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Subject: PER

Royal Bank of Canada to appoint Jacynthe Côté as Chair of the Board

Kathleen Taylor to retire as Chair at RBC's 2023 meeting of shareholders

TORONTO, Dec. 1, 2022 /CNW/ - Royal Bank of Canada (TSX: RY) (NYSE: RY)  today announced that Jacynthe Côté will be appointed as Chair of the Board, effective upon her re-election as an independent director at RBC's meeting of shareholders on April 5, 2023.

Ms. Côté will succeed Kathleen (Katie) Taylor, who has served as Board Chair since 2014. Ms. Taylor will retire from the Board following Ms. Côté's appointment as part of an orderly succession.

"Under Jacynthe's leadership, I am confident the board will continue to deliver the strategic oversight that enables RBC to lead with purpose and conviction in helping clients thrive and communities prosper," said Ms. Taylor. "Jacynthe has extensive corporate governance and strategy experience across multiple sectors and has consistently delivered insightful guidance as a member of RBC's Board for the past eight years. Her depth of knowledge and perspective on a range of disciplines, including finance, legal and regulatory affairs, risk management and human resources, will continue to position RBC for success in the time ahead."

Ms. Côté, an independent Director of RBC since 2014, has served on the Audit, Governance and Risk Committees during her tenure, and has been Chair of the Governance Committee since 2018. She is currently Chair of the Board for Hydro?Québec and will complete her term in May 2023 as she assumes the role of RBC's Chair.

Over the span of her extensive career, Ms. Côté has served as President & CEO of Rio Tinto Alcan, and as President & CEO of Rio Tinto Alcan's Primary Metal business group. She has also held senior executive positions across human resources, environment, health and safety, business development and production in both Quebec and England.

Ms. Côté is also a member of the Board of Directors for Finning International Inc. and Transcontinental Inc. An active member of the community, Ms. Côté serves as Chair of the Board of Allôprof, an organization that offers free educational assistance to students in Quebec.

"I want to recognize Katie for her outstanding contributions to RBC and its Board," said Ms. Côté. "Katie's vision and deep commitment to sound governance will have an enduring legacy at RBC as the bank continues to create long-term value for those it serves. Under her stewardship, the bank has accelerated progress on its strategic priorities, including growing its presence in the U.S. and U.K., both organically and through acquisitions. Furthermore, it has made significant investments in its employees, technology and culture to remain a leader in the financial services sector today and well into the future. I look forward to building on the progress achieved during Katie's tenure."

"It has been a privilege to have served RBC for more than two decades. I am grateful for the Directors past and present who have led us to this exciting point in the bank's journey. I look forward to seeing how Dave McKay, his leadership team and RBC's incredible colleagues will continue to find new ways to create value and make an impact in the lives of those RBC serves," added Ms. Taylor.

For more information on RBC's Board of Directors, please visit our Corporate Governance site.

About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 95,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.

SOURCE Royal Bank of Canada

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