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ROYAL BANK OF CANADA

ANNUAL
INFORMATION
FORM

December 4, 2013

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

From time to time, we make written or oral forward-looking statements within the
meaning of certain securities laws, including the "safe harbour" provisions of
the United States Private Securities Litigation Reform Act of 1995 and any
applicable Canadian securities legislation. We may make forward-looking
statements in this Annual Information Form and in the documents incorporated by
reference herein, in other filings with Canadian regulators or the United States
(U.S.) Securities and Exchange Commission (SEC), in reports to shareholders and
in other communications. Forward-looking statements in this document and in the
documents incorporated by reference herein include, but are not limited to,
statements relating to our financial performance objectives, vision and
strategic goals, the economic and market review and outlook for Canadian, U.S.,
European and global economies, the regulatory environment in which we operate,
the outlook and priorities for each of our business segments, and the risk
environment including our liquidity and funding management as set out in the
2013 Management's Discussion and Analysis. The forward-looking information
contained in this Annual Information Form and in the documents incorporated by
reference is presented for the purpose of assisting the holders of our
securities and financial analysts in understanding our financial position and
results of operations as at and for the periods ended on the dates presented,
our financial performance objectives, vision and strategic goals, and may not be
appropriate for other purposes. Forward-looking statements are typically
identified by words such as "believe", "expect", "foresee", "forecast",
"anticipate", "intend", "estimate", "goal", "plan" and "project" and similar
expressions of future or conditional verbs such as "will", "may", "should",
"could" or "would".

By their very nature, forward-looking statements require us to make assumptions
and are subject to inherent risks and uncertainties, which give rise to the
possibility that our predictions, forecasts, projections, expectations or
conclusions will not prove to be accurate, that our assumptions may not be
correct and that our financial performance objectives, vision and strategic
goals will not be achieved. We caution readers not to place undue reliance on
these statements as a number of risk factors could cause our actual results to
differ materially from the expectations expressed in such forward-looking
statements. These factors - many of which are beyond our control and the effects
of which can be difficult to predict - include: credit, market, liquidity and
funding, insurance, regulatory compliance, operational, strategic, reputation
and competitive risks and other risks discussed in the Risk management and
Overview of other risks sections of our 2013 Management's Discussion and
Analysis; the impact of regulatory reforms, including relating to the Basel
Committee on Banking Supervision's (BCBS) global standards for capital and
liquidity reform, the Dodd-Frank Wall Street Reform and Consumer Protection Act
(Dodd-Frank) and the regulations issued and to be issued thereunder, over-the
-counter derivatives reform, the payments system in Canada, the U.S. Foreign
Account Tax Compliance Act (FATCA), and regulatory reforms in the United Kingdom
(U.K.) and Europe; the high levels of Canadian household debt; cybersecurity;
the business and economic conditions in Canada, the U.S. and certain other
countries in which we operate; the effects of changes in government fiscal,
monetary and other policies; our ability to attract and retain employees; the
accuracy and completeness of information concerning our clients and
counterparties; the development and integration of our distribution networks;
model, information technology and social media risk; and the impact of
environmental issues.

We caution that the foregoing list of risk factors is not exhaustive and other
factors could also adversely affect our results. When relying on our forward
-looking statements to make decisions with respect to us, investors and others
should carefully consider the foregoing factors and other uncertainties and
potential events. Material economic assumptions underlying the forward-looking
statements contained in this Annual Information Form are set out in our 2013
Management's Discussion and Analysis under the heading Overview and outlook and
for each business segment under the heading Outlook and priorities. Except as
required by law, we do not undertake to update any forward-looking statement,
whether written or oral, that may be made from time to time by us or on our
behalf.

Additional information about these and other factors can be found in the Risk
management and Overview of other risks sections of our 2013 Management's
Discussion and Analysis.