Ms. Shirley Boudreau reports

ROYAL BANK OF CANADA ANNOUNCES INCREASE TO NVCC PREFERRED SHARE ISSUE

As a result of strong investor demand for Royal Bank of Canada's previously announced domestic public offering of non-cumulative, five-year, rate-reset preferred shares, Series BD, the size of the offering has been increased to 24 million shares. The gross proceeds of the offering will now be $600-million. The offering will be underwritten by a syndicate led by RBC Capital Markets. The expected closing date is Jan. 30, 2015.

The company 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 business purposes.