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News Releases


RBC Capital Markets completes acquisition of Seasongood & Mayer

NEW YORK, June 18, 2007 — RBC Capital Markets today announced the completion of its acquisition of 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 acquired Seasongood Asset Management, a wholly owned subsidiary and investment advisor to public funds clients. Terms of the transaction were not disclosed.

The 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. In addition to being the top negotiated underwriter in Ohio, the combined RBC entity, based on 2006 rankings, is the #1 ranked municipal finance firm nationally in both U.S. middle market issues and the K-12 school finance sector.

"When we look at a transaction, we want to acquire a quality company with a leading position in the market and a high reputation among its peers - that's Seasongood & Mayer," said Larry Holtz, Head of Municipal Markets for RBC Capital Markets. "Our U.S. Municipal issuance business has more than doubled over the past decade - this deal will help fuel our momentum and further strengthens our franchise as one of the leading municipal finance platforms in the United States."

Seasongood Asset Management currently manages $1.5 billion in assets for public fund clients in the Ohio region. The asset management portion of the Seasongood business will operate under the name RBC Public Fund Services as a joint venture between RBC Capital Markets and RBC's Voyageur Asset Management.

"We are excited to join RBC and are looking forward to making a contribution to the continuing success of RBC Capital Markets," said Todd Braff, head of RBC Capital Markets' Ohio operations and a former Managing Principal of Seasongood & Mayer. "Among other benefits, the merger will allow us to better serve our clients in the state of Ohio while maintaining our longstanding leadership position."

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 in the top 15 issuer states in the U.S. RBC Capital Markets ranked eighth last year in the U.S. in senior-managed negotiated municipal bond underwriting volume. Seasongood & Mayer has been the #1 ranked municipal finance firm in Ohio for 12 consecutive years.

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 made seven acquisitions in the U.S. in the past 11 months, including 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 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 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.

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 intends 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 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 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 integrate Seasongood & Mayer, LLC 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 assumes 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
Beja Rodeck, RBC, 416-974-5506, beja.rodeck@rbc.com

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

Investor Relations
Marcia Moffat, RBC, 416-955-7803, marcia.moffat@rbc.com


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