Bond Royal Bank of Canada 11.75% ( US78013GHW87 ) in USD

Issuer Royal Bank of Canada
Market price 100 %  ▼ 
Country  Canada
ISIN code  US78013GHW87 ( in USD )
Interest rate 11.75% per year ( payment 2 times a year)
Maturity 29/07/2021 - Bond has expired



Prospectus brochure of the bond Royal Bank of Canada US78013GHW87 in USD 11.75%, expired


Minimal amount 1 000 USD
Total amount 7 360 000 USD
Cusip 78013GHW8
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Detailed description The Royal Bank of Canada (RBC) is a Canadian multinational financial services company offering personal and commercial banking, wealth management, insurance, and investment banking services globally.

The Bond issued by Royal Bank of Canada ( Canada ) , in USD, with the ISIN code US78013GHW87, pays a coupon of 11.75% per year.
The coupons are paid 2 times per year and the Bond maturity is 29/07/2021







7/30/2019
https://www.sec.gov/Archives/edgar/data/1000275/000114036119013588/form424b2.htm
424B2 1 form424b2.htm PRICING SUPPLEMENT ADM CAH LOW 78013GHW8
RBC Capital Markets®

Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-227001









Pricing Supplement

$7,360,000

Auto-Cal able Contingent Coupon Barrier
Dated July 25, 2019
Notes
To the Product Prospectus Supplement No. CCBN-1 Dated September 10,
Linked to the Lesser Performing of Three
2018, the Prospectus Supplement Dated September 7, 2018 and the
Equity
Prospectus Dated September 7, 2018
Securities, Due July 29, 2021
Royal Bank of Canada





Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes (the "Notes") linked to the lesser performing of three equity securities (each, a
"Reference Stock" and collectively, the "Reference Stocks"). The Notes offered are senior unsecured obligations of Royal Bank of Canada, will pay a quarterly
Contingent Coupon at the rate and under the circumstances specified below, and will have the terms described in the documents described above, as
supplemented or modified by this pricing supplement.
Reference Stocks and Reference Stock


Issuers
Initial Stock Prices
Coupon Barriers and Trigger Prices
Archer-Daniels-Midland Company ("ADM")

$40.68

$24.41, which is 60.00% of its Initial Stock Price*
Cardinal Health, Inc. ("CAH")

$44.91

$26.95, which is 60.00% of its Initial Stock Price*
Lowe's Companies, Inc. ("LOW")

$102.05

$61.23, which is 60.00% of its Initial Stock Price
* Rounded to two decimal places.
The Notes do not guarantee any return of principal at maturity. Any payments on the Notes are subject to our credit risk.
Investing in the Notes involves a number of risks. See "Selected Risk Considerations" beginning on page P-8 of this pricing supplement, and "Risk Factors"
beginning on page PS-5 of the product prospectus supplement dated September 10, 2018, and on page S-1 of the prospectus supplement dated September 7,
2018.
The Notes will not constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other
Canadian or U.S. government agency or instrumentality. The Notes are not subject to conversion into our common shares under subsection 39.2(2.3) of the
Canada Deposit Insurance Corporation Act.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the Notes or determined that this pricing
supplement is truthful or complete. Any representation to the contrary is a criminal offense.
Issuer:
Royal Bank of Canada
Stock Exchange Listing:
None
Trade Date:
July 25, 2019
Principal Amount:
$1,000 per Note
Issue Date:
July 30, 2019
Maturity Date:
July 29, 2021
Observation Dates:
Quarterly, as set forth below. Coupon Payment Dates:
Quarterly, as set forth below
Valuation Date:
July 26, 2021
Contingent Coupon Rate: 11.75% per annum
Contingent Coupon:
If the closing price of each Reference Stock is greater than or equal to its Coupon Barrier on the applicable Observation Date, we
will pay the Contingent Coupon applicable to the corresponding Observation Date. You may not receive any Contingent Coupons
during the term of the Notes.
Payment at Maturity (if
If the Notes are not previously called, we will pay you at maturity an amount based on the Final Stock Price of the Lesser Performing
held to maturity):
Reference Stock:
For each $1,000 in principal amount, $1,000 plus the Contingent Coupon at maturity, unless the Final Stock Price of the Lesser
Performing Reference Stock is less than its Trigger Price.
If the Final Stock Price of the Lesser Performing Reference Stock is less than its Trigger Price, then the investor will receive at
maturity, for each $1,000 in principal amount, the number of shares of the Lesser Performing Reference Stock equal to the Physical
Delivery Amount, or at our election, the cash value of those shares.
Investors in the Notes could lose some or all of their principal amount if the Final Stock Price of the Lesser Performing
Reference Stock is below its Trigger Price.
Physical Delivery
For each $1,000 principal amount, a number of shares of the Lesser Performing Reference Stock equal to the principal amount
Amount:
divided by its Initial Stock Price, subject to adjustment as described in the product prospectus supplement.
Lesser Performing
The Reference Stock with the lowest Reference Stock Return.
Reference Stock:
Call Feature:
If the closing price of each Reference Stock is greater than or equal to its Initial Stock Price on January 27, 2020 and on any
Observation Date thereafter, the Notes will be automatically called for 100% of their principal amount, plus the Contingent Coupon
applicable to that Observation Date.
Call Settlement Dates:
The Coupon Payment Date corresponding to that Observation Date.
Final Stock Price:
For each Reference Stock, its closing price on the Valuation Date.
CUSIP:
78013GHW8


