RBC Financial and RBC Dexia Establish Commercial Leases

On March 21, 2006, RBC Financial Group and RBC Dexia Investor Services executed major commercial leases, as tenants, with Ontrea Inc., as landlord, for 410,000 square feet of office space, for a 15-year term in a new office tower to be developed in downtown Toronto located at the southwest corner of Wellington and Simcoe streets. RBC Financial and RBC Dexia will be the lead tenants of the “RBC Centre,” which allows The Cadillac Fairview Corporation Limited, as developer, to launch the 43-storey, 1.2 million square foot office building and the first new skyscraper to be built in Toronto's financial district in over 15 years. The building has an estimated construction cost of $400 million and will be a state-of-the-art facility and a leading example of the latest technology and environmental design in Canada by achieving a LEED Silver status. The RBC Centre will be connected to the 53-storey Ritz-Carlton Hotel and Residences Toronto (which Cadillac Fairview jointly owns) and will be accessible via Toronto's PATH system.

RBC Financial and RBC Dexia were represented by Vincent Murphy and Deborah Rowat of the RBC Legal Group, with assistance from Luigi Macchione, David Ross and George Payne of McMillan Binch Mendelsohn LLP.

Ontrea was represented by Ellen Williamson of Cadillac Fairview, with assistance from Andrew Wiseman and Jeffrey Shore of Goodmans LLP.