# EDGAR Filing Document

**Accession Number:** 0001000275
**File Stem:** 0001193125-25-139649
**Filing Date:** 2025-6
**Character Count:** 52747
**Document Hash:** ccfbf8e18e7bfcf5f2110683ee31e8cf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-139649.hdr.sgml**: 20250612

**ACCESSION NUMBER**: 0001193125-25-139649

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20250612

**DATE AS OF CHANGE**: 20250612

**EFFECTIVENESS DATE**: 20250612

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ROYAL BANK OF CANADA
- **CENTRAL INDEX KEY:** 0001000275
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 135357855
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-287969
- **FILM NUMBER:** 251041808

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ROYAL BANK PLAZA
- **STREET 2:** 200 BAY STREET
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5J 2J5
- **BUSINESS PHONE:** 212-437-9267

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ROYAL BANK PLAZA
- **STREET 2:** 200 BAY STREET
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5J 2J5

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ROYAL BANK OF CANADA \
- **DATE OF NAME CHANGE:** 19950908

**As filed with the Securities and Exchange Commission on June 12, 2025** 

**Registration No. 333-** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM S-8** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

## ROYAL BANK OF CANADA
**(Exact Name of Registrant as Specified in Its Charter)** 

---

| | |
|:---|:---|
| **Canada** | **13-5357855** |
| **(State or Other Jurisdiction of**<br> **Incorporation or Organization)** | **(IRS Employer**<br> **Identification Number)** |

---

**200 Bay Street** 

**Royal Bank Plaza** 

**Toronto, Ontario** 

**Canada, M5J2J5** 

**(Address of Principal Executive Offices)** 

**Royal Bank of Canada Stock Option Plan (As Amended)** 

**(Full Title of the Plan)** 

**Cogency Global** 

**122 East 42<sup>nd</sup> Street** 

**18<sup>th</sup> Floor** 

**New York, NY 10168** 

**(Name and Address of Agent for Service)** 

**212-947-7200** 

**(Telephone number, including area code, of agent for service)** 

***Copies to:***

**Benjamin H. Weiner** 

**Heather L. Coleman** 

**Sullivan & Cromwell LLP** 

**125 Broad Street** 

**New York, New York 10004** 

**Tel: (212) 558-4000** 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Securities Exchange Act of 1934 (the "Exchange Act").

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

------

**EXPLANATORY NOTE** 

This registration statement on Form S-8 (this "<u>Registration Statement</u>") is being filed by Royal Bank of Canada, a bank organized under the laws of Canada (the "<u>Registrant</u>" or the "<u>Company</u>").

**<u>Royal Bank of Canada Stock Option Plan</u>** 

The Company is filing this Registration Statement on Form S-8 to register an additional 15,000,000 common shares of the Company ("<u>Common Shares</u>") under the Royal Bank of Canada Stock Option Plan (as amended or restated from time to time, the "<u>Stock Option Plan</u>") as a result of the amendment to the Stock Option Plan that increased its share authorization by 15,000,000 Common Shares. The Common Shares registered on this Registration Statement are in addition to the 112,000,000 shares (after giving effect to relevant stock dividends) previously registered on a Registration Statement on From S-8 filed in connection with the Stock Option Plan on May 30, 2000 (File No. 333-12050).

In accordance with General Instruction E of Form S-8, the contents of the registration statement of the Company on Form S-8 (File No. 333-12050) which was filed with the Securities and Exchange Commission (the "<u>SEC</u>") on May 30, 2000, including any amendments thereto or filings incorporated therein, are incorporated herein by reference and made part of this Registration Statement, except as amended hereby.

**PART I** 

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS** 

**Item 1.** **Plan Information.** <br>

The documents containing the information specified in this Item 1 will be sent or given to employees, officers, directors or others as specified by Rule 428(b)(1) under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"). In accordance with the rules and regulations of the SEC and the instructions to Form S-8, such documents are not being filed with the SEC either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act.

**Item 2.** **Registrant Information and Employee Plan Annual Information.** <br>

The documents containing the information specified in this Item 2 will be sent or given to employees, officers, directors or others as specified by Rule 428(b)(1) under the Securities Act. In accordance with the rules and regulations of the SEC and the instructions to Form S-8, such documents are not being filed with the SEC either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act. Such documents, together with the documents incorporated by reference herein pursuant to Item 3 of Part II of this Registration Statement, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act and are available without charge, upon written or oral request, to: Investor Relations, Royal Bank of Canada, 200 Bay Street – South Tower, Toronto, Ontario, Canada M5J 2J5 (416-955-7804).

