Business as usual for RBC Money Market Funds

    TORONTO, Aug. 16 /CNW/ - RBC Asset Management Inc. (RBC AM) is providing
additional information regarding the holdings in RBC Money Market Funds of
asset-backed commercial paper.
    All asset-backed commercial paper owned by RBC Money Market Funds is
through conduits sponsored by the other four major Canadian chartered banks.
The underlying assets in these major bank conduits are virtually all Canadian
with transparent valuations and high credit quality. These assets include
mortgages, auto loans, personal lines of credit, and credit card receivables
and there is no exposure to the U.S. sub-prime, collateralized debt obligation
(CDO) and derivatives markets. RBC Money Market Funds do not have any exposure
to the non-bank sponsored conduits that were covered by the agreement struck
earlier today by a number of financial institutions to address liquidity
issues in these products.
    "RBC AM does not expect issues in valuing RBC Money Market Funds or
changes to their net asset value, and will continue to sell and redeem funds
as our clients deem appropriate," said Brenda Vince, president of RBC Asset
Management Inc.

    About RBC Asset Management

    RBC Asset Management Inc. is an indirect, wholly owned subsidiary of
Royal Bank of Canada. RBC Asset Management Inc. provides a broad range of
investment services to investors through mutual funds, pooled funds and
separately managed portfolios. With offices in major financial centres around
the world, RBC Asset Management Inc. is one of Canada's largest money managers
and has over $83 billion in assets under management.
    RBC 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, provides asset management and trust services through
RBC partners and third-party distributors and has over $500 billion of assets
under administration, 3,500 financial advisors and $150 billion of assets
under management.


    This news release may contain forward-looking statements. These
forward-looking statements include, but are not limited to, statements about
our beliefs, outlooks and expectations. Forward-looking statements involve
numerous factors and assumptions and are subject to inherent risks and
uncertainties, both general and specific. We caution readers not to place
undue reliance on our forward-looking statements as a number of factors could
cause actual results to differ materially from the beliefs, outlooks and
expectations expressed in our forward-looking statements. RBC does not
undertake to update any forward-looking statement that is contained in this
news release.

For further information:

For further information: Media contacts: Rina Cortese, RBC Wealth
Management, (416) 974-6970; Katherine Gay, RBC Wealth Management, (416)

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