TORONTO, January 5, 2007 — RBC Asset Management Inc. announced today that it is reducing the management fees on nine international and global equity funds, effective January 1, 2007. This fee reduction represents the fourth such announcement from RBC Asset Management in the past 12 months, including lowering management fees for the RBC Managed Portfolios program, the RBC DS Focus Funds and the RBC North American Dividend Fund.

Series A and Advisor Series Old Management Fee New Management Fee RBC Asian Equity Fund 2.00% 1.85% RBC European Equity Fund 2.00% 1.85% RBC International Equity Fund 2.00% 1.85% RBC Global Titans Fund 2.00% 1.85% RBC Global Consumer and Financials Fund 2.00% 1.85% RBC Global Health Sciences Fund 2.00% 1.85% RBC Global Resources Fund 2.00% 1.85% RBC Global Technology Fund 2.00% 1.85% RBC Life Science & Technology Fund * 2.00% 1.85%

* Only available in Series A.

“For Canadian investors looking to diversify their portfolios beyond Canada, mutual funds have helped make global investing as easy and convenient as investing here at home,” said Brenda Vince, president, RBC Asset Management. “But investing outside Canada shouldn’t just be convenient, it should also offer investors good value. As a leading provider of global investment solutions, we are committed to continuously improving the value we deliver to our investors, not only when investing in Canada, but also when they invest in foreign markets.”

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 $75.8 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, (416) 974-8810