<SUBMISSION>
<ACCESSION-NUMBER>0000950144-02-011098
<TYPE>DEF 14A
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20021213
<FILING-DATE>20021105
<EFFECTIVENESS-DATE>20021105
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>ADMIRALTY BANCORP INC
<CIK>0001066808
<ASSIGNED-SIC>6022
<IRS-NUMBER>650405207
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>DEF 14A
<ACT>34
<FILE-NUMBER>000-24891
<FILM-NUMBER>02808934
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>4400 PGA BLVD
<STREET2>STE 200
<CITY>PALM BEACH GARDENS
<STATE>FL
<ZIP>33410
<PHONE>5616244100
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>4400 PGA BLVD STE 200
<STREET2>4400 PGA BLVD STE 200
<CITY>PALM BEACH GARDENS
<STATE>FL
<ZIP>33410
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>g78575dedef14a.htm
<DESCRIPTION>ADMIRALTY BANCORP, INC. DEF 14A
<TEXT>
<HTML>
<HEAD>
<TITLE>def14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">SCHEDULE 14A INFORMATION</FONT></B>

<P align="center">
<FONT size="2">Proxy Statement Pursuant to Section&nbsp;14(a)
</FONT>

<DIV align="center">
<FONT size="2">of the Securities Exchange Act of 1934
</FONT>
</DIV>

<P align="left">
<FONT size="2">Filed by the Registrant
<FONT face="wingdings">&#120;</FONT>
</FONT>

<P align="left">
<FONT size="2">Filed by a Party other than the Registrant
<FONT face="wingdings">&#111;</FONT>
</FONT>

<P align="left">
<FONT size="2">Check the appropriate box:
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="92%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Preliminary Proxy Statement.
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Confidential, For Use of the Commission Only (as
    permitted by Rule 14a-6(e)(2)).
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2"><FONT face="wingdings">&#120;</FONT>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Definitive Proxy Statement.
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Definitive Additional Materials.
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Soliciting Material Pursuant to Rule 14a-12.
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center">
<B><FONT size="2">ADMIRALTY BANCORP, INC.</FONT></B>

<DIV align="center">
<HR size="1" width="100%" align="center" noshade>
</DIV>

<DIV align="center">
<FONT size="2">(Name of Registrant as Specified in Its Charter)
</FONT>
</DIV>

<P align="center">
<FONT size="2">Not applicable
</FONT>

<DIV align="center">
<HR size="1" width="100%" align="center" noshade>
</DIV>

<DIV align="center">
<FONT size="2">(Name of Person(s) Filing Proxy Statement, if
Other Than the Registrant)
</FONT>
</DIV>

<P align="left">
<FONT size="2">Payment of Filing Fee (Check the appropriate box):
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="85%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">No fee required.
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">Fee computed on the table below per Exchange Act
    Rules 14a-6(i)(1) and 0-11.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(1)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Title of each class of securities to which
    transaction applies:
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(2)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Aggregate number of securities to which
    transaction applies:
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(3)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Per unit price or other underlying value of
    transaction computed pursuant to Exchange Act Rule 0-11 (set
    forth the amount on which the filing fee is calculated and state
    how it was determined):
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(4)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Proposed maximum aggregate value of transaction:
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(5)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Total fee paid:
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2"><FONT face="wingdings">&#120;</FONT>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">Fee paid previously with preliminary materials.
    </FONT></TD>
</TR>

<TR>
<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">Check box if any part of the fee is offset as
    provided by Exchange Act Rule 0-11(a)(2) and identify the filing
    for which the offsetting fee was paid previously. Identify the
    previous filing by registration statement number, or the form or
    schedule and the date of its filing.
    </FONT></TD>
</TR>


<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(1)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Amount Previously Paid:
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(2)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form, Schedule or Registration Statement No.:
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(3)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Filing Party:
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(4)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Date Filed:
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<IMG src="g78575deg7857500.jpg" alt="(ADMIRALTY BANCORP LOGO)">
</DIV>

<P align="left">
<FONT size="2">Dear Admiralty Stockholder:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The boards of directors of Admiralty Bancorp,
Inc., RBC Centura Banks, Inc. and Royal Bank of Canada have
adopted a merger agreement that will result in Admiralty
becoming a wholly owned subsidiary of RBC Centura. RBC Centura
is the U.S. banking subsidiary of Royal Bank of Canada, which is
Canada&#146;s largest financial institution as measured by
market capitalization and assets, and is one of North
America&#146;s leading diversified financial services companies.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the merger is completed, each outstanding
share of Admiralty common stock owned by you will be cancelled
and converted into the right to receive the cash merger
consideration equal to $26.00 per share. At $26.00 per share,
the cash merger consideration represents a premium of
approximately 11.50% over the $23.319 closing price of the
Admiralty common stock on the Nasdaq National Market on
August&nbsp;28, 2002, the day before public announcement of the
merger. The receipt of the cash will be taxable to you.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the terms of the merger agreement, holders
of options to purchase Admiralty common stock that remain
outstanding at the closing of the merger will be entitled to
receive for each option cash equal to the difference between the
cash merger consideration and the applicable exercise price of
the options, multiplied by the number of shares of common stock
covered by the option, less applicable withholding taxes. All
options outstanding as of the closing of the merger will be
cancelled.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The merger is subject to several conditions,
including obtaining the approval of holders of a majority of the
outstanding shares of Admiralty common stock, receipt of
regulatory approvals, and other customary closing conditions.
Assuming all of the conditions of the merger are satisfied, we
expect that the closing of the merger will occur on
January&nbsp;6, 2003.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our board of directors has carefully reviewed and
considered the terms and conditions of the proposed merger.
Based on this review, our board of directors has unanimously
determined that the terms of the merger agreement and merger are
fair to and in the best interests of Admiralty and our
stockholders. In making this determination, our board of
directors considered, among other things, an opinion received
from Sandler O&#146;Neill &#38; Partners, L.P., our financial
advisor, as to the fairness of the cash merger consideration to
be received by our stockholders from a financial point of view.
Sandler O&#146;Neill&#146;s opinion is subject to the various
factors and assumptions that are described in its written
opinion, which is attached as Annex B to the enclosed proxy
statement. <B>Our board of directors has unanimously approved
the merger agreement and the merger, and has determined that the
merger agreement and merger are advisable, fair to and in the
best interests of Admiralty and its stockholders, and
unanimously recommends that you approve the merger agreement and
the merger.</B>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Whether or not you plan to attend the special
meeting, please take the time to vote by completing and mailing
the enclosed proxy card to us. If you attend the special
meeting, you may vote in person even if you previously returned
your proxy. To approve the merger agreement and merger, please
vote <B>&#147;FOR&#148; </B>the proposal by following the
instructions stated on the enclosed proxy card. Your vote is
very important regardless of the number of shares of Admiralty
common stock that you own. We urge you to vote
<B>&#147;FOR&#148; </B>the merger.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The enclosed proxy statement provides you with
detailed information about the proposed merger. We encourage you
to read the entire proxy statement and its annexes carefully.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="38%"></TD>
    <TD width="62%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Sincerely yours,
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="36%"></TD>
    <TD width="64%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <IMG src="g78575deg7857501.gif" alt="(BRUCE MAHON SIG)"></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="38%"></TD>
    <TD width="62%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Bruce A. Mahon,
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Chairman of the Board
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The enclosed proxy statement is dated
November&nbsp;4, 2002 and is first being mailed to
Admiralty&#146;s stockholders on or about November&nbsp;6, 2002.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">ADMIRALTY BANCORP, INC.</FONT></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<B><FONT size="2">4400 PGA Boulevard, Suite 200</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<B><FONT size="2">Palm Beach Gardens, Florida 33410</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTICE OF SPECIAL MEETING OF
STOCKHOLDERS</FONT></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<B><FONT size="2">TO BE HELD ON DECEMBER&nbsp;13, 2002</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<FONT size="2">To the Stockholders of Admiralty Bancorp, Inc.:
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will hold a special meeting of stockholders of
Admiralty Bancorp, Inc., a Delaware corporation, at the Hilton
Palm Beach Airport, 150 Australian Avenue, West Palm Beach
Florida 33406, at 10:00&nbsp;a.m. local time, on
December&nbsp;13, 2002 for the following purposes:
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">1.&nbsp;To consider and vote upon a proposal to
    approve the merger agreement dated August&nbsp;29, 2002, as
    amended on October&nbsp;25, 2002, and the resulting merger
    whereby, among other things:
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="1%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">A wholly owned subsidiary of RBC Centura Banks,
    Inc. will merge with and into Admiralty, which will survive the
    merger and become a wholly owned subsidiary of RBC Centura;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Each outstanding share of Admiralty common stock,
    except those shares held by stockholders who are exercising
    their appraisal rights under Delaware law, will be converted
    into the right to receive the cash merger consideration of
    $26.00 per share, without interest; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Each option to purchase Admiralty common stock
    that remains outstanding at the closing of the merger will be
    cancelled and the holder will be entitled to receive cash equal
    to the difference between the cash merger consideration and the
    applicable exercise price of the option, multiplied by the
    number of shares of common stock covered by the option, less
    applicable withholding taxes.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">2.&nbsp;To transact any other business as may
    properly come before the special meeting or any adjournments or
    postponements thereof.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AFTER CAREFUL CONSIDERATION, ADMIRALTY&#146;S
BOARD OF DIRECTORS HAS DETERMINED THAT THE MERGER AGREEMENT AND
MERGER ARE FAIR TO AND IN THE BEST INTERESTS OF ADMIRALTY AND
ITS STOCKHOLDERS. ADMIRALTY&#146;S BOARD OF DIRECTORS HAS
UNANIMOUSLY ADOPTED A RESOLUTION APPROVING THE MERGER AGREEMENT
AND THE RESULTING MERGER AND UNANIMOUSLY RECOMMENDS THAT THE
ADMIRALTY STOCKHOLDERS VOTE <B>&#147;FOR&#148;</B> THE PROPOSAL
TO APPROVE THE MERGER AGREEMENT AND MERGER.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Only stockholders of record at the close of
business on October&nbsp;31, 2002 are entitled to notice of and
to vote at the special meeting and any adjournments or
postponements thereof. YOUR VOTE IS VERY IMPORTANT. Approval of
the merger agreement and merger proposal described in the
attached proxy statement requires the favorable vote of the
holders of a majority of the outstanding shares of Admiralty
common stock.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Admiralty stockholders are entitled to appraisal
rights in connection with the merger pursuant to
Section&nbsp;262 of the Delaware General Corporation Law. If
Admiralty stockholders approve the merger agreement, Admiralty
stockholders who elect to demand appraisal of their shares will
be entitled to receive the &#147;fair value&#148; of their
shares of Admiralty common stock if they comply with the
provisions of Section&nbsp;262. We have attached a copy of
Section&nbsp;262 of the Delaware General Corporation Law as
Annex&nbsp;D to the accompanying proxy statement, and a summary
of Section&nbsp;262 is provided under &#147;The
Merger&nbsp;&#151; Appraisal Rights&#148; in the accompanying
proxy statement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Whether or not you expect to be present at the
special meeting, please sign, date and return the enclosed proxy
card in the pre-addressed envelope provided for that purpose as
promptly as possible. No postage is required if your signed and
dated proxy card is mailed in the United States. Please do not
send in your stock certificates at this time. If the merger is
completed, you will receive instructions explaining how to
exchange your shares for the cash merger consideration.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="38%"></TD>
    <TD width="62%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">By Order of the Board of Directors,
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="36%"></TD>
    <TD width="64%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <IMG src="g78575deg7857501.gif" alt="(BRUCE MAHON SIG)"></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="38%"></TD>
    <TD width="62%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Bruce A. Mahon,
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Chairman of the Board
    </FONT></TD>
</TR>

</TABLE>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">QUESTIONS AND ANSWERS ABOUT THE MERGER</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">SUMMARY OF TERMS OF THE MERGER</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">The Special Meeting (See pages 8-9)</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Voting and Support Agreements (See pages 34-36)</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">The Merger</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Background of the Merger; Admiralty&#146;s Reasons for the Merger (See pages 10-20)</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Royal Bank of Canada&#146;s Reasons for the Merger (See page 21)</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Opinion of Admiralty&#146;s Financial Advisor (See pages 14-19)</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Recommendation of Admiralty&#146;s Board of Directors (See page 21)</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#009">U.S. Federal Income Tax Considerations (See pages 22-23)</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#010">Regulatory Requirements (See pages 23-24)</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#011">Appraisal Rights (See pages 24-25)</A></TD></TR>
<TR><TD colspan="9"><A HREF="#012">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#013">THE PARTIES TO THE MERGER</A></TD></TR>
<TR><TD colspan="9"><A HREF="#014">THE SPECIAL MEETING</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#015">Where and When the Special Meeting Will Be Held</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#016">Purpose of the Special Meeting</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#017">October 31, 2002 Record Date; Voting Power</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#018">Required Quorum and Required Vote</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#019">Voting of Proxies</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#020">Revoking the Proxy</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#021">Abstentions; Broker Non-Votes</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#022">Solicitation of Proxies; Payment of Expenses</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#023">Adjournments or Postponements</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#024">Stock Certificates</A></TD></TR>
<TR><TD colspan="9"><A HREF="#025">THE MERGER</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#026">Description of the Merger</A></TD></TR>
<TR><TD colspan="9"><A HREF="#027">Background of the Merger</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#028">Opinion of Admiralty&#146;s Financial Advisor</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#029">Admiralty&#146;s Reasons for the Merger</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#030">Recommendation of Admiralty&#146;s Board of Directors</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#031">Royal Bank of Canada&#146;s Reasons for the Merger</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#032">Interests of Directors and Officers in the Merger that Differ from Yours</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#033">U.S. Federal Income Tax Considerations</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#034">Regulatory Requirements</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#035">Appraisal Rights</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#036">Delisting and Deregistration of Admiralty Common Stock after the Merger</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#037">Line of Credit from RBC Centura</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#038">Accounting Treatment</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#039">Stock Transfer and Paying Agent</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#040">Exchange Procedures</A></TD></TR>
<TR><TD colspan="9"><A HREF="#041">THE MERGER AGREEMENT</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#042">Merger Structure</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#043">Effective Time of the Merger</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#044">Treatment of Admiralty Common Stock</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#045">Procedure for Exchange of Admiralty Common Stock Certificates</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#046">Treatment of Stock Options</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#047">Representations and Warranties</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#048">Conduct of Business Pending the Merger</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#049">No Solicitation of Acquisition Proposals</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#050">Stock Options</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#051">Other Employee Benefits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#052">Insurance and Indemnification</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#053">Other Covenants</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#054">Conditions to the Merger</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#055">Termination of the Merger Agreement</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#056">Fee if the Merger Agreement Is Terminated</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#057">Expenses</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#058">Amendment and Waiver</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#059">Voting and Support Agreements</A></TD></TR>
<TR><TD colspan="9"><A HREF="#060">BENEFICIAL SECURITY OWNERSHIP OF ADMIRALTY</A></TD></TR>
<TR><TD colspan="9"><A HREF="#061">ADDITIONAL INFORMATION</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#062">Who Can Help Answer Your Questions</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#063">Where You Can Find More Information</A></TD></TR>
<TR><TD colspan="9"><A HREF="#064">ANNEX A</A></TD></TR>
<TR><TD colspan="9"><A HREF="#065">SUPPLEMENT TO AGREEMENT AND PLAN OF MERGER</A></TD></TR>
<TR><TD colspan="9"><A HREF="#066">ANNEX B</A></TD></TR>
<TR><TD colspan="9"><A HREF="#067">ANNEX C</A></TD></TR>
<TR><TD colspan="9"><A HREF="#068">ANNEX D</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">TABLE OF CONTENTS</FONT></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="79%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Page No.</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">QUESTIONS AND ANSWERS ABOUT THE MERGER
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">iii</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">SUMMARY OF TERMS OF THE MERGER
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">The Parties to the Merger (See page 7)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Admiralty Bancorp, Inc.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Royal Bank of Canada
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">RBC Centura Banks, Inc.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">The Special Meeting (See pages 8-9)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">October&nbsp;31, 2002 Record Date; Voting Power
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Required Quorum and Required Vote
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Voting and Support Agreements (See pages 34-36)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">The Merger
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Description of the Merger (See page 10)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Background of the Merger; Admiralty&#146;s
    Reasons for the Merger (See pages 10-20)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Royal Bank of Canada&#146;s Reasons for the
    Merger (See page 21)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Opinion of Admiralty&#146;s Financial Advisor
    (See pages 14-19)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Recommendation of Admiralty&#146;s Board of
    Directors (See page 21)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interests of Certain Directors and Officers in
    the Merger (See pages 21-22)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U.S. Federal Income Tax Considerations (See pages
    22-23)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Regulatory Requirements (See pages 23-24)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Appraisal Rights (See pages 24-25)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Principal Provisions of the Merger Agreement (See
    pages 26-34)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Admiralty Bancorp, Inc. Stock Price (See page 36)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
    STATEMENTS
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">THE PARTIES TO THE MERGER
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Admiralty Bancorp, Inc.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Royal Bank of Canada
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">RBC Centura Banks, Inc.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Springs Acquisition Sub, Inc.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">THE SPECIAL MEETING
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Where and When the Special Meeting Will Be Held
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Purpose of the Special Meeting
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">October&nbsp;31, 2002 Record Date; Voting Power
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Required Quorum and Required Vote
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Voting of Proxies
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Revoking the Proxy
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Abstentions; Broker Non-Votes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Solicitation of Proxies; Payment of Expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Adjournments or Postponements
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stock Certificates
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">THE MERGER
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Description of the Merger
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Background of the Merger
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Opinion of Admiralty&#146;s Financial Advisor
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Admiralty&#146;s Reasons for the Merger
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Recommendation of Admiralty&#146;s Board of
    Directors
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Royal Bank of Canada&#146;s Reasons for the Merger
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interests of Directors and Officers in the Merger
    that Differ from Yours
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U.S. Federal Income Tax Considerations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Regulatory Requirements
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="2">i
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="82%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Page No.</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Appraisal Rights
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Delisting and Deregistration of Admiralty Common
    Stock after the Merger
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Line of Credit from RBC Centura
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accounting Treatment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stock Transfer and Paying Agent
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Exchange Procedures
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">THE MERGER AGREEMENT
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Merger Structure
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Effective Time of the Merger
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Treatment of Admiralty Common Stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Procedure for Exchange of Admiralty Common Stock
    Certificates
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Treatment of Stock Options
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Representations and Warranties
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Conduct of Business Pending the Merger
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">28</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">No Solicitation of Acquisition Proposals
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stock Options
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other Employee Benefits
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Insurance and Indemnification
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other Covenants
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Conditions to the Merger
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Termination of the Merger Agreement
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fee if the Merger Agreement Is Terminated
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">34</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Amendment and Waiver
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">34</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Voting and Support Agreements
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">34</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">PRICE RANGE OF ADMIRALTY COMMON STOCK AND
    DIVIDEND INFORMATION
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">36</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">BENEFICIAL SECURITY OWNERSHIP OF ADMIRALTY
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">37</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">ADDITIONAL INFORMATION
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">38</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Admiralty Stockholder Proposals
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">38</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Who Can Help Answer Your Questions
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">38</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Where You Can Find More Information
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">38</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">ANNEX A&nbsp;&#151; AGREEMENT AND PLAN OF MERGER,
    AS AMENDED
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">ANNEX B&nbsp;&#151; OPINION OF SANDLER
    O&#146;NEILL &#38; PARTNERS, L.P.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">ANNEX C&nbsp;&#151; FORM OF VOTING AND SUPPORT
    AGREEMENT
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">ANNEX D&nbsp;&#151; SECTION 262 OF THE DELAWARE
    GENERAL CORPORATION LAW
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="2">ii
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "QUESTIONS AND ANSWERS ABOUT THE MERGER" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="center">
<B><FONT size="2">QUESTIONS AND ANSWERS ABOUT THE
MERGER</FONT></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Q:
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">What effect will the merger have on
    Admiralty?</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">A:
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">After the merger is completed, 100% of the
    Admiralty Bancorp, Inc. common stock will be owned by RBC
    Centura Banks, Inc. and the stock will no longer be publicly
    traded.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Q:
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">What will I receive in the merger?</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">A:
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">If the merger is completed, you will receive the
    cash merger consideration equal to $26.00, without interest, in
    exchange for each share of the Admiralty common stock that you
    own at the time of the merger. The cash merger consideration
    represents a premium of approximately 11.50% over the $23.319
    closing price of the Admiralty common stock on the Nasdaq
    National Market on August&nbsp;28, 2002, the business day prior
    to the execution of the merger agreement.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Q:
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">What is the board of directors&#146;
    recommendation?</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">A:
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Our board of directors has unanimously:
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;Approved the merger agreement and the
    resulting merger;
    </FONT></TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;Determined that the merger agreement
    and merger are advisable and are fair to, and in the best
    interests of, Admiralty and its stockholders; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&#149;&nbsp;Recommended the merger agreement and
    merger proposal.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">In making this determination, our board of
    directors carefully reviewed and evaluated the terms and
    conditions of the merger agreement and the merger. The board of
    directors also considered the opinion of Admiralty&#146;s
    financial advisor, Sandler O&#146;Neill &#38; Partners, L.P., as
    to the fairness of the merger consideration to be received by
    our stockholders from a financial point of view.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Our board of directors recommends that you vote
    <B>&#147;FOR&#148; </B>approval of the merger agreement and
    merger proposal.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Q:
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">What am I being asked to vote upon?</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">A:
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">You are being asked to vote to approve the merger
    agreement and the resulting merger.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Q.
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">What vote of stockholders is required to
    approve the merger agreement and merger proposal?</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">A:
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The merger agreement and merger proposal must be
    approved by the affirmative vote of the holders of a majority of
    the outstanding shares of the Admiralty common stock. Proxies
    returned to us, if properly signed and dated but not marked to
    indicate your voting preference, will be counted as votes
    <B>&#147;FOR&#148;</B> approval of the merger agreement and
    merger. If you do not return your proxy, properly signed and
    dated, or attend the special meeting and vote in person, this
    will have the same effect as a vote <B>&#147;AGAINST&#148;</B>
    approval of the merger agreement and merger.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD valign="top">
    <FONT size="2">Q.
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">What factors should I consider?</FONT></B></TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD valign="top">
    <FONT size="2">A:
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">We strongly encourage you to read carefully this
    proxy statement in its entirety, including in particular the
    factors considered by Admiralty&#146;s board of directors
    described in &#147;The Merger&nbsp;&#151; Admiralty&#146;s
    Reasons for the Merger&#148; beginning on page 19.
    </FONT></TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD valign="top">
    <FONT size="2">Q.
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">Who will own Admiralty after the
    merger?</FONT></B></TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD valign="top">
    <FONT size="2">A:
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">After the merger, Admiralty will be wholly owned
    by RBC Centura. As a result of the receipt of cash in exchange
    for Admiralty&#146;s common stock, Admiralty&#146;s stockholders
    will no longer benefit from any increase in Admiralty&#146;s
    value, nor will they acquire an ownership interest in Royal Bank
    of Canada or RBC Centura.
    </FONT></TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

</TABLE>

<P align="center"><FONT size="2">iii
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Q.
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">What do I need to do now?</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">A:
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">After carefully reading and considering the
    information contained in this proxy statement, you should
    complete, date and sign your proxy card and mail it in the
    enclosed return envelope as soon as possible so that your shares
    may be represented at the meeting, even if you plan to attend
    the meeting in person.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Q.
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">May I change my vote after I have mailed my
    signed proxy card?</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">A:
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Yes. You may change your vote by sending to us a
    later dated, signed proxy card or a written revocation before
    the special meeting or by attending the special meeting and
    voting in person. Your attendance at the special meeting will
    not, by itself, revoke your proxy. You must also vote your
    shares in person at the special meeting. If you have instructed
    a broker to vote your shares, you must follow the directions
    received from your broker to change your vote.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Q:
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">If my shares are held in &#147;street
    name&#148; by my broker, will my broker vote my shares for
    me?</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">A:
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">No.&nbsp;Your broker will vote your shares only
    if you provide instructions on how you desire to vote. You
    should follow the procedures provided by your broker as to how
    to vote your shares.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Q:
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">What happens if I do not send in my proxy or
    if I abstain from voting?</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">A:
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">If you do not send in your proxy, if you do not
    instruct your broker to vote your shares, or if you abstain from
    voting, it will have the same effect as a vote against the
    merger proposal.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Q:
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">Should I send my stock certificates
    now?</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">A:
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">No.&nbsp;If the merger is completed, you will
    receive written instructions for exchanging your Admiralty
    common stock certificates for the cash merger consideration.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Q:
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">When do you expect the merger to be
    completed?</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD valign="top">
    <FONT size="2">A:
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">We are working to complete the merger as quickly
    as possible. We plan to complete the merger shortly after we
    receive stockholder and regulatory approvals for the merger,
    which we anticipate will result in a closing on January&nbsp;6,
    2003 closing, although there can be no assurances that we will
    be able to do so.
    </FONT></TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Q:
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">What are the tax consequences of the
    merger?</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD valign="top">
    <FONT size="2">A:
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The merger will be a taxable transaction to you
    for federal income tax purposes. A summary of the possible tax
    consequences appears on pages&nbsp;22 - 23 of this proxy
    statement. You should consult your tax advisor regarding the
    specific tax consequences of the merger to you based on your
    particular circumstances.
    </FONT></TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">Q:
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <B><FONT size="2">Who can help answer my questions?</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD valign="top">
    <FONT size="2">A:
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">If you have additional questions about the merger
    or would like additional copies of the proxy statement, you
    should call Ward Kellogg, President and Chief Executive Officer,
    or Kevin M. Sacket, Treasurer, at (561)624-4701.
    </FONT></TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

</TABLE>

<P align="center"><FONT size="2">iv
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "SUMMARY OF TERMS OF THE MERGER" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="center">
<B><FONT size="2">SUMMARY OF TERMS OF THE MERGER</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">This summary contains selected information
from this proxy statement regarding the proposed merger and may
not contain all of the information that is important to you. To
understand the merger fully, we strongly encourage you to read
this entire proxy statement carefully, including the annexes,
and the documents referred to in this proxy statement.</FONT></I>

<P align="left">
<B><FONT size="2">The Parties to the Merger (See page
7)</FONT></B>

<P align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Admiralty
Bancorp, Inc.</I></FONT></B>

<P align="left">
<B><FONT size="2">Admiralty Bancorp, Inc.</FONT></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left">
<B><FONT size="2">4400 PGA Boulevard, Suite 200</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left">
<B><FONT size="2">Palm Beach Gardens, Florida 33410</FONT></B>
</DIV>

<DIV align="left">
<B><FONT size="2">Telephone: (561)&nbsp;624-4701</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Admiralty Bancorp, Inc. is a financial holding
company whose wholly owned subsidiary is Admiralty Bank, a
Florida-chartered commercial bank with its main office in Palm
Beach Gardens, Florida and branch offices in Altamonte Springs,
Boca Raton, Cocoa Beach, Fort Lauderdale, Juno Beach, Jupiter,
Melbourne and Orlando, Florida. Admiralty&#146;s common stock is
designated for trading in the Nasdaq National Market under the
symbol &#147;AAAB.&#148;
</FONT>

<P align="left">
<B><I><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of
Canada</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Royal Bank of Canada is a Canadian-chartered
bank, with its head office located at 1 Place Ville Marie,
Montreal, Quebec, Canada HC3 3A9, and its corporate headquarters
located at Royal Bank Plaza, 200 Bay Street, Toronto, Ontario,
Canada M5J 2J5. Royal Bank of Canada&#146;s common shares are
listed on the New York Stock Exchange under the trading symbol
&#147;RY&#148; and on stock exchanges in Canada and Switzerland.
Its preferred shares are listed on the Toronto Stock Exchange in
Canada.
</FONT>

<P align="left">
<B><I><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBC Centura
Banks, Inc.</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">RBC Centura Banks, Inc. is a financial holding
company organized as a North Carolina corporation and wholly
owned subsidiary of Royal Bank of Canada, with its principal
office located at 1417 Centura Highway, Rocky Mount, North
Carolina 27804.
</FONT>

<!-- link2 "The Special Meeting (See pages 8-9)" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<B><FONT size="2">The Special Meeting (See pages 8-9)</FONT></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<B><I><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October&nbsp;31,
2002 Record Date; Voting Power</FONT></I></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">You are entitled to vote at the special meeting
if you owned shares of Admiralty common stock as of the record
date for the special meeting, which was the close of business on
October&nbsp;31, 2002. For each share of Admiralty common stock
owned on that date, Admiralty stockholders will have one vote at
the special meeting.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On October&nbsp;31, 2002, there were 5,288,437
shares of Admiralty common stock outstanding.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<B><I><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Required
Quorum and Required Vote</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The holders of a majority of the outstanding
shares of Admiralty common stock must be present, in person or
by proxy, at the special meeting for a quorum to be present. The
merger requires the approval of a majority of all of the
outstanding shares of Admiralty common stock entitled to vote at
the special meeting. If you fail to vote or abstain from voting,
it will have the same effect as a vote against the merger.
</FONT>

<!-- link2 "Voting and Support Agreements (See pages 34-36)" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<B><FONT size="2">Voting and Support Agreements (See pages
34-36)</FONT></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with the merger, each of
Admiralty&#146;s directors has entered into a voting and support
agreement with Royal Bank of Canada in which each director, in
his capacity as a stockholder of
</FONT>

<P align="center"><FONT size="2">1
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left">
<FONT size="2">Admiralty, agreed to vote all of his Admiralty
shares in favor of the merger agreement and merger at the
special meeting. As of the record date, the Admiralty directors
beneficially owned a total of 1,378,430 shares of Admiralty
common stock, or approximately 26.05% of the outstanding shares.
</FONT>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each director also agreed to refrain from
engaging in competitive businesses, as described in the
agreements, in the state of Florida for one year from the date
of the merger.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A copy of the form of voting and support
agreement is attached as Annex C to this proxy statement.
</FONT>

<!-- link2 "The Merger" -->
<DIV align="left"><A NAME="004"></A></DIV>

<P align="left">
<B><FONT size="2">The Merger</FONT></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<B><I><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description
of the Merger (See page 10)</FONT></I></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the merger, a newly formed merger subsidiary
will merge with and into Admiralty, and Admiralty will be the
surviving company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the merger is completed, you will receive the
merger consideration of $26.00 in cash in exchange for each
share of Admiralty common stock that you own at the time of the
merger. Holders of options to purchase Admiralty common stock
that remain outstanding at the closing of the merger will
receive for each option cash equal to the difference between the
cash merger consideration and the applicable exercise price of
the options, multiplied by the number of shares of common stock
covered by the option, less applicable withholding taxes. All
outstanding options as of the effective date of the merger will
be cancelled.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The merger is subject to several conditions. We
strongly encourage you to carefully read the merger agreement in
its entirety, a copy of which attached as Annex A to this proxy
statement, because it is the legal document that governs the
merger.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are working to complete the merger as soon as
possible. We anticipate completing the merger on January&nbsp;6,
2003, subject to receipt of stockholder and regulatory approvals
and satisfaction of other conditions to closing, including those
described in &#147;The Merger Agreement&nbsp;&#151; Conditions
to the Merger.&#148; See &#147;The Merger Agreement&nbsp;&#151;
Effective Time of the Merger.&#148;
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<!-- link2 "Background of the Merger; Admiralty&#146;s Reasons for the Merger (See pages 10-20)" -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<B><I><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Background of
the Merger; Admiralty&#146;s Reasons for the Merger (See pages
10-20)</FONT></I></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A chronological summary of the material events
that resulted in approval of the merger agreement and the
resulting merger by our board of directors is set forth in
&#147;The Merger&nbsp;&#151; Background of the Merger.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our board of directors considered several factors
in making its determination to recommend the merger agreement
and the resulting merger, including among others:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the current conditions and competitive
    environment in the financial services industry;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Admiralty&#146;s future prospects, including its
    ability to successfully compete with larger financial
    institutions that are able to provide a broader range of
    products and services;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the possibility of alternatives to the merger;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Admiralty&#146;s ability to further enhance
    stockholder value if it remained independent;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the cash merger consideration offered by Royal
    Bank of Canada and the premium over Admiralty&#146;s
    then-current stock price;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the terms of the merger agreement, and a
    comparison of the terms to those in other similar transactions;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the likelihood of closing a transaction with
    Royal Bank of Canada and RBC Centura; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the impact of the merger on Admiralty&#146;s
    customers and employees.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">2
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In its consideration of these and other relevant
factors when evaluating the merger proposal, Admiralty&#146;s
board of directors did not assign specific or relative weights
to any of these factors. Further, individual directors may have
weighed the various factors differently than other directors.
</FONT>

<!-- link2 "Royal Bank of Canada&#146;s Reasons for the Merger (See page 21)" -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<B><I><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of
Canada&#146;s Reasons for the Merger (See page 21)</FONT></I></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Over the past several years, Royal Bank of Canada
has acquired a U.S. presence in banking, securities brokerage,
insurance and mortgage lending. The proposed acquisition of
Admiralty represents the continuation of Royal Bank of
Canada&#146;s U.S. growth strategy and is consistent with Royal
Bank of Canada&#146;s previously stated intention to grow in
personal and commercial banking in the highly attractive
southeastern U.S. market, making manageable and disciplined
acquisitions.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The merger with Admiralty and the acquisition of
Admiralty Bank with its 10 locations in the state of Florida
will quickly give Royal Bank of Canada and RBC Centura an
expanded presence in this growing area of the southeastern U.S.
</FONT>

<!-- link2 "Opinion of Admiralty&#146;s Financial Advisor (See pages 14-19)" -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<B><I><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opinion of
Admiralty&#146;s Financial Advisor (See pages
14-19)</FONT></I></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Sandler O&#146;Neill &#38; Partners, L. P.
rendered an opinion to our board of directors on August&nbsp;29,
2002, and updated its opinion on November&nbsp;4, 2002, as to
the fairness, from a financial point of view, of the cash merger
consideration to be paid to the Admiralty stockholders. Sandler
O&#146;Neill stated that, as of the date of its opinion and
based upon and subject to the various factors and assumptions
set forth in its opinion, the cash merger consideration is fair,
from a financial point of view, to the holders of Admiralty
common stock. In connection with rendering its opinion, Sandler
O&#146;Neill performed analyses of Admiralty&#146;s performance,
comparable public companies, comparable transactions and
transaction premiums paid in other recent transactions. In
addition, Sandler O&#146;Neill participated in discussions with
Admiralty&#146;s management concerning the business strategy,
financial performance and prospects of Admiralty, and the
rationale for the merger.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have included this opinion in its entirety as
Annex B to this document. We urge you to read carefully the
opinion in its entirety.
</FONT>

<!-- link2 "Recommendation of Admiralty&#146;s Board of Directors (See page 21)" -->
<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<B><I><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recommendation
of Admiralty&#146;s Board of Directors (See page
21)</FONT></I></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our board of directors has unanimously approved
the merger agreement and the resulting merger and determined
that the merger agreement and merger are advisable and are fair
to, and in the best interests of, Admiralty and its
stockholders. After careful review and consideration, our board
of directors unanimously recommends that Admiralty stockholders
vote <B>&#147;FOR&#148;</B> the approval of the merger agreement
and merger proposal.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<B><I><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interests of
Certain Directors and Officers in the Merger (See pages
21-22)</FONT></I></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Some of the directors and officers of Admiralty
have interests in the merger in addition to their interests as
stockholders generally, including the following:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the directors and members of Admiralty
    Bank&#146;s senior management will receive change-in-control
    payments in connection with the merger;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">RBC Centura will provide generally to officers
    and employees of Admiralty who continue employment with RBC
    Centura or its subsidiaries employee retirement, welfare and
    other benefits, fringe benefits, and perquisites that are
    generally comparable in the aggregate to those provided to
    similarly situated officers and employees of RBC Centura and its
    subsidiaries;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">some officers of Admiralty will be entitled to
    severance payments, under certain circumstances;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">some of the officers and the directors of
    Admiralty will benefit from the acceleration of vesting benefits
    under Admiralty&#146;s 401(k) plan as a result of its
    termination in connection with the merger; and
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">3
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">directors and officers of Admiralty are entitled
    to indemnification in certain circumstances pursuant to
    provisions in the merger agreement.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For a detailed description of these differences,
you should refer to &#147;The Merger&nbsp;&#151; Interests of
Directors and Officers in the Merger that Differ from
Yours.&#148;
</FONT>

<!-- link2 "U.S. Federal Income Tax Considerations (See pages 22-23)" -->
<DIV align="left"><A NAME="009"></A></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<B><I><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Federal
Income Tax Considerations (See pages 22-23)</FONT></I></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The cash received by the Admiralty stockholders
in exchange for the Admiralty common stock will be taxable to
Admiralty stockholders for U. S. federal income tax purposes. In
general, each stockholder will recognize a gain or loss equal to
the difference, if any, between the cash payment received and
the stockholder&#146;s tax basis in the shares surrendered in
the merger.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The U.S. federal income tax consequences are
summarized under the heading &#147;U.S. Federal Income Tax
Considerations.&#148; Tax matters are very complex and the tax
consequences of the merger to you could vary depending on your
own situation. We urge you to consult your tax advisors for a
full description of the tax consequences of the merger to you.
</FONT>

<!-- link2 "Regulatory Requirements (See pages 23-24)" -->
<DIV align="left"><A NAME="010"></A></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<B><I><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory
Requirements (See pages 23-24)</FONT></I></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The merger is subject to a number of regulatory
approvals under U.S. federal, Florida and Canadian law. While
Admiralty, RBC Centura and Royal Bank of Canada believe that
they will be able to obtain these regulatory approvals in a
timely manner and without burdensome conditions, there can be no
assurances that they will be able to do so.
</FONT>

<!-- link2 "Appraisal Rights (See pages 24-25)" -->
<DIV align="left"><A NAME="011"></A></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<B><I><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appraisal
Rights (See pages 24-25)</FONT></I></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A holder of Admiralty shares will be entitled to
an appraisal of the fair value of the holder&#146;s shares under
Delaware law if the stockholder does not vote in favor of the
merger and follows the other procedures specified by
Section&nbsp;262 of the Delaware General Corporation Law. That
section requires, among other things, a stockholder intending to
exercise his or her appraisal rights to notify Admiralty of that
intention in writing prior to the special meeting.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any stockholder who returns a signed and dated
proxy but fails to provide instructions as to the manner in
which the stockholder&#146;s shares are to be voted will be
deemed to have voted in favor of the merger agreement and merger
and will not be entitled to exercise appraisal rights.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For a more complete description of these
appraisal rights, please see &#147;The Merger&nbsp;&#151;
Appraisal Rights.&#148;
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<B><FONT size="2">Principal Provisions of the Merger Agreement
(See pages 26-34)</FONT></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The merger agreement contemplates the merger of a
wholly owned subsidiary of RBC Centura with and into Admiralty,
with Admiralty surviving the merger. Upon the completion of the
merger, Admiralty will become a wholly owned subsidiary of RBC
Centura. The merger will become effective as of the date and
time that the certificate of merger is filed with the Delaware
Secretary of State or such other date and time specified in the
certificate of merger.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On October&nbsp;25, 2002, the parties amended the
merger agreement to reflect the agreed-upon closing date of
January&nbsp;6, 2003, assuming that all regulatory approvals
have been received and that all other closing conditions have
been satisfied or waived by that date. On October&nbsp;31, 2002,
the parties supplemented the merger agreement by adding Springs
Acquisition Sub, Inc. as a party to the agreement. All
references to the &#147;merger agreement&#148; in this proxy
statement mean the merger agreement as amended and supplemented.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The merger agreement contains representations and
warranties by Admiralty and by Royal Bank of Canada that are
customary for agreements of this nature. The merger agreement
also contains customary covenants. Some of the covenants include
Admiralty&#146;s covenant to carry on its business in the same
</FONT>

<P align="center"><FONT size="2">4
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">manner as it has done prior to the date of the
merger agreement and to obtain Royal Bank of Canada&#146;s
consent before engaging in certain activities. In addition,
Admiralty has agreed to provide Royal Bank of Canada with notice
of certain developments in its business. Admiralty also agreed
that it will not solicit or encourage an acquisition proposal
from a third party other than Royal Bank of Canada or engage in
negotiations with or disclose any nonpublic information to any
person who is considering making or has made an acquisition
proposal to Admiralty. Admiralty may, however, provide
information to and engage in discussions or negotiations with a
potential acquirer other than Royal Bank of Canada, under
certain limited conditions as described in the merger agreement.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The completion of the merger depends on a number
of conditions being satisfied, including the following:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the merger agreement and merger have been
    approved by the vote of the holders of a majority of the
    outstanding shares of Admiralty common stock;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">all material consents and approvals have been
    obtained;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the absence of any legal restraint blocking the
    merger;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Admiralty&#146;s and Royal Bank of Canada&#146;s
    representations and warranties to each other, as set forth in
    the merger agreement, are true and correct, except where the
    failure to be true and correct would not have a material adverse
    effect on Admiralty or Royal Bank of Canada, respectively;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Admiralty and Royal Bank of Canada have performed
    in all material respects all obligations required to be
    performed by them under the merger agreement at or prior to the
    closing of the merger; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">retention agreements with specified key Admiralty
    employees remain in full force and effect.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If applicable law permits, either party could
choose to waive a condition to its obligation to complete the
merger even though that condition has not been satisfied.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The merger agreement may be terminated at any
time before the merger is completed upon the occurrence of
certain events described in the merger agreement. In certain
circumstances, Admiralty has agreed to pay Royal Bank of Canada
a termination fee of $6,000,000 in the event the merger
agreement is terminated. The termination fee, along with the
non-solicitation provisions described above, may discourage
third parties who are interested in acquiring a significant
stake in Admiralty. These provisions are intended by Royal Bank
of Canada to increase the likelihood that the merger will be
completed in accordance with its terms.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<B><FONT size="2">Admiralty Bancorp, Inc. Stock Price (See page
36)</FONT></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Admiralty&#146;s common stock is traded on the
Nasdaq National Market under the symbol &#147;AAAB.&#148;
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On August&nbsp;28, 2002, the business day prior
to public announcement of the merger agreement, the closing
price per share of the Admiralty common stock was $23.319 as
reported by the Nasdaq National Market. On October&nbsp;31,
2002, the most recent practicable date prior to the mailing of
this proxy statement, the closing price per share of the
Admiralty common stock was $25.72 as reported by the Nasdaq
National Market. We urge stockholders to obtain a current
quotation. See &#147;Price Range of Admiralty Common Stock and
Dividend Information.&#148;
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="2">5
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS" -->
<DIV align="left"><A NAME="012"></A></DIV>

<P align="center">
<B><FONT size="2">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Admiralty cautions you that certain important
factors may affect Admiralty&#146;s actual results and could
cause such results to differ materially from any forward-looking
statements that may be deemed to have been made in this proxy
statement or that are otherwise made by it or on its behalf. For
this purpose, any statements contained in this proxy statement
that are not statements of historical fact may be deemed to be
forward-looking statements. Without limiting the generality of
the foregoing, words such as &#147;may,&#148; &#147;will,&#148;
&#147;expect,&#148; &#147;believe,&#148; &#147;anticipate,&#148;
&#147;intend,&#148; &#147;could,&#148; &#147;would,&#148;
&#147;estimate,&#148; or &#147;continue&#148; or the negative
other variations thereof or comparable terminology are intended
to identify forward-looking statements. Factors that may affect
Admiralty&#146;s results include, but are not limited to, those
described from time to time in Admiralty&#146;s filings with the
SEC.
</FONT>

<P align="center"><FONT size="2">6
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "THE PARTIES TO THE MERGER" -->
<DIV align="left"><A NAME="013"></A></DIV>

<P align="center">
<B><FONT size="2">THE PARTIES TO THE MERGER</FONT></B>

<P align="left">
<B><FONT size="2">Admiralty Bancorp, Inc.</FONT></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Admiralty Bancorp, Inc. is a financial holding
company with principal executive offices located at 4400 PGA
Boulevard, Suite 200, Palm Beach Gardens, Florida 33410,
telephone: (561)&nbsp;624-4701. Admiralty is the parent company
of Admiralty Bank, a Florida-chartered commercial bank with its
main office in Palm Beach Gardens, Florida, and branch offices
in Altamonte Springs, Boca Raton, Cocoa Beach, Fort Lauderdale,
Juno Beach, Jupiter, Melbourne and Orlando, Florida. Admiralty
Bank&#146;s deposits are insured by the Bank Insurance Fund of
the Federal Deposit Insurance Corporation up to applicable
limits.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Admiralty Bank conducts a traditional commercial
banking business and offers services that include personal and
business checking accounts and time deposits, money market
accounts, and regular savings accounts. Admiralty Bank engages
in a wide range of lending activities and offers commercial
loans, consumer loans, residential and non-residential mortgage
loans, and construction loans.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Admiralty&#146;s common stock is designated for
trading on the Nasdaq National Market under the symbol
&#147;AAAB.&#148;
</FONT>

<P align="left">
<B><FONT size="2">Royal Bank of Canada</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Royal Bank of Canada is a Canadian-chartered
bank, with its head office located at 1&nbsp;Place Ville Marie,
Montreal, Quebec, Canada H3C&nbsp;3A9, telephone:
(514)&nbsp;874-2110, and its corporate headquarters located at
Royal Bank Plaza, 200&nbsp;Bay Street, Toronto, Ontario, Canada
M5J&nbsp;2J5, telephone: (416)&nbsp;974-5151. Royal Bank of
Canada&#146;s common shares are listed on the New York Stock
Exchange under the trading symbol &#147;RY&#148; and on stock
exchanges in Canada and Switzerland. Its preferred shares are
listed on the Toronto Stock Exchange in Canada.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Royal Bank of Canada and its subsidiaries provide
personal and commercial banking, wealth management services,
insurance, corporate and investment banking and transaction
processing on a global basis.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The United States activities of Royal Bank of
Canada and its subsidiaries include retail banking, corporate
banking, investment and private banking operations, full-service
securities operations, mortgage origination and insurance
services. Royal Bank of Canada&#146;s principal subsidiaries in
the U.S. include RBC Centura Bank, RBC Dominion Securities, RBC
Dain Rauscher Corp., RBC Mortgage Company, Liberty Life
Insurance Company and Liberty Insurance Services Corporation.
</FONT>

<P align="left">
<B><FONT size="2">RBC Centura Banks, Inc.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">RBC Centura Banks, Inc. is a financial holding
company organized as a North Carolina corporation and wholly
owned subsidiary of Royal Bank of Canada, with its principal
office located at 1417 Centura Highway, Rocky Mount, North
Carolina 27804, telephone: (252)&nbsp;454-4400. Through its
subsidiaries, RBC Centura delivers a wide range of financial
services and advice, including a complete line of banking,
investment, insurance, leasing and asset-management services to
individuals and businesses in North Carolina, South Carolina,
Georgia, Florida and Virginia. RBC Centura&#146;s multifaceted
customer access network includes more than 240 full-service
financial offices, an extensive ATM network, and telephone and
Internet banking. &#147;RBC Centura&#148; is a brand name used
by RBC Centura Banks, Inc. Additional information about RBC
Centura may be found at www.rbccentura.com.
</FONT>

<P align="left">
<B><FONT size="2">Springs Acquisition Sub, Inc.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Springs Acquisition Sub, Inc. is a Delaware
corporation and a wholly owned subsidiary of RBC Centura formed
solely for the purpose of engaging in the merger. Pursuant to
the terms of the merger agreement, at the effective time of the
merger, Springs Acquisition Sub will be merged with and into
Admiralty, with Admiralty being the surviving corporation.
</FONT>

<P align="center"><FONT size="2">7
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "THE SPECIAL MEETING" -->
<DIV align="left"><A NAME="014"></A></DIV>

<P align="center">
<B><FONT size="2">THE SPECIAL MEETING</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are furnishing this proxy statement to
Admiralty stockholders in connection with the solicitation of
proxies by Admiralty&#146;s board of directors at a special
meeting of its stockholders, and at any adjournments or
postponements of the special meeting.
</FONT>

<DIV>&nbsp;</DIV>

<!-- link2 "Where and When the Special Meeting Will Be Held" -->
<DIV align="left"><A NAME="015"></A></DIV>

