TORONTO, June 3, 2008 — RBC Asset Management Inc. (RBC AM) announced May net sales of $1.3 billion. Money market funds had net sales of $1.0 billion and long term funds had net sales of $278 million. Assets under management increased by $2.9 billion, or three per cent, in May.

Phillips, Hager & North (PH&N) announced May net redemptions of $108 million. Money market funds had net redemptions of $62 million and long term funds had net redemptions of $46 million. Assets under management increased by $0.2 billion, or one per cent, in May.

RBC AM and PH&N announced combined May net sales of $1.2 billion and assets under management now total $111.2 billion at May 31, 2008.

“It was encouraging to see a noticeable pick up in flows into long-term funds in the second half of May,” said Brenda Vince, president, RBC Asset Management.

Net sales of risk-managed portfolio solutions totalled $253 million in May and now exceed $18 billion in assets under management. Top selling individual funds included the Tax Managed Return Fund with $24 million in net sales and Canadian Bond Index Fund with $11 million in net sales.

About Global Asset Management and RBC Wealth Management
Global Asset Management comprises RBC Asset Management Inc. (RBC AM), Phillips, Hager & North Investment Management Ltd. (PH&N) in Canada and Voyageur Asset Management Inc. in the U.S. Combined, RBC AM and PH&N have $111 billion in retail mutual fund assets under management and an additional $56 billion in other institutional and private client assets under management. RBC AM and PH&N received the Lipper Awards for “Best Overall Fund Group” and “Best Bond Family” in Canada respectively for the second consecutive year in 2008.

RBC AM provides a broad range of investment services to investors through mutual funds, pooled funds and separately managed portfolios.

Phillips, Hager & North Investment Management Ltd. is a leader in the provision of investment management services to pension plans, endowments and foundations, and private clients.

Global 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

$230 billion of assets under management, and more than 3,600 financial consultants, advisors, private bankers and trust officers.