Pursuant to the terms of the Agreements and the Orders, all purchases made by the third parties or its agents on the TSX and other Canadian markets pursuant to the Programs will be made in accordance with the TSX rules applicable to the normal course issuer bid, subject to limited exceptions as provided in the Orders. In addition, RBC and any non independent purchasing agent acting on its behalf are prohibited from purchasing any other common shares during the term of each Program. These forward looking statements include, but are not limited to, statements with respect to the normal course issuer bid by Royal Bank of Canada and specific share repurchase program.

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