TORONTO, June 2, 2009 — RBC Asset Management Inc. (RBC AM) and Phillips, Hager & North (PH&N) announced May net sales of $665 million. Money market funds had net sales of $240 million and long-term funds had net sales of $425 million. Assets under management increased by $3.4 billion, or 3.4 per cent, in May.

“We are encouraged to see a continuation of the trend of investors returning to long-term funds,” said Doug Coulter, president of RBC AM. “Our RBC and PH&N fund line-ups offer a range of options for investors who are looking to re-align their portfolios with their long-term plans.”

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 $101 billion in IFIC-reported mutual fund assets under management and an additional $51 billion in other institutional and private client assets under management. RBC AM won the Lipper Awards for “Best Bond Fund Family” in 2009 and “Best Overall Fund Group” in 2007 and 2008; PH&N won for “Best Bond Fund Family” in 2007 and 2008.

RBC Wealth Management 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 more than $480 billion of assets under administration, more than $230 billion of assets under management and nearly 4,500 financial consultants, advisors, private bankers and trust officers.