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RBC Global Asset Management (U.S.) launches new Infrastructure Investment Group

Exclusive focus on infrastructure fund of funds and co-investment strategies

BOSTON, January 20, 2010— RBC Global Asset Management (U.S.) Inc. (RBC GAM U.S.) today announced the launch of a new Infrastructure Investment Group (IIG) based in Boston, MA, that will focus exclusively on the infrastructure asset class. IIG will offer institutional investors fund of funds, co-investment and secondary strategies that provide global, diversified exposure to unlisted infrastructure investments.

Joe Lyons, Nancy Mangraviti, Matthew McPhee and Whit Porter have joined RBC GAM (U.S.) to launch this new initiative. The team brings together seasoned professionals from State Street Global Advisors (SSgA), Macquarie and Bank of America, all of whom had previously worked together at SSgA.

"The new team brings an additional depth of expertise in an important asset class," said John Montalbano, CEO of RBC Global Asset Management. "Financial firms and institutional clients are showing increased interest in infrastructure as an asset class due to its distinct investment characteristics of long-lived assets and inflation-linked, stable operating cash flows. Additionally, returns that are uncorrelated to other asset classes are extremely attractive to institutional investors seeking diversification. With IIG in place, our institutional clients will have enhanced access to an expanded range of investment solutions."

RBC GAM comprises the three asset management firms owned by Royal Bank of Canada (RBC): RBC GAM (U.S.), RBC Asset Management Inc. and Phillips, Hager & North Investment Management Ltd. With combined assets of more than $200 billion as of October 31, 2009 and offices in the U.S., Canada, Europe and Asia, RBC GAM ranks among the top 100 asset management firms in the world, according to Pension & Investments magazine*.

* Based on comparison of the assets under management for RBC GAM to the managers named in Pension & Investments, Top 50 Global Managers, December 2008.

About RBC Global Asset Management and RBC Wealth Management
RBC Global Asset Management (RBC GAM) comprises RBC Global Asset Management (U.S.) Inc., RBC Asset Management Inc. (RBC AM), and Phillips, Hager & North Investment Management Ltd. (PH&N), which are separate but affiliated corporate entities. John Montalbano is CEO of RBC AM and CEO of PH&N. Combined, RBC GAM's component companies manage approximately $200 billion in assets in the United States and Canada. Website: www.rbcgam.com.

RBC GAM is part of RBC Wealth Management, which directly serves affluent and high net worth clients in Canada, the United States, Latin America, Europe and Asia with a full suite of 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, and has more than $500 billion of assets under administration, over $245 billion of assets under management and more than 4,500 financial consultants, advisors, private bankers and trust officers. RBC Wealth Management was recognized as the Outstanding Private Bank in North America by Private Banker International in October 2009.

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For more information, please contact:
Yen To,
RBC Global Asset Management Communications,
416-955-5916

Matt Gierasimczuk,
RBC Media Relations,
416-974-2124