Message from the Chair of the Pension Plan Management Committee

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1 RBC CANADIAN RETIREMENT PROGRAM Message from the Chair of the Pension Plan Management Committee RBC is committed to supporting you in planning and saving for the future, and the RBC Retirement & Savings Programs include a number of features for building savings that support you through different phases of life. The Pension Plan Management Committee (PPMC) helps protect the interests of RBC pension plan members by ensuring that the pension plans have a strong governance and compliance structure in place. Performance of the Defined Benefit (DB) Plan The funded status of the DB plan in Canada remained sound during 2014 despite a decrease in the discount rate used to determine the plan s obligations. On a solvency basis 1, our largest plan in Canada, the Royal Bank Pension Plan was 94% funded as at January 1, On a going-concern basis 2, the Royal Bank Pension Plan was 117% funded as at January 1, The PPMC monitors the assets of the DB plan, ensuring an appropriate level of risk is taken in light of the long-term nature of the plan s obligations while looking for compelling longterm investment returns and opportunities. The performance of the DB plan assets was strong in The plans earned an overall return of 11.4% for the year, versus our benchmark return of 10.8%. Features of the Defined Contribution (DC) Plan The DC plan includes many features designed to support plan members with their retirement savings objectives including both automatic and matching contributions from RBC. In addition, RBC aims to provide a set of investment choices under the DC plan that enable plan members to construct and maintain a well-diversified investment portfolio in addition to providing target date fund options for those who prefer a more hands-off investment solution. Diversification is a technique that reduces risk by allocating investments among a variety of financial instruments, industry or geographic sectors and types of assets. By holding a mix of investments, your portfolio may be cushioned against sudden market swings. 1 The solvency funded status is a measure that is required by pension regulators. It determines the funded status of the DB plan under a hypothetical scenario where the plan is terminated immediately and all benefits are paid to members. Assumptions used to determine the funded status are prescribed by legislation. 2 The going concern funded status is another measure which is used to determine the plan s obligation assuming that both the Royal Bank Pension Plan and RBC continue indefinitely into the future. September

2 Message from the Chair of the Pension Plan Management Committee Invest in Yourself I encourage you to Invest in Yourself by taking an active role in managing your savings strategy. Whether you are beginning your career, building wealth or approaching retirement, the Invest in Yourself website exclusively for RBC employees is tailored to your life stage and will help simplify the financial planning process and provide you with access to trusted resources and advice. Some of the resources available are: Advice Events, exclusively for RBC employees: Hear from experts, get insight, tips and information on various financial topics and see how RBC s Retirement & Savings Programs can be an important component of your financial plan. RBC Financial E-Learning Modules: Enhance your financial knowledge and learn about managing debt, insurance needs, and key features of RBC s Retirement & Savings Programs, including how to enrol. Retirement and Savings Calculator: See the impact contributing to RBC s Retirement & Savings Programs can have on your long-term financial and savings goals. Sincerely, Neil Skelding Chair, PPMC For More Information If you have any questions about the Retirement & Savings Programs, please contact the Human Resources Service Centre at If you have any questions regarding the DC or Savings Program, you can also contact Sun Life at To help you with your overall savings strategy and to understand how RBC s Retirement & Savings Programs fit within your strategy, discuss your personal situation with a qualified financial advisor of your choosing. Most Canadian financial institutions have qualified financial advisors. Our financial planning services include qualified financial advisors working in our bank branch network and within RBC Dominion Securities. To figure out who you should be working with, try our Who Should I Work With tool or call Please note that you are under no obligation to use an RBC financial advisor. September