------

**PART II** 

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT** 

**Item 3.** **Incorporation of Documents By Reference** <br>

The SEC allows us to "incorporate by reference" the information we file with it, which means we can disclose important information to you by referring you to those documents. Copies of the documents incorporated herein by reference may be obtained upon written or oral request without charge from Investor Relations, Royal Bank of Canada, 200 Bay Street – South Tower, Toronto, Ontario, Canada M5J 2J5 (416-955-7804). The documents incorporated by reference are available over the Internet at <u>www.sec.gov</u>.

We incorporate by reference into this Registration Statement the documents listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual Report on [Form 40-F](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1000275/000119312524270294/d848219d40f.htm) for the fiscal year ended October 31, 2024 (the " <u>2024 Annual Report</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report on [Form 6-K](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1000275/000119312525037542/d891046d6k.htm) filed on February 27, 2025 (ACC no 0001193125-25-037542);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report on [Form 6-K](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1000275/000119312525129927/d926881d6k.htm) filed on May 29, 2025 (ACC no 0001193125-25-129927);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report on [Form 6-K](http://www.sec.gov/Archives/edgar/data/1000275/000119312525133435/d819372d6k.htm) filed on June 2, 2025 (ACC no 0001193125-25-133435); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The description of the Common Shares contained under the heading " [Description of Capital Structure](http://www.sec.gov/Archives/edgar/data/1000275/000119312524270294/d848219dex1.htm) " in Exhibit 1 to the 2024 Annual Report (the Royal Bank of Canada Annual Information Form dated December 
3, 2024), including any amendment or report filed for the purpose of updating such description.

In addition, we will incorporate by reference into this Registration Statement all documents that we file under Section 13(a), 13(c), 14 or 15(d) of the United States Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), and, to the extent, if any, we designate therein, reports on Form 6-K we furnish to the SEC after the date of this Registration Statement and prior to the termination of any offering contemplated in this Registration Statement.

Any statement contained in this Registration Statement or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded, for purposes of this Registration Statement, to the extent that a statement contained herein or in any other subsequently-filed or furnished document that also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in the document that it modifies or supersedes. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

Upon a new Annual Report and the related annual financial statements being filed by us with, and, where required, accepted by, the SEC, the previous Annual Report shall be deemed no longer to be incorporated by reference into this Registration Statement for purposes of future offers and sales of securities hereunder.

All documents incorporated by reference, or to be incorporated by reference, have been filed with or furnished to, or will be filed with or furnished to, the SEC.

**Item 4.** **Description of Securities** <br>

Not applicable.

**Item 5.** **Interests of Named Experts and Counsel** <br>

Not applicable.

------

**Item 6.** **Indemnification of Directors and Officers** <br>

The By-laws of the Bank provide that the Bank shall undertake towards each of its directors and officers, each of its former directors and officers and each of the persons who acts or has acted at the Bank's request as a director or officer of an entity of which the Bank is or was a shareholder or creditor, that the Bank will indemnify such person and such person's heirs and legal representatives (the "indemnified persons"), against all costs, charges, expenses and taxes, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by such person in respect of any civil, criminal or administrative action or proceeding to which such person is made a party by reason of being or having been a director or officer of the Bank or such an entity and including all taxes, duties, imposts, or governmental charges whatsoever ("taxes") levied on amounts paid to so indemnify such person against such costs, charges, expenses and taxes if: (i) the indemnified person acted honestly and in good faith with a view to the best interests of the Bank; and (ii) in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, such person had reasonable grounds for believing that such person's conduct was lawful. The Bank's By-laws further provide that the foregoing indemnification will not apply in respect of an action by or on behalf of the Bank to obtain a judgment in its favor unless the approval of a court is obtained as required by the *Bank Act* (Canada) (the "<u>Bank Act</u>"). Where any such indemnification requires or is subject to or conditional upon the approval or consent of any court or of any governmental body or regulatory authority, the Bank will exercise all reasonable efforts to obtain or assist in obtaining such approval or consent. These indemnification provisions could be construed to permit or require indemnification for certain liabilities arising out of United States federal securities laws.

