Charles M. Winograd Chairman and Chief Executive Officer Charles Winograd is chairman and chief executive officer of RBC Capital Markets and a vice chairman of RBC Financial Group. Mr. Winograd's career in investment banking began at Richardson Securities of Canada in 1971, the same year he graduated with a Master of Business Administration degree from the University of Western Ontario. He earned a Chartered Financial Analyst (CFA) designation in 1979. In 1982, Mr. Winograd joined Richardson Greenshields as vice president and director, and was appointed to several executive postings, eventually becoming chairman and chief executive officer in 1991. When RBC Dominion Securities acquired Richardson Greenshields in 1996, he became deputy chairman and a director.  He was appointed to the position of president and chief operating officer of RBC Dominion Securities in 1998.  In 2001, he was appointed president and chief executive officer of RBC Capital Markets.  Mr. Winograd is a director of JDV Limited, Australia.  He is also past chairman of the Investment Dealers Association of Canada.

Doug McGregor Co-President and Managing Director Head of Global Investment Banking and Equity Markets   Doug McGregor is Co-President of RBC Capital Markets and Executive Vice President of Royal Bank of Canada Financial Group.  He is responsible for RBC Capital Markets' global activities in corporate finance, mergers and acquisitions, and equity sales and trading. He also heads the North American real estate brokerage, financing, capital markets and advisory business. Mr. McGregor began his investment banking career in 1979 with Pitfield MacKay Ross Limited. In 1982, he joined Marcil Trust, which was acquired by RBC in 1990. Mr. McGregor holds an Honours BA (Business) and an MBA from the University of Western Ontario. He presently sits on the Board of Directors of the Mount Sinai Foundation.

Mark Standish Co-President and Managing Director Head of Global Markets   Mark Standish is Co-President of RBC Capital Markets and head of the Global Markets business. He is president and CEO of RBC Capital Markets Corporation (USA), and is an executive vice president of Royal Bank of Canada Financial Group.  Mr. Standish's tenure with RBC began in 1995 as head of proprietary and structured trading within the Global Equity Derivatives group of RBC Dominion Securities.  From 1993 until 1995, Mr. Standish was a managing director at Kidder Peabody & Company. Preceding Kidder Peabody, Mr.Standish was with Lehman Brothers in New York responsible for equity derivatives, commodity derivatives and commodity financing.  During the 1980's, he was with Bankers Trust in London involved with fixed income derivatives and proprietary arbitrage trading.  He started his career in retail banking with National Westminster Bank in 1977.  He attended Croydon College in England where he studied for his Associates Institute Bankers (AIB).   Mr. Standish is an executive committee member of the Institute of International Bankers.   He is also actively involved with numerous charities in both New York and New Jersey, including being on the board of The Bachmann-Strauss Dystonia and Parkinson Foundation, Inc.

R. Jamie Anderson Deputy Chairman   R. Jamie Anderson is a deputy chairman of RBC Capital Markets and a member of the Canadian GIB Management Committee with responsibility for senior account coverage and execution of advisory assignments. From 1995 to 2002, he was a managing director and Co-Head of the Mergers and Acquisitions Department. Jamie has had extensive experience in investment banking with RBC Capital Markets and Morgan Stanley in Toronto and New York. He has provided financial and merger and acquisition advice to a wide range of companies including Agrium, Alcan, Barrick Gold, Canadian Pacific Limited, EnCana (PanCanadian), Inco and MDS. Jamie has a B.Comm from the University of Toronto and an MBA with Distinction from the Harvard Business School (1980). He is a director of Mancal Corporation, a member of the Board of Trustees of the Centre for Addiction and Mental Health Foundation (previously Chair of the Board of CAMH), Chair of the CAMH Transforming Lives Campaign, Honorary Secretary of the Toronto Club, member of the Global Advisory Council of Outward Bound International and a Continuing Senior Fellow of Massey College.