Per Note

Total
Price to public(1)
100.00%

$7,360,000
https://www.sec.gov/Archives/edgar/data/1000275/000114036119013588/form424b2.htm
1/20


7/30/2019
https://www.sec.gov/Archives/edgar/data/1000275/000114036119013588/form424b2.htm
Underwriting discounts and commissions(1)
3.00%

$220,800
Proceeds to Royal Bank of Canada
97.00%

$7,139,200
(1)Certain dealers who purchased the Notes for sale to certain fee-based advisory accounts may have foregone some or all of their underwriting discount or selling
concessions. The public offering price for investors purchasing the Notes in these accounts was between $970.00 and $1,000 per $1,000 in principal amount.
The initial estimated value of the Notes as of the Trade Date is $954.77 per $1,000 in principal amount, which is less than the price to public. The actual value of the
Notes at any time will reflect many factors, cannot be predicted with accuracy, and may be less than this amount. We describe our determination of the initial
estimated value in more detail below.
RBC Capital Markets, LLC, which we refer to as RBCCM, acting as agent for Royal Bank of Canada, received a commission of $30.00 per $1,000 in principal
amount of the Notes and used a portion of that commission to allow selling concessions to other dealers of up to $30.00 per $1,000 in principal amount of the
Notes. The other dealers may forgo, in their sole discretion, some or all of their selling concessions. See "Supplemental Plan of Distribution (Conflicts of Interest)"
below.
RBC Capital Markets, LLC

https://www.sec.gov/Archives/edgar/data/1000275/000114036119013588/form424b2.htm
2/20


7/30/2019
https://www.sec.gov/Archives/edgar/data/1000275/000114036119013588/form424b2.htm




Auto-Cal able Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity
Securities
Royal Bank of Canada



SUMMARY
The information in this "Summary" section is qualified by the more detailed information set forth in this pricing supplement,
the product prospectus supplement, the prospectus supplement, and the prospectus.

General:
This pricing supplement relates to an offering of Auto-Cal able Contingent Coupon Barrier Notes
(the "Notes") linked to the lesser performing of three equity securities (the "Reference Stocks").
Issuer:
Royal Bank of Canada ("Royal Bank")
Trade Date:
July 25, 2019
Issue Date:
July 30, 2019
Valuation Date:
July 26, 2021
Maturity Date:
July 29, 2021
Denominations:
Minimum denomination of $1,000, and integral multiples of $1,000 thereafter.
Designated Currency: U.S. Dol ars
Contingent Coupon:
We wil pay you a Contingent Coupon during the term of the Notes, periodical y in arrears on each
Coupon Payment Date, under the conditions described below:
· If the closing price of each Reference Stock is greater than or equal to its Coupon Barrier
on the applicable Observation Date, we wil pay the Contingent Coupon applicable to that
Observation Date.
· If the closing price of any of the Reference Stocks is less than its Coupon Barrier on the
applicable Observation Date, we wil 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.
Contingent Coupon
11.75% per annum (2.9375% per quarter)
Rate:
Observation Dates:
Quarterly, on October 25, 2019, January 27, 2020, April 27, 2020, July 27, 2020, October 26, 2020,
January 25, 2021, April 26, 2021 and the Valuation Date.
Coupon Payment
The Contingent Coupon, if payable, wil be paid quarterly on October 30, 2019, January 30, 2020,
Dates:
April 30, 2020, July 30, 2020, October 29, 2020, January 28, 2021, April 29, 2021 and the Maturity
Date.
Record Dates:
The record date for each Coupon Payment Date wil be one business day prior to that scheduled
Coupon Payment Date; provided, however, that any Contingent Coupon payable at maturity or
upon a cal wil be payable to the person to whom the payment at maturity or upon the cal , as the
case may be, wil be payable.
Cal Feature:
If, starting on January 27, 2020 and on any Observation Date thereafter, the closing price of each
Reference Stock is greater than or equal to its Initial Stock Price, then the Notes wil be
automatical y cal ed.
Payment if Cal ed:
If the Notes are automatical y cal ed, then, on the applicable Cal Settlement Date, for each $1,000
principal amount, you wil receive $1,000 plus the Contingent Coupon otherwise due on that Cal
Settlement Date.
Cal Settlement Dates: If the Notes are cal ed on any Observation Date starting on January 27, 2020, the Cal Settlement
Date wil be the Coupon Payment Date corresponding to that Observation Date.

