TORONTO , January 3, 2007 —   RBC Asset Management Inc. today announced

$368 million in net sales of long term funds for the month of December. Money market net sales were $178 million for a total of $546 million in overall net sales for the month.* For the year ended December 31, 2006, RBC Asset Management recorded net sales of

$6.7 billion, including $5.4 billion in long term net sales.

“The importance that investors place on professionally managed, globally diversified portfolios continues to be reflected in our sales results,” said Dave Richardson, vice-president, Communication and Enterprise Sales, RBC Asset Management. “Throughout 2006, net sales in U.S. and foreign mutual funds were over $2.8 billion through direct fund purchases and portfolio solutions.”

Consistent with this focus on global investing, RBC Asset Management will be visiting major cities across Canada in January 2007, talking to financial advisors about opportunities in global equity markets. These presentations will feature George Lewis, chairman and chief executive officer, RBC Asset Management, and Jim O’Shaughnessy, senior managing director, Bear Stearns Asset Management Inc. and sub-advisor to the RBC O’Shaughnessy Funds.

Top selling funds in December included the RBC Canadian Dividend Fund and the RBC O’Shaughnessy International Equity Fund, with net sales of $44 million and $37 million respectively. Net sales of the RBC Select Portfolios totaled $161 million.

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 $74 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.rbcam.com.

* November overall net sales for RBC Asset Management released in a news release issued on December 4, 2006 were understated by $17 million as a result of a reporting error . Long term net sales for November were $523 million and overall net sales including money market funds totaled $759 million.

For further information, please contact:

Kathy Bevan, Media Relations, (416) 974-8810