An anonymous director reports

ROYAL BANK OF CANADA ANNOUNCES DIVIDEND RATES ON NVCC NON-CUMULATIVE 5-YEAR RATE RESET FIRST PREFERRED SHARES SERIES BO AND NVCC NON-CUMULATIVE FLOATING RATE FIRST PREFERRED SHARES SERIES BP

Royal Bank of Canada has set the applicable dividend rates for its non-viability contingent capital (NVCC) non-cumulative five-year rate reset first preferred shares, Series BO, and NVCC non-cumulative floating rate first preferred shares, Series BP.

With respect to any Series BO shares that remain outstanding after Feb. 24, 2024, holders will be entitled to receive quarterly fixed rate non-cumulative preferential cash dividends, as and when declared by the board of directors of Royal Bank of Canada, subject to the provisions of the Bank Act (Canada).

The dividend rate for the five-year period from and including Feb. 24, 2024, to but excluding, Feb. 24, 2029, will be 5.885 per cent for the Series BO shares, being equal to the five-year government of Canada bond yield determined as of Jan. 25, 2024, plus 2.38 per cent, as determined in accordance with the terms of the Series BO shares.

With respect to any Series BP shares that may be issued on Feb. 24, 2024, holders will be entitled to receive quarterly floating rate non-cumulative preferential cash dividends, calculated on the basis of the actual number of days elapsed in such quarterly period divided by 365, as and when declared by the board of directors of Royal Bank of Canada, subject to the provisions of the Bank Act (Canada).

The dividend rate for the floating rate period from and including Feb. 24, 2024, to but excluding, May 24, 2024, will be 7.421 per cent for the Series BP shares, being equal to the three-month government of Canada treasury bill yield determined as of Jan. 25, 2024, plus 2.38 per cent, as determined in accordance with the terms of the Series BP shares.

Beneficial owners of Series BO shares who wish to exercise their conversion rights should instruct their broker or other nominee to exercise such rights on or prior to the deadline for notice of intention to convert, which is 5 p.m. (EST) on Feb. 9, 2024.