<DIV align="left">
<B><FONT size="2">Where and When the Special Meeting Will Be
Held</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The special meeting will be held at the Hilton
Palm Beach Airport, 150 Australian Avenue, West Palm Beach,
Florida 33406 at 10:00&nbsp;a.m., local time, on
December&nbsp;13, 2002.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV>&nbsp;</DIV>

<!-- link2 "Purpose of the Special Meeting" -->
<DIV align="left"><A NAME="016"></A></DIV>

<DIV align="left">
<B><FONT size="2">Purpose of the Special Meeting</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At the special meeting, Admiralty stockholders
will consider and vote upon a proposal to approve the merger
agreement and the resulting merger, and such other business as
may properly come before the special meeting or any adjournments
or postponements of the special meeting.
</FONT>

<DIV>&nbsp;</DIV>

<!-- link2 "October 31, 2002 Record Date; Voting Power" -->
<DIV align="left"><A NAME="017"></A></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left">
<B><FONT size="2">October&nbsp;31, 2002 Record Date; Voting
Power</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Currently, the only outstanding voting securities
of Admiralty are shares of Admiralty common stock. Only holders
of record of Admiralty common stock on the record date,
October&nbsp;31, 2002, are entitled to notice of and vote at the
Admiralty special meeting. Each holder of record, as of the
record date, of Admiralty common stock is entitled to cast one
vote per share. On the record date, there were 5,288,437 shares
of Admiralty common stock outstanding and entitled to be voted
at the special meeting. These outstanding shares are held by 190
stockholders of record.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV>&nbsp;</DIV>

<!-- link2 "Required Quorum and Required Vote" -->
<DIV align="left"><A NAME="018"></A></DIV>

<DIV align="left">
<B><FONT size="2">Required Quorum and Required Vote</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The holders of a majority of the outstanding
shares of Admiralty common stock must be present, in person or
by proxy, at the special meeting for a quorum to be present. The
affirmative vote of a majority of the shares of Admiralty common
stock outstanding on the record date is required for approval of
the merger agreement and merger.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If you fail to vote or abstain from voting, it
will have the effect of a vote against the merger.
</FONT>

<DIV>&nbsp;</DIV>

<!-- link2 "Voting of Proxies" -->
<DIV align="left"><A NAME="019"></A></DIV>

<DIV align="left">
<B><FONT size="2">Voting of Proxies</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All shares of Admiralty common stock represented
by properly signed and dated proxies that are received prior to
or at the special meeting, and not revoked, will be voted in
accordance with the instructions indicated in the proxies. If a
stockholder does not indicate any instructions on a properly
signed and dated proxy, that proxy will be voted
<B>&#147;FOR&#148; </B>the approval of the merger agreement and
merger.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Admiralty does not expect any other matters other
than approval of the merger agreement and merger to be brought
before the special meeting. If, however, any other matters are
properly presented at the special meeting for consideration, the
persons named in the enclosed form of proxy, and acting under
that proxy, will have discretion to vote on those matters in
accordance with their best judgment.
</FONT>

<DIV>&nbsp;</DIV>

<!-- link2 "Revoking the Proxy" -->
<DIV align="left"><A NAME="020"></A></DIV>

<DIV align="left">
<B><FONT size="2">Revoking the Proxy</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any proxy given pursuant to this solicitation may
be revoked by the person giving it at any time before it is
voted. Proxies may be revoked by:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">filing, including by telegram or telecopy, with
    Admiralty&#146;s Corporate Secretary, before the taking of the
    vote at the special meeting, a written notice of revocation
    bearing a later date than the date of the proxy or a later-dated
    proxy relating to the same shares; or
    </FONT></TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">attending the special meeting and voting in
    person.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In order to vote in person at the special
meeting, stockholders must attend the special meeting and cast
their votes in accordance with the voting procedures established
for the special meeting. Attendance at the special meeting will
not in and of itself constitute a revocation of a proxy. Any
written notice of
</FONT>

<P align="center"><FONT size="2">8
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left">
<FONT size="2">revocation or subsequent proxy must be sent so as
to be delivered at or before the taking of the vote at the
special meeting as follows to: Admiralty Bancorp, Inc., 4400 PGA
Boulevard, Suite&nbsp;200, Palm Beach Gardens, Florida 33410,
telecopy: (561)&nbsp;627-9510, Attention: Corporate Secretary.
</FONT>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Admiralty stockholders who require assistance in
changing or revoking a proxy should contact the persons at the
address or phone number provided in this proxy statement under
the caption &#147;Who Can Help Answer Your Questions.&#148;
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV>&nbsp;</DIV>

<!-- link2 "Abstentions; Broker Non-Votes" -->
<DIV align="left"><A NAME="021"></A></DIV>

<DIV align="left">
<B><FONT size="2">Abstentions; Broker Non-Votes</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Approval of the merger agreement and merger
requires a favorable vote of the majority of all outstanding
shares of Admiralty common stock. As a result, an abstention
will have the same effect as a vote against the merger agreement
and merger. The failure of an Admiralty stockholder to return a
proxy will also have the same effect as a vote against the
merger agreement and merger.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under applicable rules, brokers who hold shares
in street name for customers have the authority to vote on some
routine proposals when they have not received instructions from
beneficial owners. Broker &#147;non-votes&#148; occur because
under these rules, brokers are not permitted to vote on
non-routine matters such as the merger agreement and merger.
Therefore, without specific instructions from the beneficial
owner of shares held in street name, brokers are not permitted
to vote those shares for the approval of the merger agreement
and merger. As a result, a broker non-vote will be counted for
purposes of determining the presence of a quorum, but will
otherwise have the effect of a vote against the merger agreement
and merger.
</FONT>

<DIV>&nbsp;</DIV>

<!-- link2 "Solicitation of Proxies; Payment of Expenses" -->
<DIV align="left"><A NAME="022"></A></DIV>

<DIV align="left">
<B><FONT size="2">Solicitation of Proxies; Payment of
Expenses</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Admiralty and Royal Bank of Canada will share the
cost of soliciting proxies for the special meeting and of
printing and mailing of this proxy statement. In addition to
solicitation by mail, Admiralty directors, officers and other
employees may solicit proxies in person, or by telephone,
telecopy or other means of electronic communication. Admiralty
has engaged the assistance of Morrow &#38; Co., a proxy
solicitation firm, to assist in soliciting proxies from owners
of record of Admiralty&#146;s common stock and from beneficial
owners of Admiralty&#146;s common stock held by banks, brokerage
houses and other custodians, nominees and fiduciaries. Admiralty
expects that the fees for these services will total
approximately $8,000, plus out-of-pocket expenses. Admiralty
will make arrangements with brokerage houses and other
custodians, nominees and fiduciaries to send the proxy materials
to beneficial owners, and Admiralty will, upon written request,
reimburse those brokerage houses and custodians for their
reasonable expenses in so doing. To the extent necessary in
order to ensure sufficient representation at the special
meeting, Admiralty may request the return of proxy cards by
telecopy. The extent to which this will be necessary depends
entirely upon how promptly proxies are received. We urge
stockholders to vote proxies without delay.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV>&nbsp;</DIV>

<!-- link2 "Adjournments or Postponements" -->
<DIV align="left"><A NAME="023"></A></DIV>

<DIV align="left">
<B><FONT size="2">Adjournments or Postponements</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Although it is not expected, the special meeting
may be adjourned or postponed for the purpose of soliciting
additional proxies. Any adjournment or postponement may be made
without notice, including by an announcement made at the special
meeting, with the approval of the holders of a majority of the
outstanding shares of Admiralty&#146;s common stock present in
person or represented by proxy at the special meeting, whether
or not a quorum exists. Any signed proxies received by Admiralty
will be voted in favor of an adjournment or postponement in
these circumstances unless a written note on the proxy by the
stockholder directs otherwise. Any adjournment or postponement
of the special meeting for the purpose of soliciting additional
proxies will allow Admiralty stockholders who have already sent
in their proxies to revoke them at any time before they are used.
</FONT>

<DIV>&nbsp;</DIV>

<!-- link2 "Stock Certificates" -->
<DIV align="left"><A NAME="024"></A></DIV>

<DIV align="left">
<B><FONT size="2">Stock Certificates</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Do not send your Admiralty common stock
certificates with your proxy cards. Promptly after the merger,
the paying agent for the merger will send a transmittal letter
to you with instructions for surrendering your Admiralty common
stock certificates in exchange for the cash merger consideration.
</FONT>

<P align="center"><FONT size="2">9
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "THE MERGER" -->
<DIV align="left"><A NAME="025"></A></DIV>

<P align="center">
<B><FONT size="2">THE MERGER</FONT></B>

<!-- link2 "Description of the Merger" -->
<DIV align="left"><A NAME="026"></A></DIV>

<P align="left">
<B><FONT size="2">Description of the Merger</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The boards of directors of Admiralty, Royal Bank
of Canada and RBC Centura have adopted a merger agreement
whereby Admiralty will become an indirect subsidiary of Royal
Bank of Canada and a direct, wholly owned subsidiary of RBC
Centura. If the merger agreement and merger are approved, a
newly formed merger subsidiary will be merged with and into
Admiralty, and Admiralty will be the surviving company in the
merger. We strongly encourage you to read carefully the merger
agreement in its entirety, a copy of which is attached as Annex
A to this proxy statement, because it is the legal document that
governs the merger.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the merger is completed, you will receive the
cash merger consideration equal to $26.00, without interest, in
exchange for each share of Admiralty common stock that you own
at the time of the merger. Holders of options to purchase
Admiralty common stock that remain outstanding at the closing of
the merger will be entitled to receive for each option cash
equal to the difference between the cash merger consideration
and the applicable exercise price of the options, multiplied by
the number of shares of common stock covered by the option, less
applicable withholding taxes. All options outstanding as of the
closing of the merger will be cancelled.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The merger will terminate the interests of all
Admiralty stockholders in Admiralty&#146;s common stock. RBC
Centura will become the sole stockholder of Admiralty and the
sole beneficiary of any earnings and growth of Admiralty
following the merger. As a result, following the merger,
Admiralty stockholders and holders of options will no longer
benefit from any increase in Admiralty&#146;s value nor will
they bear any risk of a decrease in Admiralty&#146;s value.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Admiralty&#146;s common stock is currently
registered under the Securities Exchange Act of 1934 and is
designated for trading on the Nasdaq National Market under the
symbol &#147;AAAB.&#148; Following the merger, Admiralty&#146;s
common stock will be delisted from the Nasdaq National Market
and will no longer be publicly traded, and the registration of
Admiralty&#146;s common stock under the Exchange Act will be
terminated.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<!-- link1 "Background of the Merger" -->
<DIV align="left"><A NAME="027"></A></DIV>

<P align="left">
<B><FONT size="2">Background of the Merger</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have set forth below a chronological summary
of the material events that resulted in Admiralty&#146;s board
of directors considering and approving the merger agreement and
merger with Royal Bank of Canada and RBC Centura.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Members of Admiralty&#146;s management and board
of directors had been contacted on an informal basis from time
to time by other financial institutions headquartered in Florida
and elsewhere regarding possible merger or acquisition
transactions. Admiralty believed that its branch network located
in southeast and central Florida and its strength as a
community-oriented commercial bank made it an attractive
acquisition candidate for institutions of various sizes. These
informal contacts included an introductory meeting in August
2001 between Ward Kellogg, Admiralty&#146;s President and Chief
Executive Officer, and representatives of RBC Centura regarding
Admiralty&#146;s growth and progress to date, RBC Centura&#146;s
expansion plans for Florida, and Admiralty&#146;s possible
interest in future discussions regarding a potential transaction
in the following year. No specific transaction among Admiralty,
RBC Centura and Royal Bank of Canada was discussed during this
meeting.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In July 2001, the board designated an acquisition
committee and delegated to the members of this committee the
task of reviewing offers and proposals and conducting initial
discussions and negotiations regarding potential acquisitions by
Admiralty or offers to acquire Admiralty. The members of this
committee were Bruce Mahon, Ward Kellogg, David Dickenson,
Thomas Gray and Douglas Hooker, who was subsequently replaced by
Randy Burden. In late 2001, the acquisition committee determined
to begin contacting investment banking firms to provide
assistance and advice to Admiralty in any possible transaction.
At its December 2001 meeting, the acquisition committee
recommended to Admiralty&#146;s board
</FONT>

<P align="center"><FONT size="2">10
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">that the investment banking firm of Sandler
O&#146;Neill be retained to serve as advisor to Admiralty and
the board and to provide a fairness opinion, if requested. The
board, also at its December 2001 meeting, authorized the
acquisition committee to negotiate the terms of Sandler
O&#146;Neill&#146;s engagement by Admiralty. These negotiations
were completed and an engagement letter dated as of
December&nbsp;12, 2001 was signed by Admiralty and Sandler
O&#146;Neill.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In January and February 2002, Sandler
O&#146;Neill began obtaining preliminary indications of interest
from possible acquirors. Two offers were received as a result of
these efforts, both of which were determined by the acquisition
committee and the board to be unacceptable after consultation
with Sandler O&#146;Neill. The acquisition committee determined
at its February 2002 meeting that it was unlikely at that time
to be able to negotiate more favorable terms with either of the
offerors or to obtain any other acceptable proposals. The
acquisition committee recommended to the board that further
efforts be delayed while Admiralty pursued its 2002 business
plan, which called for additional growth, both internally and
through acquisitions, and emphasized improving Admiralty&#146;s
net income. These recommendations were unanimously approved by
the board at its March 2002 meeting.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">When Admiralty&#146;s financial results for the
second quarter of 2002 became available, Sandler O&#146;Neill
provided updated financial information to those institutions who
had expressed interest earlier in the year and who executed
confidentiality agreements, including Royal Bank of Canada.
Admiralty and Royal Bank of Canada executed a second mutual
confidentiality agreement on July 3, 2002, after which Admiralty
provided certain additional information requested by Royal Bank
of Canada. Mr.&nbsp;Kellogg also had conversations with and
provided additional information to other potential acquirors.
Admiralty continued to receive financial advice from Sandler
O&#146;Neill and requested that Sandler O&#146;Neill be prepared
to provide its opinion regarding the fairness of a transaction,
from a financial point of view, at the appropriate time.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On July&nbsp;29, 2002, Admiralty received a
written proposal from a financial institution headquartered in
Florida to acquire all of Admiralty&#146;s outstanding common
stock in exchange for shares of the offeror&#146;s publicly
traded common stock. After consultation with Sandler
O&#146;Neill, Admiralty&#146;s board determined this proposal to
be unacceptable both as to the amount and form of consideration
offered.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On August&nbsp;13, 2002, Admiralty received a
written proposal from a financial institution headquartered in
the southeastern United States with an existing branch network
in Florida regarding a proposal to acquire all of
Admiralty&#146;s outstanding common stock for a price of $26.00
per share to be paid in the form of all cash, the party&#146;s
common stock, or a combination of the two. The party would also
pay, in exchange for cancellation of each outstanding stock
option, cash in an amount equal to the acquisition price per
share, less the exercise price of each option, multiplied by the
number of shares of Admiralty common stock covered by each
option. The proposal was subject to this party&#146;s due
diligence investigation of Admiralty and to further discussions
with Admiralty&#146;s management regarding continued employment
with this party after completion of the transaction. Admiralty
was advised by this party that the $26.00 per share price was
the highest price this party would propose to offer. In
subsequent telephone conversations with Mr.&nbsp;Kellogg,
representatives of this party advised him that there was
significant overlap between this party&#146;s existing Florida
branch network and Admiralty&#146;s branch offices. Despite the
overlap, this party advised Mr.&nbsp;Kellogg that there would be
employment opportunities for Admiralty&#146;s officers and
employees following the proposed acquisition, in part because
this party had recently experienced employee departures.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Admiralty received a written proposal from RBC
Centura on August&nbsp;14, 2002, regarding a possible
transaction with RBC Centura and Royal Bank of Canada, also
involving the acquisition of all of Admiralty&#146;s outstanding
common stock for cash at a price per share ranging from $23.00
to $26.00. After further telephone conversations between
representatives of RBC Centura and Admiralty, RBC Centura
delivered to Admiralty a revised proposal dated August&nbsp;16,
2002 setting forth RBC Centura&#146;s proposal to acquire all of
Admiralty&#146;s common stock at a price of $26.00 per share.
The RBC Centura proposal also contemplated, in exchange for
cancellation of outstanding options, the payment for each option
of cash equal to $26.00 less the exercise price of each option,
multiplied by the number of shares covered by each option. In
this proposal, RBC Centura stated its intention to retain most
of Admiralty&#146;s current employees
</FONT>

<P align="center"><FONT size="2">11
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left">
<FONT size="2">and to enter into employment agreements with
Mr.&nbsp;Kellogg and other members of senior management. RBC
Centura&#146;s original and revised proposals were subject to
completion of a due diligence investigation, approval by the
board of directors of Royal Bank of Canada, and negotiation of a
definitive merger agreement. RBC Centura requested the right to
negotiate exclusively with Admiralty, with a view to completing
due diligence and entering into a definitive merger agreement by
August&nbsp;31, 2002. Admiralty was also advised by RBC Centura
that the $26.00 per share price was the highest price this party
would propose to offer.
</FONT>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Admiralty&#146;s board conducted a teleconference
meeting on Monday, August&nbsp;19, 2002 during which the two
pending proposals were discussed. Both of the parties, including
their respective financial ability to complete an all-cash
transaction, were known to the board. Mr.&nbsp;Kellogg relayed
to the board his conversations with each party regarding its
respective plans for expansion in the state of Florida and how
Admiralty&#146;s branch offices and employees fit into each of
those plans. Mr.&nbsp;Kellogg advised the board that Royal Bank
of Canada had indicated its intention to keep all of
Admiralty&#146;s branch offices open initially and to retain
Admiralty&#146;s branch personnel. He also advised the board of
the significant overlap between the other party&#146;s existing
Florida branch network and Admiralty&#146;s branch offices, and
relayed to the board this party&#146;s subsequent statement that
employment opportunities would be available due in part to
employee turnover.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The board determined that the price proposed by
each party was the minimum price that would be acceptable.
Because both proposals were subject to completion of due
diligence investigations and certain other conditions, the board
further determined to allow both parties to proceed with due
diligence and to begin negotiation of definitive agreements.
Both Royal Bank of Canada and the other party were notified by
Mr.&nbsp;Kellogg of this decision, whereupon Royal Bank of
Canada requested to begin its due diligence immediately, and the
other party&#146;s due diligence was to begin on or after
August&nbsp;26, 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Royal Bank of Canada&#146;s internal and external
advisors began a due diligence investigation of Admiralty on
Wednesday, August&nbsp;21, 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At the regularly scheduled meeting of
Admiralty&#146;s board on Friday, August 23, 2002 held in West
Palm Beach, Florida, the board reviewed the status of the
pending proposals and the ongoing due diligence. H.&nbsp;Kel
Landis, III, the Chief Executive Officer of RBC Centura, made a
brief statement to the board, in which he spoke briefly about
RBC Centura and its plans in Florida, and then departed from the
meeting. Representatives of Sandler O&#146;Neill next reported
on the progress of Royal Bank of Canada&#146;s due diligence.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Mr.&nbsp;Kellogg also reported to the board the
condition relayed by the representatives of Royal Bank of Canada
that Royal Bank of Canada would continue its due diligence only
if it were given the exclusive opportunity to complete its due
diligence investigation and negotiate a definitive agreement
with Admiralty&#146;s management and advisors, with the
intention of entering into a definitive agreement with Admiralty
by Friday, August&nbsp;30, 2002. This condition was discussed at
length by Admiralty&#146;s board with counsel to Admiralty and
the representatives of Sandler O&#146;Neill. The board
considered the risk of losing the other proposal if Royal Bank
of Canada&#146;s condition were agreed to, and the risk of
losing Royal Bank of Canada&#146;s proposal if it were not. The
board acknowledged that the price per share proposed in each of
the pending proposals was the same and that both parties had
stated that the price proposed was the highest price each would
offer. The board also analyzed the differences between the two
pending proposals. The board considered that, although the other
party had proposed to offer shares of the party&#146;s common
stock in exchange for the outstanding shares of Admiralty common
stock, the board believed it was unlikely that Admiralty&#146;s
stockholders would prefer to receive shares because of the
volatility in the stock market at that time. Therefore, the
other proposal, assuming that the merger consideration would be
paid all in cash or primarily in cash, would be taxable to
Admiralty&#146;s stockholders to the same extent as Royal Bank
of Canada&#146;s proposal. The board also considered that,
because the other party was a financial institution already
present in the Florida market, the other proposal may not be
viewed as favorably by Admiralty&#146;s customers and employees
as Royal Bank of Canada&#146;s proposal. After considering these
and other factors, the board authorized the continuation of
Royal Bank of Canada&#146;s due diligence investigation
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="2">12
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">and the negotiation of a definitive agreement
with Royal Bank of Canada on an exclusive basis, to be completed
as expeditiously as possible.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The board also directed that the other
party&#146;s due diligence be delayed accordingly. When notified
of the delay, the other party withdrew its proposal.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">An initial draft of the merger agreement was
delivered to Admiralty and its counsel on Friday,
August&nbsp;23, 2002. Over the course of the next several days,
Royal Bank of Canada completed its due diligence investigation,
and representatives of Admiralty and Royal Bank of Canada and
their respective advisors negotiated the terms of the definitive
merger agreement and of the form of voting and support
agreements that Royal Bank of Canada was requesting each of
Admiralty&#146;s directors to sign in his capacity as a
stockholder of Admiralty.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Royal Bank of Canada also requested, as a
condition to signing the merger agreement, that certain key
employees of Admiralty enter into retention agreements with
Admiralty, which agreements would set forth the salary,
retention bonuses and other benefits to which each key employee
would be entitled. The key employees were identified through
discussions with Mr.&nbsp;Kellogg, and the terms of these
agreements were negotiated over the next several days.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Admiralty&#146;s board convened a special meeting
on August&nbsp;28, 2002, at which its counsel and
representatives of Sandler O&#146;Neill were present, for the
purpose of reviewing the latest draft of the merger agreement
and the status of the other conditions to signing the merger
agreement, including the retention agreements with key employees
and the voting and support agreements. The board had been
furnished with drafts of the merger agreement and form of voting
and support agreement and a copy of the presentation concerning
the fairness of the transaction by Sandler O&#146;Neill prior to
the meeting. Admiralty&#146;s counsel and Sandler O&#146;Neill
were present to review and discuss terms of the proposed merger
transaction.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Admiralty&#146;s counsel reviewed with the
directors their duties and responsibilities as directors in a
transaction of this type. Counsel also reviewed with the
directors the key provisions of the merger agreement and the
voting and support agreements. The retention agreements being
entered into by the key employees, including Mr.&nbsp;Kellogg,
were also reviewed. The directors asked questions of the
financial advisors, counsel and senior management, and an
extensive question, answer and discussion period ensued.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The representatives of Sandler O&#146;Neill
reviewed the proposed transaction with the board. The review
included an overview of Royal Bank of Canada and its financial
ability to complete an all-cash transaction. Sandler
O&#146;Neill also noted that the Admiralty directors would enter
into voting and support agreements, that Admiralty had
negotiated a provision allowing Admiralty to terminate the
merger agreement upon payment of a termination fee if a superior
proposal were received, and that the amount of the termination
fee, after negotiation with Royal Bank of Canada, had been
reduced to an amount well within the range of termination fees
agreed to in comparable transactions.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The board of directors then adjourned until the
afternoon of August&nbsp;29, 2002, to provide the directors
additional time to consider the proposed transaction.
Admiralty&#146;s board reconvened on August&nbsp;29, 2002 to
review the final merger agreement and vote on the proposed
acquisition by Royal Bank of Canada. At this meeting, certain
important terms of the proposed transaction were again reviewed
with the board and further questions were again received and
answered, and additional discussion ensued.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Following these presentations and discussions,
Admiralty&#146;s board of directors unanimously approved the
merger agreement and merger and recommended to Admiralty&#146;s
stockholders that they vote in favor of the merger agreement and
merger. Following receipt of the board&#146;s approval,
Admiralty, Royal Bank of Canada and RBC Centura executed the
merger agreement. The directors thereafter executed and
delivered to Royal Bank of Canada their voting and support
agreements. Admiralty and Royal Bank of Canada issued press
releases announcing the execution of the merger agreement after
the close of the markets on August&nbsp;29, 2002.
</FONT>

<P align="center"><FONT size="2">13
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link2 "Opinion of Admiralty&#146;s Financial Advisor" -->
<DIV align="left"><A NAME="028"></A></DIV>

<P align="left">
<B><FONT size="2">Opinion of Admiralty&#146;s Financial
Advisor</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">By letter agreement dated as of December&nbsp;12,
2001, Admiralty retained Sandler O&#146;Neill as an independent
financial advisor in connection with Admiralty&#146;s
consideration of a possible business combination involving
Admiralty and a second party. Sandler O&#146;Neill is a
nationally recognized investment banking firm whose principal
business specialty is financial institutions. In the ordinary
course of its investment banking business, Sandler O&#146;Neill
is regularly engaged in the valuation of financial institutions
and their securities in connection with mergers and acquisitions
and other corporate transactions.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Sandler O&#146;Neill acted as financial advisor
to Admiralty in connection with the proposed merger with RBC
Centura and participated in certain of the negotiations leading
to the merger agreement. At the request of the Admiralty board,
representatives of Sandler O&#146;Neill attended the
August&nbsp;28 and 29, 2002 meetings at which the board
considered the merger and approved the merger agreement. At the
August&nbsp;29th meeting, Sandler O&#146;Neill delivered to the
Admiralty board its oral opinion, subsequently confirmed in
writing, that, as of such date, the merger consideration was
fair to Admiralty stockholders from a financial point of view.
Sandler O&#146;Neill has also delivered to the Admiralty board a
written opinion dated the date of this proxy statement which is
substantially identical to the August&nbsp;29, 2002 opinion.
<B>The full text of Sandler O&#146;Neill&#146;s opinion, dated
November&nbsp;4, 2002, is attached as Annex B to this proxy
statement. The opinion outlines the procedures followed,
assumptions made, matters considered and qualifications and
limitations on the review undertaken by Sandler O&#146;Neill in
rendering the opinion. The description of the opinion set forth
below is qualified in its entirety by reference to the opinion.
Admiralty stockholders are urged to read the opinion carefully
and in its entirety in connection with their consideration of
the proposed merger.</B>
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">Sandler O&#146;Neill&#146;s opinion was
addressed to the Admiralty board and was provided to the board
for its information in considering the merger. The opinion is
addressed only to the fairness of the merger consideration to
Admiralty stockholders from a financial point of view. It does
not address the underlying business decision of Admiralty to
engage in the merger or any other aspect of the merger and is
not a recommendation to any Admiralty stockholder as to how such
stockholder should vote at the special meeting with respect to
the merger or any other matter.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with rendering its August&nbsp;29,
2002 opinion, Sandler O&#146;Neill reviewed and considered,
among other things:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;the merger agreement and certain of the
    exhibits, schedules and other documents related to the merger
    agreement;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;certain publicly available financial
    statements and other historical financial information of
    Admiralty that they deemed relevant;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;certain publicly available financial
    statements and other historical financial information of Royal
    Bank of Canada and RBC Centura that they deemed relevant;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;internal financial projections for
    Admiralty for the years ending December&nbsp;31, 2002 and 2003,
    prepared by and reviewed with management of Admiralty, and the
    views of senior management of Admiralty, based on limited
    discussions with them, regarding Admiralty&#146;s business,
    financial condition, results of operations and future prospects;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(5)&nbsp;the publicly reported historical price
    and trading activity for Admiralty&#146;s common stock,
    including a comparison of certain financial and stock market
    information for Admiralty with similar publicly available
    information for certain other companies, the securities of which
    are publicly traded;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(6)&nbsp;the financial terms of certain recent
    business combinations in the commercial banking industry, to the
    extent publicly available;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(7)&nbsp;the current market environment generally
    and the banking environment in particular; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(8)&nbsp;such other information, financial
    studies, analyses and investigations and financial, economic and
    market criteria as they considered relevant.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">14
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In performing its reviews and analyses and in
rendering its opinion, Sandler O&#146;Neill assumed and relied
upon the accuracy and completeness of all the financial
information, analyses and other information that was publicly
available or otherwise furnished to, reviewed by or discussed
with it and further relied on the assurances of management of
Admiralty, Royal Bank of Canada and RBC Centura that they were
not aware of any facts or circumstances that would make such
information inaccurate or misleading. Sandler O&#146;Neill was
not asked to and did not undertake an independent verification
of the accuracy or completeness of any of such information and
they did not assume any responsibility or liability for the
accuracy or completeness of any of such information. Sandler
O&#146;Neill did not make an independent evaluation or appraisal
of the assets, the collateral securing assets or the
liabilities, contingent or otherwise, of Admiralty, Royal Bank
of Canada or RBC Centura or any of their respective
subsidiaries, or the collectibility of any such assets, nor was
it furnished with any such evaluations or appraisals. Sandler
O&#146;Neill is not an expert in the evaluation of allowances
for loan losses and it has not made an independent evaluation of
the adequacy of the allowance for loan losses of Admiralty or
Royal Bank of Canada or any of their subsidiaries, nor has it
reviewed any individual credit files relating to Admiralty or
Royal Bank of Canada or any of their subsidiaries. With
Admiralty&#146;s consent, Sandler O&#146;Neill has assumed that
the respective allowances for loan losses for both Admiralty and
Royal Bank of Canada and their respective subsidiaries are
adequate to cover such losses. In addition, Sandler O&#146;Neill
has not conducted any physical inspection of the properties or
facilities of Admiralty or Royal Bank of Canada or any of their
subsidiaries. Sandler O&#146;Neill also assumed, with
Admiralty&#146;s consent, that there has been no material change
in Admiralty&#146;s, Royal Bank of Canada&#146;s or RBC
Centura&#146;s assets, financial condition, results of
operations, business or prospects since the date of the last
financial statements made available to them and that Admiralty,
Royal Bank of Canada and RBC Centura will remain as going
concerns for all periods relevant to its analyses.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Sandler O&#146;Neill&#146;s opinion was
necessarily based upon market, economic and other conditions as
they existed on, and could be evaluated as of, the date of its
opinion. Sandler O&#146;Neill assumed, in all respects material
to its analysis, that all of the representations and warranties
contained in the merger agreement and all related agreements are
true and correct, that each party to such agreements will
perform all of the covenants required to be performed by such
party under such agreements and that the conditions precedent in
the merger agreement are not waived.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In rendering its August&nbsp;29, 2002 opinion,
Sandler O&#146;Neill performed a variety of financial analyses.
The following is a summary of the material analyses performed by
Sandler O&#146;Neill, but is not a complete description of all
the analyses underlying Sandler O&#146;Neill&#146;s opinion. The
summary includes information presented in tabular format. <B>In
order to fully understand the financial analyses, these tables
must be read together with the accompanying text. The tables
alone do not constitute a complete description of the financial
analyses. </B>The preparation of a fairness opinion is a complex
process involving subjective judgments as to the most
appropriate and relevant methods of financial analysis and the
application of those methods to the particular circumstances.
The process, therefore, is not necessarily susceptible to a
partial analysis or summary description. Sandler O&#146;Neill
believes that its analyses must be considered as a whole and
that selecting portions of the factors and analyses considered
without considering all factors and analyses, or attempting to
ascribe relative weights to some or all such factors and
analyses, could create an incomplete view of the evaluation
process underlying its opinion. Also, no company included in
Sandler O&#146;Neill&#146;s comparative analyses described below
is identical to Admiralty and no transaction is identical to the
merger. Accordingly, an analysis of comparable companies or
transactions involves complex considerations and judgments
concerning differences in financial and operating
characteristics of the companies and other factors that could
affect the public trading values or merger transaction values,
as the case may be, of Admiralty or the companies to which it is
being compared.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The earnings projections for Admiralty relied
upon by Sandler O&#146;Neill in its analyses were based upon
internal projections provided by Admiralty&#146;s management for
the years ended December&nbsp;31, 2002 and 2003. With respect to
such financial projections, Admiralty&#146;s management
confirmed to Sandler O&#146;Neill that they had been reasonably
prepared on bases reflecting the best currently available
estimates and judgments of such management of the future
financial performance of Admiralty and Sandler O&#146;Neill
</FONT>

<P align="center"><FONT size="2">15
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">assumed for purposes of its analyses that such
performance would be achieved. Sandler O&#146;Neill expressed no
opinion as to such financial projections or the assumptions on
which they were based. The financial projections furnished to
Sandler O&#146;Neill by Admiralty were prepared for internal
purposes only and not with a view towards public disclosure.
These projections were based on numerous variables and
assumptions which are inherently uncertain and, accordingly,
actual results could vary materially from those set forth in
such projections.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In performing its analyses, Sandler O&#146;Neill
also made numerous assumptions with respect to industry
performance, business and economic conditions and various other
matters, many of which cannot be predicted and are beyond the
control of Admiralty, Royal Bank of Canada, RBC Centura and
Sandler O&#146;Neill. The analyses performed by Sandler
O&#146;Neill are not necessarily indicative of actual values or
future results, which may be significantly more or less
favorable than suggested by such analyses. Sandler O&#146;Neill
prepared its analyses solely for purposes of rendering its
opinion and provided such analyses to the Admiralty board at the
August&nbsp;28th meeting. Estimates on the values of companies
do not purport to be appraisals or necessarily reflect the
prices at which companies or their securities may actually be
sold. Such estimates are inherently subject to uncertainty and
actual values may be materially different. Accordingly, Sandler
O&#146;Neill&#146;s analyses do not necessarily reflect the
value of Admiralty&#146;s common stock or the prices at which
Admiralty&#146;s common stock may be sold at any time.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Summary of
Proposal.</FONT></I></B><FONT size="2"><I> </I>Sandler
O&#146;Neill reviewed the financial terms of the proposed
transaction. Based upon the per share consideration of $26.00
and Admiralty&#146;s June&nbsp;30, 2002 financial information,
Sandler O&#146;Neill calculated the following ratios:
</FONT>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="86%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Transaction value/Last twelve months earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">38.73</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Transaction value/Last quarter earnings annualized
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25.00</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Transaction value/2002 estimated net income(1)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23.99</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Transaction value/book value
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">322.40</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Transaction value/tangible book value
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">346.54</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Tangible book premium/core deposits(2)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26.08</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Premium to thirty-day trailing average stock
    price(3)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21.09</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Premium to closing price as of August&nbsp;28,
    2002(4)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11.50</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left" noshade>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Based on management estimates of $1.10 in 2002.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Assumes 22.50% of total deposits are non-core
    deposits.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The thirty-day trailing average stock price was
    $21.47.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(4)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The closing price on August&nbsp;28, 2002 was
    $23.32.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The aggregate transaction value was approximately
$149.7 million, based upon 5.76 million fully diluted shares of
Admiralty common stock outstanding, which was determined using
the treasury stock method at the per share transaction value.
For purposes of Sandler O&#146;Neill&#146;s analyses, earnings
per share were based on fully diluted earnings per share.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Stock Trading
History.</FONT></I></B><FONT size="2"> Sandler O&#146;Neill
reviewed the history of the reported trading prices and volume
of Admiralty&#146;s common stock and the relationship between
the movements in the prices of Admiralty&#146;s common stock to
movements in certain stock indices, including the Standard &#38;
Poor&#146;s 500 Index, the NASDAQ Bank Index, the Philadelphia /
KBW Banks Index (BKX)&nbsp;and the median performance of a
composite group of publicly traded regional commercial banks
selected by Sandler
</FONT>

<P align="center"><FONT size="2">16
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">O&#146;Neill. During the one year and three year
periods ended August&nbsp;26, 2002, Admiralty&#146;s common
stock outperformed each of the indices to which it was compared.
</FONT>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="57%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Beginning Index Value</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Ending Index Value</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">August 26, 2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">August 26, 2002</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Admiralty
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.00</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">130.31</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Regional Group
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">118.75</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Nasdaq Bank Index
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">109.96</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Philadelphia/KBW Banks Index
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">89.69</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">S&#38;P 500 Index
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">79.41</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="57%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Beginning Index Value</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Ending Index Value</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">August 26, 1999</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">August 26, 2002</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Admiralty
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.00</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">314.15</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Regional Group
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">138.54</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Nasdaq Bank Index
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">133.99</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Philadelphia/KBW Banks Index
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">96.18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">S&#38;P 500 Index
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">69.09</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Comparable Company Analysis.
</FONT></I></B><FONT size="2">Sandler O&#146;Neill used publicly
available information to compare selected financial and market
trading information for Admiralty and two groups of selected
financial institutions. The first group consisted of Admiralty
and the following eighteen publicly traded southeast commercial
banks (the &#147;Regional Group&#148;):
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="32%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Capital City Bank Group Inc.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Main Street Banks Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Seacoast Banking Corp. of FL
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">ABC Bancorp
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Fidelity National Corp.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Colony Bankcorp Inc.
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">CNB Florida Bancshares Inc.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Commercial Bankshares Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">GB&#38;T Bancshares Inc.
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">TIB Financial Corp.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Georgia Bank Financial Corp.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">SNB Bancshares Inc.
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Habersham Bancorp
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">United Financial Holdings Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Centerstate Banks of Florida
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Southeastern Banking Corp.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Pointe Financial Corp.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">First National Bancshares Inc.
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Sandler O&#146;Neill also compared Admiralty to a
group of eighteen publicly traded commercial banks which had a
return on average equity (based on last twelve months&#146;
earnings) of greater than 15% and a price-to-tangible book value
of greater than 200% (the &#147;High Performing Group&#148;).
The High Performing Group was comprised of the following
institutions:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="32%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">S.Y. Bancorp Inc.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">PennRock Financial Services
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Interchange Financial Services
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Southern Financial Bancorp
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Peapack-Gladstone Financial
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Greater Community Bancorp
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pennsylvania Commerce Bancorp
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Resource Bankshares Corp.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Virginia Commerce Bancorp Inc.
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">TIB Financial Corp.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bank of Kentucky Finl Corp.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bryn Mawr Bank Corp.
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Bridge Bancorp Inc.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Smithtown Bancorp Inc.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Orrstown Financial Services
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">WGNB Corporation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bridge View Bancorp
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Community Bank
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The analysis compared publicly available
financial information for Admiralty and the median data for each
of the Regional Group and High Performing Group as of and for
each of the years ended December&nbsp;31, 1997 through
December&nbsp;31, 2001 and as of and for the twelve months ended
June&nbsp;30, 2002.
</FONT>

<P align="center"><FONT size="2">17
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">The table below sets forth the comparative data
as of and for the twelve months ended June&nbsp;30, 2002, with
pricing data as of August&nbsp;26, 2002.
</FONT>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="59%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Regional</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">High Performing</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Admiralty</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Group</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Group</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total assets (in millions)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">578</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">560</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">558</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Tangible equity/total assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7.48</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8.04</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8.09</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Intangible assets/total equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6.97</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.26</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.83</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net loans/total assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">73.15</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">72.70</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">67.02</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Gross loans/total deposits
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">81.08</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">90.57</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">83.53</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total borrowings/total assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.56</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8.74</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.81</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Non-performing assets/total assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.13</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.51</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.20</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Loan loss reserve/gross loans
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.07</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.29</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.20</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net interest margin
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.97</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.39</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.37</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Non-interest income/average assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.24</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.23</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.09</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Non-interest expense/average assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.46</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.56</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.92</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Efficiency ratio
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">61.44</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">67.43</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">56.77</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Return on average assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.76</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.03</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.46</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Return on average equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8.82</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12.40</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17.08</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Price/tangible book value per share
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">285.33</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">174.65</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">252.45</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Price/earnings per share
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33.7</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14.52</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15.01</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Dividend yield
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.00</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.78</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.69</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Dividend payout ratio
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.00</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30.72</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29.53</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Analysis of Selected Merger
Transactions.</FONT></I></B><FONT size="2"> Sandler O&#146;Neill
reviewed other nationwide transactions announced from
January&nbsp;1, 2002 to August&nbsp;26, 2002 and Florida
transactions announced from January&nbsp;1, 2000 to
August&nbsp;26, 2002, in each case involving publicly traded
commercial banks as acquired institutions and transaction values
greater than $15 million. Sandler O&#146;Neill reviewed 39
transactions announced nationwide and 11 transactions in
Florida. Sandler O&#146;Neill reviewed the multiples of
transaction value at announcement to last twelve months&#146;
earnings, transaction value to estimated 2002 earnings,
transaction value to book value, transaction value to tangible
book value, tangible book premium to core deposits and premium
to market price and computed high, low, mean and median
multiples and premiums for each group of transactions. These
multiples were applied to Admiralty&#146;s financial information
as of and for the period ended June&nbsp;30, 2002. As
illustrated in the following table, Sandler O&#146;Neill derived
an imputed range of values per share of Admiralty&#146;s common
stock of $12.70 to $26.91 based upon the median multiples for
nationwide transactions and $15.80 to $30.27 based upon the
median multiples for Florida.
</FONT>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="62%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Nationwide</FONT></B></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Florida</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Transactions</FONT></B></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Transactions</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Median Implied</FONT></B></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Median Implied</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Multiple Value</FONT></B></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Multiple Value</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Transaction value/LTM EPS
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18.09</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12.70</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22.49</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15.80</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Transaction value/Estimated EPS(1)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16.13</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17.67</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15.22</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16.67</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Transaction value/Book value
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">214.90</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18.87</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">285.21</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25.04</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Transaction value/Tangible book value
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">225.99</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18.46</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">294.50</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24.05</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Tangible book premium/Core deposits(2)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13.51</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18.60</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20.48</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23.98</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Premium to market price(3)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26.01</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26.91</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">41.77</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30.27</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left" noshade>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Based on management estimates of $1.10 in 2002.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Assumes 22.50% of total deposits are non-core
    deposits.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Thirty day trailing average as of August&nbsp;26,
    2002.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Discounted Dividend Stream and Terminal
Value Analysis. </FONT></I></B><FONT size="2">Sandler
O&#146;Neill also performed an analysis which estimated the
future stream of after-tax dividend flows of Admiralty through
December&nbsp;31, 2006 under various circumstances, assuming
Admiralty&#146;s current dividend payout ratio and that
Admiralty performed in accordance with the earnings forecasts
for 2002 and 2003 reviewed with management. For
</FONT>

<P align="center"><FONT size="2">18
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">periods after 2003, Sandler O&#146;Neill assumed
an annual growth rate of earning assets of approximately 20% and
an annual growth rate in earnings per share of approximately
15%. To approximate the terminal value of Admiralty common stock
at December&nbsp;31, 2006, Sandler O&#146;Neill applied
price/earnings multiples ranging from 12x to 22x and multiples
of tangible book value ranging from 225% to 325%. The dividend
income streams and terminal values were then discounted to
present values using different discount rates, ranging from 9%
to 15%, chosen to reflect different assumptions regarding
required rates of return of holders or prospective buyers of
Admiralty common stock. As illustrated in the following table,
this analysis indicated an imputed range of values per share of
Admiralty common stock of $14.88 to $34.73 when applying the
price/earnings multiples and $20.66 to $37.99 when applying
multiples of tangible book value.
</FONT>
</DIV>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="15"></TD>
    <TD></TD>
    <TD colspan="15"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="15" align="center" nowrap><B><FONT size="1">Earnings Per Share Multiples</FONT></B></TD>
    <TD></TD>
    <TD colspan="15" align="center" nowrap><B><FONT size="1">Tangible Book Value Multiples</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Discount</FONT></B></TD>
    <TD></TD>
    <TD colspan="15" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="15" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Rate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">12x</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">16x</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">18x</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">22x</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">225%</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">245%</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">305%</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">325%</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">9%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18.94</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25.26</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">28.41</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">34.73</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26.30</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">28.64</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">35.65</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">37.99</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17.45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23.27</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26.18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24.23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26.39</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32.85</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">35.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16.11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21.48</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24.16</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29.53</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22.36</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24.35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30.31</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32.30</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14.88</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">19.85</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22.33</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27.29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20.66</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">28.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29.85</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Sandler O&#146;Neill noted that the discounted
dividend stream and terminal value analysis is a widely used
valuation methodology, but the results of such methodology are
highly dependent upon the numerous assumptions that must be
made, and the results thereof are not necessarily indicative of
actual values or future results.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with rendering the opinion included
as an exhibit to this proxy statement, Sandler O&#146;Neill
confirmed the appropriateness of its reliance on the analyses
used to render its August&nbsp;29, 2002 opinion by performing
procedures to update certain of such analyses and by reviewing
the assumptions upon which such analyses were based and the
other factors considered in rendering its opinion.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with the merger, Admiralty has
agreed to pay Sandler O&#146;Neill a transaction fee of 1% of
the aggregate purchase price being paid in the transaction, or
approximately $1.5 million, of which $50,000 has been paid with
the balance contingent and payable upon closing of the merger.
Sandler O&#146;Neill has also received a fee of $50,000 for
rendering its opinion at the August&nbsp;29, 2002 board meeting,
which will be credited against that portion of the fee due and
payable upon closing. Admiralty has also agreed to reimburse
Sandler O&#146;Neill for its reasonable out-of-pocket expenses
incurred in connection with its engagement up to a maximum of
$5,000 and to indemnify Sandler O&#146;Neill and its affiliates
and their respective partners, directors, officers, employees,
agents, and controlling persons against certain expenses and
liabilities, including liabilities under securities laws.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Sandler O&#146;Neill has in the past provided
investment banking services to Admiralty and received
compensation for such services. As of the date of this proxy
statement, Sandler O&#146;Neill owns an aggregate of 100,207
shares of Admiralty common stock. In addition, in the ordinary
course of its business as a broker-dealer, Sandler O&#146;Neill
may purchase securities from and sell securities to Admiralty
and Royal Bank of Canada and their respective affiliates and may
actively trade the debt and/or equity securities of Admiralty
and Royal Bank of Canada and their respective affiliates for its
own account and for the accounts of customers and, accordingly,
may at any time hold a long or short position in such securities.
</FONT>

<!-- link2 "Admiralty&#146;s Reasons for the Merger" -->
<DIV align="left"><A NAME="029"></A></DIV>

<P align="left">
<B><FONT size="2">Admiralty&#146;s Reasons for the
Merger</FONT></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The decision of Admiralty&#146;s board of
directors to approve the merger agreement and the merger on
August&nbsp;29, 2002 followed several months of exploring and
analyzing the various alternatives available to Admiralty.
During this period, the board of directors met numerous times
and reviewed in detail the business, results of operations and
prospects of Admiralty.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="2">19
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The board of directors considered a number of
factors in making its recommendation to the Admiralty
stockholders to approve the merger agreement and the merger.
These factors include the following:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The knowledge and review by the board of
    directors and its advisors of the historical and current
    business, assets and financial condition of Admiralty, the
    prospects for Admiralty&#146;s business and its ability to
    compete against larger financial institutions that are able to
    provide a broader range of products and services;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The current conditions and competitive
    environment in the financial services industry;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Admiralty&#146;s ability to raise capital in
    order to support its growth, which the board believed would
    likely be difficult as a result of conditions in the financial
    markets;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Whether other, better offers could be obtained,
    taking into account that other offers received by Admiralty were
    not superior to Royal Bank of Canada&#146;s offer;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The information provided to Admiralty&#146;s
    board of directors by Admiralty&#146;s officers and advisors
    regarding the financial terms and other aspects of the merger;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The review of the material terms and conditions
    of the merger as reflected in the merger agreement, including:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="1%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the amount and form of consideration, taking into
    account that the transaction would be taxable to
    Admiralty&#146;s stockholders and that the receipt of cash in
    exchange for the Admiralty shares would prevent Admiralty&#146;s
    stockholders from sharing in any future growth of the combined
    companies;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the non-solicitation and termination fee
    provisions included in the merger agreement as a condition to
    Royal Bank of Canada&#146;s willingness to enter into the merger
    agreement, and the effect these provisions could have in
    deterring additional offers by third parties; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the terms of the merger agreement as compared to
    agreements entered into in other comparable transactions;
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">That the merger consideration represented a
    premium of 11.50% over the $23.319 closing price of the
    Admiralty common stock on August&nbsp;28, 2002, the day before
    public announcement of the merger, and a premium of 21.09% over
    the average price of Admiralty&#146;s common stock for the 30
    days ending August&nbsp;28, 2002.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Admiralty&#146;s ability to further enhance
    stockholder value if it remained independent;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The presentation of Sandler O&#146;Neill,
    Admiralty&#146;s financial advisor, to the board of directors at
    its meeting on August&nbsp;28, 2002, and the opinion of Sandler
    O&#146;Neill, based upon and subject to the assumptions,
    limitations and qualifications set forth in such opinion,
    delivered verbally at the August&nbsp;29, 2002 meeting and
    subsequently confirmed in writing, that the merger consideration
    is fair from a financial point of view to the holders of
    Admiralty common stock (see &#147;Opinion of Admiralty&#146;s
    Financial Advisor&#148;);
    </FONT></TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The likelihood of closing a transaction with
    Royal Bank of Canada and RBC Centura;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The generally favorable impact the merger is
    expected to have on Admiralty&#146;s customers and employees; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Such other matters as the Admiralty board of
    directors deemed appropriate or necessary in considering the
    merger.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In its consideration of these and other relevant
factors when evaluating the merger proposal, Admiralty&#146;s
board of directors did not assign specific or relative weights
to any of these factors. Further, individual directors may have
weighed the various factors differently than other directors.
</FONT>

