RBC Insurance Waives Policy Fee on Term Life Product

Enhancement Based on Feedback from Distribution Network

Mississauga, August 10, 2004 – RBC Insurance today announced it has waived the policy fee on its Preferred Term 10 insurance product. The change, which was based on feedback from the company’s distribution network, is intended to provide a more competitive term life insurance option for clients.

“RBC Insurance is focused on becoming one of the top five term life insurance providers in Canada,” said Neil Skelding, president and CEO of RBC Life Insurance Company. “We have listened to our distributors and know they need an enhanced option to offer clients. Waiving the policy fee on Term 10 is the first step towards eventually offering a completely re-designed, industry-leading term life insurance portfolio.”

The $0 policy fee applies to all Preferred Term 10 policies of $250,000 or more issued after July 1, 2004 and is effective for the life of the policy.

To find out more about offering RBC Life Insurance Company products, please contact RBC Insurance at 1-866-235-4332.

RBC Insurance, through its operating entities, including RBC Life Insurance Company, provides a wide range of creditor, life, health, travel, home, auto and reinsurance products to more than five million North American clients. As one of the top 10 life insurance producers and the leading provider of individual living benefits in Canada, RBC Life Insurance Company offers a comprehensive portfolio of individual and group life and health insurance solutions. These products are distributed through more than 17,000 independent brokers affiliated with producer groups, financial planning firms and stock brokerage firms, as well as through direct sales and a network of career sales representatives. For more information, please visit www.rbcinsurance.com.