TORONTO, March 3, 2009 — RBC Asset Management Inc. (RBC AM) and Phillips, Hager & North (PH&N) announced February net sales of $1.4 billion. Money market funds had net sales of $1.3 billion and long term funds had net sales of $84 million. Assets under management decreased by $0.8 billion, or 0.9 per cent, in February.

"While the economic environment continues to challenge investor psychology, we are encouraged to see strong overall fund sales, including net sales of long term funds," said Doug Coulter, president of RBC AM. "In particular, investors continue to recognize the value of RBC Portfolio Solutions as an attractive long-term investment option."

About RBC Asset Management, Phillips, Hager & North and RBC Wealth Management
Combined, RBC Asset Management Inc. (RBC AM) and Phillips, Hager & North Investment Management Ltd. (PH&N) have $90 billion in IFIC-reported mutual fund assets under management and an additional $50 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 and PH&N are part of RBC Wealth Management, which directly serves affluent and high net worth clients in Canada, the United States, Latin America, Europe and Asia. RBC Wealth Management also provides asset management and trust products and services directly and through RBC and third-party distributors to all client segments, and has more than $450 billion of assets under administration, more than C$220 billion of assets under management and more than 4,000 financial consultants, advisors, private bankers and trust officers.

Please read the prospectus before investing. There may be commissions, trailing commissions, management fees and expenses associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.