<P align="center"><FONT size="2">20
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link2 "Recommendation of Admiralty&#146;s Board of Directors" -->
<DIV align="left"><A NAME="030"></A></DIV>

<P align="left">
<B><FONT size="2">Recommendation of Admiralty&#146;s Board of
Directors</FONT></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our board of directors has unanimously approved
the merger agreement and merger and determined that the merger
agreement and merger are advisable and are fair to, and in the
best interests of, Admiralty and its stockholders. After careful
review and consideration, our board of directors unanimously
recommends that Admiralty stockholders vote
<B>&#147;FOR&#148;</B> approval of the merger agreement and the
resulting merger.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<!-- link2 "Royal Bank of Canada&#146;s Reasons for the Merger" -->
<DIV align="left"><A NAME="031"></A></DIV>

<P align="left">
<B><FONT size="2">Royal Bank of Canada&#146;s Reasons for the
Merger</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A stated strategic priority for Royal Bank of
Canada has been the expansion of its U.S. operations in
businesses in which Royal Bank of Canada is strong in Canada and
sees opportunities for growth in the United States. Over the
past several years, Royal Bank of Canada has acquired a U.S.
presence in banking, securities brokerage, insurance and
mortgage lending. The proposed acquisition of Admiralty
represents the continuation of Royal Bank of Canada&#146;s U.S.
growth strategy and is consistent with Royal Bank of
Canada&#146;s previously stated intention to grow in personal
and commercial banking in the highly attractive southeastern
U.S. market, making manageable and disciplined acquisitions.
This acquisition expands Royal Bank of Canada&#146;s retail
distribution into the state of Florida and helps to diversify
its retail base.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">RBC Centura currently has only one location in
the state of Florida. The merger with Admiralty and the
acquisition of Admiralty Bank with its 10 locations in the state
of Florida will quickly give Royal Bank of Canada and RBC
Centura an expanded presence in this growing area of the
southeastern U.S. In addition, Royal Bank of Canada will be able
to use its resources to expand the range of services available
to customers through Admiralty Bank&#146;s branches, thus
enhancing their competitiveness.
</FONT>

<!-- link2 "Interests of Directors and Officers in the Merger that Differ from Yours" -->
<DIV align="left"><A NAME="032"></A></DIV>

<P align="left">
<B><FONT size="2">Interests of Directors and Officers in the
Merger that Differ from Yours</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In considering the recommendation of
Admiralty&#146;s board of directors with respect to the merger
agreement and merger, you should be aware that Admiralty&#146;s
directors and officers have interests in the merger that are
different from your interests as a stockholder. The board of
directors was aware of and considered these actual and potential
conflicts of interest. These interests include those described
below.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Other than as described herein, no director or
officer of Admiralty, and no associate of any such person, has
any substantial interest, direct or indirect, in the merger,
other than an interest arising from the ownership of Admiralty
common stock, in which case the director or officer receives no
extra or special benefit not shared on a pro rata basis by all
other Admiralty stockholders.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Directors&#146; Change-in-Control Payments.
</FONT></I></B><FONT size="2">Each of Admiralty&#146;s directors
will receive a cash payment of $36,000 at the closing of the
merger under Admiralty&#146;s 2002 change-in-control bonus
program for its directors, which program had been previously
approved by Admiralty&#146;s directors. The payment to
Admiralty&#146;s Chairman of the Board, Bruce A. Mahon, under
this program will be $108,000. Under the terms of this program,
if a director becomes subject to federal excise taxes on the
change-in-control payment, the payment will be increased so that
the director&#146;s net payment after deduction of the excise
taxes would be the same as if he had not been subject to the tax.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Senior Management Change-in-Control
Payments. </FONT></I></B><FONT size="2">Bruce A. Mahon,
Admiralty&#146;s Chairman of the Board, and Ward Kellogg,
Admiralty&#146;s President and Chief Executive Officer, will
receive certain payments and benefits under change-in-control
bonus agreements and arrangements previously approved by the
board that are in addition to their payments under the
directors&#146; program described above.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Mr.&nbsp;Mahon will receive a cash payment of
$200,000 under a change-in-control agreement previously approved
by the board, a car valued at approximately $50,000, continued
welfare benefits for up to 104&nbsp;weeks, and continued medical
insurance benefits for the remainder of his life.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Mr.&nbsp;Kellogg will receive a cash
change-in-control payment of $400,000 under his current
employment agreement with Admiralty, a cash payment of $315,000
under a change-in-control agreement previously
</FONT>

<P align="center"><FONT size="2">21
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">approved by the board, continued medical
insurance and welfare benefits for up to 104 weeks, and a club
membership previously paid for by Admiralty in the amount of
$40,000.
</FONT>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Cash change-in-control payments totaling
$1,719,000 will be paid to 18 other members of Admiralty
Bank&#146;s senior management, who are not also directors, under
change-in-control programs previously approved by the board.
Certain officers will also be entitled to continued medical
insurance and welfare benefits for varying periods of up to
52&nbsp;weeks.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The payments described above will be made to the
eligible officers regardless of whether their employment is
terminated as a result of the merger. Certain of these payments
will also be increased if the officer becomes subject to federal
excise taxes on the change-in-control payments, so that the
officer&#146;s net payment after deduction of the excise taxes
would be the same as if the officer had not been subject to the
tax.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">RBC Centura Benefit Plans.
</FONT></I></B><FONT size="2">RBC Centura will provide to
officers and employees of Admiralty who continue employment with
RBC Centura or its subsidiaries retirement, welfare and other
benefits that are generally comparable in the aggregate to those
provided to similarly situated officers and employees of RBC
Centura and its subsidiaries.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Admiralty&#146;s 401(k) Plan.
</FONT></I></B><FONT size="2">Admiralty&#146;s existing 401(k)
plan will be terminated prior to the merger, which termination
will result in the accelerated vesting of any unvested
allocations at the time of the termination.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Retention Agreements.
</FONT></I></B><FONT size="2">At Royal Bank of Canada&#146;s
request in connection with the merger agreement, Admiralty Bank
entered into retention agreements with 19 of its senior officers
and employees. These agreements provide, in addition to salary
and benefits, retention bonuses in varying amounts payable to
the officers and employees at the end of two years of continued
employment following the merger. The retention bonuses total
$985,000, assuming that each eligible officer and employee
remains employed by RBC Centura or a subsidiary at the end of
two years.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Indemnification.
</FONT></I></B><FONT size="2">The merger agreement provides that
Royal Bank of Canada will, for a period of six years after the
effective time of the merger, provide for the indemnification of
each present and former director and officer of Admiralty to the
same extent allowable under applicable law and Admiralty&#146;s
certificate of incorporation and bylaws as currently in effect.
Royal Bank of Canada will also provide liability insurance
coverage, with terms at least as favorable as Admiralty&#146;s
existing directors&#146; and officers&#146; liability insurance
policies, for a period of four years after the effective time of
the merger.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Options.
</FONT></I></B><FONT size="2">Options to purchase Admiralty
common stock previously granted to directors, officers and
employees under Admiralty&#146;s stock options plans that remain
outstanding at the closing of the merger will be cancelled.
Cancelled options will be converted into the right to receive
for each option cash equal to the difference between the cash
merger consideration and the applicable exercise price of the
options, multiplied by the number of shares of common stock
covered by the option, less applicable withholding taxes. The
cash payments to the option holders will total $12.2 million,
before any withholding taxes.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<!-- link2 "U.S. Federal Income Tax Considerations" -->
<DIV align="left"><A NAME="033"></A></DIV>

<P align="left">
<B><FONT size="2">U.S. Federal Income Tax
Considerations</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following is a summary of certain U.S.
federal income tax considerations of the merger to you and our
other stockholders receiving the cash merger consideration. The
discussion is based upon the Internal Revenue Code, Treasury
regulations, IRS rulings, and judicial and administrative
decisions in effect as of the date of this proxy statement. The
Internal Revenue Code is complex, and therefore the following
discussion is limited to the material federal income tax aspects
of the merger for a stockholder of Admiralty who is a citizen or
resident of the United States and who, on the date on which the
merger is completed, holds shares of Admiralty common stock as a
capital asset. The general tax principles discussed below are
subject to retroactive changes that may result from amendments
to the Internal Revenue Code after the date of this proxy
statement. The following discussion does not address taxpayers
subject to special treatment under the U.S. federal income tax
laws, such as insurance companies, financial institutions,
dealers in securities, tax-exempt organizations, S corporations
and taxpayers subject to the
</FONT>

<P align="center"><FONT size="2">22
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">alternative minimum tax. In addition, the
following discussion may not apply to stockholders who acquired
their shares of Admiralty common stock upon the exercise of
employee stock options or otherwise as compensation or who hold
their shares as part of a hedge, straddle or conversion
transaction. The following discussion does not address potential
foreign, state, local and other tax consequences of the merger.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The merger will be a taxable transaction to
Admiralty stockholders for federal income tax purposes and may
also be a taxable transaction under applicable state, local and
foreign tax laws. In general, you and other stockholders will
recognize a gain or loss for federal income tax purposes equal
to the difference, if any, between the cash payment received in
connection with the merger and your adjusted tax basis in the
shares surrendered in the merger. Your gain or loss will
generally be a capital gain or loss if you hold your Admiralty
common stock as a capital asset, and will be a long-term capital
gain or loss with respect to shares of Admiralty common stock
with a holding period of more than 12&nbsp;months at the
effective time of the merger. Net long-term capital gain is
currently taxed, in the case of an individual, at a maximum rate
of 20% for federal income tax purposes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">You may be subject to &#147;backup
withholding&#148; at a rate of 30% on payments received in
connection with the merger unless you:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Provide a correct taxpayer identification number
    (which, if you are an individual, is your social security
    number) and any other required information to the paying agent,
    or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Are a corporation or are otherwise exempt from
    backup withholding and, when required, demonstrate this fact,
    and otherwise comply with applicable requirements of the backup
    withholding rules.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If you do not provide a correct taxpayer
identification number, you may be subject to penalties imposed
by the IRS. Any amount paid as backup withholding does not
constitute an additional tax and will be creditable against your
federal income tax liability. You should consult with your own
tax advisor as to your qualification for exemption from backup
withholding and the procedure for obtaining this exemption. You
may prevent backup withholding by completing a Substitute
Form&nbsp;W-9, which will be attached to or included in the
transmittal letter sent to you by the paying agent, and by
submitting it to the paying agent for the merger when you submit
your Admiralty common stock certificate(s) following the
effective time of the merger.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Tax matters are very complex, and the tax
consequences of the merger to you could vary depending on your
own situation. <B>All stockholders are urged to consult their
own tax advisors regarding the federal income tax consequences,
as well as the foreign, state and local tax consequences of the
disposition of their shares in the merger.</B>
</FONT>

<!-- link2 "Regulatory Requirements" -->
<DIV align="left"><A NAME="034"></A></DIV>

<P align="left">
<B><FONT size="2">Regulatory Requirements</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The consummation of the merger is subject to a
number of regulatory approvals that are described below. While
Admiralty, Royal Bank of Canada and RBC Centura have no reason
to believe that they will not be able to obtain these regulatory
approvals in a timely manner and without the imposition of
burdensome conditions, they cannot be certain that these
approvals will be obtained within the period of time
contemplated by the merger agreement or on conditions that would
not be detrimental to the combined company or at all. Further,
no stockholder should construe an approval of an application by
any regulator to be a recommendation that the stockholders
should vote to approve the proposal.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">U.S. Federal Filing.
</FONT></I></B><FONT size="2">Royal Bank of Canada and RBC
Centura have filed a notice of the merger pursuant to
Section&nbsp;3(a)(3) of the Bank Holding Company Act of 1956.
Accordingly, the prior written approval of the Federal Reserve
is required before the merger can be completed.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Florida Filing.
</FONT></I></B><FONT size="2">Royal Bank of Canada and RBC
Centura have filed an application with the Florida Department of
Banking and Finance pursuant to Florida law. Accordingly, the
prior written approval of the Florida banking department is
required before the merger can be completed.
</FONT>

<P align="center"><FONT size="2">23
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><I><FONT size="2">Canadian Filing.
</FONT></I></B><FONT size="2">Under applicable Canadian law, the
merger constitutes the acquisition of control by Royal Bank of
Canada of a foreign financial institution. Approval of the
Canadian Superintendent of Financial Institutions has been
received.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At the time of mailing this proxy statement, the
U.S. federal and Florida regulatory applications are being
reviewed by the applicable regulators.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<!-- link2 "Appraisal Rights" -->
<DIV align="left"><A NAME="035"></A></DIV>

<P align="left">
<B><FONT size="2">Appraisal Rights</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Admiralty is a Delaware corporation and, under
Delaware law, Admiralty stockholders are entitled to appraisal
rights in connection with the merger.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following summary of the provisions of
Section&nbsp;262 of the Delaware General Corporation Law is not
intended to be a complete statement of the provisions and is
qualified in its entirety by reference to the full text of
Section&nbsp;262 of the Delaware General Corporation Law, a copy
of which is attached to this proxy statement as Annex D and is
incorporated into this summary by reference.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the merger is completed, each holder of
Admiralty common stock who:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">files written notice with Admiralty of an
    intention to exercise the rights to appraisal of the
    stockholder&#146;s shares prior to the Admiralty special meeting,
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">does not vote in favor of the merger, and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">follows the procedures set forth in
    Section&nbsp;262,
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">will be entitled to be paid for the
stockholder&#146;s Admiralty common stock by the surviving
corporation the fair value in cash of the shares of common
stock. The fair value of shares of Admiralty common stock will
be determined by the Delaware Court of Chancery, exclusive of
any element of value arising from the merger. The shares of
Admiralty common stock with respect to which holders have
perfected their appraisal rights in accordance with
Section&nbsp;262 and have not effectively withdrawn or lost
their appraisal rights are referred to in this proxy statement
as &#147;dissenting shares.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Within 10&nbsp;days after the effective date of
the merger, Admiralty, as the surviving corporation in the
merger, must mail a notice to all stockholders who have complied
with the first two points above notifying such stockholders of
the effective date of the merger. Within 120&nbsp;days after the
effective date, holders of Admiralty common stock may file a
petition in the Delaware Court of Chancery for the appraisal of
their shares, although they may, within 60&nbsp;days of the
effective date, withdraw their demand for appraisal. Within
120&nbsp;days of the effective date, the holders of dissenting
shares may also, upon written request, receive from Admiralty a
statement setting forth the aggregate number of shares with
respect to which demands for appraisals have been received.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Appraisal rights are available only to the record
holder of shares. If you wish to exercise appraisal rights but
have a beneficial interest in shares that are held of record by
or in the name of another person, such as a broker or nominee,
you should act promptly to cause the record holder to follow the
procedures set forth in Section&nbsp;262 to perfect your
appraisal rights.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All demands for appraisal should be addressed to
the Corporate Secretary at Admiralty Bancorp, Inc., 4400 PGA
Boulevard, Suite 200, Palm Beach Gardens, Florida 33410, before
the vote on the merger is taken at the special meeting, and
should be signed by or on behalf of the stockholder exactly as
the stockholder&#146;s name appears on the stockholder&#146;s
stock certificates. If the shares are owned of record in a
fiduciary capacity, such as by a trustee, guardian or custodian,
the demand should be executed in that capacity, and if the
shares are owned of record by more than one person, as in a
joint tenancy or tenancy in common, the demand should be
executed by or on behalf of all joint owners. An authorized
agent, including one or more joint owners, may execute a demand
for appraisal on behalf of a record holder; in that case,
however, the agent must identify in the demand the record owner
or owners and expressly disclose that the agent is executing the
demand as an agent for the record owner or owners. A record
holder, such as a broker, who holds shares as nominee for
several beneficial owners may exercise appraisal
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="2">24
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">rights for the shares held for one or more
beneficial owners and not exercise rights for the shares held
for other beneficial owners. In this case, the written demand
should state the number of shares for which appraisal rights are
being demanded. When no number of shares is stated, the demand
will be presumed to cover all shares held of record by the
broker or nominee.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If any holder of Admiralty common stock who
demands appraisal of the holder&#146;s shares under
Section&nbsp;262 fails to perfect, or effectively withdraws or
loses the right to appraisal, the holder&#146;s shares will be
converted into a right to receive the cash merger consideration
of $26.00 per share, in accordance with the terms of the merger
agreement. Dissenting shares lose their status as dissenting
shares if:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the merger is abandoned;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the dissenting stockholder fails to make a timely
    written demand for appraisal;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">neither Admiralty nor the stockholder files a
    complaint or intervenes in a pending action within 120&nbsp;days
    after the effective date of the merger; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the stockholder delivers to Admiralty, as the
    surviving corporation, within 60&nbsp;days of the effective date
    of the merger, or thereafter with Admiralty&#146;s approval, a
    written withdrawal of the stockholder&#146;s demand for
    appraisal of the dissenting shares, although no appraisal
    proceeding in the Delaware Court of Chancery may be dismissed as
    to any stockholder without the approval of the court.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">Failure to follow the steps required by
Section&nbsp;262 of the Delaware General Corporation Law for
perfecting appraisal rights may result in the loss of appraisal
rights. If that occurs, an Admiralty stockholder will be
entitled to receive the cash merger consideration for the
holder&#146;s dissenting shares in accordance with the merger
agreement. In view of the complexity of the provisions of
Section&nbsp;262 of the Delaware General Corporation Law,
Admiralty stockholders who are considering objecting to the
merger should consult their own legal advisors.</FONT></B>

<!-- link2 "Delisting and Deregistration of Admiralty Common Stock after the Merger" -->
<DIV align="left"><A NAME="036"></A></DIV>

<P align="left">
<B><FONT size="2">Delisting and Deregistration of Admiralty
Common Stock after the Merger</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">When the merger is completed, the Admiralty
common stock will be delisted from the Nasdaq National Market
and will be deregistered under the Securities Exchange Act of
1934.
</FONT>

<!-- link2 "Line of Credit from RBC Centura" -->
<DIV align="left"><A NAME="037"></A></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<B><FONT size="2">Line of Credit from RBC Centura</FONT></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">It is expected that RBC Centura will provide
Admiralty with a $5&nbsp;million line of credit for working
capital purposes, including payment of the change-in-control
payments to Admiralty&#146;s officers and directors. This line
of credit will be unsecured, will bear interest at RBC
Centura&#146;s prime rate, and will mature on March&nbsp;31,
2003.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<!-- link2 "Accounting Treatment" -->
<DIV align="left"><A NAME="038"></A></DIV>

<P align="left">
<B><FONT size="2">Accounting Treatment</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The merger will be accounted for by the purchase
method of accounting, in accordance with U.S. and Canadian GAAP.
This means the Royal Bank of Canada will record as goodwill the
excess of the purchase price of Admiralty over the fair value of
Admiralty&#146;s identifiable assets, including intangible
assets, and liabilities.
</FONT>

<!-- link2 "Stock Transfer and Paying Agent" -->
<DIV align="left"><A NAME="039"></A></DIV>

<P align="left">
<B><FONT size="2">Stock Transfer and Paying Agent</FONT></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">SunTrust Bank will act as the paying agent for
the merger.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<!-- link2 "Exchange Procedures" -->
<DIV align="left"><A NAME="040"></A></DIV>

<P align="left">
<B><FONT size="2">Exchange Procedures</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Admiralty stockholders should not send in their
Admiralty common stock certificates with their proxy cards.
Promptly after the merger, the paying agent for the merger will
send a transmittal letter with instructions to you to be used
for surrendering your Admiralty common stock certificates in
exchange for the merger consideration.
</FONT>

<P align="center"><FONT size="2">25
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "THE MERGER AGREEMENT" -->
<DIV align="left"><A NAME="041"></A></DIV>

<P align="center">
<B><FONT size="2">THE MERGER AGREEMENT</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Set forth below is a description of the material
terms of the merger agreement. We urge you to read carefully, in
its entirety, the merger agreement, which we have attached as
Annex A to this proxy statement and incorporated by reference
into this document. If there is any discrepancy between the
terms of the merger agreement and the following summary, the
merger agreement will control.
</FONT>

<!-- link2 "Merger Structure" -->
<DIV align="left"><A NAME="042"></A></DIV>

<P align="left">
<B><FONT size="2">Merger Structure</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The merger agreement contemplates that a newly
formed subsidiary of RBC Centura will merge with and into
Admiralty, with Admiralty surviving the merger and becoming an
indirect subsidiary of Royal Bank of Canada and a wholly owned
subsidiary of RBC Centura.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On October&nbsp;31, 2002, the parties
supplemented the merger agreement by adding Springs Acquisition
Sub, Inc., the subsidiary that will merge with and into
Admiralty, as a party to the merger agreement.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<!-- link2 "Effective Time of the Merger" -->
<DIV align="left"><A NAME="043"></A></DIV>

<P align="left">
<B><FONT size="2">Effective Time of the Merger</FONT></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The merger will become effective when Admiralty
files a certificate of merger with the Delaware Secretary of
State or at a later date and time specified in the certificate
of merger. Pursuant to an amendment to the merger agreement
entered into on October&nbsp;25, 2002, the closing of the merger
will take place on January&nbsp;6, 2003, assuming that all
regulatory approvals have been received and that all other
closing conditions have been satisfied or waived by that date.
If, however, all closing conditions are not satisfied or waived
by January&nbsp;6, 2003, the closing will be on a date that is
not later than the 10th business day after the conditions
contained in the merger agreement have been satisfied or waived
or, at the election of Royal Bank of Canada, the last business
day of the month in which such day occurs, or on another date
agreed upon by Royal Bank of Canada and Admiralty.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All references to the &#147;merger
agreement&#148; in this proxy statement mean the merger
agreement as amended and supplemented.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<!-- link2 "Treatment of Admiralty Common Stock" -->
<DIV align="left"><A NAME="044"></A></DIV>

<P align="left">
<B><FONT size="2">Treatment of Admiralty Common Stock</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At the effective time of the merger, each issued
and outstanding share of Admiralty common stock, except those
shares held by stockholders who are exercising their appraisal
rights under Delaware law, will be converted into the right to
receive the cash merger consideration of $26.00 per share.
</FONT>

<!-- link2 "Procedure for Exchange of Admiralty Common Stock Certificates" -->
<DIV align="left"><A NAME="045"></A></DIV>

<P align="left">
<B><FONT size="2">Procedure for Exchange of Admiralty Common
Stock Certificates</FONT></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Concurrently with the merger, RBC Centura will
deposit or will cause one of its affiliates to deposit with the
paying agent, for the benefit of Admiralty&#146;s stockholders,
cash sufficient to pay the cash merger consideration in exchange
for shares of Admiralty common stock outstanding immediately
prior to the merger. The paying agent will mail to each
stockholder of record promptly after the completion of the
merger a letter of transmittal providing instructions for the
surrender of stock certificates by the Admiralty stockholders.
Holders of certificates who surrender their Admiralty common
stock certificates, together with a duly executed letter of
transmittal, will be entitled to receive the cash merger
consideration, without interest. The surrendered Admiralty
common stock certificates will be cancelled.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Promptly upon receipt of the Admiralty common
stock certificates in accordance with the transmittal letter,
the paying agent will deliver the portion of the cash merger
consideration due to that stockholder.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Stockholders of record beneficially owning more
than 52,884 shares of Admiralty common stock may request that
the portion of the cash merger consideration to which they are
entitled be delivered to them by wire transfer.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any portion of the cash deposited with the paying
agent that remains unclaimed by an Admiralty stockholder for
180&nbsp;days after the effective date of the merger will be
returned to the merged company.
</FONT>

<P align="center"><FONT size="2">26
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">After the return of these funds, the Admiralty
stockholder must look only to Royal Bank of Canada for payment
of the cash merger consideration.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">Holders of Admiralty common stock should not
send in their Admiralty common stock certificates to the paying
agent until they receive a transmittal letter from the paying
agent.</FONT></B>

<!-- link2 "Treatment of Stock Options" -->
<DIV align="left"><A NAME="046"></A></DIV>

<P align="left">
<B><FONT size="2">Treatment of Stock Options</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The merger agreement provides that each vested
stock option that remains outstanding at the closing of the
merger will be cancelled and converted into the right to receive
an amount equal to the difference between the cash merger
consideration and the applicable exercise price of the option,
multiplied by the number of shares of common stock covered by
the option, less applicable withholding taxes. All of
Admiralty&#146;s outstanding stock options are fully vested.
</FONT>

<!-- link2 "Representations and Warranties" -->
<DIV align="left"><A NAME="047"></A></DIV>

<P align="left">
<B><FONT size="2">Representations and Warranties</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The merger agreement contains representations and
warranties of Admiralty and Royal Bank of Canada customary for
agreements of this nature with regard to their respective
businesses, financial condition and other facts pertinent to the
merger. The representations given by Admiralty relate to
Admiralty and its subsidiary, Admiralty Bank, and the
representations given by Royal Bank of Canada relate, as
applicable, to Royal Bank of Canada, RBC Centura and the merger
subsidiary that will merge into Admiralty. The representations
made by Admiralty relate to the following topics, among others:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">organization, corporate standing, qualification
    to do business and corporate power;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Admiralty&#146;s capital stock and stock options;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Admiralty&#146;s subsidiaries;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">authorization of the merger agreement and the
    merger;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">regulatory approvals and consents required for
    the merger;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the absence of any breaches, violations or
    defaults as a result of the merger agreement;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Admiralty&#146;s SEC filings and financial
    statements;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the absence of undisclosed liabilities and
    material adverse changes;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">litigation;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">compliance with applicable laws;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">material contracts and other agreements,
    including certain specifically identified agreements;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">property, liens and encumbrances;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">employee benefit plans and labor matters;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">environmental matters;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">taxes;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">interest rate risk management and allowance for
    loan losses;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">insurance;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">brokers&#146; and finders&#146; fees in
    connection with the merger;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">intellectual property; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">completeness of representations and warranties.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">27
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The representations given by Royal Bank of Canada
cover the following topics as they relate to Royal Bank of
Canada, RBC Centura and the merger subsidiary, Springs
Acquisition Sub:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">organization, corporate standing, qualification
    to do business and corporate power;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">authorization of the merger agreement and the
    merger;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">regulatory approvals and consents required for
    the merger;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the availability at the effective time of the
    merger of the funds necessary to complete the merger and pay the
    merger consideration;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">formation of the merger subsidiary;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">brokers&#146; and finders&#146; fees in
    connection with the merger; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the absence of litigation that would materially
    impair or impede completion of the merger.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The representations and warranties in the merger
agreement are complicated and not easily summarized. We urge you
to read carefully the sections of the merger agreement with
respect to the representations and warranties of Admiralty and
Royal Bank of Canada.
</FONT>

<!-- link2 "Conduct of Business Pending the Merger" -->
<DIV align="left"><A NAME="048"></A></DIV>

<P align="left">
<B><FONT size="2">Conduct of Business Pending the
Merger</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During the period from the signing of the merger
agreement until the merger becomes effective, Admiralty has
agreed, subject to the exceptions specified in the merger
agreement, that Admiralty and Admiralty Bank will not, without
the consent of Royal Bank of Canada or except as previously
disclosed to Royal Bank of Canada, among other things:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">carry on its business other than in the ordinary
    and usual course consistent with past practice and, to the
    extent consistent with that obligation, Admiralty will use
    reasonable efforts to preserve its business organization and
    assets and maintain its rights, franchises and existing
    relations with clients, customers, suppliers, employees and
    business associates;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">take any action that would reasonably be expected
    to materially and adversely affect Admiralty&#146;s ability to
    perform its obligations under the merger agreement;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">engage in any material new activities or lines of
    business or make any material changes to its existing activities
    or lines of business;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">issue, sell or otherwise permit to become
    outstanding, or authorize the creation of, any additional shares
    of capital stock of Admiralty, nor permit any additional shares
    of its capital stock to become subject to new grants of rights,
    options or similar stock-based rights, with certain exceptions
    specified in disclosures to Royal Bank of Canada;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">issue, sell or otherwise permit to become
    outstanding, encumber or otherwise dispose of or permit the
    creation of any lien on, or amend or modify the terms of, any
    equity interests held in any subsidiary;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">repurchase, redeem, reclassify, split, combine or
    otherwise acquire any shares of Admiralty capital stock or
    declare or pay any dividend or other distribution on the capital
    stock of Admiralty or any of its subsidiaries, other than
    dividends or distributions from Admiralty Bank to Admiralty;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">enter into, amend, modify, renew or terminate any
    employment, consulting, severance or similar contract except as
    specified in or in connection with the merger agreement;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">increase the salary, wages or other benefits of
    employees except as specified in or in connection with the
    merger agreement;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">enter into, adopt, modify or terminate, except as
    specified in or in connection with the merger agreement, any
    benefit plan for any current or former director, officer,
    employee or independent contractor of Admiralty or take any
    action to accelerate vesting thereunder;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">28
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">sell, transfer, mortgage, lease, encumber or
    otherwise dispose of, or permit the creation of any lien on, or
    discontinue any material amount of its assets, deposits,
    businesses or properties, except in the ordinary course of
    business consistent with past practice;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">acquire any material amount of assets, business,
    properties or deposits of another person except in the ordinary
    course of business consistent with past practice;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">amend the corporate governance documents of
    Admiralty or Admiralty Bank;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">implement or adopt any change in accounting
    principles, practices or methods except as may be required by
    GAAP;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">enter into, amend, renew or terminate material
    contracts, except in the ordinary course of business consistent
    with past practice;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">settle any claim, action or proceeding except
    those involving solely money damages in an amount not more than
    $60,000 and meeting the other conditions set out in the merger
    agreement;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">except as required by applicable law or
    regulation: (1) implement or adopt any material change in its
    credit risk and interest rate risk management and hedging
    policies, procedures or practices; (2)&nbsp;fail to follow its
    existing policies or practices with respect to managing its
    exposure to credit and interest rate risk; or (3)&nbsp;fail to
    use commercially reasonable means to avoid any material increase
    in its aggregate exposure to interest rate risk;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">incur debt other than in the ordinary course of
    business consistent with past practice;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">except as required by applicable law, knowingly
    take any action that is reasonably likely to result in any of
    Admiralty&#146;s representations or warranties being untrue in
    any material respect, any condition to the merger not being
    satisfied, or a material breach of any provision of the merger
    agreement;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">make any loan other than in the ordinary course
    of business consistent with lending policies in effect on the
    date of the merger agreement or, except as set forth in the
    merger agreement, make any loan in excess of $3,000,000 or with
    a term of more than five years;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">except pursuant to contracts entered into in the
    ordinary course of business prior to the date of the merger
    agreement, make any payment of cash or other consideration to,
    make any loan on behalf of, or enter into, amend or grant a
    consent or waiver under, or fail to enforce, any contract with a
    related person;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">make any capital expenditures in excess of
    amounts provided in the merger agreement; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">agree, commit to or enter into any agreement to
    take any of the actions discussed above.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, during the period from the signing
of the merger agreement until the merger becomes effective,
Royal Bank of Canada has agreed that it and each of its
subsidiaries will not knowingly take any action reasonably
likely to result in any of Royal Bank of Canada&#146;s
representations and warranties becoming untrue, any of the
conditions to the merger agreement not being satisfied, or a
material breach of the merger agreement; except in each case, as
may be required by applicable law.
</FONT>

<!-- link2 "No Solicitation of Acquisition Proposals" -->
<DIV align="left"><A NAME="049"></A></DIV>

<P align="left">
<B><FONT size="2">No Solicitation of Acquisition
Proposals</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Admiralty has agreed that it will not, and it
will cause Admiralty Bank and each of their representatives not
to, solicit or encourage inquiries or proposals with respect to,
or engage in any negotiations concerning, or provide any
confidential information to, or have any discussions with, any
person relating to any acquisition proposal other than that
contemplated by the merger agreement. Admiralty has the right,
however, to:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">make any disclosure to Admiralty&#146;s
    stockholders if, in the good faith judgment of Admiralty&#146;s
    board of directors, failure to do so would be inconsistent with
    its obligations under applicable law;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">29
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">provide information to, or engage in discussions
    or negotiations with, any person who has made a bona fide
    written acquisition proposal, which was received after the date
    of the merger agreement and before the special meeting of
    stockholders, but which did not result from a breach of the
    non-solicitation provisions of the merger agreement; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">recommend an acquisition proposal to its
    stockholders, and withdraw its favorable recommendation of the
    merger, if (1)&nbsp;the acquisition proposal is a superior
    proposal, (2)&nbsp;Admiralty&#146;s board of directors, after
    having consulted with and considered the advice of outside
    counsel, determines in good faith that providing information or
    engaging in negotiations or discussions, or making a
    recommendation is required under Delaware law, and
    (3)&nbsp;Admiralty has received a confidentiality agreement from
    the person making the superior proposal.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A &#147;superior proposal&#148; is an acquisition
proposal by a third party on terms that Admiralty&#146;s board
of directors determines in its good faith judgment, after
consultation with its financial advisors, to be materially more
favorable from a financial point of view to Admiralty&#146;s
stockholders than the merger and the other transactions
contemplated by the merger agreement. In making this
determination, the board must consider the likelihood of
completion of the third-party transaction on the terms set forth
in the third-party proposal, taking into account all legal,
financial, regulatory and other aspects of that proposal and any
other relevant factors permitted under applicable law. The
Admiralty board must also notify Royal Bank of Canada that,
absent action on the part of Royal Bank of Canada, it would
consider the third-party acquisition proposal to be a superior
proposal and must give Royal Bank of Canada at least two
business days to respond to the third-party acquisition
proposal. The Admiralty board must then consider any amendment
or modification to the merger agreement proposed by Royal Bank
of Canada in response to this proposal in determining whether it
is a superior proposal.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Admiralty has also agreed to:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">terminate any activities, discussions or
    negotiations with any parties regarding acquisition proposals
    conducted prior to the date of the merger agreement; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">notify Royal Bank of Canada within one business
    day of receipt of any acquisition proposal and its material
    terms, including the identity of the person making the
    acquisition proposal.
    </FONT></TD>
</TR>

</TABLE>

<!-- link2 "Stock Options" -->
<DIV align="left"><A NAME="050"></A></DIV>

<P align="left">
<B><FONT size="2">Stock Options</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">With respect to each stock option, prior to the
closing of the merger, Admiralty will take all necessary
actions, including obtaining consents from each option holder
and adopting board resolutions, so that as of the closing of the
merger, each outstanding stock option is cancelled. The holders
of each stock option that is cancelled will be entitled to
receive for each option an amount in cash equal to the
difference between $26.00 and the exercise price per share of
the option, multiplied by the number of shares of common stock
covered by the option.
</FONT>

<!-- link2 "Other Employee Benefits" -->
<DIV align="left"><A NAME="051"></A></DIV>

<P align="left">
<B><FONT size="2">Other Employee Benefits</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Admiralty and Royal Bank of Canada have agreed
that, after completion of the merger:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">All compensation plans of Admiralty will be
    honored in accordance with their terms, and all
    change-in-control payments will be paid in accordance with the
    applicable program or agreement.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">RBC Centura will provide generally to officers
    and employees of Admiralty who continue employment with RBC
    Centura or its subsidiaries retirement, welfare and other
    benefits that are generally comparable in the aggregate to those
    provided to similarly situated RBC Centura officers and
    employees.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The years of service of the Admiralty employees
    with Admiralty will be taken into account when determining
    eligibility and vesting (but not benefit accrual) under RBC
    Centura benefit plans.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">30
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Admiralty employees will retain credit for
    vacation pay accrued with Admiralty, and service of Admiralty
    employees will be treated as service with RBC Centura for
    determining entitlement to vacation pay.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Employees of Admiralty will not be subject to any
    waiting periods or pre-existing condition limitations under the
    medical, dental and health plans of RBC Centura in which they
    are eligible to participate.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Prior to the effective time of the merger,
    Admiralty will terminate its 401(k) plan.
    </FONT></TD>
</TR>

</TABLE>

<!-- link2 "Insurance and Indemnification" -->
<DIV align="left"><A NAME="052"></A></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<B><FONT size="2">Insurance and Indemnification</FONT></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The merger agreement provides that for six years
after the effective time of the merger, Royal Bank of Canada has
agreed to indemnify, to the same extent currently provided by
Admiralty in its certificate of incorporation and bylaws or
under applicable law, Admiralty&#146;s past and current officers
and directors against all costs or expenses incurred in
connection with any claims asserted before or after the
effective time of the merger pertaining to acts or omissions in
their capacities as officers and directors.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The merger agreement also provides that, for four
years after the effective time of the merger, Royal Bank of
Canada will use its reasonable best efforts to maintain or cause
to be maintained directors&#146; and officers&#146; liability
insurance for claims relating to the period before the merger,
on terms at least as favorable as those contained in
Admiralty&#146;s current directors&#146; and officers&#146;
liability insurance policy.
</FONT>

<!-- link2 "Other Covenants" -->
<DIV align="left"><A NAME="053"></A></DIV>

<P align="left">
<B><FONT size="2">Other Covenants</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The merger agreement contains additional
covenants, including covenants relating to:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">preparation, filing and distribution of this
    proxy statement;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">access to information and confidentiality;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">public announcements;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">consents, approvals and filings;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">accounting and regulatory matters; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">notice of developments.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, the merger agreement contains a
general covenant requiring each party to use its reasonable best
efforts in good faith to complete the merger.
</FONT>

<!-- link2 "Conditions to the Merger" -->
<DIV align="left"><A NAME="054"></A></DIV>

<P align="left">
<B><FONT size="2">Conditions to the Merger</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The merger will be completed only if certain
conditions are satisfied or waived, including the following:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the merger agreement has been approved by the
    vote of the holders of a majority of the outstanding shares of
    Admiralty common stock;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">all material consents and approvals have been
    obtained; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">no court or other legal or regulatory order or
    statute, rule or regulation restrains or prohibits the merger.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Royal Bank of Canada&#146;s obligation to
complete the merger is subject to the satisfaction or waiver of
each of the following additional conditions before completion of
the merger:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Admiralty&#146;s representations and warranties
    must be true and correct in all material respects as of the
    closing date of the merger and Royal Bank of Canada must have
    received a certificate to such effect;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">31
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Admiralty must have performed in all material
    respects all of its covenants, agreements and obligations under
    the merger agreement and Royal Bank of Canada must have received
    a certificate to such effect;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The retention agreements with the 19 Admiralty
    officers and employees are still in full force and effect, and
    the relevant individual is still employed by Admiralty, except
    in certain circumstances specified in the merger agreement; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">If requested by Royal Bank of Canada, Admiralty
    must have obtained environmental assessments on up to two
    properties, and the assessments must not have revealed any
    conditions that would have a material adverse effect on
    Admiralty.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Admiralty&#146;s obligation to complete the
merger is subject to the satisfaction or waiver of each of the
following additional conditions before completion of the merger:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Royal Bank of Canada&#146;s representations and
    warranties must be true and correct in all material respects as
    of the closing of the merger and Admiralty must have received a
    certificate to such effect; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Royal Bank of Canada must have performed in all
    material respects all of its covenants, agreements and
    obligations under the merger agreement and Admiralty must have
    received a certificate to such effect.
    </FONT></TD>
</TR>

</TABLE>

<!-- link2 "Termination of the Merger Agreement" -->
<DIV align="left"><A NAME="055"></A></DIV>

<P align="left">
<B><FONT size="2">Termination of the Merger Agreement</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At any time prior to the completion of the
merger, the merger agreement may be terminated under the
following circumstances if the terminating party is authorized
to do so by its board of directors:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">by mutual written consent of Admiralty and Royal
    Bank of Canada;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">by either Royal Bank of Canada or Admiralty, if:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="1%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a breach by the other party of any
    representation, warranty, covenant or agreement contained in the
    merger agreement, which breach cannot be or has not been cured
    within 30&nbsp;days after the giving of written notice to the
    breaching party of the breach; and which breach, individually or
    in the aggregate with other breaches, would cause a condition of
    the merger agreement not to be satisfied or is reasonably likely
    to prevent, materially delay or materially impair the ability of
    the parties to complete the merger;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the merger is not completed on or before March
    31, 2003; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the approval of any governmental authority
    required for completion of the merger has been denied by final
    non-appealable action of the governmental authority.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">By Royal Bank of Canada, if:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="1%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">at any time prior to the special meeting,
    Admiralty&#146;s board of directors fails to recommend
    stockholder approval of the merger agreement, withdraws its
    recommendation to approve the merger agreement, or modifies or
    changes its recommendation in a manner adverse to the interests
    of Royal Bank of Canada; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Admiralty or its board of directors recommends
    that Admiralty&#146;s stockholders approve any acquisition
    proposal other than the merger.
    </FONT></TD>
</TR>

</TABLE>

<!-- link2 "Fee if the Merger Agreement Is Terminated" -->
<DIV align="left"><A NAME="056"></A></DIV>

<P align="left">
<B><FONT size="2">Fee if the Merger Agreement Is
Terminated</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Admiralty must pay to Royal Bank of Canada a cash
termination fee of $6,000,000 for any of the following reasons:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if Royal Bank of Canada terminates the merger
    agreement because Admiralty has breached any of its covenants
    with respect to (1)&nbsp;the solicitation of acquisition
    proposals or (2)&nbsp;convening a special
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">32
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD align="left">
    <FONT size="2">meeting of stockholders to vote on approval of
    the merger agreement as promptly as practicable and soliciting
    stockholder approval of the merger agreement; or if, prior to
    the approval of the merger agreement and merger by
    Admiralty&#146;s stockholders, (x)&nbsp;Admiralty&#146;s board
    fails to recommend that the stockholders approve the merger
    agreement or (y)&nbsp;Admiralty&#146;s board (i)&nbsp;provides
    information to, or engages in discussions or negotiations with,
    any person other than Royal Bank of Canada that makes a bona
    fide written acquisition proposal after the date of the merger
    agreement, or (ii)&nbsp;recommends the acquisition proposal
    referred to in&nbsp;(i) above to Admiralty&#146;s stockholders;
    provided that Royal Bank of Canada is not in material breach of
    any of its covenants or agreements such that Admiralty would be
    entitled to terminate the merger agreement;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if Admiralty terminates the merger agreement at
    any time prior to the approval of the merger agreement by
    Admiralty&#146;s stockholders, and when Admiralty is not in
    breach of any material term of the merger agreement, because
    Admiralty&#146;s board of directors determines to enter into a
    definitive written agreement regarding a transaction that
    constitutes a &#147;superior proposal&#148; and notifies Royal
    Bank of Canada of this intention;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if Admiralty has not previously paid a
    termination fee to Royal Bank of Canada and any of the following
    events occur prior to a &#147;fee termination event&#148;
    described below:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="1%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any person other than Royal Bank of Canada
    acquires beneficial ownership of 25% or more of Admiralty&#146;s
    then-outstanding common stock; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Admiralty agrees, without the consent of Royal
    Bank of Canada, to enter into an &#147;acquisition
    transaction&#148; with a person other than Royal Bank of Canada.
    An acquisition transaction, for purposes of determining if a
    termination fee is due under this provision, includes a merger,
    sale of substantially all of Admiralty&#146;s assets or any
    similar transaction, or a purchase of 25% or more of
    Admiralty&#146;s voting power.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A &#147;fee termination event&#148; is any of the
following events:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the effective time of the merger;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the termination of the agreement in accordance
    with its terms prior to the occurrence of any &#147;tolling
    events&#148; listed below, except if the merger agreement is
    terminated by Royal Bank of Canada due to a breach by Admiralty
    that is wholly not volitional of any of its representations,
    warranties, covenants or agreements contained in the merger
    agreement; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">upon the lapse of 18&nbsp;months after the
    termination of the merger agreement by Royal Bank of Canada
    after a &#147;tolling event&#148; or due to a breach by
    Admiralty that is wholly not volitional of any of its
    representations, warranties, covenants or agreements contained
    in the merger agreement.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A &#147;tolling event&#148; occurs when:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Admiralty agrees, without the consent of Royal
    Bank of Canada, to enter into an acquisition transaction with a
    person other than Royal Bank of Canada;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Admiralty or its board of directors recommends
    that Admiralty enter into an &#147;acquisition transaction&#148;
    with a third party, without Royal Bank of Canada&#146;s prior
    written consent;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a person other than Royal Bank of Canada acquires
    or obtains the right to acquire 20% or more of Admiralty&#146;s
    outstanding shares of common stock;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Admiralty&#146;s stockholders fail to approve the
    merger or the special meeting is not held and a proposal to
    engage in an &#147;acquisition transaction&#148; with a third
    party is publicly announced;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Admiralty&#146;s board of directors withdraws,
    modifies or qualifies its recommendation with respect to the
    merger, or Admiralty proposes, authorizes or recommends an
    agreement to engage in an &#147;acquisition transaction&#148;
    with a third party;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">33
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any person other than Royal Bank of Canada or one
    of its subsidiaries files with the SEC a registration statement
    or tender offer materials with respect to a potential exchange
    or tender offer that would result in an acquisition transaction
    with Admiralty, or if any person files a preliminary proxy
    statement with the SEC with respect to a potential vote by its
    stockholders to approve the issuance of shares to be offered in
    such an exchange offer;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Admiralty willfully breaches a covenant or
    obligation of the merger agreement in anticipation of an
    &#147;acquisition transaction&#148; and the breach entitles
    Royal Bank of Canada to terminate the merger agreement; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any person other than Royal Bank of Canada files
    an application or notice with any regulators or antitrust
    authority regarding an &#147;acquisition transaction.&#148;
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">An &#147;acquisition transaction&#148; for
purposes of a &#147;tolling event&#148; is a merger, sale of
substantially all of Admiralty&#146;s assets or any similar
transaction, or a purchase of securities representing 20% or
more of Admiralty&#146;s voting power.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The payment of this fee is in addition to any
other rights that Royal Bank of Canada has under the merger
agreement or otherwise.
</FONT>

<!-- link2 "Expenses" -->
<DIV align="left"><A NAME="057"></A></DIV>

<P align="left">
<B><FONT size="2">Expenses</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each party will bear all expenses incurred by it
in connection with the merger agreement, except that the
printing and postage expenses and any other fees and expenses
related to the proxy statement will be shared equally between
Royal Bank of Canada and Admiralty.
</FONT>

<!-- link2 "Amendment and Waiver" -->
<DIV align="left"><A NAME="058"></A></DIV>

<P align="left">
<B><FONT size="2">Amendment and Waiver</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Before the merger is completed, any provision of
the merger agreement may be waived by the party benefited by the
provision in a written document signed by that party, or amended
or modified at any time by an agreement in writing executed in
the same manner as the merger agreement. After Admiralty&#146;s
stockholders approve the merger agreement, however, no amendment
may be made that under applicable law would require further
approval of the stockholders without obtaining the required
further approval.
</FONT>

<!-- link2 "Voting and Support Agreements" -->
<DIV align="left"><A NAME="059"></A></DIV>

