Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-275898
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The information in this preliminary terms supplement is not complete and may be changed.
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Preliminary Terms Supplement
Subject to Completion:
Dated April 18, 2024
Pricing Supplement Dated April __, 2024 to the Product Prospectus Supplement No. CCBN-2, the Prospectus Supplement, and the Prospectus, Each Dated
December 20, 2023
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$__________
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Indices, Due April 22, 2027 Royal Bank of Canada |
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Reference Assets
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Initial Levels*
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Coupon Barriers and Trigger Levels**
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Russell 1000® Index (“RIY”)
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2,749.039
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2,061.779, which is 75% of its Initial Level
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EURO STOXX 50® Index (“SX5E”)
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4,914.13
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3,685.60, which is 75% of its Initial Level
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Dow Jones Industrial Average® (“INDU”)
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37,753.31
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28,314.98, which is 75% of its Initial Level
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Issuer:
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Royal Bank of Canada
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Stock Exchange Listing:
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None
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Trade Date:
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April 18, 2024
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Principal Amount:
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$1,000 per Note
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Issue Date:
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April 23, 2024
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Maturity Date:
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April 22, 2027
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Observation Dates:
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Quarterly, as set forth below.
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Coupon Payment Dates:
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Quarterly, as set forth below.
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Valuation Date:
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April 19, 2027
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Contingent Coupon Rate:
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9.50% per annum
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Final Level:
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For each Reference Asset, its closing level on the Valuation Date.
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Contingent Coupon:
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If the closing level of each Reference Asset is greater than or equal to its Coupon Barrier on the applicable Observation Date, we
will pay the Contingent Coupon on the applicable Coupon Payment Date. You may not receive any Contingent Coupons during the term of the Notes.
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Payment at Maturity (if
held to maturity):
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If the Notes are not previously called, we will pay you at maturity an amount based on the Final Level of the Lesser Performing Reference Asset:
For each $1,000 in principal amount, $1,000 plus the Contingent Coupon at maturity, unless the Final Level of the Lesser Performing Reference Asset is less than its Trigger Level.
If the Final Level of the Lesser Performing Reference Asset is less than its Trigger Level, then the investor will receive at maturity, for each $1,000 in principal amount, a cash payment equal
to:
$1,000 + ($1,000 x Percentage Change of the Lesser Performing Reference Asset)
Investors could lose some or all of the principal amount if the Final Level of the Lesser Performing Reference Asset is less than its Trigger Level.
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Lesser Performing
Reference Asset:
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The Reference Asset with the lowest Percentage Change.
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Call Feature:
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If the closing level of each Reference Asset is greater than or equal to its Initial Level starting on April 17, 2025 and on any
Observation Date thereafter, the Notes will be automatically called for 100% of their principal amount, plus the Contingent Coupon applicable to the corresponding Observation Date.
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Observation Dates:
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Quarterly, as set forth below.
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CUSIP:
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78017FUR2
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Per Note
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Total
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Price to public(1)
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100.00%
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$
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Underwriting discounts and commissions(1)
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0.20%
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$
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Proceeds to Royal Bank of Canada
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99.80%
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$
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Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Indices Royal Bank of Canada |
General:
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This terms supplement relates to an offering of Auto-Callable Contingent Coupon Barrier Notes (the “Notes”) linked to the lesser performing of three
equity indices (each, a “Reference Asset”, and collectively, the “Reference Assets”).
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Issuer:
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Royal Bank of Canada (the “Bank”)
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Underwriter:
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RBC Capital Markets, LLC ("RBCCM")
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Strike Date:
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April 17, 2024
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Trade Date (Pricing
Date):
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April 18, 2024
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Issue Date:
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April 23, 2024
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Valuation Date:
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April 19, 2027
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Maturity Date:
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April 22, 2027, subject to extension for market and other disruptions, as described in the product prospectus supplement dated December 20, 2023.
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Contingent Coupon:
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We will pay you a Contingent Coupon during the term of the Notes, periodically in arrears on each Coupon Payment Date, under the conditions described below:
• If the closing
level of each Reference Asset is greater than or equal to its Coupon Barrier on the applicable Observation Date, we will pay the Contingent Coupon applicable to that Observation Date.
• If the closing
level of any of the Reference Assets is less than its Coupon Barrier on the applicable Observation Date, we will not pay you the Contingent Coupon applicable to that Observation
Date.
You may not receive a Contingent Coupon for one or more quarterly periods during the term of the Notes.
