Royal Bank of Canada announces increase to Preferred Share issue

    TORONTO, April 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 AX (the
"Preferred Shares Series AX"), the size of the offering has been increased to
12 million shares. The gross proceeds of the offering will now be $300
million. In addition, the bank has granted the Underwriters an option,
exercisable in whole or in part, to purchase up to an additional 1 million
Preferred Shares Series AX 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 April 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: Investor Contact: James Colburn, (416)
955-7808; Media Contact: Stephanie Lu, (416) 974-5506; Or visit the site:

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