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Hanif Mamdani Awarded 2011 Fund Manager of the Year by Investment Executive

TORONTO, December 1, 2011 —RBC Global Asset Management Inc. (RBC GAM) is pleased to announce that Hanif Mamdani, Head of Alternative Investments and Corporate Bond Investments at RBC GAM, has been awarded the 2011 Fund Manager of the Year distinction by Investment Executive (IE), Canada's dedicated publication for investment advisors. IE named Mamdani the top manager as a result of his superior 10-year performance track record managing PH&N High Yield Bond Fund.

"This honour is recognition of a team effort, and I would like to acknowledge the important contributions of the PH&N credit analysts. Over the past 10 years, the analyst team has consistently provided insightful research that has been essential to our success in delivering value to our clients," said Mamdani, who has been lead manager on the fund since its inception in July 2000.

IE selects the Fund Manager of the Year by ranking all funds with a 10-year performance record in a point-based scoring system. The funds are ranked based on annual returns, relative outperformance and quartile performance. Other criteria factored into the methodology include cumulative 10-year returns, management expense ratios and correlation to the fund's benchmark index.

PH&N High Yield Bond Fund is a five-star Morningstar-rated fund and is among the lowest cost high yield bond funds in its category. Please note that since November 26, 2010, the fund has not been available for purchase to new investors. However, existing investors prior to that date may continue adding to their position in the fund. PH&N High Yield Bond Fund is available to individual investors through the following management fee options: 0.75 per cent for Series D (available through discount brokerages such as RBC Direct Investing and direct-to-client services such as PH&N Investment Services); 1.25 per cent for Advisor Series, 1.25 per cent for Series C and 0.75 per cent for Series F (available through investment advisors).

Please read the prospectus before investing. There may be commissions, trailing commissions, management fees and expenses associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

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) which includes institutional money managers Phillips, Hager & North Investment Management (PH&N), RBC Global Asset Management (U.S.) and BlueBay Asset Management. RBC GAM is a provider of global investment management services and solutions to individual, high net worth and institutional investors through mutual funds, pooled funds, hedge funds, segregated accounts and specialty investment strategies. RBC GAM group of companies manage more than $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 directly serves affluent and high net worth clients in Canada, the United States, Latin America, Europe and Asia. RBC Wealth Management provides integrated and diversified international wealth management expertise and solutions, asset management and trust services to high net worth individuals and to corporate and institutional clients. Services provided by RBC Wealth Management consultants, advisors, private bankers and trust officers include trust and estate planning, tax advice, discretionary investment management and investment advisory services, structured solutions, banking, lending and global custody. RBC Wealth Management has over $525 billion of assets under administration, over $310 billion of assets under management and more than 4,500 financial consultants, advisors, private bankers and trust officers.

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For more information, please contact:
Yen To, RBC GAM Communications, 416 955-5916
Leah Commisso, RBC GAM Media Relations, 416 955-6498