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Contingent Coupon
Rate:
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9.50% per annum (2.375% per quarter)
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Observation Dates and
Coupon Payment
Dates:
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The Observation Dates and Coupon Payment Dates will occur quarterly, as set forth below:
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Observation Dates:
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Coupon Payment Dates:
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July 17, 2024
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July 22, 2024
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October 17, 2024
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October 22, 2024
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January 17, 2025
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January 23, 2025
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April 17, 2025
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April 23, 2025
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July 17, 2025
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July 22, 2025
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October 17, 2025
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October 22, 2025
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January 20, 2026
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January 23, 2026
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April 17, 2026
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April 22, 2026
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July 17, 2026
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July 22, 2026
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October 19, 2026
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October 22, 2026
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January 19, 2027
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January 22, 2027
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April 19, 2027
(the Valuation Date)
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April 22, 2027
(the Maturity Date)
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Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Indices Royal Bank of Canada |
Record Dates:
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The record date for each Coupon Payment Date will be one business day prior to that scheduled Coupon Payment Date; provided, however, that any Contingent Coupon payable at
maturity or upon a call will be payable to the person to whom the Payment at Maturity or upon the call, as the case may be, will be payable.
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Call Feature:
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If, starting on April 17, 2025 and on any Observation Date thereafter, the closing level of each Reference Asset is greater than or
equal to its Initial Level, then the Notes will be automatically called.
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Payment if Called:
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If the Notes are automatically called, then, on the applicable Coupon Payment Date, for each $1,000 in principal amount, you will receive $1,000 plus the Contingent Coupon
otherwise due on that Coupon Payment Date.
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Initial Level:
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For each Reference Asset, its closing level on the Strike Date, as set forth on the cover page of this document.
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Final Level:
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For each Reference Asset, its closing level on the Valuation Date.
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Coupon Barrier and
Trigger Level:
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For each Reference Asset, 75% of its Initial Level, as set forth on the cover page of this document.
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Payment at Maturity (if
not previously called
and held to maturity):
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If the Notes are not previously called, we will pay you at maturity an amount based on the Final Level of the Lesser Performing Reference Asset:
• If the Final
Level of the Lesser Performing Reference Asset is greater than or equal to its Trigger Level, we will pay you a cash payment equal to the principal amount plus the Contingent Coupon otherwise due on the Maturity Date.
• If the Final Level
of the Lesser Performing Reference Asset is less than its Trigger Level, you will receive at maturity, for each $1,000 in principal amount, a cash payment equal to:
$1,000 + ($1,000 x Percentage Change of the Lesser Performing Reference Asset)
The amount of cash that you receive will be less than your principal amount, if anything, resulting in a loss that is proportionate to the decline of the Lesser Performing
Reference Asset from the Trade Date to the Valuation Date.
Investors in the Notes could lose all or a substantial portion of their principal amount if the Final Level of the Lesser Performing Reference Asset is
less than its Trigger Level.
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Percentage Change:
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With respect to each Reference Asset:
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Lesser Performing
Reference Asset:
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The Reference Asset with the lowest Percentage Change.
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Market Disruption
Events:
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The occurrence of a market disruption event (or a non-trading day) as to any of the Reference Assets will result
in the postponement of an Observation Date or the Valuation Date as to that Reference Asset, as described in the product prospectus supplement, but not to any non-affected Reference Asset.
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Calculation Agent:
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RBCCM
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U.S. Tax Treatment:
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By purchasing a Note, each holder agrees (in the absence of a change in law, an administrative determination or a judicial ruling to the contrary) to
treat the Notes as a callable pre-paid cash-settled contingent income-bearing derivative contract linked to the Reference Assets for U.S. federal income tax purposes. However, the U.S. federal income tax consequences of your investment in
the Notes are uncertain and the Internal Revenue Service could assert that the Notes should be taxed in a manner that is different from that described in the preceding sentence. Please see the section below, “Supplemental Discussion of U.S.
Federal Income Tax Consequences,” and the discussion (including the opinion of Ashurst LLP, our special U.S. tax counsel) in the product prospectus supplement dated December 20, 2023 under “Supplemental Discussion of U.S. Federal Income Tax
Consequences,” which apply to the Notes.
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Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Indices Royal Bank of Canada |
Secondary Market:
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RBCCM (or one of its affiliates), though not obligated to do so, may maintain a secondary market in the Notes after the issue date. The amount that you
may receive upon sale of your Notes prior to maturity may be less than the principal amount.
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Listing:
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The Notes will not be listed on any securities exchange.
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Clearance and
Settlement:
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DTC global (including through its indirect participants Euroclear and Clearstream, Luxembourg as described under “Ownership and Book-Entry Issuance” in
the prospectus dated December 20, 2023).
