Royal Group Revises Earnings Guidance for First Quarter.

Business Editors/High-Tech Writers

TORONTO--(BUSINESS WIRE)--Jan. 24, 2003

Royal Group Technologies Limited (TSX:RYG) (NYSE:RYG) announced today that fully diluted earnings per share for the first quarter of fiscal 2003 are anticipated to be in the range of $0.16 to $0.19. Royal had previously expected first quarter earnings per share to be in the range of $0.24 to $0.27. Royal will formally release its first quarter financial results on February 12th.

Royal Group's President, Douglas Dunsmuir, stated that, "repositioning of the U.S. window coverings operations has not yet produced the financial results we are expecting." He also noted that, "while Royal Group achieved overall sales of approximately $420 million in the first quarter, an unfavorable product mix also contributed to the earnings shortfall." Royal Group had previously guided that sales for the first quarter would be in the range of $395 to $420 million.

Royal Group Technologies Limited is a manufacturer of innovative, polymer-based home improvement, consumer and construction products. The company has extensive vertical integration, with operations dedicated to provision of materials, machinery, tooling, real estate and transportation services to its plants producing finished products. Royal's manufacturing facilities are primarily located throughout North America, with international operations in South America, Europe and Asia.

The information in this document contains certain forward-looking statements with respect to Royal Group Technologies Limited, its subsidiaries and affiliates. These statements are often, but not always made through the use of words or phrases such as "expects", "should continue", "believes", "anticipates", "estimated" and "intends" or similar formulations. By their nature, these forward-looking statements involve known and unknown risks, uncertainties and other factors affecting Royal specifically or its industry generally that could cause actual performance and financial results to differ materially from those contemplated by the forward-looking statements. These risks and uncertainties include fluctuations in the level of renovation, remodeling and construction activity, changes in product costs and pricing, an inability to achieve or delays in achieving savings related to the cost reductions, or revenues related to sales price increases, consolidation and restructuring programs, changes in product mix, the growth rate of the markets into which Royal's products are sold, market acceptance and demand for Royal's products, changes in availability or prices for raw materials, pricing pressures resulting from competition, difficulty in developing and introducing new products, failure to penetrate new markets effectively (particularly markets in developing countries), the effect on foreign operations of currency fluctuations, tariffs, nationalization, exchange controls, limitations on foreign investment in local business and other political, economic and regulatory risks, difficulty in preserving proprietary technology, changes in environmental regulations, currency risk exposure and other risks described from time to time in publicly filed disclosure documents and securities commission reports of Royal Group Technologies Limited and its subsidiaries and affiliates. In view of these uncertainties we caution readers not to place undue reliance on these forward-looking statements. Statements made in this document are made as of January 24, 2003 and Royal disclaims any intention or obligation to update or revise any statements made herein, whether as a result of new information, future events or otherwise.