Royal Bank Establishes US$1.37B MTN Program

Royal Bank of Canada established a US$1.37 billion medium term note program on January 26, 2005 pursuant to a short-form base shelf prospectus filed in Canada pursuant to the Multi-jurisdictional Disclosure System. Under the program, the Royal Bank may sell senior global medium term notes, series A, to be distributed by RBC Capital Markets and RBC Dain Rauscher Inc.

Royal Bank was represented by in-house counsel Drew Allen; in the US by Donald Crawshaw, Tuvia Geffen and John Houlihan of Sullivan & Cromwell LLP; and in Canada by Andrew Fleming, Dawn Whittaker and Kelly Muschett of Ogilvy Renault LLP. Winthrop Conrad, Jr., Donna Chambers Campbell and Jean Weng of Davis Polk & Wardwell acted as US counsel for RBC Capital Markets and RBC Dain Rauscher.