https://www.sec.gov/Archives/edgar/data/1000275/000114036119013588/form424b2.htm
3/20


7/30/2019
https://www.sec.gov/Archives/edgar/data/1000275/000114036119013588/form424b2.htm
P-2
RBC Capital Markets, LLC
https://www.sec.gov/Archives/edgar/data/1000275/000114036119013588/form424b2.htm
4/20


7/30/2019
https://www.sec.gov/Archives/edgar/data/1000275/000114036119013588/form424b2.htm




Auto-Cal able Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity
Securities
Royal Bank of Canada



Initial Stock Price:
For each Reference Stock, its closing price on the Trade Date, as specified on the cover page of
this document.
Final Stock Price:
For each Reference Stock, its closing price on the Valuation Date.
Trigger Price and
For each Reference Stock, 60.00% of its Initial Stock Price, as specified on the cover page of
Coupon Barrier:
this document.
Payment at Maturity (if If the Notes are not previously cal ed, we wil pay you at maturity an amount based on the Final
not previously cal ed
Stock Price of the Lesser Performing Reference Stock:
and held to maturity):
· If the Final Stock Price of the Lesser Performing Reference Stock is greater than or equal
to its Trigger Price, we wil pay you a cash payment equal to the principal amount plus the
Contingent Coupon otherwise due on the Maturity Date.
· If the Final Stock Price of the Lesser Performing Reference Stock is below its Trigger
Price, you wil receive at maturity, for each $1,000 in principal amount, the number of
shares of the Lesser Performing Reference Stock equal to the Physical Delivery Amount,
or at our election, the Cash Delivery Amount. If we elect to deliver shares of the Lesser
Performing Reference Stock, fractional shares wil be paid in cash.
The value of the cash or shares that you receive wil be less than your principal amount, if anything,
resulting in a loss that is proportionate to the decline of the Lesser Performing Reference Stock
from the Trade Date to the Valuation Date. Investors in the Notes wil lose some or al of their
principal amount if the Final Stock Price of the Lesser Performing Reference Stock is less than its
Trigger Price.
Physical Delivery
For each $1,000 in principal amount, a number of shares of the Lesser Performing Reference
Amount:
Stock equal to the principal amount divided by its Initial Stock Price, subject to adjustment as
described in the product prospectus supplement. If this number is not a round number, then the
number of shares of the Lesser Performing Reference Stock to be delivered wil be rounded down
and the fractional part shal be paid in cash.
Cash Delivery Amount: The product of the Physical Delivery Amount multiplied by the Final Stock Price of the Lesser
Performing Reference Stock.
Reference Stock
With respect to each Reference Stock:
Return:
Final Stock Price ­ Initial Stock Price
Initial Stock Price
Lesser Performing
The Reference Stock with the lowest Reference Stock Return.
Reference Stock:
Market Disruption
The occurrence of a market disruption event (or a non-trading day) as to any of the Reference
Events:
Stocks wil result in the postponement of an Observation Date or the Valuation Date as to that
Reference Stock, as described in the product prospectus supplement, but not to any non-
affected Reference Stock.
Calculation Agent:
RBC Capital Markets, LLC ("RBCCM")

