PRODUCT CHARACTERISTICS

Capped Return Potential — If the Final Basket Value is greater than the Initial Basket Value, at maturity, investors will receive a return equal to 100% of the Basket Return, subject to the Maximum Upside Return of 50%.

Absolute Value Return — If the Final Basket Value is less than or equal to the Initial Basket Value, but is greater than or equal to the Buffer Value, at maturity, investors will receive a one-for-one positive return equal to the absolute value of the Basket Return.

Principal at Risk — If the Final Basket Value is less than the Buffer Value, at maturity, investors will lose 1% of the principal amount of their Notes for each 1% that the Final Basket Value is less than the Initial Basket Value in excess of the Buffer Percentage.

KEY TERMS
Issuer:	Royal Bank of Canada (“RBC”)
CUSIP:	78017KCJ9
Basket Underliers:	The common stock of Bank of America Corporation (Bloomberg symbol “BAC UN”), the common stock of ConocoPhillips (Bloomberg symbol “COP UN”), the common stock of Emerson Electric Co. (Bloomberg symbol “EMR UN”), the common stock of EOG Resources, Inc. (Bloomberg symbol “EOG UN”), the common shares of Barrick Gold Corporation (Bloomberg symbol “GOLD UN”), the common stock of Honeywell International Inc. (Bloomberg symbol “HON UW”), the common stock of JPMorgan Chase & Co. (Bloomberg symbol “JPM UN”), the common stock of Morgan Stanley (Bloomberg symbol “MS UN”), the common stock of Newmont Corporation (Bloomberg symbol “NEM UN”) and the common stock of U.S. Bancorp (Bloomberg symbol “USB UN”)
Basket Weighting:	With respect to each Basket Underlier: 1/10
Trade Date:	December 26, 2024
Issue Date:	December 31, 2024
Valuation Date:	December 26, 2028
Maturity Date:	December 29, 2028
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 × the lesser of (a) Basket Return × Participation Rate and (b) Maximum Upside Return) · If the Final Basket Value is *less than or equal to* the Initial Basket Value, but is *greater than or equal to* the Buffer Value, an amount equal to: $1,000 + (-1 × $1,000 × Basket Return) In this case, you will receive a positive return on the Notes equal to the absolute value of the Basket Return, even though the Basket Return is negative. In no event will this return exceed 20%. · If the Final Basket Value is *less than* the Buffer Value, an amount equal to: $1,000 + [$1,000 × (Basket Return + Buffer Percentage)] If the Final Basket Value is less than the Buffer Value, you will lose some or a substantial portion of your principal amount at maturity.
Basket Return:	Final Basket Value – Initial Basket Value Initial Basket Value

*KEY TERMS (continued)*
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)]
Buffer Value:	80, which is 80% of the Initial Basket Value
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
Participation Rate:	100% (subject to the Maximum Upside Return)
Maximum Upside Return:	50%
Buffer Percentage:	20%

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/1000275/000095010324017286/dp221675_424b2-us1971mul.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 $882.00 and $932.00 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.

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.