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Royal Bank of Can. (AL67)

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Tuesday 27 February, 2001

Royal Bank of Can.

Issue of Debt

Royal Bank of Canada
27 February 2001

27 FEBRUARY 2001


                                PRESS RELEASE



GUINNESS TRUST (LONDON FUND) FOUNDED 1890, REGISTERED 1902. - FURTHER ISSUE OF
£40MM 7.5 PER CENT FIRST MORTGAGE DEBENTURE STOCK 2037


RBC DOMINION SECURITIES HAS ISSUED £40 MM NOMINAL FIRST MORTGAGE DEBENTURE
STOCK DUE 2037 ('BONDS') OF GUINNESS TRUST (LONDON FUND) FOUNDED 1890,
REGISTERED 1902 ('GUINNESS TRUST') TO BE CONSOLIDATED WITH AND FORM A SINGLE
SERIES WITH THE EXISTING £60MM 7.5 PER CENT FIRST MORTGAGE DEBENTURE STOCK DUE
2037


THE STOCK WILL BE SECURED ON RENTAL CASHFLOW FROM A PORTFOLIO OF SOCIAL
HOUSING AS WELL AS CASH AND SECURITIES.


INTEREST ON THE NEW STOCK WILL BE PAYABLE SEMI-ANNUALLY IN ARREAR ON 31ST MAY
AND 30TH NOVEMBER. THE FIRST PAYMENT ON THE NEW STOCK WILL BE ON 31ST MAY 2001
AND WILL AMOUNT TO £3.75 PER £100 NOMINAL. THE NEW STOCK WILL BE ISSUED
INCLUSIVE OF ACCRUED INTEREST OF £1.8544 PER £100 NOMINAL.



THE STOCK IS REPAYABLE ON A DEFERRED PARTIAL ANNUITY BASIS. THE FINAL
REDEMPTION PAYMENT WILL BE MADE ON 30TH NOVEMBER 2037



APPLICATION HAS BEEN MADE FOR LONDON LISTING. EXPECTED Aa2/AA- RATING FROM
MOODYS AND S&P. ENGLISH LAW. ISIN NUMBER GB0001854792. CLOSING DATE 28TH
FEBRUARY 2001. REGISTERED STOCK, CREST ELIGIBLE IN £1 MINIMUM DENOMINATIONS



                                                                                
                                                                                
            

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