P-3
RBC Capital Markets, LLC
https://www.sec.gov/Archives/edgar/data/1000275/000114036119013588/form424b2.htm
5/20


7/30/2019
https://www.sec.gov/Archives/edgar/data/1000275/000114036119013588/form424b2.htm




Auto-Cal able Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity
Securities
Royal Bank of Canada



U.S. Tax Treatment:
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 cal able
pre-paid contingent income-bearing derivative contract linked to the Reference Stocks 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 our counsel
Morrison & Foerster LLP) in the product prospectus supplement dated September 10, 2018
under "Supplemental Discussion of U.S. Federal Income Tax Consequences," which apply to
the Notes.
Secondary Market:
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.
Listing:
The Notes wil not be listed on any securities exchange.
Settlement:
DTC global (including through its indirect participants Euroclear and Clearstream,
Luxembourg as described under "Description of Debt Securities -- Ownership and Book-
Entry Issuance" in the prospectus dated September 7, 2018).
Terms Incorporated in Al of the terms appearing above the item captioned "Secondary Market" on the cover page
the Master Note:
and pages P-2 and P-3 of this pricing supplement and the terms appearing under the caption
"General Terms of the Notes" in the product prospectus supplement dated September 10,
2018, as modified by this pricing supplement.

P-4
RBC Capital Markets, LLC
https://www.sec.gov/Archives/edgar/data/1000275/000114036119013588/form424b2.htm
6/20


7/30/2019
https://www.sec.gov/Archives/edgar/data/1000275/000114036119013588/form424b2.htm




Auto-Cal able Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity
Securities
Royal Bank of Canada



ADDITIONAL TERMS OF YOUR NOTES
You should read this pricing supplement together with the prospectus dated September 7, 2018, as supplemented by the prospectus
supplement dated September 7, 2018 and the product prospectus supplement dated September 10, 2018, relating to our Senior Global
Medium-Term Notes, Series H, of which these Notes are a part. Capitalized terms used but not defined in this pricing supplement will
have the meanings given to them in the product prospectus supplement. In the event of any conflict, this pricing supplement will control.
The Notes vary from the terms described in the product prospectus supplement in several important ways. You should read
this pricing supplement carefully.
This pricing supplement, together with the documents listed below, contains the terms of the Notes and supersedes all prior or
contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms,
correspondence, trade ideas, structures for implementation, sample structures, brochures or other educational materials of ours. You
should carefully consider, among other things, the matters set forth in "Risk Factors" in the prospectus supplement dated September 7,
2018 and in the product prospectus supplement dated September 10, 2018, as the Notes involve risks not associated with conventional
debt securities. We urge you to consult your investment, legal, tax, accounting and other advisors before you invest in the Notes. You
may access these documents on the Securities and Exchange Commission (the "SEC") website at www.sec.gov as follows (or if that
address has changed, by reviewing our filings for the relevant date on the SEC website):
Prospectus dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005973/l96181424b3.htm
Prospectus Supplement dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005975/f97180424b3.htm
Product Prospectus Supplement dated September 10, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000114036118038091/form424b5.htm
Our Central Index Key, or CIK, on the SEC website is 1000275. As used in this pricing supplement, "we," "us," or "our" refers to Royal
Bank of Canada.

P-5
RBC Capital Markets, LLC
https://www.sec.gov/Archives/edgar/data/1000275/000114036119013588/form424b2.htm
7/20


7/30/2019
https://www.sec.gov/Archives/edgar/data/1000275/000114036119013588/form424b2.htm




Auto-Cal able Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity
Securities
Royal Bank of Canada



HYPOTHETICAL EXAMPLES
The table set out below is included for il ustration purposes only. The table il ustrates the Payment at Maturity of the Notes (including the final Contingent
Coupon, if payable) for a hypothetical range of performance for the Lesser Performing Reference Stock, assuming the fol owing terms and that the Notes
are not automatical y cal ed prior to maturity:
Hypothetical Initial Stock Price:
$100.00*
Hypothetical Trigger Price and Coupon Barrier:
$60.00, which is 60.00% of the hypothetical Initial Stock Price
Contingent Coupon Rate:
11.75% per annum (or 2.9375% per quarter)
Contingent Coupon Amount:
$29.375 per quarter
Observation Dates:
Quarterly
Principal Amount:
$1,000 per Note
* The hypothetical Initial Stock Price of $100 used in the examples below has been chosen for illustrative purposes only and does not represent the actual Initial
Stock Price of any Reference Stock. The actual Initial Stock Price for each Reference Stock is set forth on the cover page of this pricing supplement. We make no
representation or warranty as to which of the Reference Stocks will be the Lesser Performing Reference Stock. It is possible that the Final Stock Price
of each Reference Stock will be less than its Initial Stock Price.