The Bank's By-laws also provide that the chief executive officer and the chief operating officer of the Bank, or either of them acting alone, or such other officer or officers as the chief executive officer or the chief operating officer may appoint in writing, acting alone, are directed and empowered for and on behalf and in the name of the Bank to enter into an indemnity agreement with each of the directors, officers and persons setting out the Bank's undertakings described above.

Under the Bank Act, the indemnified persons referred to above are entitled to indemnity from the Bank in respect of all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the person in connection with the defense of any civil, criminal, administrative, investigative or other proceeding to which the person is subject because of their association with the Bank or other entity, if the person seeking indemnity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• was not judged by the court or other competent authority to have committed any fault or omitted to do anything
they ought to have done; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fulfills the conditions set out in (i) and (ii) above.

Additionally, under the Bank Act, the Bank may advance amounts to an indemnified person for the costs, charges and expenses of a proceeding described above, but such amounts must be repaid if such indemnified person does not fulfil the conditions set out in (i) and (ii) above. Further, the Bank may with the approval of a court indemnify an indemnified person or advance amounts to them, in respect of an action by or on behalf of the Bank or other entity to procure a judgment in its favour (i.e. a derivative action) to which the person is made a party because of the indemnified person's association with the Bank or other entity, against all costs, charges and expenses reasonably incurred by them in connection with that action if they fulfil the conditions set out in (i) and (ii) above.

As permitted under the Bank Act, the Bank has obtained director's and officer's liability insurance coverage, which, subject to policy terms and limitations, provides indemnification and reimbursement coverage for directors and officers of the Bank in certain circumstances where the Bank is unable to provide indemnification to such directors and officers.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Bank pursuant to the foregoing provisions, the Bank has been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Item 7.** **Exemption from Registration Claimed** <br>

Not applicable.

**Item 8.** **Exhibits** <br>

---

| | |
|:---|:---|
| **Exhibit**<br> **No.** | **Description** |
| 3.1 | [By-laws of Royal Bank of Canada (incorporated by reference to the Current Report on Form 6-K filed by Royal Bank of Canada with the SEC on April 10, 2025).](http://www.sec.gov/Archives/edgar/data/1000275/000119312525077952/d943782d6k.htm) |
| 4.1 | [Royal Bank of Canada Stock Option Plan, as amended](d949635dex41.htm).\* |

---

------

---

| | |
|:---|:---|
| 5.1 | [Opinion of Norton Rose Fulbright Canada LLP as to the validity of the Company's common shares](d949635dex51.htm).\* |
| 23.1 | [Consent of Norton Rose Fulbright Canada LLP (included in Exhibit 5.1)](d949635dex51.htm).\* |
| 23.2 | [Consent of PricewaterhouseCoopers LLP.\*](d949635dex232.htm) |
| 24.1 | [Power of Attorney (set forth on the signature page to this Registration Statement)](#sig).\* |
| 107 | [Filing Fee Table\*](d949635dexfilingfees.htm) |

---

\* Filed herewith

**Item 9.** **Undertakings** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to the Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement; Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Filing Fee Tables" or "Calculation of Registration Fee" table, as applicable in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;

*provided*, *however*, that clauses (a)(1)(i) and (a)(1)(ii) do not apply if the Registration Statement is on Form S-8, and the information required to be included in a post-effective amendment by these clauses is contained in reports filed with or furnished to the SEC by such registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant's annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, as amended, the Company certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Toronto, Province of Ontario, Canada on June 12, 2025.

---

| | |
|:---|:---|
| **ROYAL BANK OF CANADA** | **ROYAL BANK OF CANADA** |
| By: | /s/ David McKay |
|  | Name: David McKay |
|  | Title: President and Chief Executive Officer, Director |

