DBRS Finalizes Provis. Rating on RBC’s Non-Viability Contingent Capital Preferred Shares at Pfd-2

DBRS has today finalized the provisional ratings on Royal Bank of Canada’s (the Bank or RBC) Non-cumulative 5-year rate reset first preferred shares, Series AZ (non-viability contingent capital (NVCC) preferred shares Series AZ or Series AZ) at Pfd-2 with a Stable trend.

Following the review of all documentation associated with the recent offering, DBRS has confirmed that all terms of the issuance are consistent with those reviewed at the time the provisional rating was assigned on January 21, 2014. For further details on the provisional rating please see the DBRS press release entitled “DBRS Provisionally Rates RBC’s Non-Viability Contingent Capital Preferred Shares at Pfd-2, Stable.”

The aggregate gross proceeds from the NVCC preferred shares series AZ totalled $500 million. Proceeds from the issuance will be used for general business purposes.

Notes:

All figures are in Canadian dollars unless otherwise noted.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodology is Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities, which can be found on our website under Methodologies.