Adrian Bell Managing Director Head of International Bonds   Adrian Bell is a managing director and the head of international bonds for RBC Capital Markets, responsible for developing RBC's business in Europe and Asia.  He is also a member of the Executive Committee. Mr. Bell began his career with Hambros Bank, where he headed the treasury, bond and international debt issues divisions, eventually becoming vice chairman.  He is a graduate of St. Catherine's College, Oxford, with a joint honors Economic/History degree.  Mr. Bell's external directorships include chairman of Genesis Housing and director of Affinity Housing Association.

John W. Burbidge Managing Director Chief Operating Officer, Europe & Asia   John Burbidge is a managing director and chief operating officer, Europe and Asia, for RBC Capital Markets.  He also chairs the firm's London Operating Committee.  He joined Orion Royal Bank in London in 1984 in the interest rate swaps and futures area.  In 1987, he participated in the integration of the trading operations of RBC and Orion.  Mr. Burbidge was named vice president of RBC's treasury operations for Europe and Asia in 1994, and a managing director of RBC Dominion Securities in 1996.  He earned an Hons. BA (Mathematics/Economics) from the University of York in 1979, and was admitted to the Institute of Chartered Accountants in England and Wales in 1984.

Peter de Vos Managing Director Head of Corporate Finance   Peter de Vos is head of Corporate Finance at RBC Capital Markets, and a member of the firm's Executive and Global Investment Banking Operating Committees.  He is responsible for the corporate finance industry groups and the private placements group.  Prior to the merger of Dain Rauscher and RBC, he was the head of Corporate Finance of Dain Rauscher Wessels. Mr. de Vos began his investment banking career at Morgan Stanley in New York and went on to work for Alex Brown & Sons in Baltimore.  He graduated from the United States Naval Academy with distinction and then served in the US submarine service.  After leaving the Navy, Mr. de Vos graduated from the Stanford Business School as an Arjay Miller Scholar. He is a trustee of the Stanford Business School Trust and a committee member of the Greater Twin Cities United Way Cornerstone Program.

Morten Friis Chief Risk Officer   As Chief Risk Officer, Mr. Friis oversees the strategic management of risk on an enterprise-wide basis.   Prior to his current position, Mr. Friis was Executive Vice-President and Chief Credit Officer for RBC. Mr. Friis joined RBC's Group Risk, Management department in 1997 as a Senior Vice-President with primary responsibility for credit and counterparty risk issues.

Kirby Gavelin Managing Director Head of Equity Capital Markets   Kirby Gavelin joined RBC Dominion Securities in 1987 and is currently a managing director and head of Equity Capital Markets for RBC Capital Markets. He is also a member of the Executive Committee and chairs the Equity Commitment Committee. Mr. Gavelin holds a Bachelor of Commerce from the University of Calgary, an MBA from the Graduate School of Business of the University of Chicago, and is a Chartered Accountant. Mr. Gavelin has been a member of the Listings Advisory Committee of the Toronto Stock Exchange and is chair of the Corporate Finance Committee of the Investment Dealers Association of Canada (IDA). He is currently Vice Chairman of the Investment Industry Association of Canada (IIAC) Board of Directors and is a member of the Board of Governors of The Corporation of Massey Hall and Roy Thomson Hall.

Doug Guzman Managing Director Head of Investment Banking     Doug Guzman is head of Investment Banking of RBC Capital Markets. He is responsible for the leadership of the firms Industry, Regional and Sponsor Coverage teams, Mergers and Acquisitions as well as Structured Products in Canada, Europe and Asia. His responsibilities also include senior client coverage of a number of RBC Capital Markets' large cap clients. Doug chairs the Canadian Investment Banking Management Committee and is a member of the firm's Operating Committee, the Global Investment Banking and Equity Markets Operating Committee and the Commitments Committee. Doug has led client transactions involving mergers and acquisitions, debt and equity financings and restructurings in the U.S., Canada and Europe. Before joining RBC, Doug was a Managing Director at Goldman Sachs in New York and Toronto, where he had overall responsibility for their Global Metals and Mining business and their Canadian Investment Banking business. Doug has a Bachelor of Arts degree in Honors Business Administration from the University of Western Ontario and an MBA with high distinction (Baker Scholar) from Harvard Business School.