<P align="left">
<B><FONT size="2">Voting and Support Agreements</FONT></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This section describes the material terms of the
voting and support agreements between Royal Bank of Canada, on
the one hand, and each of the directors of Admiralty in his
capacity as a stockholder, on the other hand. The following
description is not complete and you should read the form of
voting and support agreement carefully and in its entirety for a
more complete understanding of the voting and support
agreements. The complete text of the form of voting and support
agreement is attached to this proxy statement as Annex C and is
incorporated by reference into this proxy statement.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the voting and support agreements,
each of the Admiralty directors has agreed, from the date of the
merger agreement until the date on which the merger agreement is
terminated that he will:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">appear at each meeting of the stockholders of
    Admiralty (including any adjournments or postponements thereof)
    or otherwise cause his shares of Admiralty common stock owned
    beneficially and of record by and subject to the voting and
    support agreement to be counted as present at each stockholder
    meeting (including any adjournments or postponements thereof)
    for purposes of calculating a quorum;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">vote (or cause to be voted) at each stockholder
    meeting, in person or by proxy, or deliver a written consent (or
    cause a consent to be delivered) covering all of the shares of
    Admiralty common stock and any other voting securities of
    Admiralty that are owned beneficially and of record by each
    director or as to which each director has, directly or
    indirectly, the right to vote or direct the voting (1)&nbsp;in
    favor of adoption of the merger agreement and any other action
    requested by Royal Bank of Canada in furtherance of the merger
    agreement; (2)&nbsp;against any action or agreement submitted for
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">34
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD align="left">
    <FONT size="2">approval of the stockholders that would result in
    a breach of any covenant, representation, warranty or any other
    obligation or agreement of Admiralty in the merger agreement or
    of the director in the voting and support agreement; and
    (3)&nbsp;against any competing acquisition proposal or any other
    action, agreement or transaction submitted for approval of the
    stockholders that is intended, or could reasonably be expected,
    to materially impede, interfere or be inconsistent with, or
    delay, postpone, discourage or materially and adversely affect
    the merger or the voting and support agreement;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">not enter into any voting agreement or voting
    trust with respect to shares owned beneficially and of record by
    such director, and has not and will not grant a proxy, consent
    or power of attorney with respect to those shares;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">grant Royal Bank of Canada a proxy to vote the
    shares of Admiralty common stock that are owned beneficially and
    of record by each director if the director fails for any reason
    to vote his shares as described above, which proxy would be
    irrevocable for so long as the voting and support agreement is
    in effect; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">not sell, transfer, pledge, encumber, assign,
    distribute, gift or otherwise dispose of, or enforce or permit
    the execution of the provisions of any redemption, share
    purchase or sale, recapitalization or other agreement with
    Admiralty or any other person, or enter into any contract,
    option or other arrangement or understanding with respect to any
    of the foregoing, any shares of Admiralty common stock owned
    beneficially and of record by each director or any securities
    exercisable or exchangeable for or convertible into shares of
    Admiralty common stock, any other capital stock of Admiralty or
    any interest in any of the foregoing with any person.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each director made certain representations to
Royal Bank of Canada in his voting and support agreement,
relating primarily to his ownership of Admiralty common stock,
his ability to enter into the voting and support agreement, and
whether the voting and support agreement conflicts with any
other agreement, license, permit or obligation to which he is a
party. In addition, each director represents as to the
change-in-control payments and other consideration, if any, to
be received by him in connection with the merger as follows:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Bruce A. Mahon&#146;s agreement provides that he
    is entitled to $200,000 under the Change in Control Program for
    the Chairman, $108,000 under the Directors&#146; 2002 Change in
    Control Bonus Program and certain other entitlements not to
    exceed $50,000 as previously approved by Admiralty&#146;s board
    of directors. These amounts do not include the excise tax
    gross-up payment, if any, that may be payable pursuant to the
    terms of the applicable program. He is also entitled to
    continued health and welfare benefits, which include medical
    insurance benefits for him for the remainder of his life. He is
    not a participant in the Amended Senior Management 1998 Change
    in Control Program or any other severance or change-in-control
    program.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Ward Kellogg&#146;s agreement provides that he is
    entitled to $36,000 under the Directors&#146; 2002 Change in
    Control Bonus Program, a total of $715,000 under his Employment
    Agreement dated June&nbsp;23, 1998 (as amended) and the Senior
    Management 2002 Change in Control Bonus Program, and certain
    other entitlements not to exceed $40,000 as previously approved
    by Admiralty&#146;s board of directors. These amounts do not
    include the excise tax gross-up payment, if any, that may be
    payable pursuant to the terms of the applicable program. He is
    also entitled to continued health and welfare benefits for up to
    104&nbsp;weeks from the date of the change in control. He is not
    a participant in the Amended Senior Management 1998 Change in
    Control Program or any other severance or change-in-control
    program.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The other directors&#146; agreements provide that
    each director is entitled to a change-in-control payment in an
    amount no greater than $36,000 in the aggregate, which amount
    does not include the excise tax gross-up payment, if any, that
    may be payable pursuant to the terms of the applicable program.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">35
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each director also agreed to refrain from
engaging in competitive businesses, as described in the voting
and support agreements, in the state of Florida for one year
from the date of the merger.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The voting and support agreements will terminate
on the earlier of (1)&nbsp;the date on which the merger
agreement is terminated in accordance with its terms or
(2)&nbsp;the effective time of the merger. As of the record
date, an aggregate of 1,378,430&nbsp;shares, representing
approximately 26.06% of the outstanding shares of Admiralty
common stock, are subject to voting and support agreements.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center">
<B><FONT size="2">PRICE RANGE OF ADMIRALTY COMMON
STOCK</FONT></B>

<DIV align="center">
<B><FONT size="2">AND DIVIDEND INFORMATION</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Admiralty&#146;s common stock is traded on the
Nasdaq National Market under the symbol &#147;AAAB.&#148; For
the periods indicated, the table below sets forth the high and
low sales prices per share of Admiralty&#146;s common stock as
reported by the Nasdaq National Market.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="75%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Admiralty</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Common Stock</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Sales Price($)</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">High</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Low</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">2000</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">First Quarter
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9.048</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.893</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Second Quarter
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6.667</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Third Quarter
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9.048</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6.667</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fourth Quarter
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8.869</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6.964</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">2001</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">First Quarter
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17.143</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7.916</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Second Quarter
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14.048</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11.310</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Third Quarter
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21.952</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13.333</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fourth Quarter
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24.050</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15.857</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">2002</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">First Quarter
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23.450</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17.210</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Second Quarter
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21.500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16.750</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Third Quarter
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25.790</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18.100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fourth Quarter (through October&nbsp;31, 2002)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25.780</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25.640</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Admiralty has never paid any cash dividends on
its common stock. In January 2000, the Company declared a 12.91%
stock dividend on its common stock, and in October 2001, the
Company declared a 5% stock dividend on its common stock. As
required by the merger agreement, Admiralty will not pay cash or
stock dividends prior to the closing of the merger.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On August&nbsp;28, 2002, the business day prior
to public announcement of the merger agreement, the closing
price per share of the Admiralty common stock was $23.319 as
reported by the Nasdaq National Market. On October&nbsp;31,
2002, the most recent practicable date prior to the mailing of
this proxy statement, the closing price per share of the
Admiralty common stock was $25.72 as reported by the Nasdaq
National Market. We urge stockholders to obtain a current
quotation.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As of October&nbsp;31, 2002, there were 5,288,437
shares of Admiralty common stock outstanding, held by 190
stockholders of record. This number does not reflect the number
of persons or entities who may hold their stock in nominee or
&#147;street&#148; name through brokerage firms.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="2">36
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "BENEFICIAL SECURITY OWNERSHIP OF ADMIRALTY" -->
<DIV align="left"><A NAME="060"></A></DIV>

<P align="center">
<B><FONT size="2">BENEFICIAL SECURITY OWNERSHIP OF
ADMIRALTY</FONT></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table sets forth, as of
October&nbsp;31, 2002, information with respect to the
beneficial ownership of Admiralty&#146;s common stock by each
director of Admiralty, executive officers of Admiralty as
specified by applicable SEC rules, and all directors and
executive officers of Admiralty as a group. Admiralty is not
aware of any beneficial owner of more than 5% of the outstanding
common stock. Unless otherwise indicated, and subject to the
voting and support agreements with Royal Bank of Canada, each
beneficial owner reflected in the table possesses sole voting
and investment power with respect to the shares shown.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="59%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number&nbsp;of&nbsp;Shares</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Percent of</FONT></B></TD>
</TR>

<TR>
    <TD align="left" nowrap><B><FONT size="1">Name and Address of Beneficial Owner(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Beneficially&nbsp;Owned</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Class&nbsp;Outstanding</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Directors:</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Bruce A. Mahon(2)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">157,023</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.94</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Craig Spencer(3)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">167,670</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.16</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Richard Rosa(4)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">72,411</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.36</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Mark Wolters(5)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">58,691</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.10</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Sidney Hofing(6)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">194,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.66</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Peter L.A. Pantages(7)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">114,195</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.15</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Thomas L. Gray(8)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">121,315</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.28</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Leslie E. Goodman(9)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">117,638</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.21</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">George Zoffinger(10)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">52,186</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><B><FONT size="2">*</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Ward Kellogg(11)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">149,204</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.76</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">David Dickenson(12)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23,793</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><B><FONT size="2">*</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Thomas Hanford(13)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">93,012</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.76</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Joseph Veccia(14)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">55,633</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.05</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">William Berger(15)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,358</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><B><FONT size="2">*</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Randy O. Burden(16)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">183,627</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.45</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Douglas Hooker(17)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">154,122</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.91</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Patrick C. Mathes III(18)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">85,767</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.62</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Directors and executive officers of
    Admiralty</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">as a group(21 persons)</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,946,672</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33.31</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left" noshade>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="2%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">*</FONT></TD>
    <TD align="left">
    <FONT size="2">Less than 1%.
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="4%"></TD>
    <TD width="95%"></TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The address for each director is 4400&nbsp;PGA
    Boulevard, Suite 200, Palm Beach Gardens, Florida 33410.
    </FONT></TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 49,328 shares purchasable upon the
    exercise of stock options and 100,000 shares held by the estate
    of Mr.&nbsp;Mahon&#146;s spouse.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 24,266 shares purchasable upon the
    exercise of stock options and 143,404 shares held jointly with
    Mr.&nbsp;Spencer&#146;s wife.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(4)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 24,266 shares purchasable upon the
    exercise of stock options and 14,906 shares held in
    Mr.&nbsp;Rosa&#146;s self-directed IRA.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(5)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 24,266 shares purchasable upon the
    exercise of stock options. Also includes 16,573 shares held by
    Mr.&nbsp;Wolters as custodian for his children and 14,986 shares
    held in Mr.&nbsp;Wolters&#146; self-directed IRA.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(6)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 24,266 shares purchasable upon the
    exercise of stock options. Of the reported shares, 52,363 shares
    are held by a limited partnership of which Mr.&nbsp;Hofing is a
    member. Also includes 3,150 shares held by
    Mr.&nbsp;Hofing&#146;s wife.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(7)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 24,266 shares purchasable upon the
    exercise of stock options and 12,364 shares held in
    Mr.&nbsp;Pantages&#146; self-directed IRA. In addition, of the
    reported shares, 3,557 shares are held in
    Mr.&nbsp;Pantages&#146; wife&#146;s IRA and 9,630 shares are
    held in trusts over which Mr.&nbsp;Pantages is trustee and 1,050
    shares are held jointly with Mr.&nbsp;Pantages&#146; son.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(8)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 24,266 shares purchasable upon the
    exercise of stock options and 2,010 shares held in
    Mr.&nbsp;Gray&#146;s self-directed IRA and 640 shares are held
    by Mr.&nbsp;Gray for the benefit of his son.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">37
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="4%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(9)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 93,372 shares held by a limited
    liability company of which Mr. Goodman is a member. Also
    includes 24,266 shares purchasable upon the exercise of stock
    options.
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(10)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 24,266 shares purchasable upon the
    exercise of stock options.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(11)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 126,525 shares purchasable upon the
    exercise of stock options and 4,116 shares held in
    Mr.&nbsp;Kellogg&#146;s IRA.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(12)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 7,805 shares purchasable upon the
    exercise of stock options and 3,913 shares held by
    Mr.&nbsp;Dickenson&#146;s wife.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(13)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 7,805 shares of Common Stock purchasable
    upon the exercise of stock options. Also includes shares held as
    follows: 5,899 shares by an investment partnership of which
    Mr.&nbsp;Hanford is a member and 12,944 shares by an investment
    corporation in which Mr.&nbsp;Hanford has a controlling
    interest; 1,186 shares by his wife; 3,882 shares as custodian
    for family members.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(14)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 7,805 shares purchasable upon the
    exercise of stock options. Also includes 11,856 shares held by
    Mr.&nbsp;Veccia&#146;s IRA and 35,472 shares of Common Stock
    held by a limited partnership in which members of
    Mr.&nbsp;Veccia&#146;s immediate family have a membership
    interest and 500 shares held by Mr.&nbsp;Veccia for the benefit
    of his daughter.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(15)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 7,122 shares purchasable upon the
    exercise of stock options and 3,236 shares held jointly with his
    wife.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(16)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 28,122 shares purchasable upon the
    exercise of stock options.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(17)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 7,122 shares purchasable upon the
    exercise of stock options and 147,000 shares held jointly with
    his wife.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(18)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 7,122 shares purchasable upon the
    exercise of stock options. Also includes 5,145 shares held in
    Mr.&nbsp;Mathes&#146; IRA and 42,000 shares held by a
    corporation in which Mr.&nbsp;Mathes has a controlling interest.
    </FONT></TD>
</TR>

</TABLE>

<!-- link1 "ADDITIONAL INFORMATION" -->
<DIV align="left"><A NAME="061"></A></DIV>

<P align="center">
<B><FONT size="2">ADDITIONAL INFORMATION</FONT></B>

<P align="left">
<B><FONT size="2">Admiralty Stockholder Proposals</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We do not currently expect to hold a 2003 annual
meeting of stockholders if the merger is completed as Admiralty
will be wholly owned by RBC Centura and Admiralty will no longer
have public stockholders.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the merger is not completed, the annual
meeting will be held, and stockholder proposals for inclusion in
our proxy statement for our 2003 annual meeting would have to be
submitted to our Corporate Secretary in writing and received by
us at our principal executive offices, 4400 PGA Boulevard, Suite
200, Palm Beach Gardens, Florida 33410, Attn: Corporate
Secretary, within a reasonable time before we begin to print and
mail our proxy materials. Stockholder proposals must also meet
the other requirements of the SEC rules relating to stockholder
proposals.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<!-- link2 "Who Can Help Answer Your Questions" -->
<DIV align="left"><A NAME="062"></A></DIV>

<P align="left">
<B><FONT size="2">Who Can Help Answer Your Questions</FONT></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If you have additional questions about the merger
or would like additional copies of this document, you should
contact Ward Kellogg, President and Chief Executive Officer, or
Kevin M. Sacket, Treasurer, at:
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center">
<FONT size="2">Admiralty Bancorp, Inc.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<FONT size="2">4400 PGA Boulevard, Suite 200
</FONT>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<FONT size="2">Palm Beach Gardens, Florida 33410
</FONT>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<FONT size="2">Telephone Number: (561)&nbsp;624-4701
</FONT>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<!-- link2 "Where You Can Find More Information" -->
<DIV align="left"><A NAME="063"></A></DIV>

<P align="left">
<B><FONT size="2">Where You Can Find More Information</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Admiralty files annual, quarterly and special
reports, proxy statements and other information with the SEC.
Admiralty&#146;s SEC filings are available to the public over
the Internet at the SEC&#146;s website at http://www.sec.gov.
You may also read and copy any document Admiralty files at the
SEC&#146;s public reference room at 450&nbsp;Fifth
Street,&nbsp;N.W. Washington,&nbsp;D.C. 20549. Please call the
SEC at 1-800-SEC-0330 for further information about the public
reference room.
</FONT>

<P align="center"><FONT size="2">38
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "ANNEX A" -->
<DIV align="left"><A NAME="064"></A></DIV>

<DIV align="right">
<B><FONT size="2">ANNEX A</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">AGREEMENT AND PLAN OF MERGER</FONT></B>

<DIV align="center">
<B><FONT size="2">dated as of</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">August&nbsp;29, 2002</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">among</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">ADMIRALTY BANCORP, INC.</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">RBC CENTURA BANKS, INC.</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">and</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">ROYAL BANK OF CANADA</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<B><FONT size="2">as amended</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV>&nbsp;</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">TABLE OF CONTENTS</FONT></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="81%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Page</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7" align="center" valign="top">
    <FONT size="2">ARTICLE I
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7" align="center" valign="top">
    <FONT size="2">CERTAIN DEFINITIONS; INTERPRETATION
    </FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">1.01
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Certain Definitions
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">1.02
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Interpretation
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="7" align="center" valign="top">
    <FONT size="2">ARTICLE II
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7" align="center" valign="top">
    <FONT size="2">THE MERGER
    </FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2.01
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">The Merger
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2.02
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Effective Time
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2.03
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Closing
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2.04
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Reservation of Right to Revise Structure
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="7" align="center" valign="top">
    <FONT size="2">ARTICLE III
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7" align="center" valign="top">
    <FONT size="2">CONSIDERATION
    </FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">3.01
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Effect on Capital Stock
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">3.02
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Rights as Stockholders; Stock Transfers
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">3.03
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Payment for Shares
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">3.04
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Dissenting Stockholders
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">3.05
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Company Stock Options
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="7" align="center" valign="top">
    <FONT size="2">ARTICLE IV
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7" align="center" valign="top">
    <FONT size="2">ACTIONS PENDING THE MERGER
    </FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">4.01
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Forbearances of the Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">4.02
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Forbearances of the Acquiror
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">4.03
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Cooperation; Communication
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="7" align="center" valign="top">
    <FONT size="2">ARTICLE V
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7" align="center" valign="top">
    <FONT size="2">REPRESENTATIONS AND WARRANTIES
    </FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">5.01
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Disclosure Schedule
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">5.02
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Standard
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">5.03
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Representations and Warranties of the Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">5.04
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Representations and Warranties of the Acquiror
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-22</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="7" align="center" valign="top">
    <FONT size="2">ARTICLE VI
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7" align="center" valign="top">
    <FONT size="2">COVENANTS
    </FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">6.01
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Reasonable Best Efforts
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">6.02
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Stockholder Approvals
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">6.03
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Proxy Statement
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">6.04
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Press Releases
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">6.05
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Access; Information
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">6.06
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Acquisition Proposals
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">6.07
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Takeover Laws
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-26</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">6.08
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">No Rights Triggered
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-26</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">6.09
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Regulatory Applications
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-27</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">6.10
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Indemnification
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-27</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">6.11
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Notification of Certain Matters
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-28</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">6.12
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Employee Benefits
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-28</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="2">A-i
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="81%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Page</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">6.13
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Certain Adjustments
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">6.14
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Certain Contracts
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-30</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">6.15
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Regulatory Compliance
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-30</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">6.16
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Formation of Acquiror Sub
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-30</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">6.17
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">IBB Line of Credit
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-30</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">6.18
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Leases
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-30</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">6.19
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Admiralty Insurance Services, L.L.C
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-30</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="7" align="center" valign="top">
    <FONT size="2">ARTICLE VII
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7" align="center" valign="top">
    <FONT size="2">CONDITIONS TO CONSUMMATION OF THE MERGER
    </FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">7.01
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Conditions to Each Party&#146;s Obligation to
    Effect the Merger
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-30</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">7.02
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Conditions to Obligation of the Company
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-31</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">7.03
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Conditions to Obligation of the Acquiror
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-31</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="7" align="center" valign="top">
    <FONT size="2">ARTICLE VIII
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7" align="center" valign="top">
    <FONT size="2">TERMINATION
    </FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">8.01
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Termination
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-32</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">8.02
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Effect of Termination and Abandonment
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-33</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">8.03
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Termination Fee
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-33</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="7" align="center" valign="top">
    <FONT size="2">ARTICLE IX
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7" align="center" valign="top">
    <FONT size="2">MISCELLANEOUS
    </FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">9.01
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Survival
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">9.02
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Waiver; Amendment
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">9.03
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Counterparts
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">9.04
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Governing Law
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">9.05
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Expenses
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">9.06
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Notices
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">9.07
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Entire Understanding; No Third-Party Beneficiaries
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-36</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">9.08
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Assignment
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">A-36</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="17%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="80%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">EXHIBIT A
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">List of Persons to Execute Voting Agreements
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">EXHIBIT B
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Voting Agreement
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">EXHIBIT C
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Employment Agreement
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">ANNEX A
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">List of Designated Employees to Execute
    Employment Agreements
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">A-ii
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">AGREEMENT AND PLAN OF MERGER</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AGREEMENT AND PLAN OF MERGER, dated as of
August&nbsp;29, 2002, by and among Admiralty Bancorp, Inc. (the
&#147;COMPANY&#148;), RBC Centura Banks, Inc. (&#147;RBC
CENTURA&#148;) and Royal Bank of Canada (the
&#147;ACQUIROR&#148;).
</FONT>

<P align="center">
<B><FONT size="2">RECITALS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A.<I>&nbsp;The Company.</I> The Company is a
Delaware corporation, having its principal place of business in
Palm Beach Gardens, Florida.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">B.<I>&nbsp;The Acquiror and RBC Centura.</I> The
Acquiror is a Canadian chartered bank, having its principal
places of business in Toronto, Ontario and Montreal, Quebec. RBC
Centura is a North Carolina corporation, having its principal
place of business in Rocky Mount, North Carolina and is a wholly
owned subsidiary of the Acquiror.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">C.<I>&nbsp;Acquiror Sub.</I> Acquiror Sub
(&#147;ACQUIROR SUB&#148;) will be a Delaware corporation and a
direct or indirect wholly owned subsidiary of Acquiror that will
have been organized as of the Closing Date for the purpose of
effecting the Merger in accordance with this Agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">D.<I>&nbsp;The Merger.</I> On the terms and
subject to the conditions contained in this Agreement, the
parties to this Agreement intend to effect the merger of
Acquiror Sub with and into the Company, with the Company as the
surviving corporation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">E.<I>&nbsp;Voting Agreements.</I> The
stockholders of the Company identified on EXHIBIT A have agreed
to execute a Voting and Support Agreement (the &#147;VOTING
AGREEMENT&#148;) in substantially the form of EXHIBIT B.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">F.<I>&nbsp;Board Action.</I> The respective
Boards of Directors of each of the Company, RBC Centura and the
Acquiror have adopted resolutions approving this Agreement and
the transactions contemplated by this Agreement and, in the case
of the Company Board, declaring the advisability of this
Agreement in accordance with the Delaware General Corporation
Law (the &#147;DGCL&#148;).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">G.<I>&nbsp;Employment Agreements.</I> As further
conditions and inducements to the willingness of the Acquiror
and RBC Centura to enter into this Agreement, concurrently with
the execution and delivery of this Agreement, each of the
Designated Employees (as defined herein) has executed and
delivered an employment agreement with the Company (each, an
&#147;EMPLOYMENT AGREEMENT&#148;).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">NOW, THEREFORE, in consideration of the premises,
and of the mutual covenants, representations, warranties and
agreements contained herein, the parties agree as follows:
</FONT>

<P align="center">
<FONT size="2">ARTICLE I
</FONT>

<P align="center">
<FONT size="2">CERTAIN DEFINITIONS; INTERPRETATION
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">1.01<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
Definitions.</I> The following terms are used in this Agreement
with the meanings assigned below:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;ACQUIROR&#148; has the meaning assigned in
the preamble to this Agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;ACQUIROR SUB&#148; has the meaning assigned
in RECITAL C.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;ACQUIROR SUBSIDIARY&#148; has the meaning
assigned in Section 8.03(c)(i).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;ACQUISITION PROPOSAL&#148; has the meaning
assigned in Section 6.06.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;ACQUISITION TRANSACTION&#148; shall mean
(x)&nbsp;a merger or consolidation, or any similar transaction,
involving the Company or any of its Significant Subsidiaries,
PROVIDED, HOWEVER, that in no event shall any merger,
consolidation or similar transaction involving only the Company
and one or more of its Significant Subsidiaries or involving
only any two or more of such Subsidiaries, if such
</FONT>

<P align="center"><FONT size="2">A-1
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">transaction is not in violation of the terms of
this Agreement, be deemed to be an Acquisition Transaction,
(y)&nbsp;a purchase, lease or other acquisition of all or any
substantial part of the assets or business operations of the
Company or any of its Significant Subsidiaries, or (z)&nbsp;a
purchase or other acquisition (including by way of merger,
consolidation, share exchange or otherwise) of securities
representing 20% or more of the voting power of the Company or
any of its Significant Subsidiaries.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;AGREEMENT&#148; means this Agreement, as
amended or modified from time to time in accordance with
Section&nbsp;9.02.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;AWARD HOLDER&#148; has the meaning assigned
in Section&nbsp;3.05.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;BANK&#148; means Admiralty Bank, a Florida
state chartered commercial bank.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;BENEFICIAL OWNERSHIP&#148; has the meaning
assigned in Section 8.03(c)(ii).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;BYLAWS&#148; has the meaning assigned in
Section&nbsp;2.01(c).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;CERTIFICATE OF INCORPORATION&#148; has the
meaning assigned in Section&nbsp;2.01(b).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;CIC BENEFITS CONTINUATION&#148; has the
meaning assigned in Section&nbsp;6.12(f).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;CIC PAYMENTS&#148; mean payments that are
required to be made as a result of the Merger in accordance with
the terms of the Specified Compensation Plans.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;CLAIM&#148; has the meaning assigned in
Section&nbsp;6.10(a).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;CLOSING DATE&#148; has the meaning assigned
in Section&nbsp;2.02.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;CODE&#148; means the Internal Revenue Code
of 1986.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;COMPANY&#148; has the meaning assigned in
the preamble to this Agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;COMPANY BOARD&#148; means the Board of
Directors of the Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;COMPANY COMMON STOCK&#148; means the common
stock, no par value, of the Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;COMPANY IP RIGHTS&#148; has the meaning
assigned in Section 5.03(w).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;COMPANY MEETING&#148; has the meaning
assigned in Section&nbsp;6.02.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;COMPANY PREFERRED STOCK&#148; means the
preferred stock, no par value, of the Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;COMPANY REPORTS&#148; has the meaning
assigned in Section&nbsp;5.03(j).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;COMPANY REQUISITE VOTE&#148; has the
meaning assigned in Section 5.03(e).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;COMPANY STOCK&#148; means, collectively,
the Company Common Stock and the Company Preferred Stock.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;COMPANY STOCK OPTION&#148; means each
option to purchase shares of Company Common Stock outstanding
under the Company Stock Plans.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;COMPANY STOCK PLANS&#148; has the meaning
assigned in Section 5.03(b).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;COMPANY STOCK RESOLUTION&#148; has the
meaning assigned in Section 3.05.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;COMPANY&#146;S SEC DOCUMENTS&#148; has the
meaning assigned in Section 5.03(g).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;COMPENSATION PLANS&#148; has, with respect
to any person, the meaning assigned in Section&nbsp;5.03(n).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;CONFIDENTIALITY AGREEMENT&#148; means the
Mutual Confidentiality Agreement between the Company and the
Acquiror, dated July&nbsp;3, 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;CONSIDERATION&#148; has the meaning
assigned in Section&nbsp;3.01(a).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;CONSIDERATION PER SHARE&#148; has the
meaning assigned in Section&nbsp;3.05.
</FONT>

<P align="center"><FONT size="2">A-2
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;CONSTITUTIVE DOCUMENTS&#148; means with
respect to any juridical person, such person&#146;s articles or
certificate of incorporation and its bylaws, or similar
constitutive documents.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;CONTRACT&#148; means, with respect to any
person, any agreement, indenture, undertaking, debt instrument,
contract, lease, understanding or other commitment, whether oral
or in writing, to which such person or any of its Subsidiaries
is a party or by which any of them is bound or to which any of
their properties is subject.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;CORBEL DETERMINATION LETTER&#148; has the
meaning assigned in Section&nbsp;5.03(y).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;COSTS&#148; has the meaning assigned in
Section&nbsp;6.10(a).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;CRA&#148; means the Community Reinvestment
Act of 1977.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;DESIGNATED EMPLOYEES&#148; means,
collectively, the individuals identified in ANNEX&nbsp;A.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;DGCL&#148; has the meaning assigned in
RECITAL&nbsp;F.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;DISCLOSURE SCHEDULE&#148; has the meaning
assigned in Section&nbsp;5.01.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;DISSENTERS&#146; SHARES&#148; means shares
of Company Common Stock the holders of which shall have
perfected and not withdrawn or lost their appraisal rights in
accordance with Section&nbsp;262 of the DGCL.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;EFFECTIVE TIME&#148; means the date and
time at which the Merger becomes effective.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;EMPLOYMENT AGREEMENT&#148; has the meaning
assigned in RECITAL&nbsp;G.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;ENVIRONMENTAL LAWS&#148; means any federal,
state or local law, regulation, order, decree, permit,
authorization, common law or agency requirement relating to:
(1)&nbsp;the protection or restoration of the environment,
health or safety (in each case as relating to the environment)
or natural resources; or (2)&nbsp;the handling, use, presence,
disposal, release or threatened release of any Hazardous
Substance.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;ERISA&#148; means the Employee Retirement
Income Security Act of 1974.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;ERISA AFFILIATE&#148; has, with respect to
any person, the meaning assigned in Section&nbsp;5.03(n).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;ERISA AFFILIATE PLAN&#148; has the meaning
assigned in Section&nbsp;5.03(n).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;EXCHANGE ACT&#148; means the Securities
Exchange Act of 1934.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;FDBF&#148; means the Florida Department of
Banking and Finance.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;FEE PAYMENT EVENT&#148; has the meaning
assigned in Section&nbsp;8.03(d).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;FEE TERMINATION EVENT&#148; has the meaning
assigned in Section&nbsp;8.03(b).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;GOVERNMENTAL AUTHORITY&#148; means any
court, administrative agency or commission or other federal,
state or local governmental authority or instrumentality.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;HAZARDOUS SUBSTANCE&#148; means any
substance in any concentration that is: (1)&nbsp;listed,
classified or regulated pursuant to any Environmental Law;
(2)&nbsp;any petroleum or coal product or by-product,
asbestos-containing material, lead-containing paint or plumbing,
polychlorinated biphenyls, radioactive materials or radon; or
(3)&nbsp;any other substance that may be the subject of
regulatory action by any Governmental Authority or a source of
liability pursuant to any Environmental Law.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;HSR ACT&#148; means the Hart-Scott-Rodino
Antitrust Improvements Act of 1976.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;INDEMNIFIED PARTY&#148; has the meaning
assigned in Section&nbsp;6.10(a).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;INSURANCE AMOUNT&#148; has the meaning
assigned in Section&nbsp;6.10(b).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;INSURANCE POLICIES&#148; has the meaning
assigned in Section&nbsp;5.03(u).
</FONT>

<P align="center"><FONT size="2">A-3
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;INTELLECTUAL PROPERTY RIGHTS&#148; shall
mean all worldwide industrial and intellectual property rights,
including patents, patent applications, patent rights,
trademarks, trademark applications, trade names, service marks,
service mark applications, copyright, copyright applications,
franchises, licenses, inventories, know-how, trade secrets,
customer lists, proprietary processes and formulae, all source
and object code, algorithms, architecture, structure, display
screens, layouts, inventions, development tools, software,
databases and all documentation and media constituting,
describing or relating to the above, including manuals,
memoranda and records.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;IRS&#148; means the United States Internal
Revenue Service.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;LIENS&#148; means any charge, mortgage,
pledge, security interest, restriction, claim, lien, or
encumbrance of any nature whatsoever.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;LISTED TERMINATION&#148; has the meaning
assigned in Section&nbsp;8.03(b).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;LOANS&#148; means loans, leases, extensions
of credit (including guaranties), commitments to extend credit
and other similar assets.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;MATERIAL ADVERSE EFFECT&#148; means, with
respect to the Acquiror or the Company, any effect that
(1)&nbsp;is materially adverse to the financial position,
results of operations, shareholder&#146;s equity or business of
the Acquiror and its Subsidiaries taken as a whole, or the
Company and its Subsidiaries taken as a whole, respectively,
other than (A)&nbsp;payments of expenses associated with the
Merger as contemplated by this Agreement, (B)&nbsp;changes in
generally accepted accounting principles applicable to bank
holding companies generally in Canada or the United States,
respectively, (C)&nbsp;any changes resulting primarily from
changes in banking laws or regulations (or interpretations
thereof) of general applicability in Canada or the United
States, respectively and (D)&nbsp;any change or effect arising
out of general economic conditions or conditions generally
affecting the banking industry that do not have a materially
more adverse effect on such party than that experienced by
similarly situated financial services companies; or
(2)&nbsp;would materially impair the ability of either the
Acquiror or the Company to perform its obligations under this
Agreement or otherwise materially threaten or materially impede
the consummation of the Merger and the other transactions
contemplated by this Agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;MATERIAL INTEREST&#148; has the meaning
assigned in the definition of Related Person.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;MERGER&#148; has the meaning assigned in
Section&nbsp;2.01(a).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;MULTIEMPLOYER PLAN&#148; means, with
respect to any person, a multiemployer plan within the meaning
of Section&nbsp;3(37) of ERISA.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;NCCOB&#148; means the North Carolina
Commissioner of Banks.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;OPERATING AGREEMENT&#148; has the meaning
assigned in Section&nbsp;6.19.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;PAYING AGENT&#148; has the meaning assigned
in Section&nbsp;3.03.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;PBGC&#148; means the Pension Benefit
Guaranty Corporation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;PENSION PLAN&#148; has, with respect to any
person, the meaning assigned in Section&nbsp;5.03(n).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;PERMITTED TERMINATION DATE&#148; has the
meaning assigned in Section&nbsp;8.01(c).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;PERSON&#148; means any individual, bank,
savings bank, corporation, partnership, limited liability
company, association, joint-stock company, business trust or
unincorporated organization.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;PREVIOUSLY DISCLOSED&#148; means, with
respect to the Company or the Acquiror, information set forth in
such party&#146;s Disclosure Schedule in a paragraph or section
identified therein as corresponding to the provision of this
Agreement in respect of which such information has been so set
forth or has otherwise been set forth therein in a manner
reasonably indicating to a reader the provisions to which such
information may be relevant.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;PROXY STATEMENT&#148; has the meaning
assigned in Section&nbsp;6.03(a).
</FONT>

<P align="center"><FONT size="2">A-4
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;RBC CENTURA&#148; has the meaning assigned
in the preamble to this Agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;RELATED PERSON&#148; means any person (or
family member of such person) (1)&nbsp;that directly or
indirectly, controls, or is under common control with, the
Company or any of its affiliates, (2)&nbsp;that serves as a
director, officer, employee, partner, member, executor, or
trustee of the Company or any of its affiliates or Subsidiaries
(or in any other similar capacity), (3)&nbsp;that has, or is a
member of a group having, direct or indirect beneficial
ownership (as defined for purposes of Rule&nbsp;13d-3 under the
Exchange Act) of voting securities or other voting interests
representing at least 5&nbsp;percent of the outstanding voting
power or equity securities or other equity interests
representing at least 5&nbsp;percent of the outstanding equity
interests (a &#147;MATERIAL Interest&#148;) in the Company or
any of its affiliates or (4)&nbsp;in which any person (or family
member of such person) that falls under&nbsp;(1), (2) or
(3)&nbsp;above directly or indirectly holds a Material Interest
or serves as a director, officer, employee, partner, member,
executor, or trustee (or in any other similar capacity).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;REPRESENTATIVES&#148; means, with respect
to any person, such person&#146;s directors, officers,
employees, legal or investment or financial advisors or any
representatives of such legal or financial advisors.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;REQUIRED PARTY&#148; has the meaning
assigned in Section&nbsp;6.05(b).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;RIGHTS&#148; means, with respect to any
person, securities or obligations convertible into or
exercisable or exchangeable for, or giving any person any right
to subscribe for or acquire, or any options, calls or
commitments relating to, or any stock appreciation right or
other instrument the value of which is determined in whole or in
part by reference to the market price or value of, shares of
capital stock of such person.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;RISK MANAGEMENT CONTRACT&#148; has the
meaning assigned in Section&nbsp;5.03(r).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;SEC&#148; means the Securities and Exchange
Commission.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;SECURITIES ACT&#148; means the Securities
Act of 1933.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;SIGNIFICANT STOCKHOLDER&#148; means a
record holder who beneficially owns at least 52,884 shares of
Company Common Stock.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;SIGNIFICANT SUBSIDIARY&#148; has the
meaning assigned to that term in Rule&nbsp;1-02 of
Regulation&nbsp;S-X of the SEC.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;SPECIFIED COMPENSATION PLANS&#148; means
the following plans and agreements of the Company: the Amended
Senior Management 1998 Change in Control Program, the Change in
Control Program for the Chairman of the Board, the
Directors&#146; 2002 Change in Control Bonus Program, the Senior
Management 2002 Change in Control Bonus Program and the
Employment Agreement of Ward Kellogg, dated June&nbsp;23, 1998.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;SUBSIDIARY&#148; includes either a
&#147;subsidiary&#148; as defined in Rule 1-02 of
Regulation&nbsp;S-X of the SEC or a &#147;subsidiary&#148; as
defined in Section&nbsp;225.2(o) of Title Twelve of the Code of
Federal Regulations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;SUPERIOR PROPOSAL&#148; has the meaning
assigned in Section&nbsp;6.06.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;SURVIVING CORPORATION&#148; has the meaning
assigned in Section&nbsp;2.01(a).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;TAKEOVER LAWS&#148; has the meaning
assigned in Section&nbsp;5.03(e).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;TAXES&#148; means all taxes, charges, fees,
levies or other assessments, however denominated, including all
net income, gross income, gross receipts, sales, use, ad
valorem, goods and services, capital, transfer, franchise,
profits, license, withholding, payroll, employment, employer
health, excise, estimated, severance, stamp, occupation,
property or other taxes, custom duties, fees, or charges of any
kind whatsoever, together with any interest and any penalties or
additions to tax with respect thereto and with respect to any
information reporting requirements imposed by the Code or any
similar provision of foreign, state or local
</FONT>

<P align="center"><FONT size="2">A-5
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">law and any interest in respect of such additions
or penalties imposed by any taxing authority whether arising
before, on or after the Closing Date.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;TAX RETURNS&#148; means all reports and
returns required to be filed on or before the Closing Date with
respect to the Taxes of the Company or any of its Subsidiaries,
including consolidated federal income tax returns and any
documentation required to be filed with any taxing authority or
to be retained by the Company or any of its Subsidiaries in
respect of information reporting requirements imposed by the
Code or any similar foreign, state or local law.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;TERMINATION FEE&#148; has the meaning
assigned in Section&nbsp;8.03(a).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;TOLLING EVENT&#148; has the meaning
assigned in Section&nbsp;8.03(c).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;TREASURY SHARES&#148; means shares of
Company Common Stock owned, directly or indirectly, by the
Company or any of its Subsidiaries.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;VOTING AGREEMENT&#148; has the meaning
assigned in RECITAL&nbsp;E.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">1.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interpretation.</I>
When a reference is made in this Agreement to Recitals,
Sections, Exhibits, Annexes or Schedules, such reference shall
be to a Recital in, Section of, or Exhibit, Annex or Schedule
to, this Agreement unless otherwise indicated. The table of
contents and headings contained in this Agreement are for
reference purposes only and are not part of this Agreement.
Whenever the words &#147;INCLUDE,&#148; &#147;INCLUDES&#148; or
&#147;INCLUDING&#148; are used in this Agreement, they shall be
deemed to be followed by the words &#147;WITHOUT
LIMITATION.&#148; References herein to &#147;TRANSACTION
CONTEMPLATED BY THIS Agreement&#148; include the Merger as well
as the other transactions contemplated hereby and the
transactions contemplated by the Voting Agreement. No rule of
construction against the draftsperson shall be applied in
connection with the interpretation or enforcement of this
Agreement. Whenever this Agreement shall require a party to take
an action, such requirement shall be deemed to constitute an
undertaking by such party to take, to cause its Subsidiaries to
take, and to use its reasonable best efforts to cause its other
affiliates to take, appropriate action in connection therewith.
References to &#147;KNOWLEDGE&#148; of a person means knowledge
after reasonable diligence in the circumstances. All references
to &#147;DOLLARS&#148; or &#147;$&#148; mean the lawful currency
of the United States, and all references to &#147;CANADIAN
DOLLARS&#148; or &#147;C$&#148; mean the lawful currency of
Canada, unless otherwise indicated. Any reference in this
Agreement to any law, rule or regulation shall be deemed to
include a reference to any amendments, revisions or successor
provisions to such law, rule or regulation.
</FONT>

<P align="center">
<FONT size="2">ARTICLE II
</FONT>

<P align="center">
<FONT size="2">THE MERGER
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The
Merger.</I> At the Effective Time, on the terms and subject to
the conditions set forth in this Agreement, the following shall
occur:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Structure and
    Effects of the Merger.</I> Acquiror Sub shall merge with and
    into the Company, and the separate corporate existence of
    Acquiror Sub shall thereupon cease (the &#147;MERGER&#148;). The
    Company shall be the surviving corporation in the Merger
    (sometimes hereinafter referred to as the &#147;SURVIVING
    CORPORATION&#148;) and shall continue to be governed by the laws
    of the State of Delaware, and the separate corporate existence
    of the Company with all its rights, privileges, immunities,
    powers and franchises shall continue unaffected by the Merger.
    The Merger shall have the effects specified in the DGCL.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Certificate
    of Incorporation.</I> At the Effective Time, and without any
    further action on the part of the Acquiror, RBC Centura,
    Acquiror Sub or any holder of any shares of capital stock of the
    Company as in effect at the Effective Time, the certificate of
    incorporation of the Company shall be amended to read in its
    entirety as the certificate of incorporation of Acquiror Sub as
    in effect immediately prior to the Effective Time (the
    &#147;CERTIFICATE OF INCORPORATION&#148;), until duly amended in
    accordance with the terms thereof and the DGCL.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-6
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)<I>&nbsp;Bylaws.</I> The bylaws of the
    Surviving Corporation (the &#147;BYLAWS&#148;) will be the
    bylaws of the Acquiror Sub as in effect immediately prior to the
    Effective Time, until duly amended in accordance with the terms
    thereof and the Certificate of Incorporation.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)<I>&nbsp;Directors.</I> The directors of the
    Surviving Corporation will be the directors of Acquiror Sub
    immediately prior to the Effective Time, and such directors,
    together with any additional directors as may thereafter be
    elected, shall hold such office until such time as their
    successors shall be duly elected or appointed and qualified or
    until their earlier death, resignation or removal in accordance
    with the Certificate of Incorporation and the Bylaws.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(e)<I>&nbsp;Officers.</I> The officers of the
    Surviving Corporation will be the officers of Acquiror Sub
    immediately prior to the Effective Time, and such officers,
    together with any additional officers as may thereafter be
    elected, shall hold such office until such time as their
    successors shall be duly elected or appointed and qualified or
    until their earlier death, resignation or removal in accordance
    with the Certificate of Incorporation and the Bylaws.
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.02<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
Time.</I> [The Merger shall become effective upon the filing, in
the office of the Secretary of State of the State of Delaware,
of a certificate of merger in accordance with Section&nbsp;251
of the DGCL, or at such later date and time as may be set forth
in such certificate. Provided that all of the conditions set
forth in Article&nbsp;VII (other than conditions relating solely
to the delivery of documents dated the Closing Date) have been
satisfied or waived in accordance with the terms of this
Agreement by January&nbsp;6, 2003, subject to the terms of this
Agreement, the date on which the parties shall cause the Merger
to become effective (the <I>&#147;Closing Date&#148;</I>) shall
be January&nbsp;6, 2003. If each of the conditions set forth in
Article&nbsp;VII (other than conditions relating solely to the
delivery of documents dated the Closing Date) are not satisfied
or waived in accordance with the terms of this Agreement by
January&nbsp;6, 2003, the Closing Date shall be (1)&nbsp;on a
day within ten business days after the last of the conditions
set forth in Article&nbsp;VII (other than conditions relating
solely to the delivery of documents dated the Closing Date)
shall have been satisfied or waived in accordance with the terms
of this Agreement (or, at the election of the Acquiror, on the
last business day of the month in which such day occurs) or
(2)&nbsp;on such date as the parties may agree in writing.](1)
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.03<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Closing.</I>
The closing of the Merger shall take place at 10:00&nbsp;a.m.,
New York City time, on the Closing Date at the offices of
Sullivan &#38; Cromwell, 125 Broad Street, New York, New York,
or at such other time and place as the parties shall agree.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.04<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reservation
of Right to Revise Structure.</I> At the Acquiror&#146;s
election, the Merger may alternatively be structured so that a
directly or indirectly wholly owned transitory subsidiary of the
Acquiror other than Acquiror Sub is merged with and into the
Company; PROVIDED, HOWEVER, that no such change shall
(a)&nbsp;alter or change the amount or kind of the Consideration
or alter or change adversely the treatment of the holders of
Company Stock or Company Stock Options, (b)&nbsp;alter or change
the Acquiror&#146;s or the Company&#146;s obligations hereunder,
including with respect to the Company&#146;s obligations to make
CIC Payments (unless the employee, officer or director entitled
to such CIC Payments consents) or (c)&nbsp;impede or delay
consummation of the transactions contemplated by this Agreement.
In the event the Acquiror makes such an election, the parties
agree to execute an appropriate amendment to this Agreement in
order to reflect such election.
</FONT>

<P align="center">
<FONT size="2">ARTICLE III
</FONT>

<P align="center">
<FONT size="2">CONSIDERATION
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">3.01<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect on
Capital Stock.</I> At the Effective Time, by virtue of the
Merger and without any action on the part of the holder of any
shares of Company Common Stock:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)<I>&nbsp;Conversion of Company Common
    Stock.</I> Each share of Company Common Stock outstanding
    immediately prior to the Effective Time (other than Treasury
    Shares and Dissenters&#146; Shares) shall be converted into the
    right to receive consideration (the &#147;CONSIDERATION&#148;)
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<HR size="1" width="25%" align="left" noshade>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">1&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">As provided in the amendment of October&nbsp;25,
    2002.
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left">

</DIV>

<P align="center"><FONT size="2">A-7
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">comprising $26.00 in cash, without interest
thereon. At the Effective Time, the shares of Company Common
Stock shall no longer be outstanding and shall automatically be
cancelled and cease to exist, and from and after the Effective
Time, certificates representing Company Common Stock immediately
prior to the Effective Time shall be deemed for all purposes to
represent the Consideration pursuant to this
Section&nbsp;3.01(a).
</FONT>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)<I>&nbsp;Acquiror Sub Common Stock.</I> Each
    share of Acquiror Sub common stock issued and outstanding
    immediately prior to the Effective Time shall be converted into
    one share of common stock, par value $1.00 per share, of the
    Surviving Corporation.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)<I>&nbsp;Treasury and Dissenters&#146;
    Shares.</I> Each share of Company Common Stock held as Treasury
    Shares or Dissenters&#146; Shares immediately prior to the
    Effective Time shall be canceled and retired at the Effective
    Time and, except as set forth in Section&nbsp;3.04 with respect
    to Dissenters&#146; Shares, no consideration shall be issued in
    exchange therefor.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">3.02<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights as
Stockholders; Stock Transfers.</I> At the Effective Time,
holders of Company Common Stock (other than Dissenters&#146;
Shares, if applicable) shall cease to be, and shall have no
rights as, stockholders of the Company, other than to receive
any dividend or other distribution with respect to such Company
Common Stock with a record date occurring prior to the Effective
Time and the right to receive Consideration provided under this
Article&nbsp;III. After the Effective Time, there shall be no
transfers on the stock transfer books of the Surviving
Corporation of shares of Company Common Stock (other than
Dissenters&#146; Shares, if applicable).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">3.03<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment for
Shares.</I> At or prior to the Effective Time, RBC Centura shall
make available or cause to be made available to such bank as the
Acquiror shall appoint (and shall be reasonably acceptable to
the Company), as paying agent (the &#147;PAYING AGENT&#148;),
amounts in immediately available funds sufficient in the
aggregate to provide all funds necessary for the Paying Agent to
make payments of Consideration to holders of shares of Company
Common Stock that were outstanding immediately prior to the
Effective Time. Promptly after the Effective Time, the Surviving
Corporation shall cause the Paying Agent to mail to each person
who was, at the Effective Time, a holder of record of
outstanding shares of Company Common Stock a form (mutually
agreed to by the Acquiror and the Company) of letter of
transmittal and instructions for use in effecting the surrender
of the certificates which, immediately prior to the Effective
Time, represented any of such shares in exchange for payment
therefor. Upon surrender to the Paying Agent of such
certificates, together with such letter of transmittal, duly
executed and completed in accordance with the instructions
thereto, the Surviving Corporation shall promptly cause the
Paying Agent to pay to each person entitled thereto a check in
the amount of the Consideration to which such person is
entitled, after giving effect to any required tax withholdings.
The Paying Agent shall pay the consideration to which a
Significant Stockholder is entitled by wire transfer, at such
Significant Stockholder&#146;s request provided that such
Significant Stockholder provides the Paying Agent sufficient
notice of its account information. No interest will be paid or
will accrue on any amount payable upon the surrender of any such
certificate. If payment is to be made to a person other than the
registered holder of the certificate surrendered, it shall be a
condition of such payment that the certificate so surrendered be
properly endorsed or otherwise in proper form for transfer and
that the person requesting such payment pay any transfer or
other taxes required by reason of the payment to a person other
than the registered holder of the certificate surrendered or
establish to the satisfaction of the Surviving Corporation or
the Paying Agent that such tax has been paid or is not
applicable. One hundred and eighty days following the Effective
Time, the Surviving Corporation shall be entitled to cause the
Paying Agent to deliver to it any funds (including any interest
or other amounts received with respect thereto) made available
to the Paying Agent that have not been disbursed to holders of
certificates formerly representing shares of Company Common
Stock outstanding on the Effective Time, and thereafter such
holders shall be entitled to look to the Surviving Corporation
only as general creditors thereof with respect to the cash
payable upon due surrender of their certificates.
Notwithstanding the foregoing, neither the Paying Agent nor any
party hereto shall be liable to any holder of certificates
formerly representing shares of Company Common Stock for any
amount paid to a public official pursuant to any applicable
abandoned property, escheat or similar laws.
</FONT>

