RBC Completes Note Offering

On July 15, 2003, Royal Bank of Canada issued €500 million 3 per cent deposit notes due on July 15, 2008, pursuant to its US$14 billion Euro debt issuance programme. The joint lead managers for the offering were Royal Bank of Canada Europe Limited and UBS Limited. The other managers were Barclays Bank PLC, Citigroup Global Markets Inc., Deutsche Bank AG London, ING Belgium SA/NV and JP Morgan Securities Ltd.

Royal Bank of Canada was represented by in-house counsel Antonella Deo, and by Peter Noble and Susan Mann of Ogilvy Renault in London. Sanjay Mehta and Andrew Loong of Allen & Overy advised RBC with respect to U.K. tax matters. Shawna Miller, Sherry Roth and Maureen Tai of Stikeman Elliott LLP represented the managers.

Lawyer(s)

Peter S. Noble Sherry Roth Maureen Tai Shawna M. Miller Sanjay Mehta Susan E. Mann