News Release

RBC Global Asset Management Inc. Announces Changes to RBC Private Pools

TORONTO, January 24, 2012 — RBC Global Asset Management Inc. (RBC GAM) today announced changes to the RBC Private U.S. Growth Equity Pool and the RBC Private Canadian Growth and Income Equity Pool.

Details of the changes are as follows:

RBC Private U.S. Growth Equity Pool

Effective today, RBC GAM has initiated a search to identify a replacement sub-advisor for the RBC Private U.S. Growth Equity Pool. Aletheia Research and Management Inc. will continue its role as sub-advisor for the Pool until another sub-advisor is identified. RBC GAM will continue to provide investment management oversight for the Pool and manage the transition to ensure consistency for the unitholders.

RBC Private Canadian Growth and Income Equity Pool

Effective February 27, 2012, the RBC Private Canadian Growth and Income Equity Pool will re-open for new purchases. Re-opening the Pool will allow existing investors to add to their holdings and enable new investors to purchase the Pool for the first time.

About RBC Global Asset Management and RBC Wealth Management

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 (PH&N) 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, segregated accounts and specialty investment strategies. RBC GAM group of companies manage approximately $250 billion in assets and have approximately 1,000 employees located across Canada, the United States, Europe and Asia.

RBC Global Asset Management is part of RBC Wealth Management, which is one of the world's top 10 largest wealth managers. RBC Wealth Management directly serves affluent, high-net-worth and ultra high-net-worth clients in Canada, the United States, Latin America, Europe, the Middle East, Africa and Asia with a full suite of banking, investment, trust and other wealth management solutions. The business also provides asset management products and services directly and through RBC and third-party distributors to institutional and individual clients, through its RBC Global Asset Management business (which includes BlueBay Asset Management). RBC Wealth Management has more than C$525 billion of assets under administration, more than C$305 billion of assets under management and approximately 4,300 financial consultants, advisors, private bankers and trust officers.

MEDIA ENQUIRIES

Leah Commisso
Corporate Communications
RBC Global Asset Management
Canada and U.S.
416-955-6498
leah.commisso@rbc.com
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