RBC Dain Rauscher to acquire J.B. Hanauer & Co.

    Expands presence in New Jersey, Pennsylvania and Florida

    MINNEAPOLIS, MN and PARSIPPANY, NJ, March 13 /CNW/ - RBC Dain Rauscher,
Inc., a wholly owned subsidiary of Royal Bank of Canada (RY on TSX and NYSE),
and New Jersey-based J.B. Hanauer & Co. today announced the signing of a
definitive agreement pursuant to which RBC Dain Rauscher Inc. will acquire
J.B. Hanauer.
    The details of the transaction were not disclosed. The acquisition is
subject to customary closing conditions, including approval by U.S. and
Canadian regulators and by J.B. Hanauer shareholders. The transaction is
expected to be completed in May 2007.
    J.B. Hanauer, a privately held, employee-owned financial services firm,
specializes in retail fixed income and wealth management services. It runs
five offices in three states with slightly more than 300 employees and close
to $10 billion in assets under administration.
    "J.B. Hanauer represents a strong strategic and cultural fit for our
firm, significantly expanding our presence in New Jersey, Florida and
Pennsylvania -- all important markets for us," said John Taft, chief executive
officer of RBC Dain Rauscher. "Our success comes from superior customer
service delivered by some of the finest financial consultants in the industry.
We enhanced that capability today," Taft said.
    "J.B. Hanauer has a 76-year history of providing clients with outstanding
investment service," said Barry H. Zucker, president and CEO of J.B. Hanauer.
"Now, with the financial strength and full backing of RBC Dain Rauscher, we
will be able to serve them even better. RBC Dain Rauscher is an outstanding
organization that we will be proud to be part of as we continue to grow."
    "The acquisition of J.B. Hanauer demonstrates RBC's continued commitment
to expansion in the U.S.," added Taft. In 2006, RBC expanded in the U.S.
through a number of acquisitions, including Flag Financial Corporation based
in Atlanta; Carlin Financial Group of New York; Daniels & Co. of Denver; and
American Guaranty & Trust of Wilmington, DE.
    In addition to RBC Dain Rauscher, RBC's U.S. operations include: RBC
Centura, a personal and business bank based in Raleigh, N.C.; RBC Insurance, a
national provider of insurance protection and asset accumulation solutions
based in Greenville, S.C.; RBC Capital Markets, with corporate and investment
banking operations in New York, Minneapolis, Greenwich and other select U.S.
locations; and Global Private Banking with offices in New York, Miami, Houston
and San Francisco.

    About J.B. Hanauer & Co.

    J.B. Hanauer & Co. is a full-service brokerage firm with more than 300
employees, serving clients nationally from five offices located in New Jersey,
Pennsylvania and Florida. As one of the nation's premier fixed-income
investment specialists, the firm maintains a focus on building and preserving
wealth for individual investors and has $10 billion in assets under
management. Since its founding in 1931, the firm has operated independently
and under the same name.

    About RBC Dain Rauscher

    RBC Dain Rauscher Inc., a wholly owned subsidiary of Royal Bank of Canada
(RY: TSX, NYSE), is one of the nation's largest full-service securities firms.
The company serves individual investors and businesses through offices coast
to coast, and capital markets and correspondent clients in select U.S. and
international markets. Founded in 1909, RBC Dain Rauscher is a member of the
New York Stock Exchange and other major securities exchanges, as well as the
Securities Investor Protection Corp. RBC Dain Rauscher is part of RBC's Wealth
Management segment, which directly serves affluent and high net worth clients
in Canada, the United States, Europe and Asia, provides asset management and
trust services through RBC and third-party distributors and has approximately
$500 billion of assets under administration, 3,500 financial advisors and more
than $130 billion of assets under management.

    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. Its corporate
support team enables business growth with expert professional advice and
state-of-the art processes and technology. The company employs approximately
70,000 full- and part-time employees who serve more than 14 million personal,
business, public sector and institutional clients throughout offices in North
America and 34 countries around the world. For more information, please visit

    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 Royal
Bank of Canada and J.B. Hanauer & Co. 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 J.B. Hanauer & Co. by RBC Dain Rauscher, 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 transaction
does not close when expected or at all because required regulatory,
shareholder or other approvals are not received or other conditions to the
closing are not satisfied on a timely basis or at all, that the RBC Dain
Rauscher and J.B. Hanauer & Co. 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 J.B. Hanauer & Co. 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 Dain Rauscher's ability to complete the acquisition of J.B.
Hanauer & Co. and to integrate it with RBC Dain Rauscher successfully;
reputational risks, and other factors that may affect future results of RBC
Dain Rauscher and J.B. Hanauer & Co. 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 and J.B. Hanauer & Co. assume no obligation to update the
forward-looking statements contained in this press release.

For further information:

For further information: Media Contacts: RBC: John Bousquet, RBC Dain
Rauscher, (612) 371-2225; Beja Rodeck, RBC, (416) 974-5506; J.B. Hanauer &
Co.: Rick Matthews, Rubenstein Communications Inc., (212) 843-8267; Howard
Cannon, Rubenstein Communications Inc., (212) 843-8072; Investor Contacts:
Marcia Moffat, RBC, (416) 955-7803; Dave Mun, RBC, (416) 955-7808; For general
investor relations information please visit: www.rbc.com/investorrelations.

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