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Anthony S. Fell to retire as chairman of RBC Capital Markets

TORONTO, October 23, 2007 — RBC today announced that Anthony (Tony) S. Fell will retire as chairman of RBC Capital Markets effective December 31, 2007 after a distinguished career with the firm that has spanned 48 years.

"For many years, Tony Fell has provided outstanding leadership not only to RBC Capital Markets, but to the overall Canadian investment banking industry," said Gordon Nixon, president and chief executive officer of RBC. "Tony's drive, integrity and entrepreneurial passion have become hallmarks of RBC Capital Markets, and these qualities have helped us to build Canada's pre-eminent investment banking firm both at home and abroad. On behalf of everyone at RBC, I want to thank Tony for his tremendous contribution to the success of our clients and our company over the past 48 years."

Fell began his career with RBC in 1959 when he joined the research department of Dominion Securities at the age of 20, after graduating from St. Andrew's College in Aurora, Ontario. By 1965 he had become manager of the department, and in 1967 decided to transfer into to the investment banking business development group. Fell was appointed a director of the firm in 1969 and in 1972 became an executive vice-president. In September of 1973 Dominion Securities merged with the investment banking firm of Harris & Partners Limited, and Fell was appointed president of the combined company at age 34.

In 1980 Fell was appointed chief executive officer, a position he held for 19 years. During this period, he led Dominion Securities through a number of important mergers, including with A.E. Ames and Co., Pitfield MacKay Ross, Pemberton Securities and Richardson Greenshields, as well as through the sale of a controlling interest in the firm to Royal Bank of Canada in 1988. Fell was appointed a vice-chairman of RBC in 1996 and a deputy chairman in 1998, before taking on the role of chairman of RBC Capital Markets in 1999, a position he has held for the past eight years.

Over the years, Fell has been active in industry affairs including as Governor of the Toronto Stock Exchange and Chairman of the Investment Dealers Association. He has also played a key role in community affairs as a Governor of St. Andrew's College, Chairman of the Metropolitan Toronto United Way Capital Campaign, Governor of the Duke of Edinburgh's Award Program in Canada, Chairman of the Princess Margaret Hospital Capital Campaign, Chairman of the Board of Trustees of the University Health Network, Chairman of the Arthritis Society Ontario Division and Vice Chairman of the McMaster University Capital Campaign. Fell is an Officer of the Order of Canada (2001), holds an honorary Doctorate of Law degree from McMaster University, and is a recipient of the Award of Merit from B'Nai Brith Canada.

When Fell retires, Chuck Winograd, currently chief executive officer of RBC Capital Markets, will add the role of chairman.

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Media contact:
Beja Rodeck, Media Relations, Toronto, (416) 974-5506


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