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RBC Announces New Home for Atlantic Headquarters and Royal Centre Branch

Armour Group's RBC Waterside Centre brings innovative and sustainable office space to Halifax's vibrant waterfront community

HALIFAX, May 15, 2012 - RBC was announced today as the first tenant in The Armour Group's new class A, LEED Gold targeted office tower at 1871 Hollis Street. To be officially named "RBC Waterside Centre," the almost 100,000 square foot, nine-storey building will be the new home for RBC businesses and operations currently located at 5161 George Street, including its Atlantic Provinces Headquarters and its flagship downtown location. The RBC Waterside Centre retail store will be built to the bank's new retail design standards and will feature interactive advice areas, touch screen technology and an open "shopping" area for clients.

"We are excited and pleased to be partnering with Armour Group to be the first tenant in a building which promises to be like no other in the city," said Kim Mason, regional president, Royal Bank of Canada, Atlantic Provinces. "RBC Waterside Centre allows us to remain in and support the revitalization of the downtown core in a historic location that is close to where we began as the Merchant's Bank of Canada, while also reflecting our focus on innovation and environmental sustainability."

RBC businesses, including its retail store branch and office space, will occupy just under half of RBC Waterside Centre. More than 200 RBC employees will move to the new space from mid-to-late 2014.

"Armour is excited to develop this exceptional piece of real estate and to bring this world-class office project to Halifax's vibrant waterfront community," said Scott McCrea, chief executive officer, The Armour Group Limited. "Having Canada's largest bank move their flagship branch and Atlantic Headquarters to our building speaks volumes about their commitment to deliver an outstanding experience to their employees and clients, while reaffirming the area as Halifax's downtown core."

RBC Waterside Centre is designed to achieve LEED Gold Certification. LEED (Leadership in Energy and Environmental Design) Green Building Rating System is a voluntary standard for developing high-performance, sustainable buildings. Some of its notable sustainability features include day-lighting technology, high efficiency air handling and heat recovery ventilation systems that will provide an extremely low cost operating environment.

RBC Waterside Centre construction has begun and is scheduled for completion in late 2013.

About RBC
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries operate under the master brand name RBC. We are Canada's largest bank as measured by assets and market capitalization, and are among the largest banks in the world, based on market capitalization. We are one of North America's leading diversified financial services companies, and provide personal and commercial banking, wealth management services, insurance, corporate and investment banking and transaction processing services on a global basis. We employ approximately 74,000 full- and part-time employees who serve close to 16 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 51 other countries. For more information, please visit rbc.com.

About Armour Group
The Armour Group Limited is one of Eastern Canada's leading integrated real estate development firms. With forty years of experience and a team of over 125 people, the company participates in the commercial, residential, retail and hospitality asset classes. Our diverse and complex work is exemplified by such landmark projects as Founders Square, Historic Properties and Park Place Tower V, the region's first LEED Silver certified multi-tenant office complex. By creating a "sense of place" and unifying the disciplines of development, construction, and property management, we strive to successfully meet the daily needs of many of North America's leading corporations and mission critical facilities. Further information may be found at www.armourgroup.com.

For more information contact:

RBC
Lori Smith, Manager, Public Affairs, Atlantic Canada
902-421-8121

Armour Group
Scott Armour McCrea, Chief Executive Officer,
902-474-3000