). Our

domestic delivery network includes 1,104 branches and

3,906 banking machines, 437 investment retirement planners,

1,063 financial planners, 371 insurance agents and 975

mortgage specialists. Currently, we have 3.5 million online

and 2.5 million telephone clients.

In the U.S., we provide personal and commercial banking,

insurance, full-service brokerage, and corporate and investment

banking services to about 1.5 million clients through

RBC Centura, RBC Builder Finance, RBC Insurance, RBC Liberty

Insurance, RBC Dain Rauscher and RBC Capital Markets.

Outside North America, we have a banking network in the

Caribbean and a presence in niche markets. In Europe, South

America and the Middle East, we provide private banking,

international estate planning and wealth management services

tailored for high-net-worth individuals, sophisticated investors,

and corporate and institutional clients. We also offer investment

banking, trading, capital markets, reinsurance, securities

custody and trade finance to corporate, institutional and

business clients.

In the Asia-Pacific region and Australia, we provide corporate

and investment banking, trade finance, correspondent banking,

treasury and securities custody services to corporate clients,

reinsurance to institutional and business clients, and private

banking services to individual clients.

† Measured as at October 31, 2005

RBC overview

We employ approximately 60,000 people who serve more than 14 million personal,

business and public sector clients through offices in North America and some

30 countries around the world.

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CANADA

CANADIAN HEAD OFFICE

6880 Financial Dr., Tower 1, Mississauga, ON L5N 7Y5T (905) 949-3663 F (905) 813-4853

RBC INSURANCE BRANCHES

1227 Barton St. E., Hamilton, ON L8H 2V4T (905) 548-5790 F (905) 548-5401

65 Princess St., Unit 2, Kingston, ON K7L 1A6T (613) 549-7300 F (613) 549-7655

1571 Sandhurst Circle, Scarborough, ON M1V 1V2T (416) 292-6466 F (416) 292-6490

3535, boul. St. Charles, Kirkland, QC H9H 5B9T (514) 630-1908 F (514) 630-5001

LIFE AND HEALTH OFFICES

10655 Southport Rd. S.W., Suite 600, Calgary, AB T2W 4Y1T (403) 271-3939 F (403) 271-2274

10117 Jasper Ave., Suite 610, Edmonton, AB T5J 1W8T (780) 423-0066 F (780) 428-1925

1055 W. Georgia St., Suite 900, Box 11126, Vancouver, BC V6E 3P3T (604) 689-1738 F (604) 683-3320

220 Portage Ave., Suite 1206, Winnipeg, MB R3C 0A1T (204) 985-9497 F (204) 944-8855

5161 George St., 12th Floor, Halifax, NS B3J 1M7T (902) 492-3444 F (902) 492-2171

1122 International Blvd., Burlington, ON L7R 4C1T (905) 319-9501 F (905) 319-89490

30 Duke St. W., 8th Floor, Kitchener, ON N2H 3W5T (519) 579-4770 F (519) 579-4787

380 Wellington St., Suite 205, London, ON N6A 5B5T (519) 679-9590 F (519) 945-4383

90 Sparks St., Mezzanine Level, Ottawa, ON K1P 5T6T (613) 564-2040 F (613) 564-2017

9 Antares Dr., Suite 233, Nepean, ON K2E 7VST (613) 224-8322 F (613) 224-1321

30 Adelaide St. E., Suite 600, Toronto, ON M5C 3G8T (416) 594-3700 F (416) 861-0897

245 Ouellette Ave., Windsor, ON N9A 7J2T (519) 945-0189 F (519) 945-4383

1100, boul. René-Lévesque O., bur 710, Montreal, QC H3B 4N4 T (514) 954-1205 F (514) 954-1206

1000, route de L’Église, bur 690, Ste-Foy, QC G1V 3V9 T (418) 623-7285 F (418) 623-9608

