PRODUCT CHARACTERISTICS

Fixed Coupons — Investors will receive a Fixed Coupon on each monthly Coupon Payment Date.

Contingent Return of Principal at Maturity — If the Final Underlier Value is greater than or equal to the Barrier Value, at maturity, investors will receive the principal amount of their Notes plus the Fixed Coupon otherwise due. If the Final Underlier Value is less than the Barrier Value, at maturity, investors will receive shares of the Underlier that will likely be worth significantly less than the principal amount of their Notes and could be worth nothing and will receive the Fixed Coupon otherwise due and will receive the Fixed Coupon otherwise due.

KEY TERMS
Issuer:	Royal Bank of Canada (“RBC”)
CUSIP:	78015QPH8
Underlier:	The common stock of Amazon.com, Inc. (Bloomberg symbol “AMZN UW”)
Trade Date:	December 5, 2024
Issue Date:	December 10, 2024
Valuation Date:	December 5, 2025
Maturity Date:	December 10, 2025
Payment of Fixed Coupons:	Investors will receive a Fixed Coupon on each Coupon Payment Date.
Fixed Coupon:	$7.50 per $1,000 principal amount of Notes (corresponding to a rate of 0.75% per month or 9.00% per annum)
Coupon Payment Dates:	Monthly

*KEY TERMS (continued)*
Payment at Maturity:	Investors will receive on the Maturity Date per $1,000 principal amount of Notes, in addition to the Fixed Coupon otherwise due: · If the Final Underlier Value is *greater than or equal to* the Barrier Value: $1,000 · If the Final Underlier Value is *less than* the Barrier Value, a number of shares of the Underlier equal to the Physical Delivery Amount. Fractional shares will be paid in cash with a value equal to the number of fractional shares times the Final Underlier Value. If the Final Underlier Value is less than the Barrier Value, you will receive shares of the Underlier that will likely be worth significantly less than the principal amount of your Notes and could be worth nothing at maturity.
Physical Delivery Amount:	A number of shares of the Underlier equal to $1,000 divided by the Initial Underlier Value (rounded to two decimal places)
Barrier Value:	73.15% of the Initial Underlier Value
Initial Underlier Value:	The closing value of the Underlier on the Trade Date
Final Underlier Value:	The closing value of the Underlier on the Valuation Date

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/1000275/000095010324016650/dp221060_424b2-citieln25amzn.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 $931.71 and $981.71 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.

An investment in the Notes involves significant risks. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the Notes. Some of the risks that apply to an investment in the Notes are summarized below, but we urge you to read also the “Selected Risk Considerations” section of the accompanying preliminary pricing supplement and the “Risk Factors” sections of the accompanying prospectus, prospectus supplement and product supplement. You should not purchase the Notes unless you understand and can bear the risks of investing in the Notes.

Royal Bank of Canada has filed a registration statement (including a product supplement, prospectus supplement and prospectus) with the SEC for the offering to which this document relates. Before you invest, you should read those documents and the other documents that we have filed with the SEC for more complete information about us and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, we, any agent or any dealer participating in this offering will arrange to send you those documents if you so request by calling toll-free at 1-877-688-2301.

As used in this document, “Royal Bank of Canada,” “we,” “our” and “us” mean only Royal Bank of Canada. Capitalized terms used in this document without definition are as defined in the accompanying preliminary pricing supplement.