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

TORONTO, Oct. 23, 2018 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) today announced its intention to redeem all of its issued and outstanding Non-Cumulative First Preferred Shares Series AD (the "Series AD shares") on November 24, 2018, for cash at a redemption price of $25.00 per share to be paid on November 26, 2018.  Royal Bank of Canada also announced its intention to redeem all of its issued and outstanding Non-Cumulative Floating Rate First Preferred Shares Series AK (the "Series AK shares") and Non-Cumulative 5-Year Rate Reset First Preferred Shares Series AJ (the "Series AJ shares") and AL (the "Series AL shares") on February 24, 2019, for cash at a redemption price of $25.00 per share to be paid on February 25, 2019.

There are 10,000,000 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 12,000,000 Series AL shares outstanding, representing $300 million of capital. The redemptions will be financed out of the general corporate funds of Royal Bank of Canada.

The final quarterly dividend of $0.28125 for each of the Series AD shares will be paid separately from the redemption price and in the usual manner on November 23, 2018 to shareholders of record on October 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 November 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 February 22, 2019 to shareholders of record on January 24, 2019.  After such dividend payments, the holders of Series AK, AJ and AL shares will cease to be entitled to dividends.

SOURCE RBC

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

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