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RBC Capital Markets appoints David Pichler head of U.S. Credit Trading

NEW YORK, January 15, 2008 — RBC Capital Markets today announced the appointment of David Pichler as managing director, head of U.S. Fixed Income & Currencies (FIC) Credit Trading. In this role, Pichler will be responsible for Investment Grade trading, High Yield trading and Secondary Loan Trading in the U.S. He will be based in New York.

"To best serve our clients, we believe this is an ideal time to combine the management of risk across our secondary credit businesses to align with the natural evolution of the credit markets," said Jonathan Hunter, global co-head of RBC Capital Markets Fixed Income & Currencies business. "We're excited to have David on board to lead that effort."

Prior to joining RBC, Pichler spent his entire 15-year career at Citigroup/Salomon Brothers, where he was most recently co-head of Global Credit Trading. Previously, he was the firm's head of U.S. Investment Grade Trading.

"The current market environment offers an ideal opportunity to build a substantial, integrated secondary credit business at such a well-capitalized, respected firm as RBC," said Pichler. "I'm delighted to be joining the firm."

In his new role, Pichler will work closely with his RBC partners in high yield origination and sales, syndicated finance, debt capital markets, and credit sales to ensure seamless alignment between the firm's secondary trading and new issue platforms.

"A strong secondary credit business will strengthen our origination activities and further expand our sector-focused U.S. platform as we continue to build a top-tier global fixed income business," said Hunter. "We continue to invest resources in our U.S. business to provide clients with the highest quality of debt products and services, in keeping with what our clients have come to expect from RBC worldwide."

About RBC Capital Markets Global Fixed Income & Currencies
RBC Capital Markets' global fixed income business of nearly 1,300 employees serves over 6,000 active investors and issuers through 50 offices in 10 countries. With trading hubs in London, New York, Sydney, Tokyo and Toronto the bank is a market-maker in all major and many emerging market currencies and provides 24-hour pricing, sales and trading operations. RBC Capital Markets is a leader in sterling and alternative dollars, with a growing presence in US dollars and select emerging markets. RBC Capital Markets is ranked #1 in both the Maple and Kangaroo bond markets and in U.S. Negotiated Municipal bonds. With a focused expertise in commodity-linked currencies, the bank offers a full range of derivative products and provides tailored solutions for its clients. The firm is a leading provider of FX market research and strategy with dedicated research teams for high-yield, emerging market and investment grade bonds located in Europe, Canada and the U.S.

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For more information, please contact:
Kevin Foster, RBC Capital Markets, (212) 428-6902, kevin.foster@rbccm.com


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01/15/2008 10:48:02