RBC GLOBAL ASSET MANAGEMENT ADDS INDUSTRY EXPERTISE TO BUILD ON GROWTH STRATEGY IN U.S. MARKET

MINNEAPOLIS, JUNE 11, 2012 — RBC Global Asset Management (U.S.) Inc. announced the addition of Gerry Cosgrove and Mike Refojo to further drive the expansion of the firm’s distribution strategy.

“I am very pleased to have Gerry and Mike on our team, as both bring considerable experience and expertise in their respective channels to our distribution platform,” said Matthew Appelstein, Head of U.S. Distribution. “With Gerry and Mike in place, and additional new hires to come on board, we see this as a pivotal time to build on our capabilities and deliver investment service excellence to institutional investors across the U.S. This announcement highlights the strength of our commitment and disciplined growth strategy in our home market. We believe we are poised to broaden and deepen our reach in this marketplace.”

Gerry Cosgrove, CFA, is responsible for structuring and resourcing the overall U.S. consultant relations effort. He brings more than 10 years of industry experience in the consultant channel, most recently leading the consultant relations effort at Two Sigma Investments and in previous senior consultant relations roles at Neuberger Berman and T. Rowe Price. Gerry has marketed a range of traditional and alternative investment strategies to national and global consultants. His background also includes investment manager evaluation and selection at Wilshire Associates.

Mike Refojo is responsible for structuring and resourcing the U.S. institutional sales team to implement a coordinated effort aimed at increasing the firm’s presence across the institutional channels in the U.S., namely for public funds, corporations, endowments and foundations. Mike brings more than 20 years of industry experience, most recently as U.S. head of business development for Fauchier Partners, a London-based fund-of-hedge fund investment firm. Previously, he worked in senior sales management roles at Fidelity Investments, Russell Investments and State Street Research & Management.

Matthew Appelstein joined RBC Global Asset Management (U.S.) Inc. in 2011 to expand the firm’s distribution capabilities in the institutional, sub-advisory, consultant and high-net-worth channels across the United States.

ABOUT RBC GLOBAL ASSET MANAGEMENT AND ROYAL BANK OF CANADA RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC), and includes institutional money managers BlueBay Asset Management, Phillips, Hager & North Investment Management and RBC Global Asset Management (U.S.). RBC GAM is a provider of global investment management services and solutions to individual, high-net-worth and institutional investors through exchange-traded funds, hedge funds, mutual funds, pooled funds, separate accounts and specialty investment strategies. As of April 30, 2012, RBC GAM group of companies managed more than C$250 billion in assets and have approximately 1,000 employees located across Canada, the United States, Europe and Asia.

Royal Bank of Canada (RY on NYSE and TSX) and its subsidiaries operate under the master brand name RBC. RBC is Canada’s largest bank as measured by assets and market capitalization, and is among the largest banks in the world, based on market capitalization. RBC is one of North America’s leading diversified financial services companies, and provides personal and commercial banking, wealth management services, insurance, corporate and investment banking and transaction processing services on a global basis. RBC was named the Safest Bank in North America by Global Finance magazine in 2012 and rated AA by DBRS and Fitch as well as AA- by Standard & Poor’s. RBC employs approximately 74,000 full- and part-time employees who serve more than 15 million personal, corporate, public sector and institutional clients through offices in Canada, the U.S. and 51 other countries.