Change of investment adviser for Royal Bank of Canada ARC Fund Limited

Royal Bank of Canada ARC Fund has appointed Saguenay Capital as Investment Adviser to the fund. The RBC ARC Fund is a Guernsey-domiciled fund of hedge funds which is designed to achieve absolute returns - regardless of trends in traditional bond and equity markets, by investing in a portfolio of approximately 20 to 60 hedge funds specializing in alternative and varied investment strategies.

Following onsite visits earlier this year and subsequent analysis by the RBC Global Private Banking Manager Research team, Saguenay was selected as the Investment Adviser with the superior performance in both absolute and risk adjusted terms as well as having an experienced and strong management team.

'The appointment of Saguenay is a very positive development for our flagship fund of hedge funds solution,' said George Riley, Head of Global Investment Solutions, RBC Global Private Banking. 'The unique combination of the experienced team at Saguenay who will be working directly with the fund, and the strong historical track record they have produced, offers a new and compelling solution to existing and prospective RBC ARC fund shareholders.'

'We are very pleased and honoured to have been chosen by RBC to act as Investment Adviser to the RBC ARC Fund, and look forward to a strong partnership in the future', said Brian Walsh, Chief Investment Officer, Saguenay Capital.

The founders of Saguenay began their business as an investment adviser to a prominent family in March of 2001. Saguenay itself was formed in December of 2002 to be the investment adviser to all new clients, and today, all of its investment advisory business is conducted in this vehicle. Saguenay's primary investment philosophy is to preserve capital and realise consistent appreciation of their clients' assets. Saguenay believes this can be achieved through a diversified portfolio of top performing hedge fund managers as well as being non-correlated to conventional asset classes.

RBC Asset Management administers two Absolute Return Concepts Funds in Canada. The funds are RBC $C ARC Fund, denominated in Canadian currency and RBC $US ARC Fund, denominated in US currency. These Canadian administered funds have NOT appointed Saguenay Capital LLC as investment adviser.

Saguenay Capital is an independent, employee-owned investment adviser specializing in hedge funds. Through the disciplined application of proprietary processes, Saguenay seeks to construct and manage diversified portfolios of hedge funds for a base of clients who include family offices, high net worth individuals and institutional investors. Saguenay is registered with the SEC and the Ontario Securities Commission.

Global Private Banking is part of RBC Wealth Management which directly serves affluent and high net worth clients in Canada, the United States, Latin America, Europe and Asia. RBC Wealth Management provides asset management and trust services through RBC partners and third-party distributors and has over USD500 billion of assets under administration, 3,500 financial advisors and USD150 billion of assets under management.

Royal Bank of Canada and its subsidiaries operate under the master brand name of RBC. We are Canada's largest bank as measured by assets and market capitalization and one of North America's leading diversified financial services companies. The bank provides personal and commercial banking, wealth management services, insurance, corporate and investment banking and transaction processing services on a global basis. The corporate support team enables business growth with expert professional advice and state-of-the-art processes and technology. RBC employs approximately 70,000 full- and part-time employees who serve more than 15 million personal, business, public sector and institutional clients through offices in North America and 34 countries around the world.

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