Filed Pursuant to Rule 433
Registration Statement No. 333-259205
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CUSIP: 78016HF88
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Trade Date: December 23, 2022
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Issue Date: December 29, 2022
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Valuation Date: December 23, 2025
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Maturity Date: December 29, 2025
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Term: 3 years
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Reference Assets: the S&P 500® Index (SPX) and the EURO STOXX 50® Index (SX5E)
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Booster Coupon: [35% to 45%] (to be determined on the Trade Date)
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Barrier Level: 60% of each Initial Level
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Percentage Change of each Reference Asset:
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Payment at maturity linked to the Reference Asset with the lowest Percentage Change
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Receive a positive return of at least [35% to 45%] if the Percentage Change of the Lesser Performing Reference Asset is zero or positive.
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Return of principal if the Lesser Performing Reference Asset does not decrease by more than 40%.
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Subject to one-for-one loss of the principal amount if the level of the Lesser Performing Reference Asset decreases by more than 40%.
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The notes are subject to Royal Bank of Canada’s credit risk.
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The notes are not principal protected.
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Your notes are likely to have limited liquidity.
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Please see the following page for important risk factor information
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Each investor will agree to treat the notes as a pre-paid cash-settled derivative contract for U.S. federal income tax purposes, as described in more detail in the product prospectus supplement.
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CUSIP: 78016HF88
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TRADE DATE: December 23, 2022
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ISSUE DATE: December 29, 2022
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You May Lose All or a Portion of Your Principal Amount, Depending Upon the Performance of the Lesser Performing Reference Asset.
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The Notes Do Not Pay Interest and Your Return May Be Lower than the Return on a Conventional Debt Security of Comparable Maturity.
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Payments on the Notes Are Subject to Our Credit Risk, and Changes in Our Credit Ratings Are Expected to Affect the Market Value of the Notes.
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The Payment on the Notes Are Linked to the Lesser Performing Reference Asset, Regardless of the Performance of the Other Reference Asset.
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There May Not Be an Active Trading Market for the Notes—Sales in the Secondary Market May Result in Significant Losses.
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You Will Not Have Any Rights to the Securities Included in the Reference Assets.
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The Initial Estimated Value of the Notes Will Be Less than the Price to the Public.
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The Initial Estimated Value of the Notes that We Will Provide in the Final Pricing Supplement Will Be an Estimate Only, Calculated as of the Time the Terms of the Notes Are Set.
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Our Business Activities May Create Conflicts of Interest.
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The Payment at Maturity and the Valuation Date Are Subject to Postponement if a Market Disruption Event Occurs.
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The Notes Are Subject to Risks Relating to Non-U.S. Securities.
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CUSIP: 78016HF88
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TRADE DATE: December 23, 2022
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ISSUE DATE: December 29, 2022
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