---

Each person whose signature appears below constitutes and appoints David McKay, Katherine Gibson and Nick Tomovski, and each of them individually, as his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for such person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any or all amendments (including post-effective amendments) to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the SEC, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof. Without limiting the generality of the foregoing, amendments to this Registration Statement may make such changes in the Registration Statement as such attorney-in-fact may deem appropriate, and with full power and authority to perform and do any and all acts and things, whatsoever which any such attorney-in-fact or substitute may deem necessary or advisable to be performed or done in connection with any or all of the above-described matters, as fully as each of the undersigned could do if personally present and acting, hereby ratifying and approving all acts of any such attorney-in-fact or substitute.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| **Name** | **Position** | **Date** |
| /s/ David McKay | President and Chief Executive Officer, Director | June 12, 2025 |
| David McKay | (Principal Executive Officer) |  |
| /s/ Katherine Gibson | Chief Financial Officer | June 12, 2025 |
| Katherine Gibson | (Principal Financial Officer) |  |
| /s/ Nick Tomovski | Senior Vice-President, Enterprise Controller | June 12, 2025 |
| Nick Tomovski | (Principal Accounting Officer) |  |
| /s/ Jacynthe Côté | Chair of the Board | June 12, 2025 |
| Jacynthe Côté |  |  |
| /s/ Mirko Bibic | Director | June 12, 2025 |
| Mirko Bibic |  |  |
| /s/ Andrew A. Chisholm | Director | June 12, 2025 |
| Andrew A. Chisholm |  |  |
| /s/ Toos N. Daruvala | Director | June 12, 2025 |
| Toos N. Daruvala |  |  |
| /s/ Cynthia Devine | Director | June 12, 2025 |
| Cynthia Devine |  |  |
| /s/ Roberta L. Jamieson, O.C. | Director | June 12, 2025 |
| Roberta L. Jamieson, O.C. |  |  |
| /s/ Amanda Norton | Director | June 12, 2025 |
| Amanda Norton |  |  |

---

------

---

| | | |
|:---|:---|:---|
| /s/ Barry Perry | Director | June 12, 2025 |
| Barry Perry |  |  |
| /s/ Maryann Turcke | Director | June 12, 2025 |
| Maryann Turcke |  |  |
| /s/ Thierry Vandal | Director | June 12, 2025 |
| Thierry Vandal |  |  |
| /s/ Frank Vettese | Director | June 12, 2025 |
| Frank Vettese |  |  |
| /s/ Jeffery Yabuki | Director | June 12, 2025 |
| Jeffery Yabuki |  |  |

---

------

**AUTHORIZED REPRESENTATIVE** 

Pursuant to the requirements of Section 6(a) of the Securities Act of 1933, the Authorized Representative has duly caused this registration statement to be signed on its behalf by the undersigned, solely in his capacity as the duly authorized representative of Royal Bank of Canada in the United States, in the City of New York, State of New York, on June 12, 2025.

---

| | | |
|:---|:---|:---|
| **ROYAL BANK OF CANADA** | **ROYAL BANK OF CANADA** | **ROYAL BANK OF CANADA** |
| By: | /s/ John Penn | /s/ John Penn |
|  | Name: | John Penn |
|  | Title: | Assistant General Counsel & Managing Director, RBC U.S. Head of Regulatory Law |

---

## Exhibit 4.1

**Exhibit 4.1** 

**ROYAL BANK OF CANADA** 

**Stock Option Plan** 

***As amended and restated to November 30, 2006***

***Approved by the shareholders of the Bank on March 2, 2007***

***As amended on December 1, 2012***

***As amended as of November 26, 2019, effective as of December 1, 2019***

***As amended on April 5, 2023***

***Approved by the shareholders of the Bank on April 5, 2023***

***As amended on April 10, 2025***

***Approved by the shareholders of the Bank on April 10, 2025***

***This document constitutes part of a prospectus covering securities that have been***

***registered under the United States Securities Act of 1933, as amended.***

------

**Section 1 - Purpose** 

The Stock Option Plan has been established as a means of compensating Eligible Employees for their contribution to the performance of the Bank. The Plan is intended to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) provide an incentive to key employees of the Bank to further the development, growth and profitability of the
Bank,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) contribute to providing such Eligible Employees with a total compensation and rewards package that is
comparable to industry practice and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) assist the Bank in retaining and attracting executives with experience and ability.

