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News Releases


RBC Asset Management Inc. and Phillips, Hager & North
September sales results

TORONTO, October 2, 2008 — RBC Asset Management Inc. (RBC AM) announced September net redemptions of $1.2 billion. Money market funds had net redemptions of $1.0 billion and long term funds had net redemptions of $148 million. Assets under management decreased by $7.1 billion, or 7.8 per cent, in September.

Phillips, Hager & North (PH&N) announced September net redemptions of $97 million. Money market funds had net redemptions of $22 million and long term funds had net redemptions of $75 million. Assets under management decreased by $1.4 billion, or 7.4 per cent, in September.

RBC AM and PH&N announced combined September net redemptions of $1.3 billion and assets under management total $102 billion at September 30, 2008.

"Over the past year, RBC Asset Management has attracted a significant portion of the industry's net inflows into money market funds," said Brenda Vince, president of RBC AM. "We now seem to have reached a point where at least some advisors and institutions are redeploying their cash back into the market. In addition, we know that there are always liquid assets looking for the best rate available and that there are some very attractive GIC rates being offered at the moment.

"At the same time, we are encouraged by the strength we continue to see in our sales of risk-managed portfolio solutions."

Net sales of portfolio solutions totaled $50 million in September.

About Global Asset Management and RBC Wealth Management
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 $102 billion in IFIC-reported mutual fund assets under management and an additional $52 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.

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. 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 C$500 billion of assets under administration, more than
C$240 billion of assets under management and more than 4,000 financial consultants, advisors, private bankers and trust officers.

- 30 -

For more information, please contact:
Chris Dotson,
RBC Asset Management and PH&N Communications,
(604) 408-6009

Jackie Braden,
RBC Media Relations,
(416) 974-2124


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10/03/2008 08:11:26