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News Releases


RBC Capital Markets to acquire Daniels & Associates.

NEW YORK AND DENVER, November 21, 2006 — RBC Capital Markets today announced it has signed an agreement to acquire Daniels & Associates, L.P., the nation's most active mergers and acquisitions advisor to the cable, telecom and broadcast industries. Completion of the transaction remains subject to regulatory approvals and other customary conditions and is expected to close in the first quarter of 2007. Terms of the transaction were not disclosed.

The proposed transaction further bolsters RBC Capital Markets' presence in the U.S. investment banking market while enhancing its ability to provide clients with industry-focused advice, and will allow Daniels to increase its capability to provide clients with additional services and access to public capital markets.

"By combining Daniels' experience with our proven execution capabilities in high yield, syndicated loans, public equity, private placement and convertibles, we can together add significant value to communications, media and entertainment (CME) companies both domestically and internationally," said Peter de Vos, Head of RBC Capital Markets' U.S. Investment Banking. "This deal creates one of the strongest CME investment banking teams on Wall Street."

Over the past six years, Daniels has completed more M&A transactions within the cable, telecommunications and broadcast sectors in the United States than any other investment bank - nearly double its closest competitor - according to data provided by Thomson Financial. The firm also has a significant presence in other areas of the media & technology industries and, in addition to its M&A expertise, specializes in corporate finance and financial advisory services both domestically and internationally.

"We are very excited about joining forces with RBC Capital Markets," said Brian Deevy, Chairman & CEO of Daniels & Associates. "This transaction will allow us to provide a much broader range of services to our clients, while continuing the tradition of expert financial advice they have come to expect from Daniels."

Daniels & Associates will be renamed RBC Daniels and will retain its current offices in Denver and New York. Brian Deevy will be CEO of RBC Daniels, and current Daniels president and COO Brad Busse will remain as president and COO of the new entity.

"Given the industry's ongoing growth and consolidation, we believe M&A activity will be plentiful in this particular space," said Doug McGregor, Head of RBC Capital Markets' Global Investment Banking and Equity Markets. "By acquiring Daniels, we are able to offer our clients 'best in class' services from a firm that has been a leader in this space for nearly 50 years."

The transaction is the latest in a series of acquisitions by RBC as it continues to build its presence in the United States and globally. Last month, RBC Capital Markets announced an agreement to acquire the broker-dealer business of Carlin Financial Group, known for its proprietary trade execution platform.

About Daniels & Associates
Founded in 1958, Daniels & Associates, L.P. is a leader in financial services to the cable, telecommunications, media and technology industries worldwide. Daniels assists clients around the globe with mergers & acquisitions, private equity & debt financings and financial advisory engagements. Since its inception, Daniels has completed more than $100 billion in total transactions. The firm is headquartered in Denver, Colorado and has an office in New York.

About RBC Capital Markets
RBC Capital Markets is the corporate and investment banking arm of RBC and is active globally in debt origination, sales and trading, foreign exchange, infrastructure finance, structured products, metals and mining and energy. Its North American equity underwriting, sales, trading and research business dominates the Canadian market and supports a significant and growing franchise in the US middle market. The firm is ranked by Bloomberg as one of the Top 20 investment banks globally.

Certain statements contained in this press release may be deemed to be forward-looking statements under certain securities laws, including the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities legislation, and RBC Capital Markets and Daniels & Associates, L.P. intend that such forward-looking statements be subject to the safe-harbor created thereby. The words "may," "could," "should," "would," "suspect," "outlook," "believe," "plan," "anticipate," "estimate," "expect," "intend," "forecast," "objective" and words and expressions of similar import are intended to identify forward-looking statements.

Safe Harbor Regarding Forward-Looking Statements
By their very nature, forward-looking statements involve numerous assumptions, and inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other forward-looking statements, including statements about the proposed acquisition of the Daniels & Associates, L.P. business by RBC Capital Markets, will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause our actual results to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to, the possibility that the proposed transaction does not close when expected or at all because required regulatory or other approvals are not received or other conditions to the closing are not satisfied on a timely basis or at all; that RBC Capital Markets and Daniels & Associates, L.P. may be required to modify the terms and conditions of the proposed transaction to achieve regulatory approval; or that the anticipated benefits of the transaction are not realized as a result of such things as the strength of the economy and competitive factors in the areas where the Daniels & Associates, L.P. business does business; the impact of changes in the laws and regulations regulating broker-dealers, investment advisers and enforcement thereof (including securities); judicial judgments and legal proceedings; RBC Capital Markets' ability to complete the acquisition of the Daniels & Associates, L.P. business and to integrate it with RBC Capital Markets successfully; reputational risks; and other factors that may affect future results of RBC Capital Markets and the Daniels & Associates, L.P. business, including changes in trade policies, timely development and introduction of new products and services, changes in tax laws and technological and regulatory changes. We caution that the foregoing list of important factors is not exhaustive.

Neither RBC Capital Markets nor Daniels & Associates, L.P. assume any obligation to update any forward-looking statements contained in this press release.

- 30 -

For further information, please contact:
New York
Kevin Foster, RBC Capital Markets, 212-428-6902, kevin.foster@rbccm.com

Katherine Gay, RBC Capital Markets, 416-974-6286, katherine.gay@rbc.com
Beja Rodeck, RBC, 416-974-5506, beja.rodeck@rbc.com

Bill Fowler, Daniels & Associates, 303-778-5513, bill.fowler@danielsonline.com

Investor Relations
Marcia Moffat, RBC, 416-955-7803, marcia.moffat@rbc.com
Dave Mun, RBC, 416-955-7808, dave.mun@rbc.com


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