Hypothetical Final
Physical Delivery Amount
Cash Delivery
Stock Price of the
Percentage Change of the
Payment at Maturity (assuming
as Number of Shares of
Amount
Lesser Performing
Lesser Performing
that the Notes were not previously
the Lesser Performing
Reference Stock
Reference Stock
called)
Reference Stock
$200.00
100.00%
$1,029.375*
n/a
n/a
$190.00
90.00%
$1,029.375*
n/a
n/a
$180.00
80.00%
$1,029.375*
n/a
n/a
$170.00
70.00%
$1,029.375*
n/a
n/a
$150.00
50.00%
$1,029.375*
n/a
n/a
$140.00
40.00%
$1,029.375*
n/a
n/a
$125.00
25.00%
$1,029.375*
n/a
n/a
$120.00
20.00%
$1,029.375*
n/a
n/a
$110.00
10.00%
$1,029.375*
n/a
n/a
$100.00
0.00%
$1,029.375*
n/a
n/a
$90.00
-10.00%
$1,029.375*
n/a
n/a
$80.00
-20.00%
$1,029.375*
n/a
n/a
$70.00
-30.00%
$1,029.375*
n/a
n/a
$60.00
-40.00%
$1,029.375*
n/a
n/a
$59.99
-40.01%
Physical or Cash Delivery Amount
10
$599.90
$50.00
-50.00%
Physical or Cash Delivery Amount
10
$500.00
$40.00
-60.00%
Physical or Cash Delivery Amount
10
$400.00
$30.00
-70.00%
Physical or Cash Delivery Amount
10
$300.00
$20.00
-80.00%
Physical or Cash Delivery Amount
10
$200.00
$10.00
-90.00%
Physical or Cash Delivery Amount
10
$100.00
$0.00
-100.00%
Physical or Cash Delivery Amount
10
$0.00
*Including the final Contingent Coupon, if payable.

P-6
RBC Capital Markets, LLC
https://www.sec.gov/Archives/edgar/data/1000275/000114036119013588/form424b2.htm
8/20


7/30/2019
https://www.sec.gov/Archives/edgar/data/1000275/000114036119013588/form424b2.htm




Auto-Cal able Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity
Securities
Royal Bank of Canada



Hypothetical Examples of Amounts Payable at Maturity
The following hypothetical examples illustrate how the payments at maturity set forth in the table above are calculated, assuming the
Notes have not been called.
Example 1: The price of the Lesser Performing Reference Stock increases by 25% from the Initial Stock Price of $100.00 to its
Final Stock Price of $125.00. Because the Final Stock Price of the Lesser Performing Reference Stock is greater than its Trigger Price
and its Coupon Barrier, the investor receives at maturity, in addition to the final Contingent Coupon otherwise due on the Notes, a cash
payment of $1,000 per Note, despite the 25% appreciation in the price of the Lesser Performing Reference Stock.
Example 2: The price of the Lesser Performing Reference Stock decreases by 10% from the Initial Stock Price of $100.00 to its
Final Stock Price of $90.00. Because the Final Stock Price of the Lesser Performing Reference Stock is greater than its Trigger Price
and its Coupon Barrier, the investor receives at maturity, in addition to the final Contingent Coupon otherwise due on the Notes, a cash
payment of $1,000 per Note, despite the 10% decline in the price of the Lesser Performing Reference Stock.
Example 3: The price of the Lesser Performing Reference Stock decreases by 50% from the Initial Stock Price of $100.00 to its
Final Stock Price of $50.00. Because the Final Stock Price of the Lesser Performing Reference Stock is less than its Trigger Price and
its Coupon Barrier, the final Contingent Coupon will not be payable on the Maturity Date, and the investor receives 10 shares of the
Lesser Performing Reference Stock at maturity, or at our option, the Cash Delivery Amount, calculated as follows:
Physical Delivery Amount x Final Stock Price of the Lesser Performing Reference Stock = 10 x $50 = $500.00
* * *
The Payments at Maturity shown above are entirely hypothetical; they are based on prices of the Reference Stocks that may not be
achieved on the Valuation Date and on assumptions that may prove to be erroneous. The actual market value of your Notes on the
Maturity Date or at any other time, including any time you may wish to sell your Notes, may bear little relation to the hypothetical
Payments at Maturity shown above, and those amounts should not be viewed as an indication of the financial return on an investment in
the Notes.

