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News Releases


Royal Bank of Canada announces preferred share issue

TORONTO, April 21, 2008 — Royal Bank of Canada (RY on TSX and NYSE) today announced a domestic public offering of $200 million of Non-Cumulative First Preferred Shares
Series AH.

The bank will issue eight million Preferred Shares priced at $25 per share and holders will be entitled to receive non-cumulative preferential quarterly dividends in the amount of $0.353125 per share, to yield 5.65 per cent annually. The bank has granted the Underwriters an option, exercisable in whole or in part, to purchase up to an additional 2 million Preferred Shares at the same offering price.

Subject to regulatory approval, on or after May 24, 2013, the bank may redeem the Preferred Shares in whole or in part at a declining premium.

The offering will be underwritten by a syndicate led by RBC Capital Markets. The expected closing date is April 29, 2008.

The net proceeds of this transaction will be used for general business purposes and will strengthen the bank's capital ratios.

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For further information, please contact:
Media Contact:

Beja Rodeck, Media Relations,
Toronto - (416) 974-5506, toll-free 1-888-880-2173, beja.rodeck@rbc.com

Investor Contacts:
Shirley Boudreau, Shareholder Relations Officer,
Toronto - (416) 955-7806, shirley.boudreau@rbc.com

Or visit the site: http://www.rbc.com/investorrelations/ir_share_information.html


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04/21/2008 11:50:13