Mark Hughes Managing Director Head of Global Credit   Mark Hughes is a managing director and head of Global Credit with RBC Capital Markets, responsible for RBC Financial Group's global wholesale loan portfolio.  He is also a member of the Executive and Operating Committees and is a senior vice president of RBC Financial Group.  He has held a number of positions in RBC's international offices before being appointed as an executive officer of RBC in 1995, responsible for managing RBC's involvement with the public sector across Canada.  Prior to his current responsibilities, Mr. Hughes was responsible for RBC's operations in the United States.  Mr. Hughes received his MBA from Manchester Business School and his LLB from Leeds University in England.  He serves as a director of a number of RBC subsidiaries and is on the board of the International Association of Credit Portfolio Managers.

Mike Kavanagh Chief Operating Officer RBC Capital Markets Corporation   Mike Kavanagh is chief operating officer (COO) for RBC Capital Markets Corporation, the  entity resulting from the merger of RBC Dain Rauscher Inc.and RBC Capital Markets Corporation in 2008. Mr. Kavanagh joined the firm in 1985 and has had a variety of roles. Most recently he served as president of Wealth Management Services and the Clearing and Execution Services Group. In that role he led product development and delivery, Private Client Group (PCG) Research, Marketing, Community Affairs, PCG Education and Development and PCG Business Development activities, as well as managing RBC Dain Correspondent Services and Hill Thompson. Prior to that Mr. Kavanagh served in the roles of head of Strategic Planning and Corporate Development, head of Public Finance and as a public finance investment banker.

Mike MacBain Managing Director Head of Global Debt Markets   Mike MacBain is a managing director and head of RBC Capital Markets global debt markets business, focusing on financial products and commodities.  He is a member of RBC Capital Markets' Operating Committee and has joint responsibility for the firm's C$2 billion global debt markets business. Mr.MacBain has two decades of experience in global capital markets businesses, most recently as president of TD Securities.  He started his career at CIBC in 1986 in the derivatives business.  He later joined Bank of America in London to run their rates derivatives business and then joined TD Securities and became president and global head of debt capital markets and cash equities in 2002. He has a BA from McGill University and completed the Executive Management Program at Stanford University.

Bruce Macdonald Head of Wholesale Global Technology and Operations Bruce Macdonald began his investment banking career in 1979 in the equity trading department of Vancouver-based Pemberton Securities Inc. RBC Dominion Securities acquired Pemberton Securities in 1989, at which time Mr. Macdonald was managing the firm's Canadian equity derivatives business. In 1995, Mr. Macdonald relocated to New York to launch the firm's Global Equity Derivatives business in the United States.

Troy Maxwell Managing Director Chief Financial Officer Troy Maxwell is managing director and chief financial officer of RBC Capital Markets, with responsibility for the firm's overall financial planning, budgeting, reporting and performance measurement. Prior to joining RBC, Mr. Maxwell was chief financial officer of a major Canadian investment bank, and a partner of PricewaterhouseCoopers LLP, where he led a financial institution's risk management consulting and advisory business. Mr. Maxwell is a chartered accountant, and holds an Hons BA and masters of accounting from the University of Waterloo.

Greg Mills Managing Director  Global Equity Sales and Trading   Greg Mills is responsible for RBC Capital Markets global activities in equity sales and trading. He is a member of the firm's operating committee and both the U.S. and Canadian Commitments Committees. He also chairs the Global Equity operating committee. Mr. Mills began his career as an equity trader with Burns Fry, and also spent time with First Boston and Scotia Capital. He joined RBC Capital Markets in 1998. He holds an Honors BSC (Geology) from the University of Windsor. Mr. Mills is Chair of the Investment Dealers Association Equity Markets Committee and also sits on the Foundation Board of the Bridgepoint Hospital.

