RBC launches new series of equity linked notes

First such collaboration between RBC Asset Management and RBC Capital Markets

TORONTO, January 25, 2007 — RBC Financial Group announces the launch of the RBC Global Titans Deposit Notes, Series 1. This is the first time RBC Asset Management Inc. will be the investment manager for the equity exposure of a principal protected note. These notes are designed for risk-averse retail investors that are seeking to increase diversification in their portfolios.

The Notes are linked to a notional portfolio comprised of global equities and potentially bonds, if required. The allocation between the bond and the equity exposure will be based on a dynamic re-balancing strategy. The initial allocation to equity will be 100 per cent and may be increased or decreased over the term of the note. The maximum potential equity exposure is 200 per cent, which is achieved through the use of low cost leverage. The equity exposure is actively managed to substantially replicate the investment objectives and strategies of the RBC Global Titans Fund.

“The launch of this new note is consistent with our message that investors should proactively consider the amount of their portfolio that is allocated to assets outside of Canada,” said Brett Berman, vice president, Research & Development, RBC Asset Management. “The RBC Global Titans Deposit Notes give investors one more alternative to achieve exposure to global markets with the additional feature of principal protection, at a reasonable cost.”

Available through investment advisors and financial planners up until March 16, 2007, the Series 1 notes have a maturity date of September 22, 2014 and can be acquired through FundSERV (code RBC401). For complete details, please visit http://www.rbccm.com/notes/titans to view the Information Statement.

Contact Information

Jackie Braden

Royal Bank of Canada

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