RBC DAIN RAUSCHER LAUNCHES RBC TOTAL PORTFOLIO UNIFIED MANAGED ACCOUNT PROGRAM

- Placemark Investments Supplies Overlay Portfolio Management Services to Support
Next Generation Product Features -

MINNEAPOLIS, August 25 - RBC Dain Rauscher, the nation's eighth largest full-service securities firm with more than $100 billion in assets, today announced the launch of RBC Total Portfolio, its new Unified Managed Account (UMA) program.

RBC Total Portfolio features an open architecture that allows RBC Dain Rauscher financial consultants to offer their clients fully diversified portfolios comprised of individual separate accounts, mutual funds, and Exchange Traded Funds (ETFs), with a minimum account size of $250,000. Financial consultants will be able to choose from a variety of pre-configured model portfolios, or build their own using any of the available products, selected and monitored by RBC Dain Rauscher's Investment Consulting Services and Advisory Research teams.

The program is expected to roll out to all RBC Dain Rauscher financial consultants in October 2004, following the completion of a pilot program in September. RBC Dain Rauscher is launching the RBC Total Portfolio with Placemark Investments of Dallas as the overlay manager.

UMAs are poised to become a dominant investment vehicle during the next few years, with Tower Group estimating assets in managed accounts to grow to over $1 trillion by 2007. The RBC Total Portfolio program is the culmination of over a year of effort, starting with research and vendor qualification and selection, followed by intensive product development.

"We wanted to implement a program that sets a new standard for separate accounts," said Charley Grose, President of the Private Client Group for RBC Dain Rauscher. "We considered closed-architecture products with more limited manager selections and features, but chose to work with Placemark to implement a service offering that will continually exceed our clients' needs."

"The RBC Total Portfolio offering is our latest program utilizing breakthrough technology and financial acumen to deliver superior wealth management services to our clients," said Erik Preus, Director of Investment Consulting Services at RBC Dain Rauscher.

In developing the program, RBC Dain Rauscher selected a subset of separate account managers currently available in the firm's Consulting Solutions Separate Account Program. There will be approximately 30 investment styles from among 20 investment management firms available in the initial product launch.

In addition to performing regular rebalancing, cash management, and implementing trades in the RBC Total Portfolio accounts, Placemark's tax-optimization services will be available for those clients that wish to have the account traded in consideration of their individual tax circumstances in an effort to improve their after-tax returns.

"Our new partnership with RBC Dain Rauscher demonstrates how fast the UMA market is growing in the U.S.," said Lee Chertavian, CEO of Placemark Investments. "Financial services companies are increasingly turning to overlay management to deliver more personalized portfolios and better manage an increasingly diverse and demanding client base."

About Dain Rauscher
RBC Dain Rauscher Corporation, a wholly owned subsidiary of Royal Bank of Canada (RY: TSX, NYSE), is the nation's eighth largest full-service securities firm with more than 1,800 financial consultants and 5,000 employees. The companies serve individual investors and businesses through offices coast-to-coast, and capital markets and correspondent clients in select U.S. and international markets. Founded in 1909, RBC Dain Rauscher is a member of the New York Stock Exchange and other major securities exchanges, as well as the Securities Investor Protection Corp. RBC Dain Rauscher is headquartered at 60 South Sixth Street in Minneapolis.