Ms. Gillian McArdle reports

ROYAL BANK OF CANADA TO REPURCHASE UP TO 45 MILLION OF ITS COMMON SHARES

Royal Bank of Canada intends, subject to the approval of the Toronto Stock Exchange (TSX) and the Office of the Superintendent of Financial Institutions (OSFI), to commence a normal course issuer bid and to repurchase for cancellation up to 45 million of its common shares. The bank intends to file a notice of intention with the TSX in this regard.

Purchases may commence on June 12, 2026, provided the TSX has accepted the notice of intention and may continue until June 11, 2027, when the bid expires or such earlier date as the bank may complete its purchases pursuant to the notice of intention. Purchases may be made through the TSX, the New York Stock Exchange and other designated exchanges and alternative Canadian trading systems. The price paid for any repurchased shares will be the prevailing market price at the time of acquisition. The timing and amount of any purchases under the program are subject to regulatory approvals and to management discretion based on factors such as market conditions and capital adequacy.

The shares that may be repurchased represent approximately 3.24 per cent of the bank's outstanding common shares as at May 15, 2026. On May 15, 2026, there were 1,389,691,690 common shares outstanding.

The proposed normal course issuer bid will give the Bank flexibility to manage its capital position while generating shareholder value. On April 30, 2026, the Bank's Common Equity Tier 1, Tier 1 and total capital ratios were 13.5 per cent, 15.0 per cent and 16.9 per cent, respectively.

We seek Safe Harbor.