135-21 St. E., Ste 201, Saskatoon, SK S7K 0B4 T (306) 933-3222 F (306) 665-1106

CAREER SALES OFFICES

10303 Jasper Ave., Suite 2050, Edmonton, AB T5J 3N6T (780) 944-8774 F (780) 944-8795

10655 Southport Rd. S.W., Suite 600, Calgary, AB T2W 4Y1T (403) 271-4422 F (403) 278-3774

3960 Quadra St., Suite 507, Victoria, BC V8X 4A3T (250) 953-2300 F (250) 881-7497

2985 Virtual Way, Suite 301, Vancouver, BC V5M 4X7T (604) 718-4300 F (604) 718-4375

20434 64th Ave., Langley, BC V2Y 1N4T (604) 532-2650 F (604) 532-2656

220 Portage Ave., Suite 1305, Winnipeg, MB R3C 0A5T (204) 953-0500 F (204) 947-2733

525 Main St., Moncton, NB E1C 1C4T (506) 857-8025 F (506) 853-7939

6880 Financial Dr., Tower 1, 2nd Floor, Mississauga, ON L5N 7Y5T (905) 858-8890 F (905) 858-5860

3027 Harvester Rd., Suite 502, Burlington, ON L7N 3G7T (905) 631-7550 F (905) 631-8705

3300 Highway #7, Suite 320, Concord, ON L4K 4M3T (905) 760-8060 F (905) 760-7701

2075 Kennedy Rd., Suite 600, Scarborough, ON M1T 3V3T (416) 289-5661 F (416) 289-4177

383 Richmond St., Suite 801, London, ON N6A 3C4T (519) 645-6840 F (519) 642-1421

111 Grangeway Ave., Suite 400, Scarborough, ON M1H 3E9T (416) 289-8779 F (416) 289-7120

40 Hines Rd., Suite 400, Kanata, ON K2K 2M5T (613) 592-8007 F (613) 592-8077

9900 Cavendish Blvd., Suite 310, St. Laurent, QC H4M 1E3T (514) 856-8666 F (514) 856-8699

3100 Le Carrefour Blvd., Suite 115, Laval, QC H7T 2K7T (450) 686-4299 F (450) 686-4644

1260 Lebourgneuf Blvd., Suite 200, Quebec City, QC G2K 2G2T (418) 654-1222 F (418) 654-2036

2010 11th Ave., Suite 500, Regina, SK S4P 0J3T (306) 569-7666 F (306) 569-7733

HOME AND AUTO OFFICES

10303 Jasper Ave., Suite 2050, Edmonton, AB T5J 3N6T (866) 715-3757 F (866) 804-2228

10655 Southport Rd. S.W., Suite 600, Calgary, AB T2W 4Y1T (866) 715-3757 F (866) 804-2228

111 Grangeway Ave., Suite 406, Scarborough, ON M1H 3E9T (888) 269-2515 F (905) 813-4791

1 Place Ville Marie, Suite 1300, East Wing, Montreal, QC H3C 2S1T (800) 769-2526 F (514) 384-5088

TRAVEL OFFICES

10655 Southport Rd., S.W., Suite 600, Calgary, AB T2W 4Y1T (403) 271-0504 F (403) 271-8168

2985 Virtual Way, Suite 300, Vancouver, BC V5M 4X7T (604) 718-6700 F (604) 718-6752

1 Place Ville Marie, 13th Floor, South Wing, Montreal, QC H3C 3A9T (514) 748-1457 F (514) 748-2588

UNITED STATES

U.S. HEAD OFFICE

2000 Wade Hampton Blvd., P.O. Box 1389, Greenville, SC 29602T (864) 609-3600 F (864) 609-4100

LIFE AND HEALTH OFFICES

2 Pershing Square, 2300 Main St., Suite 450, Kansas City, MO 64108T (816) 218-6500 F (816) 218-6611

AGENCY SALES OFFICES

Baton Rouge

10755 Linkwood Ct., Baton Rouge, LA 70810T (225) 766-1116 F (225) 766-1154

Charleston

885 Island Park Dr., Suite 102, Charleston, SC 29492T (843) 856-2257 F (843) 856-3589

Charlotte

13860 Ballantyne Corporate Place, Suite 175, Charlotte, NC 28277T (704) 540-2663 F (704) 540-2824

Columbia

4406 — A Forest Dr., Suite 3, Columbia, SC 29206T (803) 743-0071 F (803) 743-0880

