Royal Bank of Canada announces results of conversion privileges of NVCC Non-Cumulative 5-Year Rate Reset First Preferred Shares Series AZ

TORONTO, May 14, 2019 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) today announced that, during the conversion notice period which ran from April 24, 2019 to May 9, 2019, 647,939 Non-Viability Contingent Capital (NVCC) Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series AZ (the "Series AZ shares") were elected for conversion, on a one-for-one basis, into NVCC Non-Cumulative Floating Rate First Preferred Shares, Series BA (the "Series BA shares"). As per the conditions set out in the prospectus supplement dated January 23, 2014, since less than 1,000,000 Series BA shares would be outstanding after May 24, 2019, holders of Series AZ shares will not be entitled to convert their shares into Series BA shares. As a result, Series BA shares will not be issued at this time.

On May 24, 2019, Royal Bank of Canada will have 20,000,000 Series AZ shares issued and outstanding. The Series AZ shares are currently listed on the Toronto Stock Exchange under the symbol RY.PR.Z.

SOURCE Royal Bank of Canada

Investor Contacts: Shirley Boudreau, Shareholder Relations, 416-955-7806; Asim Imran, Investor Relations, 416-955-7804; Media contact: Ka Yan Ng, Corporate Communications, 416-974-3058