P-7
RBC Capital Markets, LLC
https://www.sec.gov/Archives/edgar/data/1000275/000114036119013588/form424b2.htm
9/20


7/30/2019
https://www.sec.gov/Archives/edgar/data/1000275/000114036119013588/form424b2.htm




Auto-Cal able Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity
Securities
Royal Bank of Canada



SELECTED RISK CONSIDERATIONS
An investment in the Notes involves significant risks. Investing in the Notes is not equivalent to investing directly in the
Reference Stocks. These risks are explained in more detail in the section "Risk Factors" in the product prospectus
supplement. In addition to the risks described in the prospectus supplement and the product prospectus supplement, you
should consider the fol owing:
·
Principal at Risk -- Investors in the Notes could lose al or a substantial portion of their principal amount if there
is a decline in the trading price of the Lesser Performing Reference Stock between the Trade Date and the
Valuation Date. If the Notes are not automatical y cal ed and the Final Stock Price of the Lesser Performing
Reference Stock on the Valuation Date is less than its Trigger Price, the value of the shares of the Lesser

Performing Reference Stock or cash that you receive at maturity wil represent a loss of your principal that is
proportionate to the decline in the closing price of the Lesser Performing Reference Stock from the Trade Date to
the Valuation Date. If you receive shares of the Lesser Performing Reference Stock, their value could decrease
between the Valuation Date and the Maturity Date. Any Contingent Coupons received on the Notes prior to the
Maturity Date may not be sufficient to compensate for any such loss.
·
The Notes Are Subject to an Automatic Call -- If on any Observation Date beginning in January 2020, the
closing price of each Reference Stock is greater than or equal to its Initial Stock Price, then the Notes wil be
automatical y cal ed. If the Notes are automatical y cal ed, then, on the applicable Cal Settlement Date, for each

$1,000 in principal amount, you wil receive $1,000 plus the Contingent Coupon otherwise due on the applicable
Cal Settlement Date. You wil not receive any Contingent Coupons after the Cal Settlement Date. You may be
unable to reinvest your proceeds from the automatic cal in an investment with a return that is as high as the return
on the Notes would have been if they had not been cal ed.
·
You May Not Receive Any Contingent Coupons -- We wil not necessarily make any coupon payments on the
Notes. If the closing price of any of the Reference Stocks on an Observation Date is less than its Coupon Barrier,
we wil not pay you the Contingent Coupon applicable to that Observation Date. If the closing price of any of the
Reference Stocks is less than its Coupon Barrier on each of the Observation Dates and on the Valuation Date, we

wil not pay you any Contingent Coupons during the term of, and you wil not receive a positive return on your
Notes. General y, 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 wil also incur a
loss of principal, because the Final Stock Price of the Lesser Performing Reference Stock wil be less than its
Trigger Price.
·
The Notes Are Linked to the Lesser Performing Reference Stock, Even if the Other Reference Stocks
Perform Better -- If any of the Reference Stocks has a Final Stock Price that is less than its Trigger Price, your
return wil be linked to the lesser performing of the three Reference Stocks. Even if the Final Stock Prices of the

other Reference Stocks have increased compared to their respective Initial Stock Prices, or have experienced a
decrease that is less than that of the Lesser Performing Reference Stock, your return wil only be determined by
reference to the performance of the Lesser Performing Reference Stock, regardless of the performance of the
other Reference Stocks.
·
Your Payment on the Notes Will Be Determined by Reference to Each Reference Stock Individually, Not to
a Basket, and the Payment at Maturity Will Be Based on the Performance of the Lesser Performing
Reference Stock -- The Payment at Maturity wil be determined only by reference to the performance of the
Lesser Performing Reference Stock, regardless of the performance of the other Reference Stocks. 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

P-8
RBC Capital Markets, LLC
https://www.sec.gov/Archives/edgar/data/1000275/000114036119013588/form424b2.htm
10/20