Royal Bank of Canada to redeem non-cumulative first preferred
shares Series N
TORONTO, May 29, 2008 — Royal Bank of Canada
(RY on TSX and NYSE) today announced that on August 22, 2008,
it will redeem all of its issued and outstanding Non-Cumulative
First Preferred Shares Series N (the "Series N shares")
for cash at a redemption price of $25.00 per share.
There are 12,000,000 shares of Series N outstanding, representing
$300 million of capital. The redemption of the Series N shares
will be financed out of the general corporate funds of Royal
Bank of Canada.
Separately from the redemption price, the final quarterly
dividend of $0.29375 per share for the Series N shares will
be paid in the usual manner on August 22, 2008 to shareholders
of record on July 24, 2008.
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For further information, please contact:
Beja Rodeck, Media Relations, Toronto - (416) 974-5506
Shareholder Relations Officer, Toronto - (416) 955-7806