RBC President and CEO Gordon Nixon to Retire in August 2014

Royal Bank of Canada's

President and Chief Executive Officer, Gordon Nixon, today announced his intention to retire effective August 1, 2014, after 13 years in this role. In line with RBC's succession planning process, the Board of Directors today announced that Dave McKay, Group Head, Personal & Commercial Banking will be appointed as President at the Annual Meeting on February 26, 2014, and President and Chief Executive Officer effective August 1, 2014. "Gord has had a remarkable career at RBC and during his 13 years as CEO earnings and market share have increased significantly in RBC's five business segments both in Canada and internationally. He led our organization to strong earnings growth during the most challenging financial crisis since the Great Depression and transformed the bank by putting the client first and fostering a culture of collaboration across the organization for the benefit of all stakeholders," said David O'Brien, Chair of the Board. "Under Gord's guidance, RBC has created a diversified business mix, become one of the world's largest global financial institutions, grown earnings from $2.4 billion to $8.4 billion, and generated compounded Total Return to Shareholders of 13.5 per cent a