<P align="center"><FONT size="2">A-8
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">3.04<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dissenting
Stockholders.</I> Dissenters&#146; Shares shall be purchased and
paid for in accordance with Sections&nbsp;262 of the DGCL. The
Company shall give the Acquiror (a)&nbsp;prompt notice of any
written demands for fair value received by the Company,
withdrawals of such demands and any other related instruments
served pursuant to the DGCL and received by the Company and
(b)&nbsp;the opportunity to direct all negotiations and
proceedings with respect to demands for fair value under the
DGCL. The Company shall not, except with prior written consent
of the Acquiror, voluntarily make any payment with respect to
any demands for fair value for Dissenters&#146; Shares or offer
to settle, or settle, any such demands.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">3.05<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company
Stock Options.</I> At the Effective Time, each vested Company
Stock Option then outstanding, exercisable or unexercisable,
without any action on the part of the holder, shall be converted
into the right to receive payment of an amount in cash equal to
the product of (1)&nbsp;the excess of the Consideration Per
Share over the exercise price per share, if any, subject to such
Company Stock Option and (2)&nbsp;the number of shares of
Company Stock subject to such Company Stock Option immediately
prior to the Effective Time; PROVIDED that the Company shall be
entitled to withhold from such cash payment any amounts required
to be withheld by applicable law. Each vested Company Stock
Option to which this paragraph applies will be cancelled and
shall cease to exist by virtue of such payment. For the purposes
of this Section&nbsp;3.05, &#147;CONSIDERATION PER SHARE&#148;
means $26.00 cash. Prior to the Effective Time the Company shall
take all necessary actions, including obtaining
(1)&nbsp;consents of each award holder including employees of
the Company and of its Subsidiaries and each of the directors on
the Company Board and each of the directors on the board of
directors of the Bank (each, an &#147;AWARD HOLDER&#148;), in
each case, in their individual capacities and
(2)&nbsp;resolutions of the Company Board, of the board of
directors of the Bank or of a committee established under a
Company Stock Plan (collectively, the &#147;COMPANY STOCK
RESOLUTIONS&#148;), if applicable, to effect the foregoing.
</FONT>

<P align="center">
<FONT size="2">ARTICLE IV
</FONT>

<P align="center">
<FONT size="2">ACTIONS PENDING THE MERGER
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">4.01<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forbearances
of the Company.</I> Until the Effective Time (or, if earlier,
the termination of this Agreement), the Company agrees, except
as expressly provided in this Agreement, without the prior
written consent of an officer to be designated by the Acquiror,
the Company will not, and will cause each of its Subsidiaries
not to:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)<I>&nbsp;Ordinary Course.</I> Conduct the
    business of the Company and its Subsidiaries other than in the
    ordinary and usual course consistent with past practice or, to
    the extent consistent therewith, fail to use reasonable efforts
    to preserve intact their business organizations and assets and
    maintain their rights, franchises and existing relations with
    customers, suppliers, employees and business associates; or take
    any action that would reasonably be expected to have a Material
    Adverse Effect upon the Company&#146;s ability to perform its
    obligations under this Agreement.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)<I>&nbsp;New Activities.</I> Engage in any
    material new activities or lines of business or make any
    material changes to its existing activities or lines of business.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)<I>&nbsp;Capital Stock.</I> Other than
    pursuant to Rights Previously Disclosed and outstanding on the
    date hereof, (1)&nbsp;Issue, sell or otherwise permit to become
    outstanding, or authorize the creation of, any additional shares
    of Company Stock or any Rights, (2)&nbsp;permit any additional
    shares of Company Stock to become subject to new grants of
    employee or director stock options, or stock-based employee
    rights or arrangements, (3)&nbsp;repurchase, redeem or otherwise
    acquire, directly or indirectly, any shares of Company Stock,
    (4)&nbsp;effect any recapitalization, reclassification, stock
    split or like change in capitalization or (5)&nbsp;enter into,
    or take any action to cause any holders of Company Stock to
    enter into, any agreement, understanding or commitment relating
    to the right of holders of Company Stock to vote any shares of
    Company Stock, or cooperate in any formation of any voting trust
    or similar arrangement relating to such shares.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-9
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)<I>&nbsp;Subsidiaries.</I> Issue, sell or
    otherwise permit to become outstanding, transfer, mortgage,
    encumber or otherwise dispose of or permit the creation of any
    Lien in respect of, or amend or modify the terms of, any equity
    interests held in a Subsidiary of the Company.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(e)<I>&nbsp;Dividends, Etc.</I> Make, declare,
    pay or set aside for payment any dividend, other than dividends
    from wholly owned Subsidiaries to the Company or to another
    wholly owned Subsidiary of the Company on or in respect of, or
    declare or make any distribution on any shares of its capital
    stock or split, combine, redeem, reclassify, purchase or
    otherwise acquire, any shares of its capital stock.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(f)<I>&nbsp;Compensation; Employment Contracts;
    Etc.</I> Enter into, amend, modify, renew or terminate any
    employment, consulting, severance, change in control or similar
    Contracts with any directors, officers, employees of, or
    independent contractors with respect to, the Company or its
    Subsidiaries, or grant any salary, wage or other increase or
    increase any employee benefit (including incentive or bonus
    payments), except (1)&nbsp;for changes that are required by
    applicable law, (2)&nbsp;to satisfy Previously Disclosed
    Contracts existing on the date hereof, (3)&nbsp;for merit-based
    or annual salary increases in the ordinary course of business
    and in accordance with past practice (including with respect to
    timing and amount) to employees other than the Designated
    Employees, (4) terminate employees who are not Designated
    Employees on severance terms consistent with the terms of the
    Company&#146;s Employee Severance Program or (5)&nbsp;for
    employment arrangements for newly hired non-executive employees
    in the ordinary and usual course of business consistent with
    past practice, PROVIDED that total annual guaranteed
    compensation for any such newly hired non-executive employee
    shall not exceed $50,000 and any such Contract shall not include
    any provision providing for payments to, or the conferring of
    other benefits on, the person arising from a change of control
    of the Company.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(g)<I>&nbsp;Benefit Plans.</I> Except as
    Previously Disclosed, enter into, establish, adopt, amend,
    modify or terminate any Compensation Plan in respect of any
    current or former directors, officers, employees, former
    employees of, or independent contractors with respect to, the
    Company or its Subsidiaries (or any dependent or beneficiary of
    any of the foregoing persons), including taking any action that
    accelerates the vesting or exercisability of or the payment or
    distribution with respect to, stock options, restricted stock or
    other compensation or benefits payable thereunder, except, in
    each such case, (1)&nbsp;as may be required by applicable law or
    (2)&nbsp;to satisfy Previously Disclosed Contracts existing on
    the date hereof.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Dispositions.</I>
    Except (1)&nbsp;pursuant to Previously Disclosed Contracts
    existing on the date hereof, or (2)&nbsp;for sales of Loans,
    debt securities or similar investments in the ordinary and usual
    course of business consistent with past practice, sell,
    transfer, mortgage, lease, encumber or otherwise dispose of or
    permit the creation of any Lien (except for a Lien for Taxes not
    yet due and payable) in respect of, or discontinue any material
    portion of, its assets, deposits, business or properties.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Acquisitions.</I>
    Except (1)&nbsp;pursuant to Previously Disclosed Contracts
    existing on the date hereof, or (2)&nbsp;by way of foreclosures
    in satisfaction of debts previously contracted in good faith, in
    each case in the ordinary and usual course of business
    consistent with past practice, acquire any material amount,
    taken individually or in the aggregate, of assets, business,
    properties or deposits of another person in any one transaction
    or a series of related transactions.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Constitutive
    Documents.</I> Amend (or suffer to be amended) the Constitutive
    Documents of the Company or any of its Subsidiaries.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Accounting
    Methods.</I> Implement or adopt any change in the accounting
    principles, practices or methods used by the Company and its
    Subsidiaries, other than as may be required by generally
    accepted accounting principles.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Contracts.</I>
    Except in the ordinary course of business consistent with past
    practice or pursuant to Section&nbsp;6.14, (1)&nbsp;enter into,
    amend, renew or terminate any material Contract or any agreement
    that provides for either&nbsp;(A) aggregate payments of $25,000
    or more or&nbsp;(B) a term exceeding 30&nbsp;days or
    (2)&nbsp;amend or modify in any material respect any of its
    existing material Contracts.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-10
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Claims.</I>
    Settle any claim, action or proceeding, except for any claim,
    action or proceeding involving solely money damages in an
    amount, individually and in the aggregate for all such
    settlements, not more than $60,000 and that would not reasonably
    be expected to establish an adverse precedent or basis for
    subsequent settlements or require material changes in business
    practices.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Risk
    Management.</I> Except as required by applicable law or
    regulation: (1)&nbsp;implement or adopt any material change in
    its credit risk and interest rate risk management and hedging
    policies, procedures or practices; (2)&nbsp;fail to follow its
    existing policies or practices with respect to managing its
    exposure to credit and interest rate risk; or (3)&nbsp;fail to
    use commercially reasonable means to avoid any material increase
    in its aggregate exposure to interest rate risk.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Indebtedness.</I>
    Other than in the ordinary course of business (including by way
    of creation of deposit liabilities, entry into repurchase
    agreements, purchases or sales of federal funds, Federal Home
    Loan Bank advances, and sales of certificates of deposit)
    consistent with past practice, (1)&nbsp;incur any indebtedness
    for borrowed money, (2)&nbsp;assume, guarantee, endorse or
    otherwise as an accommodation become responsible for the
    obligations of any other person or (3)&nbsp;cancel, release,
    assign or modify any material amount of indebtedness of any
    other person.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Loans.</I>
    (1)&nbsp;Make any Loan other than in the ordinary course of
    business consistent with lending policies as in effect on the
    date hereof; (2)&nbsp;except pursuant to Contracts existing on
    the date hereof, make any Loan in excess of $3,000,000;
    (3)&nbsp;make forward rate commitments (that is, commitments for
    a period in excess of three months) with respect to the interest
    rate on any Loan; or (4)&nbsp;make any Loan (other than a
    residential real estate mortgage loan) with a term greater than
    five years; PROVIDED that the Company or any of its Subsidiaries
    may make any such Loan in the event (A)&nbsp;the Company or any
    of its Subsidiaries has delivered to the Acquiror or a
    representative to be designated by the Acquiror a notice of its
    intention to make such Loan or advance and such additional
    information as the Acquiror or its designated representative may
    reasonably require and (B)&nbsp;the Acquiror or its designated
    representative shall not have reasonably objected to such Loan
    or advance by giving notice of such objection within three
    business days following the actual receipt by the Acquiror of
    the applicable notice of intention; or (5)&nbsp;sell, transfer,
    mortgage, encumber or otherwise dispose of, or permit the
    creation of, any Lien in respect of mezzanine Loans made by the
    Company or any Subsidiary of the Company.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Adverse
    Actions.</I> (1)&nbsp;Subject to Section&nbsp;6.06, take any
    action that is intended or would reasonably be expected to
    result in (A)&nbsp;any of its representations and warranties set
    forth in this Agreement being or becoming untrue in any material
    respect at any time at or prior to the Effective Time,
    (B)&nbsp;any of the conditions to the Merger set forth in
    Article&nbsp;VII not being satisfied or (C)&nbsp;a material
    breach of any provision of this Agreement; EXCEPT, in each case,
    as may be required by applicable law, or (2)&nbsp;engage in any
    new line of business or make any acquisition that would not be
    permissible for a United States bank holding company (as defined
    in the Bank Holding Company Act of 1956) or would subject the
    Acquiror, the Company or any Subsidiary of either to material
    regulation by a Governmental Authority that does not presently
    regulate such company or to regulation by a Governmental
    Authority that is materially different from current regulation.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Taxes.</I>
    Make or change any election with respect to Taxes, settle any
    material Tax audit or proceeding, enter into any Tax closing
    agreement, or request any Tax private letter or similar ruling.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Related
    Person Transactions.</I> Except pursuant to Previously Disclosed
    Contracts entered into in the ordinary course of business before
    the date of this Agreement, make any payment of cash or other
    consideration to, or make any Loan to or on behalf of, or enter
    into, amend or grant a consent or waiver under, or fail to
    enforce, any Contract with, any Related Person.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(t)<I>&nbsp;Capital Expenditures.</I> Make any
    capital expenditures in excess of $50,000 in any one case or
    $125,000 in the aggregate or enter into any agreement
    contemplating capital expenditures in excess of $50,000 for any
    twelve (12) month period.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-11
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(u)<I>&nbsp;Commitments.</I> Agree or commit to
    do, or enter into any Contract regarding, anything that would be
    precluded by clauses (a)&nbsp;through (t)&nbsp;without first
    obtaining the Acquiror&#146;s consent.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">4.02<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forbearances
of the Acquiror.</I> From the date hereof until the Effective
Time (or, if earlier, the termination of this Agreement), except
as expressly contemplated by this Agreement, without the prior
written consent of the Company, the Acquiror will not, and will
cause each of its Subsidiaries not to take any action that is
intended or is reasonably likely to result in (a)&nbsp;any of
its representations and warranties set forth in this Agreement
being or becoming untrue in any material respect at any time at
or prior to the Effective Time, (b)&nbsp;any of the conditions
to the Merger set forth in Article&nbsp;VII not being satisfied
on or before the date specified in Section&nbsp;8.01 or
(c)&nbsp;a material breach of any provision of this Agreement;
except, in each case, as may be required by applicable law.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">4.03<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooperation;
Communication.</I> The parties agree to develop a methodology of
communication with respect to the forbearances of the Company
intended to effectuate the purposes of this Article&nbsp;IV
while permitting the Company to operate in the ordinary course
of business consistent with the terms of this Agreement.
</FONT>

<P align="center">
<FONT size="2">ARTICLE V
</FONT>

<P align="center">
<FONT size="2">REPRESENTATIONS AND WARRANTIES
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">5.01<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclosure
Schedule.</I> On or prior to the date hereof, the Company has
delivered to the Acquiror and the Acquiror has delivered to the
Company a schedule (respectively, its &#147;DISCLOSURE
SCHEDULE&#148;) setting forth, among other things, items the
disclosure of which is necessary or appropriate either
(a)&nbsp;in response to an express disclosure requirement
contained in a provision hereof or (b)&nbsp;as an exception to
one or more representations or warranties contained in
Section&nbsp;5.03 or 5.04, respectively, or to one or more of
its covenants contained in Article&nbsp;IV; PROVIDED that the
inclusion of an item in a Disclosure Schedule as an exception to
a representation or warranty shall not be deemed an admission by
the disclosing party that such item (or any undisclosed item or
information of comparable or greater significance) represents a
material exception or fact, event or circumstance with respect
to the Company or the Acquiror, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">5.02<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard.</I>
No representation or warranty of the Company or the Acquiror
contained in Section&nbsp;5.03 or 5.04 shall be considered
untrue or incorrect, and no party hereto shall be considered to
have breached a representation or warranty, as a consequence of
the existence of any fact, event or circumstance unless such
fact, event or circumstance, (a)&nbsp;is not Previously
Disclosed and (b)&nbsp;individually or taken together with all
other facts, events or circumstances that should have been
Previously Disclosed with respect to any one or more
representations or warranties contained in Section&nbsp;5.03
(other than Section&nbsp;5.03(h)) or 5.04, has had or is
reasonably likely to have a Material Adverse Effect with respect
to the Company or the Acquiror, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">5.03<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representations
and Warranties of the Company.</I> Except as Previously
Disclosed, the Company represents and warrants to the Acquiror,
RBC Centura and Acquiror Sub as set forth in its Disclosure
Schedule and as follows:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)<I>&nbsp;Organization, Standing and
    Authority.</I> The Company is duly organized, validly existing
    and in good standing as a corporation under the laws of Delaware
    and is duly qualified to do business and is in good standing in
    all the jurisdictions where its ownership or leasing of property
    or assets or the conduct of its business requires it to be so
    qualified.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)<I>&nbsp;Company Stock.</I> As of the date
    hereof, the authorized capital stock of the Company consists
    solely of 8,500,000 shares of Company Common Stock, of which not
    more than 5,288,437 shares are outstanding as of August&nbsp;26,
    2002, and 2,000,000 shares of Company Preferred Stock, no shares
    of which are outstanding. The outstanding shares of Company
    Stock have been duly authorized and are validly issued, fully
    paid and nonassessable, and subject to no preemptive rights (and
    were not issued in violation of any preemptive rights). Except
    as Previously Disclosed, there are no shares of
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-12
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Company Stock reserved for issuance, the Company
    does not have any Rights issued or outstanding with respect to
    Company Stock, and the Company does not have any commitment to
    authorize, issue or sell any Company Stock or Rights, except
    pursuant to this Agreement. The Company has Previously Disclosed
    a list of each Compensation Plan under which any shares of
    capital stock of the Company or any Rights with respect thereto
    have been or may be awarded or issued (&#147;COMPANY STOCK
    PLANS&#148;). As of August&nbsp;26, 2002, the Company has
    outstanding Company Stock Options representing the right to
    acquire no more than 760,136 shares of Company Common Stock. The
    Company has Previously Disclosed the weighted average exercise
    price for the Company Stock Options under each of its Company
    Stock Plans. Except as described in the immediately preceding
    sentence, the Company has no Company Common Stock authorized for
    issuance pursuant to any Company Stock Plans. The Company does
    not have outstanding any bonds, debentures, notes or other
    obligations the holders of which have the right to vote (or
    which are convertible into or exercisable for securities having
    the right to vote) with the stockholders of the Company on any
    matter.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)<I>&nbsp;Subsidiaries.</I> (1)(A) The Company
    has Previously Disclosed a list of all its Subsidiaries together
    with the jurisdiction of organization of each such Subsidiary,
    (B)&nbsp;except as Previously Disclosed, the Company owns,
    directly or indirectly, all the outstanding equity securities of
    each of its Subsidiaries, (C)&nbsp;except as Previously
    Disclosed, no equity securities of any of its Subsidiaries are
    or may become required to be issued (other than to the Company
    or its Subsidiaries), (D)&nbsp;except as Previously Disclosed,
    there are no Contracts by which any of such Subsidiaries is or
    may be bound to sell or otherwise transfer any equity securities
    of any such Subsidiaries (other than to the Company or its
    Subsidiaries), (E)&nbsp;except as Previously Disclosed, there
    are no Contracts relating to its rights to vote or to dispose of
    such securities (other than to the Company or its Subsidiaries),
    and (F)&nbsp;all the equity securities of each such Subsidiary
    held by the Company or its Subsidiaries are fully paid and
    nonassessable and except as Previously Disclosed, are owned by
    the Company or its Subsidiaries free and clear of any Liens.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;The Company has Previously Disclosed, as
    of the date hereof, a list of all equity securities it or one of
    its Subsidiaries holds involving, in the aggregate, beneficial
    ownership or control by the Company or any such Subsidiary of 5%
    or more of any class of the issuer&#146;s voting securities or
    25% or more of any class of the issuer&#146;s securities,
    including a description of any such issuer and the percentage of
    the issuer&#146;s voting and/or non-voting securities and, as of
    the Effective Time, no additional persons would need to be
    included on such a list. The Company has Previously Disclosed a
    list, as of the date hereof, of all partnerships, limited
    liability companies, joint ventures or similar entities, in
    which it owns or controls an equity, partnership or membership
    interest, directly or indirectly, and the nature and amount of
    each such interest, and as of the Effective Time, no additional
    persons would need to be included on such a list.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;Each of the Company&#146;s Subsidiaries
    has been duly organized and is validly existing and in good
    standing under the laws of the jurisdiction of its organization,
    and is duly qualified to do business and in good standing in all
    the jurisdictions where its ownership or leasing of property or
    assets or the conduct of its business requires it to be so
    qualified. The Bank is the Company&#146;s only depository
    institution Subsidiary, and it (A)&nbsp;is an &#147;insured
    depository institution&#148; as defined in the Federal Deposit
    Insurance Act and the applicable regulations thereunder and
    (B)&nbsp;has a rating of &#147;Satisfactory&#148; or better
    under the CRA as of the date hereof.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)<I>&nbsp;Corporate Power.</I> The Company and
    each of its Subsidiaries has the requisite power and authority
    to carry on its business as it is now being conducted and to own
    all its properties and assets; the Company has the corporate
    power and authority to execute, deliver and perform its
    obligations under this Agreement and to consummate the
    transactions contemplated hereby, and the Company has made
    available to the Acquiror a brief description of each line of
    business in which the Company or any of its Subsidiaries is
    engaged.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(e)<I>&nbsp;Corporate Authority and Action.</I>
    (1)&nbsp;The Company has taken all corporate action necessary in
    order (A)&nbsp;to authorize the execution and delivery of, and
    performance of its obligations
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-13
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">under, this Agreement and (B)&nbsp;subject only
    to receipt of the approval of the plan of merger contained in
    this Agreement by the holders of a majority of the outstanding
    shares of Company Common Stock (the &#147;COMPANY REQUISITE
    VOTE&#148;) and to the approvals of applicable Government
    Authorities, to consummate the Merger. This Agreement is a valid
    and legally binding obligation of the Company, enforceable in
    accordance with its terms (except as enforceability may be
    limited by applicable bankruptcy, insolvency, reorganization and
    similar laws of general applicability relating to or affecting
    creditors&#146; rights or by general equity principles).
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;The Company has taken all action
    required to be taken by it in order to exempt this Agreement,
    the Voting Agreement and the transactions contemplated hereby
    from, and each of this Agreement, the Voting Agreement and the
    transactions contemplated hereby is exempt from, (A)&nbsp;the
    requirements of any applicable &#147;moratorium,&#148;
    &#147;control share,&#148; &#147;fair price,&#148; or other
    antitakeover laws and regulation of any state (collectively,
    &#147;TAKEOVER LAWS&#148;), including Section&nbsp;203 of the
    DGCL and (B)&nbsp;any other applicable provision of the
    Constitutive Documents of the Company or any of its Subsidiaries.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;The Company has received the opinion of
    Sandler O&#146;Neill &#38; Partners, L.P., dated the date of
    this Agreement, to the effect that, as of the date of this
    Agreement, the Consideration to be received in the Merger by the
    stockholders of the Company is fair to the stockholders of the
    Company from a financial point of view.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(f)<I>&nbsp;Regulatory Filings; No Defaults.</I>
    (1)&nbsp;No consents or approvals of, or filings or
    registrations with, any Governmental Authority or with any third
    party are required to be made or obtained by the Company or any
    of its Subsidiaries in connection with the execution, delivery
    or performance by the Company of this Agreement, or to
    consummate the Merger or the other transactions contemplated
    hereby, except for (A)&nbsp;the filing with the SEC of the Proxy
    Statement in definitive form, (B)&nbsp;the filing and approval
    of applications and notices, as applicable, with the Board of
    Governors of the Federal Reserve System, the NCCOB and the FDBF,
    and expiration of any related waiting periods, with respect to
    the Merger, (C)&nbsp;the filing of a notification, if required,
    and expiration of the related waiting period under the HSR Act,
    (D)&nbsp;the filing of a certificate of merger with the
    Secretary of State of the State of Delaware pursuant to the
    DGCL, and (E)&nbsp;the filings of applications and notices, as
    applicable, required to be made pursuant to the Bank Act
    (Canada). As of the date hereof, the Company is not aware of any
    reason why the approvals of all Governmental Authorities
    necessary to permit consummation of the transactions
    contemplated by this Agreement will not be received without the
    imposition of a condition or requirement described in
    Section&nbsp;7.01(b).
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;Subject to receipt of the regulatory
    approvals, and expiration of the waiting periods, referred to in
    the preceding paragraph and the making of required filings under
    federal and state securities laws, if any, the execution,
    delivery and performance of this Agreement and the consummation
    of the transactions contemplated hereby do not and will not
    (A)&nbsp;constitute a breach or violation of, or a default
    under, or give rise to any Lien, any acceleration of remedies or
    any right of termination under, any law, rule or regulation or
    any judgment, decree, order, governmental permit or license, or
    Contract of the Company or of any of its Subsidiaries or to
    which the Company or any of its Subsidiaries or properties is
    subject or bound, (B)&nbsp;constitute a breach or violation of,
    or a default under, the Constitutive Documents of the Company or
    any of its Subsidiaries or (C)&nbsp;require any consent or
    approval under any such law, rule, regulation, judgment, decree,
    order, governmental permit or license or Contract.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(g)<I>&nbsp;SEC Documents; Financial
    Statements.</I> The Company&#146;s Annual Reports on
    Form&nbsp;10-KSB for the fiscal years ended December&nbsp;31,
    1999, 2000 and 2001, and all other reports, registration
    statements, definitive proxy statements or information
    statements filed or to be filed by the Company or any of its
    Subsidiaries subsequent to December&nbsp;31, 2001 under the
    Securities Act, or under Sections&nbsp;13(a), 13(c), 14 or 15(d)
    of the Exchange Act, in the form filed or to be filed
    (collectively, the &#147;COMPANY&#146;S SEC DOCUMENTS&#148;)
    with the SEC, as of the date filed, (A)&nbsp;complied or will
    comply in all material respects as to form with the applicable
    requirements under the Securities Act
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-14
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">or the Exchange Act, as the case may be, and
    (B)&nbsp;did not (or if amended or superseded by a filing prior
    to the date of this Agreement, then did not as of the date of
    such filing) and will not contain any untrue statement of a
    material fact or omit to state a material fact required to be
    stated therein or necessary to make the statements therein, in
    the light of the circumstances under which they were made, not
    misleading; and each of the balance sheets contained in or
    incorporated by reference into any such SEC Document (including
    the related notes and schedules thereto) fairly presents, or
    will fairly present, the financial position of the Company and
    its Subsidiaries as of its date, and each of the statements of
    income and changes in stockholders&#146; equity and cash flows
    or equivalent statements in such SEC Documents (including any
    related notes and schedules thereto) fairly presents, or will
    fairly present, the results of operations, changes in
    stockholders&#146; equity and changes in cash flows, as the case
    may be, of the Company and its Subsidiaries for the periods to
    which they relate, in each case in accordance with generally
    accepted accounting principles consistently applied during the
    periods involved, except in each case as may be noted therein,
    subject to normal year-end audit adjustments in the case of
    unaudited statements.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(h)<I>&nbsp;Absence of Undisclosed Liabilities
    and Changes.</I> (1)&nbsp;Except as disclosed in the
    Company&#146;s SEC Documents filed prior to the date hereof,
    none of the Company or its Subsidiaries has any obligation or
    liability (whether or not required to be reflected in financial
    statements prepared in accordance with generally accepted
    accounting principles or otherwise), that, individually or in
    the aggregate, would reasonably be expected to constitute or
    have a Material Adverse Effect on the Company, and, since
    December&nbsp;31, 2001, on a consolidated basis the Company and
    its Subsidiaries have not incurred any liability other than in
    the ordinary course of business consistent with past practice.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;Since December&nbsp;31, 2001, except for
    execution of this Agreement and performance of its obligations
    hereunder, (A)&nbsp;the Company and its Subsidiaries have
    conducted their respective businesses in the ordinary and usual
    course consistent with past practice, and (B)&nbsp;no event has
    occurred or circumstance arisen that, individually or taken
    together with all other facts, events and circumstances
    (described in any paragraph of Section&nbsp;5.03 or otherwise),
    has had or is reasonably likely to have a Material Adverse
    Effect with respect to the Company.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(i)<I>&nbsp;Litigation.</I> Except as Previously
    Disclosed, no litigation, claim or other proceeding before any
    court, arbitrator or Governmental Authority is pending against
    the Company or any of its Subsidiaries and, to the
    Company&#146;s knowledge, no such litigation, claim or other
    proceeding has been threatened.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(j)<I>&nbsp;Compliance with Laws.</I>
    (1)&nbsp;The Company and each of its Subsidiaries and, to the
    knowledge of the Company, their respective officers and
    employees:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(A)&nbsp;conducts its business in compliance with
    all applicable federal, state, local and foreign statutes, laws,
    regulations, ordinances, rules, judgments, orders or decrees
    applicable thereto or to the employees conducting such
    businesses, including applicable fair lending laws and other
    laws relating to discriminatory business practices, the USA
    PATRIOT Act of 2001, the International Money Laundering
    Abatement and Anti-Terrorist Financing Act of 2001, and the
    Sarbanes-Oxley Act of 2002, in each case as in effect and
    applicable to such business and employees;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(B)&nbsp;has all permits, licenses,
    authorizations, orders and approvals of, and has made all
    filings, applications and registrations with, all Governmental
    Authorities required in order to permit them to own or lease
    their properties and to conduct their businesses as presently
    conducted; all such permits, licenses, certificates of
    authority, orders and approvals are in full force and effect
    and, to the Company&#146;s knowledge, no suspension or
    cancellation of any of them is threatened or would reasonably be
    expected to occur, and all such filings, applications and
    registrations are current;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-15
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(C)&nbsp;has received, since December&nbsp;31,
    1997, no notification or communication from any Governmental
    Authority (i)&nbsp;asserting that the Company or any of its
    Subsidiaries is not in compliance with any of the statutes,
    regulations, or ordinances that such Governmental Authority
    enforces, (ii)&nbsp;threatening to revoke any license,
    franchise, permit, or governmental authorization (nor, to the
    Company&#146;s knowledge, do grounds for any of the foregoing
    exist) or (iii)&nbsp;restricting or disqualifying their
    activities (except for restrictions generally imposed by rule,
    regulation or administrative policy on banking organizations
    generally);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(D)&nbsp;is not aware of any pending or
    threatened investigation, review or disciplinary proceedings by
    any Governmental Authority against the Company, any of its
    Subsidiaries or any officer, director or employee thereof;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(E)&nbsp;is not subject to any order or decree
    issued by, or a party to any agreement or memorandum of
    understanding with, or a party to any commitment letter or
    similar undertaking to, or subject to any order or directive by,
    or a recipient of any supervisory letter from, and has not
    adopted any board resolutions at the request of any Governmental
    Authority and has not been advised by any Governmental Authority
    that it is considering issuing or requesting any such agreement
    or other action; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(F)&nbsp;since December&nbsp;31, 1997, has timely
    filed all reports, registrations and statements, together with
    any amendments required to be made with respect thereto, that
    were required to be filed under any applicable law, regulation
    or rule, with any applicable Governmental Authority
    (collectively, the &#147;COMPANY REPORTS&#148;). As of their
    respective dates, the Company Reports complied with the
    applicable statutes, rules, regulations and orders enforced or
    promulgated by the regulatory authority with which they were
    filed.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;None of the Company or its Subsidiaries
    has engaged in any of the practices listed in Office of the
    Comptroller of the Currency Advisory Letter AL 2000-7 as
    &#147;indications that an institution may be engaging in abusive
    lending practices&#148; or as practices that &#147;may suggest
    the potential for fair lending violations&#148; or has
    originated, owned or serviced or currently owns or services any
    Loan subject to the requirements of Section&nbsp;226.32 of title
    12 of the Code of Federal Regulations as will be in effect on
    October&nbsp;1, 2002.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(k)<I>&nbsp;Material Contracts; Defaults.</I> The
    Company has Previously Disclosed a complete and accurate list of
    all material Contracts (and in the case of material Contracts
    constituting Loans by the Company or any of its Subsidiaries,
    the total amounts committed and outstanding under such Loans as
    of the date hereof) to which the Company or any of its
    Subsidiaries is a party, including the following:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;any Contract not constituting a Loan
    that (A)&nbsp;is not terminable at will both without cost or
    other liability to the Company or any of its Subsidiaries and
    upon notice of 30&nbsp;days or less and (B)&nbsp;provides for
    fees or other payments in excess of $20,000 per annum or in
    excess of $40,000 for the remaining term of the Contract;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;any Contract with a third party to
    perform services for the Company or any of its Subsidiaries on a
    regular or ongoing basis;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;any Contract that contains an
    &#147;exclusivity&#148; clause (that is, obligates the Company
    or any of its Subsidiaries to conduct business with another
    party on an exclusive basis or restricts the ability of the
    Company or any of its Subsidiaries to conduct business with any
    person);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;any Loan by the Company or any of the
    Subsidiaries pursuant to which total amounts committed or
    outstanding under such Loan exceed $1,000,000;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(5)&nbsp;any Contract with a term beyond the
    Effective Time under which the Company or any of its
    Subsidiaries created, incurred, assumed, or guaranteed (or may
    create, incur, assume, or guarantee) indebtedness for borrowed
    money (including capitalized lease obligations);
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-16
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(6)&nbsp;any Contract to which the Company or any
    of its Subsidiaries is a party, on the one hand, and under which
    any affiliate, officer, director, employee or equity holder or
    other Related Person of the Company or any of its Subsidiaries,
    on the other hand, is a party or beneficiary;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(7)&nbsp;any Contract with respect to the
    employment of, or payment to, any present or former directors,
    officers, employees or consultants;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(8)&nbsp;any Contract involving the purchase or
    sale of assets with a book value greater than $50,000 entered
    into since December&nbsp;31, 1999; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(9)&nbsp;any Contract involving a capital
    expenditure in excess of $50,000 in a twelve month period or
    $125,000 in the aggregate.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Neither the Company nor any of its Subsidiaries
nor, to the Company&#146;s knowledge, any other party thereto is
in default under any such Contract, and there has not occurred
any event that, with the lapse of time or the giving of notice
or both, would constitute such a default. The Contracts referred
to in Section&nbsp;5.03(k)(6) above are on arm&#146;s-length
terms or terms more favorable to the Company and its
Subsidiaries.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(l)<I>&nbsp;Non-Competition/
    Non-Solicitation.</I> Except as Previously Disclosed, neither
    the Company nor any of its Subsidiaries is a party to or bound
    by any non-competition or non-solicitation agreement or any
    other agreement or obligation (1)&nbsp;that limits, purports to
    limit, or would limit in any respect the manner in which, or the
    localities in which, any business of the Company or its
    affiliates is or could be conducted or the types of business
    that the Company or its affiliates conducts or may conduct,
    (2)&nbsp;that would reasonably be understood to limit or purport
    to limit in any respect the manner in which, or the localities
    in which, any business of the Acquiror or its affiliates is or
    could be conducted or the types of business that the Acquiror or
    its affiliates conducts or may conduct or (3)&nbsp;that limits,
    purports to limit or would limit in any way the ability of the
    Company and its Subsidiaries to solicit prospective employees or
    would so limit or purport to limit the ability of the Acquiror
    or its affiliates to do so.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(m)&nbsp;<I>Properties.</I> Except as disclosed
    in the financial statements filed in its SEC Documents on or
    before the date hereof, the Company and its Subsidiaries have
    good and marketable title, free and clear of all Liens (other
    than Liens for current Taxes not yet delinquent, mechanics
    liens, materialmen Liens, or other inchoate Liens) to the
    properties and assets, tangible or intangible, reflected in such
    financial statements (including the notes thereto) as being
    owned by the Company and its Subsidiaries as of the dates
    thereof. All buildings and all fixtures, equipment, and other
    property and assets that are material to its business and are
    held under leases or subleases by any of the Company and its
    Subsidiaries are held under valid leases or subleases
    enforceable in accordance with their respective terms (except as
    enforceability may be limited by applicable bankruptcy,
    insolvency, reorganization, moratorium or other laws affecting
    creditors&#146; rights generally and to general equity
    principles).
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(n)&nbsp;<I>Employee Benefit Plans.</I>
    (1)&nbsp;The Company has Previously Disclosed a complete list of
    all bonus, vacation, deferred compensation, commission-based,
    pension, retirement, profit-sharing, thrift, savings, employee
    stock ownership, stock bonus, stock purchase, restricted stock,
    stock appreciation and stock option plans, all employment or
    severance contracts, all medical, dental, disability, severance,
    health and life plans, all other employee benefit and fringe
    benefit plans, contracts, programs or arrangements and any
    &#147;change of control&#148; or similar provisions in any plan,
    contract, program or arrangement maintained or contributed to by
    the Company or any of its Subsidiaries for the benefit of
    current or former officers, employees or directors or the
    beneficiaries or dependents of any of the foregoing
    (collectively, (and including the Specified Compensation Plans)
    the &#147;COMPENSATION PLANS&#148;) other than plans, programs
    or arrangements that cost less than $2,000 per annum to maintain
    in the aggregate.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;With respect to each Compensation Plan,
    if applicable, the Company has provided to the Acquiror, true
    and complete copies of the existing: (A)&nbsp;Compensation Plan
    documents and
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-17
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">amendments thereto; (B)&nbsp;trust instruments
    and insurance contracts; and (C)&nbsp;two most recent Forms 5500
    filed with the IRS.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;Except as Previously Disclosed, each of
    the Compensation Plans has been administered and operated in
    accordance with the terms thereof and with applicable law,
    including ERISA, the Code and the Securities Act. Each of the
    Compensation Plans that is an &#147;employee pension benefit
    plan&#148; within the meaning of Section&nbsp;3(2) of ERISA
    (&#147;PENSION PLAN&#148;) and that is intended to be qualified
    under Section&nbsp;401(a) of the Code has received a favorable
    determination letter from the IRS covering all tax law changes
    prior to the Economic Growth and Tax Relief Reconciliation Act
    of 2001 or has applied to the IRS for such favorable
    determination letter within the applicable remedial amendment
    period under Section&nbsp;401(b) of the Code, and the Company is
    not aware of any circumstances that would likely result in the
    revocation or denial of any such favorable determination letter.
    None of the Company, any of its Subsidiaries or an Indemnified
    Party has engaged in any transaction with respect to any
    Compensation Plan that has subjected, or (assuming the taxable
    period with respect to the transaction expired as of the date
    hereof) could subject the Company or any of its Subsidiaries to
    a tax or penalty imposed by either Section 4975 of the Code or
    Section&nbsp;502 of ERISA in an amount that would be material.
    There is no pending or, to the Company&#146;s knowledge,
    threatened litigation or governmental audit, examination or
    investigation relating to the Compensation Plans.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(4)&nbsp;No liability under Subtitle C or D of
    Title IV of ERISA has been or is expected to be incurred by the
    Company or any of its Subsidiaries with respect to any
    &#147;single-employer plan&#148; (within the meaning of
    Section&nbsp;4001 (a)(15) of ERISA) or Multiemployer Plan
    currently or formerly maintained or contributed to by any of
    them, or the single-employer plan or Multiemployer Plan of any
    entity (an &#147;ERISA AFFILIATE&#148;) that is considered one
    employer with the Company under Section&nbsp;4001(a)(14) of
    ERISA or Section&nbsp;414(b) or (c)&nbsp;of the Code (an
    &#147;ERISA AFFILIATE PLAN&#148;). No notice of a
    &#147;reportable event,&#148; within the meaning of
    Section&nbsp;4043 of ERISA for which the 30-day reporting
    requirement has not been waived or extended, other than pursuant
    to PBGC Reg. Section&nbsp;4043.66, has been required to be filed
    for any Pension Plan or by any ERISA Affiliate within the
    12-month period ending on the date hereof. The PBGC has not
    instituted proceedings to terminate any Pension Plan or ERISA
    Affiliate Plan, and, to the Company&#146;s knowledge, no
    condition exists that presents a material risk that such
    proceedings will be instituted. The Company and its Subsidiaries
    have not incurred and do not expect to incur any withdrawal
    liability with respect to a Multiemployer Plan under Subtitle E
    of Title IV of ERISA (regardless of whether based on
    contributions of an ERISA Affiliate).
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(5)&nbsp;All contributions, premiums and payments
    required to have been made under the terms of any of the
    Compensation Plans or applicable law have been timely made or
    reflected in the Company&#146;s SEC Documents. Neither any of
    the Pension Plans nor ERISA Affiliate Plans has an
    &#147;accumulated funding deficiency&#148; (whether or not
    waived) within the meaning of Section&nbsp;412 of the Code or
    Section&nbsp;302 of ERISA. None of the Company, any of its
    Subsidiaries or any ERISA Affiliate has provided, or is required
    to provide, security to any Pension Plan or any ERISA Affiliate
    Plan pursuant to Section&nbsp;401(a)(29) or Section&nbsp;412(n)
    of the Code.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(6)&nbsp;Under each Pension Plan which is a
    single-employer plan, as of the last day of the most recent plan
    year ended prior to the date hereof, the actuarially determined
    present value of all &#147;benefit liabilities,&#148; within the
    meaning of Section&nbsp;4001(a)(16) of ERISA (as determined on
    the basis of the actuarial assumptions contained in the
    plan&#146;s most recent actuarial valuation), did not exceed the
    then current value of the assets of such plan. Under each of the
    Pension Plans, there has been no adverse change in the financial
    condition of any Pension Plan (with respect to either assets or
    benefits) since the last day of the most recent plan year.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(7)&nbsp;There is no material pending or, to the
    knowledge of the Company, threatened, litigation relating to the
    Compensation Plans. Neither the Company nor any of its
    Subsidiaries
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-18
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">has any obligations for retiree health and life
    benefits under any Compensation Plan, except as Previously
    Disclosed. The Company or the Subsidiaries may amend or
    terminate any such plan at any time without incurring any
    liability thereunder. There has been no communication to
    employees, former employees or their spouses, beneficiaries or
    dependents by the Company or any of its Subsidiaries that
    promised or guaranteed such employees retiree health or life
    insurance or other retiree death benefits on a permanent basis
    or promised or guaranteed that any such benefits could not be
    modified, eliminated or terminated.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(8)&nbsp;Except as Previously Disclosed, there
    has been no amendment to, announcement by the Company or any of
    its Subsidiaries relating to, or change in employee
    participation or coverage under, any Compensation Plan which
    would increase the expense of maintaining such plan above the
    level of the expense incurred therefor for the most recently
    ended fiscal year. Except as Previously Disclosed, neither the
    execution of this Agreement, stockholder adoption of this
    Agreement nor the consummation of the transactions contemplated
    hereby will (v)&nbsp;entitle any employees of the Company or any
    of its Subsidiaries to severance pay or any increase in
    severance pay upon any termination of employment after the date
    hereof, (w)&nbsp;accelerate the time of payment or vesting or
    trigger any payment or funding (through a grantor trust or
    otherwise) of compensation or benefits under, increase the
    amount payable or trigger any other material obligation pursuant
    to, any of the Compensation Plans, (x)&nbsp;limit or restrict
    the right of the Company to merge, amend or terminate any of the
    Compensation Plans, (y)&nbsp;cause the Company or any of its
    Subsidiaries to record additional compensation expense on its
    income statement with respect to any outstanding stock option or
    other equity-based award or (z)&nbsp;result in payments under
    any of the Compensation Plans which would not be deductible
    under Section 162(m) or Section&nbsp;280G of the Code.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(9)&nbsp;The Company has Previously Disclosed a
    complete list stating the current base salary, 2001 earned
    incentive compensation and 2002 target incentive compensation,
    and additional payments triggered by the Merger and the
    Company&#146;s estimate of the excise tax gross-up for each such
    amount for all current officers, employees and directors of the
    Company or any of its Subsidiaries.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(o)&nbsp;<I>Labor Matters.</I> Each of the
    Company and its Subsidiaries is in compliance with all
    applicable laws respecting employment and employment practices,
    terms and conditions of employment and wages and hours,
    including the Immigration Reform and Control Act of 1986, any
    such laws respecting employment discrimination, disability
    rights or benefits, equal opportunity, affirmative action,
    workers&#146; compensation, employee benefits, severance
    payments, labor relations, employee leave issues, wage and hour
    standards, occupational safety and health requirements and
    unemployment insurance and related matters. Neither the Company
    nor any of its Subsidiaries is a party to or is bound by any
    collective bargaining Contract with a labor union or labor
    organization, nor is the Company or any of its Subsidiaries the
    subject of a proceeding asserting that it or any such Subsidiary
    has committed an unfair labor practice (within the meaning of
    the National Labor Relations Act) or seeking to compel the
    Company or any such Subsidiary to bargain with any labor
    organization as to wages or conditions of employment, nor is
    there any strike or other labor dispute involving it or any of
    its Subsidiaries pending or, to the Company&#146;s knowledge,
    threatened, nor is the Company aware of any activity involving
    it or any of its Subsidiaries&#146; employees seeking to certify
    a collective bargaining unit or engaging in other organizational
    activity. The consummation of the Merger and the other
    transactions contemplated by this Agreement will not entitle any
    third party (including any labor union or labor organization) to
    any payments under any Contract to which the Company or any
    Subsidiary of the Company is a party.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(p)&nbsp;<I>Environmental Matters.</I>
    (1)&nbsp;The Company and each of its Subsidiaries have complied
    at all times with all applicable Environmental Laws; (2)&nbsp;to
    the Company&#146;s knowledge, no property (including soils,
    groundwater, buildings and any other structures) currently or
    formerly owned or operated by the Company or any of its
    Subsidiaries or in which the Company or any of its Subsidiaries
    has a Lien, has been contaminated with, or has had any release
    of, any Hazardous
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-19
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Substance; (3)&nbsp;to the Company&#146;s
    knowledge, neither the Company nor any of its Subsidiaries could
    be deemed the owner or operator under any Environmental Law of
    any property in connection with any Loans or in which it has
    currently or formerly held a Lien or security interest;
    (4)&nbsp;to the Company&#146;s knowledge, neither the Company
    nor any of its Subsidiaries is subject to liability for any
    Hazardous Substance disposal or contamination on any other
    third-party property; (5)&nbsp;neither the Company nor any of
    its Subsidiaries has received any notice, demand letter, claim
    or request for information relating to any violation of, or
    liability under, any Environmental Law; (6)&nbsp;neither the
    Company nor any of its Subsidiaries is subject to any order,
    decree, injunction or other agreement with any Governmental
    Authority or any third party relating to any Environmental Law;
    (7)&nbsp;to the Company&#146;s knowledge, there are no other
    circumstances or conditions involving the Company or any of its
    Subsidiaries, any currently or formerly owned or operated
    property, or any Lien held by the Company or any of its
    Subsidiaries (including the presence of asbestos, underground
    storage tanks, contamination, polychlorinated biphenyls or gas
    station sites) that could be expected to result in any claims,
    liability or investigations or result in any restrictions on the
    ownership, use, or transfer of any property pursuant to any
    Environmental Law; and (8)&nbsp;the Company has made available
    to the Acquiror copies of all environmental reports, studies,
    sampling data, correspondence, filings and other environmental
    information in its possession or reasonably available to it
    relating to the Company, any of its Subsidiaries, any currently
    or formerly owned or operated property or any property in which
    the Company or any of its Subsidiaries has held a Lien and, to
    its knowledge, could be deemed an owner or operator of such
    property pursuant to any Environmental Law.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(q)&nbsp;<I>Tax Matters.</I> (1)&nbsp;All Tax
    Returns that are required to be filed with respect to the
    Company or any of its Subsidiaries, have been or will be timely
    filed, or requests for extensions have been timely filed and
    have not expired; (2)&nbsp;all Tax Returns filed by the Company
    and its Subsidiaries are complete and accurate; (3)&nbsp;all
    Taxes that are due and payable (without regard to whether such
    Taxes have been assessed) have been timely paid or adequate
    reserves have been established for the payment of such Taxes;
    (4)&nbsp;except as Previously Disclosed, all income Tax Returns
    referred to in clause&nbsp;(1) have been examined by the IRS or
    the appropriate taxing authority or the period for assessment of
    the Taxes for which such return has been filed has expired;
    (5)&nbsp;no audit or examination or refund litigation with
    respect to any such Tax Return is pending or, to the
    Company&#146;s knowledge, has been threatened; (6)&nbsp;all
    deficiencies asserted or assessments made as a result of any
    examination of a Tax Return of the Company or any of its
    Subsidiaries, have been paid in full or are being contested in
    good faith; (7)&nbsp;no waivers of statute of limitations have
    been given by or requested with respect to any Taxes of the
    Company or its Subsidiaries for any currently open taxable
    period; (8)&nbsp;the Company and each of its Subsidiaries has
    complied with all information reporting requirements and has in
    its respective files all Tax Returns that it is required to
    retain in respect of information reporting requirements imposed
    by the Code or any similar foreign, state or local law;
    (9)&nbsp;the Company and its Subsidiaries have never been a
    member of an affiliated, combined, consolidated or unitary Tax
    group for purposes of filing any Tax Return (other than a
    consolidated group of which the Company was the common parent);
    (10)&nbsp;no closing agreements, private letter rulings,
    technical advice memoranda or similar agreements or rulings have
    been entered into or issued by any taxing authority with respect
    to the Company or any of its Subsidiaries; (11)&nbsp;no tax is
    required to be withheld pursuant to Section&nbsp;1445 of the
    Code as a result of the transfer contemplated by this Agreement;
    (12)&nbsp;except as Previously Disclosed, the Company and its
    Subsidiaries are not bound by any tax indemnity, tax sharing or
    tax allocation agreement or arrangement; (13)&nbsp;all Taxes
    that the Company or any Subsidiary is or was required by law to
    withhold or collect have been duly withheld or collected and, to
    the extent required by applicable law, have been paid to the
    proper Governmental Authority or other person; (14)&nbsp;there
    are no Liens on any of the assets of any member of the Company
    or any of its Subsidiaries that arose in connection with any
    failure (or alleged failure) to pay any Tax; (15)&nbsp;neither
    the Company nor any predecessor to the Company has made with
    respect to the Company, or any predecessor of the Company any
    consent under Section&nbsp;341 of the Code; and (16)&nbsp;none
    of the Company or any of its Subsidiaries has been a party to
    any distribution occurring
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-20
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">during the last 3&nbsp;years in which the parties
    to such distribution treated the distribution as one to which
    Section&nbsp;355 of the Code (or any similar provision of state,
    local or foreign law) applied.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(r)&nbsp;<I>Risk Management; Allowance for Loan
    Losses.</I> (1)&nbsp;All swaps, caps, floors, option agreements,
    futures and forward contracts and other similar risk management
    arrangements, whether entered into for the Company&#146;s own
    account, or for the account of one or more of the Company&#146;s
    Subsidiaries or their customers (each a &#147;RISK MANAGEMENT
    CONTRACT&#148;), were entered into (A)&nbsp;in accordance with
    prudent business practices and all applicable laws, rules,
    regulations and regulatory policies and (B)&nbsp;with
    counterparties believed to be financially responsible at the
    time; and each of them constitutes the valid and legally binding
    obligation of the Company or one of its Subsidiaries,
    enforceable in accordance with its terms (except as
    enforceability may be limited by applicable bankruptcy,
    insolvency, reorganization, moratorium, fraudulent transfer and
    similar laws of general applicability relating to or affecting
    creditors&#146; rights or by general equity principles), and are
    in full force and effect. Neither the Company nor its
    Subsidiaries, nor to the Company&#146;s knowledge any other
    party thereto, is in breach of any of its obligations under any
    Risk Management Contract.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;The allowances for loan losses reflected
    on the consolidated balance sheets included in the
    Company&#146;s SEC Documents are, in the reasonable judgment of
    the Company&#146;s management, adequate as of their respective
    dates under the requirements of generally accepted accounting
    principles and applicable regulatory requirements and guidelines.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(s)&nbsp;<I>Books and Records.</I> The books and
    records of the Company and its Subsidiaries have been properly
    and accurately maintained, and there are no inaccuracies or
    discrepancies contained or reflected therein.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(t)&nbsp;<I>Accounting Controls.</I> Each of the
    Company and its Subsidiaries has devised and maintained systems
    of internal accounting controls sufficient to provide reasonable
    assurances, in the judgment of the Company Board, that
    (1)&nbsp;all material transactions are executed in accordance
    with management&#146;s general or specific authorization;
    (2)&nbsp;all material transactions are recorded as necessary to
    permit the preparation of financial statements in conformity
    with generally accepted accounting principles consistently
    applied with respect to any criteria applicable to such
    statements, (3)&nbsp;access to the material property and assets
    of the Company and its Subsidiaries is permitted only in
    accordance with management&#146;s general or specific
    authorization; and (4)&nbsp;the recorded accountability for
    items is compared with the actual levels at reasonable intervals
    and appropriate action is taken with respect to any differences.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(u)&nbsp;<I>Insurance.</I> The Company has made
    available to the Acquiror all of the insurance policies,
    binders, or bonds maintained by or for the benefit of the
    Company or its Subsidiaries (&#147;INSURANCE POLICIES&#148;) or
    their representatives. The Company and its Subsidiaries are
    insured with reputable insurers against such risks and in such
    amounts as the management of the Company reasonably has
    determined to be prudent in accordance with industry practices.
    All of the Insurance Policies are in full force and effect; the
    Company and its Subsidiaries are not in default thereunder; and
    all claims thereunder have been filed in due and timely fashion.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(v)<I>&nbsp;No Brokers.</I> No action has been
    taken by the Company or its Subsidiaries (including their
    directors, officers or employees) that would give rise to any
    valid claim against any party hereto for a brokerage commission,
    finder&#146;s fee or other like payment with respect to the
    transactions contemplated by this Agreement, except that the
    Company has employed Sandler O&#146;Neill &#38; Partners, L.P.
    in connection with this transaction on Previously Disclosed
    terms.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(w)<I>&nbsp;Intellectual Property.</I> The
    Company and its Subsidiaries own or have the right to use all
    material Intellectual Property Rights necessary or required for
    the operation of their business as currently conducted
    (collectively, &#147;COMPANY IP RIGHTS&#148;), and have the
    right to use, license, sublicense or assign the same without
    material liability to, or any requirement of consent from, any
    other person or party. The Company has Previously Disclosed all
    Company IP Rights. The Company&#146;s use of the Company IP
    Rights does not infringe any Intellectual Property Rights of any
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-21
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">person; there is no pending or, to the knowledge
    of the Company, threatened litigation, adversarial proceeding,
    administrative action or other challenge or claim relating to
    any Company IP Rights; to the knowledge of the Company, there is
    currently no infringement by any person of any Company IP
    Rights; and the Company IP Rights owned, used or possessed by
    the Company and its Subsidiaries are sufficient and adequate to
    conduct the business of the Company and its Subsidiaries to the
    full extent as such business is currently conducted.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(x)<I>&nbsp;Contracts with Related Persons.</I>
    The Company has Previously Disclosed all Contracts with Related
    Persons.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(y)<I>&nbsp;Profit Sharing Plan.</I> The
    Company&#146;s 401(k) Profit Sharing Plan is identical (except
    for sponsor identifying information) to the Corbel &#38; Co.
    plan that has received the favorable IRS determination letter
    dated September&nbsp;4, 2001 provided to the Acquiror (the
    &#147;CORBEL DETERMINATION LETTER&#148;), and the Company has
    chosen only the options permitted by that plan. The Company has
    followed the terms of the plan and is entitled to rely on the
    Corbel Determination Letter for purposes of qualification.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(z)<I>&nbsp;Operating Agreement.</I> The
    Operating Agreement is the only Contract creating rights or
    obligations on the part of the Company or any of its
    Subsidiaries with respect to Admiralty Insurance Services, L.L.C.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(aa)<I>&nbsp;Disclosure.</I> The information
    Previously Disclosed or otherwise provided to the Acquiror in
    connection with this Agreement, when taken together with the
    representations and warranties contained herein, does not
    contain any untrue statement of a material fact or omit to state
    any material fact necessary in order to make the statements
    contained therein, in the light of the circumstances in which
    they are being made, not misleading. The copies of all documents
    furnished to the Acquiror hereunder are true and complete.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">5.04<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representations
and Warranties of the Acquiror.</I> The Acquiror represents and
warrants to the Company as follows:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)<I>&nbsp;Organization, Standing and
    Authority.</I> The Acquiror is duly organized, validly existing
    and in good standing under the laws of Canada. RBC Centura is
    duly organized, validly existing and in good standing under the
    laws of North Carolina. Following its formation, Acquiror Sub
    will be duly organized, validly existing and in good standing
    under the laws of Delaware. The Acquiror and RBC Centura are,
    and Acquiror Sub will be, following its formation, duly
    qualified to do business and in good standing in the
    jurisdictions where the ownership or leasing of property or
    assets or the conduct of business requires such qualification.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)<I>&nbsp;Corporate Power.</I> The Acquiror and
    RBC Centura and each of their Significant Subsidiaries each has,
    and Acquiror Sub will have, as of the Closing Date, the
    requisite power and authority to carry on its business as it is
    now being or, in the case of Acquiror Sub, will be, conducted
    and to own all its properties and assets; the Acquiror and RBC
    Centura each has, and Acquiror Sub will have, as of the date it
    executes a supplement to this Agreement, the corporate power and
    authority to execute, deliver and perform its obligations under
    this Agreement and, in the case of Acquiror Sub, to adopt the
    plan of merger contained in this Agreement and, in accordance
    therewith, to consummate the transactions contemplated hereby.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)<I>&nbsp;Corporate Authority and Action.</I>
    Each of the Acquiror and RBC Centura has, and Acquiror Sub will
    have, as of the date it executes a supplement to this Agreement,
    taken all corporate action necessary in order to authorize the
    execution and delivery of, and performance of its obligations
    under, this Agreement and to consummate the Merger. This
    Agreement is a valid and legally binding agreement of the
    Acquiror and RBC Centura, enforceable in accordance with its
    terms (except as enforceability may be limited by applicable
    bankruptcy, insolvency, reorganization, and similar laws of
    general applicability relating to or affecting creditors&#146;
    rights or by general equity principles). Upon the execution of a
    supplement to this Agreement by Acquiror Sub, this Agreement
    will be the valid and binding agreement of Acquiror Sub,
    enforceable in accordance with its terms (except as
    enforceability
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-22
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">may be limited by applicable bankruptcy,
    insolvency, reorganization, and similar laws of general
    applicability relating to or affecting creditors&#146; rights or
    by general equity principles).
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)<I>&nbsp;Regulatory Approvals; No
    Defaults.</I> (1)&nbsp;No consents or approvals of, or filings
    or registrations with, any Governmental Authority or with any
    third party are required to be made or obtained by the Acquiror
    or any of its Subsidiaries in connection with the execution,
    delivery or performance by the Acquiror of this Agreement or to
    consummate the Merger or the other transactions contemplated
    hereby except for (A)&nbsp;the filing of applications and
    notices, as applicable, with the Federal Reserve System, the
    NCCOB and the FDBF with respect to the Merger; (B)&nbsp;the
    filing of a notification, if required, and expiration of the
    related waiting period under the HSR Act, (C)&nbsp;the filing of
    a certificate of merger with the Secretary of State of the State
    of Delaware pursuant to the DGCL; and (D)&nbsp;approval by the
    Superintendent of Financial Institutions under the Bank Act
    (Canada). As of the date hereof, the Acquiror is not aware of
    any reason why the approvals of all Governmental Authorities
    necessary to permit consummation of the transactions
    contemplated hereby will not be received without the imposition
    of a condition or requirement described in Section&nbsp;7.01(b).
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;Subject to receipt of the regulatory
    approvals, and expiration of the waiting periods, referred to in
    the preceding paragraph and the making of all required filings
    under federal and state securities laws, the execution, delivery
    and performance of this Agreement and the consummation of the
    transactions contemplated hereby do not and will not
    (A)&nbsp;constitute a breach or violation of, or a default
    under, or give rise to any Lien, any acceleration of remedies or
    any right of termination under, any law, rule or regulation or
    any judgment, decree, order, governmental permit or license, or
    Contract of the Acquiror or of any of its Subsidiaries or to
    which the Acquiror or any of its Subsidiaries or properties is
    subject or bound, (B)&nbsp;constitute a breach or violation of,
    or a default under, the Constitutive Documents of the Acquiror
    or any of its Subsidiaries or (C)&nbsp;require any consent or
    approval under any such law, rule, regulation, judgment, decree,
    order, governmental permit or license, agreement, indenture or
    instrument.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(e)&nbsp;<I>Funds.</I> At the Effective Time, the
    Acquiror will have the funds necessary to consummate the Merger
    and pay the Consideration in accordance with the terms of this
    Agreement.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(f)&nbsp;<I>Interim Operations of Acquiror
    Sub.</I> Acquiror Sub will be formed solely for the purpose of
    engaging in the transactions contemplated hereby and, as of the
    Closing Date, will have engaged in no business other than in
    connection with the transactions contemplated by this Agreement.
    Acquiror Sub will be a direct or indirect wholly owned
    subsidiary of the Acquiror.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(g)&nbsp;<I>No Brokers.</I> No action has been
    taken by the Acquiror, RBC Centura or Acquiror Sub that would
    give rise to any valid claim against any party hereto for a
    brokerage commission, finder&#146;s fee or other, like payment
    with respect to the transactions contemplated by this Agreement,
    except that the Acquiror has employed RBC Dain Rauscher in
    connection with this transaction.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(h)&nbsp;<I>Litigation.</I> No litigation, claim
    or other proceeding before any court, arbitrator or Governmental
    Authority is pending against the Acquiror or any of its
    Subsidiaries and, to the Acquiror&#146;s knowledge, no such
    litigation, claim or other proceeding has been threatened, that
    would materially impair the ability of the Acquiror to perform
    its obligations under this Agreement or otherwise materially
    threaten or materially impede the consummation of the Merger and
    the other transactions contemplated by this Agreement.
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<FONT size="2">ARTICLE VI
</FONT>

