An anonymous director reports

RBC ANNOUNCES CHANGES TO ITS EXECUTIVE TEAM

Royal Bank of Canada has appointed Katherine Gibson as interim chief financial officer. She succeeds Nadine Ahn whose employment was terminated by Royal Bank earlier today, effective immediately.

Royal Bank was recently made aware of allegations involving Ms. Ahn, and immediately launched an internal review and engaged outside legal counsel to investigate. The investigation found evidence that, in contravention of the Royal Bank code of conduct, Ms. Ahn was in an undisclosed close personal relationship with another employee, which led to preferential treatment of the employee, including promotion and compensation increases. As a result, the two individuals have had their employment terminated.

The investigation found no evidence of conduct by the former CFO or the other employee with respect to the bank's previously issued financial statements, Royal Bank's strategy, or its financial or business performance.

Ms. Gibson has been appointed interim CFO while a search is conducted. She is a respected and experienced leader who has been with the bank for 22 years, most recently as senior vice-president, finance, and controller, and is widely considered a trusted adviser with a strong analytical and governance mindset.

In her new role, Ms. Gibson will bring a wide range of experience leading global teams and major strategic enterprise initiatives, including a deep understanding of business drivers and growth opportunities across several different areas of the bank.

About Royal Bank of Canada

Royal Bank 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 its 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, it has a diversified business model with a focus on innovation and providing exceptional experiences to its more than 17 million clients in Canada, the United States and 27 other countries.

It is proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities.