Dain Rauscher Changes Name to RBC Dain Rauscher; Dain Rauscher Wessels Changes Name to RBC Capital Markets

Business Wire, August 20, 2001

Business Editors

MINNEAPOLIS--(BUSINESS WIRE)--Aug. 20, 2001

Dain Rauscher announced today it will change its name to RBC Dain Rauscher, a move that is part of a strategy by its parent company, Royal Bank of Canada, to introduce a consistent brand name and image for RBC's global operations.

At the same time, Dain Rauscher's investment banking division, Dain Rauscher Wessels, will be renamed RBC Capital Markets as part of a rebranding strategy affecting all North American units.

The name changes are effective Nov. 1.

"The move to the RBC name is part of a strategy to create a national firm," said Irving Weiser, chairman, president and CEO of Dain Rauscher. "With our recently announced agreement to acquire Tucker Anthony Sutro, we are well positioned to compete from coast to coast with national firms under the new name."

Dain Rauscher Wessels and the U.S. offices of RBC's Dominion Securities have been working together since Royal Bank of Canada acquired Dain Rauscher in January. The renaming of Dain Rauscher Wessels as RBC Capital Markets reflects the global nature of the capital markets business. The new U.S. organization will include DRW, the U.S. offices of Dominion Securities and, when the transaction closes, the resources of Tucker Anthony Sutro.

"Together, our complementary strengths make us a formidable competitor to some of the largest organizations in the industry," said Peter Grant, president and chief operating officer of Dain Rauscher Wessels.

Effective immediately, Royal Bank of Canada's new master corporate brand name is RBC Financial Group, and "RBC" is the umbrella under which the company's global banking, investment banking, wealth management, global transaction services, and insurance businesses will operate.

RBC Financial Group is the brand name for Royal Bank of Canada (TSE, NYSE:RY) and its subsidiaries. Royal Bank is Canada's largest bank as measured by market capitalization and assets, and is one of North America's leading diversified financial services companies. It provides personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services on a global basis. The company employs more than 58,000 people who serve more than 12 million personal, business and public sector customers in North America and in some 30 countries around the world. For more information, please visit www.royalbank.com.

Dain Rauscher Corporation, a wholly owned subsidiary of Royal Bank of Canada, is one of the nation's largest full-service securities firms with 1,130 investment executives and 4,150 employees. The company's broker-dealer, Dain Rauscher Incorporated, serves individual investors and small business owners through offices located predominantly in the western half of the United States, and capital markets and correspondent clients in select U.S. and international markets. Founded in 1909, Dain Rauscher Incorporated is a member of the New York Stock Exchange and other major securities exchanges, as well as the Securities Investor Protection Corp. The company's headquarters are located at Dain Rauscher Plaza, 60 S. Sixth St., in Minneapolis.

Dain Rauscher Wessels, a division of Dain Rauscher Incorporated, includes equity research, equity trading, institutional equity sales and corporate finance. The division's 45 analysts focus on five industries: consumer, energy, financial services, health care and technology. Currently, the analysts follow nearly 500 companies. The division, which employs 450 people, has offices in Atlanta; Austin, Texas; Boston; Chicago; Dallas; Houston; Memphis, Tenn.; Menlo Park, Calif.; Minneapolis; New York City; Paris; San Francisco; and Tel Aviv, Israel.(a)

(a) Strategic alliance with Tamir Fishman & Co.