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News Releases


RBC Capital Markets to acquire Seasongood & Mayer

NEW YORK, April 30, 2007 — RBC Capital Markets today announced it has signed an agreement to acquire Seasongood & Mayer, LLC, the state of Ohio's top-ranked public finance firm and leading underwriter of municipal debt. As part of the proposed deal, RBC has also agreed to acquire Seasongood Asset Management, a wholly owned subsidiary and investment advisor to public funds clients. Completion of the transaction remains subject to regulatory approvals and other customary conditions and is expected to close in the second quarter of 2007. Terms of the transaction were not disclosed.

The proposed merger bolsters RBC Capital Markets' leadership position in the U.S. municipal investment banking market while enhancing its overall presence in Ohio and in K-12 education finance nationally. It will also provide Seasongood's clients with additional products and services offered by RBC. In addition to being the top negotiated underwriter in Ohio, the combined RBC entity, based on 2006 rankings, would be the #1 ranked municipal bank nationally in both U.S. middle market issues and the K-12 school finance sector. RBC Capital Markets ranked eighth last year in the U.S. in senior-managed negotiated municipal bond underwriting volume.

"As one of the top states for municipal issuance in the country, Ohio represents a key strategic growth area for us," said Larry Holtz, Head of Municipal Markets for RBC Capital Markets. "We are the only top-10 firm in the U.S. to have a physical presence in the state of Ohio, and this deal will bring the number of people we have on the ground there to over 100. Acquiring Seasongood significantly enhances RBC's presence in K-12 finance, further strengthens our franchise as one of the leading municipal finance platforms in the United States, and aligns well with our culture and our strategy of having a local presence to serve clients."

RBC Capital Markets' municipal finance business ranked in the top five in 2006 in the states of Arizona (1st), Pennsylvania (1st), Colorado (2nd), Texas (4th) and New Jersey (5th). All five states rank among the top 15 issuer states in the U.S. Seasongood & Mayer has been the #1 ranked municipal finance firm in Ohio for 12 consecutive years.

Seasongood Asset Management currently manages $1.5 billion in assets for public funds clients in the Ohio region. It is intended that this business will operate under the name RBC Public Fund Services as a joint venture between RBC Capital Markets and Voyageur Asset Management, a business unit of RBC Wealth Management.

"As we continue to work closely with entities within the state of Ohio, this merger gives us a much broader array of quality products and services, global strength, and access to the RBC balance sheet, all of which are essential in our business today," said Todd Braff, a Managing Principal of Seasongood & Mayer and head of the new business' Ohio operations. "It will allow us to better serve our clients and maintain our leadership position in a new, more sophisticated era of public finance.

"Looking at our proud history as one of Cincinnati's oldest ongoing companies, it became apparent to us that the absolute best way to ensure the continuation of our philosophy and history of service was to find a way to partner with one of the great organizations in our business, RBC Capital Markets."

"By combining Seasongood's geographic leadership, advisory expertise and longstanding reputation in the marketplace with our strong national municipal finance platform backed by North America's sixth largest bank, we can add significant value for our clients both nationally and within the state of Ohio," said Chris Hamel, RBC Capital Markets' Head of Municipal Finance.

The transaction is the latest in a series of deals completed by RBC as it continues to build its presence in the United States and globally. RBC has announced seven acquisitions in the U.S. in the past nine months, including recent acquisitions by RBC Capital Markets of Carlin Financial Group, a broker-dealer known for its proprietary trade execution platform, and Daniels & Associates, the nation's most active M&A advisor to the cable, telecom, broadcast and Internet services industries.

About Seasongood & Mayer
Headquartered in Cincinnati, Seasongood & Mayer is the oldest securities firm and largest public finance organization in the state of Ohio. The firm was established in 1887 with the purpose of specializing in the underwriting and distribution of fixed-income
securities. The firm now dedicates itself to the underwriting, trading and marketing of municipal bonds. It has been the #1 ranked firm in Ohio for tax-exempt bonds and notes for 12 consecutive years.

About RBC Capital Markets
RBC Capital Markets is the corporate and investment banking arm of RBC, the masterbrand used by Royal Bank of Canada (RY on the TSX and NYSE), 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 leads the Canadian market and supports a significant and growing franchise in the U.S. middle market. Bloomberg ranks the firm as one of the Top 20 investment banks globally.

About RBC Wealth Management
RBC Wealth Management directly serves affluent and high net worth clients in Canada, the United States, Latin America, Europe and Asia, provides asset management and trust services through RBC partners and third-party distributors and has over $500 billion of assets under administration, 3,500 financial advisors and $150 billion of assets under management.

Safe Harbor Regarding Forward-Looking Statements
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 Seasongood & Mayer, LLC 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.

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 Seasongood & Mayer, LLC 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 acquisition 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 Seasongood & Mayer, LLC 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 Seasongood & Mayer, LLC business does business; the impact of changes in the laws and regulations regulating financial services and enforcement thereof (including banking, insurance and securities); judicial judgments and legal proceedings; RBC Capital Markets ability to complete the acquisition of Seasongood & Mayer, LLC 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 Seasongood & Mayer, LLC 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.

RBC Capital Markets and Seasongood & Mayer, LLC assume no obligation to update the forward-looking statements contained in this press release.

- 30 -

For more 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
Jackie Braden, RBC, 416-974-2124, jackie.braden@rbc.com

Investor Relations
Marcia Moffat, RBC, 416-955-7803, marcia.moffat@rbc.com
Amy Cairncross, RBC, 416-955-7809, amy.cairncross@rbc.com

Seasongood & Mayer

Joe Bride, 513-368-0848, jobe@fuse.net


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