RBC Mortgage Opens Peachtree Residential Mortgage Branch to Serve North Carolina Customers

Market Wire, July, 2004

RBC Mortgage announced the opening of a new Peachtree Residential Mortgage LP branch in Charlotte, North Carolina. Peachtree Residential Mortgage LP is a joint venture between RBC Mortgage and Peachtree Residential Properties, a leading homebuilder in the Atlanta, GA, and Charlotte, NC, markets.

Through RBC Mortgage's affiliated business arrangement program, Peachtree Residential Mortgage provides homebuyers with online applications, quick approvals, 24/7 loan status reports and a smooth mortgage process from start to finish.

Peachtree Residential Mortgage offers a variety of products to meet qualified homebuyers' needs including fixed, adjustable, conventional, jumbo, and VA loans. The company also offers low and no down payment programs and mortgages for borrowers with less-than-perfect credit. Homebuyers who choose to obtain their financing through Peachtree Residential Mortgage may also be eligible for closing cost incentives from the builder.

Rob Norwood has been appointed manager of the new Peachtree Residential Mortgage branch in Charlotte. In this role, he will oversee loan origination and operations for the branch. Prior to joining Peachtree Residential Mortgage, Norwood was a successful loan officer at Southtrust Mortgage in Charlotte. He is also 10-year veteran of the mortgage industry. He brings to his new role experience from owning his own business as well as specialized training with GE Capital. Norwood received a Bachelor of Arts degree in Psychology from Winthrop University in South Carolina.

About RBC Mortgage/RBC Centura Bank

RBC Mortgage, headquartered in Chicago, includes a nationwide network of loan officers and branches in 30 states. The company has operations in both retail (originations direct to consumers) and wholesale (originations through third-party brokers). It also has joint ventures with numerous real estate offices and builders through affiliated business arrangements (ABA's). For more information about RBC Mortgage, please visit the company's website at www.rbcmortgage.com.

RBC Mortgage is a wholly owned subsidiary of RBC Centura Bank. RBC Centura delivers a wide range of financial services and advice, including a complete line of banking, investment, loan, mortgage and insurance to individuals and businesses in North Carolina, South Carolina, Virginia, Georgia and Florida. RBC Centura is a brand name used by RBC Centura Banks, Inc., a wholly owned subsidiary of Royal Bank of Canada (NYSE: RY) (TSX: RY). Additional information may be found at www.rbccentura.com.

About Peachtree Residential Properties

In 1988, Peachtree Residential Properties was founded on the commitment to building quality homes with meticulous craftsmanship, custom designs, and the thoughtful touches that add to the homeowners' quality of life. Today, Peachtree is thriving with highly skilled experts and over one hundred years of experience building move-up priced homes and luxury residences in Atlanta, Georgia as well as Charlotte, North Carolina. For more information, visit the company's web site at http://www.peachtreeresidential.com

Contact Information, Peachtree Residential Mortgage:
Rob Norwood, Branch Manager
Peachtree Residential Mortgage
7421 Carmel Executive Park, Suite 240
Charlotte, NC
866-211-8824 (toll free)

Media Contacts: RBC Mortgage Clete Thompson Marketing Communications Manager clete.thompson@rbc.com (312) 467-7806 Natasha Wilson Vice President - Marketing natasha.wilson@rbc.com (312) 410-8625