RBTT FINANCIALHOLDINGS LIMITED- Six Months Ended September 30, 2007

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1 JSE COMPANY SPOTLIGHT RBTT FINANCIAL HOLDINGS LIMITED (RBTT) RBTT enters into a sale agreement with Royal Bank of Canada Financial Performance for the Six Months Ended September 30, 2007 RBTT FINANCIALHOLDINGS LIMITED- Six Months Ended September 30, 2007 RBTT Financial Holdings Stock Highlights as at September 2007 Recommendation HOLD Fiscal Year End March Current Stock Price 31/10/07 (JSE) $ Last 4 Qtrs EPS (USD) $0.44 Current PE (31/10/07) Return on Equity 19.20% Book value per share (USD) 2.22 Over the past few weeks, RBTT Financial Holdings ended the speculations about a possible takeover of the company, with an official announcement that the Bank has entered into an agreement to sell its entire shareholding to the largest retail Bank in Canada - Royal Bank of Canada, at an acquisition price of approximately USD 2.2 Billion. Six Months Review for FY 2008: Note that the quoted currency is United States Dollars For the half year ended September 30, 2007, RBTT Financial Holdings Net Earnings declined marginally to $73.39Mn from $73.95Mn in the same period in the prior year. Net Interest Income increased by 14% to $160.93Mn 6Mos 08 up from $140.87Mn 6Mos 07, which was driven largely by the improvement in interest margins. Meanwhile, Other Income fell to $86.17Mn 6Mos 08 down from $91.11Mn 6Mos 07. The Bank recorded a 10% increase in Operating Expenses, which rose to $152.50Mn 6Mos 08 up from $139.26Mn 6Mos 07. This contributed to the deterioration of the Bank s cost-to-income ratio, which worsened to 61.70% 6Mos 08 from 60.00% 6Mos 07, and is now below the international benchmark. Therefore, it is imperative that the RBTT implements tight expense management initiatives, as it seeks to increase revenues. Profit from Operations increased by 4% to $94.99Mn 6Mos 08 up from $91.33Mn 6Mos 07. This resulted primarily from growth recorded in the Eastern Caribbean, Barbados & Suriname and Jamaica, which increased by 29%($3.43Mn) and 36% ($2.30Mn) respectively. While, the profit from operations for Trinidad & Tobago and the Dutch Caribbean declined by 2%($1.30Mn) and 5%($0.77Mn) respectively.

2 RBTT FINANCIAL HO LDINGS LIMITED O PERATING PRO FIT COMPO SITIO N 9.22% 15.90% 16.02% 58.86% Trinidad & Tobago Eastern Caribbean, Barbados & Suriname Dutch Caribbean Share of Profits from Associated Companies and Joint Venture amounted to $1.05Mn 6Mos 08 compared $1.55Mn 6Mos 07. Pre-tax Profit increased by 3% from $92.88Mn 6Mos 07 to $96.04Mn 3Mos 08. However, Earnings per share edged lower to cents 6Mos 08 from cents 6Mos 07, as Taxation paid grew 15%($2.80Mn) during the same period. RBTT Financial Holdings has maintained its strategy of concentrating primarily on core banking in order to achieve future growth in profits. Over the past few years, RBTT has embarked on a number of initiatives geared towards improving the overall efficiency in its operations and growth in profits. The Bank invested approximately US$60Mn for the implementation of new systems and technology, in order to facilitate a full integrated approach to its business lines, and thus, creating a standardized operating platform across all jurisdictions within the Group. One of the ultimate objectives of this new technology is geared towards the overall improvement of service provided to customers. Total Assets grew by 13% to $7.90Bn 6Mos 08 up from $7.0Bn 6Mos 07. Loans and Advances to Customers increased by 13% to $3.80Bn 6Mos 08 up from $3.36Bn 6Mos 07. Cash on hand and due from banks increased by 22% to $893.86Mn 6Mos 08 up from $734.82Mn 6Mos 07. However, balances with central banks declined by 12% to $372.69Mn 6Mos 08 from $421.24Mn 6Mos 07. The Trust & Asset Management division continues to experience challenges due to the depressed equity market conditions in both Jamaica and Trinidad. However, the Bank continues to seek to increase its innovativeness by offering new products in the various geographies where it currently operates. Total Liabilities increased by 13% to $7.13Bn 6Mos 08 up from $6.30Bn 6Mos 07. This resulted primarily from a rise in customers deposits and other interest bearing liabilities of ($546Mn) to $6.47Bn 6Mos 08 up from $5.92Bn 6Mos 07.

