PRODUCT CHARACTERISTICS

Enhanced Return Potential — If the Final Basket Value is greater than the Initial Basket Value, at maturity, investors will receive a return equal to at least 105% of the Basket Return (to be determined on the Trade Date).

Return of Principal at Maturity — If the Final Basket Value is less than or equal to the Initial Basket Value, at maturity, investors will receive only the principal amount of their Notes, with no additional return.

KEY TERMS
Issuer:	Royal Bank of Canada (“RBC”)
CUSIP:	78017KAZ5
Basket Underliers:	The common stock of Cisco Systems, Inc. (Bloomberg symbol “CSCO UW”), the common stock of Chevron Corporation (Bloomberg symbol “CVX UN”), the common stock of Duke Energy Corporation (Bloomberg symbol “DUK UN”), the common stock of The Coca-Cola Company (Bloomberg symbol “KO UN”), the common stock of Lockheed Martin Corporation (Bloomberg symbol “LMT UN”), the common stock of McDonald’s Corporation (Bloomberg symbol “MCD UN”), the ordinary shares of Medtronic plc (Bloomberg symbol “MDT UN”), the common stock of PepsiCo, Inc. (Bloomberg symbol “PEP UW”), the common stock of The Southern Company (Bloomberg symbol “SO UN”) and the common stock of Verizon Communications Inc. (Bloomberg symbol “VZ UN”)
Basket Weighting:	With respect to each Basket Underlier: 1/10
Trade Date:	December 19, 2024
Issue Date:	December 24, 2024
Valuation Date:	December 19, 2029
Maturity Date:	December 24, 2029
Payment at Maturity:	Investors will receive on the Maturity Date per $1,000 principal amount of Notes: · If the Final Basket Value is *greater than* the Initial Basket Value, an amount equal to: $1,000 + ($1,000 × Basket Return × Participation Rate) · If the Final Basket Value is *less than or equal to* the Initial Basket Value: $1,000
Participation Rate:	At least 105%, to be determined on the Trade Date
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:	The Final Basket Value will be calculated as follows: 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 closing value of that Basket Underlier on the Trade Date
Final Basket Underlier Value:	With respect to each Basket Underlier, the closing value of that Basket Underlier on the Valuation Date

PAYOFF DIAGRAM

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/1000275/000095010324017096/dp221504_424b2-us1941mul.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 $892.50 and $942.50 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.