PRODUCT CHARACTERISTICS

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Return Potential with Principal at Risk — At maturity, investors will receive a return based on the Basket Return, subject to the impact of the Note Adjustment Factor of 97.80% as described below. If the Final Basket Value is less than approximately 102.25% of the Initial Basket Value, at maturity, investors will lose some or all of the principal amount of their Notes.

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Variable Coupons — Investors will receive a Contingent Coupon on each quarterly Coupon Payment Date at a rate that reflects the weighted cash and non-cash distributions of the Basket Underliers, if any, over the relevant quarterly period, subject to the impact of the Note Adjustment Factor and the other provisions described below and in the accompanying preliminary pricing supplement.

KEY TERMS
Issuer:	Royal Bank of Canada (“RBC”)
CUSIP:	78015QPB1
Basket Underliers and Basket Weightings:	The Basket Underliers are equity securities expected to be selected in December 2024 by the Equity Research Department at Raymond James as the Raymond James Analysts’ Best Picks® for 2025. We will identify the Basket Underliers and the Basket Weightings in the Amended Preliminary Pricing Supplement.  We currently expect the Basket Weightings to represent an equal weighting of the Basket Underliers.
Trade Date:	December 13, 2024
Initial Averaging Dates:	December 13, 2024, December 16, 2024 and December 17, 2024
Issue Date:	December 18, 2024
Final Averaging Dates:	December 12, 2025, December 15, 2025 and December 16, 2025
Maturity Date:	December 19, 2025
Payment at Maturity:	Investors will receive on the Maturity Date per $1,000 principal amount of Notes: $1,000 × (1 + Basket Return) × Note Adjustment Factor If the Final Basket Value is less than approximately 102.25% of the Initial Basket Value, you will lose some or all of your principal amount at maturity.
Payment of Variable Coupons:	Investors will receive on each Coupon Payment Date per $1,000 principal amount of Notes a Variable Coupon calculated as follows: $1,000 × Basket Distribution Return × Note Adjustment Factor No Variable Coupon will be payable on a Coupon Payment Date if the amount calculated above is $0.
Note Adjustment Factor:	97.80%. The Note Adjustment Factor effectively reduces your exposure to the Basket to $978.00 per $1,000 principal amount of Notes.
Basket Return:	Final Basket Value – Initial Basket Value Initial Basket Value
Initial Basket Value:	Set equal to 100 on the Trade Date
Final Basket Value:	100 × [1 + (the sum of, for each Basket Underlier, its Basket Underlier Return times its Basket Weighting)]

 

KEY TERMS (continued)
Basket Underlier Return:	With respect to each Basket Underlier: Final Basket Underlier Value – Initial Basket Underlier Value Initial Basket Underlier Value
Initial Basket Underlier Value:	With respect to each Basket Underlier, the arithmetic average of the closing values of that Basket Underlier on the Initial Averaging Dates (rounded to two decimal places)
Final Basket Underlier Value:	With respect to each Basket Underlier, the arithmetic average of the closing values of that Basket Underlier on the Final Averaging Dates
Basket Distribution Return:	With respect to each Coupon Payment Date, an amount that reflects the weighted average return represented by the net cash and non-cash distributions on the Basket Underliers over the relevant quarterly period

SELECTION OF THE BASKET UNDERLIERS

According to Raymond James & Associates, Inc. (“Raymond James”), in order to be included in the Raymond James Analysts’ Best Picks^® for 2025, an equity security must meet certain criteria, including without limitation, the following:

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that equity security must be rated a “strong buy” at the time of selection;

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that equity security must have an average daily trading value of at least $10 million (or, if the price of that equity security is less than $10.00 per share, at least $20 million) over the last 100 trading days (or, if listed for public trading during the last 100 trading days, since the commencement of public trading); and

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the price of that equity security must be greater than $5.00 per share

Only certain analysts (who must satisfy specified Raymond James criteria for their prior research-related experience and success) in the Equity Research Department at Raymond James can submit an equity security for consideration as a best pick. Each approved analysist can submit only one equity security. The final selection of the best picks is made by a committee of three members from the Equity Research Department at Raymond James.

Although Raymond James has expressed a positive view as to the Basket Underliers prior to the Trade Date, its views may change significantly during the term of the Notes but no change will be made to the Basket Underliers. Our offering of the Notes does not constitute a recommendation by us, Raymond James or our respective affiliates to invest in the Notes or in the Basket Underliers. You are encouraged to derive information concerning the Basket Underliers from multiple sources, and you should not rely on views expressed by us, Raymond James or our respective affiliates.

 

This document provides a summary of the terms of the Notes. Investors should carefully review the accompanying preliminary pricing supplement, product supplement, prospectus supplement and prospectus, as well as “Selected Risk Considerations” below, before making a decision to invest in the Notes:

https://www.sec.gov/Archives/edgar/data/1000275/000095010324016438/
dp220821_424b2-rjeln159dlo.htm

The initial estimated value of the Notes determined by us as of the Trade Date, which we refer to as the initial estimated value, is expected to be between $950.00 and $980.00 per $1,000 principal amount of Notes and will be less than the public offering price of the Notes. We describe the determination of the initial estimated value in more detail in the accompanying preliminary pricing supplement.