Ms. Julia Macleod reports

ROYAL BANK OF CANADA TO REDEEM NON-CUMULATIVE 5-YEAR RATE RESET FIRST PREFERRED SHARES SERIES AX

Royal Bank of Canada intends to redeem all of its issued and outstanding non-cumulative five-year rate-reset first preferred shares, Series AX, on Nov. 24, 2014, for cash at a redemption price of $25.00 per share.

There are 13 million Series AX shares outstanding, representing $325-million of capital. The redemption of the Series AX shares will be financed out of the general corporate funds of Royal Bank of Canada.

Separately from the redemption price, the final quarterly dividend of 38.125 cents per share for the Series AX shares will be paid in the usual manner on Nov. 24, 2014, to shareholders of record on Oct. 27, 2014.