Florence

1557 West Palmetto St., Florence, SC 29501T (843) 662-3632 F (843) 665-7633

Greensboro

4035 Premier Dr., Suite 110, High Point, NC 27265T (336) 882-6080 F (336) 882-6099

Greenville

620 Congaree Rd., Suite D, Greenville, SC 29607T (864) 281-0684 F (864) 281-0539

Lake Charles

1415 West Prien Lake Rd., Lake Charles, LA 70601T (337) 474-0488 F (337) 474-7504

Lexington

1510 Newtown Pike, Suite 152, Lexington, KY 40511

T (859) 255-7959 F (859) 253-3124

Myrtle Beach

2024 Corporate Centre Dr., Suite 303, Myrtle Beach, SC 29577

T (843) 626-6252 F (843) 626-6274

Raleigh

Highwoods Tower One, 3200 Beechleaf Ct., Suite 210, Raleigh, NC 27604

T (919) 878-0440 F (919) 878-0442

Spartanburg

Oak Forest Shopping Center, 2401 Reidville Rd., Suite 7

Spartanburg, SC 29301

T (864) 587-6570 F (864) 587-6575

TRAVEL OFFICES

2000 Wade Hampton Blvd., Greenville, SC 29615

T (864) 609-3030 F (864) 609-3737

INTERNATIONAL

REINSURANCE OFFICES

1st Floor, Suite 5, The Mall, Beacon Court, Sandyford

Dublin 18, Ireland

T (353) 1-293-7120 F (353) 1-293-7130

Chelston Park, 1st Floor, Building #1, Collymore Rock

P.O. Box 1335

St. Michael, Barbados, West Indies

T (246) 228-7544 F (246) 228-7553

RBC Insurance locations Directors

PETER R.P. EVELYN > Attorney-at-LawPeter Evelyn & Co., Bridgetown, BarbadosRoyal Bank of Canada Insurance Company Ltd.

JOHN LARKIN > PartnerWilliam Fry, Solicitors, Dublin, IrelandRBC Reinsurance (Ireland) Limited

PETER B. PATTERSON > Business DirectorWycliffe College, Toronto, OntarioRBC Life Insurance CompanyRBC Travel Insurance CompanyRBC General Insurance Company

JOHN E. PELLER > President & CEOAndrés Wines Ltd., Winona, OntarioRBC Life Insurance CompanyRBC Travel Insurance CompanyRBC General Insurance Company

WILLIAM M. TOMLIN > President/DirectorCGM Insurance Brokers, Bridgetown, BarbadosRoyal Bank of Canada Insurance Company Ltd.

JOHN F. T. WARREN > Regional Managing Partner Borden Ladner Gervais, LLP, Toronto, OntarioRBC Life Insurance CompanyRBC Travel Insurance CompanyRBC General Insurance Company

CHARLES D. WHELLY, Q.C. > Barrister and SolicitorPatterson Palmer, Saint John, New BrunswickRBC Life Insurance CompanyRBC Travel Insurance CompanyRBC General Insurance Company

This list does not include RBC Financial Group officers who sit on any of our boards of directors.

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®1 Registered trademark of American Marketing Group, Inc.®2 Registered trademark of Vacation.com, Inc.TM1 Trademark of The Edge Benefits Inc.TM2 Trademark of Wealth 2K, Inc. and Philip G. Lubinski, LLC.

All used by permission.

* Registered trademark of Visa International Service Association. Used under license.

82040 (04/2006)

www.rbcinsurance.com

For more information, contact RBC Insurance toll-free at 1-888-526-2056.

RBC INSURANCE

6880 FINANCIAL DRIVE, TOWER 1

MISSISSAUGA, ONTARIO

L5N 7Y5

CANADA

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