Michael Norris Deputy Chairman   Michael Norris is a deputy chairman of RBC Capital Markets. He is responsible for senior account coverage and is a member of the firm's Executive Committee.  Following a successful career with Mobil Oil and Gulf Canada, Mr. Norris joined RBC in 1987 as an investment banker covering a range of companies and industries.  From 1992 to 1998, he ran the firm's Alberta operations and energy practice, returning to Toronto in 1998 as head of Investment Banking.  Subsequently, he was appointed head of Global Banking and a member of the firm's Operating Committee.  Prior to his current appointment, he was co-head of the firm's Capital Markets Services division with global responsibility for corporate and investment banking and equity, research, sales and trading.  Mr. Norris holds an Hons. B.Sc. degree in Civil Engineering from Queen's University as well as an MBA from the University of Western Ontario. He is currently Co-Chair of the Banff Centre Capital Campaign and Vice Chairman of the Foundation Board of Directors of St. Michael's Hospital.

Bryan B.K. Osmar Managing Director   Bryan Osmar is a managing director of RBC Capital Markets with responsibility for the global middle office and institutional compliance. Mr. Osmar joined RBC's International Treasury group in 1980 as an economist and subsequently held positions in the Capital Markets group and managed the treasury dealer-training program. In 1989, he was assigned to the New York office as the manager of trading, with responsibility for RBC's foreign exchange and money market trading in the US. From 1994 to 1997, he was responsible for the RBC's North American money market trading, marketing, funding and liquidity management. Mr. Osmar holds a BA (Economics) from the University of Western Ontario and an MA (Economics) from Queen's University.

Jean Pierre Ouellet Vice Chairman   Jean Pierre Ouellet is a vice chairman of RBC Capital Markets, with responsibility for senior account coverage in Quebec, and is a member of the Executive Committee. Prior to joining RBC, Mr. Ouellet was a senior vice president, chief legal officer, and corporate secretary for the Canadian National Railway Company.  Previously, he practiced commercial law with Stikeman, Elliott in Montreal and became a partner in 1984.  His focus was on securities law, company and government financing law, and mergers and acquisitions.  Mr. Ouellet was also a special assistant to the Premier of Quebec, Mr. Robert Bourassa, with responsibilities in the industrial, commercial, financial institutions and economic areas, including overseeing legislation in those areas for the Premier. He was admitted to the Quebec Bar in 1971 and is a Rhodes Scholar.  Mr. Ouellet is currently vice chairman of C-MAC Industries as well as a board member of Le Groupe Bocenor Inc.

Bruce Rothney Deputy Chairman Bruce Rothney is a deputy chairman of RBC Capital Markets and has extensive experience in investment banking.  He joined RBC Dominion Securities in 1991 as co-head of the Communications and Technology group. In 1999, he moved to New York to manage RBC's US corporate and investment banking division.  In 2000, Mr. Rothney was appointed head of global origination and became a member of both the Operating and Executive committees of the firm.  Following the merger with Dain Rauscher Wessels and Tucker Anthony Sutro, Mr. Rothney was appointed head of investment banking for RBC Capital Markets.  A chartered accountant, Mr. Rothney holds an Hons. B.Comm. with Distinction from the University of Manitoba and an MBA from the University of Western Ontario.  He is a member of the board of directors of North York General Hospital.

Harry Samuel Co-Head of Fixed Income & Currencies Regional Head of Global Markets, Europe & Asia   Harry Samuel is co- head of Fixed Income and Currencies and regional head of Global Markets, Europe and Asia. His current responsibilities include: global foreign exchange, energy trading, futures and base metals, global funding and liquidity; Canadian and US equity prime brokerage; global equity finance; and UK business banking. He is also chair of the London diversity committee. Harry joined RBC Dominion Securities in Toronto in 1989, where he traded forward FX and short-term interest rate products until his move to London in 1999 when he took up the role of Head of Money Markets, Europe and Asia. He assumed his current responsibilities in 2001.Harry has a BA from McGill University and an MSc from the London School of Economics.