**Section 2 - Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 In this Plan, unless the context otherwise requires, the following terms have the meaning indicated:

---

| | |
|:---|:---|
| **"Award Acknowledgment"** | has the meaning set out in Section 5.8. |
| **"Bank"** | means Royal Bank of Canada, its Subsidiaries, whether direct or indirect, and any other entity designated by the Committee. |
| **"Blackout Expiry Date"** | has the meaning set out in Section 5.3.2(d). |
| **"Blackout Period"** | means the period during which the relevant Participant is prohibited from exercising an Option due to trading restrictions imposed by the Bank in accordance with its trading policies affecting trades by employees in Bank securities. |
| **"Board"** | means the Board of Directors of the Bank. |
| **"Business Day"** | means a day on which the Shares are available for trading on the facilities of the Toronto Stock Exchange and the New York Stock Exchange. |
| **"Capital Reorganization"** | has the meaning set out in Section 7. |
| **"Code"** | means the United States Internal Revenue Code, as amended. |
| **"Committee"** | means the Human Resources Committee of the Board. |

---

------

---

| | |
|:---|:---|
| **"Disability"** | means the Participant's disability as that term is defined in the disability insurance program offered by the Bank or the applicable Subsidiary to the Participant. |
| **"Eligible Employee"** | means an employee of the Bank or one of its subsidiaries who, because of his or her roles and responsibilities, is designated by the Committee as a potential participant in the Plan. |
| **"Expiry Date"** | has the meaning set out in Section 5.3.1. |
| **"Market Value"** | means the higher of the volume weighted averages of the trading prices per Share of a board lot of Shares traded on the Toronto Stock Exchange: |
|  | (a) on the day preceding the day of grant; and |
|  | (b) for the (5) five consecutive trading days immediately preceding the date of grant. |
| **"Option"** | means the right to purchase Shares of the Bank granted under this Plan and subject to the terms and conditions of the Plan. |
| **"Participant"** | means an Eligible Employee of the Bank to whom Options are awarded under the Plan. |
| **"Plan"** | means the Stock Option Plan, either as originally adopted or as amended from time to time, as the case may be. |
| **"Retirement"** | has the meaning set out in the Participant's Award Acknowledgement. |
| **"SAR"** | means a share appreciation right granted to a Participant under the Plan and subject to the terms and conditions of the Plan. |
| **"Shares"** | means common shares of the Bank. |
| **"Specified Price"** | means the price established by the Committee at not less than the Market Value of the Shares on the day of grant. |
| **"Subsidiary"** | has the meaning as defined in the *Bank Act* (Canada), as amended. |
| **"U.S. Taxpayer"** | means a Participant who is a citizen of the United States, a United States permanent resident, or a United States tax resident for purposes of the Code, or a Participant who holds an Option or SAR which is subject to taxation under the Code. |

---

------

**Section 3 - Administration of the Plan** 

The Plan is under the direction of the Committee which, in addition to the specific powers conferred upon it hereunder, has full and complete authority to interpret the Plan and to prescribe such rules and regulations and make such other determinations as it deems necessary or desirable to meet the objectives of and to administer the Plan.

**Section 4 - Number of Shares to be issued under the Plan** 

The number of Shares that may be issued pursuant to the grant of Options under the Plan shall not exceed one hundred and twenty-seven million Shares (127,000,000), subject to adjustment in accordance with Section 7. All Shares subject to Options that have expired, terminated or have been cancelled without having been exercised, including those Options that have been cancelled in accordance with Section 5.4.3, shall be available for any subsequent Options under the Plan. No single Participant will be granted Options for more than 5% of the issued and outstanding Shares.

**Section 5 - Options** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Grant of Options

The Committee shall designate from among the Eligible Employees those to whom Options shall be granted, the number of Shares to be covered by each Option, whether any particular Option grant will include SARs, the Specified Price for each Option, the Expiry Date, any vesting conditions and any other terms and conditions attaching thereto. The Committee may determine that the grant of an Option shall include the grant of a corresponding SAR covering the same number of shares as the corresponding Option. Any Participant, at the time of the grant of an Option and, if applicable, a SAR, may hold more than one Option and SAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Payment of Specified Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1 The Specified Price for the Shares covered by an Option granted under this Plan shall be paid in full at the
time of exercise of such Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2 As established under the Plan and in accordance with such procedures as may be determined by the Committee from
time to time, payment in full may be made by way of a cashless exercise, provided that in all circumstances the number of Shares underlying the exercised Options will be fully deducted from the number of Shares eligible to be issued under the Plan
reserve.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Option Period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1 Subject to Section 5.3.2 *,* each Option and each SAR shall be exercisable during a period established
by the Committee provided that such period shall expire on a date (the "Expiry Date") that is no later than ten (10) years after the day of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2 Unless otherwise decided by the Committee, the following rules shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for awards granted prior to December 1, 2019, in the event of the Retirement or the Disability of a
Participant, the Options and SARs held by such Participant shall continue to vest, and any Options or SARs exercisable by such Participant sixty (60) months after the date that the Participant has retired or become disabled, and not exercised
by such date, shall terminate on such date; and

