RBC Capital Markets appoints Marc Harris as Director of U.S. Equity Research

Hires Three Equity Analysts

NEW YORK, JULY 31, 2006 — RBC Capital Markets, the corporate and investment banking arm of RBC Financial Group, today announced the appointment of Marc Harris as Director of U.S. Equity Research and the hiring of three analysts to its U.S. Equity Research business.

RBC Capital Markets’ U.S. Consumer Research team has hired Larry Miller to assume coverage of the restaurant industry and Howard Tubin to initiate coverage on softline retailers. In addition, RBC has hired John Kang to the firm’s energy team to supplement and expand its existing coverage of yield-oriented exploration and production stocks and the Master Limited Partnership (MLP) sector in coordination with existing senior MLP analyst, Mark Easterbrook.

Since joining RBC Capital Markets’Institutional Equity Sales group in 2004, Mr. Harris has held positions of increasing responsibility including his most recent as Deputy Director of U.S. Research. Previous to that, he led the firm’s mid-Atlantic sales team and was product manager for the technology, media and telecom, consumer, and media & entertainment sectors. Prior to joining RBC Capital Markets, Mr. Harris was with Bear, Stearns as a senior institutional equity salesman, and before that spent nearly a decade with JP Morgan as a senior salesman.

Mr. Miller was previously a senior analyst with Prudential Financial, where he spent six years covering restaurant equities. He was named a 2004 Best Up and Comer by Institutional Investor, and was ranked second by analyst performance ratings firm StarMine in 2004’s Best Earnings Estimators On Wall Street. Mr. Tubin was most recently a senior retail analyst at Cathay Financial, where he ranked second in The Wall Street Journal’s 2005 Best on the Street analyst survey in the broadline and apparel retailers category. Mr. Kang joins RBC Capital Markets after spending the last seven years with Bear Stearns’ Energy E&P team.

“Marc’s diverse background and experience on both the research and sales sides will serve him well in his new role and will be of great benefit to our clients,” said Bill Moriarty, RBC Capital Markets’ Head of Global Research. “And with their background and experience across a broad range of sectors, Larry, Howard and John are great additions to our research team. Being able to attract talent across key sectors is testimony to our continued commitment to providing quality research.”

Messrs. Harris, Tubin and Kang are based in New York, Mr. Miller in Atlanta.

About RBC Asset Management
RBC Capital Markets is the corporate and investment banking arm of RBC Financial Group and is active globally in fixed income, foreign exchange, infrastructure finance, structured products, metals and mining, and energy. Its North American equity underwriting; sales, trading and research business dominates the Canadian market and supports a significant and growing franchise in the US middle market. The firm’s international fixed income, structured products and treasury businesses are managed from London, which is the centre of a 24-hour trading platform with major hubs in Toronto, New York and Sydney.

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Kevin Foster

RBC Capital Markets

RBC Financial Group

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