ROYAL BANK OF CANADA DECLARES DIVIDENDS

TORONTO, Dec. 3 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) today announced a quarterly common share dividend of $0.50 per share, payable on and after February 24, 2011, to common shareholders of record at the close of business on January 26, 2011.

The board also announced dividends on the following Non-Cumulative First Preferred Shares, payable on and after February 24, 2011, to shareholders of record at the close of business on January 26, 2011.

    
    - Series W,  Dividend  No. 24  of  $0.30625 per share.
    - Series AA, Dividend  No. 20  of  $0.278125 per share.
    - Series AB, Dividend  No. 18  of  $0.29375 per share.
    - Series AC, Dividend  No. 17  of  $0.2875 per share.
    - Series AD, Dividend  No. 16  of  $0.28125 per share.
    - Series AE, Dividend  No. 16  of  $0.28125 per share.
    - Series AF, Dividend  No. 15  of  $0.278125 per share.
    - Series AG, Dividend  No. 15  of  $0.28125 per share.
    - Series AH, Dividend  No. 11  of  $0.353125 per share.
    - Series AJ, Dividend  No.  9  of  $0.3125 per share.
    - Series AL, Dividend  No.  9  of  $0.3500 per share.
    - Series AN, Dividend  No.  8  of  $0.390625 per share.
    - Series AP, Dividend  No.  8  of  $0.390625 per share.
    - Series AR, Dividend  No.  8  of  $0.390625 per share.
    - Series AT, Dividend  No.  7  of  $0.390625 per share.
    - Series AV, Dividend  No.  7  of  $0.390625 per share.
    - Series AX, Dividend  No.  7  of  $0.38125 per share.
    

In lieu of cash dividends, holders of the bank's common and preferred shares who reside in Canada and common shareholders who reside in the United States may elect to have their dividends reinvested in additional common shares of the bank, in accordance with the bank's dividend reinvestment plan (the "plan").

Under the plan, the bank determines whether the additional common shares will be purchased in the open market or issued by the bank from treasury. At this time, the bank has decided to issue shares from treasury with no applicable discount from the average market price (as defined in the plan) and will continue until further notice.

For further information: Investor Contact: Shirley Boudreau, Shareholder Relations, Toronto [phone], [email protected]; Media Contact: Gillian McArdle, Media Relations, Toronto [phone], toll-free 1-888-880-2173, [email protected]