Mississauga, March 19, 2002 – RBC Insurance is pleased to announce the opening of five new
business development offices for its life insurance division.

The offices, located in Vancouver, Regina, Mississauga, Ottawa and Halifax,
were opened to increase the customized support available to clients across the country.

“Our expansion will give us the opportunity to help
our business partners reach more of our target audience, with the ultimate goal of
providing customized insurance solutions for new and existing customers,” said John
W. Hamilton, vice-president, Business Development, of the life insurance division of RBC Insurance.

RBC Insurance business partners include insurance and
financial professionals who are focused on providing advice and solutions to meet client
needs. Through its business development offices, RBC Insurance will provide these key
partners with a variety of technology, sales and marketing, training and relationship
building expertise and support.

“Our added local presence will ensure RBC Insurance
business partners have a faster response to their inquiries,” said Hamilton.
“This increased proactive contact will go a long way towards helping them build their
practices, and helping us build our customer base.”

RBC Insurance is one of the top 10 life insurance producers
in Canada, and offers individual and group life and health insurance solutions, including
term insurance, segregated funds, whole life, universal life policies and group benefits,
through direct sales, a network of career sales agents and more than 5,000 independent brokers.