RBC Q3 2009 Earnings

Scotia Capital, 28 August 2009Earnings Estimate and Target Price� We are increasing our 2009 and 2010 earnings estimate to $4.40 per share and $4.80 per share from $4.15 per share and $4.65 per share, respectively due to strength in its core earnings particularly in Capital Markets.� We are increasing our 12-month share price target to $75 from $65, representing 17.0x our 2009 earnings estimate