RBC Asset Management Inc. Reduces The Management Expense Ratio (MER) On The RBC Target 2010 Education Fund

TORONTO, January 13, 2009 — RBC Asset Management Inc. announced today that the management expense ratio (MER) for the RBC Target 2010 Education Fund will be reduced from 1.55 per cent to 1.00 per cent effective January 1, 2009.

The RBC Target Education Funds gradually shift their asset mix from an emphasis on equity funds to drive growth in their early years to fixed income and money market funds as their target date approaches and capital preservation becomes key. The result is an asset mix that evolves over time, becoming more conservative as a child’s target education date approaches. As each RBC Target Education Fund becomes more conservative, the MER for that fund is reduced to reflect the more conservative asset mix.

There are no changes to the MERs for the RBC Target 2015, 2020 or 2025 Education Funds at this time.

About RBC Global Asset Management and RBC Wealth Management
RBC 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 $92 billion in IFIC-reported mutual fund assets under management and an additional $48 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 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 with a full suite of investment, trust and other wealth management solutions. The business also provides asset management products and services directly and through RBC and third-party distributors to institutional and individual clients, and has nearly $500 billion of assets under administration, more than $220 billion of assets under management and more than 4,000 financial consultants, advisors, private bankers and trust officers.