An anonymous director reports

ROYAL BANK OF CANADA DECLARES DIVIDENDS

Royal Bank of Canada's board of directors has declared a quarterly common share dividend of $1.38 per share, payable on and after May 24, 2024, to common shareholders of record at the close of business on April 25, 2024.

The board also declared dividends for the following non-cumulative first preferred shares, payable on and after May 24, 2024, to shareholders of record at the close of business on April 25, 2024:

• Series AZ dividend No. 41 of 23.125 cents per share;
• Series BB dividend No. 40 of 22.8125 cents per share;
• Series BD dividend No. 37 of 20 cents per share;
• Series BF dividend No. 36 of 18.75 cents per share;
• Series BH dividend No. 35 of 30.625 cents per share;
• Series BI dividend No. 35 of 30.625 cents per share;
• Series BO dividend No. 22 of 36.78125 cents per share.

In lieu of receiving their dividends in cash, holders of the bank's common and preferred shares who reside in Canada and holders of common shares who reside in the United States may elect to have their dividends reinvested in additional common shares of the bank, in accordance with the bank's dividend reinvestment plan.

Under the plan, the bank is entitled to determine whether the additional common shares are purchased in the secondary market by the agent for the plan or issued from treasury. For the May 24, 2024, dividend and for future dividends declared until further notice, the bank has decided to purchase common shares in the secondary market with no discount from the average market price (as defined in the plan). Most recently, the common shares received by participants under the plan were issued from treasury at a 2-per-cent discount from the average market price.

Registered holders of record residing in Canada or the United States who wish to participate in the plan can obtain an enrolment form from the bank's plan agent, Computershare Trust Company of Canada, from the bank's website or by calling 1-866-586-7635. Eligible beneficial or non-registered holders of the bank's common and preferred shares must contact their financial institutions or brokers if they wish to participate in the plan.

In order to participate in the plan in time for the May 24, 2024, dividend payment date, enrolment forms from registered holders must be received by Computershare Trust Company at 100 University Ave., eighth floor, Toronto, Ont., M5J 2Y1, before the close of business on April 25, 2024. All shareholders considering enrolment in the plan should carefully review the terms of the plan and consult with their advisers as to the implications of enrolment in the plan.

Registered participants in the plan who would prefer to receive a cash dividend rather than reinvest their dividends on and after May 24, 2024, may terminate their participation in the plan by delivering written notice to Computershare Trust Company at the aforementioned address by no later than April 25, 2024. Beneficial or non-registered participants in the plan should contact their financial institutions or brokers in advance of April 25, 2024, for instructions on how to terminate participation in the plan so that the May 24, 2024, dividend is not reinvested in common shares.