for awards granted on or after December 1, 2019, in the event of the Retirement or the Disability of a Participant, the Options and SARs held by such Participant shall continue to vest, and any Options or SARs exercisable by such Participant by the Expiry Date, and not exercised by such date, shall terminate on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the event of death of the Participant either before or after Retirement, the Options and SARs shall vest
immediately and any Options or SARs exercisable by such Participant's legal successor twenty-four (24) months after the date of the Participant's death, and not exercised by such date, shall terminate at the end of such period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the event that the Participant ceases to be a full-time employee of the Bank for any reason other than
Retirement, Disability, or death, any Options and SARs which are not vested on the date on which the Participant ceases to be an employee shall be cancelled, any Options and SARs which are vested on the date on which the Participant ceases to be an
employee shall be exercisable by such Participant for a period of three (3) months from such date and if they are not exercised they shall be cancelled, subject to such exceptions as the Committee may at any time determine; provided that any
such exception shall not be applicable to a U.S. Taxpayer to the extent that it would cause such Option or SAR to constitute deferred compensation under Section 409A of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the Expiry Date for an Option occurs during a Blackout Period applicable to the relevant Participant, or
within ten (10) Business Days after the expiry of a Blackout Period applicable to the relevant Participant, then the Expiry Date for that Option shall be the date that is the tenth (10th) Business Day after the expiry date of the Blackout
Period (the "Blackout Expiry Date"). This section 5.3.2(d) applies to all Options outstanding under this Plan.

------

The above clauses (a) through (c) shall not be construed as extending the exercise period past the original Expiry Date of such Options.

Notwithstanding the continued vesting described in this Section 5.3.2, in the event of Retirement of a Participant, any Options or SARS granted to such Participant shall not vest and shall be cancelled if such Participant has commenced employment (as may be more fully described in such Participant's Award Acknowledgement) with a financial institution that competes with the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Exercise of Options and corresponding SARs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.1 Subject to Section 5.3, each Option and SAR may be exercised in part or in whole, but in any event in
accordance with any vesting conditions established by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.2 Options and SARs shall be exercised in accordance with the procedures to be established by the Committee from
time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.3 Upon the exercise of an Option, the corresponding SAR shall be cancelled effective the date of exercise. Upon
the exercise of a SAR, the corresponding Option shall be cancelled effective the date of exercise. If an Option or a SAR is only partially exercised as to the number of shares to which it relates, the corresponding SAR or Option as the case may be,
shall be cancelled only as to such number of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 Share Appreciation Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.1 The exercise of a SAR will entitle the Participant to a cash payment from the Bank equal to the number of
Shares covered by the SAR multiplied by the amount by which the closing Share price on the Toronto Stock Exchange of the day prior to exercise exceeds the Specified Price of the corresponding Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.2 Any payments resulting from the exercise of SARs will be subject to at source withholding tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 Options Non-assignable

No Options or SARs or any interest therein shall be transferable or assignable by the Participant otherwise than by will or pursuant to the laws of succession and no Option or SAR may be exercised by anyone other than the Participant or his or her legal representative during the life of the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 No Incentive Stock Options

Effective September 23, 2003, no Options shall be treated as "incentive stock options" pursuant to Section 422 of the Code.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 Award Acknowledgment

The terms and conditions of each grant of Options or SARs shall be set forth in a written award acknowledgement (an "Award Acknowledgment") delivered to the Participant. Upon receipt of an Award Acknowledgement, the Participant must accept, acknowledge and deliver (which includes delivery by any electronic means) the Award Acknowledgement within the time period specified in the Award Acknowledgement, and failure to do so will result in a forfeiture of the Options or SARs.

**Section 6 - Participant Not a Shareholder** 

A Participant shall have no rights as a shareholder of the Bank with respect to any Shares covered by any Option until such time and to the extent only that such Option has been exercised.

