TORONTO, April 1, 2008 — RBC Asset Management Inc. (“RBC AM”) today announced that it is reducing the management fees for the RBC Canadian Short-Term Income Fund and the RBC Bond Fund to one per cent from 1.15 per cent, on Series A and Advisor Series versions of these funds. These changes, which are effective today, reflect the RBC AM commitment to providing the best value-for-money to its unit holders.

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 offices in major financial centres around the world, RBC Asset Management Inc. is one of Canada’s largest money managers and has over
$90 billion in assets under management.

RBC Asset Management is part of RBC Wealth Management which directly serves affluent and high net worth clients in Canada, the United States, Latin America, Europe and Asia, and provides asset management and trust products and services directly and through RBC partners and third-party distributors. RBC Wealth Management has nearly $500 billion of assets under administration, more than $160 billion of assets under management, and more than 3,600 financial consultants, advisors, private bankers and trust officers.