TORONTO, June 23, 2006 — RBC Asset Management Inc. today announced that unitholders have approved changes to certain RBC Funds. The changes will be effective July 4, 2006.

“We are very pleased that unitholders have approved the following changes to the RBC Funds,” said Brenda Vince, president, RBC Asset Management Inc. “We are committed to ensuring that our products continually address the needs of investors and help them to achieve their goals. These changes will provide investors with a broader range of investment opportunities beyond Canada’s borders and simplify the RBC Funds lineup.”

The changes approved are as follows:

• RBC Balanced Growth Fund
  Unitholders approved the amendment to the Fund’s investment objective, permitting the Fund to invest in equity and fixed income securities in Canadian, U.S. and international markets.
  
  
• RBC Blue Chip Canadian Equity Fund
  Unitholders approved the amendment to the Fund’s investment objective, permitting the Fund to invest in Canadian and U.S. equities with above average dividend yields. The Fund will be renamed the RBC North American Dividend Fund to reflect the change.
  
  
• RBC Canadian Value Fund
  Unitholders approved the amendment to the Fund’s investment objective, permitting the Fund to invest in Canadian and U.S. value stocks. The Fund will be renamed the RBC North American Value Fund to reflect the change.
  
  
• RBC Canadian Growth Fund
  Unitholders approved the amendment to the Fund’s investment objective, permitting the Fund to invest in Canadian and U.S. growth stocks. The Fund will be renamed the RBC North American Growth Fund to reflect the change.
  
  
• RBC Energy Fund
  Unitholders approved the amendment to the Fund’s investment objective, permitting the Fund to invest in energy and energy-related companies in Canadian, U.S. and international markets. The Fund will be renamed the RBC Global Energy Fund to reflect the change.
  
  
• RBC Precious Metals Fund
  Unitholders approved the amendment to the Fund’s investment objective, permitting the Fund to invest in precious metals and precious metals-related companies in Canadian, U.S. and international markets. The Fund will be renamed the RBC Global Precious Metals Fund to reflect the change.
  
  
• RBC Global Financial Services Sector Fund
  Unitholders approved the amendment to the Fund’s investment objective to include equity securities of companies around the world that develop, manufacture, and/or distribute consumer goods and services. The Fund will be renamed the RBC Global Consumer and Financials Fund to reflect the change.
  
  
• RBC Global Resources Sector Fund
  Unitholders approved the amendment to the Fund’s investment objective to include equity securities of companies around the world that design or provide products and services significant to the infrastructure of a country or region. The Fund will be renamed the RBC Global Resources Fund to reflect the change.
  
  
• RBC Global Technology Sector Fund
  Unitholders approved the amendment to the Fund’s investment objective to include equity securities of companies around the world that are involved in the telecommunications industry. The Fund will be renamed the RBC Global Technology Fund to reflect the change.
  
  
• Merger of the RBC Global Balanced Fund into the RBC Balanced Growth Fund Unitholders of the RBC Global Balanced Fund approved the merger into the RBC Balanced Growth Fund. Unitholders in the RBC Global Balanced Fund will have their units exchanged for units in the RBC Balanced Growth Fund on a tax deferred basis.
  
  
• Merger of the RBC Global Education Fund into the RBC Target 2015 Education Fund
  Unitholders approved the merger of the RBC Global Education Fund into the RBC Target 2015 Education Fund. The investment objective of the RBC Target 2015 Education Fund will remain unchanged. Unitholders in the RBC Global Education Fund will have their units exchanged for units in the RBC Target 2015 Education Fund on a tax deferred basis.
  
  

About RBC Asset Management

RBC Asset Management Inc. is an indirect, wholly owned subsidiary of Royal Bank of Canada. RBC Asset Management Inc. provides a broad range of investment services to investors through mutual funds, pooled funds and separately managed portfolios. With over $66 billion in assets under management and offices in major financial centres around the world, RBC Asset Management Inc. is one of Canada’s largest money managers. Visit our website at www.rbcfunds.com.

For further information, please contact:
Kathy Bevan, Media Relations, (416) 974-8810