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Terms Incorporated in
the Master Note:
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All of the terms appearing on the cover page and above the item captioned “Secondary Market” in this section and the terms appearing under the caption
“General Terms of the Notes” in the product prospectus supplement, as modified by this terms supplement.
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Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Indices Royal Bank of Canada |
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Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Indices Royal Bank of Canada |
Hypothetical Initial Level (for each Reference Asset):
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100.00*
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Hypothetical Trigger Level and Coupon Barrier (for each
Reference Asset):
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75% of each hypothetical Initial Level
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Contingent Coupon Rate:
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9.50% per annum (or 2.375% per quarter)
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Contingent Coupon Amount:
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$23.75 per quarter
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Observation Dates:
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Quarterly
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Principal Amount:
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$1,000 per Note
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Hypothetical Final Level of the Lesser
Performing Reference Asset
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Payment at Maturity as
Percentage of Principal Amount
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Cash Payment Amount per
$1,000 in Principal Amount
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130.00
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102.375%*
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$1,023.75*
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120.00
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102.375%*
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$1,023.75*
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110.00
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102.375%*
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$1,023.75*
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100.00
|
102.375%*
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$1,023.75*
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90.00
|
102.375%*
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$1,023.75*
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80.00
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102.375%*
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$1,023.75*
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75.00
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102.375%*
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$1,023.75*
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74.99
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74.990%
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$749.90
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70.00
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70.000%
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$700.00
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60.00
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60.000%
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$600.00
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50.00
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50.000%
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$500.00
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40.00
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40.000%
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$400.00
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30.00
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30.000%
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$300.00
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20.00
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20.000%
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$200.00
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10.00
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10.000%
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$100.00
|
0.00
|
0.000%
|
$0.00
|
|
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Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Indices Royal Bank of Canada |
|
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Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Indices Royal Bank of Canada |
• |
You May Lose All or a Substantial Portion of the Principal Amount at Maturity — Investors in the Notes could lose all or a substantial portion of their principal amount if
there is a decline in the level of the Lesser Performing Reference Asset between the Trade Date and the Valuation Date. If the Notes are not automatically called and the Final Level of the Lesser Performing Reference Asset is less than its
Trigger Level, the amount of cash that you receive at maturity will represent a loss of your principal that is proportionate to the decline in the closing level of the Lesser Performing Reference Asset from the Trade Date to the Valuation
Date. Any Contingent Coupons received on the Notes prior to the Maturity Date may not be sufficient to compensate for any such loss.
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• |
The Notes Are Subject to an Automatic Call — If on any Observation Date, beginning in April 2025, the closing level of each Reference Asset is greater than or equal to its
Initial Level, then the Notes will be automatically called. If the Notes are automatically called, then, on the applicable Coupon Payment Date, for each $1,000 in principal amount, you will receive $1,000 plus the Contingent Coupon
otherwise due on the applicable Coupon Payment Date. You will not receive any Contingent Coupons after that payment. You may be unable to reinvest your proceeds from the automatic call in an investment with a return that is as high as the
return on the Notes would have been if they had not been called.
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• |
You May Not Receive Any Contingent Coupons — We will not necessarily make any coupon payments on the Notes. If the closing level of any of the Reference Assets on an
Observation Date is less than its Coupon Barrier, we will not pay you the Contingent Coupon applicable to that Observation Date. If the closing level of any of the Reference Assets is less than its Coupon Barrier on each of the Observation
Dates and on the Valuation Date, we will not pay you any Contingent Coupons during the term of, and you will not receive a positive return on your Notes. Generally, this non-payment of the Contingent Coupon coincides with a period of
greater risk of principal loss on your Notes. Accordingly, if we do not pay the Contingent Coupon on the Maturity Date, you will also incur a loss of principal, because the Final Level of the Lesser Performing Reference Asset will be less
than its Trigger Level.
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• |
The Notes Are Linked to the Lesser Performing Reference Asset, Even if the Other Reference Assets Perform Better — Your return on the Notes will be linked to the lesser
performing of the Reference Assets. Even if the Final Levels of the other Reference Assets have increased compared to its Initial Level, or have experienced a decrease that is less than that of the Lesser Performing Reference Asset, your
return will only be determined by reference to the performance of the Lesser Performing Reference Asset, regardless of the performance of the other Reference Assets. Because each Reference Asset measures a different segment of the U.S.
equity markets, it is possible that all three will decline in value during the term of the Notes.
