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RBC Royal Bank Changes Variable Residential Mortgage Rates

TORONTO, August 23, 2011 —RBC Royal Bank announced today that it is changing its Variable Closed Residential Mortgage rates, including special rate offers effective August 24, 2011.

The changes are as follows:

Special Variable Rate Offers*

5 Year Variable Closed

Prime - 0.45%

(increased by 0.20 per cent)

(2.55%)

Variable Posted Rates

5 Year Variable Closed

Prime + 0.00%

(increased by 0.20 per cent)

- 30 -

Media Contacts

Elyse Lalonde, (416) 974-8810

* The rates indicated are special discounted rates and are not the posted rates of Royal Bank of Canada. To calculate a rate discount compare the Special Offer rate against the posted rate for the applicable term.

Special Offers may be changed, withdrawn or extended at any time, without notice. Not available in combination with any other rate discounts, offers or promotions.