RBC Maintained Outperform at Scotia Capital

Scotia Capital, 6 March 2006Strong First Quarter Earnings - Better than Expected� Royal Bank reported Q1/06 cash operating earnings of $1.76 per share, an increase of 16% from $1.52 per share a year earlier, ahead of expectations. Cash operating ROE was 23.6% with RRWA of 2.27%.� Reported cash EPS was $1.80 which included a number of other items that are highlighted in Exhibit 2.� First quarter