RBC to Acquire Phillips, Hager & North

Scotia Capital, 22 February 2008RY to Acquire Phillips, Hager & North� Royal Bank (RY) announced its intention to acquire Phillips, Hager & North Investment Management (PH&N). PH&N shareholders will receive 27 million RY shares with a value of approximately $1.4 billion with a portion deferred for three years. The purchase price will be adjusted if PH&N's client outflows exceed a certain