A NEW OPTION FOR RISK-AVERSE INVESTORS SEEKING AN ALTERNATIVE TO CASH

TORONTO, March 9, 2009 — RBC Asset Management Inc. (RBC AM) today announced the launch of the RBC Select Very Conservative Portfolio. This new addition to the RBC Select Portfolios line-up is designed for investors seeking a high degree of capital preservation and the potential for modest capital growth.

“Given the market declines of the past year and the uncertain economic environment, many investors today are sitting on the sidelines in GICs or other near-cash investments,” said Doug Coulter, president, RBC AM. “The RBC Select Very Conservative Portfolio offers a low-risk solution for investors who are concerned about market volatility but also understand the need for some exposure to growth investments in order to reach their goals.”

The RBC Select Very Conservative Portfolio invests primarily in fixed-income securities with a small amount of equities to generate growth and provide some protection against inflation. It has the most conservative asset mix within the five RBC Select Portfolios line-up, with a target asset mix of 80 per cent fixed income and 20 per cent equities. It is also the first RBC Select Portfolio to include Phillips, Hager & North funds in its holdings, bringing together two of Canada’s leading fund families in a single, actively managed investment.

Launched in 1986 as one of the first portfolio solutions offered in Canada, the RBC Select Portfolios line-up now includes five asset mix options with combined assets under management of $9.5 billion. All are eligible for registered and non-registered accounts, with a minimum initial investment of $5,000.

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.