**Section 7 - Effects of Alteration of Capital Stock** 

If the number of outstanding Shares shall be increased or decreased as a result of a stock split, including by way of stock dividend, consolidation or reclassification or if other changes with respect to the Shares shall occur, other than as a result of the issuance of Shares for valuable consideration or by way of stock dividend for valuable consideration (a "Capital Reorganization"), then the maximum number of Shares issuable under the Plan set forth in Section 4, the number of and price payable for Shares subject to any unexercised Options, and the formula for determining the cash payable upon the exercise of SARs, shall be adjusted by the Board to preserve the rights of the Participants under the Plan substantially proportionate to those existing prior to such Capital Reorganization.

**Section 8 - Amendment and Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 No amendment to this Plan or any outstanding Option or SAR granted hereunder may be made without the approval
of the shareholders of the Bank provided that the Board may, without shareholder or stock exchange approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) make amendments of a technical, clerical or "housekeeping" nature, or to clarify any provision of the
Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) terminate the Plan at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) amend the Plan, or any outstanding Option or SAR, to respond to changes in legislation, regulation, stock
exchange rules or accounting or auditing requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) change the vesting provisions of any outstanding Option or SAR;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) amend the termination provisions of the Plan or any outstanding Option or SAR provided no such amendment may
result in an extension of any Option or SAR beyond its original Expiry Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in the event of a Capital Reorganization, make adjustments in accordance with Section 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Without limiting the generality of the foregoing, shareholder approval will be required in circumstances where
an amendment to the Plan would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) effect any increase to the number of shares issuable under the Plan or any change from a fixed maximum number
of shares to a fixed maximum percentage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) effect any change to the definition of "Participant" or "Eligible Employee" which would
expand the class of eligible recipients of Options or SARs to permit inclusion of non-employee directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) permit Options or SARs to be transferable or assignable other than as contemplated in Section 5.6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reduce the exercise price of any Option or SAR (including any cancellation of an Option or SAR for the purpose
of reissuance of a new Option or SAR at a lower exercise price to the same person);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) extend the term of any Option or SAR beyond the original term (except if such period is being extended by
virtue of section 5.3.2(d) hereof); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) amend this Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Notwithstanding any other provision of this Plan, no adjustment or amendment to, or termination of, the Plan or
any outstanding Option or SAR:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) may, without the written consent of the affected Participant, materially impair any of the terms or conditions
of any Option or SAR outstanding at the time of such amendment or termination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall apply to a U.S. Taxpayer if it will cause any adverse tax consequence to such U.S. Taxpayer under
Section 409A of the Code.

------

**Section 9 - Laws** 

The Plan and all matters to which reference is made herein shall be governed by and interpreted in accordance with the laws of the Province of Ontario and those of Canada insofar as the latter may be applicable.

Moreover, no Option or SAR may be exercised nor will the Bank have any obligation to issue Shares pursuant thereto if such exercise or issue would be contrary to or violate any applicable law or any applicable regulation of a duly constituted authority.

**Section 10 - Participation Voluntary** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 The Participation of an Eligible Employee in the Plan is entirely voluntary and not obligatory and shall not be
interpreted as conferring upon any such Eligible Employee any rights or privileges other than those rights and privileges expressly provided in the Plan and further described in the Award Acknowledgement. In particular, participation in the Plan
does not constitute a condition of employment nor a commitment on the part of the Bank to ensure the continued employment of such Eligible Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 The Plan does not provide any guaranty against any loss or profit, which may result from fluctuations in the
market value of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 The Bank does not assume responsibility for the income or other tax consequences for the Eligible Employees
participating in the Plan and Eligible Employees are advised to consult with their own tax advisors.

------

**Section 11 – Coming into effect** 

The Plan is amended and restated to November 30, 2006.

## Exhibit 5.1

**Exhibit 5.1** 

---

| | |
|:---|:---|
|  | ![LOGO](g949635g0611021336011.jpg) <br>|
| June 12, 2025<br>Royal Bank of Canada (the **Bank**)<br> Royal Bank Plaza<br> 200 Bay Street<br> South Tower<br> Toronto, Ontario M5J 2J5 | Norton Rose Fulbright Canada LLP <br> 222 Bay Street, Suite 3000. P.O. Box 53<br> Toronto, Ontario M5K 1E7 Canada<br>F: +1 416.216.3930<br> **nortonrosefulbright.com** |

---

**VIA EMAIL** 

Dear Sirs/Mesdames:

**Re: Bank's Stock Option Plan (the Plan)** 

We have acted as counsel to the Bank in connection with an amendment to the Plan (the **Amendment**) to increase the number of common shares of the Bank (**Common Shares**) issuable pursuant to the exercise of options granted under the Plan from a fixed maximum of 112,000,000 to a fixed maximum of 127,000,000, representing an increase of 15,000,000 Common Shares (such additional Common Shares, the **Additional Shares**).

