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News Releases


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:

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

Investor Contact:
Shirley Boudreau,
Shareholder Relations Officer, Toronto - (416) 955-7806


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05/29/2008 07:42:12