Dain Rauscher Parent, RBC Financial Group, Donates $1 Million for Relief Efforts in the United States

Business Wire, Sept 13, 2001

Business Editors

MINNEAPOLIS--(BUSINESS WIRE)--Sept. 13, 2001

Dain Rauscher's parent organization, RBC Financial Group, announced today it will donate $1,000,000 (U.S.) to the September 11th Fund to assist victims of the tragic events in the United States. The donation is being made on behalf of all Dain Rauscher and RBC employees and companies worldwide.

"This is a tribute to the generosity of Royal Bank of Canada and RBC Financial Group," said Irving Weiser, chairman, president and CEO of Dain Rauscher. "We are proud to be part of a caring organization that shares Dain Rauscher's tradition of community leadership."

"None of us can help but be affected by a tragedy of these proportions, whether we live and work in the areas directly affected or not," said Gordon Nixon, president and CEO of RBC Financial Group. "On behalf of all our employees worldwide, I extend our deepest sympathies and regrets to the families and friends of those directly affected by these senseless acts of violence."

The September 11th Fund was established by The United Way of New York City and New York Community Trust to aid the victims of Tuesday's tragic events, and their families. While the group is based in New York, it will assist victims in all of the cities affected by the events of Tuesday, September 11th. It will also support other emergency assistance agencies such as the Red Cross.

RBC Financial Group has over 10,000 employees in the United States. Its major American subsidiaries include: RBC Centura, Rocky Mount, North Carolina; RBC Liberty Insurance, Greenville, South Carolina; RBC Prism, Chicago, Illinois; RBC Dain Rauscher, Minneapolis, Minnesota, and their prospective colleagues at Tucker Anthony Sutro, Boston, Massachusetts; and the U.S. arm of RBC Dominion Securities.

"This is a very difficult time for all our colleagues and customers, particularly those in the United States," said Mr. Nixon. "I want them to know that our thoughts and prayers are with them, and with the families impacted by these tragic events."

RBC has undertaken a number of other activities worldwide in response to the tragedy:

-- In Canada, employees, customers and the general public may make donations to
the Canadian Red Cross (USA Appeal) at any RBC Royal Bank branch starting
September 14, 2001.

-- In the U.S., RBC Centura branches in North Carolina, South Carolina and
Virginia will be accepting donations to the September 11th Fund and the
American Red Cross. In addition, the RBC Dain Rauscher Foundation will match
any contributions made by RBC Dain Rauscher employees to the September 11th
Fund or other relief efforts.

-- Assistance and post-trauma support is available to all employees and their
families through the RBC EmployeeCare Program.

-- U.S. and Canadian-based RBC employees have been encouraged to contribute to
the blood donation efforts.

RBC Financial Group has more than 500 employees in Manhattan. Those located at One Liberty Plaza, not far from the World Trade Centers, were evacuated safely early on Tuesday morning.

Dain Rauscher Corporation, a wholly owned subsidiary of Royal Bank of Canada (NYSE:RY), is one of the nation's largest full-service securities firms with 1,130 investment executives and 4,080 employees. The company's broker-dealer, Dain Rauscher Incorporated, serves individual investors and small business owners through offices located predominantly in the western half of the United States, and capital markets and correspondent clients in select U.S. and international markets. Founded in 1909, Dain Rauscher Incorporated is a member of the New York Stock Exchange and other major securities exchanges, as well as the Securities Investor Protection Corp. The company's headquarters are located at Dain Rauscher Plaza, 60 S. Sixth St., in Minneapolis.

RBC Financial Group is the brand name for Royal Bank of Canada (TSE, NYSE:RY) and its subsidiaries. The company employs more than 58,000 people who serve more than 12 million personal, business and public sector customers in North America and in some 30 countries around the world. For more information, please visit www.royalbank.com.