Press Release

Experienced Board of Governors Assumes Independent Review Committee Responsibilities

National Instrument 81-107 now in place for RBC Funds and RBC Private Pools

Toronto, December 1, 2006 - RBC Asset Management today notified the Canadian Securities Administrators of its full implementation of National Instrument 81-107, Independent Review Committee for Investment Funds.

A nine-member Board of Governors, led by Dr. Lloyd McGinnis O.C., Winnipeg, Chair and Michael G. Thorley, Toronto, Vice-Chair, has been established as the independent review committee of the RBC Funds and RBC Private Pools.

RBC Asset Management has consulted with an advisory Board of Governors about mutual fund conflict of interest matters since 1994. The Board of Governors has now adopted a new Charter to fully comply with National Instrument 81-107.

In addition to Dr. McGinnis and Mr. Thorley, other continuing members of the Board who also bring years of experience and distinguished service to their roles are: Linda S. Petch, Victoria; Mary C. Ritchie, Edmonton; James W. Yuel, Saskatoon; Selwyn B. Kossuth, Mississauga; Charles F. Macfarlane, Toronto; Elaine C. Phénix, Montréal; and Joseph P. Shannon, Cape Breton.

RBC Asset Management and the Board of Governors also acknowledge the valuable contribution and service of Gordon J. Feeney, the former Chair of the advisory Board of Governors, who helped guide the Board from its inception and through the development stages of National Instrument 81-107. Mr. Feeney retired from the Board of Governors in September 2006.

“As an industry leader, we are pleased to demonstrate our continuing commitment to fund governance, and to have such a distinguished group of Governors providing independent oversight for the RBC Funds and RBC Private Pools,” said Brenda Vince, president of RBC Asset Management Inc. RBC Asset Management’s RBC Funds and RBC Private Pools today represent over $68 billion of the investment savings of Canadians.

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