An anonymous director reports

RBC GLOBAL ASSET MANAGEMENT INC. ANNOUNCES CHANGES TO RBC RETIREMENT (2020 TO 2060) PORTFOLIOS

Royal Bank of Canada's RBC Global Asset Management Inc. has made changes to the asset allocation strategy or glidepath for the existing RBC retirement (2020 to 2060) portfolios.

The portfolios are designed primarily for investors who are saving money for the purpose of retirement, and use a glidepath that adjusts the asset mix of the portfolio relative to a target retirement year. When the investment horizon is long (in example, the target retirement year is well into the future), the portfolios invest mostly in equity funds with a focus on delivering growth potential. When the investment horizon is short (in example, the target retirement year is nearing or has passed), the asset mix becomes more conservative to help preserve capital through income-oriented investments, such as fixed income funds. At launch in 2016, a number of assumptions about the investor were used to design the glidepath for the portfolios, which were updated in 2020. These assumptions are now being revised to that shown in the attached table.

With these glidepath changes, the current asset mix for the portfolios will have a decrease in allocation to fixed income funds, and a corresponding increase in allocation to equity funds.

The percentages may vary up to 15 per cent above or below the weightings indicated in the table, as described in the prospectus for the portfolios. There are no changes to the asset mix for the remaining RBC retirement (2020 to 2030) portfolios.

About Royal Bank of Canada

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. The bank's 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 RBC 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

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.