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News Releases

 

Royal Bank of Canada to repurchase up to 20 million of its common shares

TORONTO, October 17, 2008 — Royal Bank of Canada (RY on TSX and NYSE) today announced its intention, subject to the approval of the Office of the Superintendent of Financial Institutions and the Toronto Stock Exchange, to renew its normal course issuer bid through the facilities of the Toronto Stock Exchange and to repurchase for cancellation up to 20 million common shares, representing approximately 1.5 per cent of the bank's outstanding common shares as at October 15, 2008. The bank intends to file a notice of intention with the Toronto Stock Exchange in this regard.

Purchases may commence after the Toronto Stock Exchange has accepted the notice of intention and may continue for a period of one year. The amount and timing of any purchases will be determined by the bank. The price paid for any repurchased shares will be the market price of such shares on the TSX at the time of acquisition.

The proposed share repurchase will enable the bank to balance the imperatives of maintaining strong capital ratios with the ongoing need to generate shareholder value. On July 31, 2008, the bank's Tier 1 and Total capital ratios were 9.5 per cent and 11.7 per cent, respectively.

The bank currently has a normal course issuer bid under way through which approximately 1.1 million of an allowed 20 million common shares have been repurchased as of October 15, 2008. This bid will expire October 31, 2008.

RBC intends to establish a plan under which its broker, RBC Dominion Securities Inc., would repurchase RBC shares pursuant to the bid. Such a plan would define a pre-arranged set of criteria, in accordance with which share repurchases would be made automatically, until the plan is terminated by RBC or the bid expires. RBC would not be entitled to vary, suspend or terminate the plan except in accordance with its terms.

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Investor contact:
Josie Merenda, (416) 974-2044

Media contact:
Beja Rodeck, (416) 974-5506

 



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10/17/2008 11:49:12