<P align="center">
<FONT size="2">COVENANTS
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.01&nbsp;<I>Reasonable Best Efforts.</I>
(a)&nbsp;Subject to the terms and conditions of this Agreement,
each of the Company, the Acquiror, RBC Centura and Acquiror Sub
agrees to use its reasonable best efforts in good faith to take,
or cause to be taken, all actions, and to do, or cause to be
done, all things necessary,
</FONT>

<P align="center"><FONT size="2">A-23
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">proper or desirable, or advisable under
applicable laws, so as to permit consummation of the Merger as
promptly as practicable and otherwise to enable consummation of
the transactions contemplated hereby and shall cooperate fully
with the other party hereto to that end.
</FONT>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;Without limiting the generality of
    Section&nbsp;6.01(a), the Company agrees to use its reasonable
    best efforts to obtain the consent or approval of all persons
    party to a Contract with the Company or any of its Subsidiaries,
    to the extent such consent or approval is required in order to
    consummate the Merger or for the Surviving Corporation to
    receive the benefits of such Contract.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.02&nbsp;<I>Stockholder Approvals.</I> The
Company agrees to take, in accordance with applicable law,
applicable NASDAQ National Market System rules and the
Company&#146;s Constitutive Documents, all action necessary to
convene an appropriate meeting of stockholders of the Company to
consider and vote upon the approval of this Agreement and any
other matters required to be approved by the Company&#146;s
stockholders for consummation of the Merger and the transactions
contemplated hereby (including any adjournment or postponement,
the &#147;COMPANY MEETING&#148;), and to solicit stockholder
approval, as promptly as practicable after the date hereof. The
Company Board has adopted a resolution contemplated by DGCL
Section 251 recommending that the stockholders approve this
Agreement (and will keep such resolution in effect) and take any
other action required to permit consummation of the transactions
contemplated hereby. The obligation of the Company to hold the
Company Meeting shall not be affected by any Acquisition
Proposal or other event or circumstance.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.03&nbsp;<I>Proxy Statement.</I> (a)&nbsp;The
Acquiror and the Company will cooperate in the preparation of a
proxy statement and other proxy solicitation materials of the
Company (the &#147;PROXY STATEMENT&#148;). The Acquiror agrees
to provide as promptly as reasonably practicable all necessary
information for inclusion in the Proxy Statement. The Company
agrees to file the Proxy Statement in preliminary form with the
SEC as promptly as reasonably practicable. The Company will
advise the Acquiror promptly of the time when the Proxy
Statement and any amendment or supplement to the Proxy Statement
has been filed, and of any request by the SEC for amendment of
the Proxy Statement or comments thereon and responses thereto or
requests by the SEC for additional information. The Company
agrees to use its reasonable best efforts, after consultation
with the Acquiror, to respond promptly to all such comments of
and requests by the SEC.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;Each of the Company and the Acquiror
    agrees, as to itself and its Subsidiaries, that none of the
    information supplied or to be supplied by it for inclusion or
    incorporation by reference in the Proxy Statement and any
    amendment or supplement thereto will, at the date of mailing to
    stockholders and at the time of the Company Meeting, contain any
    untrue statement that, at the time and in the light of the
    circumstances under which such statement is made, is false or
    misleading with respect to any material fact, or omit to state
    any material fact necessary in order to make the statements
    therein not false or misleading or necessary to correct any
    earlier statement in the Proxy Statement or any amendment or
    supplement thereto. Each of the Company and the Acquiror further
    agrees that if it shall become aware prior to the Effective Time
    of any information furnished by it that would cause any of the
    statements in the Proxy Statement to be false or misleading with
    respect to any material fact, or to omit to state any material
    fact necessary to make the statements therein not false or
    misleading, to inform promptly the other party thereof and to
    take the necessary steps to correct the Proxy Statement.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;The Company will use its reasonable best
    efforts to cause the definitive Proxy Statement and all required
    amendments and supplements thereto to be mailed to its
    stockholders as promptly as practicable after the date hereof.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.04&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Press
Releases.</I> The initial press release concerning the Merger
and the other transactions contemplated by this Agreement shall
be a joint press release in such form agreed to in advance by
the parties, and thereafter each of the Company and the Acquiror
agrees that it will not, without the prior approval of the other
party, issue any press release or written statement for general
circulation relating to the transactions contemplated hereby
(except for any release or statement that, in the written
opinion of outside counsel to the Company or the Acquiror, as
the case may be, is required by law or regulation and
</FONT>

<P align="center"><FONT size="2">A-24
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">as to which the Company or the Acquiror, as the
case may be, has used its best efforts to discuss with the other
in advance, provided that such release or statement has not been
caused by, or is not the result of, a previous disclosure by or
at the direction of the Company or the Acquiror, as the case may
be, or any of its representatives that was not permitted by this
Agreement).
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Access;
Information.</I> (a)&nbsp;Upon reasonable notice and subject to
applicable laws relating to the exchange of information, the
Company shall afford the Acquiror and its officers, employees,
counsel, accountants and other authorized representatives, such
access during normal business hours throughout the period prior
to the Effective Time to the books, records (including credit
files, tax returns and work papers of independent auditors),
properties, personnel and to such other information as it may
reasonably request and, during such period, the Company shall
furnish promptly (1)&nbsp;a copy of each material report,
schedule and other document filed by it pursuant to the
requirements of federal or state securities or banking laws and
(2)&nbsp;all other information concerning its business,
properties and personnel as the other may reasonably request.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;Each of the Company and the Acquiror
    agrees that it will not, and will cause its representatives not
    to, use any information obtained pursuant to this
    Section&nbsp;6.05 for any purpose unrelated to the consummation
    of the transactions contemplated by this Agreement. Subject to
    the requirements of law, each party will keep confidential, and
    will cause its representatives to keep confidential, all
    information and documents obtained pursuant to this Section
    6.05, and, with respect to the Company, in connection with the
    transactions contemplated hereby, unless such information
    (1)&nbsp;was already known to such party, (2)&nbsp;becomes
    available to such party from other sources not known by such
    party to be bound by a confidentiality obligation, (3)&nbsp;is
    disclosed with the prior written approval of the party to which
    such information pertains, (4)&nbsp;is or becomes readily
    ascertainable from published information or trade sources or
    (5)&nbsp;is such that such party is required by law or court
    order to disclose. If either party is required or reasonably
    believes that it is required to disclose any information
    described in this section by (i)&nbsp;law, (ii)&nbsp;any court
    of competent jurisdiction or (iii)&nbsp;any inquiry or
    investigation by any governmental, official or regulatory body
    which is lawfully entitled to require any such disclosure, such
    party (the &#147;REQUIRED PARTY&#148;) shall, so far as it is
    lawful, notify the other party of such required disclosure on
    the same day that the Required Party (a)&nbsp;is notified of a
    request for such disclosure from the relevant authority, body or
    other entity or (b)&nbsp;determines that such disclosure is
    required, whichever is earlier. Immediately thereafter, and to
    the extent practical on the same day, and subject to applicable
    laws, the parties shall discuss and use their reasonable best
    efforts to agree as to the mandatory nature, the required timing
    and the required content of such disclosure. The Required Party
    will furnish only that portion of the information described in
    this section that is legally required to be disclosed and will
    exercise its reasonable best efforts to obtain an order or other
    reliable assurance that confidential treatment will be accorded
    to the information described in this section so furnished. In
    the event that this Agreement is terminated or the transactions
    contemplated by this Agreement shall otherwise fail to be
    consummated, each party shall promptly cause all copies of
    documents or extracts thereof containing information and data as
    to another party hereto to be returned to the party which
    furnished the same, or at the other party&#146;s request,
    destroyed.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;No investigation by either party of the
    business and affairs of the other shall affect or be deemed to
    modify or waive any representation, warranty, covenant or
    agreement in this Agreement, or the conditions to either
    party&#146;s obligation to consummate the transactions
    contemplated by this Agreement.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Acquisition
Proposals.</I> The Company agrees that it shall not, and shall
cause its Subsidiaries and its and its Subsidiaries&#146;
representatives not to, solicit or encourage inquiries or
proposals with respect to, or engage in any negotiations
concerning, or provide any confidential information to, or have
any discussions with, any person relating to, any tender or
exchange offer, proposal for a merger, consolidation or other
business combination involving the Company or any of its
Subsidiaries or any proposal or offer to acquire in any manner a
substantial equity interest in, or a substantial portion of the
assets or deposits of, the Company or any of its Subsidiaries,
other than the transactions contemplated by this Agreement (any
</FONT>

<P align="center"><FONT size="2">A-25
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">of the foregoing, an &#147;ACQUISITION
PROPOSAL&#148;); PROVIDED that nothing contained in this
Agreement shall prevent the Company Board from (i)&nbsp;making
any disclosure to its stockholders if, in the good faith
judgment of the Company Board, failure so to disclose would be
inconsistent with its obligations under applicable law;
(ii)&nbsp;before the date of the Company Meeting, providing (or
authorizing the provision of) information to, or engaging in (or
authorizing) such discussions or negotiations with, any person
who has made a bona fide written Acquisition Proposal received
after the date hereof which did not result from a breach of this
Section&nbsp;6.06; or (iii) recommending such an Acquisition
Proposal to its stockholders if and only to the extent that, in
the case of actions referred to in clause (ii)&nbsp;or (iii),
(x) such Acquisition Proposal is a Superior Proposal,
(y)&nbsp;the Company Board, after having consulted with and
considered the advice of outside counsel to the Company Board,
determines in good faith that providing such information or
engaging in such negotiations or discussions, or making such
recommendation is required in order to discharge the
directors&#146; fiduciary duties to the Company and its
stockholders in accordance with the DGCL and (z)&nbsp;the
Company receives from such person a confidentiality agreement
substantially in the form of the Confidentiality Agreement. For
purposes of this Agreement, a &#147;SUPERIOR PROPOSAL&#148;
means any Acquisition Proposal by a third party on terms that
the Company Board determines in its good faith judgment, after
receiving the advice of its financial advisors, to be materially
more favorable from a financial point of view to the Company and
its stockholders than the Merger and the other transactions
contemplated hereby, after taking into account the likelihood of
consummation of such transaction on the terms set forth therein,
taking into account all legal, financial (including the
financing terms of any such proposal), regulatory and other
aspects of such proposal and any other relevant factors
permitted under applicable law, after giving the Acquiror at
least two business days to respond to such third-party
Acquisition Proposal once the Board has notified the Acquiror
that in the absence of any further action by the Acquiror it
would consider such Acquisition Proposal to be a Superior
Proposal, and then taking into account any amendment or
modification to this Agreement proposed by the Acquiror. The
Company also agrees immediately to cease and cause to be
terminated any activities, discussions or negotiations conducted
prior to the date of this Agreement with any parties other than
the Acquiror, with respect to any of the foregoing. The Company
shall promptly (within one business day) advise the Acquiror
following the receipt by it of any Acquisition Proposal and the
material terms thereof (including the identity of the person
making such Acquisition Proposal), and advise the Acquiror of
any developments (including any change in such terms) with
respect to such Acquisition Proposal promptly upon the
occurrence thereof. The Company agrees that neither it nor any
of its Subsidiaries shall terminate, amend, modify or waive any
provision of or release any of its rights under any
confidentiality or standstill agreement to which it is a party.
The Company shall enforce, to the fullest extent permitted under
applicable law, the provisions of any such agreement, including,
but not limited to, by obtaining injunctions to prevent any
breaches of such agreements and to enforce specifically the
terms and provisions thereof in any court having jurisdiction.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Nothing contained in this Section&nbsp;6.06 or
any other provision of this Agreement will prohibit the Company
or the Company Board from notifying any third party that
contacts the Company on an unsolicited basis after the date
hereof concerning an Acquisition Proposal of the Company&#146;s
obligations under this Section&nbsp;6.06.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.07&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Takeover
Laws.</I> No party shall knowingly take any action that would
cause the transactions contemplated by this Agreement or the
Voting Agreement to be subject to requirements imposed by any
Takeover Law and each of them shall take all necessary steps
within its control to exempt (or ensure the continued exemption
of) the transactions contemplated by this Agreement from any
applicable Takeover Law, as now or hereafter in effect.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No Rights
Triggered.</I> The Company shall take all reasonable steps
necessary to ensure that the entering into of this Agreement and
the consummation of the transactions contemplated hereby and any
other action or combination of actions, or any other
transactions contemplated hereby, do not and will not result in
the grant of any rights to any person (a)&nbsp;under the
Constitutive Documents of the Company or (b)&nbsp;under any
material Contract to which it or any of its Subsidiaries is a
party except, in each case, as Previously Disclosed or
contemplated by this Agreement.
</FONT>

<P align="center"><FONT size="2">A-26
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.09&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Regulatory
Applications.</I> (a)&nbsp;The Acquiror and the Company and
their respective Subsidiaries shall cooperate and use their
respective reasonable best efforts to prepare all documentation,
to effect all filings and to obtain all permits, consents,
approvals and authorizations of all third parties and
Governmental Authorities necessary to consummate the
transactions contemplated by this Agreement. The Acquiror and
the Company will promptly file applications, notices or other
materials required to be filed with Governmental Authorities by
applicable law in connection with the Merger and promptly file
any additional information requested as soon as practicable
after receipt of request thereof; PROVIDED that each party shall
duly file such filings (including the Proxy Statement in
preliminary form) no later than 25 business days after the date
HEREOF. The Acquiror shall have the right to review in advance,
and to the extent practicable to consult with the Company,
subject to applicable laws relating to the exchange of
information, with respect to, all material written information
submitted to any third party or any Governmental Authority in
connection with the transactions contemplated by this Agreement.
In exercising the foregoing right, the Acquiror agrees to act
reasonably and as promptly as practicable. Each of the Acquiror
and the Company agrees that it will consult with the other party
hereto with respect to the obtaining of all material consents,
registrations, approvals, permits and authorizations of all
third parties and Governmental Authorities necessary or
advisable to consummate the transactions contemplated by this
Agreement, and each party will keep the other party apprised of
the status of material matters relating to completion of the
transactions contemplated hereby.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;Each of the Acquiror and the Company
    agrees, upon request, to furnish the other party with all
    information concerning itself, its Subsidiaries, directors,
    officers and stockholders and such other matters as may be
    reasonably necessary or advisable in connection with any filing,
    notice or application made by or on behalf of such other party
    or any of its Subsidiaries to any third party or Governmental
    Authority.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Indemnification.</I>
(a)&nbsp;Following the Effective Time and for a period of six
years thereafter, the Acquiror shall, or shall cause the
Surviving Corporation to, indemnify, defend and hold harmless
the present and former directors and officers of the Company and
its Subsidiaries (each, an &#147;INDEMNIFIED PARTY&#148;)
against all costs or expenses (including reasonable
attorneys&#146; fees), judgments, fines, losses, claims, damages
or liabilities (collectively, &#147;COSTS&#148;) incurred in
connection with any claim, action, suit, proceeding or
investigation, whether civil, criminal, administrative or
investigative, arising out of actions or omissions occurring at
or prior to the Effective Time (including the transactions
contemplated by this Agreement), whether asserted or claimed
prior to, at or after the Effective Time (each, a
&#147;CLAIM&#148;), to the fullest extent that the Company is
permitted to indemnify its directors and officers under
applicable law and its Constitutive Documents in effect on the
date hereof (and the Acquiror shall, or shall cause the
Surviving Corporation to, also advance expenses as incurred to
the fullest extent permitted under applicable law provided the
person to whom expenses are advanced provides an undertaking to
repay such advances if it is ultimately determined that such
person is not entitled to indemnification); PROVIDED that any
determination required to be made with respect to whether such
an officer&#146;s or director&#146;s conduct complies with the
standards set forth under applicable law and the Company&#146;s
Constitutive Documents shall be made by independent counsel
reasonably acceptable to both the Indemnified Party and the
Surviving Corporation.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;For a period of four years from the
    Effective Time, the Acquiror shall use its reasonable best
    efforts to provide (or cause the Surviving Corporation to
    provide) that portion of director&#146;s and officer&#146;s
    liability insurance that serves to reimburse the present and
    former officers and directors of the Company or any of its
    Subsidiaries (determined as of the Effective Time) with respect
    to claims against such directors and officers arising from facts
    or events which occurred before the Effective Time, which
    insurance shall contain at least the same coverage and amounts,
    and contain terms and conditions no less advantageous, as that
    coverage currently provided by the Company; PROVIDED, HOWEVER,
    that in no event shall the Acquiror be required to expend more
    than twice the current amount spent by the Company (the
    &#147;INSURANCE AMOUNT&#148;) to maintain or procure such
    directors&#146; and officers&#146; insurance coverage; PROVIDED,
    FURTHER, that if the Acquiror is unable to maintain or obtain
    the insurance called for by this Section&nbsp;6.10(b), the
    Acquiror shall use its
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-27
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">reasonable best efforts to obtain as much
    comparable insurance as is available for the Insurance Amount;
    PROVIDED, FURTHER, that officers and directors of the Company or
    any Subsidiary may be required to make application and provide
    customary representations and warranties to the Acquiror&#146;s
    insurance carrier for the purpose of obtaining such insurance.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;Any Indemnified Party wishing to claim
    indemnification under Section&nbsp;6.10(a), upon learning of a
    Claim, shall promptly notify the Acquiror thereof; PROVIDED that
    the failure so to notify shall not affect the obligations of the
    Acquiror under Section&nbsp;6.10(a) unless and to the extent
    that the Acquiror is actually prejudiced as a result of such
    failure. In the event of a Claim (whether arising before or
    after the Effective Time), (1)&nbsp;the Acquiror or the
    Surviving Corporation shall have the right to assume the defense
    thereof and the Acquiror shall not be liable to such Indemnified
    Parties for any legal expenses of other counsel or any other
    expenses subsequently incurred by such Indemnified Parties in
    connection with the defense thereof, except that if the Acquiror
    or the Surviving Corporation elects not to assume such defense
    or counsel for the Indemnified Parties advises that there are
    issues that raise conflicts of interest between the Acquiror or
    the Surviving Corporation and the Indemnified Parties, the
    Indemnified Parties may retain counsel satisfactory to them, and
    the Acquiror or the Surviving Corporation shall pay all
    reasonable fees and expenses of such counsel for the Indemnified
    Parties promptly as statements therefor are received; PROVIDED,
    HOWEVER, that the Acquiror shall be obligated pursuant to this
    paragraph (c)&nbsp;to pay for only one firm of counsel for all
    Indemnified Parties in any jurisdiction unless the use of one
    counsel for such Indemnified Parties would present such counsel
    with a conflict of interest, (2)&nbsp;the Indemnified Parties
    will cooperate in the defense of any such matter and
    (3)&nbsp;the Acquiror shall not be liable for any settlement
    effected without its prior written consent, which consent shall
    not be unreasonably withheld; and PROVIDED, FURTHER, that the
    Acquiror shall not have any obligation hereunder to any
    Indemnified Party when and if a court of competent jurisdiction
    shall ultimately determine, and such determination shall have
    become final and non-appealable, that the indemnification of
    such Indemnified Party in the manner contemplated hereby is
    prohibited by applicable law.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;If the Acquiror or any of its successors
    or assigns shall consolidate with or merge into any other entity
    and shall not be the continuing or surviving entity of such
    consolidation or merger or shall transfer all or substantially
    all of its assets to any entity, then and in each case, proper
    provision shall be made so that the successors and assigns of
    the Acquiror shall assume the obligations set forth in this
    Section&nbsp;6.10.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(e)&nbsp;The provisions of this Section&nbsp;6.10
    are intended to benefit, and may be enforced by, all Indemnified
    Parties and their respective heirs and representatives. An
    Indemnified Party shall be entitled to be reimbursed for all
    expenses (including reasonable attorneys&#146; fees) incurred in
    successfully enforcing this Section.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Notification
of Certain Matters.</I> (a)&nbsp;Each of the Company and the
Acquiror shall give prompt notice to the other of any fact,
event or circumstance known to it that would reasonably be
expected, individually or taken together with all other facts,
events and circumstances known to it, (1)&nbsp;to result in any
Material Adverse Effect with respect to it or (2)&nbsp;to cause
or constitute a material breach of any of its representations,
warranties, covenants or agreements contained herein.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;The Company shall promptly notify the
    Acquiror of any written notice or other bona fide communication
    from any person alleging that the consent of such person is or
    may be required as a condition to the Merger.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;The Company and each of its Subsidiaries
    shall, prior to the Closing Date, notify its insurers in writing
    of all known incidents, events and circumstance that would
    reasonably be expected to give rise to a claim against the
    Company or its Subsidiaries, as applicable.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Employee
Benefits.</I>
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;Following the Effective Time, the
    Acquiror agrees to permit or cause the Company or its
    Subsidiaries to honor all Compensation Plans in accordance with
    their terms.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-28
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;The Company shall and the Acquiror shall
    permit or cause the Company to pay the CIC Payments in
    accordance with the Specified Compensation Plans.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;Following the Effective Time, the
    employees of the Company and its Subsidiaries will be subject to
    the policies of RBC Centura that are applicable to similarly
    situated employees of RBC Centura and its Subsidiaries and will
    be provided employee retirement, welfare and other benefits,
    fringes, and perquisites that are generally comparable in the
    aggregate to those provided by RBC Centura to similarly situated
    employees of RBC Centura and its Subsidiaries.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;The Acquiror will cause each employee
    benefit plan of RBC Centura and its Subsidiaries in which
    employees of the Company and its Subsidiaries are eligible to
    participate to take into account for purposes of eligibility and
    vesting thereunder, but not for purposes of benefit accrual, the
    prior service of such employees with the Company and its
    Subsidiaries as if such service were with RBC Centura and its
    Subsidiaries, to the same extent that such service was credited
    under a comparable plan of the Company. Employees of the Company
    and its Subsidiaries shall not be subject to any waiting periods
    or pre-existing condition limitations under the medical, dental
    and health plans of RBC Centura and its Subsidiaries in which
    they are eligible to participate. Employees of the Company and
    its Subsidiaries will retain credit for vacation pay which has
    been accrued as of the Effective Time and for purposes of
    determining the entitlement of such employees to vacation pay
    following the Effective Time, the service of such employees with
    the Company and its Subsidiaries shall be treated as if such
    service was with RBC Centura and its Subsidiaries.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(e)&nbsp;Prior to the Effective Time, the Company
    shall take all actions necessary to terminate the Admiralty
    401(k) Profit Sharing Plan effective as of the day prior to the
    Closing Date, including adopting resolutions of the Company
    Board.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(f)&nbsp;Ten days prior to the Effective Time,
    for each current officer, employee or director of the Company or
    its Subsidiaries entitled to receive any payments or benefits
    triggered by the Merger, the Company shall deliver to the
    Acquiror, in a form reasonably satisfactory to the Acquiror, a
    general waiver and release of claims signed by such officer,
    employee or director. Such release shall provide that if a
    termination of employment occurs during a period in which an
    officer, employee or director is entitled to the continued
    provision of benefits triggered by the Merger under any
    Compensation and Benefit Plan (the &#147;CIC BENEFITS
    CONTINUATION&#148;), then the Company will provide such benefits
    on substantially the same terms and at the same employee costs
    as then in effect for the remainder of the period covered by the
    CIC Benefits Continuation, and that such period shall be
    coincident with the period of required coverage under the
    Consolidated Omnibus Budget Reconciliation Act (COBRA).
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(g)&nbsp;The Company shall be responsible for
    providing or discharging any and all notifications, benefits and
    liabilities to employees and Governmental Authorities required
    by the Workers Adjustment and Retraining Notification Act of
    1988 (WARN Act) or by any other applicable law relating to plant
    closings or employee separations or severance pay that are
    required to be provided before the Effective Time as a result of
    the transactions contemplated by this Agreement and RBC Centura
    shall be responsible for any and all such matters following the
    Effective Time. The Company shall cooperate in preparing and
    distributing any notices that RBC Centura may desire to provide
    prior to the Effective Time, in connection with actions by RBC
    Centura after the Effective Time would result in a notice
    requirement under such laws.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.13<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
Adjustments.</I> Upon the request of the Acquiror, the Company
shall (a)&nbsp;consistent with generally accepted accounting
principles and regulatory accounting principles, use its best
efforts to record any accounting adjustments required to conform
the (1)&nbsp;loan, litigation and other reserves (including loan
classifications and levels of reserves) and (2)&nbsp;real estate
and securities valuation policies and practices of the Company
and its Subsidiaries so as to reflect consistently on a mutually
satisfactory basis the policies and practices of the Acquiror
and (b)&nbsp;make reasonable adjustments to the corporate
structure of the Company or its direct or indirect subsidiaries
and transfer assets or liabilities between the Company and its
Subsidiaries or between Subsidiaries; PROVIDED, HOWEVER, that
the Company shall
</FONT>

<P align="center"><FONT size="2">A-29
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">not be obligated to record any such accounting
adjustments (1)&nbsp;unless and until the Company shall be
satisfied that the conditions to the obligation of the parties
to consummate the Merger will be satisfied or waived on or
before the Closing Date and (2)&nbsp;in no event until the day
prior to the Closing Date.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.14<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
Contracts.</I> Prior to the Effective Time, the Company (a)
shall cause any Contracts with Related Persons (other than
Compensation Plans) to be terminated (effective prior to or as
of the Effective Time) without any penalty or other adverse
consequences to the Company and (b)&nbsp;will use its reasonable
best efforts to cause the Contracts with third parties
reasonably requested by the Acquiror to be terminated (effective
prior to or as of the Effective Time) without any penalty or
other adverse consequences to the Company or to be amended in
the manner reasonably requested by the Acquiror; PROVIDED,
HOWEVER, that the Company shall not be obligated to cause any
such Contract to be terminated unless and until the Company
shall be satisfied that the conditions to the obligation of the
parties to consummate the Merger will be satisfied or waived on
or before the Closing Date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.15<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory
Compliance.</I> In consultation with the Acquiror, the Company
will take all reasonable measures to ensure that the Surviving
Corporation&#146;s subsidiary depository institutions will
perform at a level of at least &#147;satisfactory&#148; under
the CRA and that the Surviving Corporation and its subsidiary
depository institutions should be deemed &#147;well
managed&#148; by their &#147;appropriate Federal banking
agency&#148; (as such term is defined in Section&nbsp;3(q) of
the Federal Deposit Insurance Act).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.16<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Formation of
Acquiror Sub.</I> As soon as practicable following the date of
this Agreement, the Acquiror shall cause Acquiror Sub to be duly
organized as a direct or indirect wholly owned Subsidiary of the
Acquiror and to become a party to this Agreement by executing
and delivering a supplement hereto.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.17<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IBB Line of
Credit.</I> Prior to the Effective Time, the Company shall repay
in full any outstanding amounts borrowed under its line of
credit with the Independent Bankers&#146; Bank of Florida,
terminate such line of credit, satisfy all of its obligations
under such line of credit and obtain release and return of the
stock of the Bank pledged to secure such line of credit.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.18<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leases.</I>
(a)&nbsp;Within 30&nbsp;days after the date of this Agreement,
the Company shall deliver to the Acquiror an estoppel
certificate for each lease of real property to which it is a
party, each in a form reasonably satisfactory to the Acquiror.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;The Company shall consult with the
    Acquiror in connection with any discussions it has with third
    parties concerning the Company&#146;s lease of real property in
    Palm Beach Gardens, Florida and shall use reasonable best
    efforts to accommodate the views of the Acquiror in connection
    with such discussions and any decisions relating to such
    property.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">6.19<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiralty
Insurance Services, L.L.C.</I> Within 30&nbsp;days after the
date of this Agreement, the Company shall cause to be terminated
all of the obligations of and restrictions on the Company and
each of its Subsidiaries under the Operating Agreement relating
to Admiralty Insurance Services, L.L.C., dated as of
March&nbsp;31, 2000, by and among Karp Insurance Consultants,
Inc. and the Company (the &#147;OPERATING AGREEMENT&#148;), and
provide for the change of the name of Admiralty Insurance
Services, L.L.C., all in a manner reasonably satisfactory to the
Acquiror.
</FONT>

<P align="center">
<FONT size="2">ARTICLE VII
</FONT>

<P align="center">
<FONT size="2">CONDITIONS TO CONSUMMATION OF THE MERGER
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">7.01<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conditions
to Each Party&#146;s Obligation to Effect the Merger.</I> The
obligation of each of the Acquiror, RBC Centura, Acquiror Sub
and the Company to consummate the Merger is subject to the
fulfillment or written waiver by the Acquiror and the Company
prior to the Effective Time of each of the following conditions:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)<I>&nbsp;Stockholder Approval.</I> This
    Agreement shall have been duly approved and adopted and a plan
    of merger shall have been duly approved by the affirmative vote
    of the holders of the requisite
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-30
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">number of the outstanding shares of Company
    Common Stock entitled to vote thereon in accordance with
    applicable law and the Company&#146;s Constitutive Documents.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)<I>&nbsp;Governmental and Regulatory
    Consents.</I> All approvals and authorizations of, filings and
    registrations with, and notifications to, all Governmental
    Authorities required for the consummation of the Merger, and for
    the prevention of any termination of any material right,
    privilege, license or agreement of either the Acquiror or the
    Company or their respective Subsidiaries, shall have been
    obtained or made and shall be in full force and effect and all
    waiting periods required by law shall have expired; PROVIDED,
    HOWEVER, that none of the preceding shall be deemed obtained or
    made if it shall be subject to any condition or restriction the
    effect of which, together with any other such conditions or
    restrictions, would be reasonably expected to have a Material
    Adverse Effect on the Surviving Corporation or the Acquiror or
    its operations in the United States after the Effective Time.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)<I>&nbsp;Third Party Consents.</I> All
    consents or approvals of all persons, other than Governmental
    Authorities, required for or in connection with the execution,
    delivery and performance of this Agreement and the consummation
    of the Merger shall have been obtained and shall be in full
    force and effect, unless the failure to obtain any such consent
    or approval is not reasonably likely to have, individually or in
    the aggregate, a Material Adverse Effect on the Surviving
    Corporation.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)<I>&nbsp;No Injunction.</I> No Governmental
    Authority of competent jurisdiction shall have enacted, issued,
    promulgated, enforced or entered any statute, rule, regulation,
    judgment, decree, injunction or other order (whether temporary,
    preliminary or permanent) which is in effect and prohibits
    consummation of the transactions contemplated by this Agreement.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">7.02<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conditions
to Obligation of the Company.</I> The obligation of the Company
to consummate the Merger is also subject to the fulfillment or
written waiver by the Company prior to the Effective Time of
each of the following conditions:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)<I>&nbsp;Representations and Warranties.</I>
    The representations and warranties of the Acquiror set forth in
    this Agreement shall be true and correct as of the date of this
    Agreement and as of the Closing Date as though made on and as of
    the Closing Date (except that representations and warranties
    that by their terms speak as of the date of this Agreement or
    some other date shall be true and correct only as of such date),
    and the Company shall have received a certificate, dated the
    Closing Date, signed on behalf of the Acquiror by a senior
    officer of the Acquiror to such effect.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)<I>&nbsp;Performance of Obligations of the
    Acquiror.</I> The Acquiror shall have performed in all material
    respects all obligations required to be performed by it under
    this Agreement at or prior to the Effective Time, and the
    Company shall have received a certificate, dated the Closing
    Date, signed on behalf of the Acquiror by a senior officer of
    the Acquiror to such effect.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">7.03<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conditions
to Obligation of the Acquiror.</I> The obligations of the
Acquiror, RBC Centura and Acquiror Sub to consummate the Merger
are also subject to the fulfillment or written waiver by the
Acquiror prior to the Effective Time of each of the following
conditions:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)<I>&nbsp;Representations and Warranties.</I>
    Subject to the standard set forth in Section&nbsp;5.02, the
    representations and warranties of the Company set forth in this
    Agreement shall be true and correct as of the date of this
    Agreement and as of the Closing Date as though made on and as of
    the Closing Date (except that representations and warranties
    that by their terms speak as of the date of this Agreement or
    some other date shall be true and correct only as of such date),
    and the Acquiror shall have received a certificate, dated the
    Closing Date, signed on behalf of the Company by the Chief
    Executive Officer and the Chief Financial Officer of the Company
    to such effect.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)<I>&nbsp;Performance of Obligations of the
    Company.</I> The Company shall have performed in all material
    respects all obligations required to be performed by it under
    this Agreement (provided that the Company&#146;s obligations
    pursuant to Section&nbsp;6.17 and Section&nbsp;6.19 shall have
    been performed in full) at or prior to the Effective Time, and
    the Acquiror shall have received a certificate, dated the
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-31
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Closing Date, signed on behalf of the Company by
    the Chief Executive Officer and the Chief Financial Officer of
    the Company to such effect.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)<I>&nbsp;Employment Agreements.</I> The
    Employment Agreements of (1)&nbsp;each individual comprising
    Group A as set forth in ANNEX A and (2)&nbsp;at least 15 of the
    17 individuals comprising Group B as set forth in ANNEX A shall
    be in full force and effect and shall not have been amended and,
    in each case, such individual shall still be employed by the
    Company or a Subsidiary of the Company, and shall not have
    committed an act or omission that would permit their termination
    for &#147;cause&#148; thereunder; PROVIDED, HOWEVER, that this
    condition shall not be deemed unsatisfied as a result of the
    death or disability of one of the individuals named in Group A
    as set forth in ANNEX A or any or all of the individuals named
    in Group B as set forth in ANNEX&nbsp;A.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;<I>Environmental Assessments.</I> The
    Company shall have caused ASTM 1527 &#147;Phase&nbsp;I&#148;
    and/or &#147;Phase&nbsp;II&#148; environmental site assessment
    reports reasonably requested by the Acquiror to be prepared on
    up to two properties for such of the real properties owned,
    operated or controlled by the Company or any of the
    Company&#146;s Subsidiaries and identified by the Acquiror in a
    form and substance reasonably acceptable to the Acquiror and, as
    a result of such assessments, no conditions shall be revealed or
    discovered that would be reasonably likely, individually or in
    the aggregate, to have a Material Adverse Effect on the Company.
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<FONT size="2">ARTICLE VIII
</FONT>

