An anonymous director reports

RBC GLOBAL ASSET MANAGEMENT INC. ANNOUNCES TERMINATION OF PHILLIPS, HAGER & NORTH LONG INFLATION-LINKED BOND FUND

Royal Bank of Canada's RBC Global Asset Management Inc. (RBC GAM) intends to terminate Phillips, Hager & North Long Inflation-linked Bond Fund. The fund has no unitholders.

Please consult your adviser and read the prospectus or fund facts document 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. RBC Funds, BlueBay Funds and PH&N Funds are offered by RBC GAM and distributed through authorized dealers in Canada. RBC GAM is a member of the RBC GAM group of companies and an indirect wholly owned subsidiary of Royal Bank of Canada.

About Royal Bank of Canada

RBC is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Its success comes from the 94,000-plus employees who leverage their imaginations and insights to bring the bank's vision, values and strategy to life so it can help its clients thrive and communities prosper. As Canada's biggest bank, and one of the largest in the world based on market capitalization, RBC has a diversified business model with a focus on innovation and providing exceptional experiences to its 17 million clients in Canada, the United States and 27 other countries.

About RBC Global Asset Management Inc.

RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) and includes money managers BlueBay and Phillips, Hager & North Investment Management. RBC GAM is a provider of global investment management services and solutions to institutional, high-net-worth and individual investors through separate accounts, pooled funds, mutual funds, hedge funds, exchange-traded funds and specialty investment strategies. The RBC GAM group of companies manage approximately $575-billion in assets and have approximately 1,500 employees located across Canada, the United States, Europe and Asia.