An anonymous director reports

ROYAL BANK OF CANADA TO REPURCHASE UP TO 12 MILLION OF ITS COMMON SHARES

Royal Bank of Canada intends, subject to the approval of the Office of the Superintendent of Financial Institutions and the Toronto Stock Exchange, to commence a normal course issuer bid through the facilities of the Toronto Stock Exchange and to repurchase for cancellation up to 12 million of its common shares, representing approximately 0.8 per cent of the bank's outstanding common shares as at Sept. 30, 2014. On Sept. 30, 2014, there were 1,442,217,272 common shares outstanding. The bank intends to file a notice of intention with the TSX in this regard.

Purchases may commence on Nov. 1, 2014, provided the TSX has accepted the notice of intention, and may continue until Oct. 31, 2015. The amount and timing of any purchases will be determined by the bank, except that the amount of purchases on any given day will not exceed 455,905 common shares, which is 25 per cent of the average daily trading volume on the TSX for the six months ending Sept. 30, 2014. Purchases may be made through the TSX as well as through other designated exchanges and published markets, in both Canada and the United States. The price paid for any repurchased shares will be the prevailing market price at the time of acquisition.

The proposed share repurchases will enable the bank to balance the imperatives of maintaining strong capital ratios with the continuing need to generate shareholder value. On July 31, 2014, the bank's common equity Tier 1, Tier 1 and total capital ratios were 9.5 per cent, 11.2 per cent and 13.0 per cent, respectively.

We seek Safe Harbor.