<P align="center">
<FONT size="2">TERMINATION
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">8.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Termination.</I>
This Agreement may be terminated and the Merger may be abandoned:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;<I>Mutual Consent.</I> At any time prior
    to the Effective Time, by the mutual consent of the Acquiror and
    the Company, if the Board of Directors of each so determines by
    vote of a majority of the members of its entire Board.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;<I>Breach.</I> At any time prior to the
    Effective Time, by the Acquiror or the Company (and with written
    notice to the other party), in each case if its Board of
    Directors so determines by vote of a majority of the members of
    its entire Board, in the event of either: (1)&nbsp;a breach by
    the other party of any representation or warranty contained
    herein, which breach cannot be or has not been cured within
    30&nbsp;days after the giving of written notice to the breaching
    party of such breach; or (2)&nbsp;a breach by the other party of
    any of the covenants or agreements contained herein, which
    breach cannot be or has not been cured within 30&nbsp;days after
    the giving of written notice to the breaching party of such
    breach and which breach, individually or in the aggregate with
    other such breaches, would cause the conditions set forth in
    Section&nbsp;7.03(a) or (b), in the case of a breach or breaches
    by the Company, or Section&nbsp;7.02(a) or (b), in the case of a
    breach or breaches by the Acquiror, not to be satisfied or would
    reasonably be expected to prevent, materially delay or
    materially impair the ability of the Company or the Acquiror to
    consummate the Merger and the other transactions contemplated by
    this Agreement.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;<I>Delay.</I> At any time prior to the
    Effective Time, by the Acquiror or the Company (and with written
    notice to the other party), in each case if its Board of
    Directors so determines by vote of a majority of the members of
    its entire Board, in the event that the Merger is not
    consummated by March&nbsp;31, 2003 (the &#147;PERMITTED
    TERMINATION DATE&#148;), except to the extent that the failure
    of the Merger then to be consummated arises out of or results
    from the action or inaction of the party seeking to terminate
    pursuant to this Section&nbsp;8.01(c).
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;<I>No Approval.</I> By the Company or
    the Acquiror (and with written notice to the other party), in
    each case if its Board of Directors so determines by a vote of a
    majority of the members of its entire Board, in the event the
    approval of any Governmental Authority required for consummation
    of the Merger and the other transactions contemplated by this
    Agreement shall have been denied by final nonappealable action
    of such Governmental Authority.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-32
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(e)&nbsp;<I>Failure to Recommend, Etc.</I> By the
    Acquiror (and with written notice to the other party), if
    (i)&nbsp;at any time prior to the receipt of the approval of the
    Company&#146;s stockholders contemplated by
    Section&nbsp;7.01(a), the Company Board shall not recommend that
    the stockholders give such approval, or (ii)&nbsp;the Company
    Board takes any of the actions described in clause (ii)&nbsp;or
    (iii)&nbsp;of the proviso to Section&nbsp;6.06.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(f)&nbsp;<I>Superior Proposal.</I> At any time
    prior to the adoption of this Agreement by the Company&#146;s
    stockholders contemplated by Section&nbsp;7.01(a), by the
    Company, if the Company Board so determines by vote of a
    majority of the members of its entire Company Board if
    (1)&nbsp;the Company is not in breach of any material term of
    this Agreement, (2)&nbsp;the Company Board authorizes the
    Company, subject to complying with the terms of this Agreement,
    to enter into a definitive written agreement concerning a
    transaction that constitutes a Superior Proposal and
    (3)&nbsp;the Company notifies the Acquiror in writing that it
    intends to enter into such an agreement as soon as practicable
    upon termination of this Agreement, attaching the most current
    version of such agreement to such notice. The Company agrees to
    notify the Acquiror promptly if it shall determine not to enter
    into the written agreement referred to in its notification at
    any time after giving such notification.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(g)&nbsp;<I>Admiralty Insurance Services.</I> By
    the Acquiror, if the Operating Agreement shall not have been
    terminated within 30&nbsp;days after the date of this Agreement.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">8.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Effect of
Termination and Abandonment.</I> In the event of termination of
this Agreement and the abandonment of the Merger pursuant to
this Article&nbsp;VIII, no party to this Agreement shall have
any liability or further obligation to any other party hereunder
except (a)&nbsp;as set forth in Sections&nbsp;8.03 and 9.01 and
(b)&nbsp;that termination will not relieve a breaching party
from liability for any willful breach of this Agreement giving
rise to such termination.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">8.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Termination
Fee.</I> (a)&nbsp;In addition to any other rights that the
Acquiror has under this Agreement and/or otherwise, the Company
shall pay to the Acquiror $6,000,000 (the &#147;TERMINATION
FEE&#148;) (it being understood that such fee is not intended as
liquidated damages), if either:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(i)&nbsp;this Agreement is terminated by the
    Acquiror pursuant to (A) Section&nbsp;8.01(b) with respect to a
    breach of Section&nbsp;6.02 or 6.06 on the part of the Company
    or (B)&nbsp;Section&nbsp;8.01(e), PROVIDED, HOWEVER, that the
    Acquiror shall not be in material breach of any of its covenants
    or agreements contained in this Agreement such that the Company
    shall be entitled to terminate this Agreement pursuant to
    Section&nbsp;8.01(b); or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(ii)&nbsp;this Agreement is terminated by the
    Company pursuant to Section&nbsp;8.01(f); or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(iii)&nbsp;a Fee Payment Event shall have
    occurred prior to the occurrence of a Fee Termination Event;
    PROVIDED that the Company has not previously paid a Termination
    Fee to the Acquiror pursuant to clause (i)&nbsp;or (ii)&nbsp;of
    this Section 8.03(a).
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;Each of the following shall be a
    &#147;FEE TERMINATION EVENT&#148;: (i)&nbsp;the Effective Time;
    (ii)&nbsp;termination of this Agreement in accordance with its
    terms, other than a Listed Termination, if such termination
    occurs prior to the occurrence of a Tolling Event; or
    (iii)&nbsp;the passage of eighteen (18)&nbsp;months after
    termination of this Agreement if such termination follows the
    occurrence of a Tolling Event or is a Listed Termination. The
    term &#147;LISTED TERMINATION&#148; shall mean a termination by
    the Acquiror pursuant to Section&nbsp;8.01(b) (unless the breach
    giving rise to such right of termination is wholly not
    volitional on the part of Company, its Affiliates or
    representatives).
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;The term &#147;TOLLING EVENT&#148; shall
    mean any of the following events or transactions occurring on or
    after the date hereof:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(i)&nbsp;The Company or any of its Significant
    Subsidiaries, without having received the Acquiror&#146;s prior
    written consent, shall have entered into an agreement to engage
    in an Acquisition Transaction with any person other than the
    Acquiror or any of its Subsidiaries (each an &#147;ACQUIROR
    SUBSIDIARY&#148;), or the Company Board shall have recommended
    that the
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-33
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">stockholders of the Company approve or accept any
    Acquisition Transaction with any person other than the Acquiror
    or an Acquiror Subsidiary.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(ii)&nbsp;Any person other than the Acquiror or
    any Acquiror Subsidiary shall have acquired beneficial ownership
    or the right to acquire beneficial ownership of 20% or more of
    the outstanding shares of Company Common Stock (the term
    &#147;BENEFICIAL OWNERSHIP&#148; for purposes of this Agreement
    having the meaning assigned thereto in Section&nbsp;13(d) of the
    Exchange Act, and the rules and regulations thereunder);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(iii)&nbsp;The stockholders of the Company shall
    have voted and failed to approve this Agreement at a meeting
    which has been held for that purpose or any adjournment or
    postponement thereof, or such meeting shall not have been held
    or shall have been canceled prior to termination of this
    Agreement if, prior to such meeting (or if such meeting shall
    not have been held or shall have been canceled, prior to such
    termination), it shall have been publicly announced that any
    person (other than the Acquiror or any of its Subsidiaries)
    shall have made, or disclosed an intention to make, a bona fide
    proposal to engage in an Acquisition Transaction;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(iv)&nbsp;The Company Board shall have withdrawn,
    modified or qualified (or publicly announced its intention to
    withdraw, modify or qualify) in any manner adverse in any
    respect to the Acquiror its recommendation that the stockholders
    of the Company approve the transactions contemplated by this
    Agreement in anticipation of engaging in an Acquisition
    Transaction, or Company shall have authorized, recommended,
    proposed (or publicly announced its intention to authorize,
    recommend or propose) an agreement to engage in an Acquisition
    Transaction with any person other than the Acquiror or a
    Acquiror Subsidiary;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(v)&nbsp;Any person other than the Acquiror or
    any Acquiror Subsidiary shall have filed with the SEC a
    registration statement or tender offer materials with respect to
    a potential exchange or tender offer that would constitute an
    Acquisition Transaction (or filed a preliminary proxy statement
    with the SEC with respect to a potential vote by its
    stockholders to approve the issuance of shares to be offered in
    such an exchange offer);
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(vi)&nbsp;The Company shall have willfully
    breached any covenant or obligation contained in this Agreement
    after an overture is made by a third party to Company or its
    stockholders to engage in an Acquisition Transaction, and
    following such breach the Acquiror would be entitled to
    terminate this Agreement (whether immediately or after the
    giving of notice or passage of time or both); or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(vii)&nbsp;Any person other than the Acquiror or
    any Acquiror Subsidiary, without Acquiror&#146;s prior written
    consent, shall have filed an application or notice with any
    regulatory or antitrust authority regarding an Acquisition
    Transaction.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;The term &#147;FEE PAYMENT EVENT&#148;
    shall mean any of the following events or transactions occurring
    after the date hereof:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(i)&nbsp;The acquisition by any person (other
    than the Acquiror or any Acquiror Subsidiary) of beneficial
    ownership of 25% or more of the then outstanding Company Common
    Stock; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(ii)&nbsp;The occurrence of the Tolling Event
    described in clause (i)&nbsp;of the definition of the term
    &#147;Tolling Event&#148;, except that the percentage referred
    to in clause (z)&nbsp;of the definition of the term
    &#147;Acquisition Transaction&#148; shall be 25%.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(e)&nbsp;Any payment required to be made under
    Section&nbsp;8.03(a)(i) shall be payable within three business
    days following such termination; any payment required to be made
    under Section&nbsp;8.03(a)(ii) shall be made prior to or
    contemporaneously with such termination; and any payment
    required to be made under Section&nbsp;8.03(a)(iii) shall be
    payable within three business days following the Fee Payment
    Event. In any case such payment shall be made, without setoff,
    by wire transfer in immediately available funds, to an account
    specified by the Acquiror.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-34
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(f)&nbsp;The Company acknowledges that the
    agreements contained in this Section&nbsp;8.03 are an integral
    part of the transactions contemplated by this Agreement and are
    cumulative with, and not intended to limit, other remedies that
    may be available, and that, without these agreements, the
    Acquiror would not enter into this Agreement; accordingly, if
    the Company fails promptly to pay any amount due pursuant to
    this Section&nbsp;8.03, and, in order to obtain such payment,
    the Acquiror commences a suit which results in a judgment
    against the Company for the payment set forth in this
    Section&nbsp;8.03, the Company shall pay the Acquiror&#146;s
    costs and expenses (including attorneys&#146; fees) in
    connection with such suit, together with interest on any amount
    due pursuant to this Section 8.03 from the date such amount
    becomes payable until the date of such payment at the prime rate
    of Citibank N.A. in effect on the date such payment was required
    to be made plus two (2)&nbsp;percent.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(g)&nbsp;The Company shall notify the Acquiror
    promptly in writing of the occurrence of any Tolling Event or
    Fee Payment Event, it being understood that the giving of such
    notice by the Company shall not be a condition to the
    Acquiror&#146;s rights pursuant to this Section&nbsp;8.03.
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<FONT size="2">ARTICLE IX
</FONT>

<P align="center">
<FONT size="2">MISCELLANEOUS
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Survival.</I>
No representations, warranties, agreements and covenants
contained in this Agreement (a)&nbsp;other than those contained
in Sections&nbsp;6.05(b), 8.02, and 8.03 and in this
Article&nbsp;IX, shall survive the termination of this Agreement
if this Agreement is terminated prior to the Effective Time or
(b) other than those contained in Section&nbsp;6.10 and in this
Article&nbsp;IX, shall survive the Effective Time.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">9.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Waiver;
Amendment.</I> Prior to the Effective Time, any provision of
this Agreement may be (a)&nbsp;waived by the party benefitted by
the provision, or (b)&nbsp;amended or modified at any time, by
an agreement in writing executed by both parties, except that,
after adoption of this Agreement by the stockholders of the
Company, no amendment may be made which under applicable law
requires further approval of such stockholders without obtaining
such required further approval.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">9.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Counterparts.</I>
This Agreement may be executed in one or more counterparts, each
of which shall be deemed to constitute an original.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">9.04&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Governing
Law.</I> This Agreement shall be governed by, and interpreted in
accordance with, the laws of the State of New York applicable to
contracts made and to be performed entirely within such State.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">9.05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Expenses.</I>
Subject to Section&nbsp;8.03, each party hereto will bear all
expenses incurred by it in connection with this Agreement and
the transactions contemplated hereby, except that printing and
postage expenses and any other fees and expenses related to the
Proxy Statement shall be shared equally between the Company and
the Acquiror. The Acquiror shall be entitled to select a
printing company of its choice.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">9.06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Notices.</I>
All notices, requests and other communications hereunder to a
party shall be in writing and shall be deemed given (a)&nbsp;on
the date of delivery, if personally delivered or telecopied
(with confirmation), (b)&nbsp;on the first business day
following the date of dispatch, if delivered by a recognized
next-day courier service, or (c)&nbsp;on the third business day
following the date of mailing, if mailed by registered or
certified mail (return receipt requested), in each case to such
party at its address or telecopy number set forth below or such
other address or numbers as such party may specify by notice to
the parties hereto.
</FONT>

<P align="center"><FONT size="2">A-35
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If to the Company, to:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Admiralty Bancorp, Inc.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">4400 PGA Boulevard
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Palm Beach Gardens, Florida 33410
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Attention: Ward Kellogg
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Facsimile: (561)&nbsp;391-4908
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">With a copy to:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Nina S. Gordon, P.A.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Broad and Cassel
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Corporate Centre at Boca Raton, Suite&nbsp;300
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">7777 Glades Road
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Boca Raton, Florida 33434
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Facsimile: (561)&nbsp;218-8978
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If to the Acquiror, RBC Centura or Acquiror Sub,
to:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Royal Bank of Canada
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">200 Bay Street
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">14th Floor, North Tower
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Royal Bank Plaza
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Toronto, Ontario
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Canada M5J 2J5
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Attention: W. Michael Wilson
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Facsimile: (416)&nbsp;974-9344
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">With a copy to:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Donald J. Toumey, Esq.
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Sullivan &#38; Cromwell
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">125 Broad Street
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">New York, New York 10004
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Facsimile: (212)&nbsp;558-3588
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">9.07&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Entire
Understanding; No Third-Party Beneficiaries.</I> This Agreement
(together with the Disclosure Schedule, the Exhibits and the
Annex hereto) represents the entire understanding of the parties
hereto with reference to all the matters encompassed or
contemplated herein or agreed to in contemplation hereof and
this Agreement supersedes any and all other oral or written
agreements heretofore made. Except for Section&nbsp;6.10,
insofar as such Section expressly provides certain rights to the
Indemnified Parties named therein, nothing in this Agreement,
expressed or implied, is intended to confer upon any person,
other than the parties hereto or their respective successors and
permitted assigns, any rights, remedies, obligations or
liabilities under or by reason of this Agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">9.08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Assignment.</I>
Neither this Agreement nor any of the rights, interests or
obligations hereunder shall be assigned or delegated, in whole
or in part (except by operation of law), by any of the parties
hereto without the prior written consent of each other party
hereto, except that the Acquiror, RBC Centura and Acquiror Sub
may assign or delegate in their sole discretion any or all of
their rights, interests or obligations under this Agreement to
any direct or indirect, wholly owned subsidiary of the Acquiror,
but no such assignment shall relieve the Acquiror of any of its
obligations hereunder. Subject to the preceding sentence, this
Agreement shall be binding upon, inure to the benefit of and be
enforceable by, the parties hereto and their respective
successors and assigns.
</FONT>

<P align="center"><FONT size="2">A-36
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed as of the day and year
first above written.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">ADMIRALTY BANCORP, INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">/s/ WARD KELLOGG
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Name:&nbsp;Ward Kellogg
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Title:&nbsp;&nbsp;&nbsp;President and CEO
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">ROYAL BANK OF CANADA
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">/s/ JAMES T. RAGER
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Name:&nbsp;James T. Rager
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Title:&nbsp;&nbsp;&nbsp;Vice Chairman
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">/s/ PETER W. CURRIE
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Name:&nbsp;Peter W. Currie
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Title:&nbsp;&nbsp;&nbsp;Vice Chairman and CFO
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">RBC CENTURA BANKS, INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">/s/ SHAUNEEN BRUDER
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Name:&nbsp;Shauneen Bruder
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Title:&nbsp;&nbsp;&nbsp;President
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-37
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center">
<B><FONT size="2">AMENDMENT TO AGREEMENT AND PLAN OF
MERGER</FONT></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<B><FONT size="2">DATED AS OF AUGUST 29, 2002,</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<B><FONT size="2">AMONG ADMIRALTY BANCORP, INC.,</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<B><FONT size="2">RBC CENTURA BANKS, INC. AND</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<B><FONT size="2">ROYAL BANK OF CANADA</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">WHEREAS, </FONT></B><FONT size="2">Admiralty
Bancorp, Inc., a Delaware corporation
(<I>&#147;Admiralty&#148;</I>), RBC Centura Banks, Inc., a North
Carolina corporation (<I>&#147;RBC Centura&#148;</I>), and Royal
Bank of Canada, a Canadian chartered bank (<I>&#147;Royal
Bank&#148;</I>), have entered into an Agreement and Plan of
Merger (the <I>&#147;Merger Agreement&#148;</I>), dated as of
August&nbsp;29, 2002, pursuant to which a direct or indirect
wholly owned subsidiary of Royal Bank will merge with and into
Admiralty, with Admiralty being the corporation surviving such
merger;
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">WHEREAS, </FONT></B><FONT size="2">the Merger
Agreement may be amended or modified at any time, by an
agreement in writing executed by the parties thereto pursuant to
Section 9.02; and
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">WHEREAS, </FONT></B><FONT size="2">the parties
to the Merger Agreement desire that the Closing Date (as such
term is defined in the Merger Agreement) be January&nbsp;6, 2003.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">NOW, THEREFORE, </FONT></B><FONT size="2">in
consideration of the premises, and of the mutual covenants,
representations, warranties and agreements contained in the
Merger Agreement, the parties hereto agree that
Section&nbsp;2.02 of the Merger Agreement is hereby amended to
read as follows:
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;The Merger shall become effective upon the
filing, in the office of the Secretary of State of the State of
Delaware, of a certificate of merger in accordance with
Section&nbsp;251 of the DGCL, or at such later date and time as
may be set forth in such certificate. Provided that all of the
conditions set forth in Article&nbsp;VII (other than conditions
relating solely to the delivery of documents dated the Closing
Date) have been satisfied or waived in accordance with the terms
of this Agreement by January&nbsp;6, 2003, subject to the terms
of this Agreement, the date on which the parties shall cause the
Merger to become effective (the <I>&#147;Closing Date&#148;</I>)
shall be January&nbsp;6, 2003. If each of the conditions set
forth in Article&nbsp;VII (other than conditions relating solely
to the delivery of documents dated the Closing Date) are not
satisfied or waived in accordance with the terms of this
Agreement by January&nbsp;6, 2003, the Closing Date shall be
(1)&nbsp;on a day within ten business days after the last of the
conditions set forth in Article&nbsp;VII (other than conditions
relating solely to the delivery of documents dated the Closing
Date) shall have been satisfied or waived in accordance with the
terms of this Agreement (or, at the election of the Acquiror, on
the last business day of the month in which such day occurs) or
(2)&nbsp;on such date as the parties may agree in writing.&#148;
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="2">A-38
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">IN WITNESS WHEREOF,
</FONT></B><FONT size="2">the parties hereto have caused this
Amendment to be executed in counterparts by their duly
authorized officers, all as of October&nbsp;25, 2002.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="46%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">ROYAL BANK OF CANADA
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">RBC CENTURA BANKS, INC.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">By:&nbsp;/s/ Peter W. Currie
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">By:&nbsp;/s/ H. Kel Landis III
    </FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Name: Peter W. Currie
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size="2">Name: H. Kel Landis
    III
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Title:&nbsp;Vice Chairman and Chief Financial
    Officer
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size="2">Title:&nbsp;Chief
    Executive Officer
    </FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">By:&nbsp;/s/ Jim Rager
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">By:&nbsp;/s/ Shauneen Bruder
    </FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Name:&nbsp;Jim Rager
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size="2">Name:&nbsp;Shauneen
    Bruder
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Title:&nbsp;Vice Chairman
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size="2">Title:&nbsp;President
    </FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">ADMIRALTY BANCORP, INC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">By:&nbsp;/s/ Ward Kellogg
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Name:&nbsp;Ward Kellogg
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Title:&nbsp;President
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">By:&nbsp;/s/ Kevin M. Sacket
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Name:&nbsp;Kevin M. Sacket
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Title:&nbsp;Treasurer
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="2">A-39
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "SUPPLEMENT TO AGREEMENT AND PLAN OF MERGER" -->
<DIV align="left"><A NAME="065"></A></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center">
<B><FONT size="2">SUPPLEMENT TO AGREEMENT AND PLAN OF
MERGER</FONT></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">WHEREAS,</FONT></B><FONT size="2"> Admiralty
Bancorp, Inc., a Delaware corporation
(<I>&#147;Admiralty&#148;</I>), RBC Centura Banks, Inc., a North
Carolina corporation (<I>&#147;RBC Centura&#148;</I>), and Royal
Bank of Canada, a Canadian chartered bank (<I>&#147;Royal
Bank&#148;</I>), have entered into an Agreement and Plan of
Merger (the <I>&#147;Merger Agreement&#148;</I>), dated
August&nbsp;29, 2002, as amended, pursuant to which a direct or
indirect wholly owned subsidiary of Royal Bank will merge with
and into Admiralty, with Admiralty being the corporation
surviving such merger;
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">WHEREAS,</FONT></B><FONT size="2"> Springs
Acquisition Sub, Inc., a Delaware corporation (<I>&#147;Acquiror
Sub&#148;</I>), was incorporated on September&nbsp;25, 2002 and
is an indirect wholly owned subsidiary of Royal Bank and a
direct wholly owned subsidiary of RBC Centura; and
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">WHEREAS,</FONT></B><FONT size="2">
Section&nbsp;6.16 of the Merger Agreement requires that Acquiror
Sub become a party to the Merger Agreement by executing and
delivering a supplement thereto.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">NOW, THEREFORE,</FONT></B><FONT size="2"> in
consideration of the premises, and of the mutual covenants,
representations, warranties and agreements contained in the
Merger Agreement, the parties hereto agree that, by executing
and delivering this supplement, Acquiror Sub shall become a
party to the Merger Agreement, as amended, in accordance with
Section&nbsp;6.16 thereof, as of the date hereof.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">IN WITNESS WHEREOF,</FONT></B><FONT size="2">
the parties hereto have caused this supplement to be executed in
counterparts by their duly authorized officers, all as of
October&nbsp;31, 2002.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="46%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <FONT size="2">ROYAL BANK OF CANADA
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">RBC CENTURA BANKS, INC.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">By:&nbsp;/s/ Peter W. Currie
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">By:&nbsp;/s/ H. Kel Landis III
    </FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Name: Peter W. Currie
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size="2">Name: H. Kel Landis
    III
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Title:&nbsp;Vice Chairman and Chief Financial
    Officer
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size="2">Title:&nbsp;Chief
    Executive Officer
    </FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">By:&nbsp;/s/ Jim Rager
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">By:&nbsp;/s/ Shauneen Bruder
    </FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Name:&nbsp;Jim Rager
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size="2">Name:&nbsp;Shauneen
    Bruder
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Title:&nbsp;Vice Chairman
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size="2">Title:&nbsp;President
    </FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <FONT size="2">ADMIRALTY BANCORP, INC.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">SPRINGS ACQUISITION SUB, INC.
    </FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">By:&nbsp;/s/ Ward Kellogg
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">By:&nbsp;/s/ Elizabeth A. Edelman
    </FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Name:&nbsp;Ward Kellogg
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size="2">Name:&nbsp;Elizabeth
    A. Edelman
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Title:&nbsp;President
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size="2">Title:&nbsp;Secretary
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="2">A-40
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "ANNEX B" -->
<DIV align="left"><A NAME="066"></A></DIV>

<DIV align="right">
<B><FONT size="2">ANNEX B</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">OPINION OF SANDLER O&#146;NEILL &#38;
PARTNERS, L.P.</FONT></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<FONT size="2">November&nbsp;4, 2002
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<FONT size="2">Board of Directors
</FONT>

<DIV align="left">
<FONT size="2">Admiralty Bancorp, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">1401 North Federal Highway
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Boca Raton, FL 33432
</FONT>
</DIV>

<P align="left">
<FONT size="2">Gentlemen:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Admiralty Bancorp, Inc. (&#147;Admiralty&#148;),
RBC Centura Banks, Inc. (&#147;RBC Centura&#148;) and Royal Bank
of Canada (&#147;RBC&#148;) have entered into an Agreement and
Plan of Merger (the &#147;Agreement&#148;), dated as of
August&nbsp;29, 2002, pursuant to which Admiralty will be
acquired by RBC through the merger of a newly formed subsidiary
of RBC with and into Admiralty (the &#147;Merger&#148;). Under
the terms of the Agreement, upon consummation of the Merger,
each share of Admiralty common stock, no par value, issued and
outstanding immediately prior to the Merger (the &#147;Admiralty
Shares&#148;), other than certain shares specified in the
Agreement, will be converted into the right to receive $26.00 in
cash without interest (the &#147;Merger Consideration&#148;).
The terms and conditions of the Merger are more fully set forth
in the Agreement. You have requested our opinion as to the
fairness, from a financial point of view, of the Merger
Consideration to the holders of Admiralty Shares.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Sandler O&#146;Neill &#38; Partners, L.P., as
part of its investment banking business, is regularly engaged in
the valuation of financial institutions and their securities in
connection with mergers and acquisitions and other corporate
transactions. In connection with this opinion, we have reviewed,
among other things: (i)&nbsp;the Agreement, certain of the
exhibits and schedules thereto, and related documents;
(ii)&nbsp;certain publicly available financial statements and
other historical financial information of Admiralty that we
deemed relevant; (iii)&nbsp;certain publicly available financial
statements and other historical financial information of RBC and
RBC Centura that we deemed relevant; (iv)&nbsp;internal
financial projections for Admiralty for the years ending
December&nbsp;31, 2002 and 2003 prepared by and reviewed with
management of Admiralty and the views of senior management of
Admiralty, based on limited discussions with them, regarding
Admiralty&#146;s business, financial condition, results of
operations and future prospects; (v)&nbsp;the publicly reported
historical price and trading activity for Admiralty&#146;s
common stock, including a comparison of certain financial and
stock market information for Admiralty with similar publicly
available information for certain other companies the securities
of which are publicly traded; (vi)&nbsp;the financial terms of
certain recent business combinations in the commercial banking
industry, to the extent publicly available; (vii)&nbsp;the
current market environment generally and the banking environment
in particular; and (viii)&nbsp;such other information, financial
studies, analyses and investigations and financial, economic and
market criteria as we considered relevant.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In performing our review, we have relied upon the
accuracy and completeness of all of the financial and other
information that was available to us from public sources, that
was provided to us by Admiralty, RBC or RBC Centura or their
respective representatives or that was otherwise reviewed by us
and have assumed such accuracy and completeness for purposes of
rendering this opinion. We have further relied on the assurances
of management of Admiralty, RBC and RBC Centura that they are
not aware of any facts or circumstances that would make any of
such information inaccurate or misleading. We have not been
asked to and have not undertaken an independent verification of
any of such information and we do not assume any responsibility
or liability for the accuracy or completeness thereof. We did
not make an independent evaluation or appraisal of the specific
assets, the collateral securing assets or the liabilities
(contingent or otherwise) of Admiralty or RBC or any of their
subsidiaries, or the collectibility of any such assets, nor have
we been furnished with any such evaluations or appraisals. We
did not make an independent evaluation of the adequacy of the
allowance for loan losses of Admiralty or RBC or any of
</FONT>

<P align="center"><FONT size="2">B-1
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">their subsidiaries nor have we reviewed any
individual credit files relating to Admiralty or RBC or any of
their subsidiaries and, with your permission, we have assumed
that their respective allowances for loan losses are adequate to
cover such losses. We are not accountants and have relied upon
the reports of the independent accountants for each of Admiralty
and RBC for the accuracy and completeness of the audited
financial statements made available to us. With respect to the
financial projections reviewed with Admiralty&#146;s management,
Admiralty&#146;s management has confirmed that they reflect the
best currently available estimates and judgments of such
management of the future financial performance of Admiralty and
we have assumed that such performance will be achieved. We
express no opinion as to such financial projections or the
assumptions on which they are based. We have also assumed that
there has been no material change in Admiralty&#146;s,
RBC&#146;s or RBC Centura&#146;s assets, financial condition,
results of operations, business or prospects since the date of
the most recent financial statements made available to us. We
have assumed in all respects material to our analysis that
Admiralty, RBC and RBC Centura will remain as going concerns for
all periods relevant to our analyses, that all of the
representations and warranties contained in the Agreement and
all related agreements are true and correct, that each party to
such agreements will perform all of the covenants required to be
performed by such party under such agreements and that the
conditions precedent in the Agreement are not waived.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our opinion is necessarily based on financial,
economic, market and other conditions as in effect on, and the
information made available to us as of, the date hereof. Events
occurring after the date hereof could materially affect this
opinion. We have not undertaken to update, revise, reaffirm or
withdraw this opinion or otherwise comment upon events occurring
after the date hereof. We are expressing no opinion herein as to
the prices at which Admiralty&#146;s common stock may trade at
any time.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have acted as Admiralty&#146;s financial
advisor in connection with the Merger and will receive a fee for
our services, a significant portion of which is contingent upon
consummation of the Merger. We have also received a fee for
rendering this opinion. In the past, we have also provided
certain other investment banking services for Admiralty and have
received compensation for such services. As of the date hereof,
Sandler O&#146;Neill &#38; Partners, L.P. owns an aggregate of
100,207 shares of Admiralty common stock.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the ordinary course of our business as a
broker-dealer, we may purchase securities from and sell
securities to Admiralty and RBC or their affiliates. We may also
actively trade the equity and/or debt securities of Admiralty
and RBC or their affiliates for our own account and for the
accounts of our customers and, accordingly, may at any time hold
a long or short position in such securities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our opinion is directed to the Board of Directors
of Admiralty in connection with its consideration of the Merger
and does not constitute a recommendation to any shareholder of
Admiralty as to how such shareholder should vote at any meeting
of shareholders called to consider and vote upon the Merger. Our
opinion is directed only to the fairness of the Merger
Consideration to Admiralty shareholders from a financial point
of view and does not address the underlying business decision of
Admiralty to engage in the Merger, the relative merits of the
Merger as compared to any other alternative business strategies
that might exist for Admiralty or the effect of any other
transaction in which Admiralty might engage. Our opinion is not
to be quoted or referred to, in whole or in part, in a
registration statement, prospectus, proxy statement or in any
other document, nor shall this opinion be used for any other
purposes, without Sandler O&#146;Neill&#146;s prior written
consent; <I>provided</I>, <I>however</I>, that we hereby consent
to the inclusion of this opinion as an annex to
Admiralty&#146;s proxy statement dated the date hereof and to
the references to this opinion therein.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Based upon and subject to the foregoing, it is
our opinion that, as of the date hereof, the Merger
Consideration to be received by the holders of Admiralty Shares
is fair to such shareholders from a financial point of view.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Very truly yours,
    </FONT></TD>
</TR>
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2"> /s/ Sandler O'Neill & Partners, L.P.
    </FONT></TD>
</TABLE>
<P align="center"><FONT size="2">B-2
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "ANNEX C" -->
<DIV align="left"><A NAME="067"></A></DIV>

<P align="right">
<B><FONT size="2">ANNEX C</FONT></B>

<P align="center">
<B><FONT size="2">FORM OF VOTING AND SUPPORT AGREEMENT</FONT></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">VOTING AND SUPPORT AGREEMENT, dated
August&nbsp;29, 2002 (this &#147;AGREEMENT&#148;), between Royal
Bank of Canada, a Canadian chartered bank
(&#147;ACQUIROR&#148;), and the stockholder named on the
signature page (the &#147;STOCKHOLDER&#148;). Capitalized terms
used but not defined herein shall have the meanings given to
such terms in the Merger Agreement.[The Amended and Restated
Voting and Support Agreements for Bruce A. Mahon and Ward
Kellogg are dated October&nbsp;16, 2002.]
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center">
<FONT size="2">WITNESSETH:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">WHEREAS, Admiralty Bancorp, Inc., a Delaware
corporation (the &#147;COMPANY&#148;), RBC Centura Banks, Inc.
and Acquiror are, concurrently with the execution and delivery
of this Agreement, entering into an Agreement and Plan of
Merger, dated the date hereof (the &#147;MERGER
AGREEMENT&#148;), providing for the merger of a wholly owned
subsidiary of Acquiror with and into the Company (the
&#147;MERGER&#148;); and
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">WHEREAS, as of the date hereof, the Stockholder
is the record and/or beneficial owner of the shares of Company
Common Stock listed next to the Stockholder&#146;s name on the
signature page hereto (the &#147;EXISTING SHARES&#148; and,
together with any shares of Company Common Stock or other voting
capital stock of the Company acquired by Stockholder after the
date hereof, the &#147;SHARES&#148;);
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">NOW, THEREFORE, in consideration of the foregoing
and the mutual representations, warranties, covenants and
agreements contained herein, and intending to be legally bound
hereby, the parties hereto hereby agree as follows:
</FONT>

<P align="center">
<FONT size="2">ARTICLE I
</FONT>

<P align="center">
<FONT size="2">VOTING
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">1.1<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agreement to
Vote.</I> The Stockholder agrees that, from and after the date
hereof and until the date on which this Agreement is terminated
pursuant to Section&nbsp;4.1, at the Company Meeting or any
other meeting of the stockholders of the Company, however
called, or in connection with any written consent of the
stockholders of the Company, the Stockholder shall:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;appear at each such meeting or otherwise
    cause the Shares owned beneficially or of record by the
    Stockholder to be counted as present thereat for purposes of
    calculating a quorum; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;vote (or cause to be voted), in person
    or by proxy, or deliver a written consent (or cause a consent to
    be delivered) covering, all the Shares, and any other voting
    securities of the Company (whenever acquired), that are owned
    beneficially or of record by the Stockholder or as to which the
    Stockholder has, directly or indirectly, the right to vote or
    direct the voting, (i)&nbsp;in favor of adoption of the Merger
    Agreement and any other action of the Company&#146;s
    stockholders requested in furtherance thereof; (ii)&nbsp;against
    any action or agreement submitted for approval of the
    stockholders of the Company that would reasonably be expected to
    result in a breach of any covenant, representation or warranty
    or any other obligation or agreement of the Company contained in
    the Merger Agreement or of the Stockholder contained in this
    Agreement; and (iii)&nbsp;against any Acquisition Proposal or
    any other action, agreement or transaction submitted for
    approval to the stockholders of the Company that is intended, or
    could reasonably be expected, to materially impede, interfere or
    be inconsistent with, delay, postpone, discourage or materially
    and adversely affect the Merger or this Agreement, including:
    (A) any extraordinary corporate transaction, such as a merger,
    consolidation or other business combination involving the
    Company or its Subsidiaries (other than the Merger); (B)&nbsp;a
    sale, lease or transfer of a material amount of assets of the
    Company or any of its Subsidiaries or a reorganization,
    recapitalization or liquidation of the Company or any of its
    Subsidiaries; (C) a
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">C-1
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">material change in the policies or management of
    the Company; (D)&nbsp;an election of new members to the board of
    directors of the Company, except where the vote is cast in favor
    of the nominees of a majority of the existing directors;
    (E)&nbsp;any material change in the present capitalization or
    dividend policy of the Company or any amendment or other change
    to the Articles of Incorporation or Bylaws of the Company; or
    (F)&nbsp;any other material change in the Company&#146;s
    corporate structure or business; PROVIDED, HOWEVER, that nothing
    in this Agreement shall prevent any representative of the
    Stockholder from discharging his or her fiduciary duties as a
    member of the board of directors of the Company.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">1.2<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Inconsistent Agreements.</I> The Stockholder hereby covenants
and agrees that, except for this Agreement and, if applicable,
the agreement specified on the Stockholder&#146;s signature page
to this Agreement, the Stockholder (a)&nbsp;has not entered, and
the Stockholder shall not enter at any time while this Agreement
remains in effect, into any voting agreement or voting trust
with respect to the Shares owned beneficially or of record by
the Stockholder and (b)&nbsp;has not granted, and the
Stockholder shall not grant at any time while this Agreement
remains in effect, a proxy, a consent or power of attorney with
respect to the Shares owned beneficially or of record by the
Stockholder.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">1.3<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxy.</I>
The Stockholder agrees to grant to Acquiror a proxy to vote the
Shares owned beneficially and of record by the Stockholder as
indicated in Section&nbsp;1.1 above if the Stockholder fails for
any reason to vote such Shares in accordance with
Section&nbsp;1.1. The Stockholder agrees that such a proxy would
be coupled with an interest and irrevocable for so long as this
Agreement is in effect, and the Stockholder will take such
further action or execute such other instruments as may be
necessary to effectuate the intent of such proxy.
</FONT>

<P align="center">
<FONT size="2">ARTICLE II
</FONT>

<P align="center">
<FONT size="2">REPRESENTATIONS AND WARRANTIES
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.1<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representations
and Warranties of the Stockholder.</I> The Stockholder hereby
represents and warrants to Acquiror as follows:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)<I>&nbsp;Authorization; Validity of Agreement;
    Necessary Action.</I> The Stockholder has full power and
    authority to execute and deliver this Agreement, to perform its
    obligations hereunder and to consummate the transactions
    contemplated hereby. The execution, delivery and performance by
    the Stockholder of this Agreement and the consummation by it of
    the transactions contemplated hereby have been duly and validly
    authorized by the Stockholder and no other actions or
    proceedings on the part of the Stockholder are necessary to
    authorize the execution and delivery by it of this Agreement and
    the consummation by it of the transactions contemplated hereby.
    This Agreement has been duly executed and delivered by the
    Stockholder and, assuming this Agreement constitutes a valid and
    binding obligation of Acquiror, constitutes a valid and binding
    obligation of the Stockholder, enforceable against it in
    accordance with its terms (except as enforceability may be
    limited by applicable bankruptcy, insolvency, reorganization,
    moratorium or other laws affecting creditors&#146; rights
    generally and to general equity principles).
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)<I>&nbsp;Ownership.</I> The Existing Shares
    listed opposite the name of the Stockholder on the signature
    page hereof are, and such Existing Shares and any additional
    shares of Company Common Stock acquired by the Stockholder after
    the date hereof and prior to the Effective Time will be, owned
    beneficially and of record by the Stockholder. As of the date
    hereof, the number of shares of Company Common Stock owned by
    the Stockholder is listed opposite the Stockholder&#146;s name
    on the signature page hereof. As of the date hereof, the
    Existing Shares listed opposite the name of the Stockholder on
    the signature page hereof constitute all of the shares of
    Company Common Stock held of record, owned by or for which
    voting power or disposition power is held or shared by the
    Stockholder or any of its affiliates (except for the Shares
    owned beneficially and of record by any affiliates of the
    Stockholder that are parties to this Agreement). Except as may
    be specified on the Stockholder&#146;s signature page to this
    Agreement, the Stockholder has and will have at all times
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">C-2
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">through the Effective Time sole voting power,
    sole power of disposition, sole power to issue instructions with
    respect to the matters set forth in Article&nbsp;I or
    Section&nbsp;3.2 hereof, and sole power to agree to all of the
    matters set forth in this Agreement, in each case with respect
    to all of the Existing Shares and with respect to all of the
    Shares at the Effective Time, with no limitations,
    qualifications or restrictions on such rights, subject to
    applicable federal securities laws and the terms of this
    Agreement. Subject to such existing pledges, if any, as may be
    specified on the Stockholder&#146;s signature page to this
    Agreement (the &#147;EXISTING PLEDGES&#148;), the Stockholder
    has good and marketable title to the Existing Shares listed
    opposite the name of the Stockholder on the signature page
    hereof, free and clear of any Liens and the Stockholder will
    have good and marketable title to such Existing Shares and any
    additional shares of Company Common Stock acquired by the
    Stockholder after the date hereof and prior to the Effective
    Time, free and clear of any Liens.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)<I>&nbsp;No Violation.</I> The execution and
    delivery of this Agreement by the Stockholder does not, and the
    performance by the Stockholder of its obligations under this
    Agreement will not, (i)&nbsp;conflict with or violate any law,
    ordinance or regulation of any Governmental Authority applicable
    to the Stockholder or by which any of its assets or properties
    is bound or (ii) conflict with, result in any breach of or
    constitute a default (or an event that with notice or lapse of
    time or both would become a default) under, or give to others
    any rights of termination, amendment, acceleration or
    cancellation of, or require payment under, or require redemption
    or repurchase of or otherwise require the purchase or sale of
    any securities, or result in the creation of any Lien on the
    properties or assets of the Stockholder pursuant to, any note,
    bond, mortgage, indenture, contract, agreement, lease, license,
    permit, franchise or other instrument or obligation to which the
    Stockholder is a party or by which the Stockholder or any of its
    assets or properties is bound, except for any of the foregoing
    as could not reasonably be expected, either individually or in
    the aggregate, to materially impair the ability of the
    Stockholder to perform its obligations hereunder or to
    consummate the transactions contemplated hereby on a timely
    basis.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)<I>&nbsp;Consents and Approvals.</I> The
    execution and delivery of this Agreement by the Stockholder does
    not, and the performance by the Stockholder of its obligations
    under this Agreement will not, require the Stockholder to obtain
    any consent, approval, authorization or permit of, or to make
    any filing with or notification to, any Governmental Authority
    based on the law, ordinance or regulation of any applicable
    Governmental Authority, except for any of the foregoing as would
    not reasonably be expected, either individually or in the
    aggregate, materially to impair the ability of the Stockholder
    to perform its obligations hereunder or to consummate the
    transactions contemplated hereby on a timely basis.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(e)<I>&nbsp;Absence of Litigation.</I> There is
    no suit, action, investigation or proceeding pending or, to the
    knowledge of the Stockholder, threatened against the Stockholder
    before or by any Governmental Authority that could reasonably be
    expected materially to impair the ability of the Stockholder to
    perform its obligations hereunder or to consummate the
    transactions contemplated hereby on a timely basis.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(f)<I>&nbsp;Absence of Agreements with the
    Company.</I> Except for, if applicable, the agreement specified
    on the Stockholder&#146;s signature page to this Agreement,
    there are no existing Agreements or arrangements between the
    Stockholder or any of its affiliates, on one hand, or the
    Company or any of its Subsidiaries, on the other hand, relating
    to the Shares owned beneficially and of record by the
    Stockholder or any other securities of or investment in the
    Company.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(g)<I>&nbsp;Competitive Business.</I> Annex A to
    this Agreement is an accurate and complete list of the
    Stockholder&#146;s participation in any business that could be
    considered to be a Competitive Business (as defined in
    Section&nbsp;3.2) and a description of each such participation.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">C-3
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(h)<I>&nbsp;Change in Control Bonus.</I>
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">[Section&nbsp;2.1(h) varies in the agreements
    signed by the directors as follows:]
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">[For Bruce Mahon, Section&nbsp;2.1(h) reads as
    follows: The Stockholder is entitled to $200,000 under the
    Change in Control Program for the Chairman, $108,000 under the
    Directors&#146; 2002 Change in Control Bonus Program and certain
    other entitlements not to exceed $50,000 as previously approved
    by the Board of Directors of the Company. These amounts do not
    include the excise tax gross-up payment, if any, that may be
    payable pursuant to the terms of the applicable plan. The
    Stockholder is also entitled to continued health and welfare
    benefits, which include medical insurance benefits for the
    Stockholder and his current spouse for their respective lives.
    The Stockholder is not a participant in the Amended Senior
    Management 1998 Change in Control Program or any other severance
    or change in control program.]
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">[For Ward Kellogg, Section&nbsp;2.1(h) reads as
    follows: The Stockholder is entitled to $36,000 under the
    Directors&#146; 2002 Change in Control Bonus Program, a total of
    $715,000 under his Employment Agreement dated June&nbsp;23, 1998
    (as amended) and the Senior Management 2002 Change in Control
    Bonus Program, and certain other entitlements not to exceed
    $40,000 as previously approved by the Board of Directors of the
    Company. These amounts do not include the excise tax gross-up
    payment, if any, that may be payable pursuant to the terms of
    the applicable plan. The Stockholder is also entitled to
    continued health and welfare benefits for up to 104&nbsp;weeks
    from the date of the Change in Control. The Stockholder is not a
    participant in the Amended Senior Management 1998 Change in
    Control Program or any other severance or change in control
    program.]
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">[For the other 15 directors, Section&nbsp;2.1(h)
    reads as follows: The Stockholder is entitled to CIC Payments in
    an amount no greater than $36,000 in the aggregate (which amount
    does not include the excise tax gross-up payment, if any, that
    may be payable pursuant to the terms of the applicable plan.]
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.2<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representations
and Warranties of Acquiror.</I> Acquiror hereby represents and
warrants to the Stockholder as follows:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)<I>&nbsp;Organization; Authorization; Validity
    of Agreement; Necessary Action.</I> Acquiror is a Canadian
    chartered bank and is validly existing and in good standing
    under the laws of Canada. Acquiror has full corporate power and
    authority to execute and deliver this Agreement, to perform its
    obligations hereunder and to consummate the transactions
    contemplated hereby. The execution, delivery and performance by
    Acquiror of this Agreement and the consummation by it of the
    transactions contemplated hereby have been duly and validly
    authorized by Acquiror and no other corporate actions or
    proceedings on the part of Acquiror are necessary to authorize
    the execution and delivery by it of this Agreement and the
    consummation by it of the transactions contemplated hereby. This
    Agreement has been duly executed and delivered by Acquiror and,
    assuming this Agreement constitutes a valid and binding
    obligation of the Stockholder, constitutes a valid and binding
    obligation of Acquiror, enforceable against it in accordance
    with its terms (except as enforceability may be limited by
    applicable bankruptcy, insolvency, reorganization, moratorium or
    other laws affecting creditors&#146; rights generally and to
    general equity principles).
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)<I>&nbsp;No Violation.</I> The execution and
    delivery of this Agreement by Acquiror does not, and the
    performance by Acquiror of its obligations under this Agreement
    will not, (i)&nbsp;conflict with or violate the constitutive
    documents of Acquiror, (ii)&nbsp;conflict with or violate any
    law, ordinance or regulation of any Governmental Authority
    applicable to Acquiror or by which any of its assets or
    properties is bound or (iii)&nbsp;conflict with, result in any
    breach of or constitute a default (or an event that with notice
    or lapse of time or both would become a default) under, or give
    to others any rights of termination, amendment, acceleration or
    cancellation of, or require payment under, or require redemption
    or repurchase of or otherwise require the purchase or sale of
    any securities, or result in the creation of any Lien on the
    properties or assets of Acquiror pursuant to, any note, bond,
    mortgage,
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">C-4
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">indenture, contract, agreement, lease, license,
    permit, franchise or other instrument or obligation to which
    Acquiror is a party or by which Acquiror or any of its assets or
    properties is bound, except for any of the foregoing as could
    not reasonably be expected, either individually or in the
    aggregate, to materially impair the ability of Acquiror to
    perform its obligations hereunder or to consummate the
    transactions contemplated hereby on a timely basis.
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<FONT size="2">ARTICLE III
</FONT>

