Royal Bank of Canada to redeem Non-Cumulative First Preferred
Shares Series S
TORONTO, August 25, 2006 — Royal Bank of Canada
(RY on TSX and NYSE) today announced that on October 6, 2006,
it will redeem all of its issued and outstanding Non-Cumulative
First Preferred Shares Series S (the "Series S shares")
for cash at a redemption price of $26.00 per share. This is
comprised of the $25.00 original issue price plus a $1.00
redemption premium.
In addition, as the normal quarterly dividend would have
been due on November 24, 2006, the bank has declared a 44-day
stub dividend of $0.183836 per Series S share covering the
period from August 24, 2006 (the date of the last dividend
payment) to October 6, 2006. This results in a total redemption
price of $26.183836 per share.
There are 10,000,000 shares of Series S outstanding, representing
$250 million of capital. The redemption of the Series S shares
will be financed out of the general corporate funds of Royal
Bank of Canada.
Please visit www.rbc.com/investorrelations
to view tax Questions & Answers relating to this redemption.
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For further information, please contact:
Media Contact:
Beja Rodeck, Media Relations, Toronto - (416) 974-5506
Investor Contact:
Dave Mun, Investor Relations, Toronto - (416) 955-7808
Shirley Boudreau, Shareholder Relations Officer,
Toronto - (416) 955-7806
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