Royal Bank of Canada to redeem NVCC Non-Cumulative 5-Year Fixed Rate Reset First Preferred Shares, Series BQ and NVCC AT1 Limited Recourse Capital Notes, Series 1

As a result of the redemption of the Series BQ Shares, all outstanding NVCC Additional Tier 1 (AT1) 4.50 per cent Limited Recourse Capital Notes, Series 1 due November 24, 2080 (Series 1 LRCN) will be automatically redeemed on the date of redemption of the Series BQ Shares for 100 per cent of their principal amount plus accrued interest to, but excluding, the redemption date. The redemption will occur on October 24, 2025.

There are 1,750,000 Series BQ Shares outstanding. The current principal amount of Series 1 LRCN outstanding is $1.75 billion. The Series BQ Shares and Series 1 LRCN represent $1.75 billion of capital. The redemptions will be financed out of the general corporate funds of Royal Bank of Canada.