Royal Bank of Canada Announces Preferred Share Issue

    TORONTO, April 17 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) today
announced a domestic public offering of $250 million of Non-Cumulative First
Preferred Shares Series AG.
    The bank will issue 10 million Preferred Shares priced at $25 per share
and holders will be entitled to receive non-cumulative preferential quarterly
dividends in the amount of $0.28125 per share, to yield 4.50 per cent
    Subject to regulatory approval, on or after May 24, 2012, 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 26, 2007.
    The net proceeds of this transaction will be used for general business
purposes and will strengthen the bank's capital ratios.

For further information:

For further information: Media Contact: Jackie Braden, Media Relations,
(416) 974-2124,; Investor Contacts: Amy Cairncross,
Investor Relations, (416) 955-7809,; Shirley Boudreau,
Investor Relations, (416) 955-7806,; Or visit the

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