Royal Bank of Canada announced on September 22, 2026 an offering of $1.1 billion of non-viability contingent capital (NVCC) Additional Tier 1 (AT1) Limited Recourse Capital Notes, Series 9 (the "LRCNs"). The notes will bear interest at 6.275 percent annually, payable semi-annually, for the initial period ending November 24, 2031, after which the rate resets every five years to the prevailing five-year Government of Canada Yield plus 2.70 percent. The LRCNs mature on November 24, 2086. RBC Capital Markets is acting as lead agent on the issue. Concurrently with issuance of the LRCNs, the bank will issue NVCC Non-Cumulative 5-Year Fixed Rate Reset First Preferred Shares, Series CB, to be held by Computershare Trust Company of Canada as trustee for the Leo LRCN Limited Recourse Trust. In the event of non-payment on the LRCNs, holder recourse is limited to a proportionate share of the trust's assets, consisting principally of the Series CB preferred shares. The expected closing date is September 29, 2026, subject to customary closing conditions. This is the ninth series in RBC's LRCN program, an AT1 capital structure the bank pioneered in 2020. On the six prior SEC-registered series in this program (Series 4 through 8), Osler, Hoskin & Harcourt LLP acted as Canadian counsel and Sullivan & Cromwell LLP as U.S. counsel to RBC; no counsel has yet been publicly confirmed specifically for Series 9, and no underwriters' counsel has been publicly disclosed for any series in this program to date. RBC announced the offering of $1.1 billion of non-viability contingent capital Additional Tier 1 Limited Recourse Capital Notes, Series 9, with interest at 6.275 per cent annually, payable semi-annually, for the initial period ending November 24, 2031, resetting every five years to the prevailing five-year Government of Canada Yield plus 2.70 per cent, maturing November 24, 2086, with RBC Capital Markets acting as lead agent and an expected closing date of September 29, 2026.