Citigroup Downgrades RBC

Citigroup Global Markets, 27 April 2008� Downgrading to 3H from 2H, and Lowering Target Price to C$40 � The downgrade is driven by our conservative estimate of a C$5B potential credit related write down and a C$2B increase to the provision for credit losses. Our estimates are based on our assessment of the bank�s exposures and the actions employed by similar U.S. banks during Q108 results