3 Shareholders Equity increased by 11% to $764.19Mn 6Mos 08 up from $687.69Mn 6Mos 07. This resulted largely from an increase in Retained Earnings, which grew by 11%($50Mn) during the period. RBTT Financial Holdings is one of the leading banks in Trinidad & Tobago with a market share of 27%, and is also the third largest commercial bank in Jamaica with a market share of approximately 14%. The Bank is positioning itself to continue its strategy of regional diversification and expansion. The overall strength of the Trinidadian economy augurs well for RBTT s future growth and profitability. RBTT also remains committed in its efforts of maintaining its image of being a multi-service regional financial institution. As a result, RBTT has been seeking to take advantage of growth opportunities in the region, as it diversifies its income stream by entering into other markets. In the past, RBTT incurred significant losses associated with devastation wrought by hurricanes in some of the jurisdictions where it has operations. Therefore, it is imperative that the Bank manages its exposure to risk in highly susceptible windstorm territories. The challenging operating environment particularly in relation to the bearish equity markets in both Jamaica and Trinidad continue to impede strong growth in the Bank s profits. Further, the Jamaican Market continues to be characterized by fierce competition coupled with waning profit margins. Therefore, Banks have to ensure that they maintain a high level of efficiency and innovativeness to spur growth in net earnings. The Offer Highlights The agreement stipulates that RBTT shareholders will receive a consideration of TT$40 (US$6.33, J$443.10) per share, subdivided in a cash portion of 60% and the remaining 40% being ordinary shares in RBC. The transaction essentially represents a premium of 18% above the closing price of RBTT shares on September 28, 2007, and a premium 27% on the average share price of TT$31.44 over the last 12 months. Notably, the number of RBC ordinary shares issued to shareholders of RBTT is subject to a collar mechanism, which will be used to determine the share exchange ratio of RBC to RBTT shares. This transaction is expected to be closed by mid However, the offer is subject to conditions, including the approval by regulators and RBTT shareholders. If this deal is successful, the combined entity will become the fourth largest bank in the Caribbean with assets in excess of USD13.60 Billion, and an estimated 130 branches in 18 countries across the Caribbean. The Price Trend Graph below shows a relative stability in RBTT s share price during 2005, however, there was a downtrend in the shares for 2006 driven largely by the bearish equity market coupled with the marginal growth in earnings. Subsequently, there was a sharp and brief downward trend in the shares. However, recent weeks there has been an uptick in the price, which is largely attributable to the announcement that the company has entered into a sale agreement with Royal Bank of Canada. The current PE ratio is 13X which is below the overall market average of 16X. The projected EPS for the fiscal year 2008 is TT$2.92. The shares of RBTT are expected to fluctuate moderately in the coming months as the outlook of the Bank in relation to future growth and expansion remains somewhat uncertain, and is largely dependent on the outcome of the bid for take-over by Royal Bank of Canada. As a result, RBTT Financial Holdings is recommended as a HOLD at this time.

4 RBTT FINANCIAL HOLDINGS FINANCIAL SUMMARY (TT$'000) Year Ended March 31 Six Months September 30 % Change USD'000 USD'000 TT$'000 Income Statement Interest Income 2,249 2,485 2,639 3,124 3,374 3,813 Interest Expense (1,006) (1,021) (1,022) (1,326) (1,527) (1,771) Net Interest Income 1,243 1,464 1,617 1,798 1, % 2,042 Other Income 793 1,055 1,161 1,238 1, % 1,229 Net Revenue 2,036 2,519 2,778 3,036 3, % 3,271 Operating Expenses 1,214 1,422 1,675 1,760 1,842 (153) (139) 9.51% Operating Profit ,042 1,119 1, % 1,227 Profit before Taxation ,109 1,137 1, % 1,240 Profit attributable to shareholders % 1,004 Balance Sheet Total Assets 29,331 33,404 37,341 40,727 47,087 7,899 6, % Total Liabilities 26,726 30,250 33,022 36,617 42,554 7,128 6, % Shareholders Equity 2,565 3,107 4,075 4,267 4, % 12 Month Projection to March 2008 Per Share Data Earnings per share $1.69 $2.36 $2.67 $2.69 $2.76 $0.21 $0.22 $2.92 Share Price $ $ $ $ $ $5.00 $4.57 P/E Ratio Book Value Per Share Price to Book Ratio Key Ratios Net Profit Margin 28.30% 31.89% 32.94% 30.40% 31.02% 29.70% 31.88% 30.68% Return on Equity 22.47% 25.85% 22.46% 21.63% 21.10% 19.20% 21.50% Return on Assets 1.96% 2.40% 2.45% 2.27% 2.01% 1.86% 2.12%

5 RBTT FINANCIAL HOLDINGS REVENUE RBTT FINANCIAL HOLDINGS LIMITED NET PROFIT (TT$'Millions) (TT$'000) $ RBTT FINANCIAL HOLDINGS LIMITED Last Sale vs Volume Traded (JSE) January October $ $ $ $ $ Thousands $ /01/ /03/ /04/ /06/ /07/ /10/ /12/ /02/ /04/ /06/ /09/ /11/ /01/ /10/2007 Px Volume Px Last