Redemption Notice

ROYAL BANK OF CANADA

Series No: 632

JPY 10,000,000,000 2.86%.Subordinated Notes due June 2037 under the U.S.$40 Billion Programme for the Issuance of Notes

 ISIN - XS0305391681

NOTICE IS HEREBY GIVEN in accordance with Condition 6.03 set forth in the prospectus dated July 14, 2006 and the supplementary prospectuses dated September 8, 2006 and others respectively of the Terms and Conditions of the Notes, that Royal Bank of Canada will redeem all outstanding captioned Notes on June 26, 2017 at Par together with interest accrued to and including such date. After June 26, 2017, interest on the Notes will cease to accrue.

                             /s/ Steven Walper                               

Authorised Signature