Royal Bank of Canada announces conversion privileges of Non-Cumulative 5-Year Rate Reset First Preferred Shares Series AJ and

Royal Bank of Canada announces conversion privileges of Non-Cumulative 5-Year 
Rate Reset First Preferred Shares Series AJ and AL 
TORONTO, Jan. 20, 2014 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) today 
announced that it does not intend to exercise its right to redeem all or any 
part of the currently outstanding Non-Cumulative 5-Year Rate Reset First 
Preferred Shares, Series AJ (the "Series AJ shares") or Series AL (the "Series 
AL shares") on February 24, 2014. There are currently 16,000,000 Series AJ 
shares and 12,000,000 Series AL shares outstanding. 
Subject to certain conditions set out in the prospectus supplement dated 
September 9, 2008 relating to the issuance of the Series AJ shares, the 
holders of the Series AJ shares have the right to convert all or part of their 
Series AJ shares, on a one-for-one basis, into Non-Cumulative Floating Rate 
First Preferred Shares, Series AK (the "Series AK shares") on February 24, 
2014. 
Subject to certain conditions set out in the prospectus supplement dated 
October 27, 2008 relating to the issuance of the Series AL shares, the holders 
of the Series AL shares have the right to convert all or part of their Series 
AL shares, on a one-for-one basis, into Non-Cumulative Floating Rate First 
Preferred Shares, Series AM (the "Series AM shares") on February 24, 2014. On 
such date, holders who do not exercise their right to convert their Series AJ 
shares or Series AL shares into Series AK or Series AM shares, as the case may 
be, will continue to hold their Series AJ and Series AL shares. 
The foregoing conversion rights are subject to the following: 


    i.       if Royal Bank of Canada determines that there would be less
             than 1,000,000 Series AK shares or less than 1,000,000 Series
             AM shares outstanding after February 24, 2014, then holders of
             Series AJ or Series AL shares will not be entitled to convert
             their shares into Series AK or Series AM shares, as the case
             may be, and
              
    ii.      alternatively, if Royal Bank of Canada determines that there
             would remain outstanding less than 1,000,000 Series AJ or less
             than 1,000,000 Series AL shares after February 24, 2014, then
             all remaining Series AJ or AL shares will automatically be
             converted into Series AK or AM shares, as the case may be, on
             a one-for-one basis on February 24, 2014.
              
             In either case, Royal Bank of Canada will give written notice
             to that effect to holders of Series AJ and AL shares no later
             than February 17, 2014.

The dividend rates applicable for the Series AJ and AL shares for the 5-year 
period from and including February 24, 2014 to but excluding February 24, 
2019, and the dividend rates applicable to the Series AK and AM shares for the 
3-month period from and including February 24, 2014 to but excluding May 24, 
2014, will be determined and announced by way of a press release on January 
24, 2014.

Beneficial owners of Series AJ shares and Series AL shares who wish to 
exercise their conversion rights, should communicate with their broker or 
other nominee to obtain instructions for exercising such rights during the 
conversion period, which runs from January 24, 2014, until 5:00 p.m. (EST) on 
February 10, 2014.

Inquiries should be directed to Shareholder Relations Officer, Shirley 
Boudreau, at 416-955-7806.



SOURCE  RBC 
 Investor Contacts: Shirley Boudreau, Shareholder Relations, 416-955-7806 
Karen McCarthy, Investor Relations, 416-955-7809 
Media contact: Tanis Feasby, Communications, 416-955-5172 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/January2014/20/c9871.html 
CO: RRYIR
ST: Ontario
NI: FIN  
-0- Jan/20/2014 22:30 GMT