3 Defined Benefit Pension Plan Assets Defined Benefit Pension Plan Asset Mix (Dec 31, 2014) The asset mix policy reflects the plan s long-term investment strategy. As at December 31, 2014, the actual asset mix was within the allowable range of its policy. Alternative Investments 21.6% Cash 0.1% Equity 39.1% Fixed Income 39.2% Investment Policy vs. Actual Asset Mix Asset Class Policy Allowable Range Actual Equity 25% to 55% 39.1% Fixed Income 25% to 55% 39.2% Alternative Investments 6% to 25% 21.6% Cash 0% to 5% 0.1% Royal Bank Pension Plan Annual Performance Our active management strategy continues to be effective, achieving results above our benchmark in four of the past five calendar years. In 2014, the DB pension plan assets earned an annual return of 11.4%, outperforming our benchmark return of 10.8% Actual Return 6 Benchmark Return September

4 Canadian Pension Plan Assets Statement of Changes in Net Assets Available for Benefits year ended December (in thousands of dollars) $ $ Defined Contribution Fund Net assets beginning of year 593, ,006 Increase (decrease) in net assets Contributions by the Employer 42,628 35,373 Contributions by Members 35,274 30,147 Transfer from DB Provision 0 0 Transfer from other plans 0 0 Investment income (loss) 72,992 79,042 Forfeitures 0 0 Withdrawals (30,561) (24,136) Net assets at the end of year 713, ,432 Defined Benefit Fund Net assets available for benefits at beginning of year 9,509,457 8,576,806 Increase (decrease) in assets Investment income (loss) Interest Income 134, ,763 Dividend Income 85,864 79,235 Income (loss) on derivatives (895) (6,366) Other investment income 1, Change in market value of investments 849, ,126 Transaction costs (2,985) (2,911) 1,067,187 1,005,619 Contributions Contributions by the Employer 201, ,396 Contributions by members 51,360 51,687 Transfers from other plans , ,002 1,319,671 1,340,621 Benefits and expenses Pension benefits (341,465) (322,688) Termination benefits (50,754) (51,860) Transfer to DC Provision 0 0 Transfer of Assets to Other Plans 0 (919) Settlement Payment 0 0 Management and other professional fees (33,786) (32,503) (426,005) (407,970) Net increase (decrease) in assets 893, ,651 Net assets available for benefits at end of year 10,403,123 9,509,457 Management and Professional Fees (in thousands of dollars) $ $ Investment Management Fees 22,462 20,569 Professional Fees 2,578 4,925 Trustee Fees 2,808 2,625 Administration Fees 5,502 3,413 Other Total 33,785 32,503 Defined Contribution Investments year ended December 31, 2014 Fair Value % of DC Assets (in thousands of dollars) $ % PH&N Money Market Fund 44, PH&N Total Return Bond Fund 14, Blackrock Canadian Bond Index Fund 33, Blackrock Balanced Index Fund 58, RBC Balanced Fund 86, Blackrock Cdn Equity Index Fund 62, RBC Canadian Equity Fund 110, Blackrock US Equity Index Fund 108, Blackrock International Equity Index Fund 43, Capital Global Equity Fund 65, Capital Emerging Markets Fund 2, PH&N Life time 2015 Fund 2, PH&N Life time 2020 Fund 5, PH&N Life time 2025 Fund 9, PH&N Life time 2030 Fund 11, PH&N Life time 2035 Fund 13, PH&N Life time 2040 Fund 14, PH&N Life time 2045 Fund 28, Total investments 713, Defined Benefit Investments Counterparty Distribution: Debt Investments (in thousands of dollars) (% of category) (% of category) Corporate and other Government of Canada Provinces and municipalities Geographical Distribution: Equity Investments Canada United States Europe (excluding UK) Emerging Markets United Kingdom Japan Asia (excluding Japan) Sectoral Distribution: Equity Investments Financial Services Energy Information Technology Consumer Discretionary Materials Industrial Health Care Consumer Staples Telecommunications Utilities

