Royal Bank of Canada today announced that it expects its provision for credit losses in the fourth quarter of 2001 to be approximately $425 million compared to $236 million in the third quarter.

This increase primarily reflects deterioration in corporate credit quality in an uncertain economic environment.

Royal Bank will release its fourth quarter results on November 20, 2001.

Royal Bank will be hosting an analyst and institutional investor meeting in Toronto on Monday, October 22 to discuss its strategies and its business segments. As previously announced, the meeting will be accessible on a listen-only basis via webcast (http://www.royalbank.com/investorrelation/conference.html) and teleconference call (1-888-793-1722).

The presentation is expected to start at 1:40 p.m. (Toronto time) and conclude by 5:00 p.m.