Royal Bank of Canada announces increase to Preferred Share issue

    TORONTO, Jan. 21 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) today
announced that as a result of strong investor demand for its domestic public
offering of Non-Cumulative, 5 year rate reset Preferred Shares Series AR (the
"Preferred Shares Series AR"), the size of the offering has been increased to
10 million shares. The gross proceeds of the offering will now be $250
million. In addition, the bank has granted the Underwriters an option,
exercisable in whole or in part, to purchase up to an additional 3 million
Preferred Shares Series AR at a price of $25 per share. The offering will be
underwritten by a syndicate led by RBC Capital Markets. The expected closing
date is January 29, 2009.
    We routinely undertake funding transactions to maintain strong capital
ratios and a cost effective capital structure. Net proceeds from this
transaction will be used for general business purposes.

For further information:

For further information: Media Contact: Jackie Braden, Media Relations,
(416) 974-2124; Investor Contact: James Colburn, Investor Relations, (416)
955-7808; Or visit the site:

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