5 Pension Plan Management Committee Membership Neil Skelding Chair since 2012 is President & CEO of RBC Insurance. Neil has global responsibility for RBC s insurance business which includes a wide range of travel, life, health, home, auto, wealth and reinsurance products and solutions, as well as creditor and business insurance services, for individuals, businesses and groups. Neil joined RBC Insurance in January 2003 and was appointed to his current position in September As Chair of RBC s Pension Plan Management Committee, Neil is responsible for leading a cross-functional team that oversees RBC s primary pension plans globally. Neil earned an engineering degree from Ryerson University and an MBA from McMaster University with a major in finance. Rod Bolger PPMC member since 2013 is EVP Finance & Controller for RBC and is responsible for Head Office Finance including all external, board and management reporting, accounting policy, performance management and finance operational risk. In addition, Rod has overall senior leadership responsibility for Wealth Management Finance, Insurance Finance and Investor & Treasury Services Finance. Rod has an MBA from Columbia University. He has a Bachelor of Science and a Bachelor of Arts (Hons) with a major in accounting from Georgetown University. He is also an inactive Certified Public Accountant in the State of New Jersey. Zabeen Hirji PPMC member since 2006 is RBC s Chief Human Resources Officer (CHRO) with global responsibility for Human Resources as well as Brand, Communications and Corporate Citizenship. She is also a member of RBC s Group Executive Committee. In her role as CHRO, Zabeen is responsible for ensuring RBC attracts, retains and engages the people needed to achieve business strategies. Zabeen joined RBC in 1977, holding progressively senior roles in Retail Banking, Operations, Credit Cards and Human Resources. She was appointed CHRO in Zabeen has an MBA from Simon Fraser University. Carol McNamara Secretary since 2015 is Senior Vice President, Compensation & Benefits for RBC. Carol has overall responsibility for compensation and benefit program design and governance ensuring that programs are aligned to RBC s Compensation Principles globally. Carol has over 25 years experience with RBC and has held numerous positions in the General Counsel Group, including Vice President, Associate General Counsel and Secretary of RBC. Carol received her Bachelor of Arts in political science from the University of Toronto and her LLB from Queen s University. continued... September

6 Pension Plan Management Committee continued... James Salem PPMC member since 2009 is EVP and Treasurer of Royal Bank of Canada, and is responsible for the enterprise s capital, funding and liquidity management, as well as for asset liability management of the bank. Under Mr. Salem s leadership, RBC s Corporate Treasury executes term funding and capital transactions to optimize the bank s debt and equity structure, in addition to transactions carried out for managing discretionary fixed income portfolios and executing the bank s asset liability management strategies. He has also chaired the Pension Plan Investment Sub-Committee since James has been with RBC since He is a Chartered Financial Analyst and is a Certified Risk Professional charter member. Martin Thibodeau PPMC member since 2015 is President, Quebec headquarters of RBC Royal Bank and is responsible for carrying out RBC Royal Bank s strategic objectives and for managing business priorities in Quebec. He also oversees the implementation of policies and programs that promote the interests of RBC clients, employees and shareholders. Martin joined RBC in 1989 and has worked primarily in Commercial Financial Services. In recent years, he held a number of senior management positions in various regions of Canada as well as at the National Office. He was appointed to his current position in Martin has an MBA from ESG-UQAM and holds the Fellow, Institute of Canadian Bankers designation. Damon Williams PPMC member since 2013 is Co-CEO of RBC Global Asset Management (RBC GAM) and CEO of Phillips, Hager & North. He is also the CEO of RBC GAM in Canada and sits on that firm s Board of Directors. Damon joined Phillips, Hager & North Investment Management (PH&N IM) in 2005 as an institutional portfolio manager specialized in fixed income and became part of RBC GAM when the firm was acquired by Royal Bank of Canada in Damon served as head of the institutional business globally and as President of PH&N IM, the institutional asset management business in Canada, until becoming CEO of the global and Canadian businesses in Damon is a Fellow of the Canadian Institute of Actuaries, a Fellow of the Society of Actuaries and a CFA charter holder. September

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