Andrew G. Scace Vice Chairman Andrew Scace is a vice chairman of RBC Capital Markets with responsibility for senior account coverage of investment banking assignments.  Mr. Scace began his career at Harris & Partners, later moving to Dominion Securities when the two firms merged. At RBC Dominion Securities, he headed the Global Markets division, sitting on the Executive and Operating committees and chairing the Product Development group.  He received his BA from the University of Manitoba.  Mr. Scace was previously involved as an executive committee member with the Investment Dealers Association, eventually chairing the Money Market Section.  He presently sits on the Board of Directors of North York General Hospital Foundation and is an active member of the Ontario Club.

Wm. G. (Bill) Sembo Vice Chairman Bill Sembo is a vice chairman of RBC Capital Markets and is responsible for senior client relationships and advising Canadian and international companies and governments.  He is also a senior partner of RBC's Energy practice, servicing the petroleum and energy-related industries globally and is a member of the firm's Executive Committee.  Mr. Sembo, who has been with the firm since 1986, has broad investment banking, corporate credit and mergers and acquisitions experience.  Prior to joining RBC, he spent six years as a member and manager of the corporate finance team of The Toronto Dominion Bank's energy and national accounts division in Calgary.  Earlier, Mr. Sembo spent five years with Asamera Inc., an international petroleum company, where his responsibilities included project assessment and development and financial planning and controls.  He holds a BA (Economics) degree from the University of Calgary.  He has extensive experience as a board member of public and private enterprises in the areas of health-care, education and energy.  Mr. Sembo is currently a board member of the Calgary YMCA and is Vice Chair of the University of Calgary's Faculty of Medicine's Advisory Board.

Anne Sutherland Managing Director Head of National Client Group As Managing Director and Head, National Client Group, Anne Sutherland heads a business that is responsible for client coverage for the firm's mid-market clients in Canada.   Since joining RBC, Ms. Sutherland has assumed steadily increasing responsibilities in senior management. Her positions have covered a broad range of disciplines and customer segments, including corporate, commercial and small business banking, risk management, marketing, sales and market management, strategic and financial planning, IT, operations, and training.    Ms. Sutherland has held a number of key committee and board positions over the past decade including most recently the boards of the Centre for Global Innovation and Leadership and Ronald McDonald House Charities. Other board activities have included the Business Council of B.C. (Executive Committee), Vancouver Board of Trade, Science World (Executive Committee), the Children's Hospital Foundation, UBC Foundation and as a member of the United Way Cabinet for Lower Mainland, Vancouver. In 2003, Ms. Sutherland was recognized as one of Business in Vancouver magazine's five Influential Women in Business.   Ms. Sutherland holds an MBA in finance from York University and Laval University, as well as a BA from the University of Toronto and the University of Edinburgh.

Richard Tavoso Managing Director Global Arbitrage and Trading Richard Tavoso is a managing director of RBC Capital Markets, head of the Global Arbitrage and Trading (GAT) and a member of the Executive Committee.  He joined the firm in 1995 as part of the management team that brought the Global Equity Derivatives Group to RBC Dominion Securities.  He created the program trading group that manages a multi-billion dollar asset portfolio through equities, swaps and futures.  This group consistently ranks in the top five on the New York Stock Exchange in program trading volume and in the top two in index arbitrage.  Prior to this role, Mr. Tavoso spent seven years at Kidder Peabody in the equity derivatives group.  As a senior vice president, he built and managed Kidder's Tokyo equity derivatives business from 1990 to 1993.  He was awarded Kidder Peabody's equity trader of the year for his efforts in 1992.  Mr. Tavoso graduated with a major in history from Princeton University.