Commentary & Deal Flow

IPTs: UKT+105a

• Issuer: Royal Bank of Canada
• Issuer LEI: ES7IP3U3RHIGC71XBU11
• Issuer Ratings: Aa1/AA-/AA (Moody's/S&P/Fitch)
• Expected Issue rating: A1/A/AA- (Moody's/S&P/Fitch)
• Rating Split: Issuer: Aa1/AA-/AA (Moody's/S&P/Fitch), Issue: A1/A/AA- (Moody's/S&P/Fitch)
• Instrument: Senior Unsecured Fixed-to-Floating Rate Notes
• Size: £ Benchmark
• Settlement Date: 23-Apr-26 (T+5)
• Optional Redemption Date: 01-Aug-31
• Maturity Date: 01-Aug-32
• IPTs: UKT+105a
• Benchmark: UKT 0.250% 31-Jul-31
• Coupon: Fixed, Annual ACT/ACT ICMA (prior to Optional Redemption)(short first coupon)
• Format: Reg S Bearer Notes, TEFRA D applicable. Not 144A eligible.
• Bail-in Power: Notes are subject to bail-in conversion in Canadian Bail-In Regime
• Documentation: Issued under the Programme for the Issuance of Securities, dated 09-Jul-25, as supplemented
• Joint Lead Managers: Natixis, NatWest, RBCCM(B&D), Santander
• Advertisement: The base prospectus dated 09-Jul-25 and any supplements there to are available on http://www.rbc.com/investorrelations. The Final Terms, when published, will be available on http://www.rbc.com/investorrelations
• Denominations: £100k+£1k
• Governing Law: Province of Ontario and the federal laws of Canada applicable therein
• Listing: London Stock Exchange
• Target Market: Manufacturer target market (UK MIFIR/MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) / CCI product summary has been prepared as not available to retail in UK/EEA.
• Timing: Books open now. Today's business.