RBC acquires ten per cent of O’Shaughnessy Asset Management

TORONTO, June 2008 — Royal Bank of Canada today announced that it has acquired a ten per cent interest in O’Shaughnessy Asset Management, L.L.C. (OSAM).

“We’re excited about this opportunity to deepen our partnership with OSAM. Jim O’Shaughnessy and his team have delivered strong performance for our unitholders over the past ten years and we look forward to continuing our relationship,” said Brenda Vince, president, RBC Asset Management Inc.

“I have developed tremendous respect for RBC in our ten-year partnership and I am pleased to welcome RBC as a shareholder in O’Shaughnessy Asset Management,” said Jim O’Shaughnessy, chairman and chief executive officer of OSAM.

Financial terms of the agreement were not disclosed.