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News Releases

 

Royal Bank of Canada announces amendments to its dividend reinvestment plan

TORONTO, February 26, 2009 — Royal Bank of Canada (RY on TSX and NYSE) today announced amendments to its dividend reinvestment plan (the "plan").

Under the plan, the bank may now offer a discount from the average market price (as defined in the plan) on the reinvestment of dividends in additional common shares issued by the bank from treasury and will provide the preferred shareholders of the bank with the opportunity to participate in the plan by electing to have the dividends paid on their preferred shares reinvested in common shares of the bank.

Under the plan, common and preferred shareholders who reside in Canada and common shareholders in the United States may elect to have dividends paid on their shares reinvested in common shares of the bank. The bank determines whether the common shares are purchased on the secondary market or are newly-issued by the bank from treasury.

At this time, the bank has decided to issue shares from treasury at a three per cent discount from the average market price until such time as the bank elects otherwise. Most recently the common shares purchased under the plan have been issued from treasury with no discount to the average market price. These changes will be effective starting with the dividend, payable on May 22, 2009 to common and preferred shareholders of record on April 23, 2009.

Shareholders who currently participate in the plan and who will continue to do so will automatically have the discount applied to the reinvestment of their dividends on the May 22, 2009 payment date. Registered common shareholders of record residing in Canada and the United Sates wishing to join the plan can obtain an enrolment form from the bank's plan agent, Computershare Trust Company of Canada, from their website at www.computershare.com/rbc, or by calling 1-866-586-7635. Eligible beneficial or non-registered holders of the bank's common and preferred shares must contact their financial institution or broker if they wish to participate in the plan.

In order to participate in time for the May 22, 2009 dividend payment date, enrolment forms from registered holders must be received by Computershare Trust Company of Canada, 100 University Avenue, Toronto, Ontario M5J 2Y1 before the close of business on April 16, 2009. Eligible beneficial or non-registered holders must contact their financial institution or broker for instructions on how to participate in advance of the above date.

Registered participants in the plan who would prefer to receive a cash dividend rather than reinvest their dividends may terminate their participation in the plan by duly completing the termination portion of the voucher on the reverse of the statement of account and sending it to Computershare Trust Company of Canada at the above address, to be received by no later than April 16, 2009 in order to be effective for the May 22, 2009 dividend payment. Non-registered participants in the plan should contact their financial institution or broker in advance of April 16, 2009 for instructions on how to terminate participation so that the May 22, 2009 dividend is not reinvested in common shares.

The securities referenced above have not been and will not be registered under the United States Securities Act of 1933, as amended, or under any state securities laws, and may not be offered, sold, directly or indirectly, or delivered within the United States of America and its territories and possessions or to, or for the account or benefit of, United States persons except in certain transactions exempt from the registration requirements of such Act. This release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

- 30 -

For further information:

Investor Contact:
Shirley Boudreau,
Shareholder Relations, Toronto (416) 955-7806, shirley.boudreau@rbc.com

Media Contact:
Stephanie Lu,
Media Relations, Toronto (416) 974-5506,
toll-free 1-888-880-2173, stephanie.lu@rbc.com

 



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02/27/2009 09:40:26