RBC Completes $850M Offering of Covered Bonds

On March 16, 2010 Royal Bank of Canada (the “Bank”) completed an offering in Canada of Covered Bonds under its covered bond programme in an aggregate amount of $850,000,000. The offering was completed pursuant to pricing prospectus supplements delivered together with the base shelf prospectus of the Bank dated September 23, 2009. The Covered Bonds, due March 16, 2015, have an interest rate of 3.18 per cent per annum payable semi-annually in arrears.

The offering was led by RBC Dominion Securities Inc. with a Canadian dealer syndicate comprised of TD Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc., Merrill Lynch Canada Inc., HSBC Securities (Canada) Inc., J.P. Morgan Securities Canada Inc., Laurentian Bank Securities Inc., Manulife Securities Inc., and a global dealer syndicate (for sales outside Canada and the United States) comprising Barclays Bank PLC, BNP Paribas, London Branch, Commerzbank Capital Markets Corp. and Morgan Stanley Canada Limited.

Ogilvy Renault LLP acted as counsel to Royal Bank of Canada, with a team including Andrew Fleming, Peter Noble, Eric Reither, Joseph Hillier, Hélène Bourque, Sophie Kilburn, Adrienne Oliver and Glenn Hines.

McCarthy Tétrault LLP represented the dealers with a team including Marc MacMullin, Shea Small, Timothy Stewart and Gabrielle Richards.

Lawyer(s)

Sophie Kilburn Peter S. Noble Adrienne F. Oliver Hélène Bourque Shea T. Small E. Glenn Hines Andrew Fleming Timothy Stewart Marc J. MacMullin Eric P. Reither