This short form shelf prospectus has been filed under procedures in all provinces and territories of
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This short form prospectus constitutes a public offering only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such securities. No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended and, subject to certain exceptions, may not be offered, sold or delivered, directly or indirectly, in the United States of America or for the account or benefit of U.S. persons. See "Plan of Distribution".Short Form ProspectusNew Issue January 21, 2005Royal Bank of Canada$300,000,00012,000,000 Non-Cumulative First Preferred Shares Series WThe holders of Non-Cumulative First Preferred Shares Series W (the "Preferred Shares Series W") of Royal Bank of Canada (the th"Bank") will be entitled to receive fixed non-cumulative preferential cash dividends, payable quarterly on the 24 day of February, May, August and November in each year, as and when declared by the board of directors of the Bank, at a quarterly rate of $0.30625 per Preferred Share Series W. The initial dividend, if declared, will be payable on May 24, 2005 and will be $0.37925 per Preferred Share Series W, based on an anticipated issue date of January 31, 2005. See "Details of the Offering". Subject to the provisions of the Bank Act (Canada) (the "Bank Act") and ...
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TheholdersofNon -Cumul F iesW(the"PreferredSharesSeriesW")ofRoyalBankofCanada(the ative irstPreferredSharesSer "Bank")willbeentitledtoreceivefixednon -cumulativepreferentialcashdividends, payable quarterlyonthe24 th dayofFebruary, May,AugustandNovemberineachyear,asandwhendeclaredbythebo ardofdirectorsoftheBank,ataquarterlyrateof$0.30625 perPreferredShareSeriesW.Theinitialdividend,ifdeclared,willbepaya bleonMay24,2005 andwillbe$0.37925perPreferred ShareSeriesW,basedonananticipatedissuedateofJanuary31,2005.See"DetailsoftheOffering". t (Canada)(the kAct")and F Subjecttotheprovisionsofthe "BantheconsentoftheSuperintendentofinancialnstitutions (the"Superintendent"),onandafterFebruary24,2010,theBankmayredeemthePreferredSharesSeriesWinwholeorinpartbythe paymentincashofasumequalto$25.00perPreferredShareSeriesWplus,ifredeemedbeforeebruary24,2014,apremium, F togetherwithdeclaredandunpaiddividendstothedatefixedforredemption.See"DetailsoftheOffering". TheBankmayalso,onandafterFebruary24,2010,subjectto(i)theconsentoftheSuperintendent,(ii) theprovisionsoftheBank Act,and(iii)theapprovaloftheTorontoStockxchange(the"TS"),convertthePreferredSharesSeriesWinwholeorinpartinto thatwholenumberoffully -paidandfreelytradeablecommonsharesoftheBank(the"CommonSh ares")determinedbydividingthe thenapplicableredemptionprice,togetherwithdeclaredandunpaiddividendstothedatefixedforconversion,bythegreaterof $2.50 and95oftheweightedaveragetradingpriceoftheCommonSharesatsuchtime.See"DetailsoftheOffering". TheTShasconditionallyapprovedthelistingofthePreferredSharesSeriesWontheTS.istingwillbesubjecttotheBank fulfillingalloftherequirementsoftheTSonorbeforeApril19 ,2005 . Prce2500perPreferreShareSerestoyel 0 RBCDominionSecuritiesnc.,ScotiaCapitalnc.,TDSecuritiesnc.,BMONesbittBurnsnc.,CBCWorldMarketsnc.,National BankFinancialnc.,DesjardinsSecuritiesnc.,SBCSecurities(Canada)nc.,aurentianBankSecuritiesnc.andTrilonSecurities Corporation(collectivelythe"nderwriters"),asprincipals,conditionallyofferthePreferredSharesSeriesW,subjecttopriorsale,if, asandwhenissuedbytheBankandacceptedbyus,inaccordancewith theconditionscontainedintheunderwritingagreement referredtounder"PlanofDistribution"andsubjecttotheapprovalofcertainlegalmattersonbehalfoftheBankby OgilvyRenault andonbehalfofthenderwritersbyStikemanlliottP. RBComnonSecurtesInconeofthenerwrterssawhollyownesusaryoftheBankhereforetheBanksa relatessuerofRBComnonSecurtesIncunerapplcalesecurtesleslatonSeePlanofstruton Netprocees Prcetopulcnerwrtersfee 1 totheBank 2 PerPreferredShareSeriesW........................................................ $25 $0.75 $24.25 Total ............................................................................................. $300,000,000 $9,000,000 $291,000,000 (1)Thenderwritersfeeis$0.25foreachsharesoldtocertaininstitutionsand$0.75forallothershareswhicharesold.Thetotalssetforthinthe tablerepresentthenderwritersfeeandnetproceedsassumingnosharesaresoldtoinstitutions. (2) BeforedeductionofexpensesofthisissuepayablebytheBankestimatedat$40 0,000. nconnectionwiththisoffering,thenderwritersmayover-allotoreffecttransactionswhichstabilieormaintainthemarketpriceof thePreferredSharesSeriesW.See"PlanofDistribution". Subscriptionswillbereceivedsubjecttorejectionorallotmentinwholeo rinpartandtherightisreservedtoclosethesubscription booksatanytimewithoutnotice.tisexpectedthattheclosingwilltakeplaceonoraboutJanuary31,2005orsuchlaterdateasmay beagreedupon,butinanyeventnotlaterthanMarch14 ,2005.Abook -entryonlycertificaterepresentingthePreferredShares SeriesWwillbeissuedinregisteredformtoTheCanadianDepositoryforSecuritiesimited("CDS")oritsnomineeandwillbe depositedwithCDSontheclosingdate.Nophysica lcertificatesrepresentingthePreferredSharesSeriesWwillbeissuedto purchasers,exceptinlimitedcircumstances,andregistrationwillbemadeinthedepositoryserviceofCDS.ApurchaserofPreferred SharesSeriesWwillreceiveonlyacustomer confirmationfromaregistereddealerwhoisaCDSparticipantandfromorthrough whomthePreferredSharesSeriesWarepurchased.See"DepositoryServices".
