RBC Manulife Investments Protected Deposit Notes now available ( January 29, 2008 )











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FOR IMMEDIATE RELEASE
January 29, 2008

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RBC Manulife Investments Protected Deposit Notes now available

Toronto - Canadian investors can benefit from a new series of principal protected Deposit Notes that has access to world-class investment managers and can generate potential returns based on exposure to equity markets.

RBC Manulife Investments Global Balanced Plus Deposit Notes is a unique investment offering issued by Royal Bank of Canada that is tied to the performance of three funds: the Mawer World Investment Fund – four time winner of the International Equity Fund of the Year, the Manulife Strategic Income Fund and the Manulife Canadian Core Fund. The RBC Manulife Investments Global Balanced Plus Deposit Notes provide Principal Amount guarantee by RBC as issuer.

“Recent market volatility has led many Canadians to rethink the investments within their portfolios,” said Bob Tillmann, Vice President of Marketing and Business Development, Manulife Investments.

“The RBC Manulife Investments Global Balanced Plus Deposit Notes provide investors with global equity market and fixed income exposure, with a 100 per cent Principal Amount guarantee feature, making the Notes an attractive alternative for mutual fund investors who require stability yet want to maintain equity market exposure. And with award-winning fund management managing the underlying funds, these Notes truly provide investors with a best-in-class investment opportunity.”

The Deposit Notes employ a dynamic asset allocation strategy providing notional exposure to the underlying funds when performance is positive and reduced exposure to the funds when performance is negative.

Yield Notes (Series 1 & 4)
> 100% Principal Amount guaranteed at maturity
> Monthly coupon payments equivalent to 5.04% annually^†

Return of Capital Notes (Series 2 & 5)
> 100% Principal Amount guaranteed over the term of the Deposit Note
> Monthly principal repayments equivalent to 5.04% annually^†

Total Return Notes (Series 3 & 6)
> 100% Principal Amount guaranteed at maturity

The RBC Manulife Investments Global Balanced Plus Deposit Notes, Series 1, 2, 3, 4, 5 and 6 are sold by advisors licensed by the Investment Dealers Association of Canada as well as licensed mutual fund dealers.

Series 1, 2 and 3 of the Global Balanced Plus Deposit Notes are available for purchase until February 15, 2008. Series 4, 5 and 6 of the Global Balanced Plus Deposit Notes are available for purchase until April 4, 2008. Details regarding this investment product, including a discussion of risk factors relating to the Deposit Notes, are contained in the Information Statements that can be obtained from your financial advisor or at www.manulife.ca/investments.

About Manulife Investments
Manulife Investments is the brand name describing certain Canadian subsidiaries and operating divisions of Manulife Financial Corporation that offer personal wealth management products and services in Canada. As one of Canada's leading integrated financial services providers, Manulife Investments offers a variety of products and services including segregated funds, mutual funds, annuities and guaranteed investment contracts.

About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$399.0 billion (US$400.5 billion) as at September 30, 2007.

Manulife Financial is one of two publicly traded life insurance companies in North America whose rated life insurance subsidiaries hold Standard & Poor’s Rating Services’ highest “AAA” rating and Moody’s Investor Services’ second highest “Aa1” rating, both representing financial strength.

Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.

About MFC Global Investment Management
MFC Global Investment Management is the asset management division of Manulife Financial.

MFC Global Investment Management’s diversified group of companies and affiliates provide comprehensive asset management solutions for institutional investors, investment funds and individuals in key markets around the world. This investment expertise extends across a full range of asset classes including equity, fixed income and alternative investments such as oil & gas, real estate, timber, farmland, as well as asset allocation strategies.

MFC Global Investment Management has investment offices in the United States, Canada, the United Kingdom, Japan, Hong Kong, and throughout Southeast Asia. As at June 30, 2007, assets managed exceeded C$240 billion (US$210 billion). Additional information about MFC Global Investment Management may be found at www.mfcglobal.com.

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Media Contact:

Tom Nunn

Manulife Financial

519-594-8578

tom_nunn@manulife.com

^† of the value of the Equity account – Monthly cash payout is variable and not guaranteed. Certain conditions apply; see Information Statement for more details.

The information contained herein is for information purposes only and does not constitute an offer to sell or a solicitation to purchase the Deposit Notes or investment advice. Investors should read the Information Statements related to the Deposit Notes dated December 6, 2007 and discuss with their advisor before making any investment decisions. Complete information relating to the Deposit Notes, including the risks of investment and disclosure on how the return is calculated, are included in the related Information Statement.

An investment in Protected Deposit Notes is subject to certain risks, which investors should consider. Investors should read the Information Statement carefully before investing and discuss their suitability with their advisor. The Deposit Notes may not be suitable for all types of investors; the prices, and value of the Deposit Notes may fluctuate and/or be adversely affected by a number of factors. The fluctuation of the value of the Fund Portfolio will directly impact the return, if any, on the Deposit Notes at maturity. It is possible that no return will be paid on the Deposit Notes.

The information contained herein is intended to be read in conjunction with the related Information Statement and is qualified in its entirety by reference to the Information Statement. The fluctuation of the value of the Fund Portfolio will directly impact the return, if any, on the Deposit Notes at maturity. It is possible that no return will be paid on the Deposit Notes.

Royal Bank of Canada makes no assurances, representations or warranties with respect to the accuracy, reliability or completeness of the information contained herein. Furthermore, Royal Bank of Canada makes no recommendations concerning Manulife Investments, mutual funds or the suitability of investing in securities generally, or the Deposit Notes in particular. No person has been authorized to give information or to make any representation not contained in the related Information Statement and Royal Bank of Canada does not accept any responsibility for any information not contained in the related Information Statement.

Manulife Investments is the brand name identifying the personal wealth management lines of business offered by The Manufacturers Life Insurance Company (Manulife Financial) and its subsidiaries in Canada (collectively, “Manulife Financial”). Manulife Investments, MFC Global Investment Management, Manulife and the Manulife Investments block design are trade names or registered or unregistered trademarks of Manulife Financial and have been licensed for use by the Royal Bank of Canada and its affiliates.