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• |
Your Payment on the Notes Will Be Determined by Reference to Each Reference Asset Individually, Not to a Basket, and the Payment at Maturity Will Be Based on the Performance of
the Lesser Performing Reference Asset — The Payment at Maturity will be determined only by reference to the performance of the Lesser Performing Reference Asset, regardless of the performance of the other Reference Assets. The
Notes are not linked to a weighted basket, in which the risk may be mitigated and diversified among each of the basket components. For example, in the case of notes linked to a weighted basket, the return would depend on the weighted
aggregate performance of the basket components reflected as the basket return. As a result, the depreciation of one basket component could be mitigated by the appreciation of the other basket components, as scaled by the weighting of that
basket component. However, in the case of the Notes, the individual performance of each of the Reference Assets would not be combined, and the depreciation of one Reference Asset would not be mitigated by any appreciation of the other
Reference Assets. Instead, your return will depend solely on the Final Level of the Lesser Performing Reference Asset.
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• |
The Call Feature and the Contingent Coupon Feature Limit Your Potential Return — The return potential of the Notes is limited to the pre-specified Contingent Coupon Rate,
regardless of the appreciation of the Reference
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|
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Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Indices Royal Bank of Canada |
• |
Your Return on the Notes May Be Lower than the Return on a Conventional Debt Security of Comparable Maturity — The return that you will receive on the Notes, which could be
negative, may be less than the return you could earn on other investments. Even if your return is positive, your return may be less than the return you would earn if you purchased one of our conventional senior interest bearing debt
securities.
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• |
Owning the Notes Is Not the Same as Owning the Securities Represented by the Reference Assets — The return on your Notes is unlikely to reflect the return you would
realize if you actually owned the securities represented by the Reference Assets. For instance, you will not receive or be entitled to receive any dividend payments or other distributions on those securities during the term of your Notes.
As an owner of the Notes, you will not have voting rights or any other rights that holders of the securities represented by the Reference Assets may have. Furthermore, the Reference Assets may appreciate substantially during the term of the
Notes, while your potential return will be limited to the applicable Contingent Coupon payments.
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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 — The Notes are our senior
unsecured debt securities. As a result, your receipt of any Contingent Coupons, if payable, and the amount due on any relevant payment date is dependent upon our ability to repay our obligations on the applicable payment dates. This will be
the case even if the levels of the Reference Assets increase after the Trade Date. No assurance can be given as to what our financial condition will be at any time during the term of the Notes.
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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 — There may be little or no secondary market for the
Notes. The Notes will not be listed on any securities exchange. RBCCM and our other affiliates may make a market for the Notes; however, they are not required to do so. RBCCM or any of our other affiliates may stop any market-making
activities at any time. Even if a secondary market for the Notes develops, it may not provide significant liquidity or trade at prices advantageous to you. We expect that transaction costs in any secondary market would be high. As a result,
the difference between bid and ask prices for your Notes in any secondary market could be substantial.
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• |
The Initial Estimated Value of the Notes Will Be Less than the Price to the Public — The initial estimated value that will be set
forth on the cover page of the final pricing supplement relating to the Notes will not represent a minimum price at which we, RBCCM or any of our affiliates would be willing to purchase the Notes in any secondary market (if any exists) at
any time. If you attempt to sell the Notes prior to maturity, their market value may be lower than the price you paid for them and the initial estimated value. This is due to, among other things, changes in the levels of the Reference
Assets, the borrowing rate we pay to issue securities of this kind, and the inclusion in the price to the public of the underwriting discount and the estimated costs relating to our hedging of the Notes. These factors, together with various
credit, market and economic factors over the term of the Notes, are expected to reduce the price at which you may be able to sell the Notes in any secondary market and will affect the value of the Notes in complex and unpredictable ways.
Assuming no change in market conditions or any other relevant factors, the price, if any, at which you may be able to sell your Notes prior to maturity may be less than your original purchase price, as any such sale price would not be
expected to include the underwriting discount or the hedging costs relating to the Notes. In addition to bid-ask spreads, the value of the Notes determined by RBCCM for any secondary market price is expected to be based on the secondary
rate rather than the internal funding rate used to price the Notes and determine the initial estimated value. As a result, the secondary price will be less than if the internal funding rate was used. The Notes are not designed to be
short-term trading instruments. Accordingly, you should be able and willing to hold your Notes to maturity.
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|
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Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Indices Royal Bank of Canada |
• |
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 —
The initial estimated value of the Notes will be based on the value of our obligation to make the payments on the Notes, together with the mid-market value of the derivative embedded in the terms of the Notes. See “Structuring the
Notes” below. Our estimate will be based on a variety of assumptions, including our credit spreads, expectations as to dividends, interest rates and volatility, and the expected term of the Notes. These assumptions are based on certain
forecasts about future events, which may prove to be incorrect. Other entities may value the Notes or similar securities at a price that is significantly different than we do.