aleofContents Pae Pae CautionRegardingForward-ookingStatements ........... 2 arnings Coverage......................................................... 12 DocumentsncorporatedbyReference ............................ 2 PlanofDistribution ....................................................... 12 CurrencyandAccountingnformation ............................ 3 seofProceeds ............................................................. 13 RoyalBankofCanada ..................................................... 3 TransferAgentand Registrar......................................... 13 DetailsoftheOffering ..................................................... 4 RiskFactors ................................................................... 13 DepositoryServices ......................................................... egalMatters ................................................................. 13 BankActRestrictions ...................................................... 9 StatutoryRightsofWithdrawalandRescission ............ 14 CommonShares............................................................... 9 CertificateoftheBank ................................................... 15 Canadian ederalncomeTaxConsideratio ns ................ 9 Certificateofthenderwriters ...................................... 16 F Ratings...........................................................................11xhibit...........................................................................17 ShareCapitalandSubordinatedndebtedness ............... 12 AuditorsConsent .......................................................... 17
CautonRearnForwar ooknStatem ents Certainstatementscontainedinthisprospectus,andincertaindocuments incorporatedbyreferenceinthis prospectus,areforw ard-lookingstatements.Theseforw ard-lookingstatementsinclude,amongothers,statements withrespecttotheBanksobjectivesfortheyear,andthemediumandlongterms,andstrategiestoachievet hose objectives,aswellasstatementswithrespecttotheBanksbeliefs,plans,expectations,anticipations,estimatesand intentions.Thew ords"may","could","should","w ould","suspect","outlook","believe","anticipate","estimate", "expect","inte nd","plan",andw ordsandexpressionsofsimilarimportareintendedtoidentifyforward -looking statements. By theirverynature,forw ard-lookingstatementsinvolveinherentrisksanduncertainties,bothgeneraland specific,andrisksexistthatpredict ions,forecasts,projectionsandotherforw ard-lookingstatementswillnotbe achieved.Readersarecautionednottoplaceunduerelianceonthesestatementsasanumberofimportantfactors couldcauseactualresultstodiffermateriallyfromtheplans,o bjectives,expectations,estimatesandintentions expressedinsuchforward -lookingstatements.Thesefactorsinclude,butarenotlimitedto,thestrengthofthe CanadianeconomyingeneralandthestrengthofthelocaleconomieswithinCanadainwhichth eBankconducts operationsthestrengthofthenitedStateseconomyandtheeconomiesofothernationsinwhichtheBank conductssignificantoperationstheeffectsofchangesinmonetaryandfiscalpolicy,includingchangesininterest ratepoliciesof theBankofCanadaandtheBoardofovernorsoftheFederalReserveSysteminthenitedStates changesintradepolicytheeffectsofcompetitioninthemarketsinwhichtheBankoperatesinflationcapital marketandcurrencymarketfluctuationsth etimelydevelopmentandintroductionofnewproductsandservicesin respectivemarketstheimpactofchangesinthelawsandregulationsregulatingfinancialservices(including banking,insuranceandsecurities)changesintaxla wstechnologicalchan gesourabilitytocompletestrategic acquisitionsandtointegrateacquisitionsunexpectedjudicialorregulatoryproceedingsunexpectedchangesin consumerspendingandsavinghabitsthepossibleimpactontheBanksbusinessesofinternationalconfl ictsand otherdevelopmentsincludingthoserelatingtothewaronterrorismandtheBanksanticipationofandsuccessin managingtherisksimpliedbytheforegoing.See"RiskFactors". Theforegoinglistofimportantfactorsisnotexhaustive.Whenrel yingontheBanksforward -lookingstatements tomakedecisions,investorsandothersshouldcarefullyconsidertheforegoingfactorsandotheruncertaintiesand potentialevents.TheBankdoesnotundertaketoupdateanyforward -lookingstatement,whether writtenororal,that maybemadefromtimetotimebyoronbehalfoftheBank,exceptasotherwiserequiredbyapplicablelaw . ocumentsIncorporateyReference Informatonhaseenncorporateyreferencenthsprospectusfromocumentsflewt hsecurtes commssonsorsmlarauthortesnCanaa Copiesofthedocumentsincorporatedbyreferencemaybe obtainedonrequestwithoutchargefromtheSeniorice -President,nvestorRelations,RoyalBankofCanada,123 FrontStreetWest,6thFlo or,Toronto,OntarioM5J2M2,telephone(416)955 -703orfax(416)955 -700.Forthe purposeoftheProvinceofubec,thissimplifiedprospectuscontainsinformationtobecompletedbyconsulting
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