<P align="center">
<FONT size="2">OTHER COVENANTS
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">3.1<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further
Agreements of Stockholder.</I> (a)&nbsp;The Stockholder hereby
agrees, while this Agreement is in effect, and except as
expressly contemplated hereby, not to sell, transfer, pledge,
encumber, assign, distribute, gift or otherwise dispose of
(collectively, a &#147;TRANSFER&#148;) or enforce or permit the
execution of the provisions of any redemption, share purchase or
sale, recapitalization or other agreement with the Company or
any other person or enter into any contract, option or other
arrangement or understanding with respect to any Transfer
(whether by actual disposition or effective economic disposition
due to hedging, cash settlement or otherwise) of, any of the
Existing Shares owned beneficially and of record by the
Stockholder, any Shares acquired by the Stockholder after the
date hereof, any securities exercisable or exchangeable for or
convertible into Company Common Stock, any other capital stock
of the Company or any interest in any of the foregoing with any
person.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;In case of a stock dividend or
    distribution, or any change in Company Common Stock by reason of
    any stock dividend or distribution, split-up, recapitalization,
    combination, exchange of shares or the like, the term
    &#147;SHARES&#148; shall be deemed to refer to and include the
    Shares as well as all such stock dividends and distributions and
    any securities into which or for which any or all of the Shares
    may be changed or exchanged or which are received in such
    transaction.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;The Stockholder hereby agrees that
    during the term of this Agreement it shall not, and shall not
    permit any of its respective representatives to, (i) initiate,
    solicit, encourage or knowingly facilitate, directly or
    indirectly, any inquiries or the making of any proposal with
    respect to any matter described in Section&nbsp;3.1(a) or any
    Acquisition Proposal, (ii)&nbsp;participate in any negotiations
    concerning, or provide to any other person any nonpublic
    information or data relating to the Company or any of its
    Subsidiaries for the purpose of, or have any discussions with,
    any person relating to, or cooperate with or assist or
    participate in, or knowingly facilitate, any inquiries or the
    making of any proposal which constitutes, or would reasonably be
    expected to lead to, any effort or attempt by any other person
    to seek to effect any matter described in Section&nbsp;3.1(a) or
    any Acquisition Proposal or (iii)&nbsp;agree to or release any
    person from any obligation under any existing standstill
    agreement or arrangement relating to the Company. The
    Stockholder agrees immediately to cease and cause to be
    terminated any existing activities, discussions or negotiations
    with any parties conducted heretofore with respect to any
    possible Acquisition Proposal, or any matter described in
    Section 3.1(a), and the Stockholder will take the necessary
    steps to inform its respective representatives of the
    obligations undertaken by the stockholder pursuant to this
    Section&nbsp;3.1. Nothing contained in this Section&nbsp;3.1(c)
    shall prevent (1)&nbsp;any representative of the Stockholder
    from discharging his or her fiduciary duties as a member of the
    board of directors of the Company or (2) the Stockholder from
    taking action authorized by the Company Board to the extent such
    action is permitted by Section&nbsp;6.06 of the Merger Agreement.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;The Stockholder hereby agrees, while
    this Agreement is in effect, to notify Acquiror promptly in
    writing of (i)&nbsp;the number of any additional shares of
    Company Common Stock or other securities of the Company acquired
    by the Stockholder, if any, after the date hereof and
    (ii)&nbsp;any such inquiries or proposals that are received by,
    any such information which is requested from, or any such
    negotiations or discussions which are sought to be initiated or
    continued with, the Stockholder with respect to any matter
    described in Section&nbsp;3.1(a) or (c).
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">C-5
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">3.2<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Competition.</I>
The Stockholder will not, inside the State of Florida, for a
period of one (1)&nbsp;year after the Closing Date, own any
interest in, manage, operate or control, or participate in the
ownership, management, operation or control of (such as by
serving as a director, officer, employee, member, partner,
consultant, agent or advisor), any business or enterprise that
is involved in the business of banking or other financial
services (the &#147;COMPETITIVE BUSINESS&#148;); PROVIDED,
HOWEVER, nothing contained herein shall prohibit the Stockholder
from (i)&nbsp;continuing to participate in the ownership,
management, operation or control of a particular Competitive
Business to the extent set forth in Annex A or
(ii)&nbsp;acquiring and maintaining an ownership interest in a
Competitive Business provided that the acquired ownership
interest, when aggregated with any ownership interest of
(A)&nbsp;family members of the Stockholder and (B)&nbsp;any
person who, together with the Stockholder and any other person
would be deemed to be a group (as defined for purposes of
Rule&nbsp;13d-3 under the Exchange Act), represents less than 5%
of the equity and voting power in such Competitive Business. The
Stockholder acknowledges that the covenants in this section are
executed in order to induce Acquiror to enter into and
consummate the transactions contemplated by the Merger
Agreement, are required by Acquiror for the purpose of
preserving the business acquired by it in connection with the
transactions contemplated by the Merger Agreement and that
Acquiror would not enter into and consummate the transactions
contemplated by the Merger Agreement without the agreement of
the Stockholder to the covenants contained in this section. The
Stockholder also acknowledges that the scope, duration and
geographic limitations contained in this section are reasonable
given the nature of the Company&#146;s business and the nature
of the Competitive Business. In the event that any of the
provisions of this section should ever be adjudicated to exceed
the time, scope, geographic, or other limitations permitted by
applicable law in any jurisdiction, then such provisions shall
be deemed reformed in such jurisdiction to the maximum time,
scope, geographic or other limitations enforceable under
applicable law. The Stockholder further acknowledges that a
violation of this section would cause immeasurable injury to
Acquiror and that, in the event of a breach by the Stockholder
of this section, Acquiror will not have an adequate remedy at
law. Accordingly, in the event of any such breach, Acquiror
shall be entitled to such equitable and injunctive relief as may
be available to restrain the Stockholder and any other person
participating in such breach from the violation of the
provisions hereof in any court of competent jurisdiction and
injunctive relief without the necessity of posting a bond or
proving special damages. Nothing herein, however, shall be
construed as prohibiting Acquiror from pursuing any other
remedies available at law or equity for such breach, including
the recovery of damages.
</FONT>

<P align="center">
<FONT size="2">ARTICLE IV
</FONT>

<P align="center">
<FONT size="2">MISCELLANEOUS
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">4.1<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination.</I>
Sections&nbsp;1.1, 1.2, 1.3 and 3.1 of this Agreement, and any
proxy granted pursuant to Section&nbsp;1.3, shall terminate upon
the earlier of (i) the date on which the Merger Agreement is
terminated in accordance with Article&nbsp;VIII thereof or
(ii)&nbsp;the Effective Time (such earlier date the
&#147;TERMINATION DATE&#148;). Nothing in this Section&nbsp;4.1
shall relieve or otherwise limit any party of liability for
breach of this Agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">4.2<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stop Transfer
Order.</I> In furtherance of this Agreement, the Stockholder
shall and hereby does authorize and instruct the Company to
instruct its transfer agent to enter a stop transfer order with
respect to all of the Existing Shares owned beneficially and of
record by the Stockholder and all Shares acquired by the
Stockholder after the date hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">4.3<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further
Assurances.</I> From time to time, at the other party&#146;s
request and without further consideration, each party shall
execute and deliver such additional documents and take all such
further action as may be reasonably necessary or desirable to
consummate the transactions contemplated by this Agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">4.4<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Ownership
Interest.</I> Nothing contained in this Agreement shall be
deemed to vest in Acquiror any direct or indirect ownership or
incidence of ownership of or with respect to any Shares. All
rights, ownership and economic benefits of and relating to the
Shares shall remain vested in and belong to the Stockholder, and
Acquiror shall have no authority to manage, direct, superintend,
restrict, regulate,
</FONT>

<P align="center"><FONT size="2">C-6
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">govern or administer any of the policies or
operations of the Company or exercise any power or authority to
direct the Stockholder in the voting of any of the Shares,
except as otherwise provided herein.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">4.5<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices.</I>
All notices and other communications hereunder shall be in
writing and shall be deemed given if delivered personally,
telecopied (with confirmation) or delivered by an overnight
courier (with confirmation) to the parties at the following
addresses (or at such other address for a party as shall be
specified by like notice):
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;if to Acquiror to:
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">Royal Bank of Canada 200 Bay Street 14th Floor,
    North Tower Royal Bank Plaza Toronto, Ontario Canada M5J 2J5
    Attention: W. Michael Wilson Facsimile: (416) 974-9344
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">with a copy to:
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">Sullivan &#38; Cromwell 125 Broad Street New
    York, New York 10004 Fax: (212)&nbsp;558-3588 Attention: Donald
    J. Tourney
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;if to Stockholder to the address listed
    next to the Stockholder&#146;s name on the signature page hereto.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">4.6<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interpretation.</I>
The words &#147;hereof,&#148; &#147;herein&#148; and
&#147;hereunder&#148; and words of similar import when used in
this Agreement shall refer to this Agreement as a whole and not
to any particular provision of this Agreement, and Section
references are to this Agreement unless otherwise specified.
Whenever the words &#147;include,&#148; &#147;includes&#148; or
&#147;including&#148; are used in this Agreement, they shall be
deemed to be followed by the words &#147;without
limitation.&#148; The headings contained in this Agreement are
for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement. No provision of
this Agreement shall be construed to require Acquiror, the
Stockholder or any of its respective Subsidiaries or affiliates
to take any action which would violate any applicable law
(whether statutory or common), rule or regulation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">4.7<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparts.</I>
This Agreement may be executed in one or more counterparts, all
of which shall be considered one and the same agreement and
shall become effective when one or more counterparts have been
signed by each of the parties and delivered to the other party,
it being understood that both parties need not sign the same
counterpart.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">4.8<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entire
Agreement.</I> This Agreement (together with the Merger
Agreement, to the extent referred to herein) constitutes the
entire agreement and supersedes all prior agreements and
understandings, both written and oral, between the parties with
respect to the subject matter hereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">4.9<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Governing
Law.</I> This Agreement shall be governed and construed in
accordance with the laws of the State of New York applicable to
contracts made and performed entirely within such State.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">4.10<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment.</I>
This Agreement may not be amended except by an instrument in
writing signed on behalf of each of the parties hereto.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">4.11<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enforcement.</I>
The parties agree that irreparable damage would occur in the
event that any of the provisions of this Agreement were not
performed in accordance with their specific terms. It is
accordingly agreed that the parties shall be entitled to
specific performance of the terms hereof, this being in addition
to any other remedy to which they are entitled at law or in
equity. Each of the parties further agrees to waive any
requirements for the securing or posting of any bond in
connection with obtaining any such equitable relief.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">4.12<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severability.</I>
Any term or provision of this Agreement which is determined by a
court of competent jurisdiction to be invalid or unenforceable
in any jurisdiction shall, as to that jurisdiction, be
ineffective to the extent of such invalidity or unenforceability
without rendering invalid or unenforceable the remaining terms
and provisions of this Agreement or affecting the validity or
enforceability of any of the terms or provisions of this
Agreement in any other jurisdiction, and if any provision of
this Agreement is determined to be so broad as to be
unenforceable, the provision shall be interpreted to be only so
broad
</FONT>

<P align="center"><FONT size="2">C-7
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">as is enforceable, in all cases so long as
neither the economic nor legal substance of the transactions
contemplated hereby is affected in any manner materially adverse
to any party or its stockholders or limited partners. Upon any
such determination, the parties shall negotiate in good faith in
an effort to agree upon a suitable and equitable substitute
provision to effect the original intent of the parties.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">4.13<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assignment;
Third Party Beneficiaries.</I> Neither this Agreement nor any of
the rights, interests or obligations of any party hereunder
shall be assigned by any of the parties hereto (whether by
operation of law or otherwise) without the prior written consent
of the other party. Subject to the preceding sentence, this
Agreement will be binding upon, inure to the benefit of and be
enforceable by the parties and their respective successors and
permitted assigns. This Agreement is not intended to confer upon
any person other than the parties hereto any rights or remedies
hereunder.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">IN WITNESS WHEREOF, the parties hereto have
signed or have caused this Agreement to be signed by their
respective officers or other authorized persons thereunto duly
authorized as of the date first written above.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">ROYAL BANK OF CANADA
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="left">
</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Name:&nbsp;</FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="8%"></TD>
    <TD width="52%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">Title:</FONT></TD>
    <TD align="left">
    <FONT size="2">Executive Vice President, Corporate Development
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="left">
</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Name:&nbsp;</FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="8%"></TD>
    <TD width="52%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">Title:</FONT></TD>
    <TD align="left">
    <FONT size="2">Executive Vice President, Corporate Development
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<FONT size="2">VOTING AND SUPPORT AGREEMENT
</FONT>

<P align="center">
<FONT size="2">COUNTERPART SIGNATURE PAGE
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">IN WITNESS WHEREOF, the Stockholder has signed or
has caused this Agreement to be signed by its respective
officers or other authorized persons thereunto duly authorized
as of the date first written above.
</FONT>

<P align="left">
<FONT size="2">Number of Shares
</FONT>

<DIV align="left">
<FONT size="2">owned beneficially and of record:
</FONT>
</DIV>

<P align="left">
<FONT size="2">Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address
for notices:
</FONT>

<P align="center"><FONT size="2">C-8
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "ANNEX D" -->
<DIV align="left"><A NAME="068"></A></DIV>

<DIV align="right">
<B><FONT size="2">ANNEX D</FONT></B>
</DIV>

<P align="center">
<FONT size="2">SECTION 262 OF THE DELAWARE GENERAL CORPORATION
LAW
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#167;&nbsp;262.&nbsp;Appraisal rights.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(a)&nbsp;Any stockholder of a corporation of this
State who holds shares of stock on the date of the making of a
demand pursuant to subsection (d)&nbsp;of this section with
respect to such shares, who continuously holds such shares
through the effective date of the merger or consolidation, who
has otherwise complied with subsection (d)&nbsp;of this section
and who has neither voted in favor of the merger or
consolidation nor consented thereto in writing pursuant to
&#167;&nbsp;228 of this title shall be entitled to an appraisal
by the Court of Chancery of the fair value of the
stockholder&#146;s shares of stock under the circumstances
described in subsections (b)&nbsp;and (c)&nbsp;of this section.
As used in this section, the word &#147;stockholder&#148; means
a holder of record of stock in a stock corporation and also a
member of record of a nonstock corporation; the words
&#147;stock&#148; and &#147;share&#148; mean and include what is
ordinarily meant by those words and also membership or
membership interest of a member of a nonstock corporation; and
the words &#147;depository receipt&#148; mean a receipt or other
instrument issued by a depository representing an interest in
one or more shares, or fractions thereof, solely of stock of a
corporation, which stock is deposited with the depository.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(b)&nbsp;Appraisal rights shall be available for
the shares of any class or series of stock of a constituent
corporation in a merger or consolidation to be effected pursuant
to &#167;&nbsp;251 (other than a merger effected pursuant to
&#167;&nbsp;251(g) of this title), &#167;&nbsp;252,
&#167;&nbsp;254, &#167;&nbsp;257, &#167;&nbsp;258,
&#167;&nbsp;263 or &#167;&nbsp;264 of this title:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;Provided, however, that no appraisal
    rights under this section shall be available for the shares of
    any class or series of stock, which stock, or depository
    receipts in respect thereof, at the record date fixed to
    determine the stockholders entitled to receive notice of and to
    vote at the meeting of stockholders to act upon the agreement of
    merger or consolidation, were either (i)&nbsp;listed on a
    national securities exchange or designated as a national market
    system security on an interdealer quotation system by the
    National Association of Securities Dealers, Inc. or
    (ii)&nbsp;held of record by more than 2,000 holders; and further
    provided that no appraisal rights shall be available for any
    shares of stock of the constituent corporation surviving a
    merger if the merger did not require for its approval the vote
    of the stockholders of the surviving corporation as provided in
    subsection (f)&nbsp;of &#167;&nbsp;251 of this title.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;Notwithstanding paragraph (1)&nbsp;of
    this subsection, appraisal rights under this section shall be
    available for the shares of any class or series of stock of a
    constituent corporation if the holders thereof are required by
    the terms of an agreement of merger or consolidation pursuant to
    &#167;&#167;&nbsp;251, 252, 254, 257, 258, 263 and 264 of this
    title to accept for such stock anything except:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">a.&nbsp;Shares of stock of the corporation
    surviving or resulting from such merger or consolidation, or
    depository receipts in respect thereof;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">b.&nbsp;Shares of stock of any other corporation,
    or depository receipts in respect thereof, which shares of stock
    (or depository receipts in respect thereof) or depository
    receipts at the effective date of the merger or consolidation
    will be either listed on a national securities exchange or
    designated as a national market system security on an
    interdealer quotation system by the National Association of
    Securities Dealers, Inc. or held of record by more than 2,000
    holders;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">c.&nbsp;Cash in lieu of fractional shares or
    fractional depository receipts described in the foregoing
    subparagraphs a. and b. of this paragraph; or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">d.&nbsp;Any combination of the shares of stock,
    depository receipts and cash in lieu of fractional shares or
    fractional depository receipts described in the foregoing
    subparagraphs a., b. and c. of this paragraph.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">D-1
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(3)&nbsp;In the event all of the stock of a
    subsidiary Delaware corporation party to a merger effected under
    &#167;&nbsp;253 of this title is not owned by the parent
    corporation immediately prior to the merger, appraisal rights
    shall be available for the shares of the subsidiary Delaware
    corporation.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(c)&nbsp;Any corporation may provide in its
certificate of incorporation that appraisal rights under this
section shall be available for the shares of any class or series
of its stock as a result of an amendment to its certificate of
incorporation, any merger or consolidation in which the
corporation is a constituent corporation or the sale of all or
substantially all of the assets of the corporation. If the
certificate of incorporation contains such a provision, the
procedures of this section, including those set forth in
subsections (d)&nbsp;and (e)&nbsp;of this section, shall apply
as nearly as is practicable.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(d)&nbsp;Appraisal rights shall be perfected as
follows:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;If a proposed merger or consolidation
    for which appraisal rights are provided under this section is to
    be submitted for approval at a meeting of stockholders, the
    corporation, not less than 20&nbsp;days prior to the meeting,
    shall notify each of its stockholders who was such on the record
    date for such meeting with respect to shares for which appraisal
    rights are available pursuant to subsection (b)&nbsp;or
    (c)&nbsp;hereof that appraisal rights are available for any or
    all of the shares of the constituent corporations, and shall
    include in such notice a copy of this section. Each stockholder
    electing to demand the appraisal of such stockholder&#146;s
    shares shall deliver to the corporation, before the taking of
    the vote on the merger or consolidation, a written demand for
    appraisal of such stockholder&#146;s shares. Such demand will be
    sufficient if it reasonably informs the corporation of the
    identity of the stockholder and that the stockholder intends
    thereby to demand the appraisal of such stockholder&#146;s
    shares. A proxy or vote against the merger or consolidation
    shall not constitute such a demand. A stockholder electing to
    take such action must do so by a separate written demand as
    herein provided. Within 10&nbsp;days after the effective date of
    such merger or consolidation, the surviving or resulting
    corporation shall notify each stockholder of each constituent
    corporation who has complied with this subsection and has not
    voted in favor of or consented to the merger or consolidation of
    the date that the merger or consolidation has become effective;
    or
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;If the merger or consolidation was
    approved pursuant to &#167;&nbsp;228 or &#167;&nbsp;253 of this
    title, then either a constituent corporation before the
    effective date of the merger or consolidation or the surviving
    or resulting corporation within 10&nbsp;days thereafter shall
    notify each of the holders of any class or series of stock of
    such constituent corporation who are entitled to appraisal
    rights of the approval of the merger or consolidation and that
    appraisal rights are available for any or all shares of such
    class or series of stock of such constituent corporation, and
    shall include in such notice a copy of this section. Such notice
    may, and, if given on or after the effective date of the merger
    or consolidation, shall, also notify such stockholders of the
    effective date of the merger or consolidation. Any stockholder
    entitled to appraisal rights may, within 20&nbsp;days after the
    date of mailing of such notice, demand in writing from the
    surviving or resulting corporation the appraisal of such
    holder&#146;s shares. Such demand will be sufficient if it
    reasonably informs the corporation of the identity of the
    stockholder and that the stockholder intends thereby to demand
    the appraisal of such holder&#146;s shares. If such notice did
    not notify stockholders of the effective date of the merger or
    consolidation, either (i)&nbsp;each such constituent corporation
    shall send a second notice before the effective date of the
    merger or consolidation notifying each of the holders of any
    class or series of stock of such constituent corporation that
    are entitled to appraisal rights of the effective date of the
    merger or consolidation or (ii)&nbsp;the surviving or resulting
    corporation shall send such a second notice to all such holders
    on or within 10&nbsp;days after such effective date; provided,
    however, that if such second notice is sent more than
    20&nbsp;days following the sending of the first notice, such
    second notice need only be sent to each stockholder who is
    entitled to appraisal rights and who has demanded appraisal of
    such holder&#146;s shares in accordance with this subsection. An
    affidavit of the secretary or assistant secretary or of the
    transfer agent of the corporation that is required to give
    either notice that such notice has been given shall, in the
    absence of fraud, be prima facie evidence of the facts stated
    therein. For purposes of determining the stockholders entitled
    to receive either notice, each constituent corporation may fix,
    in advance, a record date that shall be not more than
    10&nbsp;days prior to the date the notice is given,
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">D-2
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">provided, that if the notice is given on or after
    the effective date of the merger or consolidation, the record
    date shall be such effective date. If no record date is fixed
    and the notice is given prior to the effective date, the record
    date shall be the close of business on the day next preceding
    the day on which the notice is given.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(e)&nbsp;Within 120&nbsp;days after the effective
date of the merger or consolidation, the surviving or resulting
corporation or any stockholder who has complied with subsections
(a)&nbsp;and (d)&nbsp;hereof and who is otherwise entitled to
appraisal rights, may file a petition in the Court of Chancery
demanding a determination of the value of the stock of all such
stockholders. Notwithstanding the foregoing, at any time within
60&nbsp;days after the effective date of the merger or
consolidation, any stockholder shall have the right to withdraw
such stockholder&#146;s demand for appraisal and to accept the
terms offered upon the merger or consolidation. Within
120&nbsp;days after the effective date of the merger or
consolidation, any stockholder who has complied with the
requirements of subsections (a)&nbsp;and (d)&nbsp;hereof, upon
written request, shall be entitled to receive from the
corporation surviving the merger or resulting from the
consolidation a statement setting forth the aggregate number of
shares not voted in favor of the merger or consolidation and
with respect to which demands for appraisal have been received
and the aggregate number of holders of such shares. Such written
statement shall be mailed to the stockholder within 10 days
after such stockholder&#146;s written request for such a
statement is received by the surviving or resulting corporation
or within 10&nbsp;days after expiration of the period for
delivery of demands for appraisal under subsection
(d)&nbsp;hereof, whichever is later.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(f)&nbsp;Upon the filing of any such petition by
a stockholder, service of a copy thereof shall be made upon the
surviving or resulting corporation, which shall within
20&nbsp;days after such service file in the office of the
Register in Chancery in which the petition was filed a duly
verified list containing the names and addresses of all
stockholders who have demanded payment for their shares and with
whom agreements as to the value of their shares have not been
reached by the surviving or resulting corporation. If the
petition shall be filed by the surviving or resulting
corporation, the petition shall be accompanied by such a duly
verified list. The Register in Chancery, if so ordered by the
Court, shall give notice of the time and place fixed for the
hearing of such petition by registered or certified mail to the
surviving or resulting corporation and to the stockholders shown
on the list at the addresses therein stated. Such notice shall
also be given by 1 or more publications at least 1&nbsp;week
before the day of the hearing, in a newspaper of general
circulation published in the City of Wilmington, Delaware or
such publication as the Court deems advisable. The forms of the
notices by mail and by publication shall be approved by the
Court, and the costs thereof shall be borne by the surviving or
resulting corporation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(g)&nbsp;At the hearing on such petition, the
Court shall determine the stockholders who have complied with
this section and who have become entitled to appraisal rights.
The Court may require the stockholders who have demanded an
appraisal for their shares and who hold stock represented by
certificates to submit their certificates of stock to the
Register in Chancery for notation thereon of the pendency of the
appraisal proceedings; and if any stockholder fails to comply
with such direction, the Court may dismiss the proceedings as to
such stockholder.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(h)&nbsp;After determining the stockholders
entitled to an appraisal, the Court shall appraise the shares,
determining their fair value exclusive of any element of value
arising from the accomplishment or expectation of the merger or
consolidation, together with a fair rate of interest, if any, to
be paid upon the amount determined to be the fair value. In
determining such fair value, the Court shall take into account
all relevant factors. In determining the fair rate of interest,
the Court may consider all relevant factors, including the rate
of interest which the surviving or resulting corporation would
have had to pay to borrow money during the pendency of the
proceeding. Upon application by the surviving or resulting
corporation or by any stockholder entitled to participate in the
appraisal proceeding, the Court may, in its discretion, permit
discovery or other pretrial proceedings and may proceed to trial
upon the appraisal prior to the final determination of the
stockholder entitled to an appraisal. Any stockholder whose name
appears on the list filed by the surviving or resulting
corporation pursuant to subsection (f) of this section and who
has submitted such stockholder&#146;s certificates of stock to
the Register in Chancery, if such is required, may
</FONT>

<P align="center"><FONT size="2">D-3
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">participate fully in all proceedings until it is
finally determined that such stockholder is not entitled to
appraisal rights under this section.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(i)&nbsp;The Court shall direct the payment of
the fair value of the shares, together with interest, if any, by
the surviving or resulting corporation to the stockholders
entitled thereto. Interest may be simple or compound, as the
Court may direct. Payment shall be so made to each such
stockholder, in the case of holders of uncertificated stock
forthwith, and the case of holders of shares represented by
certificates upon the surrender to the corporation of the
certificates representing such stock. The Court&#146;s decree
may be enforced as other decrees in the Court of Chancery may be
enforced, whether such surviving or resulting corporation be a
corporation of this State or of any state.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(j)&nbsp;The costs of the proceeding may be
determined by the Court and taxed upon the parties as the Court
deems equitable in the circumstances. Upon application of a
stockholder, the Court may order all or a portion of the
expenses incurred by any stockholder in connection with the
appraisal proceeding, including, without limitation, reasonable
attorney&#146;s fees and the fees and expenses of experts, to be
charged pro rata against the value of all the shares entitled to
an appraisal.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(k)&nbsp;From and after the effective date of the
merger or consolidation, no stockholder who has demanded
appraisal rights as provided in subsection (d)&nbsp;of this
section shall be entitled to vote such stock for any purpose or
to receive payment of dividends or other distributions on the
stock (except dividends or other distributions payable to
stockholders of record at a date which is prior to the effective
date of the merger or consolidation); provided, however, that if
no petition for an appraisal shall be filed within the time
provided in subsection (e)&nbsp;of this section, or if such
stockholder shall deliver to the surviving or resulting
corporation a written withdrawal of such stockholder&#146;s
demand for an appraisal and an acceptance of the merger or
consolidation, either within 60&nbsp;days after the effective
date of the merger or consolidation as provided in subsection
(e)&nbsp;of this section or thereafter with the written approval
of the corporation, then the right of such stockholder to an
appraisal shall cease. Notwithstanding the foregoing, no
appraisal proceeding in the Court of Chancery shall be dismissed
as to any stockholder without the approval of the Court, and
such approval may be conditioned upon such terms as the Court
deems just.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(l)&nbsp;The shares of the surviving or resulting
corporation to which the shares of such objecting stockholders
would have been converted had they assented to the merger or
consolidation shall have the status of authorized and unissued
shares of the surviving or resulting corporation.
</FONT>

<P align="center"><FONT size="2">D-4
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">ADMIRALTY BANCORP, INC.</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">SPECIAL MEETING OF STOCKHOLDERS TO BE HELD ON
DECEMBER 13, 2002</FONT></B>

<P align="center">
<B><FONT size="2">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD
OF DIRECTORS OF</FONT></B>

<DIV align="center">
<B><FONT size="2">ADMIRALTY BANCORP, INC.</FONT></B>
</DIV>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The undersigned
stockholder(s) of Admiralty Bancorp, Inc. hereby appoint(s)
Bruce A. Mahon and Ward Kellogg, or either of them, as proxies,
each with full power to appoint his substitute, to represent and
to vote, with all the powers the undersigned would have if
personally present, all the shares of Common Stock, no par value
per share, of Admiralty Bancorp, Inc. held of record by the
undersigned on October 31, 2002 at the special meeting of
stockholders to be held at the Hilton Palm Beach Airport, 150
Australian Avenue, West Palm Beach, Florida 33406, on December
13, 2002 at 10:00 a.m. local time, or at any adjournments or
postponements thereof, as described in the accompanying notice
of special meeting and proxy statement, receipt of which is
hereby acknowledged.
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<B>This proxy, when
properly executed, will be voted in the manner directed herein
by the undersigned stockholder(s). If no direction is given to
the contrary, this proxy will be voted for the approval of the
merger agreement and the resulting merger in accordance with the
recommendation of the board of directors of Admiralty Bancorp,
Inc. The proxies cannot vote your shares unless you sign and
return this proxy card.</B>
</FONT>

<P align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The board of directors
of Admiralty Bancorp, Inc. recommends a vote FOR the merger
agreement and the merger proposal.</FONT></B>

<P align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Proposal.&nbsp;&nbsp;</FONT></B><FONT size="2">To
approve the Agreement and Plan of Merger, dated August&nbsp;29,
2002, among Admiralty Bancorp, Inc., RBC Centura Banks, Inc. and
Royal Bank of Canada and the resulting merger, whereby a wholly
owned subsidiary of RBC Centura Banks, Inc. will merge with and
into Admiralty Bancorp, Inc., which will survive the merger and
become a wholly owned subsidiary of RBC Centura Banks, Inc., as
described in the accompanying proxy statement.
</FONT>

<P align="center">
<B><FONT size="2">FOR&nbsp;&nbsp;</FONT></B><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>AGAINST&nbsp;&nbsp;</B><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>ABSTAIN&nbsp;&nbsp;</B><FONT face="wingdings">&#111;</FONT>
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;The proxies are hereby
authorized to vote, in their discretion, upon other business as
may come before the special meeting or any adjournment or
postponement thereof, including adjourning the meeting to permit
the further solicitation of proxies, if necessary.
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;This proxy, when properly
executed, will be voted in the manner directed herein by the
undersigned stockholder(s). If no direction is made, the proxy
will be voted <B>FOR</B> the approval of the merger agreement
and merger.
</FONT>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">

<TD align="right"><FONT size="2">Dated:<br></FONT></TD>

<TD align="right"><FONT size="2">&nbsp;, 2002</FONT></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD align="left"></TD>
    <TD align="right"></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="46%"></TD>
    <TD width="54%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2"><HR noshade size="1" width="75%" align="left"><br>Signature
    </FONT></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD align="left"></TD>
    <TD align="right"></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="46%"></TD>
    <TD width="54%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2"><HR noshade size="1" width="75%" align="left"><br>Signature
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B><FONT size="2">PLEASE SIGN HERE</FONT></B></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Please date this proxy and sign your name exactly
    as it appears on this proxy card.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Where there is more than one owner, each must
sign. When signing as an agent, attorney, administrator,
executor, guardian or trustee, please add your title as such. If
executed by a corporation, the proxy should be signed by a duly
authorized officer who should indicate his or her office.
</FONT>

<P align="center">
<B><FONT size="2">PLEASE DATE, SIGN AND MAIL THIS PROXY CARD IN
THE ENCLOSED ENVELOPE AS PROMPTLY AS</FONT></B>

<DIV align="center">
<B><FONT size="2">POSSIBLE. NO POSTAGE IS REQUIRED IF MAILED IN
THE UNITED STATES.</FONT></B>
</DIV>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g78575deg7857500.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g78575deg7857500.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````,@``_^X`#D%D
M;V)E`&3``````?_;`(0`"`8&!@8&"`8&"`P(!P@,#@H("`H.$`T-#@T-$!$,
M#@T-#@P1#Q(3%!,2#Q@8&AH8&",B(B(C)R<G)R<G)R<G)P$)"`@)"@D+"0D+
M#@L-"PX1#@X.#A$3#0T.#0T3&!$/#P\/$1@6%Q04%!<6&AH8&!H:(2$@(2$G
M)R<G)R<G)R<G_\``$0@`-@$G`P$B``(1`0,1`?_$`'(``0`"`@,!````````
M```````&!P4(`@,$`0$!`````````````````````!```@$#`P,"!0(&`04`
M`````0(#``0%$1(&(1,',2)!43(4%7$C88%"4A8(<I&Q8B0E$0$`````````
M````````````_]H`#`,!``(1`Q$`/P"]L@,@;5_Q;0K=C0Q_<JS1D`C<"(V0
M]1Z'6H18^2##")<Y921Q(2MW/#&5:"0'K'-;K)<:,HZLJRLPT/MZ58%5MS.R
MMK+/Q/;)('S$<AO1!&S2LR(D*-&\6R9=`%UV=W0A3VOZJ"P;&_L\E;)>6$Z7
M%O)],D9U&H]0?D1\0?2O16OW&\]=</@MI+=!!;SSQPNLO=CCDG$@MVAE>Y5#
MM9"9>X(QLVZ#ZMANV/,F[P<.:Q=K)>FXCCDBM$,:R'N%0RZRNB;DU.NK#T]:
M#*4J-V60Y!=S7$HB2)(HMQLY]JS";0D0F*/>!J-#W1.R_`+\:]^6SMOC,*V9
MT#QE8VB!.@)E*A-S*&T7W:L0#H*#LS.=Q>`M?N\I<"%#J(DZM)(P&[9%&ON=
MOX"H9-SO-9"ZAL\/8""2Y91;1R@2S21L>LS*)$[<::^]@LBCT)!T%5Y?7USR
MQ\;?9#2Y-U<HMN3'.\A&XM<M!V8Y$9(@&B01LFFG<#:DL;'\>Q6U_>9#+2)N
MN+9S!;R`Q[524*TFO8FN5[C,G7?,\FW;J1KI03JS2YCM88[R59[E4`FF1.VK
M/I[F5-6VC7X:UW4I0*4I0*4I0*4I0*4I0*4I0*4I0*4I0*4I0*4I0*4I0*4I
M0*4I0*4I0*4I0<))8XE#2N$4LJ`L0!N=@BKU^+,0!4)\C06]Q;XR65D6"*XE
MCN9Y#%VEC:!V9+CNS6^D>Y%8^_U4>UN@KAY/7._AV?&P+<V\2]\Q=EISWHMQ
M"R(DBL5<-[=%.C*/G7DX/96^;X/)B\M.DMI?/))#<Q,T+RMN%R]Q&"V\:2^X
M%NK?4PT:@JNRMNU=7D<R0JMI.[K<3:HZJR=VTEWQJR."[H`558_@3U76W.0>
M3^,\?Q:"RN(5N)H`V,64L("=!TD,`E=>WK[EVZZ]/XU7_(\+>\6OXUFLU[9;
MMH8RSP7<>DCJ=#&D(N4Z[(]JAB61C+W&J(\H3)X7C]IF[>1;29YI;)$2.)UE
MMKQ&:21FT;4M);NN[3<5ZGJ302["^6;7%7M]?2?B'N,C[KBY6YR!>1HUVP=S
MN6C@;2Q#;0HTTVJ`*FUCS[C&8XQ?6<%W!,\4#0PQ:-L#L@,,([T<1?M_W!?I
M3>VE4AD[/)6V=EXQ^5DDLVP'=W]F)2T-MCI,I#;D!3[0Z@:^OQ]0*]G%URN8
MPDV?F;[R>7*117O2%9-L20B$PAT*[R[HNH'0=3J-00R<L`;+6L$L82RE,]Y+
M;QM+.DL)8!)&M'[/M]X+N=IW`Z.K#I=G`0MO@]99%)NKJ8P2-(KF4::KMD$M
MP9`$0[?WI#L4==!M6M>)\9O.5&626V,5C<[9+J^]T<"QK)L2.P[JNK.(]X;<
MC;#MT:-AMJ3^4DMK3B]E8XMX;:QM)EAA2)0YBG$7<MD5%;7:8BX.BD@$-](.
MH67;7,%Y`ES;2"6"0;HY%ZAA\Q7*26.%#+,ZQQKU9W(51^I-1?@"Y081#D95
MD0A3"`8F):0M<2/K`\J@$R[57<>BZ]-=!&_-=SD+OCW^,88%[R]CFO[L+KJM
MECU[\OT]=7D[:K\_2@L^N,DL<,;2S.L<:#5G<A5`^9)J,>.>2?Y7PW%Y=WWW
M)B[%[UZ]^']N0GU^HC?^AJN_)G,,=R[@^<?'86>^Q-A.D$&>/9$27*R(IDA1
MG$I31MF]5_JT]-:"ZHI8IXDG@=9(I%#QR(0RLK#565AT((]#7.JOM_(>.X5Q
M+A-I?8^]NGR>-L([9[5$="W9B1DZN'+C<#M"]=17JA\M0R9&\P;\;RJ9VW59
M(,5VHVEEB8:]PLKE(P`1NW']-3TH+$DD2)&DE8)&@+.[$``#U))]*^JRNH="
M&5@"K`Z@@^A!JKLOSSB_+_&^8R.1LLC'CDD^PRMK;K&+J"0%'#`NVS;N*]3_
M`#'K7.#R)QSA?&^)6B8_(O8Y2V@3'N%29E0[5*RLK!FD4,#M1.NN@H+/H2`"
M2=`.I)JOH?*]C+C+.[;#9"'(9+(/BK#%3(D4TDR;=6+2LJ(@[@#$GH=1\":Y
M_P"68OF.,Y3QN_QTEGD<7;2+D,==['&A1F1XWB9E<:J#K^E!.8+FWNH^[:S)
M/'J5WQL'753HPU4D:@UVUKY@^77W$?!5M<X^VE>XNY+RVBO8V54M7DF=%E8E
MM^[W:IM4]1UT^,_RGE`\;L,1/F\!?P?DSV(G=[;02#:/W'[VU=P.X$GT_0T%
MB4K`0<EEGY/)QG\7<(\-K%>S7I:$P(DVY45MLA?<9(W73;\-?IZU!O\`8*QL
MI>#F_DMXVO+>Y@6&Y*CN(KE@RJ_U;3\1Z4%L4K6[.Q8>"#A*^-&C7FDD=O\`
M=QXMM=4[*&0WP@.T>_ZM_P#3NW=*N;-\W3'9].+XS&7&6S+6IOVMX6BB1(%;
M9JTD[J-Q/H`#02NE5\_E[CW^'+S2WM+RXL1,;6XAC2/N03^W1)MT@4`[UT*D
M^HK[9>5K*?-8G$WV%R&-BS@`Q=[=QJD<KZ*=`N[>%U8`'3XCH!06!2H1R+R5
M98/\E+:XRZRMIA'CBS5W:F(1V[RD:1KW75I'74;PHT77J17==^1,;]QB<?@[
M6?,9/-6JY"SLX2D6VU9>X)9WG9%C!`Z`]=:"8TJ"2>5<#%QJ_P"2/:W?_P`J
MX^RRN/"1_<VTY;M;909`FTO[0P8_]]/%8^8<?>6=_D3@,M':6%G%D&E,*#?%
M(!N9.X\8(7=ZZ^X`D4%D4JL%\VX9$Q=[>X?)6>'RC"-,O-$JVZR$Z$;MWN"_
MU$?(Z;M*L_UZB@4J`>:+&RNO'F7N+FWCEFM$C>UE=`SQ,9HE9HV(U4D=#I6!
MXSR3">.O%>$SLN*DD6\B47,ME'$&>9F;8UP[LA.O4`]:"W:5`<=Y3LKS/8W!
MWN&R&,_,IOQ=U=HBI-[=_P!(8LH/P_EJ!79R#R=8809&Y@QEWDL=A9TM<Q?V
MQB$<$SD#MJ)75I&0LH?:-%)&IH)U2O!^9Q_X3_(>X?QOVOW_`'MK:]CM]_?L
MTW?1UTTUI0>#EV+M<EB)&N;871M?WDA94=6TZ%9%D!!3^IOCTU'4"JGGO.0X
M2YMX,>;>?&6\*Q64SAX(1&=+AGVK'TD]K-,J@J(_:"-:O22..5&BE0/&XVNC
M`%2#\"#6!N^+0W][=S7<[-;3QHEO"@$;6[KM]T;IHQ&J!MIZ:Z_.@Q%CR'C]
MAA;VYR.3BR4TSRO+9]T7#LRH(3;Q(VA8>S^W;U/PZU2?+LP_/L!/^%LP]Z+N
M&\N+&T1?;'%%-"S1HJJ[[>Z@/1F^)V_2MWXSQSAL;<N)+.SR%C<;VFM[NVC?
MML&#1&`,KA1_2R#:O12H!!W>;-FQX[*<5Q[#08^*Y"->RVUM]LDP</&L:2Q1
MA&,>F]QKKMZ#UH*4RJ._D*-`"7?C4BJH]2QX_*N@_CKTKOX9F[KQWB4AS6./
MWES=F2&RN%CT,,\4<3B7<KO&S*I"KT;XG500<]F["]?*M>Q*JW4D&J9`0H)6
M71]^QPNN[?&P"CHRD(%VGVV)Q64YD)C>364.4FMD_8NYK;>R1LNW29I(]BES
M&XZ'X=1U%!RS_(,#EL1:Y#%YJ&SGB?L0!B!I+-$VVWE]RK&VJC0N=NHT/0U`
M;!LWDTOORMZD%@\,2W$R1LR/(".Q[9ED(D,*(0)(QI'H=>I)L_(<%QF6O_N;
MN*&&&%T-I!;Q1J-J[)&>35.LC2+IUU`7TT8DUDK/CJ6&26\M;J5+9$T^T)WA
MY&!5WDDDW2$:!3H".HU.O30.W!8ZVP>&A@'[2HG>N'EV*0[#>Y<QZ(-OITZ`
M#Y576(+\_P"69_/X'DPL%LM,+;1016MTTEI&%EDF*W*2?MRS.VUE&C:?PJVJ
M4&O/B_)P83*<N\;VV4AFCNN^<#>B1.W+/M,("$-L+NI0Z#^TUC+'D^)LO#&9
MX5D)#9\AM)9(FQ\J,)6)N4F+`;>FWJ#KZ:5LS768(&<R-$A=AHS%1J0-#H3_
M`"H-=^69?&2X3Q&%NXP;3[0W2NP0Q+$+6&1W#Z%4#Q.-QZ=#UJ3V^8Q(\]WE
MP;ZW$(Q'9[IE39W%[<C)NUTW!0215RTH-9,;E<8/%WD&W-Y")[G*;K>(R*'D
M622)D,:ZZMN$;$:?(U[<MFL.N*\/,;^WTL)[:6]TE0F&..2V5WE`/L"F-@=?
MD?E6QU*"I_*O+I\9E>,8U+T8S"Y-VEN\]#&LLD<8VK_ZTC*X0E6ZNH)T.OIZ
MP[B69P-ER_GC+?3&SNL<?L[K(M*99E6(,99))QNT?U4OIKJH'J!6PTD44P"R
MHL@!U`8`@'Y]:^B.,.9`BB1NC.`-2!\S0:RO<03_`.O"0P2+)+:9'2Y13JT9
M>=V7>!].H8::U9?,;:R\B^++J?%1R2?9HMUCII(RG=>U0%VA#C<593)&#H-3
M_#UM!T212CJ&4]"K#4'^1J(<LP_-<K<PX_`9"SL./W-L]KD^XC&Y0.2K26NU
M=NX1]%U8`&@\?B>/(W?&EY-FCNRF<$4LC$:'L6\2VMN/T98S+^KFL'_L%?64
M7!S827$:WEQ<P-#;%AW'5"Q9E3ZMH^)]*M*TM8+&U@LK5!';VT:0PQCT5(U"
M*H_0"NZ@UQYI=\4RO$N+6/$$BN^:JMD86Q2#[F+9"!+WI(!J"'TZ,=0>OSK.
M9;EERO.UXUS#)SX:TL<9;AIL:C+=9"Y>*&62(7$"-,$,C.`L9&I7YU>5<&AB
M:196C4R+T5R`6'Z&@U5L<ECH_"_)<49A%>MFTDCM9"5D*-]MMTW>I_9?4>HT
MZU-^99O#R9OQ+<I?P-#`PFGD$B[8XV-F@>0Z^P;HV&K?VGY&KT2../41HJ;B
M6;:`-2?4G3XURH*)XES+&\`SO+>*<Y5X!>9"?(6LY@>9;D7!VZ;8D8D2*JE>
MFGJ#H:]L-RN$\N6G)\Y$<-A\YBNS8-=E8HX'C5-MO,Q(2)]D6[9KT+!?6KF:
M&)V5WC5G3JC$`D?H3Z5]DBCE79*BNOKM8`C_`*&@UFRJ]WBOD[DV_M8O/Y*U
MBP[/[!=F&^,[20AM"W[>K#3_`,OD:LZ6ZMKOP06M9DF6/CR0R&-@P62.U5)(
MVVDZ,K#0CX59@`4!5&@'0`=``*P'-\;DLSQ;)X?$QQ27=_`]LO?D,2*)!M9R
MRI)KM'PTZT%*7N0QW)_$'&.(8>:.\Y!<7$-O'CT(::)HFD[DLJ#W1H%.N\]-
MI^56Y8<WP\?+V\=;)QDK.VC<7,BJ(I=(DEVH=Y8ML;7T^!KM\?87)8#C5CB<
MQ;6\5Y8Q_;B>WD[HE0'<&+-'&5_X]:R8P$3\A_R*[F:>>&%K;'PE55+:.0(9
MMNT;G>1DZLQZ#H`.NH1?S1?65KX\R]O<W$<4UVD:6L3N%>5A-$S+&I.K$#J=
M*K+DF7Q5QX#P]C!?027<;6\<ELLJ&571W+*8]=P('7T]*V,I045R3,XAN8>+
MIUO[=H8(09I%E0J@=8D4NP.B@LI'6N/"N8XS@=[R7AO.4DBFER,UY:N;=YQ=
MBXVIM"QHVO<V*R$C0Z^HTJ]ZX-%$[K(Z*SI]+D`D?H:"%2^0[&#+VG%9L->#
M)WF-?(1V"QQD!$CEE6U;W`=QEA*Z?2&]NM*FVQ"XD*C>!H&TZZ'X:TH.5*4H
M%8;DJ\>:Q1>0M$D1D7[9GT[HEU]OV_0OO_X#72E*"&/CN)/<H\>9:)FD9K*.
M2!BJ=>J#O*=5VD!M3]6AU]097Q:/CD4=PN!E$TO[1NW<$3Z%-8%GW*C](^B[
MQNT]:4H)#2E*!2E*!2E*!2E*!2E*!2E*!2E*!2E*!2E*!2E*!2E*!2E*!2E*
,!2E*!2E*!2E*#__9
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g78575deg7857501.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g78575deg7857501.gif
M1TE&.#EAA@`N`*(``/___\S,S)F9F69F9C,S,P```````````"'Y!```````
M+`````"&`"X```/_"+K<_C#*2:N]..O-N_]@*(Z70)YH:@6#ZKXN`<\T.)AU
MKE?L[O^-`"$`+/H(+:.21I`M)P'B<S,83AVLP>UVQ0BX74!6JA#@PI-O\LHZ
M+X0P\J@M5[+JBP&>!!<+FGL8!&937X$``H<=:P`R0GH`D!V#;D5W$8H>6@N#
M2`R2`944:DM"BH0H`06<!8P*3E^#%ZJN/YL2DB=]0E8-B9$M3A9-=KT07RZ0
MJL(,=\IN8`^>1K<0;<DF6L8,0V!K?P52==4_IA+(+F9_H;61E^YE>DG1CV+;
M->C6N2F/3LQO5<3AX-*"UAL"!=3\HQ$-2T,%4=3\ZB"@0,(RHAKEPF%%_V(!
M0%S,W!&2,<5#!OG8:5$7BB2'9606(KH(,8HP8A4_UD)"298+<P\,(=*RKXY,
M"@87H&I&4\R6!V,BK$2$!$<4$7T<9MF7YX_2=FD^-I#I$V)9$&::W,C$HUVH
MJH%,];#G*].?;5R=!F%K)*NX*A.MP3+A,D\X,7MZD(Q"#LTL8<[R.HB6A%B+
M=8Y:(0WE>(/?(8$C++6GK6)5IRR:=M:U!BB4HDCTR`HL<K6*K(WDA$H4A=W9
M++8M0396\8:9E:(:!]>!V]A)AR67U^CE.M^QY])S@,(;=VKV(F"\!MD7*_1W
D'W.5?ZVR]OP2CM'=HR%\3[YMGO;/G\W/O[___P4`!BA"`@`[
`
end

</TEXT>
</DOCUMENT>
</SUBMISSION>
