RBC Capital Markets completes acquisition of Seasongood & Mayer

    NEW YORK, June 18 /CNW/ - 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 No. 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 No. 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.

For further information:

For further information: New York: Kevin Foster, RBC Capital Markets,
(212) 428-6902, kevin.foster@rbccm.com; Toronto: Katherine Gay, RBC Capital
Markets, (416) 974-6286, katherine.gay@rbc.com; Beja Rodeck, RBC, (416)
974-5506, beja.rodeck@rbc.com; Ohio: 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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