We understand that in connection with the Amendment, the Bank is filing a registration statement on Form S-8 (the **Registration Statement**) with the U.S. Securities and Exchange Commission (the **SEC**) under the Securities Act of 1933, as amended (the **Act**) in respect of the Additional Shares reserved for issuance under the Plan. This opinion is delivered to you in support of the Bank's Registration Statement.

As counsel, we have considered such questions of law, examined such documents and have made such enquiries as we have considered necessary for the purpose of rendering the opinion hereinafter set forth. In such examination, we have assumed the genuineness of all signatures, the legal capacity of all individuals who have signed personally, the power and authority of all individuals who have signed on behalf of bodies corporate, the authenticity of all documents submitted to us as originals and the conformity to authentic original documents of all documents submitted to us as certified or photostatic copies or facsimiles.

Based upon the foregoing, we are of the opinion that the Additional Shares, when issued upon the exercise of options granted under the Plan in accordance with the terms thereof, will be validly issued as fully-paid and non-assessable.

The opinion expressed herein is limited to matters governed by the laws of the Province of Ontario and the federal laws of Canada applicable therein in effect on the date hereof. The opinion is given as of the date hereof and we disclaim any obligation or undertaking to advise you of any change in law or fact affecting the opinion.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement, without admitting that we are "experts" within the meaning of the Act of the rules or regulations of the SEC issued thereunder, with respect to any part of the Registration Statement, including this opinion as an exhibit.

---

| |
|:---|
| Yours very truly,<br>|
| /s/ Norton Rose Fulbright Canada LLP<br>|

---

## Exhibit 23.2

**Exhibit 23.2** 

*Consent of Independent Registered Public Accounting Firm* 

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of Royal Bank of Canada of our report dated December 3, 2024 relating to the consolidated financial statements and effectiveness of internal control over financial reporting, which appears in Exhibit 2 to Royal Bank of Canada's Annual Report on Form 40-F for the year ended October 31, 2024.

We also consent to the reference to us under the heading "Experts" in the Annual Information Form, which is filed as Exhibit 1 to Royal Bank of Canada's Annual Report on Form 40-F for the year ended October 31, 2024, which is incorporated by reference in such Registration Statement.

**/s/ PricewaterhouseCoopers LLP** 

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Ontario

Canada

June 12, 2025

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**ROYAL BANK OF CANADA**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Security Type**  | **Security Class Title**  | **Fee Calculation Rule**  | **Amount Registered**  | **Proposed Maximum Offering Price Per Unit**  | **Maximum Aggregate Offering Price**  | **Fee Rate**  | **Amount of Registration Fee**  |
| 1 | Equity | Common shares of Royal Bank of Canada, issuable under the Royal Bank of Canada Stock Option Plan (the "Stock Option Plan") | Other | 15000000 | $127.46 | $1911900000.00 | 0.0001531 | $292711.89 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $1911900000.00  |  | $292711.89  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $292711.89  |

---

 **Offering Note** <br>

<sup>1</sup> Note 1.a - Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), the registration statement on Form S-8 (the "Registration Statement") to which this exhibit relates shall also cover any additional common shares (the "Common Shares"), of Royal Bank of Canada (the "Registrant") that become issuable with respect to the securities identified in the above table by reason of any stock dividend, stock splits, reverse stock splits, recapitalizations, reclassifications, mergers, split-ups, reorganizations, consolidations and other capital adjustments effected without receipt of consideration and that, in each case, increases the number of outstanding Common Shares. Note 1.b - The Amount Registered represents 15,000,000 additional Common Shares issuable pursuant to the Stock Option Plan, as amended. Note 1.c - The Proposed Maximum Offering Price Per Unit is estimated solely for the purpose of calculating the registration fee calculated in accordance with Rules 457(c) and 457(h) of the Securities Act. The aggregate offering price is the average of the high and low prices of the Registrant's Common Shares as reported on the New York Stock Exchange on June 9, 2025.