Mr. Asim Imran reports

ROYAL BANK OF CANADA ANNOUNCES INSTITUTIONAL NVCC PREFERRED SHARE ISSUE

Royal Bank of Canada has arranged a domestic public offering of non-cumulative five-year fixed rate reset first preferred shares, Series BW.

Royal Bank will issue to certain institutional investors 600,000 preferred shares, Series BW, priced at $1,000 per share, to raise gross proceeds of $600-million.

The preferred shares, Series BW, will yield 6.698 per cent annually, payable semi-annually, as and when declared by the board of directors of Royal Bank, for the initial period ending Nov. 24, 2029. Thereafter, the dividend rate will reset every five years at a rate equal to 3.40 per cent over the five-year government of Canada bond yield.

Subject to regulatory approval, the bank may redeem the preferred shares, Series BW, in whole or in part at par, during the period from Oct. 24, 2029, to and including Nov. 24, 2029, and during the period from Oct. 24 to and including Nov. 24, every five years thereafter, on not fewer than 15 days and not more than 60 days notice.

RBC Capital Markets is acting as lead agent on the issue. The expected closing date is July 24, 2024. The bank routinely undertakes financing transactions to maintain strong capital ratios and a cost-effective capital structure. Net proceeds from this transaction will be used for general banking purposes.

The preferred shares, Series BW, will be offered by way of a prospectus supplement to the bank's short form base shelf prospectus dated April 26, 2024, to be filed on or about July 19, 2024, with the securities commissions and other similar regulatory authorities in each of the provinces and territories of Canada.

Access to the shelf prospectus supplement, the corresponding base shelf prospectus and any amendment to the documents is provided in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment to the documents. The base shelf prospectus is accessible, and the shelf prospectus supplement will be accessible within two business days through SEDAR+.

An electronic or paper copy of the shelf prospectus supplement, the corresponding base shelf prospectus and any amendment to the documents may be obtained, without charge, from RBC Dominion Securities Inc. by contacting 416-842-6311 or by e-mail at torontosyndicate@rbccm.com by providing the contact with an e-mail address or address, as applicable.