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• |
Our Business Activities and Those of our Affiliates May Create Conflicts of Interest — We and our affiliates expect to engage in trading activities related to the
Reference Assets that are not for the account of holders of the Notes or on their behalf. These trading activities may present a conflict between the holders’ interests in the Notes and the interests we and our affiliates will have in their
proprietary accounts, in facilitating transactions, including options and other derivatives transactions, for their customers and in accounts under their management. These trading activities, if they influence the levels of the Reference
Assets, could be adverse to the interests of the holders of the Notes. We and one or more of our affiliates may, at present or in the future, engage in business with companies included in the Reference Assets, including making loans to or
providing advisory services. These services could include investment banking and merger and acquisition advisory services. These activities may present a conflict between our or one or more of our affiliates’ obligations and your interests
as a holder of the Notes. Moreover, we, and our affiliates may have published, and in the future expect to publish, research reports with respect to the Reference Assets. This research is modified from time to time without notice and may
express opinions or provide recommendations that are inconsistent with purchasing or holding the Notes. Any of these activities by us or one or more of our affiliates may affect the levels of the Reference Assets, and therefore, the market
value of the Notes.
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• |
An Investment in the Notes Is Subject to Risks Relating to Non-U.S. Securities Markets — Because foreign companies or foreign equity
securities are included in the SX5E, and/or are publicly traded in the applicable foreign countries, an investment in the Notes in-volves particular risks. For example, the non-U.S. securities markets may be more volatile than the U.S.
securities markets, and market developments may affect these markets and the relevant companies differently from the U.S. or other securities markets. Direct or indirect government intervention to stabilize the securities markets outside
the U.S., as well as cross-shareholdings in certain companies, may affect trading prices and trading volumes in those markets. Also, the public availability of information concerning the foreign issuers may vary depending on their home
jurisdiction and the reporting requirements imposed by their respective regulators. In addition, the foreign issuers may be subject to accounting, auditing and financial reporting standards and requirements that differ from those applicable
to U.S. reporting companies.
|
• |
As a Holder of the Notes, You Will Not Have Direct Exposure to Fluctuations in the Exchange Rate Related to the SX5E — The value of the Notes will not be adjusted for
exchange rate fluctuations between the U.S. dollar and the euro, even though any currency fluctuations could affect the performance of the SX5E. Therefore, if the euro appreciates or depreciates relative to the U.S. dollar over the term of
the Notes, you will not receive any additional payment or incur any reduction in any payment on the Notes.
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• |
The Payments on the Notes Are Subject to Postponement Due to Market Disruption Events and
Adjustments — The payment at maturity, each Observation Date and the Valuation Date are subject to adjustment as described in the product prospectus supplement. For a description of what constitutes a market disruption event as
well as the consequences of that market disruption event, see “General Terms of the Notes—Market Disruption Events” in the product prospectus supplement.
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Indices Royal Bank of Canada |
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Indices Royal Bank of Canada |
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Indices Royal Bank of Canada |
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Indices Royal Bank of Canada |
SX5E =
|
Free float market capitalization of the SX5E
|
|
Divisor
|
• |
sponsor, endorse, sell, or promote the Notes;
|
• |
recommend that any person invest in the Notes offered hereby or any other securities;
|
• |
have any responsibility or liability for or make any decisions about the timing, amount, or pricing of the Notes;
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• |
have any responsibility or liability for the administration, management, or marketing of the Notes; or
|
• |
consider the needs of the Notes or the holders of the Notes in determining, composing, or calculating the SX5E, or have any obligation to do so.
|
• |
STOXX does not make any warranty, express or implied, and disclaims any and all warranty concerning:
|
• |
the results to be obtained by the Notes, the holders of the Notes or any other person in connection with the use of the SX5E and the data included in the SX5E;
|
• |
the accuracy or completeness of the SX5E and its data;
|
• |
the merchantability and the fitness for a particular purpose or use of the SX5E and its data;
|
• |
STOXX will have no liability for any errors, omissions, or interruptions in the SX5E or its data; and
|
• |
Under no circumstances will STOXX be liable for any lost profits or indirect, punitive, special, or consequential damages or losses, even if STOXX knows that they might occur.
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Indices Royal Bank of Canada |
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Indices Royal Bank of Canada |
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Indices Royal Bank of Canada |
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Indices Royal Bank of Canada |
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Indices Royal Bank of Canada |
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Indices Royal Bank of Canada |
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Indices Royal Bank of Canada |
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Indices Royal Bank of Canada |
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity Indices Royal Bank of Canada |
P-23
|
RBC Capital Markets, LLC
|