An anonymous director reports

ROYAL BANK OF CANADA TO REDEEM NON-CUMULATIVE FIRST PREFERRED SHARES SERIES AD, NON-CUMULATIVE FLOATING RATE FIRST PREFERRED SHARES SERIES AK AND NON-CUMULATIVE 5-YEAR RATE RESET FIRST PREFERRED SHARES SERIES AJ & AL

Royal Bank of Canada intends to redeem all of its issued and outstanding non-cumulative first preferred shares, Series AD, on Nov. 24, 2018, for cash at a redemption price of $25 per share to be paid on Nov. 26, 2018. Royal Bank also intends to redeem all of its issued and outstanding non-cumulative floating-rate first preferred shares, Series AK, and non-cumulative five-year rate-reset first preferred shares, Series AJ and Series AL, on Feb. 24, 2019, for cash at a redemption price of $25 per share to be paid on Feb. 25, 2019.

There are 10 million Series AD shares outstanding, representing $250-million of capital; 2,421,185 Series AK shares outstanding, representing approximately $61-million of capital; 13,578,815 Series AJ shares outstanding, representing approximately $339-million of capital; and 12 million Series AL shares outstanding, representing $300-million of capital. The redemptions will be financed out of the general corporate funds of Royal Bank.

The final quarterly dividend of 28.125 cents for each of the Series AD shares will be paid separately from the redemption price and in the usual manner on Nov. 23, 2018, to shareholders of record on Oct. 25, 2018. After such dividend payment, the holders of Series AD shares will cease to be entitled to dividends. The final quarterly dividends for each of the Series AK, AJ and AL shares, subject to declaration by the board of directors on Nov. 27, 2018, will be paid separately from the redemption price for each of the Series AK, Series AJ and Series AL shares and in the usual manner on Feb. 22, 2019, to shareholders of record on Jan. 24, 2019. After such dividend payments, the holders of Series AK, AJ and AL shares will cease to be entitled to dividends.