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News Releases


RBC completes acquisition of Richardson Barr & Co.

NEW YORK and HOUSTON, August 5, 2008 — RBC (RY on TSX and NYSE) today announced it has completed the acquisition of Richardson Barr & Co., a leading Houston-based energy advisory firm specializing in acquisitions and divestitures (A&D) in the exploration and production (E&P) sector. The new entity will be renamed RBC Richardson Barr. Terms of the transaction were not disclosed.

A&D firms specialize in assisting public and private companies in the divestiture of their oil and gas properties. The merger gives RBC Richardson Barr the ability to provide its private company clients a complete range of financing and M&A support, as well as ready access to RBC's strong public company relationships, solid financial resources, and expanded product capabilities in equity, high yield, loan syndications, private placement, and convertibles.

"Clients of RBC Richardson Barr will continue to receive the same high quality of service they've come to rely on, and will now also have access to the full range of capital markets products and services that RBC offers," said Scott Richardson, co-founding principal of Richardson Barr.

The acquisition further strengthens RBC's top-tier North American energy practice and provides added value to its clients in the E&P sector through the combination of RBC's capital markets capabilities and public company relationships, and RBC Richardson Barr's additional specialized market intelligence and valuation capability, robust transaction pipeline, and proprietary ideas and insights in the A&D sector. The deal also helps enhance RBC's private company relationships and advisory services in the E&P sector.

"In acquiring Richardson Barr, we are able to offer our clients 'best in class' services from a firm that is a well-respected leader in the E&P sector," said Peter de Vos, RBC Capital Markets' head of U.S. Investment Banking. "We feel this will be a terrific partnership that will further enhance our position as one of the leading middle market investment banks in the United States."

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 11 acquisitions in the U.S. in the past two years, including acquisitions by RBC Capital Markets of Daniels & Associates, the nation's most active M&A advisor to the cable, telecom, broadcast and Internet services industries; Carlin Financial Group, a broker-dealer known for its proprietary trade execution platform; and Seasongood & Mayer, the number one ranked public finance firm in Ohio.

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 platform includes a significant U.S. middle market investment banking franchise and leading equity, underwriting, sales, trading and research businesses. Bloomberg ranks the firm as the 12th largest investment bank globally.

RBC Capital Markets' Global Energy Group provides advice and raises capital for the energy and utilities sectors around the world, including exploration & production, oil field services, pipelines, master limited partnerships (MLPs), and refining and marketing. The firm provides award winning energy research that covers more than 200 energy companies around the world. RBC is one of the most experienced banks in the world in oils sands financing and is a Nomad on the Alternative Investment Market (AIM).

About RBC
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries operate under the master brand name of RBC. We are Canada's largest bank as measured by assets and market capitalization and one of North America's leading diversified financial services companies. We provide personal and commercial banking, wealth management services, insurance, corporate and investment banking and transaction processing services on a global basis. Our corporate support team enables business growth with expert professional advice and state-of-the art processes and technology. We employ approximately 75,000 full- and part-time employees who serve more than 16 million personal, business, public sector and institutional clients throughout offices in Canada, the U.S. and 45 other countries around the world. For more information, please visit www.rbc.com.

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For further information, please contact::

Kevin Foster, RBC, 212-428-6902, kevin.foster@rbc.com
Loretta Healy, The Hubbell Group, 781-878-8882, lhealy@hubbellgroup.com

Beja Rodeck, RBC, 416-974-5506, beja.rodeck@rbc.com

Investor Relations
Amy Cairncross, RBC, 416-955-7809, amy.cairncross@rbc.com

For general investor relations information please visit: www.rbc.com/investorrelations.


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08/05/2008 16:20:34