RBC announces final results of elections by Alabama National BanCorporation stockholders regarding merger consideration

Royal Bank of Canada (TSX and NYSE: RY) today announced the final results of elections made by stockholders of Birmingham-based Alabama National BanCorporation (ANB) regarding the form of merger consideration they will receive in connection with the merger of ANB with and into RBC Centura Banks, Inc., a wholly owned subsidiary of RBC. The merger closed on February 22, 2008. The election period for ANB stockholders to choose the form of merger consideration expired at 5 p.m., Birmingham, Alabama time on February 14, 2008.

Of the 20,424,370 shares of ANB common stock outstanding as of the close of trading on February 22, 2008, approximately:

* 12,192,551 shares, or 59.7%, elected to receive cash;

* 6,254,896 shares, or 30.6%, elected to receive RBC common shares; and

* 1,976,923 shares, or 9.7%, did not make a valid election.

Based on the foregoing election results, the application of the proration procedures in the merger agreement and the volume-weighted average market price of RBC common shares on the New York Stock Exchange over the five-trading-day period ending on the last full trading day immediately before February 22, 2008 ($49.9067):

* a stockholder owning 100 shares of ANB common stock who made a valid election to receive RBC common shares would receive approximately 160 RBC common shares as consideration in the merger;

* a stockholder owning 100 shares of ANB common stock who did not make a valid election would receive approximately 160 RBC common shares as consideration in the merger; and

* a stockholder owning 100 ANB common shares who made a valid election to receive cash would, as a result of proration, receive a combination of approximately $6,700 in cash and approximately 26 RBC common shares as consideration in the merger.

Under the merger agreement, fractional RBC common shares will not be issued. Instead, ANB stockholders will receive cash based on $49.9067 per RBC common share, which is the volume-weighted average market price of RBC common shares on the New York Stock Exchange over the five-trading-day period ending on the last full trading day immediately before February 22, 2008.

The value of RBC common shares issued in the merger will, of course, vary over time.